finance Archives - Page 14 of 16

Bitcoin. Have You Left It Too Late?

November 29, 2017 by Mandy

I have been investing in Bitcoin for around 4 years now and made some great profits from my investments. I actually stumbled upon this as an investment after chatting with the guys at Prescott Regency and this new thing called ‘cryptocurrency’ was mentioned. At first I just made a small investment in Bitcoin but the more that I learned about it, the more that I began to invest.

Bitcoin is a hot topic of debate at the moment given its rise from around $800 to $6000 in less than 12 months, leaving many to question whether it is too late to get involved. Indeed, many of my friends and colleagues ask me the same question and here is why I don’t think that it is too late to get involved in this kind of investment.

Predictions

The first thing that is worth noting when you consider the position on Bitcoin is that many of the very same analysts who correctly predicted that Bitcoin would top $5000, have also suggested that in the next decade, it could run as high as $100,000. Now of course there is no guarantee that this is true and many analysts are predicted that it will reach around $40,000 over Bitcoin. Even if the optimists are wrong, it would appear that all of the analysts are predicting that it will be much higher than it is now which means that it is most definitely not too late.

Same Questions

I have to be honest, over the years that I have been investing in Bitcoin, people have been asking me the same question, is it too late? I have been asked this question in 2015, 2016 and in 2017 and I have always been buying and always telling people that it is not too late to get involved in this kind of investment.

More Knowledge

Much more is known about Bitcoin, what it is and how people can buy and sell it, as well as how people can invest in it. With this additional knowledge, there are many more people using, mining and trading in Bitcoin which means that there are many more opportunities stop make money from it. You are right to think that you have missed the boat in terms of picking up Bitcoins for $40 each but that is not to say that there are not still many opportunities to make money from this cryptocurrency.

Wider Acceptance

Bitcoin was once considered as something that was going to be a passing phase, I think we can all agree that this simply isn’t the case. With this wider acceptance of Bitcoin from governments around the world, it has inspired more people to mine in the currency, bringing more to the market and many more opportunities to for the price to increase.

If you want to get involved in cryptocurrency, and Bitcoin specifically, it is most certainly not too late.

4 Big Costs to Prepare for During Retirement

November 21, 2017 by Mandy

The funny thing about the retirement age is that it’s something of a myth. There is, in fact, no pre-established retirement age. However when asked when they plan to retire, most Americans will either say 62 or 65 years of age. Some people think of it as 62 because that’s the earliest you can claim your social security retirement benefits, but if you choose an early retirement, you’ll only receive 80% of your retirement benefits. Others believe its 65 because that used to be the age when you could full retirement benefits; however, it’s now moved up to 66 years.

So, if you were to retire when you were eligible to receive your full benefits, what will your basic expenses for food, shelter, and transportation be? According to the Bureau of Labor Statistics, these big costs from 65 to 74 will be about $6,303 for food, about $15,838 for housing, about $8,338 for transportation, and about $5, 956 for health care.

However, another expense you may not have considered is funeral costs. Since this can average about $12,000, one way to take care of it ahead of time would be to research how burial insurance works.

Here are some tips on what you can do now to be in a better position to meet food, shelter, transportation, and burial expenses:

Food.

If your current food and beverage cost are high and you’re wondering how you’ll manage to pay for it all when you’re not earning as much as you do now, you may be spending more than necessary. You may be overspending by buying too many snacks and comfort foods, buying foods that simply pile up in your pantry, or buying fresh foods that spoil by the time you’re in the mood to eat them.

Now would be a good time to start tracking how much you spend on your grocery bills and dining out. You can use the money you save to contribute to your retirement savings account. Cutting down on surplus expenditures will also make it easier to budget your food expenses when you retire.

Use a free online expense tracking system to figure out how much you’re currently spending on food and dining out, take a packed lunch to work, and consider eating out as a treat rather than a necessity.

Shelter.

If you own your own home, plan to completely pay off your mortgage shortly before you retire. Another option is to refinance your mortgage to a fixed loan to make your payments predictable.

Also, now would be a good time to take care of your major home repair expenses, from leaking refrigerators to worn roof tiles, while you still have a regular paycheck. .

Transportation.

Now would also be a good time to think of ways that you can reduce your current transportation costs. You could, for example, reduce the frequency you buy a new car, maintain your car more regularly, replace your gas guzzler with an energy efficient car, or take less road trips. Put the money you save into your retirement savings account. Additionally, when you retire, live in a city with good public transportation. Many cities provide citizens with free or low cost public transportation.

Burial costs.

Research the cost of funeral home services, cremation, cemetery burials, headstones, and so on. Funeral expenses can range from $7,000 to $12,000. If you decide on insurance, speak to a licensed pre-need specialist about a funeral plan.

These four tips on how to start saving money now on food, shelter, and transportation will allow you to have more money when you retire to travel and spend quality time with your grandchildren. You’ll also spare your family any financial hardships by researching how to go about covering your funeral costs.

How paying your bills online can save you time

October 30, 2017 by Mandy

In a busy world, it can be all too easy to lose track of the things that matter – and not just the personal things. Losing track of bills can be a fast track to trouble as it makes it difficult to work out how much money you are free to spend, and it is all too easy to end up exceeding your overdraft limit. But when you have a lot of things to manage it really is difficult to keep up with the burden of paperwork, making sure you deal with it as soon as is required. Online payment presents a simple solution that can help you avoid problems no matter how busy you are.

A changing world

When people first started making payments online it made good sense to be wary. Systems weren’t always secure and it was hard to know which sites to trust. Today, all that has changed. The chances are you have already made lots of transactions online trouble-free, from buying clothes to getting concert tickets, ordering food and picking up your lottery tickets ahead of checking the super lotto results. Online purchasing makes life quicker and simpler, and there’s no difference when it comes to paying your bills. It allows you to check which bills have gone out of your account, how much money you have left, and you can even browse the lotto results, all from the comfort of your own home.

Paying directly

It’s now possible to pay most bills directly on the websites of the companies you deal with. You can even pay your taxes this way. Because they depend on having good reputations to attract customers, organizations like this know that they have to provide good security, so you shouldn’t worry about sharing your credit or debit card details with them in order to make payments. If you let them store your data, you won’t need to submit all of your information each time you pay.

Paying through your bank

If you prefer to make all your financial transactions through your bank, you can use online banking as a quick and convenient means of paying your bills. You can either do it as the bills come in, enabling you to keep a close eye on how much they are costing, or you can set up a direct debit for regular bills, simplifying your life still further.

Your records

Whatever way you choose to make your online payments, you should ensure that you receive receipts, either in email or in the form of files you can download. Make sure you store them all in one place and make regular back-ups (you should never keep everything important in a single copy on one computer). That will make it easy for you to organize your financial records, simplifying things considerably when you work out your annual tax obligations or face an audit.

Save time, trouble… and the planet

Paying bills online helps you avoid late payment charges and to take advantage of early payment discounts with companies that offer them. It helps you avoid getting out of your depth with debts. It also helps to protect the environment, because when you receive bills electronically less paper is used and fewer resources are spent on transporting mail. In fact, there are so many benefits to paying your bills online that you’ll wonder how it took you so long to get around to it.

Tips On Maintaining Your Finances When You’re Not Working

September 1, 2017 by Mandy

Have you been temporarily or permanently laid off from your current job? If so, keeping your finances afloat can be a real challenge. If you’re eligible for unemployment benefits in California, or any other state, it may take weeks, or possibly months, before you’ll see a direct deposit and any cash flow occurring. So how do you keep things going and fulfill your daily expenses until then? Here are just a few tips that may help you to maintain your finances while you’re not actively working.

Pay Your Important Bills First

If you own your home, the main priority should be to pay your mortgage first and foremost. Because it’s your biggest investment, you don’t want to lose it. Being behind on your payments for just 30 days can trigger a notice of default. Shortly thereafter, depending on your bank’s policies, foreclosure and loan acceleration can begin. Once this happens, you’ll be responsible to pay off the entire balance to keep your home. If you don’t think you’ll be able to make your payment for the month, call your mortgage company. They may have loan assistance programs that can help, including:

*Remortgaging your home to help lower the payment and extend the amount of time when your next payment is due.
*A moratorium to allow you to hold off on making payments for an extended period of time. Payments will return after a specific time frame and once you go back to work.
*Loan extension or payment extension. If approved, your mortgage company may give you 30 to 90 days to make your payment.
*An interest-only option. You pay only the interest on your monthly loan payment until you go back to work.

Keep in mind that these are often one-time options for homeowners and may not be available to you depending on your mortgage company. If you rent, talk to your landlord about your problem and see if you can seek a resolution.

Talk with Your Creditors

Are your car loan payments starting to pile up? Are there a lot of late fees and threats of repossession? Don’t hesitate to call your lender to work out a payment arrangement. In some cases, you may be able to get your payments deferred temporarily, until you can get some finances flowing into your bank account. Don’t allow credit cards to default either. Talk to your bank about lowering the interest rates, consolidating your cards or deferring the payments as long as possible. Letting these important finances go can result in a default judgment against you and garnishing of future wages, bank accounts and income tax refunds.

Avoid Obtaining New Lines Of Credit

Now would seem like the perfect time to extend your line of credit on your cards or seek out a personal or payday advance loan. This could also trigger a financial firestorm very rapidly. Because you’re only accumulating more credit and interest, you’ll owe more in the long-run. It may be tempting to open up a new line of credit to pay off other bills and use the card for daily living expenses and utilities. Try to use cash from your savings, trade in valuables and antiques, or cash out stocks and bonds, but only if you need to.

Seek Gainful Employment

Even if you’re promised to go back to work within a certain time frame, you need cash now. The best way to get that is to find work as soon as possible. Start immediately by polishing up your resume, creating an attractive cover letter and posting your resume to multiple job boards. Set up an appointment with an employment agency to help get a match up of employers who are looking for employees with a specific skill-set. This may be a way to find a new job faster than if you were out applying to multiple businesses on your own. Ramp up your social media platform. Articulate your online job profiles and connect with other friends and associates in the same line of work as you. This is a great way to find hidden opportunities and possible a better job than your current one.

The first thing you should do is file for unemployment benefits. From there, take the necessary steps to secure your future so you won’t feel the crunch from your missing paycheck.

Insurance tips for mothers

August 28, 2017 by Mandy

Having children will most likely well acquaint you with doctors, dentists, optometrists and the odd hospital visit. Given the lifestyles that children lead, it makes sense to investigate how private health insurance can work for you and your family. As a mother and/or the primary caregiver, you’ll attend the bulk of these appointments so it makes sense that you should be informed about how health funds can meet your needs.

Firstly, because not all households are the same, there are various types of private health memberships to suit families. These range from coverage for two adult households with children, to single parents with children, to dependants (children) only policies. Best value is to select a fund that considers your child a dependant until they are 24 years old, provided they are a student.

Another cost saving tip for families and individuals alike is to check your eligibility for a restricted membership organisation as certain professions, associations or unions may make you eligible for them. They often offer more competitive premiums as do the not-for-profit funds that most of the general public can access. Furthermore, if you’re budget conscious and are looking for private health cover in the longer term, take it put before you are 30 years old. If you don’t, there’ll be an additional 2% that you’ll have to pay (capped at 70%) for every year after the 1^st July following your 31^st birthday. Loading can be removed, but only after 10 years of continuous cover. At a minimum therefore, ensure your policy includes private hospital cover in order to avoid lifetime health cover loading.

Another feature for families to seek out, is health funds that charge no excess for children’s hospital admissions. Therefore, you can set a higher excess if you wish in order to reduce your monthly premiums, but will only pay it if you or your partner is admitted to hospital as a private patient. This is great for common childhood procedures such as tonsillectomies and tympanostomies (grommet insertions) and you can reduce costs further by attending hospitals that your fund has agreements with.

Even if you select a high level of hospital cover, note that elective cosmetic surgery like a liposuction procedure, is unlikely to be covered. If you do have a medical condition that necessitates reconstructive plastic surgery, some services may be covered, while others will only be to a certain extent. Other funds have rules for cosmetic surgeries such as only providing a rebate for procedures that Medicare also pays a benefit. For children, in instances of congenital abnormalities and injuries such as burns, there are some funds that will provide cover for reconstructive plastic surgery, but make sure to read the fine print to see what will be covered under each individual policy.

Once you have shopped around for an adequate level of cover, don’t forget that as a family you have a higher income threshold for the Medicare Levy; it could be reduced or removed for your family subject to eligibility.