• Home
  • About Us
  • Toolkit
  • Getting Finances Done
    • Hiring Advisors
    • Debt Management
    • Spending Plan
  • Insurance
    • Life Insurance
    • Health Insurance
    • Disability Insurance
    • Homeowners/Renters Insurance
  • Contact Us
  • Privacy Policy
  • Risk Tolerance Quiz

The Free Financial Advisor

You are here: Home / Archives for Ashley

Saving More by Doing Less Through Outsourcing

May 24, 2019 by Ashley Leave a Comment

Outsourcing a part of your business or even just a specific project can be a highly cost-effective solution. You forego a long list of expenses for a single contract price. Plus, you can focus all of your time on your core business, such as growing your customer or client bases. Not every business has the resources to assemble an in-house team for everything that needs to be done. Sometimes, it makes sense to hire an agency that are already experts on certain tasks to do it for you. Learn more about how you can lower expenditures and get more time by unloading a part or your business through outsourcing.

Cost benefit analysis (CBA) is key to doing business. It projects the net amount of costs and benefits of at least two choices when making decisions. This guides executives to make an economic decision based on quantifiable data.

CBA is especially relevant to investments involving substantial cash flows like choosing new capital expenditure over major equipment overhaul, finance lease over land ownership, and offering a new product line over expanding existing product lines. This makes it easier to choose the best option that offers the highest net benefit or the lowest net cost.

Deciding whether to outsource a part of your business or to do it on your own is one of the common business decisions and one of the toughest to make. You need to consider all the pros and cons to choosing the option that is more favorable to your business within the next twelve months and in the long-run. With CBA, you can list all the figures that matter to both choices, compare analytics such as cash flows adjusted in the present value and eventually pick the better one that will lead to lower costs but higher returns.

Going for outsourcing is a win-win solution. You can usually pay for a fixed contract price, either on a per-project basis or a monthly rate, and you are free from managing such particular part or division. That is both savings on time and money.

Additionally, highly skilled and experienced workers are then able to do the job for you. You get to experience the expertise of professionals who might have been specializing in the task you hire them for. These are just several of the benefits of outsourcing your contact center, manufacturing, bookkeeping, marketing, and other departments of your business.

The caveat and probably the greatest risk with this set-up is the reliability of the third party service contractor. You might read compelling proposals backed by persuasive client testimonials, case studies and impeccable presentations.

But, these alluring words tend to be shallow. You need proof and that means doing research, confirming reviews directly from clients, performing ocular inspection on-site and even asking for a demo tour or free trial. The price, although cheaper, is still a big investment for you. And you need to reap the best value for your money. If the supplier fails, it is going to hurt your business. You can usually ask for a trial or demo period to test their service and see if it produces results at a smaller scale, before committing to them completely.

If you choose not to outsource, you need to tackle the birthing pains of handling it on your own. You need to hire the right people with the right skills. And you need ample time to plan, implement, monitor and evaluate the important aspects. The good thing with doing it on your own is you get full control. You see how a project progresses and you can easily tweak the processes along the way. But if you don’t have the time, the people and additional capital, then you can always ask for professional help.

Several companies have partnered with other companies, domestic or abroad, to work on business process outsourcing. Telecom giant AT&T has long-term business relationships with contact centers based in Asia for its customer service and technical support. Nike has let go of its footwear manufacturing processes to various Asian countries. Goods sold at Wal-Mart are produced from its Chinese partners. These are just of business mammoths that fueled their growth by outsourcing several of their business segments.

It takes guts to let someone do a job for you. But, if that someone can give you the expected benefits and even more, then there is no reason not to outsource. Think which works better for your business now and the years to come.

Filed Under: business planning

What to Do if Seriously Injured on the Job

April 29, 2019 by Ashley Leave a Comment

If you have experienced an injury at work, there’s a good chance that the injury will be covered by the company’s workers’ compensation insurance. There are state and federal regulations that require employers to maintain insurance precisely for the purpose of employee injuries. Nevertheless, there are steps that you should take to ensure your legal rights are protected. Some of these steps are likely part of the company’s internal procedures, but some will require self-directed action. Let’s delve a bit deeper.

Reporting the Injury

The first thing you should do is report the injury to your supervisor. Most companies have strict procedures and processes regarding how an injury should be reported. You should follow those procedures to ensure the injury is on record as soon as it occurs. Reporting the injury enables the company to file a workers’ compensation claim and initiate the process of ensuring you receive the proper care based on the nature of your injury.

Contacting a Lawyer

One of the most important steps that you will take after a workplace injury occurs is contacting a lawyer. This is not always necessary, but when it is, you should contact a lawyer that specializes in your industry. For instance, a New York construction accident lawyer will have the expertise to obtain the best outcome if you’re injured while working on a construction project in midtown Manhattan. You can also choose to work with an attorney that has broader expertise in workers’ compensation. By contacting an attorney, you can learn more about your rights, including any benefits that are available to you.

Receiving Medical Care

Unless it’s a minor injury that only requires first aid, you should see a doctor immediately following a workplace injury. Sometimes accidents are severe and require a visit to an emergency room, while other times you will receive instructions to visit the company’s workers’ compensation doctor. Each employer is different and some might allow you to see your own doctor. However, if the company requires you to see a doctor of their choosing, you can get a second opinion from your own doctor, especially if you have medical insurance. Your health is the most valuable asset that you have, so you’ll want to make it a priority to receive the care that you need.

Documenting the Incident

Similar to injuries related to an auto accident, you will be required to document the accident as soon as it’s reported to your employer. In fact, under workers’ compensation laws, it’s generally a requirement to document what happened within a certain timeframe. Whether or not you sustained a minor injury or a serious injury, it’s always important to communicate what occurred through the company’s incident reporting system.

Sometimes the effects of an injury are not immediately evident. If you had a workplace accident and a month later realized that an injury occurred, the documentation completed after it happened will help to ensure your right to proper medical care. Even if an injury did not occur during an incident, it’s important to document what happened because it allows the company to improve their safety program by implementing new processes and procedures to prevent serious injuries in the future.

Regardless of the company’s internal processes and procedures, you should ensure your rights are protected by speaking with a lawyer when an injury is sustained during a workplace accident. Many lawyers will offer a free consultation for individuals injured at work.

Filed Under: Planning

Why You Should Practice with Simulated Stocks

October 1, 2018 by Ashley Leave a Comment

As exciting as it can be to take your first steps into the stock market – the process can be pretty scary too. The last thing you want is to jump into the experience head-first and discover that you’ve ended up losing all of your money within the first couple of months. There’s risk in any kind of investment strategy. Ultimately, there’s nothing you can do to ensure that you never lose anything on your trades and investments. However, the more you learn about the stock market in advance, the more likely it is that you will make trading decisions that are good for you and your financial future. One of the best ways to learn is through a trade simulator.

What is a Trade Simulator?

Trade simulators have many different names, including virtual trading platforms, and paper trading. These systems are all about giving people an opportunity to explore the stock market and improve their skills in the space without having to put their own actual money at risk. By giving you a simulated market in which you can practice trading, a trade simulator ensures that you can make the most out of your trading skills, without wasting your money. There are plenty of ways that you can take part in paper trading or a trade simulator too. For instance, you can simply use formulas and spreadsheets. However, a much easier option is to utilize one of the many platforms that already exist online thanks to modern brokers. These pre-built environments are designed to mimic the current trading environment, so you can get a real experience of what it’s like to trade in today’s world.

The Benefits of a Trade Simulator

So, why should you consider a trade simulator before you jump straight into real trading? The obvious answer is that it gives you a practical way to develop your skills in a complicated market. A trade simulator gives you some real exposure to what it feels like to trade stocks and assets, so you’re less likely to feel overwhelmed or confused when you approach the markets for the first time. Remember, the stock market can be a scary place, particularly for people who have never explored it before. Freezing up or making emotional decisions due to nerves could mean that you end up losing a lot of money.

A trade simulator also gives you a chance to learn the basics of the market dynamics in the trading world. These simulators help you to evaluate what’s happening in the environment around you, and what different changes mean to the way that your stocks will grow or shrink in the future. The more time you spend on a virtual trading platform, the easier it will be to make informed decisions about your assets.

All the benefits that you get from paper trading are available without spending a single penny of your own money. It’s the easiest and most effective way to start building a foundation for your future in investment without risking the cash that you’ve worked so hard to earn.

Filed Under: Personal Finance

Do I Really Need Disability Insurance?

August 9, 2018 by Ashley Leave a Comment

For most Americans, saving money is a priority. Unless you bring in an exceedingly high income –– or you have your priorities greatly out of whack –– chances are you think about ways to cut down on expenses and save yourself some cash from time to time. Unfortunately, young people in particular are prone cutting or omitting vital services from their budget. Consider disability insurance: it’s likely few people in their 20s or early 30s contemplate the possibility of suffering a debilitating setback. As such, it’s also probable that a great deal don’t bother applying for disability insurance coverage, or if they do, they don’t prioritize it. This oversight could prove extremely costly, though. For evidence to that point, here are three reasons why you should rethink disability insurance today:

Time is a Factor

As with just about any insurance program, the sooner you enter into it, the lower you can expect your rates to be. True, every case is unique, but in general younger people will pay lower premiums than their older counterparts. This is why it’s essential for young professionals to look into disability insurance programs now and to demonstrate a modicum of foresight. If you plan on starting a family in the future, signing up for disability insurance now will guarantee you cover yourself in times of need and lock in the lowest rate possible. Sitting around and waiting will only end up costing you in the end –– one way or another.

“Disability” is a Fluid Term

You may be wondering: if I don’t work in a high-risk work environment, why do I need to invest in disability insurance? It’s a good question, to be fair. And the best answer is the fact that “disabled” means a great deal more than most people realize ––  since different jobs require different levels of physical involvement. So what qualifies as “disabled” for one profession, might not for another. Think about doctors who utilize intricate equipment to perform surgery. If they then develop severe arthritis in their hands, they become unable to perform their duties as a result of physical disability. That’s why physician disability insurance is distinct from disability insurance for teachers, for example.

The Worst-Case Scenario

Of course, the most obvious reason why everyone should set aside some capital for disability insurance is the fact that the worst-case scenario without it hardly bears consideration. Indeed, if a person becomes physically unable to perform their job, it can then be extremely difficult –– if not impossible –– to support themselves. And that doesn’t even take into account the possibility of shouldering family-based financial burdens. Regardless of how substantial your emergency fund may be, it’s unwise to overlook disability insurance. In reality, paying a regular rate for disability insurance is a paltry amount when compared with the benefits it could provide one day. It’s never fun to think about calamity, but it’s irresponsible not to plan for it.

Filed Under: Insurance

What Are Binary Options?

January 15, 2018 by Ashley Leave a Comment

When you decide to venture into online trading, it is a big decision that affects many other parts of your life. Even if you retain a full time job and are just trading on the side, you will put in hours that you were not counting on. The world of online investing is vast. Many different markets to trade in and many different strategies to employ. It can be a great learning experience. Binary options are just one of many ways to participate in financial markets.

The key is to learn as much as you can about the different ways to invest. That is how you get to know your comfort level with the fundamentals, how much risk you are willing to tolerate at any given time and how best to allocate your time and your resources. That is true of any type of trading. Within the realm of derivative trading that binary options exists, there is digital 100s, which are similar to binary options. You make a speculation on where the price of a currency, commodity or index will be in a short timeframe. And you don’t need to own the underlying asset.

Binary options are pretty basic. They represent a financial option where a payoff for a trader is either a fixed amount or zilch. They come in two flavors: the cash-or-nothing binary option or the asset-or-nothing binary option. At the core, they come from one simple question: Will an asset be above a certain price at a certain time?

Because you can just trade on that question alone, binary options are one of the simplest financial instruments out there. Still, the very simple can become very complex the more it is studied. Take a look at this example. Keep in mind, the price of a binary is always under $100.

It is 10 am on a Tuesday. If you see a binary option on the market concerning the price of a barrel of oil, you might want to jump on it. Maybe you think the price will be above $65.30 at 11 am. Say the bid price of the option is $35 and the offer price is $38. There is always a spread between the bid and offer prices. If you buy right then and then have a change of heart and sell right away, you will be paying $38 and selling at $35, losing 3 bucks. However, if you are right and the price of a barrel of crude oil is at $66.10 at 11 am, you get a $100 payout. That gives you a profit of $62 (100 minus the $38 price you paid for the option).

Binary options are technically classified at exotic options, because many investors consider them to be straight up gambling. The brokers tend to have an edge over the investors and many individual sites are not regulated by governmental bodies. On non-regulated sites, client money is generally not kept in a trust account and there are no third parties monitoring the action.

Binary options go by many different names, from all-or-nothing options to digital options to fixed return options. That can contribute to their reputation as being a little out in left field. But the process to work with binary options is simple and straightforward. They can be a gateway to trading in more complex financial markets, if you can use them to educate yourself about the market and how it all works.

For more information digital 100s and binary options and how to traded them, look to this resource for picking the right platform that will match your risk appetite and strategy.

Filed Under: Investing

5 Reasons Millennials Need to do End of Life Planning

November 24, 2017 by Ashley Leave a Comment

When I was younger I always pictured end of life planning as something only old people do. Now that I am no longer a spring chicken myself, I understand that it can be important for all adults, regardless of age or social standing.

Having worked in the health care industry for many years I have seen people of all ages with lots of different health issues. But one thing they had in common is that they didn’t plan on coming to the end of their lives so unexpectedly.

Even though all of their lives mattered, it was more difficult to see sick or dying children and young people. In fact, it brings me nearly to tears right now to think about some of the patients I knew and loved that passed away.

Of course, no amount of end of life planning will bring these people back. However, the truth is, there are 5 reasons millennials need to do end of life planning as much as anyone else.

1. Pets

Young people tend to feel as if they are immortal to a degree. I know because I felt that way when I was younger.

Unfortunately, being a millennial doesn’t exempt you from passing away from illnesses or accidents. If you have furry friends that you love you probably want them to be well taken care of should something happen to you.

The law generally regards pets as property which means they may end up in a shelter or worse if something happens to you. Setting up a will, however, gives you the ability to make provisions for their care including a guardian and even a trust.

2. Personal Belongings

Even if you don’t have a whole lot of stuff you probably have some things that are of sentimental value to your family and friends. Should something unexpected happen to you that ends your life these are the people who should receive these items.

However, without a will, the state will decide who gets your belongings. Unfortunately, it may not be the person or people you would choose.

3. Social Media

Another reason millennials need to do end of life planning is for social media accounts. Nearly every young person has at least one type and some have several.

What happens to them if they pass away? It’s possible they could remain a visible reminder of your loss every day since they aren’t automatically deleted or inactivated.

To remedy this, you can name a digital executor regardless of the legality of it. Take an inventory of your digital files and assets and appoint someone as the person to handle them.

4. Kids

Some millennials, married or not, have children they will leave behind if they pass away. Setting up end of life planning can include making a choice about who should care for them when you are gone.

Naming someone to watch over your children is a decision that is not easy. Nevertheless, it can prevent the court from making the judgement in the absence of any documentation from you. It can also squash family battles that could arise over your child or children later.

5. Expenses

Should something unexpected happen that ends in your death, the expenses for those you left behind can be more than they are able to pay. That financial hardship could be avoided, however, if the proper steps are taken.

End of life planning can include building up your savings, purchasing life insurance, setting up an estate, and creating advance directives. You should also consider having a power of attorney for your health care as well as one for your finances. Although these could be the same person they do not have to be.

Everyone’s life is important, but so is planning for the reality that we all pass away sometime. As you can see, millennials are not exempt. There are at least 5 reasons millennials need to do end of life planning just like the rest of us.

Have you completed your end of life planning yet?

Jeanne is a married mother of 2 grown children who works as a full-time freelancer and also helps out occasionally on the farm she and her husband own together. Her background is mostly finance and medical office management.  She’s currently working to improve her financial well-being and hopes to help others improve theirs as well.

Filed Under: Planning

The Little Known Secrets for Big Savings on Your Student Loan

November 3, 2017 by Ashley Leave a Comment

Today, most students graduating from college find themselves burdened by significant debt. According to a recent study, the average student has around $30,000 in debt. If you’ve just left college, this amount is huge considering that your career is at its infant stages.

The situation is much worse for students who can’t enter into their specific career field leaving them with limited options to service the student loan accrued. Unlike in the past when refinancing was mainly used towards mortgage and auto-loans, today graduates can easily refinance student loans. Besides reducing the interest rates significantly, this method can also be effective in lowering the monthly payments.

What is refinancing?

Basically, refinancing is when a lender pays off your current debt at once and they give you a new loan. Typically, the new loan comes with better interest rates. This leads to significant savings or a more favorable payment schedule. For instance, a student loan can have interest rates of about 12%. But after refinancing, it can go down to even 3%. However, the interest rates are greatly determined by your qualifications as well as the lender.

When you get a refinancing deal with lower interests, it means the amounts added to the loan principal per month. But if you are getting your loan refinanced so that you can get a longer repayment period, it means you’ll end up paying more money compared to what you’d have paid if the duration was shorter.

Are you eligible?

Despite the fact that this refinancing is a brilliant move, not everyone will qualify to make the move. Most lenders are keen to look at your employment status as well as your income. In addition, the debt should be coming from recognized universities and colleges. At the same time, you’ll come across just right loans lenders who only approve graduates from specific.

Most lenders are impressed by graduates who have a good credit history without past missed payments. This assures the lender that you are reliable and they’ll quickly approve your loan if you have a stable income. While most lenders will approve your application if your credit score is over 600, you’d get a better deal in terms of interest when your credit score is higher.

However, you may still qualify even when your earnings or credit score are above average. All you need to do is have a co-signer who is credit worthy. You can ask one of your friends or family member to co-sign the loan with you.

Requirements for refinancing

After evaluating your situation, it’s likely that you’ll decide in favor of refinancing. But before you go out there to find a lender, you need to prepare a few things in advance.

Have a recent copy of your tax returns to prove your income as well as total liabilities.

Check your credit score at the moment to know how much you’ll be paying in interests. If you have no idea what your score is, you can easily check on Experian or Transunion.

If it is below average, you need to have a co-signer in advance. Find a friend or relative who is willing to co-sign your loan.

What are the loan terms?

When you start hunting for the most appropriate refinancing deal, it’s obvious you’ll come across several offers. Different lenders have varied interest rates as well as repayment periods. Depending on your preferences, you can choose to repay the loan in five, ten or even twenty years.

Ideally, paying the borrowed money in a short time is a wise decision but it is not always a viable financial option. Therefore, you can choose to clear the loan over an extended period, which means you’ll have a lighter monthly burden. If your earnings grow when you’re still servicing your loan, you can decide to increase the payment amount to clear the debt sooner.

Most lenders will also give you the option to choose between a variable and a fixed interest rate. Basically, variable interest rates can go as low as 2%. However, they tend to fluctuate as time goes and makes budgeting quite a challenge. While a fixed interest rate seems higher, it stays the same over the entire lifetime of the loan. This makes budgeting easier since you can predict how much you’ll be paying.

Conclusion

Making a decision to refinance your student loan can be a strategic move towards saving a significant amount of money. However, the decision requires substantial forethought as well as financial planning if you want to get all the benefits.

But before you make a decision, evaluate all the benefits of the student loan. Normally, federal loans come with attractive benefits which are not available with other sources of credit and you’d lose them if you refinance the loan.

If you are sure your financial status makes refinancing a viable option, you need to spend some time creating a specific plan that will help you to spend the money wisely.

 

Filed Under: Uncategorized

Is the PPI Deadline the End of This Financial Scandal?

October 30, 2017 by Ashley Leave a Comment

Earlier this year, the Financial Conduct Authority (FCA) announced 29th August 2019 as the final date that consumers can make a payment protection insurance (PPI) claim. The promotion of the PPI deadline began in August, with a £42 million campaign.

PPI was mis-sold to thousands of customers in the UK during the 1990s and early-2000s. The insurance was sold with mortgages, loans, overdrafts, credit cards, store cards and catalogue cards. The banks have paid out astronomical amounts of money to consumers for their wrong-doings. Nearly £28 billion has already been paid to customers.

Companies offering PPI claims with the lowest fees have been helping people reclaim their money for years. With the deadline looming, now is the time to contact your bank or a trustworthy PPI claims company to make a claim. But, does this mean the PPI scandal is finally coming to an end?

Has the PPI Deadline Increased the Number of Claims?

The most recent statistics indicate that since the deadline was announced, people have taken note and acted upon it. Nearly 10,000 people have called the FCA’s PPI helpline and, during September this year, the PPI deadline website received 12,500 visitors a day.

The Financial Ombudsman (FOS) reported 8000 more complaints about PPI between July and September than between April and June. The FCA hasn’t announced how much money the banks have repaid since the deadline promotion, but it is likely that we will see a sharp increase in money paid out to match the surge in claims.

Will it All be Over After the PPI Deadline?

After the PPI deadline, there will be no more cold calls or texts from PPI claims companies. Nor will we see or hear Arnold Schwarzenegger’s robotic head telling us to “do it now!” We’ll finally begin to hear the end of the PPI scandal.

However, for those making a claim, it might not quite be over by August 2019. If a consumer decides to refer the case to the FOS, this could take up to two years to be resolved.

As well as dealing with the backlog of complaints, the FOS will continue to resolve PPI complaints long after the PPI deadline. This is because PPI policies are still being sold. Anybody who currently has a PPI policy can make a PPI claim after the deadline if they feel it was mis-sold to them. There is no doubt that the banks have changed how they sell PPI. But, if a consumer wants to make a claim, the option is still there after August 2019.

Have the Banks Learnt Their Lesson?

The banks have paid out huge sums of money both to consumers and fines for mis-sold PPI. They have no doubt learnt from their mistakes. Yet, many critics are dubious and feel that another PPI scandal will emerge. For example, Barclays have been involved in numerous scandals over the past ten years, being fined by both the UK and US.

Banks all over the world are dealing with scandals. Wells Fargo in the USA created accounts without customers’ consent. Other banks had large, competitive bonuses attached for selling the most products.

These scandals certainly make us question the ethics of banks. Unfortunately, using their services is inevitable for those of us who earn a living and want to save some money in a safe and secure way. But, can we trust that it’s safe and secure? Should we worry every time we’re offered a new product? We can only hope that the long-awaited PPI deadline makes banks think twice before misselling any other products to consumers.

Filed Under: Uncategorized

Why You Must Start Your Business in 20s and 30s?

October 28, 2017 by Ashley Leave a Comment

Almost all of you, at least once, would have considered starting your own business.

The idea of starting a business could pop up in your mind when you get a job and finally realise that you want more control over your work and home life. Not to mention, you could start fantasising about launching your business after hearing about the “multi-billionaires” who are out there in the world.

No matter what your motivation is, if you’re thinking of launching a business, then an ideal time to do it is during your 20s and 30s. Below we have mentioned a few reasons for you should look to start your business in your 20s and 30s.

  • Long Term Potential Return

Let’s assume that you’ve successfully built your business; it is lucrative, stable and you’re sitting pretty whilst it produces a good 6 figure salary. Now assume that it can run for an indefinite period and you really enjoy your work. Wouldn’t you wish to reap the associated benefits over a longer period of time?

Of course, this is an optimistic situation, but it’s definitely attainable; although it often takes multiple tries to develop a triumphant business. The bottom line here is: the more time you spend on the burgeoning idea, the better long term returns you’re likely to receive.

  • Risk taking Capabilities

Not every enterprise is going to go down the path of success. But, whatever age you are, it’s imperative for you to be practical and realistic. When you start a business, in most cases you’ll need up-front investment, in terms of both time as well as money. Not to mention, you’ll be putting up with considerable risk, with your current or ‘backup’ career as well as your finances.

In the initial stages of your business, you’re likely to face some cash flow issues, but in such situations you can always opt for cash flow finance in order to stabilise the inflow and outflow of cash.

As it happens in financial markets, the younger you are the better you’ll be able to bear the risk; also, you’ll have fewer responsibilities and commitments on your shoulders, and adequate time to make up any losses incurred.

  • Energy and Inspiration

It certainly takes a lot of effort and hard work to run a successful business. Do not forget that! Although, it isn’t written in stone, the general thumb of rule is that youngsters have more energy and enthusiasm when compared to their elders.

Perhaps, you will be a youthful spirit for the next few decades, but the reality is, you don’t really know for sure. Now, what seems like a “solid idea” might turn out to be a “no way” idea in the next 10 years. Likewise, the work you’ll be doing now might become something you’d avoid at all costs in the future. As every year comes to an end, the energy and enthusiasm you have may gradually decline.

 

  • Flexibility

 

Youngsters are often more flexible; they’ve been exposed to the rules and norms of professional world for a shorter period of time and are less likely to be committed to those ingrained ideals. Another reason is the “unique technological era”; companies these days face a lot of technological disruption day in and day out, and the best way for a firm to survive is to become accustomed to and incorporate these technologies.

When you’re in your 20s and 30s, you’d have a better opportunity to recognise and integrate technologies swiftly. But, as you get older, the rate of progress of these technologies would increase. Thus, you must start your business whilst you’re lively.

  • Early Lessons from Failure

Let’s say during your 20s, you begin your business and in the worst-case scenario; life hits you right in the face and your business goes through heavy loss and potential failure.

However, you have ample time to make up for the loss. Furthermore, the next time you start something you’ll know more, because you have learnt from your past failures. In addition to this, you would’ve developed a more mature mindset.

  • Millions of Ideas

We tend to curse the current scenarios, culture, media, existing problems with technology, etc. But, which age group judges and acts accordingly? Without any doubt, it’s the youth as the oldies are busy with their job that they don’t really like, yet consider it to be “safe enough”.

Likewise, the innovative ideas that one gets when they’re young, is plentiful as and they are usually high on creativity and imagination.

  • Successive Entrepreneurship

Most of the entrepreneurs who’re completely in love with entrepreneurship tend to start numerous businesses and become a serial business owner. It is as if they were destined to become entrepreneurs. Not to mention, every new firm they start is much better than the previous one; all thanks to their past experience, founders’, broader perspective and increasing contacts.

When you begin your business during your 20s and 30s, you’re likely to set up more amount of time to begin more companies. Basically, you’re trying to maximise the experience you’ve gained so far and mounting the number of companies you could start.

The bottom line is none of the above mentioned reasons mean that you can start your business only in your 20s and 30s; or if you’re in or over 40s you’ve missed the opportunity. On the other hand, older entrepreneurs have more experience and are capable enough to build an effective business.

However, with the unique blend of advantages that you have got can make this stage of life a strategic time to start your own business. Also, when the thought of entrepreneurship enters your mind in 20s and 30s, do not write it off. Instead, do some research, look at your ideas and make the most of your youth. No matter how things turn out to be, you will surely be glad that you decided to start early!

Filed Under: Uncategorized

Your Guide to Buying a Car for the First Time

October 27, 2017 by Ashley Leave a Comment

Buying your first car can feel a lot like a rite of passage for some, and rightly so. That being said, you’ve got to move carefully and with much consideration when it comes to buys as major as an automobile. Learn about car loans for first-time buyers and some of the most common pitfalls to look out for.

Establish a Budget

One of the first things you’ll want to do is establish a budget that includes a monthly car payment. When you have an idea of how much money you’ll have leftover after taking care of your other financial obligations, you’ll know how much of a monthly car payment you can easily afford without risking missed payments or living from paycheck to paycheck.

 

Get Preapproved

Preapproval lets you know how much you’ll likely be able to borrow with your current credit score. Getting preapproved also lets you know what lenders see when they run a credit check to see how much they can let you borrow, which can take a lot of stress out of the car-buying process. You can get preapproved through a bank or credit union, or even an online lender.

 

Save Up For Your Down Payment

Just because you’re preapproved for a $20,000 car loan doesn’t mean you have to (or that you should) accept all $20,000. Do yourself a huge favor and save up as much as you can for your down payment so you don’t have to borrow as much to take care of the rest of the cost of the car you’ve got in mind. A good rule of thumb is to save up at least 20 percent of the total cost of the car you’ve got in mind, but some dealerships will accept less. That being said, save up as much as possible to keep from having to pay more in interest on a bigger loan.

 

Check Your Credit Report

Your credit score is one of your biggest advantages when it comes to buying a car, which you likely already know. When you decide you’re going to buy a car for the first time, go ahead and order a free credit report. Look over it to see if there are any discrepancies or either inaccurate or outdated information that needs to be cleared up. Again, this is information lenders will see when they pull your credit, so you might as well know what they’re going to see.

 

Don’t Forget About Insurance

While you’re figuring out the budget for your car payment, make sure you don’t forget about those monthly insurance premiums. Know that you have more sway over the overall cost of insurance than you might think. For instance, less expensive cars, those with lots of safety features and models with a low repair cost often result in less-expensive insurance. Your driving record, where you’ll park your car at night and whether you choose to bundle policies also impact overall cost. Before you buy, be sure to talk with your insurance provider to get a solid idea of how much you’ll likely have to pay in premiums for the car you’re thinking of buying.

 

Improve Your Credit

While you’re looking over your credit report, don’t forget about your credit score. Even if you already have a solid score, it never hurts to do what you can to raise it a few points. Pay your bills on time, pay down your current cards as much as you can before applying for financing and refrain from opening up any new lines of credit in the months leading up to buying a car so you don’t risk dinging your credit score.

 

Research the Price of the Car You’re Considering

While some fees and extra costs are common with cars, you should still know the current price for the car you’re thinking of getting. This information lets you know whether the dealership is gouging you on the price, in which case you might want to think about taking your business elsewhere. Know that some fees can be skipped or negotiated, such as dealer preparation fees, credit life insurance, disability insurance and fabric protection. Read over the final contract carefully to make sure fees aren’t being sneaked in.

Take your time and shop smart when buying a car for the first time. Be sure to ask for additional advice from friends and family members who have bought a car before.

Filed Under: Uncategorized

  • 1
  • 2
  • 3
  • 4
  • Next Page »

FOLLOW US

Search this site:


Recent Posts

  • How long should you keep financial records after a death? by Jacob Sensiba
  • Can My Savings Account Affect My Financial Aid? by Tamila McDonald
  • What Advantages and Disadvantages Are There To… by Jacob Sensiba
  • How to Recover Pay Stubs From Your Old Job? by Susan Paige
  • How to Avoid NJ Exit Tax by Jacob Sensiba
  • When Are Manufactured Homes a Good Investment? by Tamila McDonald
  • Appreciating vs. Depreciating Assets by Jacob Sensiba

Copyright © 2022 · News Pro Theme on Genesis Framework