Preparing for your retirement is an important way to help ensure your financial future. However, with the markets becoming increasingly volatile in recent years, many Americans have been looking into building not only wealth but also wealth protection. The 2020 economic crisis continues to have a significant impact on the financial sector and world markets. While millions of Americans rely on popular plans such as the 401(k), traditional IRA, and Roth IRA, their nest eggs could be at risk over the long run. [Read more…]
Bills can get overwhelming. When things get out of control, and you’re drowning in debt, filing a Chapter 13 bankruptcy can help. But, of course, you’ve worked hard over time to accrue possessions, such as your home. Can you get debt relief through bankruptcy without losing your home? Yes. [Read more…]
Unless you’re very lucky, everyone will eventually experience financial difficulties of some form or another during their lifetime. Indeed, financial trouble comes in many forms, ranging from medical bills, to student-loan debt, to unemployment, and even failed business ventures. While financial difficulties may –– in large part –– prove inevitable, savvy individuals can make smart decisions to avoid, mitigate, and recover from them. Just make sure to follow these four steps the next time you find yourself in a pinch:
First and foremost, the key to financial success in any situation is to keep a calm head. Just because the numbers look bad, it doesn’t mean you should start panicking. In fact, it’s important to keep things in perspective. Financial problems can lead to genuine mental anguish –– so if you feel especially nervous or depressed about a financial situation, consider reaching out to a mental health professional. Your well-being is more important than anything else!
Once you’ve collected yourself, you should survey your financial situation and make priority determinations. Ask yourself which bills, projects, or debts are most important and focus on clearing them up first. Trying to solve every financial issue in front of you is likely unfeasible. Rather, defer what you can and handle the most pressing problem first.
Identify Long-Term Solutions
Struggling with debt for one month is bad. Yet, the truth is that most people in financial trouble struggle for months on end. As such, it’s important for professionals to do their best to identify long-term solutions to debt. To do this, you may consider speaking to a financial advisor, a lawyer, or even your creditors to work out more reasonable payment options. Alternatively, you could focus on generating more income. For example, a drugstore owner might try to determine how to increase pharmacy business through new marketing tactics. Or a freelancer may explore new work opportunities online. Regardless, do your best to figure out a long-term debt management strategy. Otherwise, any progress you make will be fleeting at best.
Unfortunately, many professionals fall victim to a phenomenon known as the “sunk-cost fallacy.” That is, if you’ve spent a lot of money on a certain investment, business, or project, you may be more likely to keep investing in it, even when it no longer makes financial sense. It’s never easy to walk away from a project you feel connected to, but sometimes you have to cut ties in order to move forward. In other words, don’t let emotions cloud your judgement! Manage that, and you’ll be well on your way to a sounder financial future.
The higher the credit limit, the more you get to spend with your credit card. When you apply for a credit card, once you hear the exciting news that you’ve been approved, all you want to hear is “ what credit limit did I get approved for??”. [Read more…]
Looking to improve your company’s cash flow? For any business, managing their cash flow is crucial not just to their success, but to their survival. The question is, how can you ensure you have a continuous cash flow of cash? [Read more…]
Retirement is something that people often do not focus on too much but it is important to start planning as early as possible so that you can ensure financial security as well as find ways to enjoy this special time of your life as you wish. So, how can you ensure financial security throughout retirement? Read on to find out. [Read more…]
Your credit score is an algorithmic calculation that quantifies whether a person qualified and trusted to manage and use credit. It does this by analyzing and evaluating various factors and influences – at many levels and from a variety of sources. [Read more…]
We’re living in an age where entrepreneurial spirit is on the upswing. While the Baby Boomer generation may have been lauded for climbing the corporate ladder, the tides have changed as more people seek to be their own boss to achieve financial liberty. [Read more…]
Whether you’re an avid gamer or a dedicated artist in your spare time, our hobbies often have a habit of representing a significant drain on our bank accounts. In an ideal world, of course, we would all be able to fill our downtime with plenty of rewarding and absorbing activities that do not cost the earth, it rarely seems to work out that way.
However, hobbies offer an excellent outlet for all of us. They enable us to forget about the stress and commitments of everyday life, and to take some time to ourselves to indulge in something that we truly love doing. So, if you are wondering how you can make your hobbies fit in with your finances, then read our tips below.
Look for the Best Introductory Offers
While very little in life comes free, there are plenty of opportunities to make the most of offers and deals that make our hobbies that much more attainable.
For gamers, for instance, there is a staggering variety of games available online that offer excellent introductory offers to help you get the most out of your money – including live casino from @Mansion in Canada, which offers new players 100% extra on up to £200 when you sign up.
Similarly, for those who enjoy photography, many of the best photo editing apps will offer ‘try before you buy’ trials that will give you an opportunity to get to grips with the tech – and decide whether it is the right option for you – before you sign up for a significant financial commitment.
Turn it into a Side Business
These days, with the help of the internet, almost any hobby can be used to start your own business. Whether you are keen to invest all your free time into growing a digital storefront, or simply want to make your one of a kind designs and creations available to a lucky few, creating a line of income that supports your passion is an incredibly rewarding and exciting prospect.
Take a look at this article, which offers some insight into the signs that you are ready to turn your skill or hobby into a lucrative business opportunity. There will, of course, be plenty of sharp learning curves to deal with along the way, but with the right commitment and perseverance, there is every chance of success on the horizon for anyone with a passion for their skills.
Again, this is a venture that has been made more attainable than ever with the help of the internet. Teaching others, and imparting the knowledge you have gained over the years, is not only a rewarding experience, but, as you grow your reach, you will find opportunities to generate some income – simply by investing your time and energy.
Consider writing a blog, or creating video content about what it is you are passionate about. From crochet and cookery to woodwork and music creation (and everything in between), you will find that there is already a strong community looking to learn from the experts, and develop their own skills under your guidance.
For gamers, streaming has reached an all-time high, with millions of hours being created – and viewed – each and every month. Signing up to a popular streaming site, such as Twitch, will enable you to develop relationships with likeminded individuals around the world.
Hobbies can be expensive, but they offer an incredibly rewarding experience to us, and should never be neglected just for that reason. There are plenty of options available to anyone looking to save money – or, of course, earn a little extra on the side – while still indulging their passions, and making the most of their spare time.
Getting into serious debt is easier than you think. It can even happen by accident. See what simple mistakes could land you in debt if you’re not careful.