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What Jobs to Choose in 2014

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It is well know that jobs were not created equal, and some of them are better in terms of social utility, some are more profitable, and some are simply considered better than others. Most people choose their careers according to their personal skills and likings, but knowing what will come next and what to expect from the labor market in couple years is a good thing to consider. Thus, here are some of the most popular jobs in US that are expected to remain as popular and increase the number of specialists needed in the nearest future.

Software Developer

If you have ever been addicted to computer game or you cannot part from your mobile phone, you may blame these people. Software developers may be working in various spheres of development – from constructing computer software and games for your tablet to building new operating systems. The IT technology is getting more and more powerful every day, and The Bureau of Labor Statistics predicts about 150.000 positions created in the sphere during the following ten years.

Lawyer

Not all lawyers spend their lives at courts, as it is depicted in the movies – there are plenty of opportunities you can get, like attorney jobs, representing businesses and individuals, legal counseling, and lots of others. The field is expected to offer about 70.000 new jobs, so you can try yourself at legal system.

Dentist

It is not only Hollywood stars that want to have a gorgeous white teeth – everyone wants to be able to smile freely. And dentists are here for use to treat teeth and gums, and counsel on maintaining good oral health. They say the profession is about to add more than 20.000 new jobs following years.

Information Security Analyst

As long as analysts monitor and plan the security in computer networks, you see they are extremely important in today’s digitals world. For that reason no one should be surprised by the increase in the field for about 35%. If you want to become a part of secure future and stay one step ahead of cyber terrorists – this might be a good career choice for you.

Mechanical Engineer

You may be surprised by the low unemployment rate of the profession, and high median salary (which is about $80.000), but if you are left-brain thinking person, you might consider the job of mechanical engineer. Another pleasure of the job is seeing like something you’ve created as a design on the paper, becomes the real product. 

Resisting Temptation: 5 Smart Ways to Use Your Tax Refund

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By trusting instinct and intuition, the right decision can become obvious from the wrong one. But desires are hard to resist. Now that your tax refund is sitting in your account, don’t let temptation overrule a smart monetary choice, and follow what your financially responsible gut tells you to do. Use five percent of your refund for a fun purchase, and feel good about investing the remaining 95 percent in any of the following:

Build Your Savings

The broken record singing “build your savings” is as tiresome as the one saying “eat a healthy breakfast.” But really, build a savings. Ideally, an emergency fund should support three to six months worth of necessary living expenses. Last year about 49 percent of employees lacked a personal safety net, according to Forbes. Use your refund to establish a savings account, and then use an app such as Saving Made Simple to help make saving a financial habit.

Get Reliable Transportation

“Car maintenance avoidance” is a real syndrome. It stems from the fear of taking your car into an auto repair shop for a brake check and coming back with 10 other costly repairs. Cushioned with your refund, a brake check shouldn’t be so daunting.

Proper maintenance helps improve the reliability, safety and longevity of your vehicle. Brake pads, rotors and tire replacements are worth the cost. After an inspection, you may even decide that buying or leasing a new car is a better investment than a repair spree. For example, use a $2,000 refund for a down payment to reduce monthly payments. A higher refund used as an initial down payment while signing can also leverage a better lease deal.

Improve Your Credit Score

Your credit score is a measurement that indicates whether you’re a good candidate for a mortgage, a loan or a credit card. The score also helps lenders determine the interest rate to charge you. A higher score provides you with better rates and more favorable terms.

Consider using your tax refund to pay off a credit card and substantially reduce your debt; it can boost your credit score, explains The Nest on Budgeting. Improve your credit by keeping the account open and lowering your credit card utilization rate, which is how much you charge/owe (outstanding balances) vs. your total available credit limit. The lower your utilization rate and balances, the higher your credit score. A utilization rate of below 20 percent is good and an average of 7 percent is best, according to FICO.

Pay off Debt

A tax refund can serve as a negotiation tool to achieve a settlement with a debt collector. Improve your financial management by offering the creditor an upfront lump sum in exchange for a smaller amount owed. Negotiate a lump-sum payment, and you could cut your debt significantly. While bargaining, exert power and hold firm. Know your rights and be aware of fictional scare tactics. Nolo, an online small business and legal website, offers a collection of articles on how to negotiate with creditors, handle tax consequences and strategize negotiations.

Make a Career Investment

Invest in your education and complete online courses to increase your future earning power and employee marketability. Expanding your skill set and advancing your education can also help you land a promotion or change careers.

Make sure that you choose a career that has a positive outlook in the future. For example, those who earn a Master of Administration degree will have multiple career paths available for them with each of them expected to experience significant growth in the coming years. These careers also pay very well, making it more likely that your investment will pay off in the end. Once you have your MBA, you can pursue jobs as a marketing manager, financial analyst, operations manager, or an IT expert, giving you a number of different options within an organization.

Last year, U.S. News & World Report broke down the cost of an online class. Writer Devon Haynie found three-credit courses that ranged between $935 and $1,320 for out-of-state students, and one community college class cost about $515. Also, university online courses cost between $300 and $400 per credit hour. While researching your options, also look for in-state colleges and apply to scholarships to keep costs even lower.

Careers for Giving People

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A lot of people take time out of their schedules to help others, whether through volunteer work or by making more personal gestures to friends and family. Others don’t want to limit their giving natures to time outside of their careers. For those who want to make giving back a daily, in-career exercise, here are a few suggestions of where to get started and what kinds of opportunities are out there. Some are easy for lateral work transitions while others require specialized training, but all result in jobs that make improving the lives of others a central fixture.

1. Social Worker

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Image via Flickr by kennisland

Social work is a wide and varied field that concentrates on giving support to those who need it most. This can come in the form of advocacy for the homeless to help them get off the streets, outreach to people struggling with substance addiction, supporting special needs children, or a number of other areas in the community. Social workers tend to require a Bachelor’s degree in social work, plus some volunteer experience. To get a feel for the reality of social work, consider volunteering at shelters or in police support programs.

2. Psychologist/Psychiatrist

If you want to go deeper into the field of social work and help those who struggle with more challenging issues, you may want to consider a career as a psychologist. Today, both a Master’s degree in social work and a PhD in psychology are considered terminal degrees to become an accredited counselor. If you want to enter a similar field that concentrates more on medicine, you can pursue a PhD in psychiatric medicine to become a psychiatrist, working with patients to treat their mental issues with medication and other methods.

3. Nurse Practitioner

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Image via Flickr by comsalud
Doctors and medical specialists are valuable care providers, but they rely on dedicated nurses to make treatment consistent and holistic. Career nurses often go beyond the minimum requisite education to practice nursing, pursuing nurse practitioner certification to give them the skills and credentials they need to advance in their careers. Nurse Practitioners often lead teams of nurses in addition to performing their regular duties. Nurse practitioners are also qualified to diagnose many medical conditions and in some cases prescribe medication or otherwise manage the long-term care of specific patients.

4. Educator

Another highly varied field, education spans serving students of every age, background and level of need. Because of the technology that is used today, it is possible to attain teaching certification online. Anyone with a Bachelor’s degree can earn Accelerated Teacher Certification or a Master’s in Secondary Education through an online university, allowing him or her to move into a teaching career quickly. By enrolling in one of these online programs, prospective teachers will have the opportunity to learn on their own time, so that they do not have to quit their current jobs until they have completed their education and have started teaching. Online programs provide the flexibility that adult learners need, making it easier to become an educator.

The core of the education world is in certified primary or secondary school teachers who receive Master of Education degrees, there are many opportunities in related fields that don’t involve working in a school or directly with students. Tutors and adult educators tend to work for community or private organizations to meet the needs of a specific population, such as English Language Learners or children with learning disabilities. Educational administrators do not work directly with students, but their behind-the-scenes responsibilities put standard office responsibilities into the context of education.

5. Emergency Services

There are men and women who put their lives on the line and rush to save the lives of others every day. These emergency services professionals are functions of society, but they are also people who are at work. For those up to the challenge, a career in emergency services can be very stable and rewarding. Jobs in police and fire departments range from administrators to field officers and commanders, providing a career path that has a lot of growth and variety. You can also pursue work as a paramedic if you want to be a part of the emergency response side of medical care. Each of these fields requires certification through an appropriate academy or state-recognized organization and benefit from an education background in fields like criminal justice, medicine, chemistry or biology.

Helping others through your work takes dedication and a true desire to make the world a better place through your job. Each of the above fields can lead to long and rewarding careers that will give you the chance to wake up every day knowing you’re not just going to work, you’re also going to change the lives of others for the better.

5 Mistakes I Made Building My Business

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I don’t know if I’ve told my first business story on here. I owned a disc jockey company for ten years.

That was where I learned how to do everything wrong.

Sometimes, getting it wrong is okay, as I wrote recently on my personal blog, Stacking Benjamins. (Read: Messing Things Up? So Am I….And I Like It).

But it took lots of mistakes for me to learn. The problem was that I was hard-headed and didn’t change quickly enough. Over the years of being a business owner I’ve learned a few things:

1)   I didn’t change directions quickly enough. Often I’d make changes only after someone told me several times they didn’t like something. I always treated the first person who told me they didn’t like something as an outlier. Now I treat the first person who tells me they have a problem as honest and forthcoming, something I’m learning most people aren’t when it comes to telling businesses what they love or dislike. (I love this piece at CreditUnions.com: Change Before You Have To, Or….Change NOW)

2)   I borrowed too much money and from the wrong places. When I was behind on my bills and chasing money, I didn’t pay enough attention to the terms of the loan or the interest rate. I just knew that I was in a cash crunch and needed money fast. Big mistake. That one cost me that original business and probably made it so I had

3)   I didn’t have a repayment plan. Whether it was for installment loans, credit cards, or otherwise, I didn’t have enough foresight or business knowledge to focus on cash flow and what bite that loan was going to take out of my hide. Instead, I’d have rosy projections in my head. Then, when something didn’t happen the way I’d hoped, I’d be behind the eight ball, hoping to get out of trouble.

4)   I didn’t focus on keeping overhead low. I had a storage unit, a truck, hired DJs and gave them paid training sessions that were goofy, fun and expensive. I dreamed about “company outings” that were lavish and celebrated the fact that we were awesome at our jobs. All of this cost me money that I couldn’t afford. I should have been much more frugal about the entire operation.

To some degree, I still am not frugal with my operation. I spend money on professional products….but only those that’ll help me get ahead faster. Different than in the past, those products I’ve already tested for to make sure that I really need them. In the next month, I’ll be purchasing Scrivener (to complete my book), a pre-amp for our podcast operation (Stacking Benjamins), and arms to hold microphones for OG and I. (If you saw “the basement” (my office), you’d know how important this last one really is).

5)   I didn’t learn the basics of building or running a quality business. Sure, I read lots of magazines like Success and Inc., but I focused on the “fun” areas like creativity in business and having a fresh, new take on business than on how to build a stable, well-honed operation. It wasn’t until I read the E-Myth many years later that I saw the sexiness of having a straightforward, well-oiled machine.

Last summer I wrote about the magical company Cherry Republic. What I find fascinating about that firm is that, to the outside observer, they have all of the customer service in place that I loved when I began my business, yet they had the marketing and operational support to make this a reality instead of a cheap pipe dream like my disc jockey company.

What I Learned? Start With The Fundamentals

My view of how a quality business is built has changed dramatically over the years. I’m much more inclined to rely on systems and on smart business practices than I am on the sexiness of just customer experience and low prices. It isn’t that price and experience aren’t important. On the contrary, I only think that you can have a great experience and a good price point if the basic building blocks of your operation are sound.

5 Questions to Ask your Mortgage Broker Before Signing Anything

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Taking on a home loan can be a daunting experience, and one of the biggest decisions you will ever have to make, so it is crucial to have all the facts at hand when deciding where to get your loan. Despite the solid reputations of the big banks, you should strongly consider mortgage products from the smaller banks, such as the BOQ Clear Path Home Loan, which can offer very competitive interests rates and often beat the big banks hands down.

Mortgage brokers at Free Financial Advisor

Regardless of where you go to get your home loan, the following five simple questions will help you navigate and simplify the process, any mortgage broker worth their salt should be able to give you clear and concise answers.

Do you have references from previous customers?

Whether you are getting renovations done, hiring a new employee, or looking for a babysitter, the first thing you want to have are references from their previous customers. This is such a simple question that it is often overlooked, but getting a home loan is life-changing decision and it makes sense to talk to your brokers previous or current customers to get the low-down on how well they did their job. If this question is met with evasion or shrugged off, its time to find a different broker.

What is the best interest rate you can get me?

The most important factor in any home loan is the interest rate. Having a clear understanding of how the interest rates of various loans are structured enables you to compare loans like-for-like to find the one that suits you best. Some banks try to lure customers in with a special rate, only to have it revert to the standard variable rate after one year or less. Don’t be fooled by such offers, ask your mortgage broker to explain how your interest rate might fluctuate over the entire life of the loan and whether a fixed rate or variable rate loan is best for you.

What are all of the fees will I have to pay?

There are a plethora of fees associated with getting a home loan and you should be wary of fine print and vague language when going through the application process. Ask your broker to explain how all fees are calculated, from first applying for the loan to finally receiving the money, and then on, for the entire life of the loan. Many savvy banks are now offering fee-free applications for their home loans, for example, the Clear Path Home Loan from BOQ. Not having to pay an application fee can take the uncertainty out of applying for home loans, as if you are not successful, or change your mind, you have not committed any money and can move on to consider other options.

Are there any penalties for overpayment or early payment of my loan?

Paying off your loan early is the key to saving money and owning your home sooner. If interest rates drop, and you can afford to pay more, you don’t want to be penalised do you? Ask your broker to explain if any administration fees apply for paying more than your monthly repayment or if there is a penalty for repaying your entire loan early.

What documents do I need to provide and how long will the loan take to be processed?

Supplying the requisite documents is essential to making your application proceed smoothly and quickly. Ask your broker for a complete list of the documents you will need to provide, this will usually include proof of identification and employment, bank statements, proof of your liabilities and assets and depending on your situation, a credit history and tax records. Your broker should be able to give you a clear time-line for the processing of yourapplication once you have supplied all of the necessary documents.

Armed with these five simple questions, you should be quickly able to tell whether your broker is reliable, professional and able to provide you clear answers to help guide you through the application process.

Money-Saving Tips to Help You Live Like Royalty (or Close to It)

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The perfect accessory to any outfit is an overstuffed wallet. And we don’t mean a receipt-crammed pocketbook, either. If your charmed lifestyle is siphoning just about all of your paycheck, it’s time for a change. Don’t worry, no penny-pinching required here—just a few smart financial adjustments. You can have your stilettos and matching handbag, too.

Take Control of Your Household Bills

Pat yourself on the back for setting up those monthly automatic payments. But, if you’re relying on the “set it and forget it” method, you could be losing money on miscellaneous fees or account errors. Start by taking a thorough look at your itemized bills. With highlighter in hand, mark any miscellaneous monthly charges and usage fees. Then use these tips to remove them and negotiate reduced payments.

  • Cable and Internet: If you bundle services and pay your bills on time, the ball is in your court. Use your customer loyalty as leverage for lower rates. Do your homework and familiarize yourself with competitor offerings. Make mention of the savings you could gain by switching providers. Customer service-minded companies do what it takes to keep valued customers. If not, make the switch.
  • Cell phone: Even if you’re locked in to a mobile contract, you can still shave a few dollars off your bill. Take a few moments to understand your contract. What does your mobile package encompass? Are you paying for 6 GB of data when you only use 3 GB? Lowering your data package can save between $10-$20 per month. Does your plan include unlimited text messaging, or are you paying a bundle in overage fees? Look at your usage history to decide whether to reduce your monthly usage or increase your plan and save on overage fees.
  • Auto insurance: Don’t overpay for car insurance. Try The Hartford’s auto insurance calculator to shop for the best deal. Answer a few short questions, and the site provides you with the best options to fit your budget and lifestyle.

Create a Spending Plan

Now that you’ve negotiated your way to extra savings, how will you allocate your new-found cash? Forget budgeting; this isn’t a course on deprivation. It’s about making the most of your hard-earned dollars, so you can enjoy a well-lived present while preparing for a sound future. Have you been eyeing that new Kate Spade handbag, those stunning Michael Kors heels? You can make them yours. Visit LearnVest’s Money Center to determine your financial priorities, set goals and track your progress. Find out what stays (haute couture) and what goes (perhaps your daily coffee run?).

smart shopping at TheFreeFinancialAdvisor.com

Shop Smarter

You’re strong, successful and independent. But when it comes to the latest shiny object, you’re a deer in the headlights. Even the most headstrong females can fall victim to the overpriced trends. Your smartphone provides much-needed guidance to save you from making rash decisions. Download the ShopSavvy app and never overpay on the items you love again. Use the barcode scanner on any product you have your eye on, and the app delivers a list of stores that carry the item. You’ll also see the price points available (both online and in-store) to ensure the best deal possible.

Cash Flow Issues? Fix It Now and Forever

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Here’s a problem: you’re at the end of your money and there’s three days left before you’re paid. Where do you turn?

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Maybe you’ve been there…I was in this situation in my early days as a financial advisor. It was horrible. Here I was, telling people about how to manage their money, and I was sweating every meeting, just praying that they’d sign on the dotted line. One time I even ran out of gas on the way home and had to search frantically for money under my seats.

There are two solution levels: “Right now” and “Never Happen Again”. Let’s tackle both.

Take Care Of The Problem Right Now

Raid the cupboard – It’s time to get creative on your meal plan. In my “broke days,” if I could get through without buying any food, I was golden. That thing in the freezer that I wasn’t sure whether I could still eat it? Time to find out. Those crackers that are slightly stale in the back of the pantry? They’ll go great with the chicken broth I’m using to make a creative soup.

Find alternate transportation – Heading to work? If you live close enough, it’s time to walk or ride a bike. Walking is—of course—free. The bike? You made an investment in it at one time, but it’s good for your pocketbook and your wallet to dust it off. Live too far away? Explore ride sharing options. Hopefully, your new ride-mate will let you pay for gas on Friday….once you’ve been paid.

Explore Ways To Get Cash – God forbid I had an emergency….. if that happened, I’d attempt to borrow money from relatives for a few days, offering them a good interest rate. If nobody bought (near the end of my rope those people were exhausted from continuously loaning me money, although I always repaid them), I needed to find other ways to get cash. When I’d need cash, none of them were especially attractive, so that’s why I always thought about….

Making sure it “Never Happens Again”

The great part about making mistakes is that they allow you to learn. If you fall forward, it’s not quite so painful.

Build An Emergency Fund – On my personal blog, Stacking Benjamins, I talk about automating my savings as my big money “a-ha.” No matter how painful, putting a few dollars away for a rainy day fund is vital. You had to raid the fund? That’s what it’s there for! Now, go and rebuild.

Sell Your Junk – Clutter, whether it’s in your closet or your mind, creates confusion. If you’re going to focus on ways to earn more money, you’re going to need to clean the slate. Use eBay, a garage sale, or Craig’s List to dump as much access stuff as possible. Use that money to fund your rainy day account.

Build a Better Budget – Ask yourself “what went wrong” this time and fix your budget to avoid that the next time. You needed tires for your car? Why isn’t that built into your plan? Your furnace died? Why don’t have you a strategy for that? Sure, you won’t be able to fix every potential problem, but there are always ways to fix your plan so that you’re more prepared next time.

Ask For a Raise – Studies show that most workers could get a raise if they just asked their boss the right way for more money. You’ll need to come armed with statistics and you’ll also need to prove that you deserve it. What do you do if the boss says no? Look for new work. The quickest way to make it up the ladder is to find a new boss who’s willing to pay you what your worth. Often, that’s a much quicker way to more money than settling for little raises at your current job.

photo: Sharon Hahn Darlin

Top Tips for Buying and Running a Business With Your Spouse

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A solid marriage is the first thing you need in order to run a successful business with your spouse, but that’s certainly not the only thing. Partners that share the same visions, goals, outlooks, and can stand each other’s company 24/7 are more apt to make it work. Subsequent steps to success involve a mixture of business sense, legal sense and common sense that can help you reap the rewards of working so closely with someone you trust and love.

Decide on Business Type

Whether you’re buying a franchise, launching a start-up or taking over an established area business, you should both agree on the business type: partnership or joint venture. Your next step is to file the required paperwork to ensure you meet compliance requirements.

A husband-wife business automatically qualifies as a partnership, or you can take advantage of the Small Business and Work Opportunity Tax Act that lets you file your business as a joint venture. Partnerships file a single tax return on Form 1065. It assumes all contributions, gains, losses, business decisions and balance of power are split 50-50. A joint venture lets each spouse file his or her own tax return using Form 1040. The joint venture option files the same way a sole proprietorship would, listing individual contributions, gains and losses, according to IRS.gov and SBA.

While the IRS says a joint venture doesn’t usually get you a higher tax return, it does keep Social Security retirement credits separate.

Figure Out Who Does What

Clearly defining your roles and duties can stop potential power struggles before they even start. Decide on each spouse’s title and compile a detailed list of responsibilities and tasks that come with those titles. Make tasks easier for both of you by looking into tools like online accounting software from Quickbooks, which can make handling the books easier for both of you.

Also devise a plan for settling disagreements that involve major business decisions. Set up an impartial board of directors. Make sure each member only has only the best interests of the business in mind and no personal ties to either spouse. Your board of directors can be your go-to source for settling key decisions from a business, rather than a personal, perspective.

Have an Exit Plan

While no one tracks divorce rates for husband-wife businesses, with 40%-50% of first marriages ending in divorce, according to Divorce.usu.edu, an exit plan becomes a must-have plan.

Even if your marriage doesn’t end in divorce, an exit plan can be essential if you two realize that working together simply doesn’t work. A common exit plan strategy is for one partner to sell the business to the other, either as a one-time purchase or over a set period of time. Splitting the business in two is another option.

A third option is to sell the business to an outside party and split the profit. Either spouse may decide to continue working at the business, but neither has the full set of responsibilities that come with being an owner.

Answers to the Most Common Questions About Structured Settlements

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Why so much confusion about structured settlement?

Structured settlements are becoming highly popular these days, partly due to the benefits they provide and partly due to the flexibility they offer to the holder. According to Einstein Structured Settlement, Structured settlements are regarded much well as compared to other types of investment in the sense that they are oriented towards the needs of the owner. Despite all the advantages many people have doubts about this financial instrument when it comes to make an investment. They have many questions regarding the investment and handling of structured settlement that they want to answer before making any decision.

The questions are countless but a few, that are continuously haunting the minds of those who want to invest in structured settlement, are answered below:

What is the effect of inflation on structured settlement?

The biggest worry for the investors these days is inflation, which is chomping off their plans to save for their future. The investors need to mark up their investment for their future with the expected rise in inflation. Without a proper calculation their investment will not pay them as per their expectations. Annuity is no exception for this truth. Annuity sure pays a comfortable annual income but it does not promise to do so after a time of 10 years, as the purchasing power is expected to change with the rise in inflation. The value of the annual payment of structured settlement can drastically reduce due to the effect of inflation. In this case most of the people decide to sell this financial instrument to a structured settlement company in exchange of cash that they can invest in some other instruments to fight off inflation.

Is the income from structured settlement taxable?

Legally a person does not have to pay tax on the any amount of money received as the compensation of physical damage caused to him/her. This money is not treated as the source of actual income and thus is exempt from tax. In legal terms this money is for the compensation for recovery from that particular damage. In fact, the tax free nature of the structured settlement amounts is among the most highly regarded benefits of this financial scheme. But this income from the structured settlement is tax free only as long as the payee is alive. In case of the death of the payee, the income becomes taxable as per the law of Inheritance. This is because the source of income is now transferred to the descendent of the actual payee who did not suffer any damage. Thus this money coming as a source of income becomes taxable.

In some cases this financial instrument is tax deferred, which means the taxes on the income through structured settlement are delayed for a specific period of time only. After that period of time the income becomes taxable. If the payee decides to make a withdrawal, in this case the amount withdrawn is taxable.

What if the holder wants to sell only a portion of structured settlement?

It can be seen very often that the holders of the structured settlement sell only a portion of the structured settlement to fulfill their immediate financial needs. It is also possible for the holder of the structured settlement to sell this instrument in portions on different occasions throughout their lifetime as per their need and convenience. There are many individuals and companies that are ready to purchase these portions of structured settlement in exchange of a good amount of cash.  This option gives the holder a flexibility of handling it and gets the holders higher amount of liquidity on their holdings.

What are the things to be considered before selling structured settlement?

While making the decision to sell the structured settlement, it is necessary for the holder to consider some important factors which are sure to affect their deal.

  • The very first thing that the seller of the structured settlement needs to consider is the legal restrictions involved in the deal.
  • The holder also needs to look for the contractual restrictions, which sometimes do not allow the holder to sell the structured settlement.
  • When a structured settlement is sold for cash, the amount of money received becomes taxable and the plaintiff is exposed to an immediate tax liability.
  • The seller of the structured settlement should be aware of the low offers that are often made by the buyers of the instruments.

Should one consult a lawyer in the deal related to structured settlement?

It is very wise to take help from a lawyer before making any deal related to structured settlement. He will ensure that the rights of the holder are protected against any type of fraud or he/she is not held responsible for anything outside his/her control. The lawyer will help the plaintiff with the purchase or selling agreement.

 

Suing Your Parents for College Money? 5 Reasons I’m All For It

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Today in New Jersey an 18 year old is suing her parents for college money. According to USA Today, she says that they issued her an ultimatum (ditch the boyfriend or get out). Dad says they asked her to follow a few house rules.

Whatever. I think this is an awesome exercise.

Partially, I like this lawsuit because I think entertaining me (no matter what it means to the court system) is a great idea. But there are many BETTER reasons:

1) Blaming Someone Else For Your Problems Is Often the Best Solution. This idea of “trying to solve your problems through listening and compromise” is complete baloney. Take a page out of Washington’s book and adopt this slogan: My Way or the Highway.

This plays into any financial decision, doesn’t it? I met with a client during the 2000 market collapse with a young advisor. The client was agitated because the market was collapsing and she wanted someone to blame. The advisor continually tried to reconfirm the strategy that they were using, but the client would hear none of it. “I don’t care what the strategy is. I just want my money back.”

I felt for the woman. Clearly, understanding your strategy is overrated. It isn’t about the world….it’s all about you.

2) Rules Are For Suckers. If you lose money in the stock market you should sue your broker. If McDonalds only gives you one napkin, sue them. I should have sued J Crew for my horrible shopping experience. If your parents won’t pay for college, then tell it to a judge.

I have no sympathy for this guy. Sure, it’s his home, but what about her rights? If she has a boyfriend that dad doesn’t like, why shouldn’t he let her bring him home? In fact, why doesn’t he just pony up for them to live in a hotel? That’s what she SHOULD be suing for….a nice hotel stay.

teen sues parents for college money in New Jersey
I think the judge should throw this giant gavel at the dad. Teach him a lesson!

3) It’s Not Your Fault You’re Young And Smart. This girl, according to sources, has a $20,000 scholarship and wants to go to school out of state to Vermont. Does it really matter that $20,000 probably doesn’t come close to covering out of state tuition costs? Not to me, it doesn’t. I think she’s completely entitled to whatever education level she desires, if only because she wants it. I don’t care if there are less expensive options. I really don’t care if this is a logical choice at all. If the girl wants it, she should have it.

4) Dad Had A College Fund And It’s For Her. Does it really matter that a 529 plan is in a parent’s name? If dad (or in this case let’s just call him “daddy”) set aside money, it should be the girls. Daddy should waive his right to dole this money out as he sees fit. It doesn’t matter that he earned it. It doesn’t really matter that he probably took all the risk in investing the money, does it?

5) Nobody, AND I MEAN NOBODY, Puts Baby in a Corner.

Do we need more reasons this is a great idea?

Photo: Sam Howzit