A number of factors can soon conspire that result in you having various debts to pay off each month, from credit cards, loan repayments and even paying back friends and family for borrowed finances. If you’re someone who uses a credit card regularly and has at least one other outstanding loan repayment then a consolidation loan could be helpful.
Depending on the amount you owe, and your current financial situation, a consolidation loan is not always beneficial. However, if you can identify with the following it is worth considering to improve your situation.
Easier to Manage Debts
It can be hard keeping track of all the repayments you have, especially when they have to be made at different dates. Missing one can lead to additional costs on top, so putting them all together into one loan reduces this risk and makes it simple to see how much you owe each month. For the disorganised it can be extremely helpful.
A secured loan for consolidation from a company like Nemo Personal Finance ensure these multiple monthly repayments are put into one place. You will know the exact date an amount the payment will go out each month making it easier for you to manage your finances.* Remember, a Nemo loan is secured against your home so you must ensure you can afford the repayments.
Depending on how your debts are spread out, consolidating them all in one place under one interest rate could potentially cut down the amount of interest and therefore the total you will have to pay back. If some of your payments are currently attached to high interest rates or if the total interest is staggering then a consolidation loan should help.
Improved Credit Rating
Placing all your payments in one consolidation loan means you can close every other credit card and loan accounts immediately. This should greatly improve your credit rating as it helps you get on top of your financial situation and proves you are in control of them, which will be helpful in the future. You should also cut up any credit cards and cancel accounts with overdrafts to prevent against overspending again.
*Please be aware that the APR on your new loan with Nemo may be higher than the APR on the credit you are settling and may cost more over the course of the loan.
You’re at work, whistling a jaunty tune and wandering your office with a hop and a skip. Little do you know what dangers are lurking around your seemingly banal workplace.
But even the dullest setting can be rife with dangers. A strewn wire here or a faulty electrical socket there can turn a benign office into a place with more dangers than the Australian Outback.
As you wander without a care in the world, you suddenly trip over a wire on the ground, fly into a wall and smack your head with the impact of a sledgehammer pummelling a watermelon.
You lie back and feel concussion wash over you – and you’re not the only person who’s suffered such a fate.
According to government statistics, more than 78,000 injuries happen in workplaces every year – and 133 of these mishaps prove fatal.
There are, however, numerous ways your business can make itself safer. Here are just a few.
Contact the pros
You might believe you’ve got everything under control when it comes to keeping your workplace safe. But that will all change as soon as broken legs and ligaments are abound on the shop floor.
You’ve got to nip these dangers in the bud if you want to avoid a nasty claims process. So why not call in a few people who know exactly where the danger hotspots will be on your premises?
Accident claim specialists, like those at Claim4, can help you hunt down any dodgy sections of your workplace. After all, why not fix your danger zones before your accident prone employees happen upon them?
Sweep your workplace regularly and you’ll save tons of cash in the long run.
Listen and learn
While you parade around in your managerial ivory tower, your staff are hacking away at the coalface and figuring out every nook and cranny of your work premises. As you look out over these busy bees, why don’t you pay attention when they buzz in your ear?
Set up an open door policy where members of staff can come to your office and tell you about problems they might have. And if they alert you to any major safety issues, act on them at once.
As a boss, you should be all-ears – listening to your employees will save you a whole lot of bother.
Keep it regular
Your machinery is sputtering like a Victorian contraption, and your floors have more potholes than a golf course with a gopher infestation. But if you don’t keep on top of them, your workplace will become a death trap.
Check the nick of your workplace at every opportunity, and encourage employees to do the same. Your reputation as a safe and trustworthy employee hangs in the balance.
If the company you work for offers group life insurance, be sure to take advantage of this great benefit. Employers are not required to offer life insurance, so if yours does be sure to count your blessings. While having group life insurance is a nice bonus, it would be wise to consider purchasing additional life insurance on yourself.
Employer-sponsored group life insurance policies are different than individual life insurance plans in these ways:
- There are no medical exams
- They are designed one-size-fits-all
- They have less individual coverage
- They are only in affect while you work for that company
To purchase an individual life insurance policy, you typically need to undergo a medical exam. The life insurance company uses your exam results as one of the determinants of how much your policy premiums will be. The healthier you are, the more inexpensive your premiums. If you are purchasing additional employer-sponsored life insurance beyond the 50,000 that most employers provide, compare these insurance costs to individual plans. You can see these individual life costs by getting a free term life insurance quote. You may be pleasantly surprised.
Employer-sponsored group plans offer the same amount of coverage at the same rate, regardless of the individual’s health. This may sound ideal, and it is a great employer benefit, but there are a few problems with relying solely on your company’s life insurance plan.
Did you ever buy something that claims to be one-size-fits-all only to discover it definitely does not fit all? Employer-sponsored life insurance plans are designed to cover a large group and are planned as a one-size-fits-all package. They may not include any life insurance policy riders that would benefit you and your loved ones such as child riders, spousal riders, long-term care riders, or accelerated death benefit riders. A great benefit of having individual life insurance is how customizable it is for your unique situation. Life insurance through your work does not take your individual situation into consideration.
Most employer-sponsored life insurance plans only pay for coverage that is one to two times your salary. While this extra amount is helpful to your loved ones if you died, it will not last much more than a year or two. The standard recommendation of life insurance coverage is 10 times your annual salary; this is not the perfect number for every family, but employer-sponsored plans do not come close to this coverage amount.
Many people don’t realize that you can only collect on your group life insurance policy if it’s in force and you are employed with that company when you die. However, if you get sick or injured and are in the hospital long before you pass away chances are that you were terminated from the company. Many employer benefits contracts state that they will discontinue your benefits (including your life insurance policy) and terminate your employment if you are not able to make it to work after a month or so. Not only are your loved ones emotionally and physically devastated from your death, but they then find out you no longer have a life insurance plan in place and are also financially impacted.
Let’s say you were diagnosed with cancer and were in the hospital for a long period of time, but fought it and survived. You can rejoice that you are still alive to be with your loved ones, but your employment was still terminated. You now have to look for a new job. Maybe the next employer doesn’t offer life insurance. In this case, you will have to shop for life insurance on your own but now have a pre-existing condition which means life insurance may now be much more expensive or even unavailable.
Another situation when relying solely on your group life insurance policy could go wrong is if you are laid-off or if the company goes out of business. Say you are 55 years old and never purchased individual life insurance because you thought you were safe having it only through your employer. If the company goes out of business or starts laying people off, you are now 55 and have no life insurance. Your health and age play a huge role in determining the price of life insurance. The last thing you need to worry about as you get closer to retirement age is trying to find affordable life insurance. Again, your age and health play a big role in purchasing life insurance, so the sooner you buy life insurance the cheaper it will be.
Life insurance is a lot more affordable than most people think. According to LIMRA, consumers overestimate the cost of life insurance by nearly three times. Term life insurance is the most affordable way to protect your loved ones financially should something happen to you.
Example: A 30-year old non-smoking male can pay as little as $35 a month for a 30-year term policy with $500,000 worth of life insurance coverage to protect his family’s standard of living in case something unexpected happened to him.
Life insurance should be included in most financial plans. No one ever anticipates needing to use life insurance, but the unexpected happens. Make sure your loved ones are protected from financial disaster by being prepared. You can see how little it would cost you by getting a free and anonymous term life insurance quote today. This is one thing that you may wish you didn’t put off until tomorrow.
photo credit: Pictures of Money
Binary options underline the same classic type of trading adventure, yet they are limited. You are not allowed to adjust the trading times as you wish or according to trends and news. Instead, you need to decide on this time frame upfront. Practically, you need to determine the asset growth or fall over a specific duration of time. It looks easy, but quick trading binary options can actually get complicated. In the attempt to achieve any solid results, you do need to waste some time and learn about this option. Sooner or later, you will realize that all the time wasted to learn about quick trading binary options or to play on demo accounts will pay off.
Quick trading – perfect world?
There is no such thing as an accurate or perfect formula to teach you what quick trading binary options means, not to mention about doing it efficiently. If there was, everyone would be rich today, while most brokers would actually be broke. But then, there are some valuable lessons that can open some doors. Discovering strategies and techniques is up to you while you use a demo account. Meanwhile, you have to learn some hints upfront. Studying these lessons will save you time. You will eventually discover them yourself, but it takes practice and failed attempts to do it yourself.
As a general rule of thumb, selecting the right broker is a main necessity. The broker must be reliable and friendly. There are hundreds of them out there. Some of them have a top notch reputation, while others have low initial deposits. It is up to you to choose one, but then, do not exaggerate with the initial deposit. If it is too big for what you can afford to lose, just look elsewhere. A broker must be good for a beginner, but also meet your requirements. Apart from the financial part, requirements also imply having the right assets. If you are familiar with one or two assets in particular, you need a broker who can provide access to them. Otherwise, you risk losing money.
Sportsbook on financial assets
From some points of view, quick trading binary options is like placing sports bets. You try to predict a “score” over a specific period of time. The only difference is that you are responsible for choosing the time frame. Just like in the sports world, setting limits on your quick trading binary experience is mandatory. It is highly recommended to spend at least a few weeks trying new ideas and techniques on a demo account. Most binary options brokers will offer a demo – we tested Bank Invest this morning.
Of course, demonstrative trading is far from doing it with real money – your money. When you use your money, you will actually win or lose it. This is why setting some limits is so important. Risking the whole balance or focusing on one single position is not always the smartest idea, despite the tempting payout rates in quick trading binary options.
Just make a quick decision about how much money you can afford to lose. Make it quick. Thinking too much and changing your mind too often will confuse you. Keep in mind that successful traders rarely reach to 10%. Most of them go up to 5% of their balance or even less. As a newbie, it is a good idea to follow the same trend. As you complete trades and figure what works and what does not, you will inevitably gain more experience. Confidence kicks in too, only to add to your earnings.
From a completely different point of view, emotions might become your worst enemies in quick trading binary options. It is easy to realize why. Emotions are good in your personal life, but this is pretty much it. Every newbie makes this mistake and allows emotions to make decisions for them. They end up leading the way. You lose a small percentage of your money and your emotions tell you that you need to recover it. Although every trader loses money every once in a while, impulsive trading is the last thing to do. You push for more and more, so you lose. Thank your emotions for that.
Instead, quick trading binary options is mostly about analyzing news, trends and economics. You require some complex math skills, as well as the possibility to understand the direction of you global markets. Things like good feelings and luck are out of discussion. As a newbie, you might base you quick trading binary options experience on these things, yet professionals know that they do not exist. Making money in this industry is all about your skills, education and ability to research news accordingly.
If you are having a bad day and you seem to lose money, it might be wise to just quit trading for the respective day. You may no longer think clearly, so you will probably make mistakes the next day. The same rule applies if you end up winning. Winning in quick trading binary options may fill your body with too much enthusiasm and that is when you start making mistakes. Once again, shut your computer off and go out. It has been a good day, so avoid ruining it with emotion based decisions.
Reverse mortgages tend to elicit extreme reactions. Proponents tout them as an essential retirement planning tool, offering income to seniors who are in dire need of it. Critics say that deceptive ads for reverse mortgages take advantage of a desperate population, giving seniors the idea that the money being paid to them is already theirs, or some sort of return on investment.
In my opinion, products are not inherently good or evil. That being said, reverse mortgages are one of those products that tend to be either a great idea or a terrible mistake, with very little middle ground. In order to see why, it is important to understand how they work.
Tapping your home’s equity
Reverse mortgages are available to those who are at least 62 years old. They resemble a home equity loan or line of credit in that they allow you to convert some of your home’s equity into cash. There are no restrictions on how that cash is used, which makes the reverse mortgage an appealing option for seniors who are worried about retirement income. The money can be taken as a lump sum or installments, and it doesn’t need to be repaid until you move, sell the home, or die. There are few more fundamentals that must be understood before the reverse mortgage option is considered as part of a retirement plan, however.
They are expensive. Interest rates and closing costs on a reverse mortgage tend to be higher than on other mortgage or home equity products, which reduces the amount available to you.
You are still responsible for taxes, insurance, and maintenance on the home. Not much explanation required there, I don’t think.
Your heirs will not get your house unless they can pay back the reverse mortgage after you die. This might be viewed as a desirable outcome if you are worried about saddling your heirs with property they will then have to dispose of. But if your house represents a significant portion of your estate, it is important to understand that your children or other heirs may not get it.
Moving to a nursing home counts as moving out. Moving out means your reverse mortgage will need to be repaid. Long-term care is expensive, so locating the extra cash to make the mortgage payments may prove difficult.
A last resort
When you consider the drawbacks, reverse mortgages don’t look all that appealing. But they do have one feature that makes them something of a jewel among retirement options – they are available when nothing else is. By the time we reach age 62, the die is largely cast. There may be very few working years left to pad a nest egg, and the options have dwindled. Seniors who find themselves without adequate retirement savings can use reverse mortgages to supplement their income, pay off debt, fund medical expenses, or simply create an emergency fund.
Essentially, including a reverse mortgage in your long-term retirement plan is probably unwise. But as a last resort for those who reach retirement without enough savings, reverse mortgages can be a lifeline.
Debt is like that toxic friend you’ve had for as long as you can remember; you know the situation needs to be addressed, but you put if off because the process will be unpleasant. However, with friends and finances, waiting until the situation refuses to be ignored can lead to catastrophic – and unnecessary – consequences.
Get over it
Often, the shame or embarrassment we feel about debt can hinder efforts to bring it under control. It’s easy to see why – for the most part, people who are prone to casual mention of a debt situation are those who want you to know they don’t have one.
If you are ashamed of your debt, it’s time to get over it. How you got there is irrelevant – once you have it, a student loan and a credit card balance are both negative lines in your net worth calculation. Face the facts and forget about what anyone else thinks – there is nothing to be gained there.
Turn off the faucet
If you find yourself spending on credit cards, figure out why. Write down all of your expenses for three months, both credit and cash. Then cross out the ones you could have lived without. If the resulting total exceeds your monthly income, cross out some more. Then use this information to build a budget going forward.
Finally, and this is the important part. TAKE YOUR CREDIT CARDS OUT OF YOUR WALLET. This simple advice saved me thousands of dollars at a time when I needed to get my spending under control. Freeze the cards in a cup of water, give them to your mother for safekeeping, or cut them up – it doesn’t matter.
Make your plan realistic
If you’re reading this, you probably love a good “get out of debt” story as much as I do. It’s easy to find examples of folks who tightened their belts, lived on beans and rice, and proudly and inspirationally detailed their experiences on the Internet. And really – my hat is off to them.
But it’s important to know yourself. Just as in managing, cash, understanding what will work for you is paramount to successful debt management. That’s not to say there won’t be sacrifices, but severely restricting your spending all at once is like extreme dieting. It feels like progress for a while, but for most of us it leads to a binge that could make all your efforts for naught.
Redefine the process
If you’re having trouble facing your debt, redefine it. Although debt is often the consequence of spending, paying it off actually belongs on the savings side. Putting aside the recommended 20% of income each month becomes easier if you count your extra debt payments as savings.
Think of your savings as a large bucket. Now imagine that someone cut out the bottom of the bucket and placed it on top of a large hole. Any money you try to put into the bucket will be swallowed by the hole. In order to start filling the bucket, you must first fill in the hole.
The reason that I like this analogy is that it allows you to plan for the long term. Rather than viewing paying off your debt as an isolated, overwhelming task, incorporate it into your long-term picture. Once the debt is paid, the money going to debt can be redirected toward savings goals.
Give yourself the best chance of long-term success
Of course, not all of your 20% savings should be going to debt, no matter how dire your situation. The best intentions in the world won’t help if you have to pull out your credit cards for an unexpected expense. Before you really dig into your debt, put aside at least $1000 for emergencies. If you have to tap into it, redirect your extra debt payments until you build it back up.
Also, you should always contribute at least a little bit to your retirement accounts, especially if you have an employer match. Once your debt is paid and you begin to redirect that monthly allocation, you can increase your contributions and try to make up any ground you lost filling in the holes.