Friday, May 20, 2022

Got a Raise? What Should You Do With Your New Base Pay?

If you’ve gotten a raise recently, you’re probably wondering about how you should spend your newfound cash. You want to be responsible with your money.

At the same time, you likely feel like splurging a bit. The key to navigating your new income lies in knowing when to spend your money and when to save it and why. 

Here are some tips.


Your savings account acts as a buffer between you and life’s vagaries. You never know when you might lose your job or experience a serious illness. Having money in savings allows you to better weather these situations. Up to 20% of your paycheck should go towards savings.

Pay Down or Pay Off Your Debt

The more money you have to pay out in debt every month, the less you have to put toward your savings, retirement, and even an occasional night out. When you get a raise, you have an opportunity to put more money into your debt.

While this may be a drag in the short run, it’ll be your ultimate freedom in the long run. Debt ties up your money and offers you no return in the process. In fact, it usually costs you in interest. Your raise allows you to put more toward your debt, freeing you from its trap a lot sooner.

Level Up Your Living Arrangements

Having more money gives you more options when it comes to living arrangements, including leveling up. However, it’s important to level up consciously, so that you’re also living strategically.

For example, take luxury apartments. If you’re a designer or an architect who designs high-end homes and apartments, where you live could have big career implications. You need to demonstrate your talents in this field. 

Your living space is one way to do it. If your higher income allows you to spend in a way that actually makes you more money in the end, then it’s worth spending a bit of money to make a little (or a lot) extra in the long run.

Get Out of Town

If you’ve gotten a raise, then it’s likely that you’ve worked very hard to get to where you are. Getting out of town for a few days or even a week or two offers you a practical and relaxing way to enjoy some of your newfound wealth

Some time away allows you to recharge your batteries and gives you a fresh perspective, which will ultimately help you in your work life once you return home from your vacation.

Getting a raise represents only half your monetary equation. You must also know what to do with your new influx of money. The key to being responsible for your newly acquired cash is to spend it in a balanced way.

Tuesday, May 17, 2022

What Happens to the Family Home During a Divorce?

After a couple gets a divorce, one of the main questions is: who gets the family home? Answers to this question vary from state to state and from case to case.

Divorce in the United States usually results in one party receiving the family home or both parties selling it. It is possible for one party to refinance their mortgage or rent it out for income if they cannot afford to buy out their partner's share. 

Here is some more information about what to consider during this portion of the divorce process.

Deciding What to Do With a Family Home

Buying a home is a big decision that should not be taken lightly. Considering the average cost of a home in the US is $220,000, this purchase has long-term implications. For this reason, the decision of what to do with the house is one of the most difficult for couples.

It is especially difficult when one spouse owns the house, and the other has lived there for many years. Uncertainty about what will happen to a marital home after separation can cause anxiety, which is why it's best to devise a plan before things get out of hand.

In addition, children usually remember their home as the first place they grew up in. In many cases, it's when a parent recalls a time when they were growing up and tells a memory they treasure from that time. 

Because of this, it is also common for the parent with majority custody of the kids to be able to stay in the home for a certain period of time.

The Benefits of Legal Counsel

It can be difficult to know where to turn for help when going through a divorce. Divorce lawyers are a helpful resource because they can provide guidance and assistance throughout the divorce process. 

Your lawyer can explain your rights, as well as those of your spouse, and provide you with practical advice on how to divide assets and debts fairly.

Family homes are often at the center of divorce proceedings, especially when children are involved. Your family home can be protected by an experienced attorney who can help you navigate this complex process. 

Whether you need help navigating the ins and outs of property division or simply need support during this challenging time, a divorce lawyer can be an invaluable resource. 

If you're struggling with your divorce or don't know what to do next, reach out to an experienced attorney in your area and find the guidance that you require.


Property should be divided when a couple divorces so that each person can move on with their lives. A lot of factors must be considered, including whether the property was purchased during the marriage and what type of property it is. 

In many cases, it may be wise to have an attorney assist you. In some cases, one parent will argue that they should receive the property because they were the primary caregivers for their children during the marriage. 

In most cases, this is not a decisive factor when dividing property since other variables must be considered. For a more comprehensive perspective, speak with a legal professional.

Monday, May 16, 2022

5 Necessities You Need for Your Home Gym

A home gym is essential for anyone who wants to have full control over their fitness routine, from the busiest of people to those interested in boosting overall wellness.

Having this type of space allows you a greater degree of privacy and flexibility, making it the ideal place to exercise without missing out on other parts of life. 

Nonetheless, you need to get the right equipment for your home gym. Here are five necessities you need for your home gym.

Fitness Mat

Fitness mats from places like Sandhill Plastics are great for Pilates and yoga because they add comfort to your practice. Mats are also great for core training, stretching or any other activity performed on the floor. 

When using the floor for core training, it's important to have a barrier between the floor and your back, as this will help you focus on performing the exercise correctly and prevent injuries.

Exercise Ball

Exercise balls, also known as stability balls or Swiss balls, are a great resource for your home gym. They come in a range of sizes, designed for different heights and weights. 

The best way to figure out which size you need is to sit on the ball and ensure that your knees are at a 90-degree angle when your feet are flat on the floor. 

If you have knee problems, it's probably best to get a slightly bigger ball so that you can maintain that 90-degree angle without straining your knees.

Kettle Bells

Kettlebells can be used in multiple ways and provide an excellent workout. Unlike other weightlifting exercises, they are designed to build strength and endurance while keeping your heart rate up. This makes them great for interval training, which means they can help you burn more calories faster than many other kinds of workouts.

Resistance Bands

Resistance bands are an affordable, versatile, and portable fitness tool that offers resistance training for all fitness levels, from beginner to advanced. 

They come in different levels of resistance and can be used in various exercises to help build strength and flexibility, improve balance, and increase core stability.

Resistance bands are considered a "must-have" because they provide a great amount of versatility when it comes to working out at home.

Yoga Strap

Yoga straps are long, tightly woven belts made of cotton or nylon. They're used to help you reach your toes in standing forward bends and to deepen stretches in seated poses. The best straps are made from D-ring buckles, which allow you to adjust the strap's length easily.

If you're new to yoga, a strap can help you get into some poses you might not be able to do yet. It can also deepen stretches by allowing you to pull your body parts closer together.

Your home gym doesn't need to be some huge, elaborate space. In fact, with a little creative planning and a dedicated area, you can effectively outfit your home with the perfect home gym.

Sunday, May 15, 2022

4 Insurance Tips to Keep Your Home Covered This Summer

Now that the warm and sunny days of summer are fast approaching, you are ready to shed that bulky winter clothing, get outside, and have plenty of fun with vacations and other activities.

When doing so, the last thing you want to be worrying about is your home insurance. 

If you want to make sure you are able to maintain the coverage you need for your home over the summer, here are four great tips you should look into as soon as possible.

Raise Your Deductible

If money will be a little tight this summer or you just want to free up some money to use for other activities, consider raising the deductible on your home insurance. When you do, this will result in a lower annual premium

However, remember that should something happen to your home and you need to file a claim, chances are you will be paying more out-of-pocket with a higher deductible.

Plan Ahead if You Are Renovating

Like many people, you may be planning some renovations to your home during the summer. If so, planning ahead can save you some money. 

For example, remember that wood-framed structures cost more to insure than steel or cement-framed structures since wood is very flammable. By considering the materials to be used for your renovation, you can keep your home insurance costs low.

Seek Out Bundle Discounts

When you have home insurance with a company, it almost always makes sense to have your auto and other types of insurance with them as well. 

If you do this and decide to bundle multiple types of insurance coverage with the same company, you can find yourself enjoying substantial savings. 

Since there is tremendous competition among insurance companies to keep and retain customers, chances are you can get a great deal if you inquire about bundling.

Maintain or Install a Security System

If there is one thing insurance companies love to see installed in homes, it is a state-of-the-art security system that is monitored 24/7 by a security company or the police department. 

If you already have a security system in your home, make sure it is in proper working order. If you don't have a system, get one installed, since doing so could reduce your annual premium by as much as 10 percent.

By taking advantage of these tips, you can easily maintain your home's insurance coverage during the summer, leaving you with plenty of free time and money to enjoy yourself.

Saturday, May 14, 2022

The Six Biggest Reasons Why Businesses Fail

Businesses fail for a variety of different reasons. It can be scary to think that your company could fail. A lot goes into running a business, and having it come to a sudden end can be disheartening. However, failing is a part of business. It’s part of the risk your company takes when it begins operating.

The fact is that most of these failures can be attributed to one common factor: a lack of business acumen.

Businesses thrive when they have a detailed understanding of their individual needs and their resources. They fail when they don’t. Understanding the reasons why businesses fail is an important part of running it. It can also be the greatest relief at the same time.

Here are the six biggest reasons why businesses fail:

Insufficient capital

According to Pearson Law, a renowned Scottsdale Bankruptcy Attorney, one of the common reasons a business fails is because it doesn’t have the funding it needs to be successful. This could be because the business owners simply didn’t realize how costly their idea or product would be to manufacture, or it could be that they didn’t take into account the costs of running an actual business.

Whatever the case, a business that doesn’t have enough capital to be successful is doomed to fail. Most of these businesses, at their inception, often have much higher overhead costs than mature businesses. In fact, many of the problems that plague businesses today are due to this fact.

High overhead, which can include a wide range of costs, is the most common reason for failure in the new business environment. It’s like putting a band-aid on a problem that should be solved. 

There are many ways to solve this problem. One way is to start by fully understanding your own business model and your costs.

Once you understand these things, you can develop a plan to make your business model more efficient. Another way to solve this problem is to find an investor. This is how many start-up businesses get their start on the ground. 

Once they have some traction, they can often find an investor who will provide enough capital to grow the business to the next stage.

Lack of a clear vision and strategy

This is the result of poor leadership, poor decisions, or faulty processes. It can also be the result of a lack of clarity when it comes to the core values and principles that guide the business. If you don’t know where you are going, it’s very difficult to get there.

This is why it’s important to have a clear vision for your company. It can be as simple as writing down your company’s mission and values. If you don’t have these things clear in your mind, it’s unlikely you’ll be able to keep your business going in the long term.

If you lack a clear strategy, it’s likely that your company will fail. That’s because strategies are geared toward achieving goals. Without a clear strategy, you won’t know where to begin.

Poor location

It’s one thing to have a business in a poor location, but it’s an entirely different thing to have a profitable business in that location. This is why location is such a critical factor when it comes to success in the start-up business environment.

For example, a business that’s located in a poor neighborhood may have trouble making sales. On the other hand, a business located in a neighborhood with good access to transportation and other amenities might have a much easier time succeeding than its poor neighbor.

Over-investment in fixed assets

This happens when a business doesn’t take a good look at its operations and determine which assets generate the most revenue. The worst place to make a mistake like this is during the start-up phase. 

This is when most businesses are making a lot of investments in their physical properties, especially if they’re leasing a space for their business.

The mistake that most new businesses make is making huge investments in fixed assets, such as buying expensive equipment. This can lead to cash flow problems for the business in the long run.

Low patronage

Many businesses fail because they have too little patronage. This happens when a business doesn’t have enough regular customers who continue to buy its products and services over time. 

Unfortunately, this is a result of the business failing to understand and identify its core customer base.

If you have a business, then you should make an effort to understand who your major clients are and what you can do to expand them.

This way, you can increase the number of customers who buy from you over time. Over time, not knowing and not growing your potential client base can lead to low patronage and eventually cause the business to fail.


Another common reason why businesses fail is competition. Many businesses fail simply because they’ve entered a highly competitive market, which makes it difficult for businesses to earn a profit.

This is because the business is competing with other businesses for customers, employees, and investors, making it difficult for the company to succeed. 

This often occurs when the business is too new, which means it’s operating as a newbie in a highly competitive market. You need to listen carefully to what the market is saying and pay attention to prevent this. 

What does this mean? Essentially, it means that you need to be aware of what your competition is doing and be able to beat them at their own game.

If you can beat your competition at their own game, you’re less likely to fail. If they’re doing something that you can do better and you can offer a better product or service than what they’re offering, then your chances of failure are slightly reduced.

Wrapping up

Focusing on your strengths and not getting overwhelmed by your weaknesses is the key to success in any endeavor. Failure is a part of business, but so is learning from it. As mentioned here, there are six big reasons among many that can cause a business to fail.

To ensure your business is successful and can thrive in the long run, make sure you carefully consider these six key areas, as they will help you avoid the pitfalls and maximize your success.

Friday, May 13, 2022

Buying a Condo vs Renting an Apartment - Which One Is the Better Investment?

When choosing between a condo and an apartment, it can sometimes be difficult to decide which one is the right financial choice. While both have their merits, the right decision will usually come down to your personal circumstances. 

Here are four factors to consider when deciding whether a condo or an apartment will benefit you more financially.


The first and most important component of this decision is price. If you can rent at a much lower rate than owning a condo, there's a good chance that you'll actually save money by renting

If, on the other hand, condos in your area are relatively inexpensive, renting could be a poor financial decision. If the prices are relatively close, though, a condo is likely the better option due to your ability to build equity by buying.

HOA Fees

Before opting for a condo, be sure to consider the monthly HOA fees. These fees vary massively from condo to condo, and in some cases they can be so high that they negate the benefits of owning as opposed to renting. 

Because apartments lack HOA fees, the size of the fee you'll pay for your condo is important in deciding which one benefits you most.


If you're thinking of buying a condo, location is key. Condos in desirable areas of a city will tend to appreciate in value. Older buildings in less desirable areas may be very affordable, but they also won't appreciate as much. 

Since you don't build equity when you rent, location is less of a financial factor if you're considering an apartment. Be sure that you can find and afford a condo is a good area if you are thinking of buying.

Your Long-Term Plans

Over time, buying is almost always better than renting from a financial perspective. If you think you may want to move within the next five years, however, the benefits are much less pronounced. 

Renting is a good way to maintain flexibility and avoid the hassles of selling a property. Buying is usually only a good idea if you're fairly certain that you want to stay in the area on a long-term basis.

By taking these four factors into account, you can decide whether an apartment or a condo is the right fit for you financially. In most cases, buying is a better use of your money than renting. However, there are circumstances under which you'll be better off getting an apartment.

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics