6 People Who Went Bankrupt Early In Life and Later Retired Comfortably

Portrait of Henry Ford (ca. 1919) (Photo credit: Wikipedia)

Filing bankruptcy doesn't only affect finances. People who file bankruptcy often take a hit to their self-esteem. Fortunately, bankruptcy doesn't mean an end to success and financial stability. According to Abakhan & Associates Inc. from Kelowna, British Columbia, bankruptcy may provide the clean slate needed to start over and become even more successful than before. Several well-known people had to file for bankruptcy before they found success.

Cyndi Lauper

Before she was an 80s music icon, Cyndi Lauper's band Blue Angel had a record that flopped. Their manager sued them for a hefty $80,000 and forced Lauper into bankruptcy. She went out on her own and her hit song “Girls Just Want to Have Fun” helped make her one of the most popular singers of the 80s. With her bankruptcy behind her, she created a better financial future for herself.

PT Barnum

Before he created the “Barnum and Bailey Circus”, PT Barnum owned a museum that showcased natural oddities and invested in the development of East Bridgeport, Connecticut. Both business investment failed to work out, and subsequently PT Barnum was forced into bankruptcy. Four years later, at the age of 61, he found success in the circus business.

Walt Disney

Walt Disney's first animation firm, Laugh O Gram Studio was opened in 1920 in New York. The company saw some success, but ended up suddenly broke. It was this first attempt that created the iconic mouse, Mikey and also forced Walt Disney into bankruptcy. Disney earned the money to travel to Hollywood where he started his business over and named it after himself. He earned millions of dollars and remains one of the most well-known names in the industry.

Henry Ford

Today, the Ford Motor Company is a household name. The founder, Henry Ford wasn't always successful, though. As an engineer at The Edison Illuminating Company, he created his first automobile called the “Quadricycle”. The design was a success, but his marketing efforts failed, and the vehicle didn't catch on with the public. He left the company and filed for bankruptcy shortly after. A year later, he created the Ford Motor Company. His newly developed automobile was record breaking. In 1908, he released the Model-T and became one of the most famous names in the car industry.

Milton Hershey

Milton Hershey is the father of Hershey’s chocolate. This brand is ubiquitous and is recognized internationally as a quality candy company. However the beginning wasn’t easy for Milton. In fact his first couple of attempts at starting a confectionary company failed and resulted in bankruptcy. The family eventually came to view him as an irresponsible vagrant. He finally found his success after learning some confection secrets from a company in Denver, and bringing those secrets to Lancaster Michigan.

H.J. Heinz

Love your ketchup? Thank H.J. Heinz for having the persistence to push through difficulty. At 25 he started a company that produced horseradish. According to legend, there were 57 varieties of his horseradish. After an economic slump in 1875, Heinz’s enterprises were forced into bankruptcy. That didn’t stop Heinz: the very next year, Heinz partnered with family members to start producing the world’s most popular condiment: ketchup. In Pittsburg, the business took off and gained massive popularity. Today the legacy lives on as Heinz Co. rakes in billions of dollars in revenue per year.

Bankruptcy isn't a reason to feel bad, and it doesn't mean giving up on a better future. When filed wisely, bankruptcy can be a good way to protect against debt, start over with a clean slate and work toward building a better, more stable financial future.

4 Ways Hiring a Cleaning Service Can Save Your Household Money this Summer

Some people are hesitant to hire a cleaning service because they believe they cannot afford it. To them, hiring a company to clean their home seems like an extra expense that can be avoided by simply performing the cleaning themselves. However, you may be surprised to learn that hiring a cleaning service can actually save your household money. 

Here are four reasons why this is the case. 

It Will Save You Time

Hiring a cleaning service means that you don't have to devote part of your day to tidy up your home. Apartment cleaning Chicago gives you the extra time and extra chance to be more productive with other home improvement projects, taking care of your kids, going to the gym, or whatever might be pressing on your agenda that you might need or want to accomplish. 

Besides, the cleaning service personnel will likely be able to finish the job faster than you would have if you had done it yourself. This is especially true if you work at home. You can use that saved time to complete a project faster and find more work. The increase in business can more than compensate for the cost of hiring an affordable cleaning service. 

It Will Improve Your Health and Energy Level

Businesses lose countless dollars each year when employees are unable to work due to illness, and the employees themselves often suffer lost wages. They are also forced to spend extra money on medicines and doctor visits. 



Hiring a cleaning service can lead to extra rest and relaxation. You will be spared from the strenuous work of keeping each room in your house clean. This will significantly reduce the odds of becoming sick and missing work. 

Making Items Easier To Find

The clutter of a messy home often leads to difficulties finding items. Many people simply give up and rush to the store to buy the product that they think that they have lost, only to find the original item later. The same people also have problems finding important documents like bills or they have trouble finding other important items like their checkbook. 

With a clean and well-organized home you will have no trouble finding the things that are most important that allow your daily life to function. Therefore, a well-organized house, it will be much easier to find things, saving you money on replacements, hassle, and stress. 

It Inspires You

Having a clean home gives many people an emotional boost. Many of us take great pride in having a beautiful home. It reduces stress and helps them become more productive. This can translate to increased productivity and extra income. For example, if you are a writer or an artist by hobby or profession, a clean and well-organized home will allow you to be inspired with new and improved ideas. 

This might even allow you to come up with your own personal masterpiece. Perhaps that masterpiece you came up with will cause a change in the world around you. Just keep in mind that the most successful and brightest people out there have one thing in common, they all have a well-organized, clean home or environment around them.

Conclusion

Make sure to do diligent research before hiring a cleaning company. You should check out each company's website to see what they have to offer. Make sure to contact them for more information about their services and hourly rates. However, above all else, make sure the hiring a cleaning service right for you and make sure you hire the right cleaning service for your needs.

Avoid Overspending: Six Services And Items You Can Save On With Little Effort

Although many people consistently overpay due to self negligence and laziness, there are many individuals who are simply unaware of the numerous money-saving opportunities that require little physical or mental expenditure. 

Personal Money Management Websites

Want to create a personalized budget on the fly or create a savings goal to meet by the end of the quarter? It's important to know where your money is being spent and exactly how much you have left in your account. Money management sites like Mint.com and Yodlee Money Center offer software to users for free. Take the time to set it up and see exactly the state of your financial affairs. 

Add Insulation to Your Home and Attic

This age-old advice is not put into practice nearly enough. Heat is measured in the form of BTUs, or "therms", and each BTU costs about a dollar. When not insulated correctly, BTUs will be lost through a process known as thermal transmittance. Evaluate the amount of heat you lose and fix the deficiencies to ensure your money isn't being wasted. 

Library Registration

Instead of shelling out hard-earned cash each week for the latest Grisham novel or the most recent Blu-Ray release, register for a card at your local library. Most have extensive collections of Movies and TV shows, both current and classics. Because the registration for a library card is inexpensive, it pays off to go there for your next read or new movie.

Cash In With Rewards Cards

Game the system with rewards credit cards. Most people, unfortunately, associate credit cards with needless debt, but there are many cards that offer significant perks for their users. Search the web and peruse the plethora of options available. Use a credit card that offers rewards for services you use a lot or are interested in, like gas, travel and food.

House Swap

Planning a trip to a far-off or expensive place? You might want to look into swapping residencies with someone from your intended area of visit. Instead of paying extravagant hotel fees, the two parties simply switch places, free of charge to both. Be sure to thoroughly research website that offer these services to make sure it is reputable. 

Home Maintenance

This is an oft-overlooked area of saving for homeowners. Most people see home maintenance as an avoidable expense, but as any homeowner knows, this is not the case. Sometimes, homeowners can fix repairs and minor problems around the home, but many don't know that calling in a professional can actually save future costs and jobs done incorrectly. This is especially true with plumbing problems. Calling an expert can save you a lot of money and time on repairs you can't do yourself, says the professionals at Amyotte's Plumbing & Heating Ltd.

Too often, people choose what is expedient over what is proactive. Start saving today by following these simple tips to avoid unnecessary overspending.

Six Things Everyone Forgets to Include in Their Will

Making a will is one of the most important things to do, but many people never bother to do so. A living will is a legal instrument designed to provide protection and support for those that will be negatively affected by your death. Even worse, those who have wills often forget some very basic considerations. Make sure your will includes provisions for these important aspects.

Review Your Will

A will is a living document and needs to be reviewed at least every other year for changes in the inheritance laws. Through the years, people become adults, they marry, have children, and become involved in schemes or business you may want to restrict. In short, everything changes and your will should change with it. In nothing else, updating your will shows that you are aware of its provisions and desire to continue with the exceptions of changes that you make.

Get Your Ducks All in a Row

Some items of personal property are not superseded by the will. This includes designated beneficiaries of life insurance, survivor’s benefits, and other items. For example, if you work life insurance lists your mother as the beneficiary she will get the proceeds even if your will says these should go to your wife and children. It is a good idea to simply re-designate beneficiaries every three to five years and to keep a list of who receives what with your will.

Owning Your Life Insurance

You might want to pay for the premiums on your life insurance, but designate the ownership to a trust or someone else besides you. The reason for this is while beneficiaries don’t pay income tax on these proceeds, if you own it, the payout will become part of your estate for tax purposes, regardless of what the will states. Don’t let the value of these items cost your family a bunch of estate taxes. 

Not Designating Personal Property in Your Will

Do you really want the people in your family fighting over your clothes, or a carefully preserved collection of baseball cards? It is far easier on everyone if you designate what you want to happen to your personal property, and this includes pets. If possible, provide several options in order of precedence. Let’s say you want your son Tom to take your cat. However, Tom can’t take your cat; his wife is allergic. So, include a couple of options so kitty doesn’t end up at the pound, or your collection in the trash.

Using an Online Kit to Do Your Will

Take the time to find a lawyer in Newmarket who is an expert in estate law to assist you with your will. If you can’t afford this now, a kit may be better than no will at all. But, as soon as you can, get that SBMB Law expert involved. They are worth the cost. Remember, each states has separate laws regarding inheritance, and of course, there are federal statues as well.

Leaving Bequests That Don’t Exist

If you leave bequests that cannot be realized by the value of your estate after the debts are paid, then decisions must be made. This could land your estate in probate, or other types of court as your heirs sue for their share. Don’t do this. Keep your debts and your bequests reasoned out and review them frequently. Remember, your funeral costs will come out of the estate as well.

As you can see, there are a great many details to include when looking at putting together a will. This is not a procedure that should be rushed, but attended to carefully by each of us.

What Should You Do If You Don’t Have Enough Money to Pay the Bills?

Many of us get into this predicament from time to time. The month drags on, we spend a little money to have some fun, and then that bill comes in that we totally forgot about. This can be a terrible feeling, but there are a few ways that you could earn some quick money in order to pay this bill.

1) Sell Stuff

Every single one of us has items that other people would pay money for. Maybe you own an ATV or an extra vehicle. Or, maybe you have some old baseball cards in the basement that could fetch a little money. If you are really desperate and have no choice but to pay this bill, then start looking at your furniture or appliances to sell. You can honestly do without them for a while and it could earn you a few hundred bucks quite quickly.

2) Collect Debts from Others

When you have a bill due, this can be the perfect time for you to pay a visit to your friend that owes you some money from a few weeks ago. Hopefully, they have some cash and can pay you back so that you can take care of your bill. If not, then you may be able to borrow some money from another friend and agree to pay them back at a later date.

3) Gamble

Since you don’t have enough money to pay the bill in its entirety (and will therefore be late in paying anyway), then why not head to the local casino (some say the best online gambling in nj) and spend what you have left at the tables? You might get lucky and earn enough to pay that bill after all.

Have you ever been in this situation? What did you do?

Retiring Right: Is Your Home Ready for Your Golden Years?

retirement (Photo credit: 401(K) 2013)

If you are planning on retiring soon, there is a lot to do in order to feel prepared. This includes tedious paperwork, as well as cleaning out your junk and getting your home ready. As you enter retirement, it is important to review all aspects of your life and prepare early so you can enjoy all your later years without stress. Whether you are looking for a new home, or improving your current home, make sure it is ready for your golden years. Ask yourself the following questions to decide if your home is ready.

Where is it?

As you get older, you may notice your driving skills diminish. If possible, make sure your home is close to public transit, or within walking distance of the places you go regularly, like the grocery store and pharmacy.

If you are considering moving when you retire, try going closer to family who can help you with transportation and keep you company. You should also look at areas with nice temperate climates so you don’t have to worry about health issues that arise from extreme temperatures.

How will you be spending your time?

When you retire, you may find you have a lot of free time on your hands. How do you want to spend it? Would you like to help take care of your grandkids, join a bowling team, or spend more time in the garden? Make sure your home and community are suited to how you’d like to spend your time. If you don’t know what you want to do yet, don’t stress. Try a few different hobbies and classes to see what kinds of things you enjoy.

How much space do you need?

If you plan on spending your retirement years travelling, you might want to consider downsizing to a smaller home base. If, however, you are planning on hosting visiting family members and friends, you may want a bigger home with a guest room. Shop some furniture sales for a comfy bed and stock up on linens so your visitors have an easy place to stay when they come to see you.

Is it accessible?

Is your home easy to get around in? Hopefully your health remains robust as you age, but your mobility may be limited. Even if you have no problems now, remember that it is easier to get injured, and harder to recover from injury when you are older. Have your bathroom checked out by a local plumber like CampbellCare Plumbing, Heating & Air, who can install grab bars near the toilet and bathtub to prevent falls. You could also consider installing ramps or moving to a one level home if you are concerned about climbing stairs.

Is it low maintenance?

Make sure that your home will be easy to maintain in your retirement. You want to spend your free time cultivating hobbies, exploring the world, and spending time with loved ones, not worrying about home repairs and yard maintenance. Will the yard require a lot of mowing? Does the driveway need to be cleared in the winter? Is the kitchen relatively easy to clean? Is the bathroom in good repair? Make the necessary repairs and changes now so you won’t have to worry about issues in your retirement.

Answer these questions to decide whether or not you are ready to retire. Maybe you want to move to a new home, or just spruce up the one you are in. Make the right choice for your health and lifestyle needs so your retirement years will be fulfilling and worry free.

Getting Your Creditors To Meet You Half Way

If you are like many consumers, you may carry high balance on your credit card accounts. With high balances come high monthly payments, and you may find that these payments are unmanageable with your budget. If you find it difficult to make your minimum monthly credit card payments, you may consider asking your creditors to meet you halfway.

What Your Creditors Have to Lose

Your principal balance on credit card payments equates to funds you owe to your creditors. If you default on that debt, such as by filing for bankruptcy, your creditors may not receive any of the money you owe them. They are aware that your financial struggles can equate to monetary loss for them, and they may be willing negotiate terms for you. 

Adjusting Financing Terms

You can consider asking your creditors to adjust the financing terms. For example, some creditors may be willing to reduce your interest rate. The interest rate is one of several factors that affect your minimum monthly payment, so a reduction in the rate may result in lower and more manageable payments.

Writing Off Debt

You can also ask your creditors to write off a portion of your debt. Some creditors may be willing to forgive a portion of the debt if they are assured that they will receive the rest of the money that you owe them. Some may request that you make a good faith payment with a large sum of cash in exchange for this settlement. When the principal balance is reduced, your monthly payments may decrease considerably. However, keep in mind that the IRS may consider the portion of debt that is written off as taxable income.

How to Get Started

Negotiating with your creditors can be beneficial to you, and many creditors are willing to work with you to set up a debt structure that is affordable for you if they know that you are struggling financially. However, some consumers have discovered that they receive more favorable terms with debt negotiations and settlement when they work with a company, such as Paddon & Yorke Inc, that specializes in this area. You can attempt to contact creditors on your own, or you can seek professional assistance by doing a consumer proposal in Toronto.

Debt balances can easily get out of hand, and the payments on your debts can stress your budget. If you find yourself challenged by your debts, your creditors may be willing to meet you halfway. You can reach out to your creditors to request adjustments to the loan terms or the balance owed, or you can seek professional assistance from a debt settlement firm.

Why Now is the Time to Refinance

I know you hear those commercials on the radio and television all the time about why “right now is the best time to refinance”. It’s amazing because it always comes from the same people, and they play the same ad every week of every year. This tells me that they think anytime is the best time to refinance. I actually think that now be may the best, and one of the last times that many people will have the want and ability to do so, and let me explain why.

People have been carrying their toxic interest-only loans for a long time now, those that were fortunate enough to weather the storm and not have to file for bankruptcy. Those loans have come with rising interest rates and payments that have become downright unmanageable. Makes you wonder why they haven’t refinanced already, huh? Well most of them were underwater on their mortgages, until now at least. We have seen home prices steadily rising since last year, and the trend continues even more this year. This means that people actually have the required home equity to refinance whereas in the past they simply did not. Those that still lack the home equity may have additional cash saved up, and improved confidence in the home market, that they are now willing to sink more money into their house in order to pay down their loans more.

Ok, so we know home values are rising, but what about interest rates? Well, interest rates really did reach historic lows last year, and I may never see them that low in my life time again. While rates are up about a point over last year they aren’t quite at a point where it is pricing people out of the market. After all, it’s been a long time since rates were even at this level. While I’m sure you would’ve loved to refinance your home loan last year at those super low rates it probably just wasn’t possible based on your home value. This is exactly why we are now in a the middle of the perfect storm of rising home values and still very low interest rates. In fact, many people can refinance their loans and use the additional money to continue to aggressively pay down their principal loan amounts.

While I don’t think purchasing a house is necessarily for everyone, I do think that refinancing is right for any homeowner who is paying a higher rate than what is available now. There are many low fee refinance options available that will allow homeowners to payback the closing costs within months. There was a point a couple years ago that I refinanced my house three times in a year alone. I was fortunate enough to buy at the downside of the market and have the required equity, but it still shows just how beneficial refinancing can really be. At the very least there are plenty of loan calculators available to you online, and plenty of loan officers willing to help you decide the right path for you.

Five Ways to Protect Your Business Assets from Changes in the Economy

Assets (Photo credit: LendingMemo)

Despite bursts of positive news in the media about the economy, there is still a lot of contradictory news that counters this optimism. The more uncertain the economy, the more important it becomes to protect your business assets.

Your business assets include your office furniture and fixtures, your computers and electronic equipment, your real estate and vehicles. In other words, your business assets are the things that you used your start-up capital to purchase so you could run your business.

A Simple 5-Point Protection Plan

1. Get an asset protection plan. Don’t wait to see what happens, as this will usually result in unexpected expenses and losses you’re not prepared to deal with, let alone cover. Plan ahead, even if your asset’s future seems secure. Use asset preparation to counter any possible claims against your business. You can’t predict the future, but you can do everything in your power to protect your assets before a process server shows up at your doorstep.

2. Get liability insurance. Although you might feel safe now that you have an asset protection plan in place, you should still get professional insurance. An asset protection plan will supplement your insurance plan. It also works the other way: your insurance plan will supplement your asset protection plan. Liability insurance is one of the best ways to protect your future finances—compensation payments can be astronomical and having a plan which will cover these can mean the difference between failure and stability for your business’ future.

3. Get clear on your finances. Separate your personal finances from your business ones. This will help you differentiate between your personal and business assets. Protect your personal assets through a trust and protect your business assets through an LLC, partnership, or corporation. Even if you lose your business for whatever reason, you should take measures to be able to fall back on your personal assets.

4. Begin tax and estate planning. While your asset protection will do a lot for you, there are some things that it cannot do. For instance, you cannot make gifts with asset protection—this is a fraudulent transfer. However, with tax and estate planning, it is not a problem and you will be able to use these resources as you wish.

5. Think of getting a self-directed IRA. One way to maximize your investments is through a flexible checkbook IRA. After a custodian opens up an account for you, you can buy precious metals, stocks, real estate, trust deeds, mortgage deeds, energy investments, promissory notes, and a lot more investments than a traditional IRA would allow. 

If the currency, for example, continues to hyper-inflate at its current rate, wouldn't it be nice to own precious metals? With a checkbook IRA, a Medicine Hat financial planning specialist says, you can diversify your portfolio, invest in assets you understand, access alternative investments, and lean on commodities to protect yourself and your business against any changes in the economy.

Keep in mind that your business assets include any and all items listed on your company’s balance sheet as the things your business owns. The security of these assets can make or break a company, depending on how well-protected they are. Changes in the economy can endanger the assets of any business, of any size, so it is always wise to be prepared for periods of recession, even in the midst of an economic boom. By using these five strategies, you will be able to protect and retain ownership of these assets.

Informational Credit to Thomson Schindle Green Insurance & Financial Services Ltd

Five Things Newly Retired People Should Consider

You have worked hard your entire life, and the time for your retirement is finally close at hand. Your retirement years should be a time of relaxation and enjoyment for you, but there are a few things you should be considering for this new phase of your life.

1. Staying Fit

Once you are no longer on your regular work schedule, you may find yourself packing on pounds. This can lead to numerous health problems, so it's important you find an activity that will keep you active and fit. This doesn’t always mean you have to become a gym junkie, just stay active. If you’re able, and you golf, walk instead of ride in a cart. If you enjoy riding your bike, plan out a route or two and get out and ride! Its common sense, but you’d be surprised at how many people who are recently retired, just sit around the home watching reruns of Mash or Golden Girls. You can't enjoy your retirement years if you are sick.

2. Budget Well

Whether you plan to use your retirement years to travel the world or stay close to home to be near your friends and family, you need to make sure your new retirement budget can support whatever lifestyle you have chosen. You will want to carefully plan for each thing you want to do, so you don't find your savings depleted after a single trip. Remember, everything tends to cost way more than you expect. 

3. Stay Involved

Many people struggle with retirement. They find it difficult to just enjoy fishing, golfing or gardening. You should try to stay as involved as possible with your community. Hobbies life golf are made a little easier to do for seniors. Senior discounts, senior leagues etc… there aren’t too many excuses that you can come up with for not getting out and getting involved. Most every city has community centers and senior centers that would welcome you with open arms, and there are always volunteer opportunities available that would allow you to stay busy while helping others. 

4. Final Arrangements

This is a wonderful gift to leave your children. Most funeral homes will work with you to lock in current prices, so you can completely plan and pay for your funeral services in advance. This isn’t always the most fun topic, but it should be addressed and once it is, retired life will be that much better knowing that when that day a loooooong time in the future comes, you and your family will be able to focus on other things. You will be able to ensure your children aren't left with this financial burden, and you will have the added benefit of knowing your final wishes will be honored.

5. Prepare Your Will

While it hopefully won't be needed for many years to come, this is the time to hire a competent attorney to write up your will and set up any trusts you may have in mind for your children or grandchildren. Zachary Law Group, PLC a lawyer in Gilbert AZ, has said that this can be a tricky process and having a good attorney to walk you through things is a good idea. You can relax knowing this is all taken care of, and your family can grieve properly when the time comes without having to worry about what to do with your estate, belongings etc..

These few tips should help you to enjoy your retirement with peace of mind. Now is the time for you to put work and worries behind you, and simply enjoy a time of rest and leisure that you so richly deserve.

8 Ways You Can Save Money After Being in an Accident

Being involved in an accident can result in emotional and physical harm that has lasting effects. For many people, the trauma and shock of the incident can be difficult to recover from. If personal injury or damage occurs, it can result in extreme financial loss that takes months to recover from. Fortunately, there are ways to save money and prevent further loss from occurring in the process. 

1. Sell Old Jewelry

Most households have old jewelry, antiques, or valuables that are unused and are simply collecting dust. Visit local pawn shops or consignment stores to sell old belongings that are no longer needed, but may be of high value.

2. Use Coupons

To significantly reduce your grocery bill, opt for cutting coupons in the Sunday newspaper and with online coupons. Subscribe to coupon blogs and websites, which will inform you of large savings that can be obtained when pairing both manufacturer and store coupons on a single product.

3. Hire an Attorney

Many people don’t often think of hiring an attorney because they think it will save them money, but rather it would help them gain money especially if they were not at fault for the accident in the first place. However, according to the attorneys at Braithwaite Boyle Accident Injury Law, hiring an attorney after an accident is one of the smartest moves a person can make as they can help a person save, gain, or prevent loss of your monetary funds. They can help make sure that you are getting all of the money you need in order to make a comfortable recovery both mentally and physically. An attorney can also help protect you from those who might like to bring a lawsuit against you whether or not the accident was your fault. 

4. Refinance

Refinance a home or an auto loan, which will allow you to continue paying off the debt, but obtain a lower interest rate. This will immediately lower your payment each month and make it easier to save long-term.

5. Pay Off Credit Card Debt

Any outstanding balances on credit cards will cost more due to the interest being charged each month. Pay off the debt as quickly as possible, starting with the highest balance, which will allow you to save more annually. This will ultimately allow you to save money in the long run and hopefully give you some kind of peace of mind.

6. Participate in Ridesharing

Reduce the cost of transportation with ridesharing, which is available in most areas and is the modern way of carpooling. Several different services are offered locally for a convenient way of riding in passenger seats with one-time trips or daily commutes.

7. Purchase Generic Brands

Instead of spending more on brand-name products, opt for generic brands, which often use the same ingredients and recipes for prices that are often 30 percent cheaper.

8. Participate in Surveys

Allow your voice to be heard with surveys that are available online for compensation. Many different companies want reputable consumers who can review products or services. By completing a few surveys online each day, it can make for a convenient way of earning extra cash right from the comfort of your home.

Although it can be financially devastating to recover in the months following an accident, there are several ways to stay afloat and remain in control of your budget. By cutting back on luxuries and saving on products or services that you already use, it's possible to regain control of your financial situation for a complete recovery.

Why Calling A Professional For Home Repairs Can Actually Save You Money

When it comes to home repairs, you may be tempted to do the work yourself to save money. However, this isn’t always the most cost-effective option. In fact, it may prove to be cheaper to just hire the professionals in the beginning. 

Specialty Tools Are Costly

Professionals like plumbers use a range of specialty tools to help them do projects quickly and safely. These tools can be costly. It’s not cost-effective for you to purchase the welding tools and other equipment to do one job, but your neighborhood plumber already has everything they need.

Accidents Can Be Avoided

Walking into any work site can be dangerous. Laying a vinyl floor may seem like an easy project, but have you considered the medical bills if you accidentally slice your hand with a razor blade? It’s impossible to foresee an accident, but you can easily avoid injury by letting the professionals do the work for you.

Better Prices On Supplies

Contractors get discounts and work with special supply houses. They can pass those savings on to you, so you’ll wind up paying less for the raw materials. You may be cringing at the thought of the labor costs, but you’ll be impressed with the high-quality work offered by the professionals.

Done Right The First Time

When you do the work yourself, you cannot be certain that you’ll be pleased with the finished product, or that it will pass any inspection. If you make a mistake and forget a key component, you’ll wind up paying far more to have the problem corrected later.

The Risk Of More Problems

The professionals know what steps to take to avoid further problems. They shut down water and power before working, call before they dig and put protective pads down in their work areas. You may not think to take these steps, and that can lead to additional damage and more costly bills.

Time is Money

Many people fail to account for the value of their own time. What takes a professional two hours to do will probably take you four or six hours. Compare the cost of hiring the expert with the value of your time based on your hourly rate. It’s also important to consider the fact that you may not ever have the necessary time to finish a job yourself.

You may not like the idea of calling in a licensed contractor, but it’s far cheaper to do it right the first time. You’ll save time and frustration. You’ll avoid higher repair bills down the road and costly accidents, and you’ll also be more pleased with the quality of work. In the end, you’re likely to decide that the professional was worth every penny spent.

Informational credit to Hill Crest Plumbing & Heating.