3 Ways Financial Debt Can be a Family Killer

A bad economy has a trickle-down effect. First big banks and corporations take the hit. Then employers can't afford to cover payroll. Next come forced layoffs and terminations. It is important to remember that one of the often overlooked casualties of money problems is the family. According to D Thode & Associates, there are several ways that financial debt can destroy the family and the best time to hire a financial consulting firm like to help before things hit rock bottom. Once a family hits rock bottom is usually when the family starts to fall apart and it is usually from the inside out.

Spouses tend to shut down communication

Whenever the primary breadwinner is no longer in a position to contribute financially, they tend to pull away. They pull away because they may still be stunned at the turn of events or they may be a little ashamed, even though they had no control over losing their income. It can be emotionally devastating to the point to where that person just completely shuts down and has no idea what to do next. Often times they will fall into a slump rather than bounce back and find another job to support their family. This causes stress between a husband and a wife, because there has to be some kind of financial support to pay the bills, buy the groceries, and keep clothes on every ones back, and a roof over everyone’s head. When it becomes next to impossible to make ends meet, often times it causes a husband and wife to turn on each other. If there are kids involved, it becomes even harder because you need money to make sure they are taken care of and that they are being provided for.

Children fear a loss of security

Young children and teens alike, though they would be quick to deny it, crave a sense of security. They may rebel and fuss about having so many rules, but the truth is children thrive on a sense of stability in their formative years. Without it they can become sullen and fearful. This can manifest itself in them withdrawing from their normal activities and a noticeable slide in their school grades. It also increases the chances of your kids getting involved with drugs and alcohol. Bottom line, the less stability your children have, the more likely they are to turn away from the rest of the family and rebel.

Health takes a turn for the worse

As if the first two weren't enough, just when you are least likely to be able to afford medical bills, the burden of financial debt can cause serious health issues. Stress, frustration, and anger can all boil over leading to deadly heart attacks or debilitating strokes. The family then has to worry about losing a loved one, in addition to all of the debt. This is also a significant problem when you or one of your loved ones have a serious medical condition as they will increase the amount of medical bills and add to your family’s financial stress.

For ears the United States has been mired down in a sluggish economy and high unemployment rates. Everything seemed to tank when the housing industry took a big hit during the years of 2007-2009. Many have said it is the worst struggle the country has been in since the Great Depression. While the economy is slowly improving, it will be years before things are once again on an even keel. The right financial advice can help you weather the storm with your family intact.

How to Know When You Should File for Personal Injury

It’s easy to turn your nose up at the concept of filing a personal injury claim after suffering an injury, but just because this practice is sometimes abused doesn’t mean it isn’t valid. Sometimes in life, injuries happen and affect your life and through no fault of your own, you earn less or can’t do some of the things you used to do.

Filing a claim can be a long and exhausting process, mentally tough, emotional, especially when trying to heal physically at the same time. That’s why you need someone who has experience in the industry to help you decide not only when to file but how to go about making it happen.

Common Areas

Some of the more common areas of personal injury law include:

• Brain injuries
• Spinal cord injuries
• Motor vehicle accidents
• Long-term disability
• Slips and falls

And within these areas of injury, you may be looking at more specific incidents, such as:

• Car, truck and boating accidents
• Amusement park ride accidents
• DUI accidents
• Medical malpractice incidents
• Dog bites
• Construction site accidents
• Workplace accidents
• Accidents on private property

How It Generally Works

Usually, it all starts with an accident of some sort and an injury. The injury may be minor or major, but it happened because someone else did something they shouldn’t have done. That “something” can vary greatly, depending on the details of the injury.

They may have driven after having a few drinks, forgotten to shovel their sidewalk, let their dog roam around without a leash or prescribed the wrong medicine for a particular ailment. Once the injury is suffered, the victim will contact a personal injury lawyer and tell their story.

Then, the lawyer will lay out the options, whether he feels the case is strong and outline the best way to proceed. Sometimes, a settlement is reached out of court and sometimes the case must be settled in court. 

Following Advice

Since the top personal injury lawyers have experience in the industry and in the area you suffered the injury, it makes sense to follow any advice you’ve been given. Your lawyer will know who can sue in your area and what conditions must be present to get a decent settlement or any settlement at all.

Any reputable lawyer will do everything by the book and won’t be the stereotypical “ambulance chaser” type of personal injury lawyer. Suffering an injury out of the blue through no fault of your own is terrible.

Not only will there be medical costs, but you may not be able to earn in the same capacity. You deserve someone to take responsibility for your injury, so don’t feel ashamed about seeking out legal help. Make your claim and do what your lawyer says. Sometimes, you may receive a settlement and still be out some money after all the medical and legal costs. No one plans to get injured or wants an injury, so don’t feel bad about doing something about it.

Author Bio:

The author of the article is Jeremy Benson. He has been writing about finance, mortgage and law since 7 years. Blogging is one among his greatest passions. Follow him on Twitter@jeremybenson19.

Image Source: www.shutterstock.com

How to Finalize a Stress-Free Mortgage Deal?

There are a lot of words that people have used when describing mortgages, but “stress-free” isn’t one of the more common ones. Much of the time, every aspect of getting a mortgage is loaded with stress and causes a good deal of anxiety for the borrower.

Not only do you have to go through the approval process, which can be stressful all on its own; you also have to finalize the deal and close everything so its all legal and ready to go. There’s no magic formula that’s designed to take all the stress or unforeseen obstacles out of getting a mortgage, but if you know some of the potential issues ahead of time, you may be able to move through the process with little or no stress.

Make a List

One of the more annoying things about a process like this, is that it’s easy to think of a ton of pertinent questions when you are sitting in traffic or out grocery shopping, but you draw a blank when it’s time to ask. Make it easy on yourself and carry around a small notebook and pen, or use your mobile device to type questions as they pop into your head.

Whether the question is for the real estate agent or your lender, you’ll have it there in front of you so you can ask when you speak with them. Sometimes, the questions you ask ahead of time will provide information that will make finalizing the mortgage deal easier than if you’d kept the question to yourself.

Take One Last Look

You may have gone through the new house multiple times and had a home inspector do his thing, but it’s not a bad idea to walk through the house one last time a couple days before the closing date. This is more of a “better safe than sorry” kind of approach, but it’s not completely unheard of for people to change things that were supposed to remain the same or take things they were supposed to leave before the deal closes.

It’s also a good time to see if any new damage has occurred, especially if there has been bad weather since the last time you were there. Check to ensure the electricity is working well and the plumbing seems good. If the present homeowner was supposed to make any fixes or do renovations before you moved in, you should check for those improvements too. If things aren’t as they should be in any part of the property, contact your real estate agent right away to have the issue rectified before the deal is closed.

Check the Document Preparation

All of the documents prepared as part of your real estate deal were drawn up by professionals, but that doesn’t mean you shouldn’t look them over a handful of times before closing. In all likelihood the information will be just as it should be, but no one is perfect and you certainly won’t have a stress-free closing if something is wrong.

Check over the wording, all the names for spelling and all the digits for accuracy. The interest rate is also important to check. Don’t just assume that any mistakes will be fixed later and everything will be fine. That may well be the case, but give your lender a call immediately if you notice any issues or even if certain information doesn’t make sense to you. Also, keep a copy of every page of every document you sign.

Call the Utilities

If you want to move into your new home right after the mortgage closes, or even within a few days you should call the utilities ahead of time. If you’re moving to a new area and aren’t sure about which utility companies are used, ask the seller for the names and then get them transferred into your name so there’s a smooth, stress-free transition when you move in. This way, if there will be any delays or issues they can be dealt with before you get there.

Keeping Up with Costs

If you have ever purchased a home before, you know there can be a laundry list of closing costs that the buyer never saw coming. Inspection fees, attorney fees, deposits, etc, they all add up and they can be quite stressful when you think you’re home free and the deal is done. Make a point of finding out what the closing costs will be ahead of time, so you’re ready when they spring them on you. The number you get might not be 100 percent accurate, but it will be close and you’ll be prepared.

Author Bio:
Jonathan Baker is an active blogger who writes about business and finance. He lives in Toronto with his family and also works as a financial adviser to The Butler Mortgage team. He keeps himself about the latest trends in finance and business world and passes on these information to others through his blogs. He can be followed on twitter @Jonatha97039368Image 

Source: www.shutterstock.com

Retiring on Time: Ways to Set Yourself Up for Success

For an individual in their 20's, retirement can seem like something light years away. There are still decades of life and work between where they are now, and where they will be when they reach retirement age. This makes now the best time to plan for a successful retirement. By starting to plan for retirement early in life, a young individual is setting a solid foundation that is going to make it a lot easier and comfortable for them when they reach retirement age.

Believe it or not, for a person who starts early enough, retiring as a millionaire is a realistic option. You do not need a lot of money to start off with. What you need is a consistent amount of money that is invested over a long period of time. A person doesn't even need to be an investment guru like Warren Buffett. All they need to have is patience, self-discipline, and the mental fortitude to keep to their investment plan.

Take Advantage of the Time You Have

A person who is in their 20's and is able to stay relatively healthy, is probably going to work for the next 40 years. An individual who invests $100 every single month and receives 10 percent annual returns on their investment will have saved over $630,000 by time they retire. Increase that monthly investment to $250 a month, and now we are talking about retiring with $1.5 million saved away. Now if you really want to take this scenario to the extreme, a person in their 20's who starts investing $2,000 monthly in something that will give them a 10 percent annual return will retire in 40 years having saved $12.6 million. As you can see, it’s not necessary to invest a lot of money to retire well. It is necessary to take advantage of the time that you have.

Take Advantage of Your Raises

A young person who first enters into the work field is unlikely to be earning a higher end salary. However, they are likely to be in the middle of the highest growth potential in salary that they will have throughout their entire life. Basically, as their skills improve, their pay will improve. Why not leverage raises to increase investments? The money that you get as a raise, is money that you are living just fine without prior to the raise. So instead of spending it on gadgets and other things that you just don’t need, invest it in your long-term future.

How Much Money Will I Need to Retire?

The answer to this question is going to depend on how much you plan on spending. An individual planning to retire at 60 is encouraged to have saved at least 15 times what they want their annual salary to be. So, for a person who is looking at living on $60,000 a year, they will need to save approximately $900,000.

According to Gittens & Associates his number increases for those who are looking at leaving a legacy behind for their children. The amount of money that they want to leave behind in a will or trust needs to be taken into consideration. It would be a good idea to sit and talk to an attorney and discuss the specifics of making a living will and any fees that are associated with this. Discussing retirement plans, trusts, living wills and things of this sort with the power of attorney in Newfoundland or other parts of the world, is all part of successfully preparing for retirement and beyond.

When a person is in their 20's, life seems like it is in front of them. And that is true. However, the decisions that a person makes in their 20's will affect them financially in the future, and will decide whether retirement is something they look forward to with pleasure or something that they look towards with dread.