6 Tips for Seniors Thinking About Starting a Business

It's never too late to start a business, and seniors can leverage their years of professional experiences to begin successful startups. Regardless of your background, use the following six strategies if you're thinking about starting a business.

Take Industry-Specific or General Business Courses

From business classes at a community college to courses available through industry organizations, expanding your education can give you an advantage in the business world. 

For example, if you're thinking about starting a ranch, take courses in agriculture to learn about the subtleties of the industry.

Also consider subscribing to industry-related publications and finding credible resources online. The more you learn about your intended business, the faster you'll create a sustainable company.

Choose a Business Organizational Structure

Several types of business organizational structures exist. For example, if you decide to start a sole proprietorship, you'll run the business on your own, while a general partnership allows you to form a business with one or more partners.

Limited liability companies (LLCs) and corporations demand more effort. However, they also offer tax and liability benefits that you may want to consider.

Apply for Small Business Grants

Every business needs funding, whether you're working from home or from an office. Small business grants can fund your venture without the need to repay the money you receive, which can ease your financial burden. Try searching for grants online to learn what opportunities may become available to you.

Get a Line of Credit

Avoid starting a business with your credit cards. As a senior, you may have built a stellar credit rating, but you don't want to ruin your hard work by running up balances on high-interest credit card accounts. 

A business line of credit through an online loan provider such as Kabbage allows you to withdraw money when you need it. Applying for a line of credit loan through Kabbage can be faster than other methods due to the automated loan application process.

Additionally, small business lines of credit give you access to cash without fees. If you use your credit card, the issuer likely limits cash advance amounts and charges a fee each time you take cash out of an ATM.

Leverage Your Professional Network

Over the years, you've likely met people who can help your business grow. Connect with them online or in person to turn them into potential customers, vendors, partners, and advocates. 

Your former colleagues may offer financial advice or give you a discount on products you'll need to start your business. Build your LinkedIn profile to find people you may not have seen in years.

Select a Comfortable Work Environment

Now that you're ready to start your own business, don't confine yourself to an uncomfortable workplace. You may want to work from home or from a co-working space that you can design to your liking. 

Look for a workplace that won't cause unnecessary stress and that offers the amenities you need to get your business running.

Starting a business as a senior may give you more freedom and allow you to take advantage of knowledge you didn't have as a younger professional. With the above tips, you can make your dream business a reality.

4 Tips For Recovering Financially After Suffering A Serious Injury

A serious injury that occurs at home, on the job or elsewhere can leave you without an income for days, weeks and even months. Given the high cost of healthcare, medical treatments can drain bank and savings accounts rapidly. 

Whether you have fully recovered physically from your injury or not, it's time to improve your financial situation. Follow these four tips to start the financial recovery process.

Evaluate Your Career

If your doctors feel that you can eventually return to work, make certain that you or your caregiver asks your employer to guarantee that your job will be waiting for you. Otherwise, start looking at other career options. 

Send out email or postal mail employment inquiries as soon as possible during treatment so that you can start working and making money immediately after you recover.

Set Aside Savings

Once you have a steady income, put more money into financial products that accrue interest like savings accounts and certificates of deposit. With a savings account, as little as $10 a week can add approximately $520 to savings a year on top of accrued interest. 

If you receive money for your birthday or as a get well gift, put it into savings instead of using it whenever possible. Every penny counts and can help you recover financially faster.

Sell Off Property

Most people have property that they don't use, such as old clothing, collectibles, furniture, tools and craft supplies. 

Use online yard sale groups on social media and classifieds sites like Facebook, Yahoo and Craigslist to sell items or set up an offline yard or garage sale on a warm weekend. 

Another option: Pick up a hobby that you can do on the side that creates tangible items you can sell offline/online, such as painting, sewing or woodcraft.

Seek Legal Counsel

If your injury involved an accident or negligence caused by another party, such as your employer, a driver or a doctor, talk to an experienced legal team like the one at Oxner + Permar, LLC about compensation. 

Some lawyers even provide advice about financial recovery assistance, such as charitable organizations and government programs that help pay utility and medical bills and debt consolidation programs.

You don't need to continue to suffer financially after you've suffered physically. Simply make certain that you understand your physical capabilities and options. 

Once you have that information, you can easily start rebuilding your finances. If necessary, ask a caregiver to help you with these tips.

How do Fixed Deposits Affect your Financial Stability?

Following the demonetization drive, a lot of banks have seen an increase in investment in fixed deposits. Fixed deposits are a safer option as opposed to market stocks and mutual funds, and they are rarely affected by the volatility of the market.

Investing in the fixed deposit is easier since you have to invest your funds only once throughout the tenure of the deposit as opposed to recurring deposits where you have to keep investing some part of your limited monthly income.

Fixed Deposits

Different banks offer different interest rates which are dependent on their policies, the tenure of the fixed deposit and the amount of money that you want to invest. Not only banks but companies also offer fixed deposits.

The company fixed deposits provide you with a higher rate of interest as compared to bank fixed deposits. Whenever you decide to invest in fixed deposits, it is necessary that you choose a financial institution, lender or company based on their reputation in the market and the rate of interest that they provide.

It is necessary to keep in mind that the income that if you receive more than INR 10, 000 in one financial year, you will have to pay tax on this extra income and the tax amount will be decided based on the tax bracket that you fall into.

Financial Goals

The tenure of the fixed deposit depends on your financial goals. A fixed deposit is dependent on the amount that you invest in and the rate of interest that is paid to you by the financial institutions or lenders. The term of your fixed deposit can range anywhere from 7 days to 20 years.

If you have a large amount of cash that you want to invest, it is advised that you invest in different investment options. This will provide you with financial security since all your investments will not be affected by the volatility of the market.

If you have opted for a short-term fixed deposit, you can extend the tenure of this fixed deposit once it matures and this will help you in increasing your liquidity. 

Whenever you invest your funds, make sure you choose the tenure in such a way that you keep receiving the benefits of your investment in a timely fashion. 

Rate of Interest

The best type of fixed deposit in which you can earn go rate of interest is the one where the rate of interest is calculated the compound interest, with the help of online fd calculator you can check your returns of invested your saving in FD . 

If you are opting for a Non-Banking Financial Institution (NBFC) or a Housing Finance Companies (HFCs) you should consider the nature and stability of their business, the services provided by these companies and credit rating of the companies. 

As credit rating has very less impact on the interest offered by the company’s fixed deposit, it's the investor’s responsibility to check the rating of the company should be AAA rated. 

Financial Emergency

If you are facing a financial emergency, you can break the fixed deposit and use this money. No penalty charges are usually applied by the financial institutions or lenders if you break your fixed deposit before its maturity. 

It offers attractive features like cashless hospitalization benefits, discount rating from 5% to 25% on medical services, doctor on call. In company deposits, new customized options are available for each customer, as per their goals and budget, specialized offers for women, free accidental insurances for the individual investor.

6 Unexpected Stresses of Retirement

Many of us paint this idealistic picture of retirement in our minds, where retirement is a beautiful place untouched by the everyday stresses of life. 

Unfortunately, retirement isn’t quite as idealistic as this, and people who are retired face just as many stresses as working individuals—but different stresses. Here is a brief look at some of the most common unexpected stresses of retirement.

Financial concerns

Though retirement is ideally a time for you to enjoy a lifetime’s worth of invested savings, financial concerns remain a top stressor for retired individuals. 

Retirees must adjust to living on a fixed income, and oftentimes that adjustment is more dramatic than expected. Unexpected expenses may drain your retirement fund more quickly than anticipated, for example, or lack of portfolio diversification (a concept discussed in this article) might have undermined the wealth of your retirement account. 

Because financial concerns are so prevalent in retirement, it’s important to remain in close contact with a financial adviser to ensure you will be taken care of once you retire.

Health problems

Many of us expect to encounter health issues as we get older, but we still get this idea in our minds that old age happens to everyone other than ourselves. 

Age-related health problems develop in even the most active adults, however, so it’s important to approach retirement with the mindset that you are going to do what you can to preserve your health. 

Experts suggest regular exercise for retirement-age individuals—even if that is simply light stretching, walking, or yoga. The CDC, in particular, recommends engaging in at least 150 minutes of aerobic exercise per week.

Caregiving

Perhaps you expect to encounter more personal health issues as you get older, but what you might forget to consider is having to take care of a spouse, parent, or other relative once you’re retired. 

Caring for a loved one, particularly from an illness involving cognitive impairment such as Alzheimer’s disease, can become very stressful. Experts suggest that the best way to cope with this unexpected stress of retirement is to seek help from others, including family members, friends, and professionals.

Relationship issues

Retirement is a major lifestyle change, and as such it can change the dynamic of a relationship—be it marriage or a family relationship. 

A newly retired spouse, for example, might suddenly feel isolated and lonely once they are not spending as much time with their colleagues. The changing dynamic that comes with retirement can easily result in relationship issues. 

Experts say that the best way to cope with relationship issues brought on by retirement is to appreciate retirement as a time to nurture relationships, and to seek counseling if necessary.

Identity loss

Many who are newly retired experience stress from suddenly not having something to work for. These individuals feel less valuable and struggle to maintain a firm grasp on their personal identity. 

These types of feelings are perfectly natural as, again, retirement is a major life adjustment. To maintain a strong sense of value and identity during retirement, it’s important to seek new pursuits and to use your time to nurture cherished relationships. 

Experts suggest picking up an old hobby to occupy your newfound time, finding a new hobby, joining a local organization, or getting a low-stress part-time job.

Substance abuse

Did you know that the elderly are at especially high risk for substance abuse? According to this article, rates of alcohol abuse actually spike at retirement age. The reasons for this are several. 

First, retirement itself is a major life adjustment, and it can leave one feeling useless or without identity. Alcohol abuse becomes a coping mechanism for these negative emotions. 

In addition, those at retirement age tend to start experiencing more physical pain, which can also lead to alcohol use as a coping mechanism.

Alcohol isn’t the only substance that sees high abuse rates among retired individuals, either. Prescription painkiller abuse is also remarkably high, as the elderly are prescribed relatively more painkillers than other demographics.

Substance abuse is highly dangerous for a person’s health and finances, so if you or a loved one begin to develop substance abuse after retirement, it’s vitally important to seek professional help as soon as possible.