Old School Finance Tips That Work

English: Debit Card(Photo credit: Wikipedia)

There are all kinds of things people can learn from the Great Recession. However, the biggest lesson is that there’s no such thing as a guarantee. While some investments may be conservative, they’re still a gamble. Locked-in interest rates usually aren’t worth the trouble, considering you’re making a large set of funds unavailable for emergency situations. It’s safe to say more people are miss-managing their money (whether it’s a lot or a little) today than they were 100 years ago.

While you won’t get rich from old school investment and savings strategies, you will be relatively secure. How did our grandparents save, invest and manage their money? Maybe they knew a few things that today’s race for high ROIs leaves in the dust. After all, slow and steady has long been the mantra for many things in life, so why not money management?

Actually Budget

Everyone knows you “should” have a budget, but do you actually have one in place? A budget is a written down, line item document that itemizes every single expense and source of income. A budget is something you stick to even if you really want a new BBQ for the summer or if large garden desperately needs an expensive organic rabbit repellant (you should budget-in emergency funds). Despite this knowledge, most people don’t have one or fail to follow its guidelines.

However, most people also have a salary, work the same amount of hours, or get the same benefits each month. It’s no secret how much money you get, and it shouldn’t be a secret how much money you spend. Write down your fixed-costs, such as utilities and actually track how much you spend on everything else. You’ll quickly pinpoint some ways to save money and make sure you re-direct it to savings, emergency funds or retirement.

Use Cash and Precious Metals

It’s simply easier to spend on a debit or credit card than with cash. In an emergency situation, it’s always best to have cash on hand, and maybe even some precious metals bought when the prices were low. However, cash is also easy to steal and most burglars know exactly where to look. Invest in a fire-proof safe that’s bolted to the home and impossible to remove to store vital documents, cash and other precious belongings — that’s what our grandparents did.

Sadly, most banks don’t offer a good enough interest rate to make savings accounts worthwhile. You can easily get disheartened looking at monthly interests that never go beyond single figures. If you have trouble saving, choose an online account and opt out of getting debit cards and checks. You can still transfer funds to make them accessible, but it will take a few days so it stops impulse purchases. 

Reconsider Needs

A big problem many people have while budgeting is their undefined definition of necessities. Few people need a house as nice or as large as the one they live in, or the cars that they have in the garage. If you really want to be financially sound, keep in mind you’ll likely need more than your current income per year when you retire. Suddenly the urge to save is much stronger — and you find downsizing a little easier.

Start Early When Preparing for College Expenses

If you're the grandparent of a recent high school graduate, you're probably filled with many different emotions. Chances are that you feel excited for your grandchild's accomplishment but are also nervous about the future. The cost of college increases each year, and room, board, and rent aren't cheap, either. Add in the cost of textbooks, new clothes, and apartment belongings and the opportunity to go to college may seem slimmer than ever. There are, however, a few ways you can help your grandchild succeed should he decide that college is right for him.

First off, look at scholarships. Help your grandchild fill out his FAFSA to find out what sort of federal scholarships and grants he may qualify for, but also look at local scholarships. For example, many colleges offer private scholarships to students who choose a certain major or students with a certain background. A scholarship will help reduce the cost of attending college and can free up extra money that you would normally have spent on tuition.

It's also important to talk with your grandchild about financial responsibility. If he's ready, consider taking a trip to Lexington Law to meet with a financial adviser. A professional financial adviser will consult with you and your grandchild to talk about how to prepare for the future financially, how to make good financial decisions, how to avoid falling into debt, and how to resolve current debts if this is an issue. Additionally, your lawyer will be able to discuss different investing options for your grandchild to consider even while he is in college.

Finally, make sure you help your grandchild find an inexpensive, yet cheap place to stay. Remind him that it's more important to live within his means than to impress people by showing off how much money he has. It's easy for students to get caught up trying to show off to their friends and do things like buy a brand new car or charge an expensive sofa, but the truth is that these things are unimportant. A secondhand car or a secondhand couch work just as well as brand new items, yet don't mean going into debt to acquire. Remind your grandchild that what matters is his personal education and not making friends who need to be impressed.

Fundraising 101: Turn a "No" Into a "Yes"

According to GrantSpace, there are more than 1.5 million nonprofit organizations registered in the United States. If you're keeping count, that is more than one million charitable organizations vying for the same donations. It's not unusual for fundraising professionals and volunteers to get a "no" from potential donors far more often than they get a "yes." Here's how to turn someone who doesn't want to donate into someone who does.

1.I Don't Have the Money

There's no doubt that times are tight right now. People across the country are not only living paycheck-to-paycheck, but are worrying about how to keep the lights on. When someone tells you that they don't have the money, empathize with them. Tell these people that you understand, but that even a dollar would help. Consider that if you got $1 from 100 people, you've raised $100 for your charity. If you try to force 100 people to give you a specific amount of money and all decline, you've raised nothing. 

2.I Already Donate to...

Many people will tell you that they already donate to a charitable organization, using the excuse to not donate to yours. Thank them for their generosity to the other charity, and kindly explain that your organization is not affiliated with that group. Explain how even $5 can help your group continue its mission. 

3.I Have to Talk to My Partner

Don't push someone who tells you that they have to speak with their partner before they can commit to donating to your charity. It's not unusual for people in a relationship to consult each other when it comes to joint finances. Instead, ask this person if you can call them a few days from now or stop back by. Do not rely on the fact that you will be contacted, take control of the situation. Remind the person that you are not asking for much, and reiterate that any little bit will help your charity or project.

4.I Don't Donate to Charity

Many people don't donate to charities simply because they don't understand the group's mission, history or current projects. Have a flash drive loaded with your information ready to hand this person. Empathize with your prospect, and let him know that you understand that there are millions of charities seeking his donation. Assure him that he will not be contacted again should he choose to donate one time only, and ask him to view your flash drive and pass it onto a friend or family member who may be interested. 

5.Send a Thank You

Send a thank you note or email to every person that you come into contact with, provided that you have at least gathered contact information. Even if the person doesn't donate, thank them for taking the time to speak to you. This simple act of courtesy may encourage someone to donate even after they have told you no.

You never want to pressure anyone to donate to your organization, but you do want to have responses at the ready if you receive an initial no. If someone takes the time to explain to you why they will not, or cannot, donate, take the time to respond. You'll never turn a "no" into a "yes" if you don't try.

Writer Ken Osteen is an avid blogger for dvdcopycat.com where you'll find more ways to use technology to help with fundraising.

What Medical Exams are Required to Purchase Life Insurance?

Life insurance is a form of insurance that pays out a set amount of money either upon the death of the person that holds the policy or after a certain amount of time. There are several types of life insurance policies including term life policies and whole life policies. There are pros and cons of each type of life insurance policy. All of the best life insurance companies will require some type of medical examination before approving any type of life insurance policy. 

When it comes to choosing the top life insurance companies and policies there are several things to consider including:

• How much insurance do you need?
• Is a term life or whole life policy necessary?
• Cost

For most people the cost of the insurance policy is going to be extremely important. Term life insurance policies tend to cost much less than a whole life policy. However, there are some benefits of paying more for a whole life insurance policy including the fact that these types of policies can be used as an investment strategy to be used during retirement.

Most people choose a term life insurance policy because it costs much less. The main reason most people choose to have a life insurance policy is to protect the ones that they love should something happen to them. Parents of young children want to make sure that their children are provided for should something happen. Typically, a term life insurance policy will be for a set number of years that will cover the children until they are grown and can take care of themselves. 

Obtaining a Life Insurance Policy

There are several steps that must be taken in order to obtain a life insurance policy. Once a person has spoken with a life insurance agent the next step will be to schedule the required medical examination. The majority of life insurance companies will require some type of medical examination during the application process. This examination can be completed either at a lab or office or even in your own home. The entire process will take about fifteen to thirty minutes and is conducted by a medical professional.

The typical medical examination for a life insurance policy will involve providing a blood and urine specimen as well as a measurement of height and weight and a blood pressure reading. There will also be several questions asked about your personal and family medical history. 

Frequently Asked Questions about the Medical Examination

1. Who performs the exam?
-The examination is performed by a licensed medical examiner located in your area.

2. How much will it cost and who will pay for it?
-The provider of life insurance will pay for the examination. There is no cost to the applicant.

3. What does the medical exam include and how long does it take?
-The medical exam typically includes reviewing your medical history including any doctors that you have visited a basic physical examination, blood work, and a urine specimen. There are some life insurance companies that will require stress tests and EKGs. The entire examination will typically take less than half an hour. 

4. What information about my medical history will be asked?
-The examiner is going to ask you questions regarding any surgeries, medical conditions, medications or other treatment that you currently use or have used in the past and the names of your current physicians. 

5. What happens with the information provided in the examination? Can I obtain a copy of the report?
-The information provided during the medical examination is confidential and is sent to the life insurance company as a part of your application. If you would like a copy of the report you can request one from the life insurance company.

Conclusion

When it comes to making the right choice it is important to note that a medical examination is going to be required even for a short term life insurance policy. The medical examination will not take very long and most insurance companies will send a representative to your home in order to conduct the test. You may be required to fast for twelve hours before the blood work, but other than that very little preparation is needed. You will want to make sure to have your doctor’s names on hand as well as a list of your past and current medications. 

Post Retirement: 5 Ways to Boost Your Financial Portfolio

Retirement marks the beginning of an exciting new chapter in your life. You are no longer working to satisfy the goals and dreams of your boss. These days, you are looking to ensure that your own goals and dreams are being fulfilled. What are some things that you can do post-retirement to make sure that you have the financial resources to stay in control of your own life?

1) Never Stop Investing

It is a good idea to always be on the lookout for that next great investment opportunity. Whether you want to buy an income property, purchase gold bullion or invest in a business, you should always be looking to put your money where it will continue to grow for you.

2) Get A Part-Time Job

After retirement, you may loathe the thought of going back to work. The good news is that you have the flexibility to choose a job that interests you. Instead of working because you have to, you have the time to work as a bartender, on the golf course or at the body shop because you want to and its a great way to make money while getting out of the house.

3) Meet With A Financial Planner Regularly

Your financial planner is your best friend. He or she will show you how to responsibly manage your money in ways that will allow you to live your life without fear of going broke.

4) Maximize Social Security Benefits

Do you suffer from pain or soreness due to years of physical labor? If so, you may want to meet with Harris Federal, a federal disability attorney to see if you can start collecting social security disability checks without having to sacrifice money in the future.

5) Look For Ways To Reduce Your Tax Burden

Each dollar that you don't send to the government is a dollar that you keep in your bank account. Therefore, it is in your best interest to find ways to lower your tax burden whenever possible. An easy way to do this, if you are under age 70, is to keep your money in your retirement account to avoid paying taxes on accrued interest.

Once you retire, you won't have the large paycheck and health benefits that your employer has provided for you. This means that you have to think of ways to provide for yourself for the next 20 to 30 years.

Benefits of a Cloud Based Phone System

Cloud based phone system is a new technology that enables phone services to be delivered via the internet. The key role of the system is the ability to deliver calls through the internet, route inbound call to the right employees within a company, and offer telephony applications, such as voicemail and call recording. It provides the best features and reliable services. This system stores data in a safe server which can be access via the internet. It replaces conventional land lines. BroadConnect Telecom is an example of Companies that offer cloud based phone system services. 

Benefits of cloud based phone system

Saves costs
The system is cheaper compared to conventional land lines. The system does not need costly hardware such as servers that depreciate with time. You only have to subscribe to a program with monthly or annual fee. This offers your company financial flexibility.

Easy set-up
It does not require wire routing therefore easy to set up and operate. You don’t need dedicated manpower. This involves hiring people whose sole purpose is to administer the hardware and the system. Company owner can be able to manage the cloud phone system using a friendly web interface. This provides you more power over how your employees communicates. 

It is simple to expand or reduce communication features. You can be able to delete virtual extensions with just a click on your account. There is no need for new wiring or shifting office furniture. If you intend to open another office at a different location, you won’t buy a new system. The service is able to join different offices under one system.

Saves time
Conventional business phone systems require high maintenance and intense set up processes. With a cloud based system you skip all those procedures and save time

Advanced features
Clouds phone system provides advanced features such as the capacity to add several extensions,call forwarding, voicemail  message management, voicemail and different phone alternatives. You can be able to record voicemail messages, set up several voicemails, or read voicemails online.