Estate Planning: The Four Vital Steps To Take With Your Assets

A well maintained portfolio is vital to any investor's success in today's marketplace. You need to know how to figure out an asset allocation. The asset allocation needs to match your personal investment strategies and goals. Your portfolio needs to meet your future needs for funds. It needs to give you peace of mind as well. These portfolios can be set to your investment strategies and goals. You should take an organized approach.

Figuring Out The Appropriate Asset Allocation For You

The first chore in building a portfolio is to work out your individual financial situation as well as investment goals. There are significant items to consider that will ultimately help you decide which direction to take and the vehiclet that will get you there. You should consider the amount of time you have to develop your investments. By defining the time sensitivity of your goals will help you calculate the amount given and how many years it will take to get there. Once that is listed you will also need to determine the amount that you will need to be satisfied. Caclulate your age, living standards and who is dependent on you. This setting of goals will help you determine what strategies to take.

Investment Strategies

An older person close to retirement has different investment strategies than a younger person that is just starting out. Investment strategies can vary from person to person. You also need to factor in your risk tolerance and personality. If your investment takes a short term drop and you begin to stress out about it, then the high returns from those types of assets are not worth the stress. Another factor you should look at is the trusts that need to be made. If you have several people that are dependent or that you want to have your money when you are gone you need to decide what type of trusts should be made.

Asset Distribution

When you take care of your current situation and your future needs for money, this will determine how your investment should be distributed among various asset classes. Sometimes when you take risks, you get big returns. You do not want to eliminate risk all together. You want to optimize it for unique style and condition. For example, a young person can afford to take greater risks in the quest for high returns if they do not have to rely on his or her investments for income. Protecting assets would be the goal of an older person. They also need to draw income from these assets. This needs to be done in a tax effective manner. Handlilng your finances through a law firm like Donnell Law Group will help you focus on estates, wills, civil litigation and administrative law.

Achieving Your Portfolio

After you have made your decision on the correct asset distribution, you can separate your money between the proper asset classes. These are equities and bonds. You can break these asset classes down into subclasses as well. There are various ways that you can select your assets and securities.

Preparing for High Health Care Costs After Retirement

Preparing for retirement can be difficult. Rising healthcare costs don’t make it any easier. This is especially true for older people who need to see a doctor, dentist or ophthalmologist more often than other younger people. Anyone who wants to retire will need to prepare for them.

What Changes Are Retirees Facing?

The landscape of the healthcare industry has changed significantly over the last decade. Here are some reasons healthcare costs are becoming more burdensome to people after retirement:

· Fewer employers are offering healthcare plans to retirees. The percentage has shrunk from 66% to 33% since the early 90s.

· Average healthcare costs have increased significantly in recent years. In 2013 a retiree would need to have saved between $220,000 and $360,000 to cover their healthcare expenses.

· Medicare cuts have made it more difficult for some seniors to find providers that offer healthcare, which means they often have to pay out of pocket.

There are also other changes that help some retirees while hurting others. The new Affordable Care Act is one of them. Many people with preexisting healthcare problems will be able to save money on their healthcare costs when the ACA goes into effect, but others are going to have to pay more.

Healthcare costs will continue to be a problem for many retirees in the near future. You will need to make sure that you prepare for them.

Preparing for Healthcare Costs Before You Retire

Anyone that plans on retiring before they are eligible for Medicare will need to be prepared to pay for expensive healthcare costs. Even if you have Medicare you will still need to pay a lot of money for your care. Here are some ways that you can prepare for these costs.

Start Saving Before Retirement

You will need to start saving money long before you retire. Try putting as much money as possible into your IRA, 401K and other tax sheltered savings accounts. One expert advises that you will have a 90% chance of being able to cover your healthcare costs if you save $360,000 before retirement. You will want to save even more if you have existing medical problems such as diabetes or eye problems. Seeing an endocrinologist or ophthalmologist will be easier if you have prepared for it ahead of time.

Plan for Higher Costs if You Are High Income

Medicare Part D beneficiaries making over $170,000 a year will need to pay more for their benefits. People making between $170,001 and $214,000 will pay 40% more plus $11.60 more for coverage. Those making over $428,000 will be paying 200% more plus an extra $66.60 every month. Anyone that exceeds these incomes will need to plan for these costs.

Choose the Right Plans Before and After Retirement

Both patients receiving Medicare and those seeking private insurance on the exchange will have a number of options. You will need to find a plan that offers the coverage that you need. If you have serious medical conditions then you may need to choose a plan with higher premiums and lower out of pocket expenses. It may be a good idea to purchase a silver or platinum plan on the health exchange if you don’t qualify for Medicare, because these plans are cheaper for people who have many healthcare costs.

If you are making less than 250% of the federal poverty line then you may qualify for an enhanced silver plan. You may be able to deduct a lot of your income after retirement so you should speak with your insurance agent or an ACA Navigator to see if you can qualify.

About the author: Kalen is finance and consumer writer. He shares tips on preparing for new changes in a changing world.

How the Government and Charities can Help Get you out of Debt

Wipe our Debt (Photo credit: Images_of_Money)

Living under a mountain of debt is stressful, frustrating and can have a significant impact on your quality of life. Even though you may not think there's any help out there, you can get assistance with debt from area charities and even the government if you know where to look and how to approach the situation.

Debt Management: Where the Government and Charity Meet

Getting impartial professional advice regarding your current financial situation is the first step to becoming debt free. Counselors can help you negotiate with creditors, create a budget and do whatever else you need to do for financial solvency and get you on your way to alleviate that debt.

Debt services often charge fees, but you may qualify for free help through the government's Money Advice Service. Some agencies are operated by charities and charge low or no fees for helping individuals who qualify under their income criteria. According to the official services website of the UK government, the "Money Advice Service has information on organisations that can advise you about whether a Debt Management Plan is right for you.

Evaluate Your Circumstances From All Angles

In order to uncover every possible help resource, whether charity or government, you need to look at your current personal circumstances. If you're struggling with debt because you have ongoing medical issues and miss work, for example, you may be eligible for programs designed to help people under those particular circumstances or for those who have your illness.

Look at all the factors that are contributing to your financial situation while considering the big picture. You may not be considering buried circumstances that are causing you to struggle financially and that might cause you to miss avenues of help you qualify for. A little searching can definitely go a long way. 

Leave No Stone Unturned

Once you've identified everything that plays a part in your finances, start looking for outside help. Contact government agencies first, as many can point you in the direction of charities that can assist you even if you don't quality for any government programs. Don't assume you're not qualified for something until you've at least spoken to someone with that service or program.

Try information services, such as income support phone number, to get connected with government programs you may be eligible for. Ask government representatives about private programs you may qualify for whether you're approved or denied help.

Charities can be a little harder to pin down on your own, especially given how many have limited funding for advertising or may be struggling with outreach efforts. Prepare to do a bit of research to locate private agencies that can help you.

Check local online support forums for people in situations similar to yours to identify charity agencies you may not be aware of. Local government seats may have listings of charities that operate in the area. Use social media to check for charities in your area and to ask others if they're aware of any agencies if you feel comfortable doing so.

Make sure you follow application instructions and meet all the paperwork requirements for any government agency or charity you apply to. The sooner you turn in a completed application, the faster you'll get help.

Neal Bricker covers debt and financial topics related to seniors and others for various publications. He keeps up on current news and trends regarding services and debt management techniques.

Top 10 Money Management Tips For Newly Weds

All newlyweds look forward to a life of love and bliss. While we certainly hope for the best for all newly married couples, it is foolish to think that married life will always be a bed of roses. One problem a lot of married couples face is their finances. Sadly, this is one important issue that they don’t take the time to plan well. To avoid this, we’re featuring 10 money management tips for all you honeymooners out there.

1. Do an honest financial self-assessment with your spouse

It’s important for couples to do an assessment of themselves and each other before tying the proverbial knot. Not only should they be secure in each other’s love, but they should also be secure in each other’s ability to provide.

Therefore, couples should know each other’s net worth. They should be up front about their income, assets, and investments. Couples who are honest about their personal financial information tend to make better financial decisions in the future. 

2. Set SMARTER goals

SMARTER is an acronym for S-simple; M-measurable; A-attainable; R-realistic; T-time-bound; E-enriching; R-rewarding. Newlyweds, and even those who are getting married, should keep this in mind when setting goals. It’s crucial that they set up realistic and attainable financial goals they know they can achieve. But they should also make it a point not to become a prisoner of their goals.

3. Plan ahead

Financial planning is all about creating a workable budget. A family’s budget is hard to do without doing an honest self-assessment and setting goals. Couples, especially newlyweds, will benefit by creating sub-accounts. These are the monthly payables that take care of their “overhead” expense. Examples of these sub-accounts are rent, utilities, transportation and communication expense, groceries, insurance, etc.

Part of planning is creating a strategy to meet the target budget (meaning: not go over it). But it’s also incumbent among the couple to come up with a contingency plan whenever certain situations dictate that they need to go over their budget for the month.

4. Stick to the planned budget

When the couple receives their individual monthly earnings, they need to deposit money into these sub-accounts first before they spend for their indulgences. This is the best way for them to stick to their planned budget. This method instills discipline in the couple, and at the same time ensures that they are not living beyond their means. Whatever is left after paying the sub-accounts can be used by the newlyweds however they wish.

5. Have a weekly “business” meeting

Couples need open communication in their marriage. And this holds true not only for love, but for finances as well. A lot of times, couples fight or argue because one of them brought out a touchy topic about finances at the wrong time.

This can be avoided by scheduling a weekly “business” meeting. Newlyweds can set aside an hour a week to discuss everything about their finances—from credit card debt, bank accounts, investments, and insurance. In the business meeting, the couple has a chance to confer and iron out financial details with each other. The goal should be to settle financial concerns during the meeting to avoid discussing finances until the next scheduled business meeting.

6. Control or manage debt

This should be easy to do if the couple started off on the right foot by planning and managing their budget early on. But if they were already deep in debt even before they got married, they should make it a priority to get out of debt as fast as they can.

They can start with the debt with the higher interest rate. Between a credit card debt that has an APR of 22% and a student loan with a 17% rate, they’re better off funneling more funds into the student loan. It might take a heavy toll on the couple’s finances on the get-go, but at least they’re not accumulating more penalties and interest on their unpaid debt.

7. Build an Emergency Fund

An emergency fund should be one of the allotted sub-accounts. It is advisable that the couple set aside 10% to 15% of their monthly income to go into the emergency sub-account. At least when the rainy days come, they know they have readily accessible funds they can reach into.

8. Plan for retirement early

It’s never too early to start planning for retirement. Couples will gain a lot if they talk to or ask their employers about retirement options (even on the first day of work). Some companies offer competitive retirement plans where they match employee contributions. Another approach is to invest in a retirement plan with a financial institution.

9. Invest

Another financial aspect that doesn’t get much attention is investments. Newlyweds need to decide early on where their surplus income will go. They need to research on investments that can give them a good yield without tying-up their money for a long time. Or they can talk to an investment or fund manager. These professionals can help them come up with investment packages to suit their current needs.

10. Remember: “For richer or poorer”

All couples should remember the vows they made, especially when dealing with financial issues. Things can get testy when discussing the household budget or when dealing with credit card debt. Therefore, it’s best that couples take a step back before they get eaten up by their financial problems, and remember their promise to love each other for better or worse and for richer or poorer.

Get your married life started on right foot. Take these money management tips to heart and you and your spouse will be on your way to financial freedom.

Do you like this article? You can find more tips and guides and everything about your wedding at http://www.bestbride101.com/.

Benefits and drawbacks of instant loans

Loans (Photo credit: zingbot)

Instant loans have been getting much popularity among the people. This is so because of the fact that these loans have been catering to the needs of the people. There is a great demand for such loans among the people. Some of the benefits that one can get from Kulutusluotto is of much help to the people.

Benefits of the loans

One of the biggest benefits of the consumer loans is that one will be able to get the loans within a span of twenty four hours. This will be of much help to the people who are in some financial stress. The benefit is that one will be able to get the loan in the smallest time. Fifteen minutes is the minimal time that one will have to spare for getting the loans. This will enable them to deal with the financial issue and get rid of them easily. The company checks the details and then gives the amount to the people. If there is any discrepancy in the details, then only there is a delay in the processing of the loans. Or else the loans are given at the earliest to the people.

The second benefit is that the customers are given the loans in such a way so that they can make the best use of such loans. The loans are customer friendly and this enables the people to make good use of the loans. The consumer friendly schedule is of much benefit to the people. They will be able to make good use of the loan amount in the long run.

The flexibility that the companies give to the customers is another benefit of such loan giving companies. They help the customers to get the loans at the earliest. Take a loan from a company which gives you maximum flexibility and hence making the repayment process easier for you. 

Drawbacks of the loans you taking

The biggest drawback of any kind of loans is that you will have to pay back the loan amount. This is a great issue for the individuals. The companies which give the loans to the people charge a big amount of money from the people. Before taking such loans consulting with friends and family members is a must. They will be able to guide you and let you know whether they have the money to support you in such problems. You will be able to solve the issue at hand easily and then also save yourself from the trouble of paying the company high interest amount that they will be charging from you.

Another drawback is that the more time you will be taking in giving the loans back, the more interest amount they will charge as the tenure increases and hence the interest amount. This will be a big problem for the people. They will have to pay a big sum of money for the small amount that they will be taking from the company. Hence before taking loans, one must think twice whether the loan that they will be taking is of such prime importance or not. Most people take loans to fulfill desires like buying a dress or an electronic gadget. But one must think of the extra money that they will have to pay back to the company as a result of this.

Therefore these are some issues which one must bear in mind while taking the loans from the companies. Having an understanding about the benefits and the drawbacks is of much importance in getting the loans from the people.

7 Handy Online Tools to Grow Your Business

Growing a business is a process and it does not happen overnight. Once you have online accounts in place, the opportunity to reach more people becomes available. With this a business can create content to share, create online broadcasts and interact with customers. Interaction is important to maintain a positive reputation. 

Dropbox and Programs of the Like

Dropbox and programs that are similar allow users to host files and access them from any computer that has the software. These files are also able to be accessed from mobile devices. For businesses with multiple types of files and/or products, this is an ideal organizational tool. Users are able to create folders that are labeled for specific topics. Finding the content or file that you need is rather simple. The files can be used to upload online, send to clients or share with others virtually. Another benefit of this is that each file gets a link of its own. The links can be shared online that will direct others right to the content.

Speak to Type Programs

Speak to type or text programs, such as Dragon and SpeakWrite, transcribe what you are saying into text on a word processing page. These programs are fairly inexpensive and save a lot of time. It also allows users to multitask, such as research on a second monitor as content is created or shop online if that is the desire. This convenience also helps to prevent tendinitis and other typing related ailments.

Take Online Payments

When a business or service is able to take online payments and deposits, it is more appealing to users. This convenience saves users of your website a lot of time. The ability to take online payments from a variety of sources, such as credit, debit and virtual accounts such as PayPal, will increase revenue for the business. It is important that the features put in place for users to make these payments are user-friendly and fast loading as well as completely safe and secure. 

Build a User-Friendly Website

Nowadays it is important to have a website as a business. Not only does this help to build your reputation but it allows more Internet users to be aware of your business. A positive online reputation is important and can either make or break your business. The impression that users have of the website and how the business runs is important. Users must be able to easily navigate a website and it must be easy on the eyes and fast loading. The navigation must also be simplified to prevent user frustration.

Manage your Money

This is a crucial step if you wish to grow your business. You have to manage your money and be on top of revenues, expenses and losses at all times. This includes having daily financial reports as well as access to the bank account online to view balances, deposits and payments. If a business owner does not now where the money is going, chances are that they are setting themselves up for financial disaster. Online accounting software allows you to combine multiple revenue streams and see them in one area. You’ll be able to understand how much tax you need to pay and whether you’ve turned a profit in a matter of seconds.

Business Cards

Businesses and business owners need business cards. This goes without saying. Every person of status and those in sales should also have cards available. Even if it is just dropping a card into a letter or speaking with a friend about the business, every opportunity to hand one out is an opportunity to gain a new customer. These should be on-hand at all times. 

Use Social Media Networks

Social media networks are becoming the best way to reach out to new and existing customers. The ideal networks to share content on are Google+, LinkedIn and Facebook. Twitter is fizzling out as far as popularity and a way to boost your presence are concerned. It is also beneficial to post photos of products on Instagram and Pinterest to grab the attention of more users.

These are just a few of the tools that you should consider to help grow your business. It takes more than just advertising and word-of-mouth to increase revenues and gain new clients. This is a constant process. If you have these tools implemented properly, the business will grow itself with minimal work being needed on your part as the owner.