4 Financial Steps to Take after Being Diagnosed with Permanent Disability

When you get diagnosed with a permanent disability, it severely changed your life. You may have pain, difficulty doing the things you used to do, inability to work, and increased financial obligations. It’s rather difficult to handle financial difficulties when you aren’t able to work. 

Here are 4 financial steps to take after being diagnosed with a permanent disability.

Save, Save, Save

Permanent disabilities can come with some hefty costs to see doctors, treatment and medication, and any accommodations that need to be made. You also need to be prepared for any unexpected time off of work. This means you need to save when things are going well to be ready. Put a little bit of money away every check to ensure you have a safety net when necessary.

Find Work You Can Do

You may be forced to resign from your position due to your disability. However, that doesn’t mean you can’t find other ways to make money. Identify your limitations and look for work that you can still do despite your limitations. 



The available work varies greatly depending on your disability. You may be able to talk to your employer to see if you can get transferred to another position that might suit your needs better.

Get Benefits

There are government programs designed to make life easier for people with disabilities. Do your research and see what programs you might qualify for. Look into both social security and medical programs. 

There may even be charitable organizations who step in when the government does not. Do not feel bad about getting help due to your condition. You have to deal with something most other people do not have to go through. Since you have this handicap, you deserve the help.

Call a Lawyer

There are a lot of aspects of learning you have a disability that can be confusing. Luckily, you can find the help you need by reaching out to a disability lawyer. They can answer any questions you have regarding employment law regarding disabilities, filing for benefits, and anything else on the topic of disabilities. This will protect you at work and help ensure you get the benefits you deserve.

There is more to consider when it comes to disability than the physical aspects. The disability can affect the other aspects of your life, including your finances. Follow these tips to keep yourself comfortable.

4 Things You Need to Include When Writing Your Will

No one really wants to contemplate his or her own mortality. At some point, though, any responsible person will decide to create a will so that his or her family will be taken care of after he or she is gone. If you are looking into creating a will, you’ll want to make sure that you take care of the issues below.

Immediate Concerns

Always start with the most immediate concerns. If you have children, make sure that you appoint someone to take care of them. If you have pets, include where you want them to go. 

If you have a business, make sure that someone is appointed to run it in your stead. While these may all sound like very basic decisions, they’re the issues with which your family will first have to grapple when you are gone.

Your Funeral

Don’t forget to pay attention to your funeral in your will. If possible, go ahead and specify the funeral home and crematorium that you wish to use. If you have any special wishes, go ahead and include them—while they may not all be honored due to specific laws and regulations, it’s always good for your family to know what you would have wanted.

Special Provisions

You’ll also want to make sure that you get anything special filed away as soon as possible. If you want to leave the bulk of your estate to a charity, you’re going to want to get it in writing early so that no one will challenge your decision. 



If there’s a special item that you want to go to a specific family member, you also need to include that. Remember, there comes a point at which it really is too late to get these special items included.

Special Circumstances

Finally, make sure that you take care of any special circumstances regarding your estate when you make a will. If you have an unusual family situation, make sure that you specify whether an individual is included or if he or she is being purposefully left out.

If you know that your death might lead to specific issues in your business, make sure that you have some method of dealing with those issues included in your will. Do what you can to ensure that confusion isn’t left in your wake.

Always make sure that your will takes care of immediate issues, list your wishes for your funeral planning, and handles any special situations and provisions that might impact your loved ones. The more information you put in the document, the fewer issues with which your family will have to deal.

4 Side Gigs to Raise Funds for Unexpected Emergencies

The Internet has created more opportunities for individuals to make additional income on the side than ever before. While the money you earn from your side hustle can be used for anything, it is often a good idea to save it back for unexpected emergencies. Here are some ideas that almost anyone can do.

Write Books

If you’ve ever dreamed of writing a book, it is now easier than ever to publish it independently online to the major ebook stores and make money from any sales. After writing your book, be sure to get it edited and formatted correctly, as well as create an eye-catching cover. 

You can write about anything you want, from a non-fiction book about a familiar subject to a fantasy epic. You can also write online at sites like textbroker.com. This will give you experience and you work as an independent contractor per article.

Drive for Ridesharing Services

Uber and Lyft provide opportunities for individuals to make some money on the side providing rides to people for a fee. Both you and your vehicle must meet their requirements to be approved to drive for them and start earning money. 



You may need a trip to the transmission shop or to get new tires. Another thing you must check is your auto insurance to see if it covers your vehicle for use in this commercial manner. If not, you will need to purchase additional coverage.

Buy and Sell

You can make good money on the side by finding hidden gems at thrift stores and garage sales and then reselling your finds online. This can take some trial and error but when you get the hang of it this side hustle can be very lucrative. You can also hunt for deals online and then resell for a profit.

Take Photos

Many individuals, businesses and creative professionals need stock photos for the work they do. If you enjoy photography and are handy with a camera, consider selling some of the photos you take online. You can sign up at some of the major stock photo sites, upload your photos and take a cut when they are sold.

Unexpected emergencies happen and it is always a good idea to have some money saved up to deal with them. Side jobs can help ensure you make enough to set some aside. Consider these gig options—one or more of them might work for you.

5 Simple Ways to Raise Money Quickly

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Whether you are in need of raising money for a medical procedure, an upcoming move, or even for a charity that is near to your heart, there are many ways to go about doing so regardless of your reasoning. Use these simple tips to raise money quickly for any purpose and with just about any timeframe.

Host a Garage Sale

Hosting a yard or garage sale is one of the quickest ways to raise money quickly, especially if you have boxes of unwanted belongings and household decor that are still in great or near perfect condition. Hosting a garage sale is also a way to declutter your home while providing you with a complete inventory of the items, furniture, and personal belongings you do own.

Get Rid of Outdated Electronics Throughout Your Home

Another way to raise money is to sell outdated and unwanted electronics that you have throughout your home. Outdated electronics such as smartphones, laptops, desktop computers, and even audio systems can all be resold for a lower price. In some cases, it is also possible to resell or recycle electronics online right from the comfort of your own home.

Consider a Crowdfunding Fundraiser

Crowdfunding is another method of raising money, especially for individuals in need of medical care assistance or for those who are raising funds for those in need. Launch a crowdfunding campaign to spread the word of your cause and to receive help from individuals and strangers from around the world with the use of your own website, blog, and social media presence.

Host a Walkathon or a Marathon

Physical activities such as walkathons and marathons are great for raising money in a short period of time, especially if you are interested in spreading the word of your cause. 



Consider hosting a walkathon or a marathon if you have at least one month in advance to plan your money-raising event. Walkathons and marathons are ideal if you are seeking to raise money over the course of multiple months with groups of friends and family members.

Sell Your Car

Selling your car is one of the best ways to raise larger amounts of money in less time. Most vehicles are valued in the thousands, providing you with an opportunity to get the money you need with just one sale. Even a rundown car can fetch a good price. Look for places that are asking for money for your junk car.

Raising money quickly does not have to be difficult, especially with a well-crafted plan and timeline in place. With the right money-raising tips, set and achieve your money-saving goals with ease.

Advantages of CLSS Scheme for Home Buyers in 2019

In an effort to make housing affordable to the people living in India, the government launched a scheme under the Pradhan Mantri Awaas Yojana in June 2015. It came to existence as the Credit Linked Subsidy Scheme. In it, the government pays a part of the home loan interest as subsidy, to ease the financial burden on the borrower. As of 2018, almost 2.75 Lakh people have taken advantage of this scheme in question.

The PMAY CLSS can help you build or purchase your dream home too. However, here is a brief look at how the scheme affects your loan interests, depending on the annual income of your family.

Income Slab and Subsidy on Interest

1. Economically Weaker Section (EWS) - If the annual household income of your family is less than Rs. 3 Lakh, the government categorises your family as EWS. As such, you can enjoy interest subsidy of 6.50% on home loans under PMAY.
2. Low Income Group (LIG) – The government classifies you as LIG if the average annual income in your family is more than Rs. 3 Lakh, but less than Rs. 6 Lakh. Families in the LIG group can avail the same 6.50% subsidy offered to those EWS.
3. Middle Income Group I (MIG I) – You belong to this group if your family earns between Rs. 6 Lakh and Rs. 12 Lakh. For families in this group, the Credit Linked Subsidy Scheme offers a 4% subsidy on home loan interest payable.
4. Middle Income Group II (MIG II) – If you earn between Rs. 12 Lakh and Rs. 18 Lakh in a year, your family falls under MIG II. For these people, the subsidy stands at 3%.

Now that you know the different income slabs eligible for a subsidy, you might wonder how the scheme works. Here is a detailed example to help you understand the benefits of this scheme on home loans.

Suppose, you belong to MIG I and you opt for a home loan of Rs. 9 Lakh at 8.5% for 20 years. At this interest rate, you would incur a monthly EMI of Rs. 7810. During the entire tenor of 20 years, you will end up paying Rs. 9,74,498. Now, after considering the 4% subsidy, net present value or NPV for the said home loan comes to Rs. 2,65,000.



Under this credit linked subsidy scheme, you do not have to pay interest on your principal loan amount but on the amount resulting from subtracting the NPV from the principal, which in this case is Rs. 6,65,000. Therefore, your EMI would reduce to Rs. 5771 and, at the end of 20 years, you end up saving Rs. 2,54,453 in interest payments on your loan.

Benefits of the Scheme

The price of land and property is skyrocketing in India. At such a time, people belonging to weaker financial strata of society have no hope of affordable housing. With the help of this subsidy scheme, such individuals can now look afford a residence at par with average living standards. Here are some benefits of availing such subsidised home loans –

Reduces Financial Liability - Since this subsidy scheme reduces the EMI payments for a home loan, it, in general, helps reduce financial burden. With such a subsidy, repaying the loan becomes easier and more convenient.

All Reputed Lenders support the PMAY CLSS Scheme - You do not need to find a separate financing company to avail a home loan with subsidy. If you match the eligibility criteria, any reputed lender will allow you to utilise the benefits of PMAY scheme in India.

Points to Remember for Availing Subsidy on Home Loans

This scheme is available only to first-time homeowners. Therefore, if you already own a property and want to purchase a new house, you cannot avail the subsidy on a loan to purchase the new property. However, such a person can still avail a subsidised home loan for the purpose of renovation or improvement of his/her owned property.

You still need to furnish all documents required for home loans to your lender and meet the specific eligibility criteria for the same.

To avail the subsidy on the loan, you must meet the carpet area criteria based on whether you belong to EWS, LIG or MIG groups. If the property you are buying surpasses the maximum carpet area allowed for your economic group, you will forfeit the subsidy.

Subsidy on home loans can save a considerable amount of your finances. However, you must check all terms and conditions for the scheme before the loan application to ensure that you qualify and benefit for the same.

You’ve Got Options—How to Pay for Your New Home

One of the major components of the American Dream is owning a home. However, purchasing a home can be a challenge for many adults. There are so many strategies and rules that it may seem impossible to figure out. Luckily, if you’re ready to buy your new home, you have options to choose a payment plan that works best for you.

Save up the 20 percent Down Payment

Most personal finance gurus recommend saving up 20 percent for the down payment before making the purchase. This strategy comes with some great benefits. First, you’ll automatically have some equity built up, so it’s unlikely you’ll go under on your loan. 

Another great benefit of taking out a conventional loan with a 20 percent down payment is the ability to avoid private mortgage insurance. Usually, if you’ve paid less than 20 percent, lenders require that you pay for PMI. 

Depending upon the price of the home, PMI can cost hundreds each month. The biggest negative associated with a 20 percent down payment is the length of time it can take to save it, but many consider the wait worth it.

Save up and Pay Cash

Another option for paying for your new home is saving up cash to pay for it in full. This will help you avoid debt, but it will likely tie up wealth that could otherwise be invested in more liquid investments. 

Having a paid-off home will greatly improve your monthly cash flow. This option will be more achievable in many areas of the Midwest. It will be very difficult for people looking to buy real estate on the coasts where housing costs are higher.

Fixed vs Adjustable Mortgages

Mortgages with adjustable rates tend to come with lower interest rates. These lower rates can make it easier for prospective homeowners to get into a new home. However, they can be adjusted upward, and your mortgage payments will be adjusted accordingly. The principal and interest portion of a fixed-rate mortgage will stay relatively steady over time.

Mortgage Programs

The US government provides incentives for new homeowners. Mortgage programs through the USDA, the VA, the FHA, and some companies who work with them can give you mortgages with no or very low down payment requirements. These can allow you to get into a house quickly without saving up tens of thousands of dollars. 

Likely, you’ll have to pay for insurance on these. If there’s a downturn in your local market, it could become difficult to sell a home without going into the hole because you’ll be less likely to have equity built up.

If you’re looking to get into a home of your own, you have options. Whether you have no money to put down or you can pay the full price in cash, it’s possible to get into your first home as long as you have reasonable credit. Regardless of the option you choose, you’ll want to perform due diligence to make it less likely you’ll wind up underwater on your purchase.