4 Ways a Small Loan Can Actually Help You in a Tight Situation

Many people avoid taking out loans to avoid repayment and to protect their credit standing. However, sometimes circumstances unexpectedly occur that require immediate financial relief. When other means of financial help are unavailable, a small loan might be your best option for several reasons.

Prompt Solution to the Problem

Getting a small loan can settle your financial issues promptly. Personal loans can sometimes be approved over the phone, and the amount you are approved for can be deposited directly into your account. 

You don't have to open a credit card and wait for the account to be approved several days later. Nor will you need to negotiate the financial problem you are having with a creditor or another source. Just get your loan, pay the balance, and relax.

Protect Your Financial Reputation

Being late with a financial obligation is stressful for you and the creditor. In addition, if the amount you owe is not handled promptly, the late balance may negatively impact your standing with that financial entity. 

They may not extend credit to you in the future, and there might be a ripple effect with other creditors that are linked or associated within the same industry. Paying your balance owed in full will make you and your creditor happy and keep your record with the company in good standing.

Repay Over Time

When you take out a personal loan, you can make payments that fit your income level and monthly budget. Make your payments on time without feeling an immediate monetary crunch. 

If you are able, you can also pay off the loan early to save interest and not worry about further payments. A loan gives you the flexibility to pay as you are able without extra fees.

Build Your Credit Score

Paying your financial obligations on time is an important part of your financial well being and credit score. If you fall behind in your payments, your credit score will suffer. 

It may be difficult to get future credit, or if you are approved for a credit account, the interest rate, fees, and payment schedule may be less favorable than what you currently have. A positive credit rating is essential for financial health now and in the future.

Talk to the financial institution of your choice to see if you are eligible for a loan. Check out the interest rate, payment amount, and loan terms before signing an agreement. A loan could be the answer to your financial pressures.

Planning for Retirement in the US as an Expat

For those foreigners who have lived and worked in the US for a while, retirement in America can be a great option. Planning for retirement as an expat takes forethought and careful financial planning. For many the process takes years. Fortunately, there are many ways for foreign nationals to have a comfortable retirement in the US.

401(k)

This falls under the ‘Defined Contribution’ type of retirement plan. Expats who have not yet secured a permanent residence can also invest in 401(k). This avenue lets investors set aside a part of their pre-tax income for retirement. 

It has the added advantage of reducing the taxable income. At the time of signing up, investors have options such as mutual funds, bonds, and stocks.

Sometimes employers match their employees' 401(k) contributions up to a certain percentage. For example, a foreign national working in the US for a local employer earns $50,000 annually and contributes $2,500 (5%) per year into his 401(k). 

If the employer contributes another 3%, the employee gets an additional $1,500 added into the plan per year.

Another option is the Roth 401(k) plan. It differs from the 401(k) in that it is funded with after-tax dollars. Roth 401(k) is gaining popularity because it comes with tax-free withdrawals.

IRA

Individual Retirement Accounts (IRAs) work much the same way as 401(k) plans, except for two key differences. First, 401(k) accounts are maintained by employers whereas IRAs are opened by individuals. 

People usually go to asset management entities or brokerage firms to start an IRA. Second, 401(k) plans restrict investments to a single option – stocks, bonds, or mutual funds. 

An IRA allows for a more diversified investment mix under one account. It can also include real estate investments. Note that IRAs are taxable at the time of withdrawal.

Pension

A large number of expats in the US send money online to invest in various retirement plans in their home countries. For those planning to retire in America, investing locally can make more sense. 

Pensions are among the simplest retirement schemes for expats who are formally employed by US firms. These require no major investments on part of the employees. 

Employers who maintain pension funds give fixed monthly benefits to their employees after retirement. The pension payment is determined by the annual salary during employment and the tenure of service. Pensions offer much better benefits to those who have been in long term employment.

Pension is generally calculated at 1.5% of the average annual salary times the number of years of service. For example, someone who earned an average annual salary of $60,000 over 25 years of service will receive a monthly pension benefit of roughly $1,875 after retirement. 

This figure may appear underwhelming. However, for most expats this is not the sole source of income. They look upon pension as merely an additional income. It is commonly combined with social security benefits and other forms of income.

Social Security

Expats who are in the US for the long haul are entitled to receive Social Security benefits. The amount of benefit is determined by credits an individual has accrued over the period of their working years. 

These credits can be re-calculated after each month. The Social Security Administration offers a Retirement Calculator on its website. Individuals can readily determine the age at which their desired benefit amount will become available.




However, first, you must contribute to the Social Security fund. Both employers and employees must pay 6.2% of the annual wages, up to a maximum of $137,700. Self-employed persons are required to contribute to the entire 12.4%. 

Further, individuals must accrue 40 credits to be eligible for social security benefits. 1 credit equals 1 quarter of a working year. One must work for 10 years to be eligible to receive these benefits.

The retirement age in the US is divided into slabs. This is also applicable to foreign workers. For persons born between 1943 and 1954 the full retirement age is 66. For persons born between 1955 and 1960 the full retirement age gradually increases by 1 year till it reaches 67. 

Individuals can opt for an early retirement age of 62. However, this will bring a reduction of up to 28% in the monthly benefit payouts.

Fixed income annuities

This is a type of insurance contract that may be used toward retirement benefits. Individuals can buy fixed income annuities from insurance firms and contribute to their post-retirement incomes with monthly payments. 

For instance, a person who wishes to retire at 65 starts investing $500 monthly at age 30. This person will receive an annuity payout of about $540,000. This sum can be withdrawn in monthly, quarterly, or annual payouts as a fixed income. 

Furthermore, contributions to fixed income annuities are not capped like IRAs or 401(k). One can invest in annuities without limit. For comfortable retirement experts suggest investing at least 5% of your annual salary into fixed income annuities.

About the author:

Hemant G is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency. When he’s not writing, he loves to travel, scuba dive, and watch documentaries.

Understanding the Importance of Keeping Track of Your Investments as You Get Older

Accurate record-keeping is important at any stage of life, but it becomes especially crucial when you’re getting on in years. Older people need to have an in-depth understanding of their investments in order to protect themselves and their offspring from financial difficulties. These are just some of the many reasons why keeping track of your investments is so important as your age.

You’ll Need to Decide When to Retire

Retirement is a major milestone in the life of any working individual. In order to set yourself up for a sound financial future, you need to strategize before dropping out of the workforce. 

If you retire too early, you might not have enough saved up to get you through your senior years. To decide when to retire, you’re going to need a comprehensive understanding of your full financial portfolio. 

This requires careful records of all your investments. If you don’t know where your money is, you’ll never be able to get a proper understanding of your financial situation.

You’ll Want to Estimate How Much You’ll Owe in Taxes

When it comes to retirement, simply knowing your net worth is never enough. You also need to know exactly what types of funds or properties your savings have been invested in. 

This is because withdrawals from certain funds will be taxed as regular income. If you’re not prepared for this taxation, then you’ll be blindsided by a sudden decrease in your accessible wealth.

You Never Know When You Could Need to Access Funds Quickly

We all dream of a peaceful and uneventful retirement, but vicissitudes of fortune often get in the way. You’re likely to encounter the occasional emergency as you age, medical or otherwise. In order to access your wealth, you need to have a concrete idea of where it’s located.

You Need to Prepare Your Estate for the Next Generation

While none of us enjoy facing the prospect of our own demise, we owe it to our families to account for our estates. In order to make things tidy for everyone who inherits your wealth, it’s important to have a solid accounting of your investments. 

With the help of an estate planning attorney, you can make life a lot easier for your next of kin.

Tracking your investments is vitally important, especially when you're older. Keep these reasons in mind as you make the effort to be financially responsible.

4 Ways to Cut Costs When Owning Large and Older Vehicles

If you’re a fan of classic things, there’s nothing like owning a classic vehicle. Unfortunately, owning an older vehicle, especially one that’s large, can come at a high cost. The good news is that there are ways to overcome these problems so that you can continue to enjoy owning your dream car.

Change Fuel Types

For the advanced tinkerer who owns an older car, you may be able to save some costs by converting your vehicle to run on alternative fuels. If you can convert your vehicle to run on ethanol, for example, you will likely save quite a bit of money when filling up your tank. 

Plus, depending on the type of fuel you use, you could help to significantly lower your vehicle’s impact on the environment, making this a win-win situation.

Do Your Own Repairs

Since most repair shops focus on vehicles made within the last 20 years or so, bringing in an older vehicle could be quite expensive. That’s why it’s important that you’re able to do your own repairs to help keep costs down. 

Of course, you can’t do your own repairs without plenty of Type 2 VW bus parts on hand at all times. Once you find a good supplier of parts, you can see if they offer bulk discounts for items that you have to replace often to help you save even more money.

Keep It Maintained

Some cost-saving measures apply to all cars, no matter how old they are. One of those cost-saving measures is proper maintenance. Regular oil changes, tire rotations, and other basic maintenance will help your vehicle perform well and help prevent major problems that would be quite costly to fix.

Make It Earn Its Keep

If your vehicle is larger than average, you can use your vehicle to earn some money to help it earn its keep. For example, a larger vehicle can hold quite a few boxes for performing deliveries for various shipping companies. 

With a larger vehicle, the possibilities are endless as long as you have enough drive and determination to keep after the work you do with your vehicle.

Show It Off

Older vehicles shouldn’t just sit around in a garage. If your vehicle looks good and sounds good, then it’s a good idea to show it off to others. When it comes to automobiles, there is a club for just about every type of car imaginable, meaning that there is someone out there who shares your enthusiasm for your older, larger car.

Financial Steps to Take When You Are Ready to Retire

Retirement is an exciting proposition for many people, but it requires meticulous planning and considerable financial responsibility. In order to set yourself up for retirement, you need a sound financial strategy. Here are the financial steps to take when you’re thinking about retiring in the near future.

Commit to a Budget

Budgeting has long been the central component of financial planning. In order to save up for retirement, you’ll need to spend the coming years earning significantly more than you’re spending. While you’re likely used to maintaining at least a loose budget, your pre-retirement years call for a renewed commitment to rigid spending limits.

Check How Much You’ll Have to Pay in Taxes

When considering how much money you have invested for retirement, don’t forget to account for the taxes that you’ll have to pay down the road. Some accounts will allow you to withdraw money without paying taxes. 

Others, like a traditional IRA, will see your withdrawals taxed as regular income. If you fail to acknowledge these future taxes, you could make some dangerous miscalculations regarding your retirement finances.

Calculate Your Post-Retirement Spending

In order to determine if you’re ready for retirement, you need to calculate how much money you’re likely to spend in your twilight years. If you’re committed to a costly mortgage or severely in debt, then you’ll have to take this into account. Only when you know exactly what your expenses will be can you make a confident plan for retirement.

Pay Off Your Debts

Eliminating any outstanding debts is a great way to set yourself up for a steady retirement. Interest rates can seriously cut into your retirement savings. By paying everything off before you stop working, you give yourself a clean slate. This will give you a wonderful sense of freedom as you embark on your retirement.

Save Up for Unexpected Expenses

Don’t forget to account for unforeseen expenses that could crop up after retirement. You never know when an accident or unexpected incident could force you to dig deeper into your savings. Even if you’re on Medicare, there are some medical care options that your insurance won’t cover. To play it safe, it’s best to have a sizable rainy day fund set aside.

Planning for retirement is all about safeguarding your financial health. If you take the steps mentioned above, you should be able to ease into a carefree retirement.

4 Counseling Apps That Will Get You Results Today

Are you in need of a safe space to vent your feelings? Maybe you just need a friendly voice to bounce your hopes, fears, frustrations, and plans for the future off of. If this is the case, you may wish to talk to a therapist. Here are 4 of the very best new counseling apps that will get you great results.

1. LARKR

LARKR is an excellent app that has been designed to provide you with therapy when you need it the most. This handy app will connect you directly with a professionally licensed therapist via the medium of a video chat that is streamed live. The idea here is to get you to help with as little delay as possible.

The service provides expert help with LGBT couples counseling, anxiety, mood disorders, addiction issues, depression, PTSD, and many others. You can get expert-level therapeutic counseling from an expert whose specialty is the problem you are suffering from.

LARKR provides a session that lasts for 50 minutes. The total cost is $55 per session. The billing process has been specially streamlined to allow you to apply for reimbursement from your insurance company if you are qualified. This makes the service even more convenient and easy to afford for people who are on a tight budget.

2. Talkspace

Talkspace is a handy new therapy app that is designed to be very accessible and even more affordable. You can use the app to obtain unlimited chat therapy for a total cost of $32 per week. You can also elect to receive weekly video chat therapy or a special course of couples' therapy.




Talkspace is one of the original therapy apps on the market and still one of the most well-reviewed. The app allows you to connect with a licensed therapist to whom you can send messages at any time of the day or night. You are not guaranteed an instant response, but you can rest assured it will be read and responded to before too long.

One of the perks of using this particular app is that you are free to choose the type of message you send. This means that you will be able to send a carefully nuanced query or a long, garbled plea for help. Whatever you decide on will be read by a licensed therapist who will make sense of it and send you a detailed response.

3. Basis

The new Basis app offers a bit more relaxed and informal type of talk session. The total cost is $35 for a 45-minute session. You can speak to someone over your cell phone or through a video session. A slight drawback here may be that the service does not make use of officially licensed therapists or medical experts.

However, what you get from using the Basis app is a relaxed and informal verbal session that has been developed by professional psychologists who hail from Ivy League college Stanford. You don't have to schedule your talk in advance. You can reach someone from the app at any time of the day or night, including weekends.

4. Better Help

Better Help may perhaps be the most popular and influential therapy and counseling app on the scene. The service can cost between $35 and $70 per week to make use of. This may seem a bit steep. However, the aid and counseling that the app provides have been vetted and reviewed very positively by some of the nation's leading therapy experts.

You can message, chat by video, talk on the phone, or converse via messenger as many times a week as you choose. You can always count on reaching a licensed therapist who is ready to talk.

It's Time to Talk it Over Online

You can't always get away to see a therapist in person. You may have a hectic swing schedule at work. There may be issues with relatives that keep you in one place watching over them. Whatever the reason is, if you can't get away, these four friendly apps can be a lifesaver. The time to make the best use of these handy apps is now.