Where do the Over 50's Spend their Money?

The over 50's SWANS (Stopped Working and Now Spending) is one of the most cash rich demographics even in these times of recession and cut backs. Many of these over 50's have already purchased their houses and paid off their mortgages so the money that us younger generation are spending on rents and our own mortgages are free for their own use. 60% of over 50's receive non state pensions and more than 2/3rds of over 50's have said that the recession has made little to no change to their spending habits. So what do they spend their cash on?

Entertainment

Now that they've stopped working and have started spending their savings following their children leaving the nest, the over 50's tend to start to enjoy themselves again. Whether it be going to the theatre, out for meals and down to the pub for drinks with friends they have no work or children commitments left so they can enjoy themselves and their money.

Holidays

Many over 50's have children and grandchildren spread around the world and with them now being the cash rich demographic with time to spare on their hands it is they, rather than the other way around of olden days, that does the travelling to see family members. On top of this, with their lack of commitments and large cash reserves they tend to take two or three holidays a year, often heading to warm and exotic places that they have wanted to visit but not had the chance until now.

Gambling

What is life without a little risk? the over 50's generation are asking as they enjoy a flutter on the nags and occasionally the football matches at the weekend, with large accumulators with many selections and big payouts from small stakes favoured by the older generation. On top of this they enjoy the old favourites too such as playing live bingo at the local hall, while the more technically savvy of the over 50's who would have invested in computers or laptops to keep in touch with family on Skype and by email are tempting to play online bingo on sites like this one in an attempt to increase their cash surpluses too.

Renovations

Having lived in their own purchased and now mortgage free homes for many years, many of the over 50's are now favouring renovating their homes to give them a fresh look and a new lease of life. Whether it be internal, such as new furniture, wallpaper or coats of paint, or external including redoing the garden or the brickwork of the house, the over 50's and their cash reserves are always looking to keep their residence fresh and up to date.

Hobbies

This is a big one for the SWANS as they are no longer working they have plenty of free time to do as they wish to do so. Whether it is growing their own fruits and vegetables in their allotments or travelling around the country to following their favourite football, rugby or cricket teams the over 50's have both the time and money to do this with a comfortable ease.

Clothes, Jewellery, Scents and Gifts

The over 50's generation like to look good and, as such, with the amount of cash readily available to them they enjoy purchasing clothes and jewellery that will make them both look and feel good about themselves. To top this off they spend a large amount of money on ensuring that they smell the best too so the top of the range perfumes and men's fragrances are on their lists too. It's not all about themselves either as they enjoy selflessly purchasing gifts for friends and family on birthdays, at Christmas and even randomly too.

Kings and Pawns: Five Things You Can Buy Used and Save Money

Aside from the obvious things like houses, boats, cars and clothes, there are quite a few useful items you should always buy used to save money. When it comes down to the bottom line, there are few reasons to buy these items brand new.
Books

There are stacks upon stacks of used books sitting in thrift stores and on garage sale tables just yearning for some one to turn their pages. With the advent of e-books, hardly anyone buys real books anymore, which makes the used market even sweeter. Instead of walking out of a book store with one book, you can buy enough to keep you reading for weeks.
Sports and Exercise Gear

Why not take advantage of children outgrowing their gear quickly or well-intentioned people who hardly used that exercise equipment they purchased as a New Year's resolution? It's easy to find barely used sports and exercise equipment at a fraction of the price of new. Local ads, sports shops and yard sales are all good places to shop and save.
Jewelry

If you knew what the markup is in jewelry stores, you would never walk into one again. Classic and vintage jewelry is always in style at a mere fraction of of the cost of new. Try pawn shops for some of the best buys on used jewelry.
Kitchen Utensils and Gadgets

Don't fall for those late-night television ads offering some gadget at an outrageous price. Wait a month or two and someone who got it as a gift will be unloading it in a yard sale or donating it to a thrift store. If you don't absolutely need a matching set of everything, kitchen utensils are extremely cheap in thrift stores, and you can get better quality for much less money.
Tools

From the garden to the workshop, quality tools can be found for pennies on the dollar if you take time to look. Flea markets and estate sales are excellent places to find tools of all sorts. Power tools from pawn shops are a good bet because they have usually been tested.

Save money buying top-end used items for less than you would pay for a lesser quality brand new. Be careful of buying used items online, because you can't test them and may end up losing your money. It's safer to buy from places where you can examine the merchandise to ensure its condition, like Deerfield Pawnbrokers. Where possible, companies with a refund or return policy also protect customers.

Decline of the US dollar and benefits of rolling over part of an IRA to gold and silver bullion

 (Photo credit: Wikipedia)

Gold is perhaps the only worldwide standard for comparing the value of other currencies. Unlike any other type of monetary system, gold has withstood the test of time and it continues to defy market collapse, economic downturn, and unpredictable, catastrophic occurrences. In fact, all other currencies are based on some type of gold or silver bullion, and the currency itself is just a synthetic representation of the tangible metal.

Gold is seen as a safe-haven asset, one that investors pursue when there is trouble in the financial markets. As tensions between Russia and Ukraine over Crimea rose in the last weeks, gold price has increased. This happens over and over again in turbulent times.

Currencies, especially the US dollar, are at a higher risk for experiencing inflation because there is never a strict limitation put on the amount in circulation. Mints and other currency printing agencies around the world can essentially create more paper and coin currency than there is gold to back it up. Of course the systems do not usually intend to create a disproportionate amount of currency, but in a day’s time, currency is lost, destroyed, recollected by the mints, or put away in a collector’s safe. There really isn’t a very efficient way to maintain an accurate circulation of currency that is truly indicative of the gold reserve. In other words, there is no way to keep a running database of what currencies are actually floating around for future spending versus the currency that has been lost or destroyed.

Individual Retirement Accounts, or IRAs, are a great way to invest your savings to tap into the opportunity for interest growth. Although there are a myriad of different types of investment accounts, an IRA is either controlled by an administrator or the individual.

One way to guarantee a baseline of investment value is by transitioning your funds into the purchase of gold. Perhaps you’re curious on how to achieve a gold IRA rollover? Basically, you have to first consider whether your IRA contributions are self directed or controlled by a trustee. If they are self directed, you can make the decision, without gaining permission from anyone else, to make adjustments to your investment account. An overseer would have to approve and facilitate the rollover transaction if your account is traditional.

There are several different companies that specialize in gold transactions, and the most realistic suggestion is for individuals to research and pick a company that appears to have the assets and reputation that efficiently meet your needs. After all, this particular company that actually buys the gold will physically store it for you as well. If you were to have the gold directly disbursed to you personally, be expected to pay a hefty penalty for early withdrawal. The facilitating company is known as a gold custodian.

In order to rollover your IRA funds into gold, the gold itself must meet quality standards. There are also limitations on the time span of the process and the total amount that one can invest annually. Once you start the IRA rollover process, it should be complete in no more than 60 days. If the transaction is not expedited accordingly, the investor, or yours truly, risks having to pay a withdrawal penalty. IRA investments are limited to no more than $5000 each year, but rollovers do not have a cap. In order to buy a significant amount of gold, you must start out with a reasonably valuable IRA account.

Why should you consider investing in gold? Despite mild variations and small fluctuations in the stock value, gold tends to be one of the most stable entities that exists. Any financial expert will advise their clients to diversify their portfolio, and don’t put too many eggs in one basket. Gold is a very secure basket that maintains its value over time. Gold is an especially smart choice when the overall market itself has had a significantly varied performance. Gold is a great way to maintain your investment values over short term fluctuations. 

The Most Common Mistakes To Avoid When You Need Financial Help

At some point in life, everyone needs a helping hand. For many people, this takes the form of financial aid, whether it be food stamps, welfare, disability, social security or money for college. Unfortunately, the process of getting such support can be long and tedious with ample bureaucratic red tape to wade through. This can cause you to make several mistakes that can extend your waiting time, or worse, leave you empty-handed. Here are some common mistakes to avoid when you need financial help.

Not Making Changes

One reason people might find themselves in financial trouble is because of the way they are spending money. While you might not be overspending, you may be concentrating on the wrong things. Take a look at your finances and make changes as needed. Start paying off credit card debts that have higher interest rates, take out loans for school instead of spending savings, or find ways to better save money at home.

Not Applying

One major mistake people make is simply not applying for help, whether that be for a new job or unemployment benefits. There are many different programs that can help you get back on your feet financially, but it is often overlooked. This is often because they don't think they'll be accepted, the hassle doesn't seem worth it or they don't understand the qualification criteria. However, you never know until you try, so don't let these uncertainties prevent you from applying. These programs are in place to help people in need, so you have nothing to lose and everything to gain by trying.

Providing Incomplete or Incorrect Information

When filling out an application for financial assistance, be sure to read over it carefully once you're finished. It's easy to accidentally leave out information or provide information that isn't correct. Go over addresses, phone numbers, social security numbers, first and last names and other pertinent information. Leaving things our or getting information wrong can hold up your approval process or even get you denied.

Not Seeking Professional Help

One of the worst mistakes you can make is not seeking professional help when you're having problems. With disability and social security, the government refuses up to 70 percent of all applications the first time around, even if all qualifications are met. Even after that, many re-applications are met with rejection. Instead of re-applying and being denied repeatedly, talk to a Chico Social Security Income Lawyer. Their expertise and understanding of disability and social security law can help you get the money you need and deserve.

Filing Taxes Late

If you need student aid and you're thinking of filing your taxes late, you may want to reconsider. Student aid is provided on a first come, first serve basis and is determined by your tax information. Students who file their taxes early are at the top of that list. Those who file late, however, move to the back of the line. This doesn't only apply to students either.

Applying for financial help can be difficult and frustrating, but don't let that stand in your way. When you need money, there are a number of federal and state programs that can help, but avoiding mistakes is critical to a timely acceptance.