Tuesday, August 7, 2018

3 Ideas To Make More Money If You’re Over 50 In Chicago



Just because you’re over the age of 50 doesn’t at all mean that you’ve lost out on opportunities to make more money and build up your wealth.

The opportunities to make money today are greater than ever before, so you’re actually in a very fortunate position.

Still, if you’re at a loss for what you can do, here are three simple ideas to make more money if you’re over 50 in Chicago:



Strategy #1 - Get Into Real Estate


It’s almost a cliche to say, at this point, that you should just ‘invest in real estate’ to make money. But the truth is that numerous real estate markets across the country have been bouncing back, and it really can be a good opportunity to consider buying an investment property to make money.

The most lucrative opportunities for getting into real estate are likely going to be places with a low unemployment rate and consistently strong population growth. You’ll have to put down a solid initial investment, which will be offset and pay off from the consistent stream of passive income coming in from renters.



Strategy #2 - Rent Out Your RV


Do you have a motorhome or travel trailer? If so, then as an alternative to essentially being a landlord and renting out a property, you can rent out your RV instead.


You don’t have to be a dealer or big rental company to be successful at renting out RVs. In fact, all you need to get started is just one RV that’s in good condition and well maintained, and then you’ll need to successfully advertise that RV on rental sites with high quality pictures.







To get started, you’ll also need to price competitively. According to Outdoorsy, “the average RV rental price in Chicago, IL is $173.12/night.”, so price your RV below that to get started.



Strategy #3 - Write A Book and Self-Publish


It’s much easier to publish a book today than ever before, because the days of where you would have to go around pitching your book to a publishing company are long gone. Today, it’s very easy to create an account on services such as Amazon Direct Kindle Publishing.

Write a book, convert it to PDF, have a cover created, write a description, set your price, and then publish. It really is that simple. If you really want to grow this into a business, you’ll need to publish more books in the same basic niche under the same author name to really establish yourself as an authority figure.

Self-published authors make anywhere from a few hundred to several thousand dollars a month on average, so the possibilities really are endless.



Making Money Over 50


There are many more financial steps that you can take as well to help grow your wealth. But getting into real estate and becoming a landlord, renting out an RV, and self-publishing books represent three of the most lucrative opportunities for earning passive income today in 2018.

Monday, August 6, 2018

Why It's Never Too Early to Downsize



Downsizing, for some over 50 it is an act filled with dread as it seen as a harbinger of old age. But for others, the act of letting go is a sort of new-found liberty and therefore more and more people in their pre-retirement years are actively downsizing. If this interests you, then read on as there are some reasons why it is never too early to downsize.

The Case Against Procrastination


As mentioned, the act of downsizing is seen by many as a sign of aging and for that reason is it largely put off. Let’s face it, most of in our 50’s feel no different than we did in our 40’s or 30’s. Sure, we might not be as full of youthful exuberance as we were in our teens, but it's not like we feel that much older.

This is the reason why most of us put off letting go of the things we have accumulated over the years. But this procrastination can have consequences. Not only does putting off downsizing risk letting others handle the task for you, it also means that you end up spending your life in a sort of museum, instead of freeing yourself and enjoying your golden years.

Given this, it is better to go through your things and start to decide what to keep and what to let go of. Beyond this, you might even decide that some of the items you want to keep might better leave in storage for your grandchildren or some other occasion. For example, if you live in New England, then you might want to make use of a storage company in Boston to hold those items you don’t need but aren’t quite ready to let go of.

Beyond this, let’s look at how downsizing can help you enjoy your life.



Starting Early Allows You to Take Your Time



Sifting through a life’s worth of knick-knacks can be time-consuming. As such, you are better served by breaking the task into smaller bits, by starting with one room and then taking a short break before moving onto the next.








Two questions you should ask yourself along the way is whether you have used the article you are considering letting go of in the past six months, or if you will need if over the next year. Doing so will help to give you some perspective on what you need to keep around.

Beyond this, starting early means that you can have discussions with your loved ones on what you want them to do with the items you are leaving to them. This could include family photos, books, and heirloom items – some of which might have been in your family for generations.

Another bonus to downsizing in short bursts is that you can time these activities to when family members come to visit as this is a perfect time to handover items you don’t need but you want to keep in the family. Granted, you might not want to involve your guests in this ‘chore’ but prepping for a visit can give you a much-needed deadline to work towards.



Eliminate Bickering


In some cases, your kids, or grandkids, might want some of your stuff, but in other cases, they might not. As such, starting early can help you do better determine who gets what. This will eliminate the family quarrels which are bound to crop up when someone decides it is time to downsize.

The same is true when you are holding onto mementos from when your children were younger. This can lead to more winging as your kids probably don’t want 3rd place medals from their 5th-grade spelling bee. As such, letting go of these items can eliminate bickering over who gets, or wants, what.



A Little Perspective


There is nothing like rummaging through all the stuff you have accumulated over the years to help put your life in perspective. For starters, you might find things that you forgot about or you might find something that you have been looking for. As such, think of the exercise not as a waste of time but as a way to save money.


That’s right downsizing can help you save money. Not only can it stop you from buying other ‘things’ but it can also open the door to getting a smaller home and this could mean you are spending less each month on your rent or mortgage. The added plus is that you will have less space to buy even more things and this leads to saving even more money.


Embrace Your Freedom


Living a life without clutter can lead to a sense of freedom. It’s not as if you are letting go of relationships; instead, it is the clutter which ties up all the space in your home. When it comes to downsizing, remember it is never too early to start; doing so will help you to enjoy your life without worrying about what to do with all this stuff.


Sunday, August 5, 2018

Build Retirement Income with Condo Investing



As people near or reach retirement, many consider how to cut expenses while maintaining their current quality of life. Some get pensions, though most rely on Social Security and retirement investments to fuel their life after the paychecks stop. One of the first considerations is housing, and condo living is quite a popular draw for people over 50. 

It's less expensive, more compact, and has fewer yard work and maintenance requirements. Instead of just saving money, consider the fact that it makes financial sense to invest in condos, as well.

Choosing one or more condos as investment properties as you near retirement age might seem like too much risk to take on at that time of life. Yes, careful research is needed to maximize your returns, but condo investing is also less risky than other types of real estate opportunities for various reasons. 


If you need to get a home loan to purchase a new condo, make sure you understand the financial impact before you proceed.


The Benefits of Investing in Condos


Condos usually cost less than single-family homes in the same area, which allows people over 50 to risk less of their nest egg. Buying a condo in an existing community gives you detailed information about its track record for resale prices, property value overall, and tenant payments. 


Unlike separate homes, all the maintenance is taken care of by the property owner or management company. From a financial standpoint, condos in popular areas sell quickly and with possibly less marketing than a single home. 




The community often sells itself due to the shared amenities available. Holding them as rental properties gives you an ongoing, nearly passive income that can last throughout retirement.


Questions to Ask Before You Choose a Condo for Investing


Is this the right location to invest in? Location remains one of the most important factors when buying real estate either to flip or rent out. Look for community growth, employment opportunities nearby, quality of the schools, and other benefits that will make people move into the area. 

Also, check out the condominium complex itself to make sure residents and renters are satisfied with living there.

Should I invest in existing or pre-construction communities? If you purchase an existing condo property, you know exactly what you are getting, how much rent is currently paid, and the expectations of future raises. 

The track record of a particular property and, if occupied, the tenants, can help you make the decision more easily. On the other hand, it makes financial sense to invest in condos before they are built as this lets you get in on a potentially lucrative deal that can only grow over time. However, more risk is involved, and you will have to wait until construction is complete to begin making returns.

Do I want to flip condos or become a landlord? These two methods of investing in condos as you near or reach retirement age both come with pros and cons. Buying to resell requires organizing some repairs or renovations and then marketing the property to a new buyer. 

Buying to rent the condos out will bring ongoing income, but potential headaches you may not want to have during your senior years. In the end, the decision is up to you and your financial situation.


Friday, August 3, 2018

Worst-Case: 3 Ways to Bolster Your Finances Against Catastrophe



Many people will have at least one unfortunate experience that creates intense financial stress, and some people will experience several of these events over the years. These catastrophic events may create financial stress through expensive medical bills, property damage repairs, required unpaid time off of work and more. 

Keep in mind that many of these issues may yield a combination of unexpected expenses, and this can dramatically multiple the financial stress that you may be feeling. 

For example, when you have to take time off of work for an illness, you may be reeling from lost wages and medical expenses at the same time. Planning for these types of events now can help you to be prepared for what the future holds.

Bolster Your Emergency Savings Account Balance


Regardless of your current financial situation, you need to have a well-funded savings account. This is separate from your investment and retirement accounts. The funds are specifically earmarked for emergency situations. 

You may initially save up to three months of expenses in this account, and you may want to work on expanding the balance to a full year of expenses.

Live without Debt


Debt can cost you a small fortune on a monthly basis. This is through the principal reduction and interest charges. You may also have to pay annual fees, late fees and more. 




These are unnecessary and avoidable expenses that unfortunately weigh down your budget on a monthly basis. When you pay off debt, you eliminate these unnecessary expenses, and you have more money available to cover unexpected expenses through your regular income. 

You may also be able to save more money regularly so that your emergency savings account is funded.

Purchase Insurance and Warranties


Another important step to take to prepare for the unexpected is to purchase insurance and warranties. A home warranty from a company like America’s Preferred Home Warranty can cover most or all expenses related to breakdowns and deficiencies in the home. 

There are also multiple types of insurance coverage that you should consider purchasing for additional financial protection. These include home insurance, life insurance, auto insurance and more. Ensure that you have adequate coverage with an affordable deductible so that you can maximize the benefits of your insurance policies as needed.

You cannot always control the events in your life, and some unexpected events can create tremendous expenses with no advance notice. While you may not know when things will happen or what those things will be, you can follow these tips to financially prepare yourself for the unexpected.


Wednesday, August 1, 2018

Unsecured Loans – Is It The Right Option to Grow Your Business?




Opting for unsecured business loans is one of the best ways to ensure that you have adequate financing for your business. Unsecured loans are loan without any collateral or security but it does not mean they cannot help you out. 

Such loans are very good when it comes to acquiring financing and it also takes away the additional burden of providing a security or a guarantor- because any might not have any property or asset to provide as security or collateral in the first place. 

Such loans have a lightly higher business loan interest rate than secured loans but if the money is utilized well, then it can be easily used to take care of a lot of business needs and the profit the business makes can be used again to pay back the lender. 

Growing your business will be possible with the right business loan. 

Unsecured loans can be used in a number of ways to grow your business.

Buy larger premises


You might have started your business from one small room but as it starts to expand, that room might not be sufficient anymore, even though it might have a huge emotional value. 

Eventually you have to move on and shift to larger premises which you might have to buy or pay for additional rent. Opt for an unsecured loan to fulfill this purpose.

 Move to a better location where it would be easier for more clients to come and meet you or you could also invest in buying or renting a warehouse, apart from the regular office space you have.

Buy new equipment


There is only so much you can do with old equipment and when there are options for you to buy new equipment to upgrade your workplace, then do not let go off the opportunity. 



New equipment will result in better quality products and it could lessen the production time and this will only keep you ahead of your rivals in the long run. Apply for an unsecured, equipment financing business loan and watch your company go to the next level.

Hire skilled staff


To do better business, you need to produce better quality products and that can only be produced by skilled staff. However, good work would mean you would have to pay more to them as well and you can acquire a loan to pay for the initial money till the profits start coming in. 

Hiring skilled staff would mean your work will be flawless and more nuanced and clients are slowly going to increase in number. Once the sales go up, you can use the profit to pay back the loan.

Fill up the Inventory


The peak season often sees a spike in demand and if you can readily supply to your clients when the others cannot, then you are sure to reap in better profits as well. However, to do that, one needs to keep up production even at a slow time and build up the inventory gradually. 

Acquire an unsecured business loan to carry on with the production even when the business is slow and then when the peak season hits, you will be the first to supply. Pay back the loan with the profits and you will still have enough for yourself, having acquired the client’s trust in return.

Buy Transportation


Many businessmen end up spending tons of money just by having to hire transportation to take their finished goods to the markets or to the supplier which eventually adds up to a lot in the long run. 

Get a loan to buy transportation for yourself instead. Once the loan has been paid off, you will be spending a lot less than your competitors, especially if you have your own garage space.

Invest in Marketing


One of the best ways to ensure that your business grows is to invest in marketing. Let the people know about the kind of work you are doing. Opt for unsecured business lending to invest in marketing strategies and this will definitely makes your sales higher as more people get to know about your business.

Saturday, July 28, 2018

How Can Working Students Send Money back Home?



Are you a student working part-time overseas? Wondering how you can transfer money to your parents back home in India? Check out the top ways to initiate overseas transfers.

Few years ago, Rahul arrived in the US to pursue his higher studies in computer science. Today, he has happily settled into his course and even manages to earn some extra money working on the weekends, helping his professor grade papers.

Having seen his parents try their best to make his overseas education dreams come true, Rahul now wants to repay them. He wants to send some of his part-time work money back home as an expression of gratitude and love to his parents; for all that they have sacrificed for him.

Now, comes the big question! What’s the best way for Rahul to send money to India? Here, in this post, we take a look at the options available to him, and the pros and cons of each method.

Popular Options to Transfer Money to India from overseas:


Demand Draft (DD)


As the name suggests, this method of transfer is initiated by getting a demand draft issued in the name of the receiver. This is an excellent method to surprise your parents. In fact, Rahul used a Demand Draft to surprise his mom with a monetary gift with his first salary.






How Does it Work – To use this method, you have to visit your bank’s nearest branch. Specify the amount you wish to transfer. This amount is automatically debited from your account and the bank issues you a DD in the name of the receiver. You can then courier (airmail) this DD to your parent’s address in India.

Once they have received the DD, they can take it to their bank to encash it. While this may seem straightforward, this method of transfer is time-consuming and requires a visit to the bank on both the sender’s and receiver’s ends. Additionally, it’s slow and takes around 10-15 days for the process to be completed.


Instant Transfer


This one is mostly used for emergency situations when the receiver needs cash immediately. While this method of transfer is quick, there is a limit on the amount you can send. What more, the exchange rates are pretty high, and the transfer cost is also a bit steep. However, the receiver can receive the amount instantly.

How Does it Work – You have to visit the outlet of a transfer service provider. Once you pay the transfer amount, the agent provides you with a Pin. Specify this Pin number to the receiver. The receiver can then visit the nearest outlet of the service provider in India. Specify the Pin, verify his/her identity and receive the cash immediately.


Automatic Clearing House (ACH) Transfer via Bank Accounts


This is one of the most widely used methods to transfer money to India from overseas. This method is also referred to as a direct deposit. The amount you wish to send is automatically debited from your bank account in the US and credited to the bank account of the receiver in India.

How Does it Work – You can initiate the transaction by logging into your bank’s website or mobile app. You have to add the receiver’s bank details and then click on transfer. This method of transmission is quicker when compared to sending a demand draft. And, you can complete the entire transaction with just a few clicks on your Smartphone. No need to visit the bank either on the sender’s end or the receiver’s end.

Final Thoughts

These are the three popular methods to transfer money to India from overseas by working students. Choose the right one that meets your specific requirements and enjoy safe transactions.


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