Tuesday, September 3, 2019

4 Reasons to Meet with a Financial Planner before Deciding to Retire



Whenever you are looking to manage your finances, you will benefit by working with a financial planner. This is a professional that specializes in providing advice, guidance, and education to people who are looking to get more out of their financial situation. 

With a financial planner, you will be able to make sure that you are on the right track in terms of saving for retirement and managing your finances wisely. There are a few good reasons to work with a financial planner. As a result, using a financial planner can ensure that you are financially secure for the rest of your life.

SAVE FOR RETIREMENT MORE EFFECTIVELY

One of the reasons why you should meet with a financial planner before you retire is to help you save for retirement more effectively. While you can invest and save for retirement yourself, you may miss out on things that can allow you to increase your savings. 

A financial planner can help introduce you to investment options that can help enhance your wealth. If you already have a sufficient amount of savings, a financial planner can also help you with private wealth management as well.

BETTER UNDERSTAND WHAT YOU INVEST IN


Meeting with a financial planner before you retire can also allow you to better understand what you invest in. Whenever you are looking to invest in something, you may be unsure about how it works and how it can benefit you. 




A financial planner can educate you on how things such as stocks, bonds, and annuities work. As a result, you will be in a better position to know which investment options will best meet your needs.

HELP YOU PLAN YOUR FINANCES


Another reason to meet with a financial planner is that they can help you plan your finances more efficiently. They can help you set up a budget to pay your expenses. 


Financial planners can also help you find ways to pay off debts more quickly as well. A financial planner can give you advice on how to manage debts, whether it is a good idea to get a car loan and/or how paying off your mortgage will benefit you.

PREPARE FOR UNEXPECTED EVENTS


Financial planners can help you prepare for unexpected events. There are times when you might have something such as a medical bill or a job loss that can prevent you from reaching your retirement savings goals. As a result, you will benefit from having a professional guide you through this situation. 


A financial planner can help you develop a budget to cope with a job loss and/or a medical debt. With their assistance, you will be in a better position to get through these unexpected events that can affect your financial situation.

Managing your finances can be a bit complicated at times. Whenever you are unsure about how to allocate your financial resources, it is beneficial to get professional assistance. You will benefit by working with a financial planner. 

This professional will guide you through the process of setting up retirement accounts, finding the best things to invest in and also give you advice on how to oversee all of your financial affairs.


Sunday, September 1, 2019

Hosting a Family Reunion This Thanksgiving? 4 Ways to Keep it Affordable



Thanksgiving is the perfect time to bring the whole family together. With everyone already planning to travel for the holidays, many decide to host family reunions during this holiday weekend. Preparing to have a Turkey Day family reunion? Read on for four tips on how to have the most affordable family reunion.

Gather at a Local Park


With 43.5 million Americans already planning a Thanksgiving road trip, odds are that anyone hosting a family reunion at this time of the year should prepare for a large gathering. 

Hosts that are looking for a separate location to have their family gather should rent space at a local park. Renting space at a park is a relatively inexpensive option for a family reunion venue, though you’ll want to do it well in advance.

Many families planning their reunion may find that they can use their local park free of cost. If the gathering is more informal and relatively small, parks make for an easy and free venue to have family and friends gather for a Thanksgiving reunion.


Make Other Bathroom Arrangements


When planning a reunion for Thanksgiving weekend, it’s important to consider details that may be overlooked otherwise. Homeowners worried that their two-bathroom home can’t accommodate everyone in their large family should consider making other bathroom arrangements. 

Port-a-potty rentals like Afford A Potty make it easy for homeowners to keep traffic through their personal bathrooms to a minimum, eliminating the possibility of potential plumbing issues.

Host a Potluck


With the average family spending near 50 dollars to feed 10 people on Thanksgiving, families expecting a huge gathering this holiday, should consider hosting a potluck instead of a traditional dinner. 



By asking relatives to bring their own meals with them, hosts will be able to keep their costs low without fear of running out of food. Be sure to ask family members well in advance what they’re bringing to guarantee that no one shows up to Thanksgiving dinner empty-handed.

Take Family Dues


Many family members view their reunions as a business gathering of sorts. Take advantage of bringing everyone together by taking a collection of family dues to cover the costs of the family reunion. To guarantee all expenses are covered during the big holiday weekend, hosts should be sure to take these dues several months before Thanksgiving.

Thanksgiving is a holiday that is more enjoyable when shared with our loved ones. If you're hosting a family reunion this Thanksgiving, keep this guide in mind to make it as affordable as possible.


Friday, August 30, 2019

Smart Savings: 4 Digital Ways to Save Money on What You Already Buy



If you remember Sunday evenings being spent at the dining room table clipping grocery coupons, then you will really want to pay attention to this post. You want to save money so that your family can have more disposable income, but you would also like to not have to spend hours trying to get coupons ready to present. 

This is yet another way that technology has come in to save the day. There are now many opportunities for you to use digital media to save money on items that you already buy regularly. Here are four ways that you can accomplish this.

Use Rakuten


If you have not heard of Rakuten, then it is time that you looked it up online today. They represent thousands of products literally. You buy via their app online, and you will get cashback on each purchase. 


You click through the app to go to your favorite online retailers and get a percent back on your purchase. Just look for the items that you would be buying anyway and then watch the savings really begin to add up.

Install Restaurant Apps on Your Mobile Devices


Even great cooks like to eat out every now and then. When that mood hits you and your family, it is time to pull up one of the many available restaurant apps on your smartphone. You can search for an Asian food restaurant, for example, and find many in your area that is currently offering discounts. 




You can also join loyalty programs to earn free meals and more. If you order through the Sonic app, you get ½ price drinks all day and night long. Your phone can save you lots of money in your favorite eats.

Use Ibotta to Get Rebates


Ibotta is a fun app where you actually go in after the fact and scan in your receipts. You will then get rebates on individual purchases, all without having to mail anything in. This not only will save you a lot of money, but it will also save you a great deal of time as well.


Download Digital Coupons


Almost every major retailer today offers some sort of digital coupons. You can go into your store’s app and look for current deals. Then, you will just download the coupon and have your phone ready when you go to checkout. It is really as simple as that.

These are just four of the many ways that you can use digital technology to begin saving money on purchases that you would be making anyway. The key is to plan ahead and have the technology available at a moment’s notice. It is incredible to consider that virtually everything can be bought at a discount if you have the right tools to do so. This is a way to put money right back into your family budget, so begin implementing these strategies today.


Thursday, August 29, 2019

3 Financial Secrets of Successful Business Owners



There’s more to owning a successful business than just coming up with an idea and selling your product to the public. Business owners need to be talented marketers, communicators and most importantly, they need to be savvy with their funds.

If you want to improve your financial skills as a business owner, then keep reading to discover the three qualities that all financially savvy entrepreneurs have in common.


They Use Credit Wisely


If you’re attempting to build your small business and you’re putting everything you need on a line of credit or on account, you’re completely shooting yourself in the foot and potentially sabotaging your enterprise before it’s even gotten off the ground. 





When you start your business in debt, you’re creating a situation where your profits don’t have to only exceed your initial investment, but your mounting debts and interest fees as well. If you’re short cash, you’re better off finding an investor than you are utilizing credit.

They Know Tricks and Delegate


There’s always a way around a financial roadblock. For example, if you own a trucking and hauling company, you’d be wise to know that you can use trucking factoring to convert those unpaid invoices into instant cash assets. Financially smart small business owners know these tools and use them to their advantage. 


If you feel overwhelmed or don’t have a lot of financial knowledge, consult with someone who knows the financial experience of your industry better than you do, such as an accountant or financial planner.

They’re Frugal in Their Personal Lives


Any financial planner will tell you that you never want to put too much of your own money into a business. However, that doesn’t mean that entrepreneurs shouldn’t be frugal in their personal lives, especially when they’re still in the process of getting their business off the ground. 


While no one wants to think about their business failing, it’s important that if your business goes kaput tomorrow, you have enough money saved to live on comfortably until you can find a different means to support yourself.

Owning a small business can be one of the most rewarding things you’ll ever do in your life, but it can also be the riskiest. Incorporate these three secrets into your entrepreneurial financial strategy to ensure that you don’t break the bank while attempting to turn your business dreams into a reality.


Wednesday, August 28, 2019

Hit Rock Bottom? How to Know When to File for Bankruptcy



If you have hit rock bottom and can’t seem to find a solution to your mounting debt, bankruptcy may be your best option. Many factors should be taken into consideration to determine if filing for bankruptcy is the right choice and whether or not you qualify. Here are some reasons why bankruptcy may be right for you.

Protection of Assets


Some of your assets could get seized if you aren’t able to repay the money that you owe, and filing for bankruptcy can resolve this problem. If you’re able to declare bankruptcy, you’ll likely be absolved of most or all of your debt and will be able to keep at least some of your property. Bankruptcy can be an especially good option if you’re trying to protect assets such as your home, car and retirement fund.

Using Loans to Pay Bills


Taking out loans to pay bills will usually only result in acquiring more debt that will be even more difficult to pay off in the future. In addition to repaying the amount of each loan, interest fees and any late charges that might incur from failing to make payments on time can make money matters worse. 




Banks, credit card companies and other financial institutions that you borrowed money from to try to pay back debts could end up turning you into collections and putting you in more financial jeopardy. If taking out more loans seems like the only way to pay off existing bills, filing for bankruptcy should be considered.

Sued by Debt Collectors


If your debt has been turned over to collection agencies and you still can’t pay back the money, lawsuits could be brought against you. Many law firm services include bankruptcy consultations that can protect you from lawsuits and help you file for bankruptcy properly so that you can put an end to harassment from collectors.

Qualify for Chapter 13 Bankruptcy


Chapter 13 bankruptcy can be a great option if you still have a regular income and can repay all or part of the debt gradually through payments. In most cases, the repayment plan will last a duration of three to five years, which gives you more time to come up with the money without going deeper into financial ruin. Even if you’re self-employed or run an unincorporated business, you’ll still likely be eligible to file for bankruptcy under this chapter.

Bankruptcy is your legal right if you’re able to meet certain criteria. Even though this option isn’t desirable, filing for bankruptcy could be what you need to resolve your debt and get a fresh financial start.


Tuesday, August 27, 2019

How to Deal with Sudden Emergency Expenses During Retirement



Retirement is often portrayed in entertainment and the media as a stress-free time to relax and focus on things like touring the United States or your hobbies. Rarely do they also portray the fact that retirement isn’t always free from financial problems and worries. 

For one, despite meticulous planning, sudden unplanned expenses can hit retirees hard. If this has been the case for you, below are some ways you can deal with unexpected emergency expenses during retirement.

Emergency Expense Funds


During retirement, you tend to rely on things like your pension, 401k, annuity, or Social Security income to provide you with a monthly salary. While this is all well and good, certain sudden significant expenses may still pop up from time to time that takes you well beyond your monthly budget


Overall, it’s a good idea to always have an emergency fund you can draw from to pay off such emergency expenses. This will prevent you from having to go into debt. Discuss the possibility with your bank or investment manager.

Bail Bonds


One sudden expense that can happen during retirement is needing to pay for bail. Most often, this is bail for your children or even grandchildren. However, suddenly coming up with bail to get your loved one released from jail can be difficult. 




Overall, it may be best to contact a 24-hour bail bonds agent to obtain a short term loan. You can use something physical like a TV or an old car as collateral. Just make sure your loved one actually shows up for court.

Insurance Coverage


One of the reasons people purchase insurance coverage is to be covered in case they do face a sudden huge expense. Insurance is a wide-ranging industry. Almost anything can be insured, and nearly any event can be insured against. 


However, you can also waste a lot of your monthly income paying for insurance you don’t need. If you use insurance to protect against sudden expenses, make sure the possibility of such expenses occurring is relatively likely.

Stock Liquidation


While it’s important to invest when creating a portfolio to provide you and your spouse with retirement income, you don’t need to hang on to all of your investments forever. If you have a sudden emergency expense you can’t pay for with your monthly income, you may want to look into liquidating some of your stocks and investments to get the funds you need. It’s probably a better choice than taking on debt or selling physical assets you don’t want to part with.

Overall, just because you’re retired does not mean you need to stop planning for financial issues. Sudden emergency expenses can hit at any time. They can also be bigger than what you can afford in your monthly budget. Make sure you have options to deal with such expenses as they occur.



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