How to Stay Financially Buoyant During a Divorce

Divorce can lead to financial hardship and even bankruptcy if you aren't prepared. If you are going through a divorce or expect a divorce soon, you need to take these steps to protect yourself financially.

Here's how to stay financially buoyant during a divorce, so you don't have to start over with nothing.

Hire a Divorce Attorney

An experienced divorce attorney, like those at John D Wieser Esq, PC, can help make sure you get to keep the assets you've worked so hard for. You may not get to keep every last dime, but your lawyer can help negotiate a fair, better deal in court.

Learn to Be Frugal

You may be tempted to treat yourself and kickstart your life as a single person, but now is not the time to go crazy buying expensive clothes, beauty treatments, vacations, and dinners out. Save your money if you need to purchase a new home or vehicle after the divorce.

Get Financial Advice

An accountant or financial advisor can help you tremendously during this time, especially if your spouse has been the only one handling the household finances. You need to learn the basics of money management so you can succeed on your own.

Downsize

After your divorce, you may not be able to afford the mortgage payment on your large home. You may need to buy a smaller house to accommodate your new income level. 

Selling stuff, you don't need and reducing expenditures is also a great way to save money and simplify your life during this hectic time.

Lean on Friends and Family

If you've been kicked out of your house, you may want to ask a friend or family member for a place to stay instead of booking an expensive hotel. 

This is only temporary until you find a new home or apartment, but it can save you thousands. It can be hard to swallow your pride and move back in with mom and dad, but your wallet will thank you.

Determine Your New Budget

One of the most important things you should do when you get divorced is determining your new budget. Since your household income will be reduced, your expenses will also have to decrease. 

Cut out unnecessary expenditures and create a new monthly budget that includes the costs associated with your divorce.

Going through a divorce can be a long, arduous process. You may not come out completely unscathed, but by following these tips, you can keep your finances in order and end your marriage without going broke.

Baby's First Crypto: 5 Important Questions to Ask About Custodial Investments

Cryptocurrency can be an excellent investment for your child's future. You can open an account for your child at a custodial investment firm and let them grow their money.

Before you invest, it's important to do your research and ask these five critical questions to do it right.

What Fees Are Associated With the Investment?

You should always know what fees you are being charged for an investment. There may be account setup fees, management fees, and transaction fees with custodial assets. 

Understanding all the fees before you invest is essential, so there are no surprises down the road. Fees can eat into your investment returns, so it's important to understand what you're paying. 

Know if there are fees charged for setting up the account and if there are any ongoing management fees.

What Are the Risks and Rewards Associated With Custodial Investments?

Before investing, it's important to understand the risks and rewards associated with custodial investments. The biggest threat is that your investment could lose money. 

However, if the market goes up, your investment will also grow. It's important to have realistic expectations for the risks and rewards of any investment before you put your money in.

How Will You Protect Your Child’s Investment?

Once you've decided to invest in a custodial investment for your child, it's crucial to consider how you will protect that investment. One way to do this is by choosing a firm with good customer service and security features. 

You should also ensure that the account is adequately diversified so that your child's money is not all invested in one thing.

What Are the Tax Implications of Investing in Cryptos for Minors?

Crypto for minors has a few tax implications you should be aware of. First, any gains your child makes on their investment will be taxed at the child's tax rate. 

Second, if you withdraw money from the account to pay for college expenses, those withdrawals may be subject to taxes and penalties. Talking to a tax advisor about the implications of investing in cryptos for minors is vital before you do it.

How Will You Know When It’s Time To Sell?

One of the hardest things about investing is knowing when to sell. With a custodial investment, you may have the ability to set up automatic sell orders so that your child's money is automatically sold when it reaches a certain price. 

This can take the emotion out of deciding when to sell and help you get the most out of your investment.

Custodial investments are long-term investments. They can be a great way to grow your child's money, but it's important to do your research and understand the risks before you invest. 

By asking these five key questions, you can ensure that you make the best decision for your child's future.

4 Common Types of Insurance and How They Work

Insurance is something you don't necessarily have to pay for, but you will be very glad you did when you need it. The highs and lows of life both come as surprises and making sure you're prepared for them is one of the keys to a good, long life.

Some insurance options are more immediately important than others, so it's a good idea to review the most common ones.

Auto Insurance

There are only two states where car insurance is not mandated by law for drivers. That means you'll need it, but what exactly gets covered?

• Liability Insurance covers any injuries, damage to property, or legal defense if you're found to be at fault
• Underinsured Driver Insurance comes in handy if someone with an illegally low level of coverage causes an accident with you
• Collision Insurance repairs your vehicle after a collision, or makes a replacement if repair is impossible

Home Insurance

There are no state laws requiring homeowner's insurance. That being said, if you finance your home, there's a good chance your lender will insist on you purchasing insurance so that their interests are protected. 

Without this insurance, you are responsible for any damage your home incurs from fires, floods, molds, or other instances.

Medicare Insurance

Medicare is a country-wide government-controlled health insurance program. It covers people 65 years of age or older, as well as some exceptions, like the disabled. 

In general, Medicare insurance helps cover the costs of hospital stays, medical bills, and prescription drugs. Be sure to check with your state marketplace site to find out your eligibility.

Life Insurance

This one is especially important if people depend financially on you. If the primary earner in your home passed away, would those that remain face financial hardship? The aim of life insurance is to prevent that.

Life insurance can be divided into two categories:

1. Term coverage locks your rate in for a certain time - 5 years, 10 years, etc. Once the policy ends, you can renew it, although the rates will probably start out higher than before.

2. Permanent coverage, as the name implies, extends throughout your life. Alongside the benefit delivered after passing, there's a cash value figure involved. As the value grows, you can take money out via a withdrawal or a loan. You can obtain the entire cash value if you end the policy but be prepared for charges and fees.

Figuring out what insurance you need and which plans to go with can overwhelm you. Fortunately, insurance brokers can come in handy by helping you make a more informed decision before you start spending money.

What to Do With Your Old Car Before You Retire

The day of reaching retirement could lead to many new steps, including purchasing a new car. However, you may want to handle your old vehicle before making the next purchase.

Like most individuals, you could be searching for the best options, including selling the automobile or giving it to someone close to your family. 

Regardless of your choice, there are many options, each designed to suit someone directly, including those soon to retire.

Keep It

If you have decided to make a new purchase once you retire, you have the option to keep your old car as well. This allows you to drive the older vehicle and only take your new automobile out when necessary or on joy rides. 

Putting more wear and tear on your older car can prevent you from causing automotive issues in your recent purchase.

Sell the Vehicle

Many dealerships and companies are in the business of purchasing older vehicles, taking the task off you. Instead of fixing the car and preparing advertising methods, you can look for options like Quick Cash for Junk Cars to get rid of your vehicle while earning some money. 

These businesses will take the automobile off your hands, allowing you to use the quick cash acquired on a newer car or your other needs post-retirement.

Give it to Your Child

Selling the car is not always a choice for some; instead, they prefer to give the vehicle to their children new to driving or those who have gone to college. 

Regardless, giving your child an older car could save you money during retirement by reducing the need to purchase an automobile with your savings. 

If you don't have children, you could also pass the vehicle down to your siblings, family members, and close friends in need of a car.

Recycle

Recycling may be a good idea if your vehicle doesn't drive or you fail to locate someone who wants to trade. You can choose from various environmentally-friendly options that give you peace of mind. 

You can sometimes continue to earn cash when recycling, but this is not guaranteed. Local companies could have programs that recycle and pick the vehicle up from your home, preventing you from doing too much work to get the automobile in the right hands.

These tips can help you take care of your vehicle before retirement. Although the car may be old, there are many options to choose from, ensuring you select something that suits you best.

Tips for Financing a New Home

Financing a new home can seem daunting, but it doesn't have to be! There are plenty of options available for those with good credit scores and even for those with bad credit scores.

The most important thing is to research the different ways to pay for a home, the costs that will be expected of you during the process, and which of your options will be the best for you. 

Below are a few things to consider when looking over your financing options.

Credit Score

Your credit score is one of the most important factors in financing a new home. The higher your credit score, the lower your interest rate will be. 

If you have a good credit score, you may be able to qualify for a conventional loan with a low down payment. However, if your credit score is low, you may need to look into other options, such as an FHA or VA loan.

An FHA loan is a mortgage insured by the Federal Housing Administration. This loan is a great option for first-time homebuyers or those with less-than-perfect credit. 

The down payment on an FHA loan can be as low as 3.5 percent of the purchase price of the home.

A VA loan is a mortgage backed by the Department of Veterans Affairs. These loans are available to active-duty service members, veterans, and their spouses. The down payment on a VA loan can be as low as 0 percent.

Home Loans

There are many different types of home loans available, and the type that you choose will depend on your financial situation. Some common types of loans are fixed-rate loans, adjustable-rate loans, and jumbo loans. 

Fixed-rate loans have interest rates that stay the same for the life of the loan, while adjustable-rate loans have interest rates that can change over time. Jumbo loans are for borrowers who need to finance more than the conventional loan limit.

Down Payment

The amount of money that you put down on the house you’re looking to buy as a down payment will also affect your monthly payments. If you put down less money, your monthly payments will be higher. 

However, if you put down more money, your monthly payments will be lower. It's important to consider how much money you can afford to put down before you apply for a loan.

Closing Costs

Another factor to consider when financing a new home is closing costs. Closing costs are the fees associated with getting a mortgage and can vary depending on the lender you choose. 

Typical closing costs include private mortgage insurance (PMI), appraisal, and origination fees.

PMIs are insurance policies that protect the lender if you default on your loan. Appraisal fees are charged by the lender to have a professional appraiser assess the value of the home you're looking to purchase. 

Origination fees are charged by the lender for processing your loan application and can vary based on the type of loan you're applying for.

When you're ready to finance a new home, the process doesn't have to be difficult or overwhelming. By doing your research and understanding all of your options, you can find the best option for you and start fresh in your new home. 

Also, don't be afraid to ask questions and get help from a professional if you need it. With a little preparation, financing your new home can be a smooth and stress-free process.

Tips for Preparing Your Company for Your Retirement

When it comes to retirement planning, there are a lot of things to think about. One of the most important is what will happen to your company when you retire.

If you don't have a plan, your business could be in for some big changes. In this blog post, we will discuss some tips for preparing your company for your retirement. 

By following these tips, you can ensure that your business will be in good hands when you're no longer able to run it yourself.

Evaluate Your Financial Situation

One of the first things you should do is evaluate your company's financial situation and how it might look once you're gone. Whether you're confident in it or not, it might be a good idea to reach out to a wealth management group, someone like the Libertas Wealth Management Group, to get a second opinion. 

They can help you determine if your company is on track to meet its financial goals and advise you on how to ensure it stays that way. This will help you understand what changes, if any, need to be made for your company to continue running smoothly after you retire. 

Make sure to consider things like your company's debts, assets, and ongoing expenses. Once you have a clear understanding of your company's finances, you can start to make a plan for the future.

Decide What to Do With Your Business

Decide what you want to do with your business - sell it, keep it running, or hand it over to a family member or employee. This is a big decision and one that you should give a lot of thought to. 

If you decide to sell, start thinking about how you want to go about it. You'll need to find a buyer, set a price, and negotiate the sale. If you decide to keep your business running, start thinking about who will take over for you when you're gone. 

This person will need someone you trust with experience and knowledge to run the business successfully. If you decide to hand your business over to a family member or employee, start thinking about how you will train them to take over.

Prepare Your Employees

If you have employees, it's important to start preparing them for your retirement as well. If there are individuals who are key to the running of your business, start training them now so that they can take over when you're gone. 

This will help to ensure a smooth transition and minimize the impact on your business. It's also a good idea to have an open conversation with your employees about your retirement plans. 

This way, they can start to make any necessary arrangements, like finding new jobs, if needed.

Prepare for the Future

Retirement planning is important for everyone, but it's especially important for business owners. By following these tips, you can ensure that your company is prepared for your retirement. 

This will help to minimize the impact on your business and ensure that it continues to run smoothly when you're no longer at the helm.

There's a lot to think about when planning for retirement, but if you're a business owner, one of the most important things is what will happen to your company. 

By following these tips, you can ensure that your business is prepared for your retirement and that it will continue to run smoothly after you're gone.