Posted by Marian Vasilescu on December 2, 2019 in Business
Looking for save money advices to improve your financial positions and to avoid money issues ? “Nobody ever told me that life insurance could do things for me when I was alive,” admits Kirby Thomas, owner of Life Insurance Today US, a nationwide provider of life insurance for consumers. Some life insurance policies offer an “accelerated benefits” option in which the death benefit is payable while the insured is still alive. “Possible ‘living benefits’ include terminal illness, critical illness, chronic illness, and critical injury,” explains Thomas. “I recently recommended this option for a woman buying insurance for her 75-year-old mother. By buying a policy with the proper riders, instead of the daughter incurring debt to pay for Mom’s future treatment, the life insurance could be used instead. The death benefit would be reduced by the amount accelerated, and the balance paid to the daughter when she lost her Mom.”
If you have not created a budget, even in a spreadsheet, DO IT. By no means am I a fan of obsessing over my budget, but when you are first starting out you need to do this. It gives you the big picture of how you are spending, what income you are bringing in, etc. Visualizing and seeing these numbers can help you catch issues or make your eyes pop from some rough looking numbers. But like I said, DON’T OBSESS OVER THIS. Read additional info on Personal Finance Advices.
It sounds simplistic, but many people struggle with this first basic rule. Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even a thousand dollars a year can have a significant cumulative effect over the course of your working life. No matter how much or how little you’re paid, you’ll never get ahead if you spend more than you earn. Often it’s easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn’t always have to involve making big sacrifices.
Have an Emergency Fund: If you lost your job tomorrow would you have enough money to live off while you look for a new one? If not then you’re not alone. This study found that although Americans are doing a better job at saving, around 24 percent of them (57 million people) don’t have an emergency fund. Now I don’t want to be a negative Nancy or a Debbie downer, but emergencies happen all the time. They may not happen to you, but it’s always good to be prepared. You can’t predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months living expenses. That means if you lost your job tomorrow, you’d be able to live off your emergency fund for 3-6 months while you look for a new one. Net worth can seem like a tricky topic, but it’s quite simple. Your net worth is how much money you are worth. If you were to sell everything you own, then pay off everything you owe, how much money would be left? Source: http://aspiretomoney.com/.