Posts tagged: financial assistance

Financial Steps To Take Now – For Early Retirement

retirement before ageThe age of retirement for most people has risen considerably over the last few years. In reality this means that you have less chance of enjoying your retirement whilst still fit and healthy. Although people are living longer, chronic ailments, although manageable can hamper your activity levels.

What if there is a way to ensure that you could retire early enough to still have an active lifestyle? Many people have asked themselves this same question and surprisingly there are solutions out there that could make early retirement tangible, rather than remaining a distant dream.

To retire early, with enough money behind you, you need an average of 40 years of savings. This sounds impossible, but with careful financial management started early enough in life, it is doable.

In this article we will visit financial solutions that will enable you to plan for an early retirement.

Plan

Early retirement means different ages of retirement to different individuals. It is good to pinpoint an actual age, so that you can accurately predict how much you need to have saved by this point. Do you intend to totally retire at this point or are you planning on working on a part time basis? Every bit of income helps, some people choose to make money from their hobbies such as arts and crafts. Effectively if you don’t plan on working for financial gain at all in retirement you will need to save a lot more.

Work out how much you need to save each year and how much it is possible to live on once retired.

Invest

Once you have worked out how much money you need to retire early you can start to plan how you can invest your money in order to reach your goal. Investment sounds risky, but even retirement plans involve investment. It is good to educate yourself on the many forms of investments available. If trading on the stock market is really not a viable option due to risks involved you could consider investing in real estate, Fundrise is a platform which allows investing in real estate to be accessible to the general public. Your investment can be relatively low cost and fundrise fees allow you to invest for as little as $500.

Although investing in stocks and shares has the potential to be extremely lucrative, there are risks involved. Before you embark on investing your money you should take professional advice from trading experts and independent financial advisors. In addition to investing in stocks and shares there are many financial products available to invest your funds in from providers on the high street. Always take advice.

Property

Property is a great investment for the future. Capital you have in your property can help fund your early retirement by selling your home and downsizing. If you wish to invest in property for the rental market or to renovate and sell on, ensure you carefully research the location and potential pitfalls in the property, otherwise you could be potentially investing in a money pit.

Ensure that you have paid off your mortgage at the point in which you want to retire. Most mortgage lenders will let you make over payments without penalties.

By following this guide you will be well on your way to planning for an early retirement.

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Four Simple Solutions To Help You Sort Your Financial Situation

financial statusSome say that money is the root of all evil. And there are definitely certain circumstances in life that would make us all believe that at some point or another. But when you find yourself with financial problems, you can definitely feel like dollars are the devil on your shoulder. While they’re there dancing away, you know that you really need to work on something to make them go away. Although it’s tempting to bury your head with everything, that’s never the best solution. You’re definitely going to want to tackle this issue face on, but you don’t always know where to start. And that’s where this post comes in.

Suffering financially can be really scary. You often worry if you’re ever going to get out the other side. And you will – but you have to make it happen. This means being transparent with your finances, being frank, and also committing to making changes. Because when you can do all three, you will be able to sort your current financial situation. Whether you’re in debt, not earning enough, or just in a bit of a muddle with everything, then it’s time to strip it all back. So let’s take a look at the four simple approached you can take to achieve this.

Budgeting Better

When you’re in a less than ideal financial situation, you have to be really honest with yourself. And this always means considering your current income and expenditure. By working on a better budget, you should be able to get things under control.

Understanding What You Earn

The first step here is all about getting to know your earnings a little better. Because we always tend to assume that we make X amount each year or month, without really knowing what we get. So if you’re employed by one company, it’s time to go through your paycheck. Then, you’ll be able to understand the income you get each month. If you’re self-employed, you should definitely start to track your earnings so that you can be more aware of the money you’re making going forward.

Tracking What You Spend

The next step is to hone in on your expenditure. And this is often what the bulk of budgeting is all about. To do this, there are different apps to track your spending that you can look to use. By ensuring that you know what you’re spending, you can not only ensure you don’t overspend, but you can often be more careful with what you spend your money on too.

Cutting Down Unnecessary Expenses

You may find that the last step opens your eyes a little. Because it’s easy to think that you’re spending a certain amount of money each month, to then realize that you don’t really have a clue. And it can then make you aware of the unnecessary expenses that you have, but that you can cut back on too. Saving on monthly expenses can be quite easy, as long as you’re prepared to be tough on yourself.

Saving Money

Then, you’re going to want to think about how you can save more. This is both in terms of having a pot of money saved up, and ensuring that you save money on whatever you buy going forward too.

Allocate A Percentage Each Month

The best way to ensure that you’re able to put some money away for savings each month, is to allocate a set percentage in your budget. That way, you’ll automatically save however much you can afford, and you won’t miss it going forwards either.

Shop Around

But you also want to make sure that you’re not spending too much money on the things that you do buy too. To do this, you definitely want to shop around. While considering the prices of different items in different stores isn’t always quick, it is smart. Because you can often save a significant amount of money buy biding your time and shopping around first.

Use Coupons

Finally, you should definitely consider using coupons too. When you never really use them, it can definitely feel odd to clip coupons or search online for discounts. But as soon as you get started, you’ll find that it’s easy to get the hang of. And if you’re really not sure how you’re going to save this way, these coupon tips will definitely help you to maximize your money every time you spend.

Earning More

Your next step is to look at your income. Because you’ve pretty much mastered your spending now, and you probably can’t get that down any further. So your next solution is to increase your earnings.

Make A Plan

While some people will earn more by not really planning for it to happen, for most of us, that’s never going to be the case. Because if you want to increase your earnings, you need to know exactly how you’re going to do it. And this means that you’re going to need to have a career development plan in place. You should have your end financial goal in mind, whether that’s five or ten years away, then work backwards and plan out what you need to do to get there.

Start Something On The Side

Another great way to ensure that you earn more is to do something on the side. If you have a particular interest or skills, you may be able to commit your evenings and weekends to it, or whatever free time you have, to ensure you make some extra money each month. From writing to selling crafts, you should definitely look into where your passion and talents can take you.

Get A Second Job

And, of course, you’ve always got the option to take on a second job too. This isn’t always going to be the best idea for everyone, but if your first job just isn’t paying you enough and you want to be able to bring in some more money for a short space of time, a second job can be a great idea. But, you will have to make sure that you have the time available to do this without it causing your stress or impacting on your quality of life.

Alternative Avenues

And finally, you’re then going to want to consider what other avenues you have to get your financial situation under control. Not all of these will apply to you, but it’s always useful to consider each in case you can find the perfect solution.

Considering Compensation

First up, you’re definitely going to want to consider any avenues that will allow you to access additional money that you’re entitled to. Because when you’re in a tough financial situation it can help. You can click here for information on payday loan repayments as a starter. But you may also have other forms of compensation that you could be entitled to due to your circumstances too.

Saving To Invest

Next up, you may also want to think about the future, and how that can improve your financial situation. Once you’ve mastered spending within your means, you could then look to save money so that you can invest in something that will make you more money in the future, such as property.

Starting Your Own Business

Finally, you may also want to think about starting your own business too. Because if you want to change your life and prepare for the future, this can be an incredible venture for you. Yes, it will take work, and it won’t happen overnight, but if you have vision, it’s something that you should definitely look to start now.

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Advice For A First-Time Business Owner

time for businessIf you have entrepreneurial determination then that’s a good starting place for a business. Of course, it’s only one component of many. You need to think about your own experience or expertise regarding the management of a business, how you’re going to fund such a venture, how many other people you might need to hire to help you with this company, and, most importantly, what type of business you’re going to start. Money is probably the biggest worry on your mind but if you focus on making sure all other components of your business are running smoothly then the profits will look after themselves. Here’s some more detailed advice for any first-time business owners out there.

Become a real boss.

You might have an innovative idea and qualifications in a certain line of business but that isn’t going to be enough to transform you into a successful business owner. When you’re the boss of a company, you need to be an all-rounder. For example, if you’re running a legal business then it isn’t enough to simply have a qualification in law. You need to know how to manage finances, marketing, and, most importantly of all, people. If you want your business to get off the ground then you need to learn how to manage your team and fill them with the same passion for the company that you feel. Making that step will transform you from somebody with a great idea into somebody with a great business.

Research the market.

It’s your job to drive the direction of the company. You might have a good business plan at the moment but the market is always changing. You need to update your approach in order to adapt to a changing industry. You need an enticing and widespread online presence in this digitally-driven era of business, as we’ll discuss in the next point, so you might want to look into online companies such as Youi Pty Limited, who deal specifically with buying and selling goods online, for a little insight into their credit ratings and financial situation.

It’s important that you take note from other companies, whether they’re in your industry or not, so as to not only get an idea of what they’ve been doing well but what they haven’t been doing well. The great thing about being the second or third business to dive into a certain industry is that you don’t have to make the same mistakes as the companies that took the plunge first. You can save yourself a lot of money and time by figuring out how to cut straight to “Successville”.

Get your online marketing campaign right.

As touched upon in the point above, you need a strong online marketing approach in order for your business to succeed. You might not be a marketing expert but you should certainly get marketing professionals to help you if that’s the case. The “build it and they will come” mentality doesn’t always work because there’s a lot of competition offering the same products and services as your business. You need to stand out from the crowd if you want consumers to come to you. Figure out how to optimize the content on your website and social media pages so as to climb the rankings on Google and other search engines. That’ll get you in front of your target market.

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5 Financial Resolutions For Freelancers

financial azanda for freelancersFreelancing is becoming an increasingly popular way for people to make a living. With the freedom to choose your own hours, who you work with and a bigger share of the profits – what’s not to love?

Many freelancers find themselves struggling to manage their finances, with bad habits that can be hard to break. Want to take control of your self-employed earnings? Here are five new year financial resolutions for freelancers.

1. Prove you’re a professional with a business account

A business account may seem like something that’s unnecessary unless you’re earning the big bucks, but even freelancers on a small income can benefit from having a business account. There are many reasons why you need a separate account for your side job or freelance business, but mostly it will make your life easier. Make it easier to manage your finances by being a professional with your business.

2. You will start keeping better track of invoices and payments

Your earnings can be unpredictable as a freelancer, and while the majority of your clients will pay you on time, there’s always the danger that some will be late with their payments or worse – not pay you at all. Start working out a good cash flow system that helps keep you out of trouble and allows you to manage your income and outgoings better. Get on top of when payments are due and start imposing penalties on those who don’t pay up on time.

3.You’ll manage your taxes better

The end of the financial year can be a dreaded time for freelancers, especially if your paperwork is all over the place. You can keep better track of your earnings and outgoings online. Make the most of tools that are available such as a generator for your 1099 form 2017 that can help make it easier to file your return at the end of the year. When working as a freelancer, you can never be too organized, so make it your mission to keep on track in the new year.

4. Start protecting your earnings

With freelance work, nothing is certain. One month you could have several well-paying clients under your belt and the next you could end up with none. It’s time you started planning for those quiet periods by having a good pot of savings you can dip into if the worst were to happen. There are other ways you can protect your earnings that will help you be more confident in dealing with difficult financial periods and help you to protect your future.

5. Don’t accept less than what you’re worth

When you first start out as a freelancer, it can be tempting to take on jobs that are badly paid, or not even paid at all. This kind of behavior not only hurts you but others in the industry too. You deserve to be paid the fair amount for your services, so start getting into the habit of charging what you’re worth. Always agree payment upfront to avoid any difficult conversations when it comes to billing time.

It’s good to have goals for the new year, and as a freelancer, you should always strive to be better. Give your finances the attention they deserve and start taking better charge of your earnings in 2018.

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Could Property Investment Work For You?

property businessEveryone will choose to make their investments in different ways. Some will prefer to see their money in the bank; others will like to know that it’s working away in stocks and bonds. But sometimes, you don’t always want to put your money into financial plans at all. Because banking products aren’t the only things that can create a profit for you. Investing in property is just one way that you can put your money into something and often change your financial situation for the better. But how do you know that property investment is the right avenue for you? If you are interested in making your money work for you with a lot of potential in terms of the return, then here’s how to see the best successes.

Consider Your Budget

The first thing you’re always going to want to do when you try to work out if property is for you, is to consider your budget. Because to invest in property, you need a substantial budget. The down payment required to make a purchase in the first place can be extensive. If you already own your own home and you’re looking at this investment as being your second property purchase, you may even need a hefty chunk. So your first determining factor will be whether you have 20% of a property value to put down as a minimum.

Get To Know The Market

But you should also know a little bit about the property market too. You don’t have to be an industry expert, but don’t think you can just dive on in and buy blind either. If you want to ensure that your investment is going to pay off and be worthwhile, you need to know the market. Understand the market conditions and how well properties are doing; it will help you to determine if you feel comfortable buying at this time or not.

See What’s Available

If you are happy with the current market conditions, then you should take a look at what properties are currently on offer. Whether you find a realtor to discuss solid options or just browse from a far, you’ll want to see what you can get for your budget. Because you may decide to bide your time – especially if there’s nothing currently on the market that would be a viable investment for you.

Understand The Return

Whether you do find a property that you’re happy with or not, you’re going to want to ensure that you understand the return you’re likely to get. By this, you need to understand how inflation will affect your investment and consider the cost of maintenance over time to work out whether property is a viable option for you.

Start Off Small

If at this point you do decide that property is where you want to invest, then you need to start off small. Don’t dive in too deep and bite off more than you can chew. Because there are a lot of hidden costs with properties, and you need to make sure your money will work hard and not get zapped up with an expensive purchase.

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