Posts tagged: legal

Life Hardships That Cost You Financially

money crisis timeLife isn’t always plain sailing, I think we can all agree. Often we are dealt a deck of cards and within those situations we can suffer financial hardships as well as emotional setbacks. This isn’t always going to be easy to overcome. But people live on, grow accustomed to their new set of circumstances or see some bad situations as a time to shine and an opportunity to make positive changes for the future. I wanted to share with you what some of these life hardships can be, and how they can cost you financially. However, I also want to provide some tips and hope that you can, with the right actions and steps, move forward.

Committing a crime

There are times in our life where we can make poor choices. Decisions we are faced with for one reason or another. Maybe desperation, a lack of judgement, or just not thinking. We can all be there, and then in some cases we can make the wrong decision which can ultimately result in us committing a crime. Whatever that may be it is always worth getting criminal law lawyers on your side to fight your corner. Whether it is a driving offence, a burglary, or something more there is always a way to move forward positively. Be that taking the consequences for the crime. Always be mindful that anything that happens can be a reason to learn and become a better person for having gone through the situation in the first place.

Losing your job

While it is never easy to lose your job, it can also have a real negative effect on your self-esteem and your mindset. Losing a job, whether that being because you no longer fit within a company structure, for not meeting targets or performing or simply feeling pushed out, is ever going to be a confidence boosting thing. But, what you can do is take the criticisms, learn the lessons and move forward and do something that you love and enjoy. This could be a huge blessing in disguise. It may give you the boost to take on a new career challenge, or learn a new skillset. It could even be a change that provides a more positive future for yourself and your family. The options are endless, and right now it may seem like you are stuck. So it is important to get out of that mentality as soon as possible to enable you to move forward.

Going through a relationship breakdown or divorce

Finally, a big hardship that we can all go through perhaps at some stage in our lives is a relationship breakdown and/or a divorce. It can be devastating on both parts, especially when there are finances to work through and children involved. Of course, what you have to accept is that sometimes these things are best happening, and it isn’t always a good thing to stay in an unhappy marriage or relationship, no matter what consequences or issues you need to resolve. You only live once, and it is better all round to be in a loving relationship that makes you happy.

I hope that this has given you some idea of some of the issues anyone can face at anytime.

Finances: Avoid Sorrow And Plan For Tomorrow

money planningFinances are a tough thing to manage. Even if you’re earning a high-figure salary, poor money-management can lead to a very sparse bank account. It’s not so much about the level of your income but what you do with that income. Even on a minimum wage salary, you can make those earnings go a very long way if you screw on your financial head and start to spend or save your money in sensible ways. It’s all about taking a look at all the necessary costs you face in life and then making smart decisions as to what you do with the rest of your money.

Of course, whilst you might be sailing on by smoothly at the moment, you have to think about the future. Earning a lot of money and spending it all is fine today because you’ll get another paycheck in a week. However, you need to start planning ahead for the day on which you retire because very few people want to work for the entirety of their lives. We’ll get onto that in more detail later, as we will with all the other points touched upon briefly in this introduction. If you want to avoid sorrow and start to plan for tomorrow then these sound nuggets of financial wisdom should help you on your way.

Organize your finances.

First of all, you need to get your house in order. “That’s why I clicked on this article,” you say. Fair enough. If you need a little guidance then you should start by making a budget for the month; you can do one weekly but planning for the month is always a nice place to start ( bills such as rent are often faced on a month-by-month basis). Write down how much you earn in a month. If you’re self-employed then write down an average and alter the budget on a monthly basis depending on whether your situation changes. Either way, you’ll end up returning to your budget frequently to make changes when things change in your life; whether you change energy providers, move house, reduce your petrol costs, and so on.

The most important thing is that you estimate how much your necessities cost; rent, food, utilities, everything else we’ve mentioned and anything else you can think of. Once you’ve added up the sum of these things, you’ll know how much money you have to set aside for necessities and how much disposable income you have left over. Don’t exceed this figure and you’ll never end up in debt. It’s that simple. Just don’t spend beyond your means. Cut down on expenses by using less energy around the house or cycling to work instead of wasting money on petrol.

Avoid debt.

Of course, continuing from the point above, if you’ve overspent in the past and had to borrow money to make ends meet then you should dedicate all available earnings to debt repayments; it’s important to pay off your debts in life as soon as possible in order to improve your credit score. Even if you don’t overspend, we all have to borrow money at some point (perhaps it’ll be for a car or a house). The point is that you shouldn’t borrow money to fund bad habits such as poor money-management, excessive shopping, or gambling. Track your expenditures so that you live within your means and your bank account will grow each month, even if only marginally. In terms of the future, you’ll thank yourself tomorrow for doing more to manage your money today. We’ll get onto smart ways to use your “excess income” throughout this article.

Think about your retirement.

It’s so important to plan ahead for your retirement. If you ended up on this article then this was probably already on your mind. You might be worried that you’re not earning enough from your job to provide for you and your family once you stop working. Perhaps your pension plan isn’t looking very good. It’s good to think about these things today because there’s always time to improve your situation before you retire. You might want to look into power of attorney solicitors who can act on your behalf if you’re thinking about a future in which you might not have the mental or physical capacity to manage your personal, business, or financial affairs.

Your retired years shouldn’t be filled with doom and gloom by any means but it’s smart to start thinking about tomorrow. You can make rational decisions regarding your finances today but you have to think about your later years. Will your family be well looked after? Do you want to authorize those close to you to make decisions for you if you no longer can for yourself? Sort out these things today and you won’t have to spend your retirement worrying about money or other things when you should be relaxing and enjoying life.

Get an advisor or an accountant.

Of course, you could go one step further than the suggestion in the point above. Even if you’re nowhere near retirement age yet, why wait until you’re older to start getting good financial advice? As explained throughout this article, you need to start taking action today to protect your finances for tomorrow, so it makes sense to get somebody to start helping you today as well. A financial advisor could help you out if you’re struggling to get your head around proper financial management, even with the advice given so far in this article.

It’s all very well to understand the concept of managing your money but life can get hectic and overwhelming very quickly. An advisor could take a load off your shoulders by teaching you how to better look after your money (and an accountant could help you file tax returns if you need other forms of financial aid). Better yet, there’s great return on your investment here; pay an advisor to help you and they’ll show you smart ways to invest your savings to make more money. Remember, this is in their interests because they’re getting paid to help you; they want you to do well financially. You’ll end up more than making back the money you’ve spent.

Is Bankruptcy The End… Or a New Beginning?

are you bankruptShakespeare once said “Neither a lender nor a borrower be”. That’s a nice sentiment, but the bard didn’t live in an era of subprime mortgages, negative equity and business insolvency. In his day, all you had to do was write a few sonnets for a wealthy patron and you were golden. In the 21st century, however, lending and borrowing are not only essential in a realistic business climate, they’re the basis of our entire global economy.

In both personal and business finances, peaks and troughs are inevitable, and even the most successful among us have our rough times. From hip hop icon 50 Cent to Mark Twain, many of successful business and creative types face stared down bankruptcy and come through it stronger than ever. Even the billionaire president Donald Trump has been declared bankrupt four times.

Myriad circumstances may result in individuals and businesses filing for bankruptcy. While it’s undeniably a stressful and upsetting experience, it’s important to remember that though there are certainly repercussions following bankruptcy, by no means is it the end.

If bankruptcy is looking like a possibility, or even an inevitability here are some tips that will help you to make an informed decision whether or not to file:

Remember… You are not alone

Facing bankruptcy and feel like an isolating experience, but you are most assuredly not alone. In fact, over 800,000 people applied for bankruptcy in federal court last year. Filing will neither make you a social pariah nor mark you out as a failure. It is, however, important that you do it right, so hiring a bankruptcy attorney should be one of your highest priorities. Your spouse or partner doesn’t even need to file alongside you.

There are different kinds of bankruptcy

In the US there are two forms of bankruptcy; Chapter 7 and Chapter 11 and which you file for will depend on your circumstances. A Chapter 7 requires the business or individual’s assets to be liquidated, using them to pay creditors as much of the outstanding debt as possible. A trustee will be appointed to facilitate the liquidation and ensure that creditors are paid in proportion to the debt. A Chapter 11, on the other hand, reorganizes the debts and adjusts them in terms of repayment amounts and interest rates (much like consolidation).

You may still be able to get credit

You may feel that it’s the end for you and your business, but lines of credit will still be open to you. Remember, however, that over-reliance on credit is what leads many to bankruptcy in the first place. Bankruptcy is a highly instructive tool for many as it teaches them to really appreciate the importance of budgeting and financial planning. That said, the bankruptcy is not quite as prohibitive in terms of credit as many believe.

But it’s important to be realistic

Bankruptcy is intended to wipe the slate clean. It’s a fresh start for businesses and individuals, but it’s not without financial consequences. Credit gets harder to come by (but not impossible) and it could have repercussions on your business borrowing. Bankruptcy can help you but it should also be considered a last resort. You should first consider an alternative such as a consolidation plan before filing for bankruptcy.

Buying or renewing a bike insurance is a click away: 10 Benefits to Go Online

byke insurance renewalIn today’s internet savvy world, we all purchase something or the other online. From apparels, airline tickets, to gadgets, literally EVERYTHING is only a few clicks away! Even while writing this article, I ordered for a purple kurta to be worn in my office Holi party!

In fact, it’s not just clothes and groceries that are selling like hotcakes in the internet world, as people are buying insurance online as well.

Either you or someone in your acquaintance might have bought bike insurance online. After all, as per the research across 18 cities, more and more people are buying insurance online. Of the 3007 respondents,24% purchased motor insurance online.

However, if you are reluctant about going ahead with the online mode and prefer the conventional mode of arranging a meeting with various insurance agents and visiting their offices for detailed discussion, this article is meant just for YOU!

Benefits of online buying/renewing bike insurance:

Buying or renewing bike insurance online can prove advantageous in various ways, such as:

1. Automated servicing: The online platform is not meant for buying insurance only. As a prompt and efficient servicing channel, current policyholders can adopt the online mode to renew their policy as well, regardless of whether they purchased their policy online or not. Further, with just one click, you can download product literature like brochures, policy wordings, etc. and get instant premium quotes online.

2. Online assistance: If you are purchasing the insurance online, it doesn’t mean you will not get any assistance. Most of the insurance companies have live chat facility on their websites where customers can seek clarification in case of any query. Also, customers can call on the toll-free number of insurance companies to clear all doubts. You can go further and ask the insurer for a face-to-face meeting. The insurer will send an executive for further assistance.

3. Paperless transactions: Getting into paperwork is both time consuming and boring. But when you go online to buy an insurance policy, it requires just a few easy steps. Besides being efficient, you are protecting the Mother Nature by going paperless!

4. Time-saving and convenient: To purchase insurance offline, you need to go through the tedious task of filling long insurance forms. However, when you buy insurance online, you need to submit only a few details. Also, at the time of policy renewal, it’s easy to reload your information. As the insurer already has your details, you only need to submit your policy number. Further, insurance companies have designed an easy-to-understand user interface which has made the entire process of buying the insurance quicker and easier. And who wouldn’t love to cut the hassles of going out and standing in long queues, when buying and renewing of bike insurance can be done from the comfort of home. While watching the ‘Friends’ season on television, or during the office break or even from your mobile, bike insurance can be purchased in a hassle-free manner.

5. Cheaper premium rates: It is disheartening to see that nearly 75% of two-wheelers plying on roads are uninsured even when it is mandatory to have a third-party insurance to ply your vehicle on roads. Many times, people avoid the insurance to save some penny.However, buying a bike insurance online ensures additional savings. The insurance quotes are given for free, and in fact, you can ask for as many quotes as you want. Moreover, there is no obligation to purchase either! As there is no involvement of any agent and the insurer saves on paper and administrative cost, the same is passed on to policyholders in the form of cheaper premium rates.

6. Away from nasty agents: Though, an insurance agent plays an important role, sometimes they may not be helpful. Often, insurance agents prove to be pushy and may even have vested interests in a particular insurance policy. But when you go online, you get an option of comparing and choosing the right insurance policy after analyzing every aspect carefully. Also, there will be no interference or biased suggestion from insurance agents!

7. Instant policy issuance: When you buy a policy offline, the insurer takes a lot of time in processing physical documents. Whereas, in the internet world, the processing of information is instant and so is the issuance of your bike insurance.

8. Storage of policy documents at one place: When you go online, you will always have the soft copy of your insurance policy in your email. It means, you can access your policy anytime and anywhere. Did you know the Insurance Regulatory Authority of India (IRDAI) has introduced a digital motor insurance initiative known as e-VahanBima?It says that you don’t need to carry your motor insurance policy document every time you take out your vehicle on the road.

9. Check policy review: As you do it at the time of purchasing other things on the internet, you can check the reviews of previous customers and their experience with the insurance company before going ahead. It means, you can compare features of different policies and know about the reputation of a company before zeroing in on.

10. No impact of demonetisation: I know, the ‘demonetisation phase’ is over, but what if the government comes up with its second season? As it is said, ‘once bitten, twice shy’ so, go for the online mode to ensure that any cash crunch scenario doesn’t affect the process of buying or renewing bike insurance. All you would require doing is, log on to the insurer’s website and fill the important details, including policy information, vehicle registration number, add-ons, if any, and make payment via net banking.

Remember, accidents happen unannounced.Therefore, the least you can do is, apply for a comprehensive bike insurance that takes care of the associated expenses and ensures your financial security.

Further, it is reassuring to know that buying bike insurance online doesn’t pose any serious safety threats as every step is taken by an insurer to keep your personal information confidential.

Top 5 Legal Tips For Fledgling Startups

startup business ideasSo – you’ve had an excellent idea for business and thought it might be a success? Well, congratulations. It’s an amazing experience owning a startup and seeing something grow from an idea to an actual business. However, there are a lot of things that can go wrong – unless you have the right protection in place.

Most business owners understand the importance of security – but you have to start sooner rather than later. In fact, ask any legal expert and they are likely to tell you to sort out your protection before you even write your business plan. In this guide, we’re going to reveal five simple legal tips for fledgeling startups. Take a look and make sure you have the right protection.

Consider your structure

Before you start work, you will need to register your business with HMRC. It’s advisable to register as a company, rather than a sole trader, as it gives you a little extra protection. You should have a chat with an accountant, too – they will tell you the type of company you should be to save on your tax bill.

Contract everything

From the second you start dealing with other people, make sure you have a contract. It could be a partnership or an employee – it can also be a supplier or investor. In short, anyone that has any contact with your business needs to be held in a contract. It outlines everyone’s responsibilities and expectations and holds both parties to account.

Intellectual property

Don’t forget that your ideas have value, too – and it’s essential you protect them. Trademark registration is a simple process, as is applying for patents or copyrights. Ensure you do this as early as possible. If you have a very good idea, you don’t want someone stealing it from you and making a fortune off the back of it. It’s happened many times before, and will continue to do so if you don’t have intellectual property protection.

Hire a business lawyer

Don’t underestimate how useful a business lawyer can be for your fledgeling startup. They can help you cover yourself in a legal sense, and highlight areas of potential improvements. If someone files a claim against you, they can react quicker as they already understand your business. Just like having an accountant, it will save you money in the long-term. The amount of legal help you might need will be enormous as you grow your company. It makes sound sense – financial and otherwise – to use the same person.

Get insurance

If the worst happens, you have to have insurance. No matter how safe you think you are operating, there is always the chance of something happening. A slip, trip, or fall on your premises can lead to an expensive lawsuit. An unhappy client could pursue you for damages – even if you think you have done nothing wrong. It all adds up to a large payout, which could blow your startup out of the water before you even get started. Insurance will give you the peace of mind you need to make your business success.