Building a stable financial future is a difficult thing to do, especially these days. Modern breadwinners have to work hard to navigate a treacherous professional landscape in which too many Americans are making too little money, even as the prices of essential things like shelter rise. Still, many Americans manage to scrape together the cash they need to survive and, in many cases, thrive. They’re careful and clever, and they save their pennies for rainy days and retirement.
The care and wisdom of these Americans makes it only more frustrating to see sound financial decisions derailed by occasional mistakes. Unfortunately, it only takes one misstep to undo years’ worth of careful saving and budgeting. That’s why you need to be vigilant and avoid the pitfalls that have destroyed so many lives. Here are a few common money mistakes that could threaten your finances. Steer well clear of them.
Taking out too much auto debt
Debt can be a very dangerous thing in personal finance, but — as many Americans are aware — debt can also be a tool. A home loan can help people increase their net worth in the long run, and loans for large purchases like cars can help pace out a big expense and keep bills paid, savings account stocked, and futures bright.
But be careful, because any type of debt can be toxic if it’s more than you can afford to pay back. You should be particularly careful about loans that might reasonably be viewed as just “OK” debt, rather than “good” or “bad” debt. Car loans are a great example: While they can certainly be sensible, they aren’t exactly good. You’ll want to be careful about how much you take out, so that you don’t end up being one of the many Americans who fall behind on their auto loans.
Part of the trick is to shop in the right places, say the pros at a respected Honda dealership in North Olmstead, OH. You don’t want pushy salespeople urging you to take out tons of debt for a pricey car; you want helpful people who have your best interests at heart. Do your research, shop wisely, and avoid taking out lots of debt. Then, apply this same logic to other large purchases.
Turning investing into gambling
If you’re saving for retirement, then you’re probably already aware that you won’t get far without investing your cash. Thanks to inflation and the relatively meager power of simply pocketing your pennies, you absolutely have to get your money to generate interest if you’re going to retire as comfortably as you might hope.
It matters, though, how you invest. Putting cash into tax-advantaged accounts like 401(k)s and IRAs is a smart move, because it limits your tax burden and helps you maximize the value of what you’re saving. But inside and outside of these accounts, it also matters enormously which stocks, bonds, and funds you buy or buy into.
So crack open a guide to trading for dummies, or hire a financial adviser who knows what he or she is doing. Look for safe and reliable ways to grow your retirement fund. If you have some extra money to play with and want to get creative or start day trading, great — but keep your retirement nest egg growing slowly and safely, and watch out for leveraged strategies that leave you exposed to risk. Investing is sensible, but you need to make sure that investing is what you’re doing — rather than speculating or gambling.
Using credit cards too often
Credit cards are convenient things, because they let us buy things without having to carry loads of cash around. But that convenience isn’t really the point of your credit cards, at least not from the perspective of the credit card companies. The real point is the credit — essentially, each purchase is a little loan that you pay back when you pay your credit card bill.
And if you let your credit card balance roll over month to month, you’ll find out that those loans often come with hefty interest rates. On top of this, psychologists agree that credit cards encourage us to spend more money. So be careful with those credit cards, and limit how much you buy with them. Pay off your full balance every month, and remember: If you can’t afford to pay it off, then you can’t afford to buy it with a credit card.
You need to know when to walk away when you speak with a car dealer. It is not that you are rude, but you know your limits, and because you know there are other options out there that are more satisfying than what the current dealer is offering you. It also wastes your time if you stay with the same dealer or dealership that will not give you what you want.
You cannot spend an extended time test driving the vehicle
The least you can do to determine the quality of a car is take it out on a test drive. If you intend to buy a used car, you cannot sign the deal if you are unsure if it is going to work well. Ask for a longer time for the test drive provided that you agree with the penalties for any damage. If the dealer will not even agree to your request, it means that there could be something wrong with the vehicle. There is no point in pursuing this transaction.
Your dealer will not let a mechanic inspect the vehicle
You need a mechanic to come over and check the car. It is essential that you have an expert review any problems to determine if the vehicle is still worth buying. The mechanic will tell you to avoid the vehicle when they find issues. They understand that used cars will not be perfect, but they will notify you when the flaws are too much to bear. If the dealer will not allow you to take the car to the mechanic or allow the mechanic to come over and do the inspection, it is a red flag that tells you to leave.
Your dealer keeps telling you to wait
If your dealer tells you to keep waiting because the decision needs to come from the boss, you might be patient at first. Eventually, though, after thirty minutes or even an hour of waiting, you need to play the game too and walk away. The dealer is hoping to exhaust you so that you decide to sign the deal instead of asking more questions. It shows that the dealer is not honest with you, and you cannot let it happen.
You do not receive consistent responses
You rely on the words of your dealer, and you want to get the best responses only. If the answers are inconsistent, especially in regard to the price, you need to walk away. It shows that the dealer is only looking for ways to rip you off instead of being honest with you. It is a sign of a bad faith transaction that you should not pursue.
Given these reasons, you need to be tough and learn how to walk away from a deal. Other dealers will give you what you deserve, like the ones at Used Cars Evanston WY. Talk to them about your needs and discuss what to do moving forward.
To read more on topics like this, check out the money category
Buying a property is not as easy as it used to be. Besides the more stringent requirements to access home loans, property prices have continuously risen for the past few years. This makes it hard to decide whether it’s high time to buy your own home or continue renting. If you haven’t made up your mind yet, below are some pros and cons of renting and buying, which hopefully can help you decide.
Renting a home will leave your savings untouched, meaning you can use them for other things. You don’t have to allocate them to pay for the deposit and other costs related to buying a new property. Instead, you can use them to invest in something which will give you a better rate of return. Maybe you’re at a point in your life where you want to travel and enjoy yourself first, instead of saving every month to pay for a mortgage.
There has been a steady rise in rental rates for the past few years due to the increase in property prices and inflation. Depending on the property location, mortgage payments may seem heftier at the start, but over time, the interest that you’ll be paying will be reduced as you slowly pay for the principal loan. Come retirement time, there will be no more need to worry about monthly rent since you will probably have paid off your mortgage by then.
Buying your own home
Buying one of the many flats for sale in Brentwood instead of renting gives you a sense of security knowing that there’s no need to renew tenancy agreements or the risk of being kicked out unexpectedly. As a tenant, you won’t have too much say in the lease terms nor will you have the freedom to make changes to the property. But being a homeowner, you can renovate as much as you can and decorate however you please.
As a property owner, you can expect the value to increase over time. It’s an excellent investment to make because once the pricing reaches its peak, you can look into putting it up for sale.
The fees and interest you pay during the life of the loan shouldn’t be taken lightly. It’s a significant amount that, when you think about it, you could use for investment or something else. You could even use it to study or travel somewhere.
There is also no assurance that you will get the increase in property value that you expected when you invested in it.
Comparing the pros and cons of buying and renting isn’t an easy task. There are a lot of factors that you need to consider which include your financial stability, lifestyle choice, needs of the family, and your investment goals in the near future. If you’re unsure of where to start, talk to an expert to get a good idea of what to do. This way, it’s easy to make an informed decision on whether you’ll continue renting and invest your savings elsewhere or pay a deposit for your own home.
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Apart from efficiency and quality, the factor that you need to consider seriously before buying a car is safety. It is true if you are planning to buy used cars. Some of the used cars available right now have been around for a long time. Therefore, it is possible for you to end up with a vehicle that does not have the standard safety features that you need.
Before, when cars had an accident, the windshield would end up breaking into pieces and cover the driver and front seat passenger with shards of glass. Today, most cars have shatter-resistant glass. Even if it breaks into pieces when involved in an accident, they will not go towards the direction of the person inside the car. Some modern vehicles even have a windshield that can survive the impact of a bullet.
This feature slows drivers to avoid experiencing rollover accidents. The computer helps compensate for the error committed by the driver. For instance, if you turn too hard, you might roll over without this feature. Vehicles with stability control will compensate by sending the power to the different wheels in order to avoid an accident.
This modern feature available in some cars allows you to see what is going on behind the vehicle because of the camera attached to that part. You do not need to keep looking at the side mirrors. Another modern camera feature which is available in trucks has a monitor located at the back. It allows the driver behind to see the vehicles in front of the truck that get obstructed because of its sheer size. It helps prevent accidents since the driver behind will not attempt to overtake the truck even if it is driving at a slow speed.
This security feature has been around for a while, and it helps prevent the tires from skidding. It puts pressure on the front or back tires as necessary. There are improved versions available in modern cars that make the feature even more effective.
This feature helps to retain the grip on the road especially under terrible conditions like when the road is wet and icy. Through this feature, it is easy to distribute power between the wheels and avoid wheel spin. It helps in retaining grip and control.
Seeing these features in a car will make you feel confident that it will be reliable on the road. Even when you are buying a used car that the previous owner has used for years, you will still not regret buying it. You know that you can rely on these features when you commit a driving error.
Of course, these safety features are only among the criteria to consider when purchasing used cars. You still need to look at other aspects too, including the cost. You would not be looking at used cars in the first place if money was not an issue.
For quality used cars that are affordable, you can look at youngautomotive.com for details.
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Legal cannabis is a billion dollar industry and one of the fastest growing sectors in the US economy. It’s also making new millionaires every day. However, since the legal status of cannabis is still unclear at the federal level, many would be entrepreneurs might still be unsure about making the jump. However, there are plenty of safe ways that you can profit from this industry directly or indirectly. Here are a few of them.
Marijuana related tourism is booming at the moment, and many companies are trying to capitalize on this trend. One of them is Bud and Breakfast. Bud and Breakfast works pretty much like Airbnb, with the sole exception being that your property has to be marijuana friendly. This could a fast and easy way to cash in on this growing niche if you don’t mind accommodating marijuana consumers.
Subscription boxes are all the rage right now and are a great business model, making them a great way to bank on the cannabis dollar. You could start a subscription box service that provides various forms of paraphernalia like rolling papers, vaporizers, or pipes for instance. Or you could go for a service that provides unique snacks from around the world, or various pieces of marijuana related clothing and accessories.
Another thing you could do is start your own CBD oil distribution company. CBD oil is perfectly legal as long as it is sourced from industrial hemp and the THC concentration is less than 0.3%. If you choose to do this, though, it’s absolutely essential that you choose the right supplier, and know exactly what’s in the product. You could buy CBD distillate in bulk and repackage it, buy crude oil and extract it yourself, or start from whole hemp. Or you could use it to make CBD derived products as well.
Another thing you could do is invest in stocks and companies that could benefit indirectly from legal marijuana. If you don’t want to invest directly in marijuana, or think marijuana stocks are overvalued, then you could invest in one of the many other industries that cater to either cannabis suppliers or users. One example is organic fertilizer manufacturers, or the companies involved in hydroponic growing equipment. Trading platforms like Motif will allow you to zero in on specific sectors and find various stocks that could benefit from legalization.
Just like any sort of business, marijuana related businesses need help with everything from marketing, to SEO, and POS software solutions. If you have good knowledge of the business, you could provide anything from interior design services to marijuana market research, or special tax services catered to dispensaries.
There are tons of different ways anyone can make money from the legal cannabis industry without selling cannabis directly. All these options could help you make money safely and legally without having to deal with excessive regulation.
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Money, although not everything, is a huge component of every part of your life. You need money to pay the bills, afford the bare necessities, and the things you want. Yet, for most adults, there’s always the constant struggle of managing it. There’s always the constant dread of debt, not having enough to pay the bills, falling short on supporting your family, or even the inability to afford a lifestyle you want. Though it may seem like the normal “life of an adult”, this constant struggle with money can quickly internalize wreaking havoc on your physical and mental well-being.
Money Makes You Do Crazy Things
Unfortunately, some adults become so consumed with their finances that they become stressed out. Financial stress takes its toll on your health and can lead you downward path of destruction. Some, turn to drugs and alcohol for relief, but then end up needing to go to rehab for prescription drug abuse or some other substance addiction. Others, lash out at their significant others, make destructive financial decisions, and end up in dire-straights. The list goes on to how one might react to long-term financial stress, but none of it is good. The best thing you can do for yourself, your finances and your family is getting back on track and reduce the stress.
Start a Budget – Not everyone is a big fan of budgeting, but it can greatly reduce your financial stress. It is a resource designed to help you get better control of your finances so that money isn’t a big worry. It is essentially a spending plan which lets you know how your funds will be distributed to afford the things you need on a regular basis. A well-managed budget can also help reduce wasteful spending and increase savings.
Create an Emergency Fund – You can’t always predict or prevent what’s going to happen in life, but you can be prepared to handle them. Financial emergencies like a house repair, car repair, medical emergency, job loss, or some other unforeseen circumstance can cripple your budget if you’re not prepared. An emergency fund is designed to minimize the chances of this happening. It is a nest egg that is set aside for emergencies you can’t afford to pay from your original budget. It reduces the need to borrow money and go further into debt and allows you to handle your financial problems right away. Though there is a lot of debate on how much to save, having at least a few months worth of monthly bills and expenses in an account is ideal.
Get Help – Managing money isn’t easy and it’s not always something you can do on your own. Whether you’re living paycheck to paycheck, drowning in debt, trying to set up for a solid future, or not sure how to grow your money, there are financial experts you can turn to. A financial advisor and/or debt counselor are the most common places to start. They can give an expert third-party opinion on your finances and help you reduce waste, increase savings, and set yourself up for a brighter future.
Self-Care – This one may not seem to have anything to do with your financial circumstances but the truth is it helps. Exercising, eating right, getting enough sleep, and finding ways to focus on things that make you happy improve your overall well-being which allows you to better handle your financial stress.
Money makes the world go round, and when there’s a shortage or a problem, it can bring your world to a halt. As difficult as it might be it is imperative that you don’t allow your financial circumstances to stress you out and ruin your health, family, or life. Instead, get proactive by putting tools in place like a budget and emergency fund, talking to financial experts for help, and taking care of yourself. Though it may not prevent all of your money woes, once you’ve gotten your finances under control, you’ll find it a lot easier to manage going forward.
Sometimes contacting the IRS can seem a bit frightening, or you may be hesitant to get involved with them, but they can actually be beneficial to your business and helpful! You will most certainly want to keep the IRS updated as to what is your current address. This is important to notify them of this change so you can be ensured to receive any important documents related to your business. For example, the IRS sends important documents such as tax deficiency notices, and you certainly wouldn’t want to be penalized for not paying taxes that are owed. If you need to verify anything with your business ID number you can check TIN number status and use our Irs-EIN-Tax-ID number lookup to obtain your EIN number.
When it comes to updating your address you will need to fill out the Form 8822 to update the IRS of a new current address. Once you do so, you will hear back from them regarding this change, but please keep in mind this only updates the IRS. Other agencies such as federal, state, and local will need to be updated separately by you.
IRS-EIN Tax ID.com can help you through this process and ensure the form is submitted correctly and accurately filled out. The process can take quite a while, even up to 60 days to process, so you will want to do it as soon as possible.
When it comes to running a business, it is crucial to keep all of your documents organized and all of your information up to date. You want all of your information to be accurate so you don’t have any hassles, and so you receive any important notices and documents on time.
If you’re interested in turning your free time into cold hard cash or quitting your day job, in order to work from the comfort of your own home, simply continue reading to discover a variety of ways to make money online.
How to make money online:
As an example, if you’re able to find branded items of clothing at a discount outlet, you may be able to sell the clothes which you pick up at a heavily reduced rate, for a sizeable profit on an online auction site. Just remember to research the items which are currently in demand before going out to source your stock. Also, keep in mind that items from limited edition collections which are hard to source can normally sell for more.
If you see yourself as a lucky individual and are not afraid at taking a gamble, it’s also well worth testing your luck at iLottery as you’ll have the chance to become an incredibly wealthy individual overnight. So if you dream of being able to quit your day job and travel the world or purchasing your dream car, it’s well worth testing your luck at iLottery. As you’ll be in with a chance, to win big! You can learn more here.
If you’re highly interested in quitting your job and working for yourself in the long term, it’s well worth considering learning how to design professional quality websites. As there is no shortage of web design work as almost every business on the planet requires an eye-catching, functional website. Which means that after successfully building a few professional websites, you should have no trouble negotiating future deals with new clients.
Better yet as an online, freelance web designer, you’ll be able to work for clients which are based in a wide variety of countries.
Did you know that you can get paid to give your honest opinion on a wide variety of services and products? If you find filling out consumer surveys fun, you should jump at the chance to complete paid surveys for a wide variety of well-known companies, in exchange for cold hard cash. If you’re lucky you may even be sent free products to test out.
If you have basic office skills, you’ll be ideally suited to working as a remote, digital assistant. Tasks which you can expect to complete as a paid digital assistant include responding to emails, sending urgent text messages to your employer when as urgent email arrives and taking phone calls.
If you’re a fast typist you may also be interested in a digital transcribing position. Which involves either transcribing text from images or transcribing text from audio files.
So if you’re interested in making serious money online, it’s seriously well worth using a few of the six innovative ideas listed above, in order to start making money online!
It’s no secret that Toronto real estate is a complicated market to wade into. The housing prices have been preventing a lot of people from buying for years. So much so that it’s an established fact that lots of millennials, also known as the next generation of homebuyers, can’t afford to buy homes right now.
This is why it’s more important to make the right decisions in case you’ve decided to invest in GTA real estate. You’ll need all the help you can get to navigate your way, especially if you’re a first-time buyer.
Unfortunately, not all of the tips you’ll get will be a good one. Some can be damaging to your finances.
What are these tips that you should avoid? Here are five of the most popular examples:
A lot of people will give you this tip, especially since there are recent reports of the market cooling down. This can be a very tempting option since it means lower-priced homes when the market hits its lowest point.
However, as you won’t know when the upturn will happen, there’s also a chance that you’ll miss out on the best deals. It’s also highly likely that you’ll be competing with very experienced buyers during this time, so there can be more risks for you.
If you’re ready to buy now, why wait longer? There are lots of other ways how you can bag a bargain real estate property, so if you really want the best prices for you, it might be better to try those out instead.
If you’re selling your property, you might also receive this tip from a friend or your very own agent. This might make sense for some people, but a bit of research will tell you that it’s a bad idea.
Why? There’s a good chance that a lot of potential buyers will skip your listing because of the price. Sure, there will still be interested parties, but wouldn’t it be better to attract more of them? Listing your property fairly will always be a better option.
Paying the full price doesn’t mean that you’re not getting a good deal. In some cases, properties can be priced nicely for what they can offer. It can definitely be worth paying the full price if you want to get the property you’re eyeing.
This is one of the most dangerous tips any homebuyer can get. A lot of people advice against hiring home inspectors thinking that they can do it themselves. While there are a few who can get away with this, others will end up with a property that’s full of issues. A professional can help you avoid this, so their services are worthy investments.
This also goes hand in hand with the awful advice that if a property is newly built, it doesn’t need an inspection. This can’t be the furthest thing from the truth. Keep in mind that some builders aren’t exactly very honest about their work. If they cut corners in their construction, the house will have major issues.
Without a professional inspector, you might not spot these problems. Some of them will be costly to fix. So even if you get to save from not hiring an inspector, you might still end up spending a lot for the repairs that you could have avoided in the first place.
Last, but not the least, do not try to take a shortcut when hiring a Toronto real estate agent. They are not made equally. Some will be infinitely better than others so you have to be careful in choosing who to work with.
A lot of people travel on a budget. Even if many are ready to splurge, they might still be looking for ways to stretch their dollar to make the most out of their trip. Because of this, some people might already cross out luxury villa rentals from their accommodation options.
This shouldn’t be the case, though. Here are a few reasons why splurging on accommodations can be a good idea:
Living like kings would best describe what comes to people’s minds when luxury getaways are planned. And how else can you do that than with a team of skilled staff who will take care of your every need?
Hotels offer such services but you can also expect the same from the best luxury villas. What makes the latter better is the fact that you have the team all to yourself in most cases. So if you really just want to kick back, relax, and skip all the chores and hassles of your everyday life, these accommodations would give you what you need.
Booking multiple rooms in a busy hotel can be a hassle. By opting for a villa, on the other hand, you can take the whole family on a vacation with less hassle. You won’t have to worry about having to look for a hotel that can accommodate everyone or splitting a huge group into smaller ones. You can find luxury villas that can fit all of you under one roof, so it’s definitely a more convenient option for large parties.
Most luxury villas will take your breath away. From the architecture to the location and vistas available inside the house, you can expect to be stunned by these properties. This alone makes them worth the money. Combined with everything else on this list and it’s easy to see why it’s a worthy splurge.
If you’re lucky, you might even get additional bonuses from booking a rental villa. Some have direct access to a private outdoor space like beaches, viewpoints, and gardens. It all depends on where your holiday is. But no matter where the location is, there will always be something special about a luxury villa.
If you’re paying top dollar for a property rental, there’s a good chance that everything about it will be stellar. You won’t be presented with an unfinished driveway or a bare bathroom.
These places have their reputations to uphold. So if you’re paying good money for your stay, you can count on the villa to impress you.
As you don’t need to share the building with complete strangers, villas tend to be very private. So if you value your privacy or you really don’t want to be around other people on your holiday, luxury villas will suit your needs.
Want to bring your beloved pet on your getaway? Lots of hotels won’t allow your pet inside their suites and guest rooms as a courtesy to their next guests. They will offer their own pet hotels, however.
This defeats the purpose of taking your pet with you if they’ll be kept away from you the entire time. There’s a good chance that you won’t be able to spend a lot of quality time with your pet if they can’t stay with you inside your suite and most public areas inside the hotel.
Villas, on the other hand, will allow your pet to be brought along. This helps make these properties feel more like your home away from home. They will let you enjoy a lot of similar freedoms that you have at home.
These are just a few of the best reasons why splurging on one of the best luxury villa rentals. But if you’re traveling in big groups anyway, they might turn out to be more economical and hassle-free options. Check them out and what they can offer to see for yourself whether it’s a good fit for your trip.