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Emergency Fund – 5 Strategies To Apply If Your Emergency Fund Has Run Dry

While it’s true that fools and their money are soon parted, unforeseen circumstances can leave even the best of us with empty piggy banks. Coronavirus is prompting lockdowns around the world, and many people have found themselves with nothing to fall back on.

With countless salaries unpaid and retrenchments galore, bringing home the bacon has never been harder. Luckily, it isn’t the end of the world. You can still get back on your feet by applying these five simple strategies.

  • On the House

Though low-interest loans have better terms, they’re not easy to sign up for, especially when the repayment of that loan is guaranteed by the roof over your head. The interest rate may be reasonable, but you should know there are fees for putting them in place. So, weigh your options and ensure you’ve gone through all the fine print before signing anything.

  • Hedge Against Hunger

Have you considered the hedge fund at your place of work? Surely your employer has a retirement plan set up for you? At the end of the day, that money is yours – you’re just collecting it sooner than expected.

Accessing it is relatively straightforward. There are no background checks, and you won’t be charged any interest because it’s not a loan. Just know that pulling this money out is the same as opting out of an investment – you’ll be missing out on financial growth.

  • Cash in Your Chips

Do you have any investments you can dip your fingers into? Maybe you’ve got some Bitcoin stashed away somewhere. Perhaps there’s an asset you can sell or rent? Such things increase and decrease in value all the time, and remember – you can always invest again when the dust of the global pandemic has settled.

  • Cutting your Losses

Whenever you’re in financial doubt, you can almost always rely on credit cards. Though you don’t want to land yourself in long-term debt, if you make it a point to settle the bill in full every month, you can actually improve your financial situation by getting a credit card. Be mindful of interest rates, balance the books, and make sure you can handle taking on the debt.

  • Banking on Mercy

Has it crossed your mind to talk to your creditors? Your bank should be able to pump the breaks on your loan until you can start making payments again. Banks are not monsters – you can come to an agreement if you take the time to explain your situation. As long as you don’t show signs of criminal intent, they should be willing to assist you.

Being unable to make a payment is not a crime – if you’ve been making payments every month without fail, chances are you can be trusted with a repayment pause.

If you don’t have a loan with the bank, why not take one now? You could always op for a personal loan, but the high-interest rates are something you should chew on before making a commitment. You don’t want to put yourself in a situation that’s worse than the one you’re in. After all, emergencies can often stretch out longer than anticipated.

Emergencies can bring out the worst or the best in you. How you react to the situation will determine your financial situation for years to come. What you do now can leave you up to your eyeballs in debt or it can leave you riding the gravy train. Choose wisely, see the other side of the coin, and don’t live beyond your means.

Precious Metals: 5 Things You Should Know Before Investing

What would you say is the oldest investment known to mankind? If your answer is anything other than land and gold, you’re in for a surprise! Since the middle ages, mankind has possessed gold, silver, and platinum, and has found these glittering precious metals to be of extreme value during financial turmoil. However, a lot has changed about precious metal investments. Nowadays, you do not necessarily need to own the precious metal; you can also invest in equities of mining companies or stocks of metal traders.

Thus, to help you make the most of your investment, we are going to tell you five things you need to know before you invest in precious metals.

Choose your precious metal:

It is a known fact that gold is the most cherished precious metal. Platinum is the rarest, and thus, it also reaps good benefits. Silver is the most commonly found among the three, and is, thus, the most turbulent of them all and is usually evaluated on the lower side. This doesn’t mean that silver investments do not reap any benefits at all. Silver is also a good investment; however, gold is the most stable of them all. So, it isn’t really about how much you invest, but it is more about what you invest in!

The purity of the metal:

An alloy would not give you the same returns a pure metal would. Even in pure metals, you could find some of the other alterations with copper or zinc to make the metal useful for amalgamation, moulding and jewellery making purposes. 24-carat gold pieces would not be valued at the same price as a 22-carat gold piece. Focus more on the purity of the metal that you buy.

You can also ask for the right certifications and written guarantees on the metal you have just been traded. These would later be used to prove and get the right worth for your metal. Only a written certificate can later be used to hold your buyer and seller accountable. It certifies if the metal is actually worth the pure sample that they claim it is.

Where?:

There are a lot of scammers in the market who would tell you how pure the metal is, but later you would find out an inferior quality gold or silver has duped you. They would also tell you that they are selling the exact amount you asked for, but it is so easy to remove grams from your gold bullion or silver coin. Just a few grams off that piece and you have been robbed off a thousand dollars! For this reason, we would highly suggest that you only choose a trusted buyer and seller, visit website!

Timing:

Although precious metal investments are always handy, to make the most of them, you want to buy precious metals when they are cheap. Rest assured, gold, silver, and platinum would always be in demand. So, never feel discouraged by a downward trajectory on the graph, that is an opportunity for you to stock up on these metals and later sell them when the graph picks up.

How?:

Depending upon the storage options you have available at your home, you could choose to buy the metal in its physical state, or you could go for a gold certificate, paper gold, paper silver or ETFs. Nowadays, there are various ways of investing in precious metals, but you should know that during the times of a crisis, it is the physical metal that weighs the most.

We hope this article has been a helpful guide on precious metals.

 

Farm Land for Sale – Tips on Investing in Real Estate

When I was looking at some farm land for sale some time ago (I had the idea of retiring to the country when the time comes), I was so surprised at how low the prices were for some of the ranches available that I decided to buy two, to see if I would be able to make any money back on my investment. My history of investment centered largely around stocks and shares so this was an altogether new venture for me. It didn’t take long for me to decide that this was indeed where my investments should have been going, and here is why I believe that you too can profit greatly from investing in real estate.

Stability

In comparison to the stock market the stability of the real estate market is absolutely incredible and very rarely volatile. This means that you can invest with a great deal more confidence in real estate than you would do in stocks and shares. Equally you can feel safe in the knowledge that even if the prices of properties were to dip, it is a very resilient market and one which is likely to bounce back in no time at all.

An Actual Asset

The property that you buy is the investment, it is not money on a screen nor is it a fictional investment, but rather a set of bricks, mortar and land that is yours, and nobody can take that away from you. The worst thing that could ever happen here would be that the property is destroyed by fire or the elements but smart home owners insurance will cover you for the full value of the property. The fact that you have a tangible asset makes it a far more worthwhile investment than stocks, shares or anything else.

Constant Increase

History has shown that eventually, every property price will increase and as long as you have patience with the market, so will yours. The appreciation on real estate is something which you can always count on and if you are flexible and make smart moves, you can really make the most out of this appreciation.

Diversify

Any accountant worth their salt will tell you that you must diversify your portfolio in order to minimize your risks and your exposure, and real estate can make up a very important part of a diverse portfolio. This investment can serve as a safe part of your portfolio and allow you to take calculated risks elsewhere.

Options

When you own a property you have multiple options which you can use to make money, you could focus solely on renting out the properties for regular cash flow and to reduce the debt on the property, you could also look for short term rental until the price of the property increases. Finally you could even look to flip the property which means getting a place for bargain basement prices, giving the property a makeover, and then selling it quickly for a small profit.

How to be better at buying online

The world is rapidly moving to a place where you can get virtually everything you need online. The implication is that in the next few years, over 90 per cent of sales might be done online or could start online before local relationships come in. the implication is that you would want to learn how to be better at buying online because we might start to have more companies that only cater to people online without local stores. When you are great at buying online, you would hardly ever make a mistake and you could enjoy shopping online even more than shopping offline. Here are some of the ways you could get better at buying online.

Read reviews
The easiest way to become better at buying online is by reading reviews. When you read reviews about a company, you get an unbiased report about the company and what to expect when you patronize them. This is as opposed to when you watch their advert. Their advert will tell you what they feel you want to hear to patronize them and only their good side. The reviews will tell you about their good sides and their bad sides, providing you with a balanced report about the company. This is why reading review is important if you want to be better at buying online. You would be able to learn from the mistakes of others who have patronized the wrong companies or from the diligent of others who have patronized the right company and you would know what to do.

Keep track records of the companies you have patronized
Another way to be better at buying online is to keep a track record of the companies you have patronized. Any company you patronize, you could note them down somewhere and give them a mark and conclusion. Any company that provides a satisfactory service or product, you write down their name, what you bought from them and the conclusion should read if you would patronize them again or not. With this note, whenever you want to buy any product or service, you can easily go through your note to find out if there is any company that you have marked satisfactory that you want to patronize again. You could continue to patronize them for that particular product or service until they disappoint. If, on the other hand, you don’t have maybe all the ones you have patronized for that product have disappointed or you have never bought the product online, then you would have to go and read reviews, research and then try out the company. If it goes well, you keep your records; if it doesn’t you keep your record accordingly.

Pay attention to the information on the website of the online shop
After reading reviews and you find a company worthy of patronage based on reviews, it is important to still confirm from what is on their website. If you place an order and things did not go as you thought, they would only relate with you based on the information on their site as opposed to the information you find on a reviews platform. So ensure that the information on their website is in line with the reviews in terms of price, means of delivery and other relevant information before patronizing them.

What are the Pros and Cons of Payday Loans?

Payday loans have been both demonized and idealized in the news. They’ve been blamed for keeping people in poverty, and they’re credited as lenders of last resort for those who have no other options. The reality is somewhere between these extremes. We’re here to provide an unbiased analysis of the payday loan. What are the pros and cons of payday loans? And what value does this financial product bring to the marketplace?

The Pros of Payday Loans

One of the best things about payday loans is that they do not depend on your credit score. Instead, they will depend principally on your income. This is why payday loans with bad credit are not only a real financial product but one of the few available to those in these situations. Plenty of loan companies offer payday loans with bad credit, and you can shop for these financial services online with referral services like LoanPigUSA to keep fees to a minimum.

Another benefit of payday loans is that you can usually get access to money very quickly. A bank loan or new credit card application may take several days to be approved. They generally set up the loan so that the money is in your bank account the next day, while payment will be collected the day you’re paid. You don’t have to worry about arranging payment, though it is your responsibility to ensure there is enough money in your bank account to pay the loan back. When you pay off the loan, you’re done. This is far easier than trying to manage credit card or bank loan payments over several months.

Payday loans also don’t limit how you can use the money. The funds can be used to pay for car repairs, a plumber, rent or doctor’s office. The process is also much easier than having to go before a loan officer.

The Cons of Payday Loans

Payday loans have relatively high interest rates. The interest rate is usually higher than the interest rate you’d pay if you had used credit cards, and it becomes worse when your loan rolls over several times.

Another thing about payday loans is that amounts are limited by your disposable income. For example, you can’t borrow more than a set percent of your weekly or monthly income. Furthermore, the loan amount may be limited by state or local law. This makes payday loans a good choice for paying for unexpected but modest car or home repairs, but it cannot cover major expenses like a new roof or all of your living expenses in an emergency.

Observations About Payday Loans

Payday loans have moderately high interest and fees. However, the costs skyrocket if you can’t pay the loan back at the due date. If you have to roll over the loan more than once, the associated penalties and compound interest are immense. In this case, it would actually be better to pay your bills with a credit card at 20 or 30 percent interest. This is why payday loans should only be used in an emergency, not for luxuries.

Payday loans can be a godsend depending on your financial situation, but they have to be used responsibly. Make sure that you understand the terms of your contract, and commit to paying on time if you don’t want to end up in a vicious circle.

Five Financial Tips for Young People in 2020

In an ever-more complex world, and with so much to think about every day, finances can only take up a certain amount of bandwidth in our conscious minds. True, our personal financial situation can be incredibly important, granting us freedoms to travel, work, play and socialize whenever we want, but overall, we tend to avoid thinking for long periods about our cash flow. This article aims to change that, by introducing five incredibly important tips to help you think through and manage your finances as a young person in modern-day America.

Use Apps

The benefits of being a young person in the modern era are huge – and one of the biggest benefits is that young people have grown up with digital technologies, smartphones and apps, that they’re incredibly comfortable using them daily. Make use of this advantage by finding the best money management apps on the market to use with your bank accounts to understand your spending.

Neo-Banks

You may be aware of the ten or twenty biggest banks across America, but you may be less aware of the new, smaller banks – often completely digital, with no physical branches – that are emerging across the country and the world. With new features like free overseas withdrawals and special rewards schemes, these new banks offer incredibly competitive, appealing deals for the young people savvy enough to find them.

Debt

Young people tend to be amongst the most vulnerable to debt. That’s hardly surprising: they’re more naïve than most adults, and they’re also at the start of their careers and their financial journeys, and many choose to enter debt to put themselves through college or university. The key lesson, if you find yourself in debt, is to be calm. Don’t kneel to the debt collectors. Indeed, their threats and demands often cross the line into plain illegal harassment – and in these scenarios, lawsuits over debt can require professional help from lawyers who will fight on your behalf to resist the advances made on your assets by debt collectors.

Investing

If you’re looking good financially, and you’re earning considerably more than what you’re spending, it might be time to look at the investment opportunities you may be able to take advantage of in the coming months. You should look primarily into property and stocks or shares, which means that you should invest in something for the long-term, which may make you a lot of cash over time. Investing is a smart way to protect your wealth.

Savings

Finally, don’t forget to make up some savings over the next few years of your life. Savings are incredibly important for you to be able to afford a mortgage later in life, or to save up for other fabulous and once-in-a-lifetime events, like weddings and honeymoons, or that around-the-world-trip that you’ve always held in the back of your mind. Savings pots are incredibly easy to set up and can provide an extra safety net should you lose your job in unfortunate circumstances in the future.

Make use of these five financial tips to stabilize your financial health in the weeks and months ahead.

Go for Growth – 5 Methods You Can Use to Boost Your Business When Growth Has Plateaued

Customers used to be lining up at your door, and the phone was ringing off the hook. Now? Silence. There will come a time when your company’s growth starts to plateau, and you might be wondering if there is anything you can do to fix it. Fortunately, there is. Here are five growth methods that can provide that much-needed boost at the right time:

A New Location

Working from home can save you a fortune in lease and rent costs. It’s an ideal option for start-up businesses and entrepreneurs who prefer the flexibility of a home office. However, there is going to come a time when your business can’t get any further without a change in address.

Many established and start-up businesses are beginning to see the value in serviced office packages as opposed to traditional office leases. The costs are far more manageable, and you also get to enjoy a professional image and location that can boost business growth. Working in your pajamas is no longer an option, but it’s a small sacrifice to make for the benefit of your bottom line.

Alternative Marketing Strategies

You would be amazed at how many marketing techniques exist. The reason why so many exist is that every business works differently and has to reach a specific demographic. A walking stick salesperson will find a smaller market of interested buyers on the internet, but a larger one in the local newspaper. The results might flip for someone selling computers.

If growth has plateaued, then play with your marketing methods. Re-evaluate the avenues you use now, and consider the use of a marketing expert to highlight the best routes to consider. Your current marketing method may have worked once, but it might not be doing your business any justice today.

Special Event

A common problem many business owners face is that they are not in the right location. They may not get the foot traffic they require, or they aren’t in front of people’s faces. Social media marketing can let people know you exist and what you sell, but a special in-store event can bring them to you. Whether it’s a professional event, conference, or a free-for-all, you can attract all the right people to your business with a bit of planning and hype.

Incentives

Loyal customers mean everything to a business, but it can be hard to retain them and build on them if you don’t put in any effort. If you’ve noticed a drop in growth recently, then evaluate your incentive programs for customer retention. Focus on tactics to promote expenditure, such as reward points, referral rewards, membership cards, and prize draws. People like to feel loved, and your special attention will pay off with repeat business.

Expand Your Range – But Slowly

If you’ve reached the absolute limit of where your current business model can take you, then it can feel like you are beginning to stagnate. The only thing to do now, aside from sitting pretty, is growing your range to grow your business.

Look at complementary products and services that can enhance your business and bottom line. For example, if you sell shoes, you might look at shoe repairs or sock sales. There are plenty of avenues, but remember to grow at a sustainable pace.

Every business will go through a slow stage where they feel like they are stagnating. Get back on that upward trend by re-evaluating your location, marketing techniques, and even what you sell to your customers. You’ll be back to full growth in no time.

 

How to Purchase a Motorhome Next Year

Are you approaching retirement age from your job? Seeking an overhaul to your current life situation? Want to travel around the country and even further afield? If so, a motorhome could be the ideal solution.

Although a motorhome can be an expensive outlay — especially if you have no savings or pension to fall back on — it’s much more affordable when you plan ahead. If you give it 12 months to save and prepare, the motorhome will obviously be easier to purchase.

If you need advice on how to raise the money, below are tips to consider before purchasing a motorhome next year:

Begin Putting Money Aside

When you have time to put your finances in check, it’s easy to start putting money aside for that dream motorhome. If you already receive an ample amount of expendable income from your job, there’s no issue with cutting out a few treats and saving it all up. However, if most of your monthly paycheck is tied up, consider changing around a few bills — such as that premium cable package or unused gym membership — that are not necessary.

Downsize and Sell Off Unwanted Assets

A year provides a generous amount of time to downsize your life. If the plan is to effectively turn the motorhome into your first home, there’s no need to stick with your current abode. If you sell your house and move into a smaller property, this will likely supply the necessary funds to cover a motorhome.

Even if you don’t downsize your house, look into offloading any assets you no longer require. These possessions could include everything from gym equipment to cars.

Improve Your Credit Score

A good credit score can help in many different ways. This is especially the case when it comes to applying for a loan. If you have an excellent credit rating, the interest on a loan will tend to be much lower than if the credit score was bad.

A year will provide sufficient time to improve your credit score. As for how this can be achieved, there are various methods that can be utilized. Simply repaying your monthly bills on time will help, as will paying any credit card debt off early.

Opt for a Personal Loan

Even after a full year of saving up, you might have failed to amass the necessary funds for a new motorhome. Even in this case, not all hope is lost. One solution that’s available is a personal loan.

While this can be attained from a large bank, it is sometimes best to get a loan from a small lender. Take Auto Finance Online, as an example. This company specializes in financing for motorhomes and caravans, and they ensure the whole process is effortless, even for those with bad credit.

Pick the Right Motorhome

With plenty of time on your hands, you won’t be rushing into a motorhome purchase. This gives you the advantage of scouting all available options, comparing features, and deciding on the right motorhome for your needs. It also provides the opportunity to closely analyze what motorhome features you don’t require, which might help cut down on the overall cost of the vehicle.

 

Top Tips For Snagging The Best Mortgage Rates

You probably don’t have enough cash on hand to purchase a home outright. Most people need the support of a lender to afford the ability to purchase a home, and getting a good mortgage rate is vital.

Purchasing a home is a long-term commitment that is worth spending the time it takes to find the most suitable mortgage options. Check out a quick look into a few excellent tips for snagging the best mortgage rates, and get into a home you can truly afford to own.

Boost your credit score

Your credit score will be a large part of a lender’s perception of your reliability. A higher credit score shows that you’re a reliable individual who pays their bills on time.

If your paper trail proves you to be a financially dependable person, lenders will offer you better mortgage rates. Give yourself at least two years to raise your credit rating before ever investing time in the search for a mortgage lender.

Build a solid job history

When you set your mind on buying a house, you need to set your mind to building a solid job history. If your job history is unstable, your finances look unstable to potential lenders. If you wish to find the lowest rate on your home loan, then you’ll need to put in the work.

If you’ve held down the same job for several years, you look like someone who is settled and trustworthy. Holding a job shows commitment, and commitment is needed to sign a 15-30 year mortgage agreement.

Save money for a down payment

The more money you have to pay down on the home you are trying to purchase, the more reasonable deal you’ll get on your mortgage offers. Money talks, and a solid down payment speaks volumes.

If you have a more challenging credit rating, try to save up close to 20 percent of the cost of the property. With 20 percent on the table, lenders will have more trouble turning you down for a loan.

Look your best physically

It may seem silly, but the way you look when you speak with a lender matters. If you present yourself as disheveled, lenders will be less likely to trust that you’re a reliable recipient. Dress in your Sunday best to apply for a mortgage loan, and approach the situation with confidence.

Look for a fixed-rate mortgage offer

If you’re committed to living in your new home for quite some time, then you may benefit from a 15-year-fixed-rate mortgage setup.

As long as your cash flow is reliable and good, you’ll have your home paid off in half the time as the traditional repayment period. You will also have better offers on interest rates for your mortgage.

 

How to Borrow a Short-Term Loan Wisely

Many people in the UK will turn to a short-term loan at some point. Whether it’s in the form of an online payday loan or another type of short-term funding, these borrowing options tend to be a very convenient way of accessing cash, with swift application processes and many lenders willing to provide much-needed finance to those with a poor credit history or bad credit score. However, even if you’re only borrowing a short amount of money for a short period of time, this doesn’t mean that you shouldn’t approach with some caution. These types of loans often have high interest rates as they are unsecured, and tend to be provided on the basis that they are there to help in a financial emergency, rather than for purchasing luxuries. So, if you’re considering a short-term loan, what can you do to ensure that you are choosing and using it wisely?

Avoid ending up in a debt trap:

Before applying for payday loans or any other kind of short-term finance, it’s important that you thoroughly assess your finances and determine how much you will need. Many people fall into the trap of taking out a loan only to realise that they have not considered the full amount that they will need to pay back including the interest, and then find themselves in a similar situation to the one they were in before getting the loan. As a result, many borrowers end up tempted to take out another short-term loan to cover their outstanding expenses, which can quickly turn into a cycle of debt. So, be sure that you’re fully aware of the complete amount you’ll need to repay, to avoid any nasty surprises.

Consider alternatives:

Payday and short-term loans are usually provided on the basis that they are for use in a financial emergency, so it’s worth making sure that you have exhausted all other avenues possible before you go down this route. If you need quick cash, there are other options that you might want to consider such as selling higher value items like computers, TVs and other electronics, or jewellery, which could quickly provide you with some much-needed cash. And over the long term, it’s worth setting up an emergency fund that you pay a small amount into each month so that if you do find yourself in a position where you require urgent financial assistance in the future you have savings to turn to instead.

Carefully consider the amount you borrow:

As a general rule of thumb, you should only get a short-term loan to cover the amount that you specifically need in that moment of time. While it can be tempting to borrow more – especially if a larger amount is available to you – it could actually end up being more trouble than it is worth, as the interest amount will be higher when repaying. So, be sure to only use a short-term loan for the essentials such as living costs, emergency bills, or home repairs, and don’t borrow more than the expense is going to cost you.

Short-term loans can be a convenient way to get emergency cash when you need it, but be sure that you approach this kind of borrowing wisely.

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