When it comes to saving money for your next family
holiday or trying to set a good example for your younger children, it’s
important to get into good habits. So, whether you’re opening your first savings
pot or already an experienced saver, putting money away is something everyone
can get into the habit of doing without making it feel like too much of a
chore.
While there’s various ways to save your cash, it
can often be easier said than done. So, why don’t you challenge yourself?
Become a habitual saver by trying the 52-week saving challenge. Save £1 in your
first week, £2 in your second week and so on. By the end of the challenge,
you’ll have saved an impressive £1,378 plus any interest!
Bad things happen to good people. With our
society becoming increasingly litigious, people could be looking for any reason
to sue you for what you have. Consequently, the importance of protecting one’s
assets cannot be overemphasized. It is important to understand that asset
protection is not about evading your debts by defrauding your creditors,
rather, it is about preserving your hard-earned/inherited wealth from financial
predators and frivolous lawsuits. The following are ten asset protection
strategies you should consider using to protect your wealth.
1.
Utilize Business Entities
If you are an entrepreneur, you must separate
your personal assets from your business assets. If you do not take the
necessary steps to create separate business entities such as limited liability
companies, corporations, or limited partnerships, a business dispute could see
you lose everything.
Some business entities to consider include:
Sole proprietorship. This entity
offers no limit on personal liability. A mistake could see you lose everything
you own.
General Partnership. This is
even worse. You do not have to be involved for you to lose your assets. If your
business partner has a personal dispute with someone else and they go ahead to
lose that lawsuit, your assets will also be on the line.
Limited partnership. This is
better because if your business partner gets into trouble, only the investment
you have made into the business will be at risk. As such, they cannot come
after your personal property.
Corporation. This provides
excellent protection for your personal assets. If your business loses a
lawsuit, your personal property will not be at risk unless it is a case of
fraud.
Limited liability Company. An
LLC has provisions that keep a creditor from acquiring the company or its
assets.
2.
Increase Your Liability Insurance
Liability insurance should be your first line
of defense against any potential litigation. Liability insurance protects you
from lawsuits made against your business for real or alleged injuries that
occurred at your place of work. These injuries include actual physical ones
that occurred as a result of tripping and falling, defamation, or employees
claiming wrongful termination. If you just received a settlement or
inheritance, consider increasing your liability limit. It would be wise to
obtain a personal umbrella liability coverage that is equal to or more than
your new net worth. Make sure you get it before receiving the settlement or
inheritance.
3.
Utilize Retirement Accounts
Federal law offers unlimited asset protection to Registered Retirement Savings
Plans in case of bankruptcy. However, the
amount in assets that is protected differs between provinces with some
providing more protection than others. Look into the laws in your province to
see how much protection you can get from using retirement accounts.
4.
Create An Irrevocable Trust
You can further protect yourself from
creditors by use of trusts. The most effective type of trust is the irrevocable
trust which implies that the trust terms cannot be modified after it has been
created. And when you transfer assets to this trust, they will no longer be
considered yours but as properties of the trust. As such, creditors cannot go
after these assets.
5.
Homestead Exemptions
There are provinces which provide protection to home equity.
This means that if you declare bankruptcy, the law will prohibit the court from
awarding home equity to your creditors. Nevertheless, the amount of home equity
protected varies between provinces. Some protect an unlimited amount while
others provide very little protection in the event of bankruptcy. Look into
your province’s laws so you can be sure about this.
6.
Place Some Assets In Your Spouse’s Name
If one spouse’s occupation or lifestyle is
risky, then it is wise to have some of their assets in the other’s name. In
most cases, the creditors of one partner are not allowed to reach for the
separate properties of the other. Therefore, marriage can be used as an asset
protection strategy whereby valuable assets are held as separate property of
the partner with the least exposure to risk. It is in such cases where
prenuptial or postnuptial property agreements are beneficial.
Nevertheless, it goes without saying that you
need to be careful when implementing this strategy. While it is an effective
way of protecting your property against creditors, it will have serious
implications in the division of assets if you were to divorce.
7.
Annuities And Life Insurance
Certain provinces offer a significant amount
of protection to annuity balances and assets in cash value life policies.
Again, each province has its own laws regarding this.
8.
Consider Tenancy By The Entirety
Some provinces allow you to title your
personal residence as tenancy by the entirety. The implication here is that if
one spouse gets sued, the property cannot be attached to or separated by the
lawsuit. Another good thing about utilizing this strategy is that it is
statutorily based. This means that you do not have to pay large sums of money
to implement and maintain the designation. The important thing here is to
ensure that your property is properly titled. If your province allows, this is
an excellent way of protecting your home. A real estate lawyer can guide you
through the process. You can learn more here.
9.
Avoid Flaunting Your Wealth
There is a reason why the majority of lawsuits
are filed against people with deep pockets. Flashing your cash is an invitation
for financial predators to sue you. Remember, ostentatious displays of wealth
breed more jealousy than admiration. It is better to be rich than to look rich.
10. Do
Not Wait To Protect Yourself
You cannot begin implementing the above
strategies when a lawsuit is imminent. This will appear suspect to the courts
and they might prohibit you from transferring your funds into protected classes
thus leaving your assets exposed. As such, start implementing these moves as
early as you can.
The above is by no means a comprehensive guide
to protecting your assets. There are a lot of intricate factors surrounding
this topic because each case is different. The most important thing is to take
action before your wealth is threatened.
Personal finances tends to be a subject that dominates the majority of parents’ thoughts. Why? Well, we’re inevitably going to be concerned with our income, whether it will meet necessary bill payments, whether it will be able to support our family’s lifestyle, and what luxuries it allows us to afford for our little ones. However, it’s important that we don’t simply dwell on the present when it comes to money matters. We have to think about the future too. Unfortunately, we can never be certain what the future holds for us and we need to be able to cover the costs of any negative situations that may arise. This is why it’s so important that we take out comprehensive insurance policies. These help to protect us against misfortune and secure our loved ones’ futures, even should the worst happen! So, to get you started on the right foot, here are just a couple of different types of insurance that you should seriously consider investing in.
Now, if you have a family vehicle, insurance is a legal necessity. But many families do skimp out and simply grab the lowest cost cover available to them in a bid to save money. Sure, you should seek out low cost cover, but you need to make sure that it meets all of your needs too. So, use a site like http://www.cheapautoinsurance.co/ to input what you need from your cover and find the cheapest deals that meet your needs and requirements. Ideally, you should be protected against fire, weather, and vandalism, as well as on-the-road accidents.
Life Insurance
Life insurance is a no-brainer if you have the money aside to pay the insurer. Saving makes sense, but solid life cover would more than benefit those around you when it’s your turn to depart. Money is such an important facet in this world and it’ll help those close to you deal with everything in this regard. Shop around and look for the best kind of cover that suits the situation you’re in – you’ll probably find something that is perfect if you look long enough.
Travel Insurance
Increasing numbers of us are spending longer periods of time abroad than ever before. Though prices may well increase during the school vacations (as travel agencies tend to exploit this being the prime time for families to get away), we are still able to take advantage of fast flights and low cost accommodation across the world. Now, we are all aware that we should invest in travel insurance before heading overseas. After all, we want to protect our belongings. However, travel insurance can also provide us with something more valuable – medical cover and transportation in worse case scenarios. Medical treatment overseas can cost a lot, with even minor procedures and treatments generating multiple figure bills. However, if something worse were to happen, chances are that you’d be given higher intensity treatment. If you were to pass, the bills for this would pass onto your family. Avoid this by ensuring that your medical cover on your travel insurance is extremely high. You should also take a look at policies that cover the cost of transporting a body home should disaster strike, and the worst happen.
Hopefully, this has helped you to start thinking about the different types of insurance policies that could greatly benefit your family in the long run. While it’s important that you ensure you are getting by at the moment, you should always bear the future in mind too!http://credit-n.ru/kreditnye-karty.html
Whether you are just starting to think about having kids or you have a little one in your life already, the issue of paying for college or their higher education is something you have probably started to think about already. After all, it’s not cheap, and prices have increased by over 1000% in the last ten years. In fact, you can expect to pay upwards of $30,000 for a decent private college education, and $9000 for a year at a public college for your offspring. With that in mind, it is wise to begin planning and saving even while the kids are young, so you have the best chance of being able to fund their education later on. Keep reading to find out more.
Get some advice
First, before you start to implement any of your financial plans, it is important that you get some professional advice. Luckily, there are lots of specialist financial planners like Partridge Muir & Warren that can help you work out just how much you need to save, as well as provide suggestion on how to do this.
The good thing about using a professional instead of relying purely on research that you have done for yourself on the subject is that they will be able to take a holistic view and help you realize you other financial goals at the same time. This means you will have a much better quality of life, in addition to being able to help your kids with the costs of being a student.
Start now
Next, it’s vital no matter what your plan is to pay for your kid’s education is, that you start as soon as possible. The reason for this is that it is much easier to acquire a large sum of money over a more extended length of time.
For example, if you choose to invest in the stock market, you would have to find a huge sum to get the return you need if you only had a year. However, a much more reasonable amount could be invested now, and left in over a period of ten years or more to mature. An action that specialists suggest can usually provide a return on your original investment of around 9%.
The same goes for others investment opportunities, including buying property and lending money on a peer to peer platform. Although, do check the expected returns as these are not all as high as 9%.
Cut back
Last of all, saving what you can now is a valuable way of contributing to your kid’s future college fund. To do this, it can be useful to find small ways in which you can cut back on your spending and then store this money away to invest later.
Use special offers as they do above to save money on your food shop.
It’s best to do this in one area at a time, so the shock of a reduced budget isn’t too great. Start with using coupons and special offers for your groceries and cutting your bill by around $50 a month and build up from there. After all, a $50 a month saving over 15 years is 9000 dollars, an amount that could pay for a year in an in a state public college for your kid.
When going through school, most people don’t learn as much as they’d like to about adult life. During this time, you will be prepared for exams and coursework, while also getting some help with your future careers. Of course, though, when you don’t know how to handle basic jobs, it can feel like you’re far too busy. Overcoming this is a simple matter of following this post which will be exploring some of the easiest ways to start shirking life’s little stresses.
What Can Be Done? Being an adult consists of a lot of work which most people would rather leave for someone else. From cleaning the car to looking after the kids, it can be hard to make sure that you have all of the bases covered when you’re on your own. Below, you can find some examples of the common areas people will leave for others.
Money: Your finances are possibly the most important part of your adult life. If you let this area slip, everything else will come crashing down with it, and most people are well aware of this issue. When you find an accountant to help you, you can visit their website and read some reviews to make sure that they are legitimate. Having someone to handle your money for you can make life a lot easier.
The House: Along with making sure that your money is sound, a lot of people will work very hard to ensure that their house is also in very good shape. When you have children or a high-pressure job, though, you might not have the time for this. To make it easier, there are loads of companies out there which specialise in residential cleaning. One of the biggest considerations to make with this is trust, as you will have to be able to leave them in your home.
With The Kids: Finally, as the last area to consider, a lot of people find themselves struggling when it comes to keeping their kids happy. Whether you have work or just need some time to unwind, the kids won’t make it easy to enjoy this process. To solve this issue, using a babysitter once or twice each month is a great way to have some time to ignore adulthood, and focus on the things you enjoy. Of course, every good parent loves their kids, but they also need a chance to separate from them sometimes, too.
In life, there are always going to be jobs which you enjoy, and those which make your time all the harder. Thankfully, though, as time moves on, these sorts of methods are becoming more and more popular. Not only does this make them easier to find, but it also makes them much cheaper, and this is perfect for anyone in urgent need of support. Below, you can find some of the further benefits of a route like this, along with some of the negatives, too.
The Benefits: Taking stress out of life is always a great way to improve loads of different areas. Of course, most people don’t like being stressed, and getting rid of it will make them feel much better in normal life. Along with this, though, even your health can be impacted by pressure in your life. This makes it very important to look for ways to limit it in your life, using other people’s skills to have it handled behind the scenes. This sort of approach is especially useful for those with children.
The Negatives: Along with the good side of this, there are also some negatives, and it’s a good idea to consider these before you take any action. To begin, using someone else’s skills to do work for you will almost always cost money. This means that, while you save some stress, you may have to invest in the process, and a lot of people won’t want to do this. Along with this, pushing back emotions like stress to deal with them later can be very unhealthy. So, instead, you will always have to work with the aim of removing stress, not masking it with distractions.
Hopefully, with all of this in mind, it will be a lot easier to start taking away the stress in your life, replacing it with cleverly chosen products and services which make life easier. Of course, along with this, a lot of people like to use methods like mindfulness to help to control their negative emotions. It’s always best to try as many methods as you can until you find the one which works best for you.http://credit-n.ru/offers-zaim/sms-finance-express-zaimy-na-kartu.html
