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40-Something and Saving for Retirement? Here Are 4 Tips

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You know that retirement is inevitable yet you find yourself in the situation of the majority who have failed to save enough to quit the workforce comfortably. How did you get to the place of being 40-something and unprepared? The good news is that there is still time to turn things around in the retirement department when you are in your 40s. Here are four tips for saving for your grand exit from the workforce later in life.

  1. Determine Your Retirement Age

You may have to work a few more years than the savvy young person who started saving in his 20s, but there is still enough time for you to make a decision on what age you would like to retire from the job sector. Many professionals decide to hang up their work hat during their 60s and definitely before turning 70-years-old. Your choice on how long you want to work, however, is entirely dependent on your willingness and health.

  1. Save Aggressively

You are technically behind the pact when you begin saving for retirement in your 40s, which is why your efforts must be intentional and consistent. At least 15 percent of your annual income should be set aside for retirement. Many individuals saving for their exit from the workforce contribute 20 percent of their yearly income to such efforts at age 40 and beyond. It is easiest to accomplish your annual saving goals when you set up automatic transfers from your checking account every pay period. All bonuses and should go towards your retirement fund.

  1. Take Full Advantage of Your Retirement Accounts

Many people leave free money on the table at their exit from the job sector because they are ill-informed about their pension plans. You should take the time to learn every aspect of your retirement accounts and contribute as much as you can to them. Also, make sure that you benefit from an employer’s offer to match your contributions if such incentive is available.

  1. Take Out Life Insurance 

In the event that your spouse and dependents rely on your income to live, it is important that you are covered with life insurance. By taking out a policy, you can be sure that if anything were to happen to you prior to retirement, then your loved ones would still be able to live comfortably.

  1. Decrease Debt

There is little point in you maxing out your retirement accounts and saving like crazy if you maintain debt that will follow you into the golden years. Consider paying off large accounts before you begin saving aggressively so that your frugal efforts can be of greater use to your overall plan.

Living a minimal lifestyle is essential to those getting a late start in their retirement savings. You cannot be a 40-year-old big spender working a traditional job and expect to have $2 million saved when retirement comes. Sacrificing your desires and only spending money on necessities is the best way to prepare for your grand exit from the workforce.

4 Ways Everybody Can Save on College Costs

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Besides choosing the right college and major, finances are usually at the top of preoccupations for new students. And for a reason: tuition costs have been steadily on the rise in the last few years and many students are considering downgrading the college they decide to enroll in, or drop post graduate studies all together. But there are some simple ways anybody can cut down on college costs. Here are a few of them.

Consider Enrolling in an Online College

There was a time when online degrees were scoffed at by most prestigious organizations. But that couldn’t be farther from the truth today. Many reputed institutions are offering great online degrees that are accepted almost everywhere. And it isn’t limited to a few programs, either. These days, you can get a nursing, finance or even an online civil engineering degree. Modern civil engineering online degrees give you all the tools to perform at the highest level and enough lab time to give you all the hands-on experience you need.

Online classes not only allow you to save on tuition in many cases, but you also won’t have to deal with all the costs associated with on-campus learning, such as lodging, transportation and study materials, since most of them will be dispensed online.

Consider Staying within your State

Going to an out of state college can be really expensive. As a matter of fact, in 2011-2012, students who studied out of state had to pay on average over $10,000 more per year on tuition. In addition, those who decide to study within their states are eligible to regional tuition breaks, which can significantly cut costs.

Think about Community College

Community colleges have been getting a bad rap lately, but there are many great advantages to going to a community college that should not be overlooked. First of all, going to a community college will cut you thousands in tuition, with many community colleges charging only $1,000 tuition fees for in-state students. Also, those who decide to enroll in a community college are still eligible for financial aid, which could further cut costs. While a community college degree won’t always be as respected as an Ivy League degree, many community colleges have great reputations in certain fields.

Consider Scholarships

Scholarships are a great way to reduce your tuition costs, and they aren’t limited to sports stars or academic geniuses, either. Pretty much anybody can get a scholarship if they know where to look. Also, when looking for scholarships, don’t overlook local options. Many local businesses and organizations have scholarship programs to increase their visibility within the community. The advantage of local scholarships is that you’ll have less people competing for them, which will significantly improve your chances of getting one.

If you follow the tips in this article, you should be able to significantly cut your college and tuition costs. Consider local scholarship options, don’t overlook online classes and consider community college if you have to. Also remember to stay within your state as much as possible if you want to take advantage of regional tuition breaks and advantages reserved to in-state students.

Self-Employed? 3 Strategies to Better Manage Your Finances

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Financial success is difficult for most people, but for the self-employed, it’s an entirely more complicated beast. You don’t have the luxury of asking anyone for a raise or negotiating better benefits. Sure, you have the flexibility to make your own hours and you don’t have to deal with a micromanaging boss, but sometimes that’s the hard part: it all comes down to you.

So while the flexibility of being your own boss is second to none, so is the weight of that responsibility. That’s why you need all of the help that you can get when it comes to making strategic financial decisions for both you and your company.

Don’t Rely on a Single Income Stream

While it may be hard to imagine how you can make time to generate income from anywhere but your main business, diversifying your income stream is crucial to financial security when you are self-employed. Get creative and think of ways you can serve clients in new ways through side projects, whether they relate to your current business model or not.

Another option is to generate income in an entirely new realm, through direct sales, real estate or property management. For instance, you could invest in a multi-family development to generate rental income. Or you could build a guest house in your backyard and rent it online through Homeaway or Airbnb.

Keep an Open Mind for New Business Strategies

Change is inevitable, so keep your business nimble by always remaining open-minded to new business strategies. Learn as much as you can about the state of your industry and current trends by attending conferences and classes. Listen to the needs of your target audience by requesting their feedback at every opportunity, and incorporate your findings into new business strategies.

Some new strategies may seem counterintuitive, but they could be best for your business in the long run. For instance, many companies resort to outsourcing their product manufacturing to save costs, but direct sales giant Amway found that the “Made in America” sticker helped them stand out and save costs in many areas, reports Forbes. However, for liquid products that are expensive to transport, the company completes its manufacturing in other countries.

Set Financial Goals & Reach Them

When you are busy juggling all of the responsibilities that are required to keep your business running and generating an income, a year can flash by before you know it. For this reason, it’s critical to set financial goals for the year and check in on your progress each month to ensure you can follow through and achieve your goals by the end of the year.

To help maintain this habit, set a calendar event to repeat every month so you can spend time evaluating your progress. All you need is an hour to review your goals and make plans for how you can reach new heights toward your financial goals.

Deck the Halls Without Worry This Holiday

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The holidays are coming and with it they can bring a feeling of dread for many hardworking Canadians. If you’re low on cash, this expensive time of the year can be a workout for your budget. Just because your finances are out of shape doesn’t mean you have to miss out on the holidays. A simple payday loan can float the cash you need to keep things merry and bright.

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Like most financial responsibilities, the holidays have a finite due date. When you’re working under a time limit, it’s nice to know that payday loans from lenders like GoDay are simple, convenient, and — most importantly — fast. In fact, online payday loans from them are processed by an automated system that knows no holiday. It’s running 24/7/365 to accept your applications. You’ll know if you qualify in as little as 5 minutes, with the possibility of same day deposit just an hour after approval. 

Fast access to cash advances usually comes with one caveat: their repayment is on a shorter timeline. Typically, this means you have to pay back your loan, plus fees and interest, by the day of your next payday. Hence the name! If you can’t cover a short term advance of up to $500 by the next time you get paid, then this financial product might not be for you.

It’s important to know the rates, terms, and conditions before you accept a payday loan to make sure its assistance is a practical cash flow solution. Keep to those lenders that follow the standards set by the Canadian Consumer Finance Association (or CCFA for short). This third-party organization makes sure consumers like you are safe to search out short term loans. You can visit GoDay to get more information on what you should look for when seeking a company to work with.

If they aren’t associated with the CCFA, then chances are their rates and terms break provincial lending laws. Avoid those lenders to save yourself the financial trouble, sticking only with those that offer up responsible lending opportunities with no hidden fees.

Let’s face it — even when you say you’re keeping it small this year, the holidays have a way of going overboard. There’s no cheap way to travel across the country. Whether by train, plane, or automobile, you’ll pay for that cross-provincial visit back to Grandma’s. Santa’s list can turn into a never ending scroll of gifts and you — not the big man — are footing the bill. And to top it all off, necessary repairs and other small responsibilities can come your way alongside your holiday spending. Cover these and more with the help of a payday loan.

Making Extra Money – By Using The Internet

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If you’re looking for ways to make some money on the side, look no further. Here we have put together a few of the best ways to make money online that are gaining popularity around the world making it easier than ever to help you save for those gadgets or holidays you’re looking at. Take a look and see if any of these sound like the perfect answer to your money saving wonders.

Freelancing

If you have a fantastic skill such as writing, graphic design, website coding or even marketing, this can be the perfect way to pump up the cash. With websites like Upwork, People Per Hour and Fiverr busting into the online work marketplace these days, almost anyone with any kind of skill can make that skill work for them. So go check out one of these websites and see if you have anything that fits the bill to make some extra money on the side.

Tutor Online

If you have education in a specific area such as teaching, Math, English or History you can put this to work for you online by offering your skills in specialised subjects to students who are in need of a tutor. These days, online tutoring can be preferable as both students and tutors don’t need to meet at a pre-arranged location, saving both parties time and potentially money. Additionally, online tutors can offer their services for cheaper than traditional in-home or in-class tutors, which opens the market up wide for regular people to get in on the ground floor with this potential money maker.

Playing Games

You might think this sounds too good to be true, but by playing simple lottery games such as the US Powerball and other US lotteries can help you win some small sums of money, and with it being easy to play by subscription, it means you can always have a ticket in the next draw for potentially huge winnings. These results can be checked and subscribed to online meaning you will never miss a draw. You can also even get a few friends into a group ticket to lessen the costs for more potential numbers.

Recycling

This may sound a bit strange – but in actual fact there is a lot of money to be made in recycling old possessions such as mobile phones, DVD’s, CD’s, video games and the like. There are a few websites out there that offer cash for things of this nature – the newer the better, but will still take the odd old piece for a good price. Books and things are often accepted too, with some unique lines of books being quite lucrative. So check around the house and see if there’s anything collecting dust that could instead be used to collect dollars.

So as you can see there are a few ways to make some extra money, without giving up free time or having to get an extra job on the side. So check out a few of these examples today and see just how you can put your free time to work for you so you can get back to enjoying your work/life balance!

The Brave Investor’s Guide to Buying Gold Bullion

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Gold has always been a great commodity to invest in, so long as it is done properly. While there are ways to invest less, and therefore suffer less risk (such as futures trading on paper gold), these methods often don’t give the returns expected by their investors, and sometimes can be shady at best. No, the best way to go about it is to get yourself something tangible, something you can hold and keep and know its value just by looking at it. But, for investment purposes, not just any gold will do (you won’t see much of a return on cheap jewellery), you need something pure; you need to get yourself some bullion.

What is gold bullion?

Bullion can come in the form of ingot bars or coins. The characterising feature of every piece is determined by its precious metal content. For instance, when concerning the ingots, the precious metal content needs to be at a ratio of 99.5% for it to be considered bullion. With regards to coins, this number is a little lower, sitting at around 90%. Buying gold bullion bars needs to be done with care to make sure that the dealer is giving you what they say they are, and so even if you are working with a reputable dealer, you should test the content of the so-called bullion thoroughly before buying.

When should you be buying?

Common sense would normally tell you that the best time to buy would be when the gold price is low, as it would be with an investment into any other commodity; but this isn’t necessarily the case. The first question you should ask yourself is ‘when do I need it?’ Timing is not exactly an issue with gold since its price only fluctuates moderately. As opposed to a simple investment, the real goal here is to diversify your wealth so that you are not badly affected by any financial turmoil that may come round in the economy. You are merely diversifying your investment, so how you distribute your investments is more important than when you make them. Take a look at the Gold Buyers in Melbourne website for more information in this regard.

Gold as insurance

The thing about gold is that it is a primary asset that is not someone else’s liability, such as is the case with bonds and other means of capital investments. Having gold in storage means that when the chips are down, or you need a fast injection of cash, your hoard can be sold off as a commodity that always retains some level of value, unaffected by the larger scheme of the financial market and economy. For this reason, gold bullion is considered a great investment for insurance purposes, since there will always be someone who is happy to take it off of your hands.

Hopefully this has given you a better understanding of how and why one should invest in bullion. Remember that bullion is (in any form) a safer and more valuable investment than jewellery, futures and paper-gold which are largely dependent on the current state of the global economy for their value. Investing in bullion today is a great way to retain some sense of security, and the more you can (affordably) invest in, the better.

How to Choose an Australian Home Loan that Works in Your Best Interest

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Image by Tonyhall via Flickr

Image by Tonyhall via Flickr

Choosing the right mortgage for your lifestyle has only become more and more complex throughout the years; as mortgage terms themselves get more convoluted by the quarter, disrupted by an economy which just won’t settle, and the reputations of the very banks who issue them has been called into question –it can be increasingly difficult to know who to trust.

First Time Home Buyers

And as if it wasn’t complicated enough, first time home buyers tend to have little or no experience with any mortgage from any era; entering the market –today’s market— for the first time is a daunting task.

The purpose of this article is to help the average Australian citizen looking for a home loan to find the right solution for their budget, lifestyle, and wish list.

What to Consider When Finding a Home Loan

  1. Structure

Before looking at rates or lenders, it is important to evaluate the very structure of your home loan. The fees, payment schedule, and extras that come with it can all impact your bottom line, and your interest rate. Do not look into one factor or another in isolation, instead consider the bigger picture.

  1. Deposit

Typical lenders will lend no more than 80% of the LVR (loan to value ratio) unless the home buyer chooses to pay additional for the lender’s mortgage insurance.

Some lenders provide up to the full LVR without the LMI, however that translates into higher interest rates and establishment fees paid up front.

If you are able to pay a higher deposit in the beginning, you are more likely to get cut a better deal with insurance, interest, and upfront fees.

  1. Features

Home loans in Sydney come with many additional features you can opt to undertake, such as the ability to make non-scheduled additional repayments through online banking or even at your local ATM, as well as the ability to re-fix your interest rate at a later time should the market rates change in your favour after signing on the dotted line.

  1. Transparency

In addition to looking for a lender who gets rave reviews from your friends and colleagues, realise that not everyone is experienced with qualifying their referrals. A lot of the leg work in finding the right lender or mortgage broker central coast will come through how transparent they are when providing information both online, and in person.

And transparency and the ability to ask questions should not end after you’ve signed up for your mortgage; ask your mortgage professional how they handle post-settlement issues as well. If they have a dedicated customer support team –that’s a plus. You’re paying their salaries, after all.

  1. Comparison Rates

Comparison rates are an incredibly useful tool when it comes to seeking out the right home loan. A comparison rate will assist a consumer in finding the true cost of a home loan, and is the sum of all associated fees, interest rate, and charges drilled down to a single percentage number.

This also reveals one very important fact; never shop on one figure alone –an interest rate could be offset with larger fees, and a no-fee home loan could be fraught with a higher interest rate. A comparison fee cuts through all of that for you to find the true cost of your home loan.

In Conclusion 

If you’re searching for a home loan in Australia and only took away one thing from this article, we suggest you go with number five. And if you have anything to add to this information, we’re sure our readers would love to hear from you. Leave your thoughts in the comments!

Know Your State’s Laws To Get The Best Rates On Your Next Loan

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Despite your best intentions, you won’t always be prepared for what happens in life. Emergencies will happen whether you like it or not and usually when you and your bank account least expect them. A frozen pipe can lead to a flooded basement. The car that you rely on to get to work every day breaks down. Or maybe you have to visit the hospital for urgent care, and the resulting bill (on top of all the others you accounted for) throws your budget from black to red. Do you have a realistic plan set in place to meet your responsibilities without overdrawing your checking account? If your answer is no, don’t despair. You can handle all of the unexpected bills life throws at you with the help of a small dollar loan.

Small dollar loans come in all shapes and sizes, which can make navigating them all the more difficult. Not every loan you come across will be appropriate for your needs or financial situation. Many Americans get trapped by predatory lending companies that provide huge sums of money at the cost of restrictive rates and terms. With no means to repay a loan so outside of their means, these struggling people will add penalties and interest onto an already unmanageable amount.

You don’t want to get caught by the same trick, so it’s important to consider your lender wisely. Only contact those lenders that are licensed by your state to provide loans. The United States government has enacted legislation to regulate terms and conditions to limit those lenders that are guilty of usury. Learn what the loan rates and terms for your state are, so you can easily disregard those lenders that don’t follow them.

Unfortunately, companies learn to adapt and can still snag the unsuspecting consumer, so it’s important to look for more than just state licensing. The lender you choose should also restrict the loan amount, available to first time lenders, to $200 and $1,000. The repayment of these small sum loans should be flexible, so as to not add additional burden to your budget. When you and your lender decide on a manageable repayment program, you can confidently pay back your loan without worry.

Most often, the lenders that meet these criteria are direct online lenders which means you can quickly and easily apply online. In no time at all you can find out if you are approved, and if you are, you can have your money electronically transferred to your account within one business day. With a state licensed direct online lender on your side, you can have a realistic plan to meet all of your responsibilities. A small dollar loan from a trustworthy source can help cover all of those unexpected emergencies.

Investment advice for young people: planning for a secure future

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When you are young and busy it is easy to ignore the best long-term investments. The sooner you start considering how best to manage your investments and what type of investments to make, the better. Investments can be confusing, even for those with a bit of experience. Luckily, there are investment professionals with years of experience helping young people plan for a more secure financial future. Here are a few tips for getting started on planning your financial future:

Start now

Planning for your future means there is a lot to plan and consider. The sooner you start, the more time you have to achieve your financial goals. Goals will vary based on the individual and as a result it is safe to say that some goals can take longer to achieve than others. The sooner you start trying to reach your goals the more likely you are to succeed at achieving them. Knowing that you are being smart about your long-term objectives can provide significant peace of mind.

Seek good advice for a great start to your future

A bit of financial advice can go a long way towards making sure that you are making the right choices for your financial future. Wesley Edens of Fortress Investment Group co-founded the firm based on his passion for helping others towards a brighter financial future. Prior to Fortress, Wesley was the managing director of Blackrock Financial Management. His firm, Fortress Investment Group, has investments in real estate and debt securities and helps others successfully manage their portfolios. With more than $63 billion in managed assets, Fortress has experienced fantastic growth and profits. As leader of these profitable firms Edens has gained invaluable expertise as an investor.

Invest in a variety of sectors

The risk of losing on an investment can be daunting to anyone. When you are just starting out with a smaller amount to invest, it can be easy to just put your money in a safer investment. It is important to remember that a bit of risk can often result in better returns. You are also young enough that you have a lot of time to earn back any losses if they occur. Investing in a variety of areas can offer a good balance for many people because it spreads the risk. This means that if one sector has a loss you still might have a profit if your other investments show a good return.

Easy Ways to Stretch your Dollar Further

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Sadly, for most of the people out there money never seems to be enough. Small wages, high prices and an economy that seems to always be on the brink of breaking down completely – this is how most of the families’ financial lives can be looked at. And yet, if you are wise enough with your dollar, you can actually stretch it a bit further. Here are some of the best tips on how to do this.

Save Money on Energy Bills

Believe it or not, energy bills are most likely among the most expensive thing you have to face every month. Installing appliances that are more energy-friendly, switching the tap when you brush your teeth or soap your body, not leaving the A/C turned on completely, baking less during the summer days and many other things can actually help you save quite an important sum of money just on energy bills.

Save money wisely (creative commons)

Save money wisely (creative commons)

Shop Wisely

It can be easy to fall into the temptation of throwing in the basket everything you see when you go grocery shopping. But it will be wiser of you to make a list before you leave home and actually stick to it. Also, make sure that you never leave home to do your grocery shopping without eating something before. Shopping on an empty stomach is always the worst choice of all because it will make you crave for everything you see. This stands valid for when you are travelling and cooking at the place of your accommodation as well!

Couponing

Leaving aside bad TV shows made on people who obsess over coupons, you can get great deals with these little codes. However, do bear in mind that, most of the times, they make the greatest offers for products that are on the more expensive range normally. Therefore, coupons will be great if you want to treat yourself and your family with something nice without feeling guilty afterwards for having spent too much. Also, you should know that coupons work perfectly fine even if you are a traveller. In fact, there are many coupons that offer travel-specific deals, so you may want to check them out as well.

Save on Grocery Shopping (Creative Commons)

Save on Grocery Shopping (Creative Commons)

Pay Attention to Your Phone Bill

Phone bills can get quite high, especially if you have a data plan included as well. Thus, try to keep your cost under control. If you know that you cannot actually stick to a certain plan, then do consider the alternative of buying a prepaid SIM card. You can recharge the card with whatever sum you want to and reap some pretty good offers as well – but you will never have the unpleasant end-of-the-month surprise of seeing a bill that is the double of what it was supposed to be. If you travel across the borders, then you are very likely to have this surprise. Instead of allowing it to simply happen to you, buy a SIM prepaid card and use just as much as you have on it.