Saving for retirement isn’t easy as it is, what with debt payments and skyrocketing living expenses. However, what’s harder is that the language of personal finances isn’t easy or user-friendly, and is considered a taboo, not-too-happy topic to talk about.
Read on the following suggestions to combat the language of retirement planning and personal finances and make the process of getting ready for retirement as painless as possible.
Talk to people
Money and finances are uncomfortable, yes, but that doesn’t mean that they’re taboo that you be putting off. Talking to one’s parents, siblings and a financial role model will help improve your knowledge and bring you one step closer to accepting that you need to plan for retirement.
Know your retirement needs
In order for you to get a handle on your finances, you need to know exactly how much you’ll be needing for retirement. According to financial experts, one will need minimum 70% of their pre-retirement income (90% for the lower range earners) in order to maintain the same standard of living, if not more, when they stop working.
Make proactive changes
One doesn’t need to make huge sacrifices and changes in the way they live to pan for retirement, but should just focus on the following: identifying and categorizing expenses to see where you can cut down. Budgeting and reviewing your investments don’t require more than two or three hours per week to be updated. Expensive cable TV packages, unused gym memberships, unnecessary shopping expenses, etc. can be cut down easily. Reallocating sudden windfalls to savings and retirement accounts rather than spending it is also a great idea. One small tip: Every year, simply add 1% more to your savings and watch your nest egg grow by leaps and bounds!
Retirement plan and tax breaks
Learn about your employer’s pension and retirement plans such as a 401k, and begin contributing to them early on. Remembering to take into account employer contributions to 401k and delaying/prepaying income taxes using the traditional IRA/401k or the Roth IRA/Roth 401k plans will be a boon to lower and moderate income savers, especially. If one is planning to switch jobs, then one should either leave their savings invested in their current retirement plan, or roll them over to their new employer’s plan or an IRA.
Also, one should watch out for early withdrawal penalties if they withdraw from the retirement accounts before the turn 59½ years of age. If you end up withdraw your retirement savings earlier, you will also be losing out on the principal and interest amounts, as well as tax benefits.
You must have heard about general liability insurance. But what does it mean and why would you need it? General liability insurance is also referred to as commercial general business liability. It is a significant form of coverage in the country, protecting business assets and making payments for any obligations of the company. For instance, it can cover medical costs when an employee is injured while working for your firm. If someone’s property is damaged by your employee, this is also covered.
General liability insurance covers the cost of your legal defense and settlement if your business is sued. General liability insurance covers a variety of risks. These can include non-monetary losses, compensatory and punitive damages, and losses incurred by the injured party.
Why Does Your Business Need Liability Insurance Cover?
We are part of a litigious society. Even if you think that it will never happen to you, the unthinkable can happen. It doesn’t cost as much as you think, with annual premiums ranging from $750 to $2000. This is a wise investment considering the financial outlay you need to fight a case in court.
You can purchase general liability insurance as a separate entity, but it can also come with a Business Owner’s Policy. This comes as a bundle combining property and liability insurance as one. If you have already invested in a BOP, you must take into account the limit of the coverage. In most case, business owners find it inadequate, propelling them to look for a separate general liability insurance cover.
What Kind of General Liability Cover Does My Business Need?
The amount of coverage your business needs is dependent on two major factors. One is the type of business you run, and the other is the risks associated with it. Thus, a building constructor would need greater coverage from a freelance photographer. You should note that the location of your business also plays a significant role in this respect. Some states in the USA tend to award more damages to the injured party who has claimed personal injury. A financial advisor can guide you to determine how much coverage you need for your business. They can evaluate your business by assessing the risks, BOPs, and yearly revenues. As already mentioned, if you fall in the category of low-risk businesses, a Business Owner’s Policy may be enough for you. But it pays to invest in general liability insurance cover.
General liability insurance can protect your business from all kinds of debts. If you are a tenant, it can cover the damages you have caused to the property that you have taken as rent. So, if you want to protect your best interests, start comparing business liability insurance quotes. Talk to the experts, and invest in the policy that suits you best.
Some people are unaware of the deadly after effects of being infected by Hepatitis C virus or how the disease is transmitted. The most important question that comes to everyone’s mind – Is Hepatitis C contagious or not? In this situation, a hep C guide comes handy as it is beneficial in clarifying all the doubts regarding the disease.
To make it clear to all, Hepatitis C is a contagious liver disease that can be mild that lasts a few weeks to or severe that may take a much longer period to cure. The condition comes into being with the infection of the virus known as the hepatitis C virus. The primary mode of transmission of the virus is through a contact of the blood of an infected individual which means that a direct blood to blood contact is required for the transmission of Hepatitis C.
How is Hepatitis C Transmitted?
The transmission of Hepatitis C takes place at the time when the blood of a person infected with the hep C virus enters the bloodstream of the one who is not infected. The most common way of transmission of the disease in the recent times is the used of shared needles or syringes or any other equipment or tools used for injecting drugs where there is blood to blood contact.
A hep C guide makes people aware of the ways of transmission of the virus which in turn plays a vital role in the effective prevention of the disease. There are chances that Hepatitis C may be transmitted through sex, but the risk of the same is minimal. Use of adequate protection while having sex is recommended to eliminate the chances of transmission of the disease.
Some Misconceptions About the Transmission of Hepatitis C
Now, since it is clear that hep C is contagious, one needs to know that it does not spread like a common cold. Here are few others conditions that do not promote the transmission of Hepatitis C:
To get understand the misconceptions about the transmission of Hepatitis C, you can refer a hep C guide to understand better and stay safe.
A personal loan is one of the most preferred forms of borrowing in the market. It allows borrowers to achieve their personal goals with a flexible repayment tenure. Banks, as well as non-banking financial institutions, offer different types of personal loans that vary in terms of tenure and interest rate. Those with a bad credit score might have to pay a higher interest rate on the loan. The process of application and approval of the loan is simple and straightforward.
There are multiple lenders in the industry, but Discover personal loan is known for its excellent customer service, a simple application process, and zero processing fees. They offer loans for different purposes and the loan has a long repayment tenure. You may use the funds for various reasons such as one or more of the following.
You may use the personal loan calculator offered by Discover personal loan in order to estimate the amount you will be required to pay each month as an installment. Having a positive credit score goes a long way with regard to the interest rate and the tenure of the loan. The loan is available for varied tenures, but it also means that you will have to pay a higher amount of interest if the loan has a longer tenure.
It is important to consider your monthly cash inflow in order to estimate the monthly installment amount you may be able to pay. If you wish to consolidate a loan, you may use the calculator to estimate the amount you will save on such a consolidation. It will help you turn your high-interest loan into a low-interest loan that is easier to repay. Personal loans are highly preferred by business owners as well as salaried employees to meet their financial needs. The loans have consumer-friendly terms and conditions and are easy to repay.
Once you have decided the amount of loan you require, you may apply for the same online with an application form, an identity proof, and a proof of your income. The loan will be processed at the earliest and the funds will be transferred to your account. However, check your credit score before you make a loan application so that you know the amount of interest you may have to pay.