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Start Saving Money Faster in 2019 With These 7 Simple Strategies

January 28, 2019 by Susan Paige Leave a Comment

How much money do you have in your savings account at the moment?

If you don’t have anything saved up at all, you are, unfortunately, not alone. Studies have shown that about 35 percent of Americans currently have $0 in their savings accounts. And an additional 35 percent of people only have a few hundred dollars in savings.

You can change your life and improve your future by setting more money aside for savings in 2019. And contrary to popular belief, it’s not as difficult as you might think to start saving a little bit of money at a time. It’ll add up over the months and years and make your life substantially better.

Here are 7 simple strategies that will help you start saving money more effectively.

1. Create a Budget at the Beginning of Every Month

If you’re going to make an effort to get your personal finance issues in order, the very first thing you should do is begin using a monthly budget. A budget can keep you and your family on track as far as your finances are concerned.

At the beginning of every month, make a list of how much income you’re going to bring in versus how many expenses you’re going to have. If you find that your expenses exceed your income, you have a problem on your hands. You’ll need to scale back on your expenses right away.

By budgeting your money, you’ll give each and every dollar that you spend a job. This will decrease the chances of you wasting money and allow you to start saving money that you have left over at the end of every month.

2. Make It a Point to Eliminate Debt Quickly

Americans have more than $13 trillion in debt collectively. This includes everything from credit card debt and medical bills to mortgages and student loans.

If you’re carrying around any debt at the moment, it could be costing you dearly and making it just about impossible to save. You should make it a point to eliminate your debt as quickly as possible so that you don’t have it hanging over your head all the time.

There are different ways to get aggressive when paying down debt. Some people prefer to use debt consolidation, while others use techniques like the debt snowball.

Find the debt solution that you think will work best for you…and stick with it! The quicker you can get rid of your debt, the quicker you can start saving more money up.

3. Use Coupons as Often as You Can

Are you routinely using coupons when you take trips to the grocery store, the pharmacy, and all of the other places you visit on a weekly basis?

If not, you’re leaving money on the table every single time you check out at the register at one of these places. The internet has made it easier than ever to find coupons for just about any store.

When you know you’re going to be taking a trip to a store, look around for coupons for that store first. You could save a significant amount of money by putting coupons to good use.

4. Stop Eating Out at Restaurants So Much

Do you eat out at restaurants several times every week? Or do you buy lunch almost every day instead of bringing a bagged lunch to work?

You might be under the impression that this isn’t costing you too much money. But in reality, studies have shown that the average American spends more than $3,000 every year eating out.

It’s not a crime to go out to eat every once in a while. But every time you eat out, you’re spending a lot more money than you would spend to eat at home.

Save eating out for special occasions and eat in more often. You won’t have any trouble saving money when you have an extra $3,000 or so laying around every year.

5. Cancel Your Cable

The cable bills in this country have gotten out of control. It costs many people several hundred dollars every month to keep their cable turned on.

If you’re sick and tired of paying that much for cable, why not cut the cord and save yourself money? You can keep yourself entertained with an internet connection and a subscription to a streaming service, and it’ll cost just a fraction of what cable does.

6. Sell Things in Your Home You Don’t Use Anymore

Is your house filled with a bunch of stuff that you don’t use much anymore?

That stuff might not be worth very much to you. But there are probably people out there who would pay good money to get their hands on it.

From furniture that you’ve had locked away in the basement for years now to that old baseball card collection sitting in the attic, you can sell the contents of your home and use it to pad your savings account.

7. Come Up With a List of Long-Term Financial Goals

In order to start saving money, you need to have things that will motivate you. One great source of motivation will be a long list of your long-term financial goals.

Do you want to:

  • Build your dream home within the next 10 years?
  • Send your kids to college without forcing them to rack up student loans?
  • Buy a boat?
  • Launch your own business?
  • Travel the world?

You’re going to need plenty of money stashed away in your savings account to do these things. By writing down your goals, you’ll constantly be reminded of why you’re making such a strong push to save more money.

Start Saving More Money and Live a Better Life

Money can’t buy happiness. But when you have money in your savings account, it can take away some of the stress you feel day in and day out. It can also give you hope for a brighter future.

Start saving money now and see what a big difference it makes in your life. By making just a few changes, you can make your financial goals a reality in the not-too-distant future.

Read our blog to learn some tips for improving your personal finances even if you have a low income.


 

Filed Under: Personal Finance

Injury Lawsuit in Santa Ana – In Court vs. Out of Court Settlement

January 21, 2019 by Susan Paige Leave a Comment

There are both advantages and disadvantages of settling a Santa Ana personal injury lawsuit with a court trial or deciding to settle that claim out of court. The legal path that you choose in your personal injury lawsuit will depend on the extent of your injuries and the outcome you most desire. In this article, we will discuss the advantages and disadvantages of taking your personal injury claim to trail or deciding to settle your claim out of court.

Advantages of Out of Court Settlements

  1. Faster Compensation– When you decide to settle out of court for your personal injury claim, you could receive compensation for your injuries faster. This isn’t necessarily always the case, but it is probable, as litigation can prolong a Santa Ana personal injury lawsuit.
  2. Legal Fees– It is true, going to a trial is a long process and can cost more money. You can avoid costly fees when you decide to settle your lawsuit out of the courtroom.
  3. Avoiding a Lengthy Process– When you pursue a personal injury case, an outcome will likely take more time in court. When you settle out of court, you will not be at the mercy of court proceedings, hearings and a docket of other cases that a judge or jury will need to hear before your case.
  4. Courtrooms are Unpredictable– A judge or jury can be unpredictable when deciding personal injury cases. An initial consultation with an attorney help reveal whether or not you have a lawsuit appropriate for the courtroom.
  5. A Private Option– If you are a private person and do not want your personal information laid out in a courtroom among a number of people, an out-of-court settlement may be a better option for you.

Disadvantages of Out of Court Settlements

  1. Less Compensation – The goal in a personal injury case for an insurer or business, is to settle the claim as quickly as possible and for as little money as possible. This may mean that your best interests are not always served. In this scenario, your injuries may be seen more a nuisance rather than a problem that needs to be addressed.
  2. It’s Final – When you agree on an out-of-court settlement there is really no turning backwards, meaning, you cannot appeal the final decision. This might be fine in some circumstances, or do a great disservice in others.
  3. This is Bigger Than You – Cases heard in front of a judge or jury can create change. Take the Belviq lawsuit as an example, if your personal injury case is a part of a bigger problem surrounding a policy, organization or business; going to court may create or force change with a guilty verdict.

Legal Representation Regardless of your Legal path

No matter which legal pathway you decide to take with your Santa Ana personal injury claim, you should seek legal guidance to learn about how to handle your specific situation. An experienced  Santa Ana personal injury attorney can decipher your legal rights and explain how the process will likely work for your claim. Here are a few attributes you should look for when you hire a Santa Ana injury lawyer.

  1. Expert Negotiator– This attribute will help you regardless if you decide to settle out of court or take your case to trial. The art of negotiation is an important factor in personal injury litigation and should be a priority attribute when hiring an attorney.
  2. Proof of Success– Don’t be afraid to ask a potential representing attorney for a record of their successes within the personal injury field. You can also contact your State Bar Association to learn more about your attorney and their litigation record.
  3. The Right Skill Sets– Outside of having a  good legal record, your personal injury attorney should have a particular skill set that can be advantageous to your case. This may mean they have tried similar cases to yours, they have experience in the industry or field you occupy, they have exceptional analytical skills, good research skills or maybe see advantages in your case that are not seen by others.
  4. Highly Communicative– It is not uncommon for lawyers to take a case and then become missing in action. Maybe they have taken on a caseload that they cannot keep up with or just disinterested in your case altogether. A Santa Ana personal injury lawyer should communicate clearly and effectively and be genuinely interested in the success of your case.

Personal injury cases are highly specific and unique to every individual and situation, and you should get in touch with a qualified Santa Ana Inury attorney to review your case and learn more about the circumstances that surround it.

Filed Under: Personal Finance

4 Tips for Saving Money on Cross Country Moving Services

January 11, 2019 by Susan Paige Leave a Comment

Moving your house, family and belongings can be stressful, exciting, scary, fun, and expensive. Moving them across the country however, that’s a whole other ballgame.

Finding a Winnipeg moving service that will value your stuff as much as you do and work hard to get your move done efficiently and safely is of utmost importance. But, finding a service that will do that without costing you your nest egg should be a close second.

Make no mistake, the costs of moving across the landscape to the opposite coast are going to cost you a fair bit of money, but you probably already were aware of that. Our job is to help you on the path of saving money where you can and getting you the best deal possible.

Here are our 4 best tips for saving some greenbacks.

Look Outside of Your Hometown

Typically, whenever we’re looking for a company to handle a certain job for us, we look locally. Our mechanics, accountants, babysitters, plumbers, and landscapers all probably are within a short driving distance, and that makes sense.

Unless you’re moving to a whole new part of the country.

Your options for cross country moving services are most likely going to be limited, especially if you only look for companies that are near your current home. But remember, they’ll be traveling 3000 miles to make the move with you, so expand your search.

This is especially true if you currently live in a small town. With competition not really being a factor, companies tend to charge more than they would if you had other options. Look to metropolitan areas around you and see what options are available there. You may even be able to negotiate with that local company if you find a good deal from a neighboring city.

Search Where You’ll be Moving to

In the same sense as above, nothing constitutes expanding your search quite like looking a few thousand miles away.

However, if you find a company that is near the town you’ll be moving to, give them a call. If they have a crew and trucks that will be around your current home near the date of your move, you may get a heck of a deal.

Any type of trucking service, movers included, hate to “dead head”. That’s an industry term for traveling long distance without a load. These miles are considered wasted miles. They’ll be paying for food, the driver, the crew and any maintenance related expenses without a load to offset those costs.

If they’re able to catch a load for the ride back, it’ll save them a considerable amount of money. With that knowledge in hand, convince them to pass some of those savings on to you.

Thin the Herd 

You’ve got a lot of stuff. And from the outside, it probably seems like it’s all precious and irreplaceable. But the truth is, most people end up packing and moving way more than they need to.

Take the time and commit to getting rid of anything you don’t need or use. Doing so will lower your cost of materials, labor hours and could possibly change the size of the truck you’ll be needing, which could result in huge cost savings.

Offer a Free Road trip

One regular hurdle faced by cross country movers is getting their vehicles to their new homes. If you have more than you can drive yourself, consider offering a close friend or family member a somewhat free road trip.

The costs associated with having a car shipped across the nation could be mind-bogglingly expensive depending on the vendors at your disposal. So much so, that offering to lodge a driving buddy and fly then home once you are at your destination could easily be a cheaper alternative.

Moving isn’t fun. It isn’t always easy. And it’s definitely not cheap. But we think with these tips and a well thought out plan, you can easily save your hard earned money when moving across the country.

Filed Under: Personal Finance

A Penny for Your Thought: The Pros and Cons of Penny Stocks

January 1, 2019 by Susan Paige Leave a Comment

Stock graph with upward trend, symbolized with a penny

Are you looking for investment opportunities?

Many people think a lot about their future as they get older. They often think about things like how much to save for retirement. For most of these people, the answer for the last question is investing.

This is because there are many investment options and one of them is penny stocks. While new investors weigh the pros and cons of penny stocks, experienced investors have divided opinions on the matter.

Some say they are a boon for investors, while others consider them to be a curse. Today, we’ll show you what penny stocks are along with both their pros and cons. Decide for yourself whether they’re a boon or a curse by reading what’s below.

What are Penny Stocks?

Penny stocks are more than only being pennies worth money. Penny stocks are a high-risk and high-reward type of investment. This is because investment opportunities found here are often cheap compared to other options.

The reason they’re cheap is that they don’t have that many investors or they don’t have an expensive foundation to justify their price.

Often, these investment options are cheaper is because they’re small companies. They tend to be those who are down on their luck in their earlier endeavors, resulting in their current prices. They are also often the ones who get overlooked because of more popular brands in the same line of business.

If they’re a low-costing option, why are they also considered high-risk? Well, this is because investing in a penny stock gives you no guarantees.

While you can argue that all companies started off with humble beginnings, there were next to no competition back then. Today, there are a lot of big brands with higher stock values and better return guarantees. These may prevent you from getting your returns if your penny stock continues to become overshadowed.

Pros of Investing in Penny Stocks

Despite the bad press it’s gotten, penny stocks can still be a big boon for your investment portfolio. After all, if it’s all bad, no penny stock would be the best performing stock in America. All you need to do is make sure that you read into your options before you make any investment decisions.

Here are some of the benefits you can reap when you invest in a penny stock.

You can Gain More Stock While Spending Less Compared to Other Stocks

With penny stocks being cheaper than most, you can get more stocks with a smaller investment.

However, when you trade that same amount for shares in a penny stock, you can get more than expected. You can get 50 or even 100 shares of a penny stock with ease.

With how fast penny stock prices move, you will soon be thankful of how many shares you have.

Stock Prices Move Faster than Usual

Penny stock trading happens fast.

Their prices are often in constant motion on a day to day basis. This means you may soon notice that your shares are worth 10 times more than when you bought them.

Compared to the usual growth rates, which are months or sometimes even years for the prices to have a slight shift, penny stocks can give you a big return in no time. This makes it a worthwhile investment for those who need cash in their near future.

Cons of Penny Stock Investments

Like with every penny, there are 2 sides of the coin. For every benefit you get for penny trading, there is a hindrance of equal or greater value. These are some of the reasons that many people consider penny stocks to be a curse.

The Market is Volatile

One reason why penny stocks are a risky investment is that of its volatility. Popular penny stocks get a lot of attention from marketing blogs and sometimes even in the news. This makes them popular which is good for a while, but when more people join the bandwagon, it can cause it to crash.

This happens because when more people buy more shares, they drive the stock’s price up. Multiply that instance for every investor purchasing shares, and soon the prices become unsustainable. This can cause the stock to crash and become worthless as times goes on.

This may leave a lot of investors getting much less than what they paid for.

Scams are Everywhere

The reason why many people have bad opinions on penny stocks is that they’ve had bad experiences with it. Most of these experiences are because of scammers. It’s easy to disguise penny stocks into scams, what with their low prices and all.

Many people find themselves tempted to invest in something before other people find out. This is the kind of attitude scammers want their victims to have. They also don’t worry about having a solid history in their fake stock because most penny stocks are also new.

How to Buy Penny Stocks

You can never get enough penny stock tips when you’re investing in them. As mentioned above, scammers litter the penny stock scene. To avoid scams, you should take time to learn about your favored penny stock.

Even new penny stock companies have something to say about their goals. Learning about their future goals will help you discern scammers from legitimate stocks. You should also consider limiting how much you spend on each stock.

Doing this ensures you don’t lose too much money if a stock crashes. This will also help you diversify your portfolio. Speaking of diversity, when branching out, remember to only go for high-quality stocks.

You can tell if a stock is high-quality if it has a higher price than most penny stocks. This makes sure that the investments you make have more of a chance to succeed. Once you see that a stock raises in price, you should know whether it’s worth selling.

Knowing when to sell a stock is tricky.

A good rule to follow is to sell your stock once it becomes 5x what you spent on it. This makes sure that you don’t lose money and that you don’t hold on to a stock for too long. Penny stocks are more of a short-term investment, so it’s a good idea to sell when you can.

Learn About the Pros and Cons of Penny Stocks and How to Buy Stocks Today

Want to learn how to invest in penny stocks? It’s never a waste of your time to learn about the pros and cons of penny stocks. Doing this will give you the knowledge necessary to succeed with your investments.

So, what are you waiting for? Make your investments now!

Unsure of your investments? Why not hire a financial advisor? If you’re still on the fence about it, here are 5 good reasons to hire one to convince you.

Filed Under: Personal Finance

Personal Capital Review: What’s Good and What to Watch Out For

December 20, 2018 by Susan Paige Leave a Comment

personal capital review Most of us are familiar with the idea that there is no free lunch – but tech companies are very, very good at convincing us that this is not the case. If you’ve seen the news lately, you may have noticed that Facebook & Google have been in hot water because of the controversial use of their data. I don’t want to put Personal Capital in the same category, but don’t think for a second that they create and maintain all of their neat tools as a gesture of goodwill. Wondering how Personal Capital works and if it’s worth the cost? Here’s our review.

Personal Capital Review: How Does it Work?

Personal Capital’s crown jewel is an account aggregation system – a very unsexy term for something that actually does a bunch of really cool things. Essentially, you hook up all of your financial accounts – think credit cards, checking, investments, 401k from work, even your house! Personal Capital automatically crunches that data for you and lets you everything from what your total net worth is to your potential capital gains tax exposure. It’s like a financial Oracle – you after you’ve fed it your personal data, you can pretty much ask it any question you want to.

Here’s the thing – You aren’t the only one asking! Personal Capital anonymizes its data, so no one else is looking at your actual account numbers, but what they are looking at is how much you have, where you have it, and if Personal Capital can manage it. Personal Capital is actually a Registered Investment Advisor, which is a type of investment company that manages assets on a fiduciary basis (in your best interest).

This puts them ahead of traditional wealth management companies like Merrill Lynch and Morgan Stanley, but they like to sell themselves as being a FinTech company. In reality, their core business is much more similar to that of Fisher Investments, a traditional hard selling RIA firm.  A lot of Personal Capital’s senior management team came from Fisher, so it should not shock you that their company culture is similar.

The Good

  • .89% is a low price to pay for true fiduciary wealth management
  • Personal Capital uses low-cost ETFs and efficient investment vehicles

The OK

  • The amazing set of free tools is counterbalanced by the fact that all of that info is going to Personal Capital – you are a lead in their system

The Not So Good

  • The advice given is highly dependant on who you talk to
  • The financial advisors receive compensation primarily for getting new assets onto the books, not keeping existing clients happy
  • If you don’t take advantage of or don’t want the financial planning aspect, you are paying .89% for no reason
  • Vanguard has a similar experience for only .3% at higher account balances

What You Need to Know about Personal Capital

Personal Capital currently has about $8 Billion of assets under management, which is certainly more money than you or I have, but tiny compared the other giants in the investment space. What they do have, however, is over $674 billion of tracked assets via their app – assets that they’d like to get on their own platform and charge .89% to manage. Because of this, its shiny free to use tools come with a cost. Buried in the fine print which I’m sure you didn’t read is a clause that allows Personal Capital to solicit you for advisory services.

If you have more than $100,000 in financial assets linked to the platform, you’d better expect a call from Personal Capital. You can always block their number or give them a fake phone number when you sign up, but that’s not very nice, is it? Those financial advisors from Personal Capital will be calling to try and get you invested in one of the three options below, depending on how much you have.

Personal Capital operates on a 3 tiered investment plan system – but unless you’ve got over a million dollars or more to invest, there’s no guarantee you’ll talk to a Certified Financial Planner. In a world where there are over 80,000 CFPs, there’s no reason to settle for anything less. It’s important to note that Personal Capital is not a robo advisor. While the advisors will attempt to put you in a managed asset program that may trade on certain automatic triggers, there are humans involved in all investment decisions.

In fact, once you get over $200,000, they will stop investing you in an all ETF strategy and move you into a basket of individual stocks that will act like an index – which can have several advantages.  The ability to tax loss harvest at the individual stock level can increase real returns and should not be discounted. In addition, they offer full financial planning for free (which in my opinion they should position much more strongly).

Is It Worth the Fee?

The truth is that these days you can get an efficient investment allocation for pennies. If you choose the three fund portfolio, the cost for that allocation is something like .05% (the average weighted expense ratio of the funds). If you wanted to dial up the sophistication a bit, you could go to a robo advisor like Wealthfront and pay .25% (plus the expense ratio of the underlying funds) for a portfolio that trades automatically and can also tax loss harvest at the stock level – so why pay .89% for any of Personal Capital’s offerings?

Here’s the key difference – at Personal Capital you are (horror stories notwithstanding) not paying just for the investment management. Personal Capital is not a robo advisor – they even made a whole video explaining they are not a robo:

Now I tend to agree with them that one of the worst deals in finance is investing with a robo advisor. They are charging you a lot for taking a quiz once – and unlike a human advisor, no one’s there to talk you out of buying a bitcoin at $20,000 or letting you know how many years retirement you’ll postpone by if you go ahead and buy the house with the chef’s kitchen. Humans cost more than any robo (though with Vanguard’s Personal Advisor Services, not much more) but the value you get back from them is measurably higher because they serve as a wall between you and your worst impulses.

In addition to the above, a good human advisor can provide counsel to make sure that assets are correctly titled, can advise on trusts and wills, help you open a Donor Advised Fund to give to charities, review your tax return and more. Robo-advisors can only invest the money you’ve given them.

At Personal Capital they claim to offer you a ‘team’ of financial advisors at $100k, two financial advisors at $200k, and access to a Certified Financial Planner once you’ve accumulated a more than a million dollars with them. Because Personal Capital pays its financial advisors mostly for converting assets from off platform to assets under management – every minute their advisors spend talking to current clients is a minute they can’t use to convince potential new clients to join Prospect Capital. Most of these advisors are really just looking to gather up any of your assets that aren’t yet managed – providing them with additional fees and charging you more.

What About Vanguard’s Personal Advisor Services?

Most people know Vanguard as a go-to asset manager of choice for inexpensive, passively managed index ETFs and Mutual Funds. They currently have over $5 Trillion of assets under management – over $1 Trillion of which their discount brokerage account now holds.

Vanguard has taken a similar approach as Personal Capital, using this $1 trillion as a base to source clients for its own managed services program, called Vanguard Personal Advisor Services. There are a couple of key differences. Vanguard’s PAS is closer to a true robo advisor until you get to $500,000 – where you can get a CFP to do one time planning for free. At $1 million under management, you get a dedicated CFP for free.

So What Should You Do?

If you’ve got a million dollars or more, Vanguard seems like the no-brainer option to get a Certified Financial Planner (if you are ok with a call center delivering advice). If you have less than that or want a more experienced CFP focused on building a long-term relationship, try one of the many independent RIA firms out there that will treat you as a client and not a number.

You may pay more, but having a long, lasting relationship with someone who intimately knows your situation easily pays for itself when you need to make big life-changing financial decisions. If you just want investment management from a robo-advisor and to keep the pesky humans away, Schwab and WiseBanyan both offer a 0% fee algorithmic solution (though you will pay a small fee from the ETF expense ratios) – so you might as well skip robo advisors charging any price at this point.

Personal Capital is an underwhelming choice in any of these slots, so unless you really value the tools they offer, it is generally best to take your money elsewhere.

Author Info: Michael V. Spelman is a Certified Financial Planner, and co-owner of Myrmidon Private Capital, an RIA specializing in retirement planning.  He’s also president at The GUL Guy, a specialty life insurance comparison agency.

Filed Under: Investing, investment websites, low cost investing, Personal Finance Tagged With: investing, personal capital

The Hottest Investment Trends for 2019

December 18, 2018 by Susan Paige Leave a Comment

Everyone who invests wishes they could have a crystal ball to figure out what the next hot investment trend is going to be. It’s a good wish, but not a practical one, so it’s down to reading the tea leaves to figure out what is most likely to take off in 2019. Changing attitudes towards marijuana, green energy, and privatizing space exploration are leading the pack for the hottest investment trends and for good reasons. The potential for solid growth is in all of these industries as they mature and become the next wave of sensible products that the world needs.

Marijuana

Image via Flickr by Rick Obst

The decriminalization and legalization of the infamous mind-altering herb is gaining traction even in a political climate that looks askance at the use of recreational marijuana. However, corporations are looking into the concept of marijuana as a potential cash crop as more states flaunt the federal government and legalize. It’s a sure bet that more states will follow the examples of the ten states that currently allow legal marijuana as they seek out new streams of revenue. It’s an industry, albeit an unusual one, that’s poised for explosive growth as people enjoy the end of marijuana prohibition.

Space Exploration

Elon Musk may be the most famous person to get his SpaceX program off the ground, but he’s not the only one. NASA and other governments around the world have largely backed off their space exploration programs, leaving a void that private companies are stepping into. Transporting space cargo like satellites is a mature industry and the focus is now bringing the cost down along with getting humans into space. The newer aerospace industry players are worth investing in as they push the limits of technology. Aerospace companies are also a great option to make money with penny stocks as the smaller companies will be lifted along with the major players.

Green Energy

Green energy is another industry that’s poised for growth due to the growing awareness of the need for renewables. Couple that with the fact the technology behind the renewables is getting better by leaps and bounds and you get an industry that’s going to become a serious contender with traditional forms of energy generation. Again, major corporations are starting to invest in renewable technologies such as wind turbines and solar panel fields. This effort is going on around the world as countries are figuring out they can free themselves from dependencies on oil and gas to power their homes and businesses.

It’s important to not dismiss green energy as a fad. The oil crisis of the 70s prompted people to start looking at renewables, but technology wasn’t up to the task. It fell by the wayside as oil prices came down. Nowadays, people are tired of pollution from said industries and want responsible energy generation to have an earth that’s worth living on.

All of these industries require research before investing, but they are the wave of the future in terms of things that become a part of daily life. The potential for them to become hot in 2019 is very strong indeed.

Filed Under: Personal Finance

Is Your Brand Right for You?

December 12, 2018 by Susan Paige Leave a Comment

As a business owner, your biggest asset is your brand. It’s the shining billboard in the darkness that points customers the way to your business. It’s the thing that tells you’re just right for them, the story of your business and what it can offer that it makes it so tempting to shop with. It’s more enduring than any individual advert, product or piece of marketing, built over the course of years, to endure for years.

Consider the power of the John Lewis brand: their tentpole piece of marketing is their Christmas advert which doesn’t actually include products they sell or prices. It’s an affirmation and dramatization of their brand values – and it’s all they need to keep that story of the John Lewis brand being told in customer’s heads and ensure they keep coming back.

You need to make sure the brand you build – the brand you’re building every day – is right for your business. The John Lewis approach is perfect for a high-end department and home goods store. It’s less so for a fast food restaurant, or a hairdresser: you need to make sure your brand is the right one for your business. It doesn’t sound very exciting, but the best experiences customers have, the ones that bring them back time and again, are when they get what they expected: when your brand tells a story and the experience they have bears that story out.

The first thing you need to do is make sure you’re checking what your customers really think. Data is the most important tool in your arsenal and working with market research companies gets you good data you can work with to drive your business forward. Brand tracking surveys show you want consumers think of your brand – what qualities they associate with it, and how they rank it with other brands.

Demographic surveys show you what groups make up your market: whether the people buying your products are young or old, rich or poor, urban livers of countryside dwellers, and even what newspaper they read.

Combining these two sources of data lets you make sure your brand is the right one for you. Do people rate your brand highly for the qualities that resonate with the demographics you’re chasing. If they don’t, it may be that you need to change the approach you have to your marketing, to target it more effectively at the people you have pegged as your customers.

Of course data like this can also reveal your assumptions are wrong. Perhaps you’ve been fixated on the wrong customers all along and what you really need to do is pivot to the people your brand really does strike a chord with.

Filed Under: Personal Finance

IVA’s – Things to Think About

December 11, 2018 by Susan Paige Leave a Comment

what is an IVA

If you find yourself struggling to keep on top of your daily finances then you may be advised to consider an Individual Voluntary Arrangement (often referred to as an ‘IVA’).

In this article we take a closer look at how IVA’s can be beneficial and what type of considerations need to be taken into account when it comes to finding the best way forward.

What is an IVA?

An IVA is a legally binding agreement which is made between you and your creditors.  Instead of making separate arrangements to repay each debt you can simply make one affordable monthly repayment via your chosen advisor.  Once received he or she will then distribute this to your creditors and continue to the manage the plan for its duration (which is usually 4 or 5 years).

How do I know whether it’s the best solution for me?

Once you’ve chosen an advisor you should ask as many questions as you feel necessary to ensure that an IVA is the best debt solution given your own personal circumstances.

IVA’s continue to help many people get their finances under control – however, they’re not suitable for everyone so it’s important that you discuss your financial situation with your advisor before you decide on whether to proceed or not.

How much will I have to repay?

How much you repay on a monthly basis will very much depend on a number of circumstances.  If, for example, you have other debts which can’t be incorporated into the IVA then your advisor will need to ensure you have sufficient funds to repay these separately.  Your creditors will also want a realistic proposal for repayment but of course, this also has to be balanced with your own affordability.  Your advisor will be able to tell you more about this when you apply for an iva.

What happens if I can’t (or don’t) keep to the repayments?

If you fail to make your monthly repayments on time then this is likely to lead to very serious consequences and your IVA will fail.  If this happens then your creditors will remain at liberty to pursue you for the outstanding amount and could even apply to make you bankrupt.

Will an IVA affect my credit score?

Yes.  Details of your IVA will remain on your credit file for a period of 6 years from the date it commences.  It’ll also remain on the Insolvency Register for a period of 3 months after the arrangement ends.  During the term of the arrangement you may find it extremely difficult (if not impossible) to obtain credit and if you want to borrow a sum of money in excess of £500.00 then you must obtain written permission from your chosen advisor, unless the credit is needed for public utilities such as water, gas or electricity.

Consequently, if there’s a possibility you might need more credit in the shorter term than an IVA might not be the best solution for you.  Your advisor will, however, be able to give you further information about other possible alternatives.

Filed Under: Personal Finance

Need Quick Cash? Here’s How Small Personal Loans Work

December 10, 2018 by Susan Paige Leave a Comment

small personal loans

Are you in need of quick cash?

Is your pay still a few days away but you have to pay your bills right now? Getting a traditional personal loan is out of the question – approval takes too long and there’s no guarantee you’ll get the loan.

For one thing, your credit score might not be ideal. Approximately 30% of people in the country suffer from mediocre credit and this can cripple your chances of a reliable financial solution.

This is where small personal loans come in.

Not sure how these loans work? Uncertain if you qualify or how to find the right small personal loan for your specific needs?

We’ve got you covered. Read on below to discover all you need to know about these loans and how they can help you:

What are Small Personal Loans?

Small personal loans are for short use. They won’t help you launch a business or make a major investment. The intention is to use these loans to pay emergency medical bills, late mortgage payments, utility bills, and due credit payments.

Don’t expect these loans to offer a large amount. You can expect most small loans to be between $300 and $3,000. The amount you qualify for depends on several factors, which we will discuss below.

It’s also important to note that these small loans have a quick turnaround. Unlike traditional loans, you must pay these loans within a few weeks. Some lenders require you to pay as early as your next payday, bridging the lines between payday loans and personal bank loans.

What are the Requirements?

Do you qualify for a small loan?

The requirements may change from lender to lender but there are common standards you should keep in mind. For one thing, you need to have a stable source of income.

This could be from a regular job or paychecks coming in from government support or from a spouse.

You should be of legal age and some lenders will require you to have a valid, active bank account. This ensures there is an account they can deposit the money to.

Your bank may also be accountable in case you’re not able to pay the loan back.

Valid identification is also a common requirement. This guarantees the lender you use your real name. Black hats use a different name and this makes it difficult for lenders if the applicant won’t pay back the loan.

Identification also proves your address as well as connection to your bank and income source. It also proves you are of legal age.

What About Credit Score?

Another requirement is a good credit score. If you don’t know how credit scores work or how your spending habit affects it, you should speak to a financial adviser. A simple budget discussion and credit explanation can help you build a better credit score.

An excellent credit score is above 650 to a perfect 850 and anything below 400 is horrible. You will need something along the middle to qualify for the smallest personal loan available. Your credit score will determine how much the lender is willing to give you.

What if you don’t have a good credit score or no score at all?

Not all lenders will give you a chance but there are a few who offer an alternative.

Instead of looking at your credit score, they’ll ask for a collateral. This could be your phone or the documents for your car. If you can’t pay your loan by the due date, they’ll take your item as payment.

Other lenders will give you a loan without asking for a collateral.

They are the ideal solution for someone in need of a quick loan and have the income to pay for it. You can learn more about this type of small loan, which requires no credit check, at Bonsai Finance.

Pros and Cons of a Small Personal Loan

Is a personal loan the right solution for you? Here’s a quick rundown of the benefits and disadvantages you need to consider before signing the dotted line.

Some of the pros include:

  • Higher chance of getting a loan
  • Quicker process
  • Credit score may not be a factor
  • Great for people with a new bank account
  • Ideal solution for quick financial emergencies

As for the disadvantages, you should consider the following:

  • High-interest fees
  • High penalties
  • Can’t loan a large amount
  • A collateral may be a risk

If you look over the pros and cons, small personal loans appear as a great solution. You’re only at risk if you don’t commit to paying the loan off. If you take financial advice to heed and pay the loan on your next paycheck, you should be in the clear.

How to Get a Small Loan

Great, so a small loan is a viable solution in case you have a sudden emergency to pay off. Do you have to pay your Internet bill or a hospital bill a few days before your paycheck comes in? These are the ideal loans for you then.

But how do you apply for one?

Traditional loans take forever. You have to go to the bank, fall in line, and speak to a bank representative to apply for a loan. The process can take days or even weeks, even if the loan is only for a small amount.

Online small personal loans don’t take this long. You don’t even have to step out of your house.

Remember Bonsai Finance, the folks we mentioned above?

With a few clicks of a mouse, we can help you find the ideal lender for your specific needs. Bonsai Finance helps you find all of the lenders available online and you can reach out to them after filling up a simple form.

Get a Small Personal Loan Today!

What are you waiting for? If you have to pay something off quickly, apply for small personal loans now. These loans could help stabilize your finances until you’re back on your feet.

But financial advice doesn’t end here. We have a lot more to help you with.

If you feel like you’re in a financial rut or you simply don’t understand some of the more complex jargon in the industry, we’re here to clear the path. Feel free to contact us and we can get you started on a better financial future.

Filed Under: Personal Finance

How to Get the Best Possible Deal on a Used Nissan GTR

November 30, 2018 by Susan Paige Leave a Comment

If you’ve settled on purchasing a used Nissan GTR, you’ve already made an excellent decision. Not only is this car a fantastic choice, but going with used over new is almost always the right move. Your next job is to find a Nissan dealership in your area and get yourself the best possible deal on your new car. We help you do that by providing essential car buying guidance in the sections below.

Assess Your Needs

One crucial piece of the puzzle is understanding your priorities. While you’ve already done most of that work in deciding to go with the Nissan GTR, there is one more matter to consider. It is how “used” you want that vehicle to be. On one end of the spectrum, you have cars that are under a year old and usually have less than 10,000 miles on them. These vehicles perform like they are brand new, but have a slightly higher price. On the other end, you have ones that are a few years old or more. The lifespan on them will be shorter, but you’ll pay much less up front. There is no correct choice here, just the right one for you and your situation.

Come Up With a Target Price

Once you know what condition you want your GTR to be in, you can come up with a target price. While this sum won’t be a precise limit on how much you’ll pay, it is useful to have a benchmark when heading into the car buying process. The most famous provider of these estimates is Kelly Blue Book, but there are a variety of options out there. Having a general idea of what you should pay will go a long way in getting a fair deal.

Pay Attention to Financing Terms

One of the crucial components of your deal is the financing terms. The reason is that small changes in percentages can add up to a substantial amount of money over the two or three years that you pay your car off. While one deal might look good on the basis of a lower monthly payment or less money upfront, you might end up with an inflated bill for a much more extended period than you’d like. One thing to note is that if you have the means to pay the full cost upfront, this is a point that you don’t have to worry about.

Explore Trade-In Options

Unless it is truly on its last legs, your old car likely has some value. What this means is that you might be able to get a discount on your GTR by trading in your current vehicle. If the dealership isn’t interested, you can also look into selling your old car to a different auto dealer.

Look For Incentives

Many sales associates have a full toolkit of sales and incentives that they only bring out when needed. The result for you, the buyer, is that you can utilize these discounts by pursuing them. The first way you can do so is through browsing the dealership website and seeing if it has a special offers page. Next, you can ask a salesperson for a discount at the dealership.

Take a Test Drive

Though the Nissan GTR is an exceptional vehicle, every one of them is different. You’ll definitely want to take one out for a test drive before deciding to purchase it.

Choose a Great Dealer

Lastly, choosing a great dealer is an integral piece of getting the deal you’re looking for. Doing so will decrease the need for intense negotiation and careful assessment of terms, as you’re dealing with an ethical business that has your best interest in mind.

Choosing a used Nissan GTR is an excellent decision, but the process is not over. Now, you must search for the right dealer to sell you one. We hope the tips on this list help you find a great deal. That way, you can enjoy your new car even more by knowing you received a fair offer.

Filed Under: Personal Finance

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