Searching for make money advices to improve your financial positions and to solve money issues ? “Nobody ever told me that life insurance could do things for me when I was alive,” admits Kirby Thomas, owner of Life Insurance Today US, a nationwide provider of life insurance for consumers. Some life insurance policies offer an “accelerated benefits” option in which the death benefit is payable while the insured is still alive. “Possible ‘living benefits’ include terminal illness, critical illness, chronic illness, and critical injury,” explains Thomas. “I recently recommended this option for a woman buying insurance for her 75-year-old mother. By buying a policy with the proper riders, instead of the daughter incurring debt to pay for Mom’s future treatment, the life insurance could be used instead. The death benefit would be reduced by the amount accelerated, and the balance paid to the daughter when she lost her Mom.”
To Understand Your Finances, You Have to Track Your Net Worth: Similar to a budget, it’s important you calculate your net worth, no matter how ugly it might be. The difference with this and budgeting? I actually look at my net worth monthly. It also can keep you on track and help you visualize where you are financially. There are some cool apps and online tools to simplify this process like Mint and my favorite, Personal Capital. Discover additional details on Make Money Tricks.
70% of Americans don’t have a will. If you have dependents, no matter how little or how much you own, you need a will. If your situation isn’t too complicated you can even do your own with software like WillMaker from Nolo Press. Protect your loved ones. Write a will. If you don’t keep good records, you’re probably not claiming all your allowable income tax deductions and credits. Set up a system now and use it all year. It’s much easier than scrambling to find everything at tax time, only to miss items that might have saved you money.
You might hear the word “budget” and cringe a little, but you shouldn’t. Budgeting is not hard, and it doesn’t mean you have to stop doing things you enjoy. Budgeting is simply creating a plan for your money so you have a better idea of where it’s going every month. A popular and effective way to budget is with the 50/30/20 rule. How it works is 50% of your income goes towards the necessities (bills, food, housing, etc.), 20% of your income goes towards savings and the remaining 30% you can use for whatever you please. This is a nice and easy way to break down your paycheck, but you might need to adjust it a bit to fit your lifestyle. Mortgage: This one’s a tricky one, but mortgages are generally considered good debt. They are usually long-term loans with low interest rates, so you’ll still have money freed up for investments and such. The interest from mortgages is also tax deductible, so that’s a bonus. In the end, it’s up to you to decide whether purchasing a home is the right move, as the value of a house will not always rise as some people think. You’ll also have to add in the expenses of property tax, utilities, and home insurance. Visit: aspiretomoney.com.