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Being financially prepared for retirement

Securing your future requires early action. Relying solely on a pension is not enough to live a good life as a retirement. In fact, for an active person, retirement itself sounds like a nightmare, especially when thinking of how life is going to be without active income.

Turning your save into investment

Cash-life12213There are many financial products offered, but the basics are a certificate of deposit (CD) and property investment. The twos are the safest and have no risk. Do not let your money stay passively in the bank.

CD is more profitable than regular saving because the bank will give you the interest for your deposited money. In return, the bank will not allow you to gain access to your money for a specific term. Some banks will give a penalty for early withdrawal, and the others will not, but usually with low interest. This regulation varies from one bank to another. You should find out which bank offering the best deposit agreements. But you should know that CD is a short-term investment.

Another safe investment is investing in property. With enough spare income, try to file a mortgage for a potentially profitable place. If you are young and money-oriented, instead of family-oriented, buy houses to sell them later, or buy an apartment for rental purpose.

Renting property yourself is much preferable than focusing on buying one, especially if you are going to stay at the place for only three or four years. Spend your energy to afford a property that can generate income. It allows you to spend your retirement as a landowner.

Investing on annuity

An annuity is insurance product that requires you to pay money as agreed to the terms. For a more substantial retirement money expectation, the annual cost of the insurance is also more expensive. Annuity follows the principal of sow and reap. You pay the insurance company for years to acquire the profit later when you reach the retirement age.

Annuity investment can be a safe retirement plan, but the terms and condition of the agreement are often complicated. Consult financial advisor firms, like corecap investments, or others. An annuity is notoriously expensive, and if you get trapped in a bad investment deal, you can lose your future.

 

Investing on cash-value life insurance

money-time12Cash-value life insurance is different from regular life insurance. The premium costs a lot more, but the coverage itself has cash-value. It means you can ask for a loan, and your insurance company will pay for it when you die. The allowed amount of cash you can borrow is limited by your death benefit amount.

The longer your period of joining the insurance is the higher your death benefit amount. There are different rules for the insurance policy depending on the insurance terms, but the point is, cash-value life insurance can cover your retirement financial need better than regular life insurance.

 

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Types of debt

At some point in life, most people will be in debt, unless you are privileged. From running up a credit card bill to borrowing a large sum of money for buying a house or any other thing, living with debt is something that you just have to put up with. Here are the most common types of debt most people find themselves in.

Business

While you are trying to make your business grow, buy new stock, or expand into new markets, substantial business debt can build up. Often, this is seen when you find it necessary to borrow money for raising capital that is needed. From the wide range of overheads involved in running a business to business loans and credit cards, things can easily get out of control. It can be worse in times of a challenging economy. Tackle any difficulties with business debt as soon as you can. The outstanding payments should be your priority and consider professional financial advice.debtrightsgdhjfkg

Home loan

It is a must for most people to borrow money to buy a home. A home loan is a huge financial responsibility that lasts for years. There is also the need to consider charges of interest that are applied over the lifetime of the loan. Financial discipline is essential when you decide to take out a home loan. You can often look for rates elsewhere and make extra payments if you can to speed up the process. This will help you pay down your home loan debt.

Credit card

debtleftfsagdhjfkgjnbCredit cards make it easy to spend cash that you do not have. A lot of people spend without putting in mind the long-term consequences. The debt starts to rise as soon as you find it impossible to pay back the money you had spent before charges of interest come into effect. Credit cards are very convenient, but their interest rates are also very high. Also, it is possible for the debt to get out of control if this type of debt spreads across several cards.

If you are experiencing severe issues of debt and you are getting threats of legal action because of your debts, then your preferred option may be applying for bankruptcy.

Want a good budget for your household?

To have a long-term financial security then you need a stable employment. You also need to maintain a good credit and follow your household budget. Wise spending habits and good credit scores help you save money through less debt and lower interest rates. The following are steps that can help you create a household budget which will eliminate wastage and create savings.

Request for your credit report copy

This report usually includes information from the major credit reporting agencies. Everyone is legally entitled to a free credit report once a year.budgetingleftfsagdhjfk

Review your credit report

After receiving your annual credit report, take your time to review the report entirely for any discrepancies or errors. If there are any errors like inaccurate balances, collections, and late payments, then you can dispute the errors identified. The agency reporting will investigate the account and require your creditor to provide proof of the errors report. If they fail to provide enough evidence that you owe them, then it is corrected on the report.

Collect bank statements

Before creating your budget, collect banks statements, receipts, credit statements and other relevant documentation showing your expenses.

Determine your income

You can determine your income by collecting the most recent pay stub. For budgeting, use the income that you take home after taxes. If you are a salaried employee or you are paid on an hourly basis, and you are a full-time worker calculating your income is easy. People who are self-employed or receive a bonus, commissioned income or tips need to average the income over the past one or two years to create a budget.

Put the budget in printed or written form

You can use a computer software program to make a spreadsheet or choose to write the budget on paper. Start by writing your monthly income and then break down your expenses. This shows you where you spend and how you cut on the expenses and save. Further, break down the expenses under discretionary and fixed. Discretionary expenses include clothing, entertainment, vacation saving, and groceries. Fixed expenses are those that are permanent.

Review the budget

budgetrightsgdhjfAfter you finish writing your budget, review it to see if there more ways to cut on your spending. You may hopefully find areas where you can save every month by getting rid of unnecessary spending. Try to pay off credit cards which you carry balances on before putting money into savings.

After reviewing your credit report and making a budget, review your budget every month to make changes. If your bills or income change, ensure you adjust the budget accordingly.

Minneapolis St. Paul Maker Faire – May 30, 2015Minneapolis St. Paul Mini Maker Faire | May 30, 2015

Celebrating DIY and Makers in the Midwest

The Minneapolis St. Paul Mini Maker Faire will have the Minnesota State Fairgrounds buzzing on Saturday, May 30, 2015. The one-day festival will bring the world’s greatest show (and tell) on earth to the Twin Cities. More than 200 local and regional makers will showcase, demonstrate and share interactive creations with the public during this family-friendly event.

ShopBot Demo at Maker Faire

Get involved

Celebrate the creativity and invention of local makers and artists by joining us at the faire. Buy your tickets now.
Help us put on a great event. Volunteer and attend for free.
We will celebrate the Do-It-Yourself (DIY) and showcase all kinds of incredible projects. At the Minneapolis/St. Paul Mini Maker Faire, you’ll find arts and crafts, science and engineering, food and music – all in a family-friendly, hands-on environment.
MN Makes
Who or what is a maker?

Maker is a term used to cover a wide range of creative work, projects and hobbies. If you are a tinkerer, coder, woodworker, crafter, farm hacker, artist, student, designer, chemist, roboticist, entrepreneur, scientist, food inventor, metalworker, educator, green technology creator, inventor, corporate designer or bicycle builder, you are a maker and we would love to see you at the Minneapolis/St. Paul Mini Maker Faire on May 29 and 30.