Money Questions and Answers

Different Types of Insurance Available

Insurance is a financial product in which companies that offer it will take on some form of monetary risk in return for the payment of premiums. There are many types of insurance that you may want to consider purchasing to protect yourself and your family.

An individual will typically invest in it to guard against having to pay out a large sum of money for common problems that may occur. Being insured gives peace of mind that should disaster strike, the financial implications of this can be dealt with and some of the common insurance products available include the following.

Life Insurance

No one wants to think about dying although all adults need to consider the problems this can leave for family members. This is especially true for those that are breadwinners, and life insurance is designed to pay out a sum of money in the event of the insured person dying.

This is most commonly paid to a family member and is a way for someone to ensure their loved ones are provided for in the event of their death. Contacting a company that offers this is a way to get life insurance quotes that will show how much money can be obtained for different premiums.

Property Insurance

Anyone buying a home or business premises will usually have to get property insurance as part of the deal for receiving a mortgage. This type of business insurance can have a few elements to it, with the two most common being building and contents.

The building part covers for the cost of damage to the property caused by fire, flood, and other disasters. The contents part covers for the loss of the property owner’s belongings due to theft, vandalism, or damage.

When To Hire A Collection Agency For Nonpayment

by Guest Contributor

Hiring a collection agency The ideal business world would have perfect mathematical precision especially when it comes to small business invoicing. In all likelihood, invoices will be paid on time. But, the day may come that one goes unpaid.

What do you do? How to do you approach the person or entity that owes you money?

The best thing to do is initiate formal communication, in writing, with a demand letter. This can be best drafted by your attorney, but you can likely handle it yourself if you haven’t one. A simple search will show you good examples of this kind of letter.

While this letter doesn’t have any legal “weight” in the sense that the other party is any more obligated to pay their outstanding debt than before, it may be enough to get a certain kind of debtor to pay up. One or several letters does succeed in letting you set the tone for what is to come. The other party will know where you stand and will be much likelier to take you seriously.

If you set up the right kind of contract with the other party in the first place, there will be a clause in place about litigation. If they default, basically, they will have to pay your court and legal fees, in addition to their own, in the event that you sue. That’s a lot of money to avoid paying back money, so many lendees will back down at this point, settling with you out of court. This is the sensible thing to do anyway, and you never know how a party will react.

If you don’t have this kind of legal recourse, you’ll do well to hire a lawyer who specializes in small business cases, or hire a collection agency. There are different kinds of collection agencies, ones that buy your debt from you and others that coerce the other party into servicing their debt, and then taking their fee from that amount. Know all of the details before you bring one of these on board.

The Pros and Cons of Trading Forex

by Guest Contributor

Trading Forex Every good investor knows that before you take on a new investment, you need to weigh your options carefully. It isn’t enough to just do good research on the market. You really need to make an active decision about whether the foreign exchange market for currency is right for you. To help you make that decision, consider these important points.

Understand That You Are Speculating When Trading Forex

In a sense, you are selling one currency against another and betting that the currency you buy is going to increase in value while you hold it so that you can sell it for a profit. That’s the basic principle. But that means one of two things.

Either you have to have a watchful eye on your investments and pay close attention to the markets as they move, or you need to become familiar with the stop loss order so that you don’t lose more than you bargained for in the end. If you do not understand the risk associated with Forex trading and only focus on the potential payout, you are making a grave mistake.

Earn More Money by Thinking Outside the Box

by Hank Coleman

There are many people making mediocre wages out there, and they aren’t happy with it. However, instead of improving themselves and finding ways to increase their income, they simply blame the economy or take out their frustrations on the government. While they bellyache about their hard times and lack of opportunities, others that were in their same position just a few years ago are earning twice the national average. How is this possible?

Those that are successful rarely feel sorry for themselves or drop their head because of their failures. Nope, they continue to act on their dreams and often find themselves earn more than they ever thought possible.

When I think about the phrase, “Thinking outside the box,” I typically think about the company Apple. Again and again they seem to come out with a product that is leaps and bounds ahead of the current industry (although, in my opinion, it seems as though they are slowing down recently). But, there are many others that we have never even heard of that are defying the odds because of their outside the box thinking.

One that came to my attention recently could come in very handy if my upstairs shower ever starts leaking water through the tiles. Instead of painstakingly lifting my tile floor and relaying new tile with new grout and sealer, I can just by one unit of MegaBloc, apply it to the tiles and it will reseal the entire surface for me! Not only has this product recently won an award, but it is instantly generating monster profits. Don’t you wish that you had thought outside the box and invented this product?

Think Outside the Box with Your Earnings

When in need of money, too many of us resort to either cutting expenses or asking for a raise. These options may help today, but they are not a great solution for the short term. Instead of finding the short term solution, why not step back and think outside the box for a moment? How could you generate more money today and also in the distant future? In order to discover this extra source of income, ask yourself these questions:

Cost Cutting Classroom: Supplies, Software, and Tax Tips for Teachers

by Guest Contributor

Tax Tips For Teachers Being a teacher is incredibly rewarding, but it costs when it comes to supplies and in-class needs. School systems watch their dollars and cents closely, and so teachers get left needing to cut corners to provide the same amount of efficiency.

Supplies, software, and taxes don’t have to amount to as much when you know how to cut costs. Get smart and learn how to avoid full price and empty wallets.

Here are supplies, software, and tax tips for teachers…

Keep Track

Saving can be as simple as keeping track of expenses and out of pocket buys for your classroom and students. Speak to other teachers, your principal, or financial planner about tracking costs and filing for reimbursements at the end of the quarter or year.

Consider Claiming a Home Office

If you qualify, you can claim a portion of your home as an office. Those who tutor after school, at night, and on weekends may qualify as a ‘business’ owner, saving on taxes. It may even create a greater incentive to spend more time making a supplemental income!

Track Mileage

Expenses are not books and supplies alone. If you coach or manage a school-affiliated team and use your own vehicle, you can get compensated for gas and vehicle maintenance. It’s small savings if you live in the same town as the school, but if you live over twenty miles and go to and from multiple times per day, the mileage and stress on your car adds up.

Do You Have a Spending Problem?

by Hank Coleman

I pulled up to the drive-through window of my favorite fast food restaurant and ordered the meal that I always get. When I drove around to pay, the cashier said hi and mentioned that she hadn’t seen me there in a while. I obviously go there too often. I also find myself getting a little upset when people oust me on Foursquare as a mayor of any one of my favorite restaurants. It irks me. I’m mayor of several, and I feel a sense of competition when someone steals the title. There is a telling pattern in this that may mean I have a spending problem. There are other clues, of course. Here are some signs that we may not … Read more