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7 tips to help seniors choose the best life insurance

7 tips to help seniors choose the best life insurance

Life insurance plans are a great way of protecting one’s loved ones against unforeseen circumstances. However, there is no one-size-fits-all policy, and finding the “best” option requires making an effort. From overall health to long-term goals, there are many things to consider before investing in life insurance. To make the journey a little bit simpler for seniors, this article shares tips and advice on choosing the best life insurance plan. Set a budget Seniors should find a life insurance policy that falls within their budget. One can begin by shortlisting affordable options and then analyze the coverage they offer. Work with a goal A life insurance plan helps one get closer to their financial goals. Some may want a plan that helps pay off debts, while others may want insurance that covers end-of-life expenses. Seniors should consider these needs before finalizing a policy. Look for customizations Add-ons can help customize the insurance plan. Some popular add-ons include long-term care, accelerated death benefits, and enhanced coverage. Find a convertible policy There are different kinds of life insurance. Some may want a convertible policy, like one that can be converted from term life insurance to permanent life insurance. Assess current lifestyle When buying a term insurance policy, seniors should take some time to think about their family’s lifestyle and spending habits.

4 common annuity mistakes to avoid

4 common annuity mistakes to avoid

An annuity is a valuable financial tool. It can help diversify a person’s portfolio and secure funds for retirement. Over time, it can also prove to be a steady income source, which can be used for meeting daily expenses. However, individuals are prone to making mistakes while investing in an annuity and getting into unnecessary financial trouble. One must learn about these common mistakes and try to avoid them as far as possible. Overlooking the fees Various fees and expenses are associated with an annuity. These include investment management fees, administrative fees, and surrender charges. Individuals should account for these and read the guidelines carefully before signing up to avoid confusion. Failing to consider tax implications Tax implications for an annuity withdrawal can vary based on various factors. The withdrawal tax is generally calculated based on the investor’s age, the type of annuity, and the distribution method used. Individuals who do not consider these factors can face an expected tax liability. So, when considering investing in an annuity, one should consult a tax advisor to understand the consequences of withdrawal. Tax advisors can suggest a well-thought-out, tax-efficient strategy to increase profits. Not considering competitors Before making any investment choices, individuals must ask around and check market values.

5 great buy now, pay later apps for phones

5 great buy now, pay later apps for phones

Buy Now, Pay Later (BNPL) apps are apps people can use to purchase the goods they want and pay for them later on within a reasonable amount of time. They are great options for many shoppers in a cash crunch near the end of their wage cycle. There are a handful of BNPL providers with super-intuitive phone apps. Some of the most commonly downloaded and best ones are listed below: Afterpay School and university students often try BNPL apps when they use up all their spending money. One of the best options designed with students in mind is Afterpay. This app comes with a generous credit limit of $500. Each purchase made using it gets split into four equal payments. Arguably, the best aspect of this app is that users do not need to have a basic creditworthiness score to enjoy the BNPL benefits. There will only be a soft credit check before users can shop for whatever they need within limits. Affirm Many users consider Affirm to be the best BNPL app for various reasons. It offers users a whopping purchase limit of $17,500 and, like Afterpay, only a soft credit check is run before the transactions are greenlit.

Here’s how to get a car loan with a low credit score

Here’s how to get a car loan with a low credit score

Those with a credit score below 579 but over 300 do qualify for a car loan, but it may come with some drawbacks. Taking a loan on low credit usually is more expensive in terms of interest rates than a regular auto loan. However, several banks, credit unions, and lenders may provide auto loans with no minimum income requirement, and some may even accept past credit-related issues. Here is how to get such loans: 1. Research well Even with a bad credit score, one should prepare to negotiate loan terms with their lender. So, one should do some research and make a note of the auto loan rates in the market, average interest rate for those with similar credit scores, amount of monthly repayment one can afford, and annual percentage rate (APR), among other things. When equipped with this information, one is less likely to shell out more than required. 2. Determine the budget One needs to factor in many expenses associated with owning a car, and not just the monthly loan repayment amount. This includes fuel and maintenance costs and insurance. Based on the total cost and how much one can afford to pay for a car, one should set a realistic budget.

6 tips for finding apartments with affordable rents

6 tips for finding apartments with affordable rents

Rents are at an all-time high, and multiple studies show that individuals in the country pay at least 30% of their income on rent. That said, there are ways to reduce this number and find apartments with good living conditions and affordable rents. This article lists six tips and ways that can help one bring down the amount they pay in rent and save up a bit. 1. Look for smaller units Living in a smaller apartment can significantly help cut rental costs. One could move into a studio apartment, reducing costs by a few hundred dollars each month. 2. Move to a different neighborhood Most people don’t like moving to a new neighborhood because they are comfortable in the one they live in or don’t want to spend money on moving. Reducing moving costs can easily be done by asking friends to assist in the moving process. Relocating to a new neighborhood, especially one that is farther away from the city center, is an excellent way to save on rent. Furthermore, neighborhoods that are not centrally located often have bigger apartments for a lower price. 3. Ask family and friends If one has family or friends living in the neighborhood one wants to move to, one should ask them for advice on finding an affordable apartment or to keep an eye out for “for rent” signs.

5 mistakes to avoid when buying a foreclosed home

5 mistakes to avoid when buying a foreclosed home

A bank forecloses on a home for various reasons, including if one cannot pay the agreed mortgage amounts. The property is then sold to other individuals to recoup the investment. Buying this type of home is a perfect opportunity for someone to own their dream home, especially since the bank may sell it at a lower price to balance its losses. However, various things must be considered to ensure a smooth transaction, including avoiding these five mistakes. 1. Failing to get a home inspection done A thorough check will reveal any issues with the property that the bank in charge of the sale is unaware of. Common problems include damage, intentional neglect by previous owners, foundation leaks and cracks, and electric and plumbing trouble. Therefore, an early inspection will help one notify the bank of these problems so they are resolved before the sale. 2. Neglecting local laws The laws for buying a foreclosed home will differ from one state to another. Therefore, understanding local and federal laws in the region will help one better understand the legalities of purchasing a home. Neglecting local laws could result in one signing up for terms that will cost them a lot of money in the long run.

4 common auditing mistakes and how to avoid them

4 common auditing mistakes and how to avoid them

To ensure the accuracy and fairness of financial information, it is not enough to simply derive and analyze financial information. This is where auditors come in; they officially scrutinize financial data and ensure that the statements and business processes align with universal accounting standards. However, even seasoned auditors may make common mistakes that should be avoided to increase the credibility of an audit: Spending too much time reviewing the documents Auditing majorly involves checking documents provided by companies. However, sticking to paperwork may be redundant if one does not observe the different processes being carried out practically. So, auditors should strike a balance between checking documents and verifying whether the company undertakes its business in real-world scenarios as per the documented details. Overlooking human errors due to poor use of technology Automating certain business processes and utilizing technology correctly can significantly reduce human errors. As an auditor, it is essential to consider whether employees are leveraging software and technology for key financial processes that are error-prone and time-consuming but don’t require too much thought. These include disabling an employee’s log-in after they have left the organization. Overlooking some ongoing audits Companies undergo different types of audits. While some audits are conducted only once, others are meant to be ongoing and are carried out at regular intervals.

3 common mistakes to avoid with a 401(k) plan

3 common mistakes to avoid with a 401(k) plan

A 401(k) plan is a financially viable option for saving for retirement. But this is possible only if one knows how a 401(k) works. One must learn the fundamental aspects of a 401(k) and plan it properly. Besides, one must be sure they are making the right decision to maximize their long-term investment. Committing a mistake while investing may result in a longer time being spent to earn enough to afford retirement or consider downsizing. Ignoring to take advantage of employer match programs A lot of employers provide 401(k) matching programs. This is essentially free money. For instance, an employer matches 100% of an employee’s contribution to the 401(K) plan, up to 3% of the salary. So if the employee’s salary is around $75,000 and they contribute 3% of the salary to their 401(k) for the year, the 401(k) contribution will be around $2,250. Since the employer matches 100% of the contributions up to 3% of the employee’s salary, they will also contribute around $2,250 into the employee’s 401(k) for the year. Thus, around $4,500 will go into the 401(k). Not taking advantage of this means one is leaving money on the table. Leaving the job before the account has been vested When employers match the 401(k) contributions, there is usually a regulation that requires the employee to stay in the organization.

Popular Articles

Top 8 employee evaluation software for your business

Top 8 employee evaluation software for your business

One of the toughest tasks for any organization is the process of evaluating its employees every year to determine their performance. This where an employee evaluation software can make the process simpler and more systematic for the Human Resources (HR) department. Here’s is a list of the best software providers for employee assessment. BambooHR It is a human resources information system that makes the role of the HR team more effective. This cloud-based software offers a great range of employee information management options, which will help to keep an eye on their performance. This is an affordable software and ideal for small and medium-sized businesses. Engagedly When it comes to employee evaluation, today’s business needs a modern approach, and that is exactly what this employee evaluation software offers. It engages employees in the process of performance evaluation, making it possible for the system to be more simplified and save a lot of time. UltiPro This Cloud-based software offers a range of amazing features that make employee evaluation more effective. UltiPro comes with features like feedback, compensation management, evaluation history, development plans for individual employees, rating scale with customization options, on-going tracking of performance, goal-setting, skill assessment, and peer appraisal. Workday This employee evaluation software helps with the growth of your business by offering more insight into the workforce.

Top 3 Android smartphones for business

Top 3 Android smartphones for business

An ideal smartphone for business is one that pleases you, delivers phenomenal value for the money, and on-the-go processing capabilities. It might not be easy for you to judge the usability of the handset simply by browsing the Internet. So, to help you, we have come up with a list of some of the best android smartphones that you can invest in right away. A good business smartphone is one that is capable of running all the latest apps that can help you with your business. So, from helping you connect with your business phone service to privacy services and PDF apps, a good business smartphone is capable of doing it all. Blackberry Key 2 Blackberry might not be the number one in the smartphone market, but the company still develops some of the finest business smartphones. Blackberry Key 2 is an Android run smartphone that was marketed as “an icon reborn,” primarily because Blackberry retained its classic keyword but improved it by adding a speed key button and increasing the size of the keys by 20%. Features of Blackberry Key 2 Long battery life, lasting you two days Qualcomm 660 processor A newer larger and more intelligent keyboard BlackBerry DTEK app that makes it incredibly secure Photos and files can be secured with the BlackBerry Locker The option of storage space of 64 GB and 256 GB 6 GB RAM Samsung Galaxy S20 If you need the best android smartphone that’s great for your business and is affordable at the same time, this 5G phone from Samsung should be your preferred choice.

A quick look at the iPhone X series models

A quick look at the iPhone X series models

The iPhone brand has been the father of smartphones since its inception. The first iPhone was introduced by Steve Jobs in 2007, which changed the game for smartphones with its multi-touch and camera capabilities. Since then, there’s no stopping Apple. In 2017, on its 10th Anniversary, Apple revamped the game again with the introduction of the iPhone X. This revolutionary iPhone paved the way for subsequent future iPhones as well, let’s have a look. iPhone X This was the first iPhone in which the Home Button was replaced by clever software gestures. It had a 5.8-inch edge-to-edge high-resolution OLED display panel a better notch-superior than the previous generation’s LCD panel. The advantage of OLED is that color reproduction is way better, and it is certainly more power-efficient than the past models. As for the security, Apple ditched Touch ID and replaced it with the new biometric, Face ID. The front selfie camera, that was embedded in the notch of the iPhone X, was an added style plus. It created a 3D model of the user and worked in low-light with an infrared camera. In this model, there were two camera sensors on the rear with one telephoto lens and one wide lens.

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