Here’s a Five-Step Guide to Stop Living Paycheque to Paycheque

Do you live paycheque to paycheque? If yes, then you’re not alone. In an ME Bank survey in 2018, about 17% of Australian households could hardly pay their utilities on time. Over 10% had to sell their possessions or pawn them for their needs. Fortunately, you can stop the cycle. From emergency funds to Truebell Capital investments, here’s a guide to liberating yourself from financial bondage for good.

Step 1. Assess Your Current Financial Position

You’ll never know how much to save and what debts to pay if you don’t sit down and determine your financial position. That is why you need helps from the experts at Truebell. Here’s how to do it:

  • Gather all the monies you have. Look into pockets, check your bank accounts, and collect receivables from friends and family. List down everything!
  • After that, do the same for your debt/s. From the small ones to the big ones, identify each and note their payment terms, interest, and balance.
  • Determine your assets, such as real property and investments if you already have one.
  • Identify income you may receive within the next 30 days.

Step 2. Create a Doable Budget

From the information you obtained in step 1, you can start creating a doable budget. Now, what does this mean? It’s a budget that helps you to live within your means without restricting you from a few wants.

You can follow many styles for your budgeting system:

  • Allocate 70% to expenses, 20% to savings, and 10% to investments or debt payments.
  • Sort your expenses to essential and non-essential and make the former your priority during payday.
  • Consider savings as an expense to ensure you’ll have money for the rainy days.

Do what you think will work for your needs and financial position as of the moment.

Step 3. Pay Your Debts First

There’s no doubt you need to save money or even invest in companies such as Truebell Capital, but there’s no point in doing any of these if you have high-interest debts. These loans will only eat your savings and returns at some point.

When paying your debt, you can:

  • Follow the snowball method. You pay off the smaller debts in full and some of the large debts.
  • Consolidate your loans.
  • Refinance your mortgage to take advantage of a possibly lower interest rate.
  • Transfer credit card balances with high interest to a card with a lower interest rate.

Step 4. Build an Emergency Fund

Some expenses and events can drain your finances fast. These include illness, job loss, car trouble, and property tax. You can prepare for these by having an emergency fund.

The ideal emergency fund is 6-months worth of your monthly expenses. For those who depend on a single fixed income, that’s difficult to reach.

Now, what you can do is to take baby steps. Aim for at least a month. Once you achieve that, set your goal to three months.

Automate your savings as well. Place your money in a high-yield savings account and do not link your debit card to it.

Step 5. Invest

After doing all the steps above, you may realise you have extra money, which you can now use for investments.

Where should you invest your money with the help of the likes of Truebell? Here are some few good places:

  • Insurance — This can help protect your assets such as your home, business, property, and health. Life insurance is ideal if you’re the breadwinner of the family.
  • Diversified Portfolio — Look for fixed-income securities for low-yield but low-risk investments. You can then complement that with high-risk but high-yield investments such as stocks. If you don’t have enough cash, companies such as Truebell Capital can pool funds from various investors.
  • Salary sacrifice — You can contribute more than what you regularly set aside for superannuation. Request your employer to add more to your account from the pre-tax salary. Right now, the maximum salary sacrifice including the compulsory contribution is $25,000.

You may be under a lot of financial stress right now, but know you can change your circumstances. This guide will hopefully help you slowly step away from the paycheque-to-paycheque lifestyle. Or, you can visit Truebell Capital for more information.

Minimizing Your Business Risks with Risk Insurance

Whether small or large, businesses are often bedeviled with a lot of challenges and disruptions. Some of these could be fatal, leading to a complete shutdown of the business or significant losses that will take a long duration of time to recover from. Some of the leading challenges that the businesses might face include legal liabilities, political risks, natural disasters or even significant theft. All these risks have one thing in common – they will cause significant loss of revenues for the business. However, you can protect your business with risk insurance by NicheTC which offers several levels of coverage for users. There are various steps that you can also use in order to mitigate your business risks.

Here are some of the common risks that you are likely to face and ways in which you can mitigate them:

Business interruptions

Business interruptions can be occasioned by many factors such as fires or even political instability and various other unforeseen circumstances. These can be avoided by creating a crisis management and disaster recovery strategy for the business. Plans should be in place on how to set up a remote working location for the business where staff can be relocated temporarily as the business grapples with crisis. You can also protect your business with risk insurance by NicheTC that can offer various forms of coverage including a reimbursement of lost revenues during disasters or emergencies.

Loss of property

Businesses may sometimes face a sudden loss of property for various reasons including damages and theft. There are various precautions as well as mitigation measures that businesses can take in such instances. There is the need to carry out a thorough business audit so as to identify any potential areas of vulnerability. You can consider taking measures in order to protect your business with risk insurance by NicheTC. This kind of coverage can help in covering risks such as damages to the assets of the business due to various causes.

Workplace injuries

This is another form of risk that you are likely to grapple with. Injuries are costly for the business in multiple ways including the cost of medical treatment as well as the loss in productivity for the business. If you are insuring your employees, they will result in high costs of your business insurance premiums.

There are various measures that you can undertake in order to minimize the instances of workplace injuries such as educating your staff on the importance of workplace safety. It is also important to undertake a workers compensation insurance scheme to cover your staff against any adverse eventualities. This will not only cover your staff’s expenses but it will protect your business from any potential workplace injuries.

Liability

Businesses are generally held liable for a variety of claims ranging from accidents to professional indemnity. A lawsuit could easily cause financial ruin for your business. There are various business practices that you can adopt in order to mitigate such risks. However, there are various professional liability coverage options that you could take for your business in order to ensure that you are adequately protected. It is important to have a good talk with your insurance agent in order to see the kind of coverage you might need for your business.

Finding a Credible Hard Money Lending Facility

Hard money lenders are now quite popular alternatives with borrowers as a channel for funding loans when the banks turn them down. Hard money loans have the advantage of providing someone with a ready channel of cash when in need of financial assistance. Lenders can however be notorious in hiking lending rates, with unscrupulous ones utilizing the opportunity to perpetuate an unending cycle of debt for borrowers. That said it is critical knowing how and where to find honest lenders of commercial hard money. Evoque Lending is among the trustworthy financiers who extend financial support to clients for investment objectives of any kind.

Understanding Hard Money Lending

The concept of hard money lending is rather simple and can prove very useful to someone who requires a cash bail-out after grasping it well. Hard money lenders primarily loan cash to individuals who are generally unable to access such funds in other ways. Good examples of such people include those steeped deep in debt but require finances for renting or purchasing a home. They might be faced with the challenge of poor credit rating as a limitation to borrowing from mainstream financiers. Hard money lenders can step in and avail the amount of funds required at fair interest rates.

Hard money lenders like Evoque Lending usually process various types of loans that range from residential to commercial among many other forms. Approval of a particular loan-request from them depends upon the value of collateral placed. All money lenders each set their own repayment terms and schedules, along with having distinct requirements for establishing their credibility. They each also offer distinct types of loans which others may not too. Banks generally refrain from lending hard money loans as they involve too many risks. However, the hard money lenders do not shy off from taking these risks to help out individuals who are stuck in debt.

Other Benefits of Obtaining Hard Money Loans

Hard money loans are processed in a way that is swifter than applies with the traditional mortgage system. All someone requires doing is making an appointment, answering questions, availing credit to lenders in need of it and demonstrating how much property used as collateral is worth. The lenders normally take less than ten days to process the loans. One can expect to receive the money within three days or fewer in typical fashion.

Many financial institutions take time to underwrite loans and thus can take a significantly longer time-period processing them. Applying for hard money loan however affords a borrower great flexibility as you require signing and completing fewer forms in all. Most lenders within this category overlook your recent credit scores. Banks cap the loans they lend out to borrowers and this minimizes the opportunity of investment that one has along with limiting one’s property requests.

There are many hard money lenders who consider loaning out funds against complex collateral investments and properties that can reach millions of dollars. The most critical aspect for someone to check before approaching credible financiers such as Evoque Lending for assistance however is the value of property available for securing such loans.