5 Little White Lies That Will Destroy Your Insurance Claim

After a difficult working relationship comes the letter you’ve been dreading; your client’s not happy and is “seeking legal advice”. Even where client care and risk management are top of your list of priorities, it’s impossible to completely eliminate the chances of a dispute arising – but such a dispute need not be the end of the world. Now’s not the time for brushing things under the carpet – and here are five tempting little white lies that are to be resisted at all costs…

“I only take on a certain type of work…”

The key to dealing with client disputes in a hassle-free way starts with getting the right professional indemnity insurance broker on board and getting coverage in place. The need for complete openness starts when you’re shopping around for policies and completing your proposal form – as being less than candid risks invalidating the policy. A good example is where you are required to stipulate the areas of work you deal with.

Picture the scenario: you state in your proposal form that you only take on relatively small contracts within a tightly defined niche with UK-based clients. You’ve omitted to mention the potential job you may have in the pipeline; a bigger-than-usual project, outside of your usual niche with a European client. If this contract were to go off-track, you could find that the work falls outside the scope of your cover. [Read more…]

Pay Off Debt or Invest?

pay off debt or investOn any given day, you can visit a random personal finance blog and I bet you will find this very question: should I pay off debt or invest in the market? The standard answer that you will find 99% of the time is if your debt is costing you more than you can earn in the market, then yes you should pay off debt.

For example, let’s say you have a credit card that has an 18% interest rate. Given that 8% is a very conservative long-term return assumption for the stock market, you can see that paying off debt makes sense here. After all, why invest to earn $0.08 per dollar when you are paying $0.18 per dollar on your debt? You would be losing $0.10 per dollar if you followed this logic!

But when we move our attention to lower interest rate debt as well as debt that can be deducted on your taxes, the story becomes a bit more confusing. [Read more…]

Be A Steady Saver

saverMany people have good intentions when it comes to saving, and may be able to stick to a strict budget for a month or two. However, it often proves difficult to be a steady saver over a long period of time – even though this is the best way of achieving your saving goals. With this in mind, here are a few tips on how to become a steady saver over the long-term.

Tips For Being A Steady Saver

Budgeting

Why do most people fail at budgeting? There are 2 main reasons:

  • Their outlook
  • Being overly aggressive

The first issue, your outlook, is why so many people fail and in many cases, don’t even set up a budget in the first place. They see a budget as a restriction, not letting them live life and spend money. In other words, they see a budget as a negative thing. In reality, though, a budget is a great thing. It helps you get to where you want to be financially. [Read more…]

How The 99% Can Make It

99%

There is a lot of talk in the news about income inequality. The rich are getting richer while everyone else is struggling to survive. I pointed this out in my post about how 80 people control half the world’s wealth. The post below isn’t meant to take a shot at the rich, but rather take insight from how they live so that we, the 99% can improve our situations. So what can we learn from them to better not only our financial lives but our overall life as well? Here are some practical steps for how the 99% can make it.

Key Steps For How The 99% Can Make It

Strive To Succeed

All too often anymore I hear people complain about how they don’t have this or that. When I ask them (or hear them being asked) what they have done to get the thing they want, many times the answer is nothing. No one makes it in the world without hard work and effort. If you want something, you have to find a way to get it. [Read more…]

These 80 People Control Half The World’s Wealth

80 people control the world's wealthYou read that right. There are 80 people who are as rich as the 3.6 billion poorest. With 7 billion people on the Earth, that means these 80 people control half of the world’s wealth. Sit back and think about that for a minute. So who are these people and how did they make their money?

The Wealth Gap Is Expanding

Before we get into talking about these 80 people, I want to dive deeper into the numbers first. The numbers I cite come from Oxfam, a global non-profit organization working to fight poverty, hunger and injustice. Along with help from Credit Suisse, they found that 80 people control half the worlds wealth and that gap is growing faster by the year.

Just look at the chart below for proof. Back in 2010, it took close to 400 billionaires to equal half the world’s wealth. We are now down to just 80 billionaires. [Read more…]

How To Save Money On Moving Expenses

save on moving expensesMoving can be a drag – all the time and energy it consumes as you organize, stack, and pack, only to do it in reverse once you reach you destination. It is an exhausting experience. However, you shouldn’t allow all that heavy lifting exhaust your wallet. Here are some ways you can save money on moving expenses.

4 Tips To Save Money On Moving Expenses

Prepare A Budget

Not everyone recognizes the value of preparing a budget, and that’s because the thought of crunching numbers is daunting. However, the time you invest in creating a moving budget is time well spent. People who do not prepare a moving budget tend to pay more, leading to debt and frustration. Don’t neglect this valuable asset. Use it as your guide when it comes to the cost of moving. [Read more…]

Biggest Money Mistakes Couples Make – And How To Avoid Them

biggest money mistakes couples makeThere is nothing tougher than handling money as a couple. You both have your own interests and incomes and must somehow straddle the line of helping to keep the family afloat while also meeting your personal interests. It’s no wonder then that money is the leading cause of divorce in the US. But even with all of the missteps you can make managing your money, there are 4 big mistakes we tend to make. In this post, I will walk you through the 4 biggest money mistakes couples make and how to overcome them so that you can live happily ever after.

4 Biggest Money Mistakes Couples Make

Not Going Over Finances Jointly

Look, I get that not everyone is a finance nerd. But this doesn’t excuse you from knowing the family finances. The common thing that happens in many relationships is that one person handles the finances 100% and the other person is clueless. They think this is OK, but it spells disaster for many reasons: [Read more…]

4 Instances Where You Should Consider Seeking Compensation

legal proceedingsBusiness is fraught with legalities of various size and importance. However, certain issues require more serious attention than others – many of these areas deal directly with compensation. To clarify – compensatory measures are taken when you feel your business has been unlawfully harmed by the actions of another party. Below we have listed four instances where you should consider seeking some form of compensation.

1. Income Loss

Businesses must be able to protect themselves against loss of income caused by a range of potential issues both internal and external. If someone or a group of someone’s is actively attempting to subvert your revenue stream – either by infringement on your intellectual property or by any other means, you will be entitled to pursue compensation. The first thing you should do is speak to legal experts who specialise in compensatory law such as Sinnamon Lawyers. From there you can work out your options. [Read more…]

An Education In Finance

investing with a small amount of moneyNobody teaches ‘money’ at school. It might be a good idea if they did. There are many businesses that exist to persuade people to part with their money. They range from banks and insurance companies to the whole of the retail sector, online and on Main Street. There is no suggestion that there is anything wrong with them but how people handle their financial affairs impacts greatly on their happiness.

There are some simple tips that will help everyone, no matter their age so that they have a good chance of avoiding trouble. Events such as the recent recession can ruin the best of plans, but those who had no plan at all were hit even harder than the majority. [Read more…]

Fast Food Workers Pay: How Much Is Enough?

fast food workers payI originally posted this back in 2013 when it became a hot topic around the country. Recently it is back in the news and so I wanted to update it and get your opinion on what is a solution to this issue.

Over the past few weeks, there has been plenty of news about fast food workers pay. Many workers across the country have marched in hopes of getting a pay raise to $15/hour. While everyone deserves to earn a living and get paid a fair wage, there are many factors at play when essentially doubling fast food workers pay. I will look at both sides of the issue, hoping to bring some clarity to this issue.

Background: Setting Up The Story

According to the Federal Reserve Bank of St. Louis, the average fast food workers pay is just under $9.00 per hour with annual earnings of roughly $12,350 per year, while working around 26 hours per week. The current movement is calling for pay increases to $15.00 per hour, better benefits, more hours and the right to unionize. (This is the third time since November 2012 that the union-backed group Fast Food Forward has organized marches.) A few points on this:

  • The reason hours are only 26 per week is because it allows the restaurants to avoid having to offer health care benefits to its workers. This is even more of an issue now with the introduction of the Affordable Care Act.
  • If fast food workers pay was to increase to $15.00 per hour and they were working 30 hours per week, their annual earnings would be $23,400 or roughly $11,000 more than they are now.
  • An $11,000 pay increase along with more hours sounds like a great thing, so why not just increase fast food workers pay and add a few hours each week? The reason is because there are many consequences to doing this.

[Read more…]