The Insolvency Code has a section called a means test that is made use of to identify if an individual is benefiting from the insolvency law. In short, if your home income is above the average income for a family of your dimension, it is assumed you can not receive Chapter 7 personal bankruptcy. If it is above, then you will be required to file a Phase 13 as well as pay your financial debts via a layaway plan.

Most importantly, do not presume you can not pass the methods test. The test is not black and white. The legislation enables reductions to your revenue in establishing your qualification.

The means test does not put on organization financial obligation. Special conditions (being in the army, for example) can alter your condition. If you can not declare Chapter 7, you can possibly apply for Chapter 13.

Chapter 7 personal bankruptcy enables you to discharge unprotected debt such as bank card bills as well as medical expenses. In Chapter 7, it is quick and also fast but you are not required to submit if you have a significant home, have previous deals that could create concern, or can not qualify as a result of your earnings. Nevertheless, if you certify as well as fulfill various other requirements it may be a very easy method to obtain a new beginning.

Chapter 13 bankruptcy allows you to reorganize your financial debt into repayments based on what you can manage to pay. You could pay all of your financial debts back monthly over 5 years or you could pay back just several of them. It can help you obtain caught up on home mortgage settlements and maintain your residence, get caught up on car repayments and avoid repossession, or otherwise allow you to obtain caught up on or rearrange your financial debts.

Whether it is a Phase 7 or Chapter 13 personal bankruptcy, you might be able to get a clean slate in any case. Talking to a local Montgomery bankruptcy attorney can often be ideal since they can tell you which kind of declaration is the best for your circumstance.

 

Many people wonder why discount codes are so beneficial to save money while shopping. Well, the store wants you to spend more money. While there are several ways to save money while shopping, most of these options are in the form of digital codes or paper ads. In this article, we’ll discuss the benefits of discount codes. We’ll also look at how they work and how you can find them.

Discounting decreases the perceived value of the product or service. Customers often assume that discount offers are always available, which can be counterproductive. Discounting can also lead to cannibalization of revenue, which creates an expectation in the minds of customers. Discounts can also lead to fraud since they are generally infrequent and can be used by the same person under many different aliases.

Ways to find them

The internet is a gold mine for discount codes and hobby lobby coupon. You can find one almost anywhere on the internet, but there are a few places to look for these codes. Some websites will list available money-saving codes for specific products. Other times, you can subscribe to a brand’s newsletter to keep abreast of sales and promotions. Some stores offer mystery codes that will allow you to save even more money.

The best time to make a large online purchase is during October or November. This will maximize your chances of finding a discount code. Avoid shopping during the summer months when coupon availability is minimal. The most commonly coupon-able categories include tobacco, alcohol, and groceries. Apparel, personal care, and dining out are the best places to find coupons. Try to save these URLs in your browser so that you can use them whenever you make a purchase.

Restrictions on using them

If you’re looking for a way to save money while shopping, you’ve probably noticed the restrictions placed on using discount codes. You can usually find these restrictions in a number of places – the homepage, product pages, and the cart after applying the code. If you’re unsure of where to look, Google the coupon to find the terms and conditions. If all else fails, you can always try Googling the store you’re shopping at to check if the coupon is still valid.

Cost of using them

You may have heard about the cost of using a discount code to save money while shopping. In fact, it doesn’t have to cost you much to save money, but you should read the fine print before you use it. The cost of using a discount code depends on the amount of money you spend overall and the categories you shop in. Typically, grocery spending offers the highest potential savings. However, a discount code does not necessarily mean the highest savings per purchase or one-time savings.

Using discount codes can help you save a considerable amount of money. In fact, the average household can save $1,465 per year through the use of discount codes. But the average household would have to shop for everything online if they wanted to save money on groceries. In reality, most families wouldn’t be able to do that. In fact, fresh food is a rare example of a non-online purchase, and most online shoppers find that in-store shopping offers more convenience.

 

Personal finance is an important but complicated topic. Experts like Dan Schatt say consumers must understand the basics of money management. With that in mind, here are ten personal finance terms you should know and understand:

1) APR

The annual percentage rate (APR) is the amount of interest you will be charged if you have any debt such as a credit card, loan, or mortgage. Your APR is probably the single most important piece of information for consumers because it tells you how much you will be charged in interest fees and what those costs might be over time. For example, if you have $10,000 in debt and an annual percentage rate (APR) that’s 8%, you will be charged $800 in interest fees annually. You can determine your APR by calling the customer service number on the back of any credit card you own or use.

2) Balance Transfers

Balance transfers are when you transfer debt from one account to another, usually to take advantage of a lower APR than what is offered with your current account. For example, you have credit card debt with an APR of 8% but decide to transfer the balance to a different card with a lower APR, say 4%. By doing this, your new interest rate would be $400 annually instead of the original $800 – a savings of 50%. You can find out if other cards offer better rates than what you currently have by checking the Internet.

3) Bill Consolidation

Bill consolidation involves taking out a new loan or opening up a line of credit to pay off your current credit card and other unsecured accounts. The benefit is that instead of having several monthly payments, you will now only have one. For example, if you consolidated all of your $15,000 in debt into one personal loan with an APR of 10% and a five-year term, you would save $737 annually or $35/month instead of paying separate payments for each account.

4) Carrying a Balance (On Your Credit Card)

This usually refers to paying just the minimum amount due on your credit cards each month. Doing so can put you in debt, and if you pay your bill late or not at all, it will result in a higher APR. Not to mention, the finance charges associated with carrying a balance can add up quickly. In some cases, carrying a balance is good for consumers – for example, if you have an 18% APR but can carry a $2,000 balance from month to month without incurring interest fees. However, most people cannot afford to carry a balance and would be better off paying their statement balance in full each month.

5) Consumer Credit

Consumer credit is any loan or line of credit used by an individual for personal reasons such as going back to school, buying a home, or purchasing a vehicle. Consumer credit may be secured or unsecured. When you have “good” consumer credit, lenders will be more likely to give you loans at lower interest rates. Because of that, it can be beneficial to have good consumer credit when trying to finance something expensive.

 

Planning your retirement is just as important as saving for it. So here are some of the most common strategies the professionals at Arbor Financial Melbourne recommend to help you build a strong nest egg to last you through this Golden Era.

1. Ensure there’s always something coming in, even after retirement

You don’t want to be forced into doing things you love because you simply can’t afford them. One of the best retirement strategies for young people is to plan a steady stream of income that will come in after you stop working – be it a pension or regular investments.

2. Diversify your investment portfolio

You’ll need more than just your savings and property to do well during retirement – you’ll also want stocks, bonds, and other investment instruments to generate returns—the more diversified, the better your chances of a big payout during retirement.

3. Keep an eye on inflation

Inflation eats away at your savings even when you’re not spending it, so make sure your money grows faster than the cost of living index. This will provide you with just enough cushion without compromising your lifestyle.

4. Don’t forget the taxman

The best retirement strategies for young people include keeping track of and paying taxes on all your earnings to avoid any financial surprises when you retire. Unfortunately, not only will this be more costly in the long run, but it could also make you ineligible for certain benefits or opportunities if you’ve failed to declare your earnings properly.

5. Make the most of tax breaks and incentives in the system

The government provides many attractive benefits and opportunities for retirees, like discounts on medical bills and concessions on transport, banking services, and other utilities. Use these to your advantage during retirement

6. Consult an expert when in doubt

You may know your stuff when it comes to financing, but the things that go on in the market are way beyond anything you’ve seen. Get an unbiased opinion from a professional who can help you plan for retirement during this Golden Era of opportunities and wealth creation.

7. Plan your exit strategy

When you retire, you won’t be the only one losing out on income. Your retirement savings will also take a beating when it comes to buying power. To deal with this issue, make sure your money is diversified enough to cover you during the transitionary phase while keeping an eye out for the inflation rate at all times.

8. Keep your expenses in check

You don’t want to deplete all of your savings, so make sure you keep your spending in line with your means. Not only will this be easier on the budget, but it’ll also keep inflation at bay and leave you more money for other things like necessary updates or additions to the house.

9. Don’t be afraid to ask for help

If you’re feeling financially overwhelmed or unsure of where your money is going, then it’s time to call in the experts. Arbor Financial can provide you with a financial guide who will go through all your investments and bills, find out where your money is going, and recommend ways to improve your earnings and cut down your expenses.

We all want to have enough money so that we never have to worry about money again, right? For some people, financial freedom means being able to pay the bills paycheck after paycheck or having a strong emergency fund, while others want to retire at 35 and travel extensively. The only question you need to ask yourself is, “Are you ready to do it or not?”

SET CLEAR GOALS
It’s more than clear that financial freedom is not something that happens overnight, you need to be prepared to pay for the unexpected expensive surprises life can throw at you while you put your plan into action. So breaking down the steps to financial freedom via establishing an action plan allows you to focus on one goal at a time and figure out the actionable steps required to achieve it.

STAY OUT OF DEBT
Credit cards, personal loans, and even student loans are not really “wealth-building” friendly so make sure to stay away from them, or at least try to rely as little as possible on them. With this low utilization of debt, you’ll also have an easier time getting approved for credit and managing your monthly payments. Remember, your end goal will always be to be debt-free no matter what.

DEVELOP A RETIREMENT PLAN
When that time comes, you’ll still have the same living expenses to cover, but you won’t have the same sort of income or earning potential. And it’s because of this that planning for your retirement is key to ensure financial freedom in the future. It’s never too late to begin saving for retirement, but the sooner you begin, the better off you’ll be. I recently found this retirement calculator which will come in handy to help you start planning.

DON’T LET YOUR MONEY STAND STILL
We have always heard our elders say “keep your savings somewhere safe”, “Hide your money in a mattress”; but in this day and age, you really need to ask yourself, Is that the way to go? Technology has come a long way in the last few years, and with it, new ways to make money on the side emerged, from freelancing platforms, cryptocurrency mining, new online casino, and even betting sites are on the rise. They offer users low-risk alternatives, for you to make the most out of the money you already have.

MY TAKE ON FINANCIAL FREEDOM
The phrase “financial freedom” suggests that you won’t worry about money anymore, but it’s not all about that, it’s about what you can do if you are not worrying about money. You’ll have more time to invest in yourself, spend time the way you want to and live your life on your own terms. This also sets you on the path to experience life and achieve your true potential. Not to mention that it will enable you to help others, your family, and even your whole community along the way.

At the end of the day, health is wealth.

 

Andrew Yang and the Yang Gang may be who comes to mind when you think about universal basic income, or UBI. But the concept has been discussed in America, though not in those exact terms, as far back as 1797 when Thomas Paine suggested a lump sum be awarded to all adult citizens. Martin Luther King Jr. and the Black Panther Party also discussed the concept of a guaranteed income as a strategy to combat poverty in the 1960s.

In recent years, though, the idea of UBI has become more of a hot topic, and seemingly a more realistic one. Yang’s signature policy on the 2020 presidential campaign trail was ‘The Freedom Dividend.’ Though his bid failed, he has continued to push the federal government to grant adult U.S. citizens a UBI of $1,000/month, and now is running for New York City mayor.

But as long as UBI has been discussed, it’s had its adversaries. The argument against a universal basic income is like the argument that those opposed to welfare, stimulus checks, and other government aid programs use. “But then people wouldn’t work.”

Well, turns out that’s fake news.

The effects of the Stockton Economic Empowerment Demonstration

Michael Tubbs, the former mayor of Stockton, California, is an advocate of UBI, and tested out the “people wouldn’t work” theory through the Stockton Economic Empowerment Demonstration.

The program, which was funded by private donations instead of tax dollars, awarded $500/month over the course of two years to 125 people living below Stockton’s median household income of about $46,000.

Full-time employment increased

In an independent study evaluating the first year of the experiment, which began in February 2019, researchers found that 28% of slated recipients had full-time jobs at the start of the experiment. By the following year, that increased to 40%.

The study, conducted by researchers from the University of Tennessee and the University of Pennsylvania, found that people with part-time jobs were able to use the $500 to take time off from work to interview for full-time jobs, and people who weren’t working could use the money to pay for transportation to and from job interviews.

Less debt + better mental health = joy?

In addition to the increase in full-time employment, researchers also found that the number of people paying off debt increased by 10%—from 52% before the study to 62% after. Learning how to budget to pay off debt is key, but it’s only possible when you have the funds to do so.

Most participants also reportedly saw improvements in their mental health.

Of course, that was all in the ‘before times.’ The researchers are expected to release a similar study on Year 2 of the experiment, which ran from February 2020-2021, a.k.a. during the coronavirus pandemic. Given how the stimulus checks have helped Americans bounce back, it stands to reason that these payments helped Stocktonites stay afloat in a tumultuous time.

Though it’s a small sample size, the Stockton “free money” experiment could help federal legislators push for a UBI. Imagine, if you give people a fighting chance to function in society, they’re able to better themselves.

By Casey Musarra

Casey is a reformed sports journalist tackling a new game of financial services writing. Previous bylines include Newsday and Philly.com. Mike Francesa once called her a “great girl.”

 

If you would like to be wealthy, you need to do more than earn some money. Learning how to invest is one of the best ways of growing your money. When you decide to invest, you get to acquire things that offer profitable returns. Some of the best investment options include:

• Cashflow from your business
• Appreciation of stock portfolio
• Interests and dividends from stocks, bonds, and savings

As you become a better investor, you get to make strategies that impact your profitability. You get to devote your time looking for opportunities with larger returns. With the current technological advancements, you can start investing on your phone for $5 a month. Below, you will learn the basics and end up knowing how to make the best investment strategies.

The Stock Market

Understanding the stock market helps you understand insider trading by employees and discern how you can make better investment choices. The stock market enables both buyers and sellers to make stock trades and negotiate the prices. It’s a network of exchanges where companies list their stocks through an initial public offering and enable traders to purchase the shares, thus raising capital for the companies. The investors have the potential of buying and selling these stocks among themselves.

Supply and demand help set the stock prices, and it highlights the buying and selling willingness of different investors. As an investor in the stock market, you get to trade its performance using a market index. These indexes include sections of the stock market and help you know about its performance.

Tips for Investing in the Stock Market

It’s not hard to buy stocks; however, it can be arduous trying to figure out the different companies that will beat the stock market. You should therefore get to understand the stock market before you spend your hard-earned cash. You may have goals to give to others with the money you will make, or just save up for retirement. The tips below will help you navigate your way around any hurdles in the stock market.

Plan Ahead

There comes a time when you have to change your relationship status with a stock. Therefore, you should avoid making any hasty decisions and understand whether it’s the right time to buy or sell. One common mistake that investors make is selling low or buying high when challenges occur.

Instead, take some time to note down what makes the different stocks worthy of your investment and what it would take for you to sell these stocks. When buying the stocks, get to figure out what makes you like the company and what future the company might have. Identify the different pitfalls and decide whether the company is worth investing in.

You should also note down everything that would make you sell your stocks. Your decision should not be affected by the frequent stock price movements; however, it should rely on the business’s long-term abilities to grow. For example, viable competitors, a change of business direction, or losing a major customer.

Don’t Be Overactive

Investing in stocks should be a long-term ordeal. Some people can check the quarterly reports to keep up on their investments; however, you might want always to keep an eye on the stock market. Being on the lookout isn’t bad, but it’s one factor that can lead to overreacting. There will always be short-term events, and it’s always advisable to assume them and focus more on the company value.

Keeping an eye out for any sharp price movements can help you know what has triggered these events. Learning about these changes can help you understand the magnitude of the problem and know whether you should hold on or react.

Choose Your Companies

When you buy shares to a company, you get to become a part-owner. Before finding the right companies, you will find lots of overwhelming information on the best companies to consider. However, you should focus on all the different businesses that you think will be profitable in the future. To achieve this, you must learn about its operations, niche, prospects, and competitors.

Final Take

Before making any investment decisions, always learn about your most profitable opportunities and focus on them. Using these tips will help you keep your head down and focus on the long-term goals. With the stock market, you always need to have your guard up and refrain from any short-term noise. Eradicate any distractions and keep your goals clear, and you will be successful.

Author bio: I’m Jaylin: Guest post service planner of Leelija and full time blogger. Favourite things include my camera, traveling, caring my fitness, food and my fashion. Email id: editor@leelija.com

Planning for a rock-solid financial destiny is a critical thing. It doesn’t matter who you are or what you do. You should make a point to plan your finances like a champion, period. Thankfully, financial planning doesn’t have to be anything that’s as confusing or as difficult as you suspect. These seven choices can all do a lot for people who want to conquer their money situations.

1. Focus on Balance

If you want to excel in the world of financial preparations, then you should make a point to establish a balance for expenses and incomes alike. Think about the money that you bring in on a monthly basis. It doesn’t matter if it comes from your work salary, from alimony or from anything else along those lines.

Take all of your income sources into consideration. Beyond that, think at length about all of your expenses. It’s critical to establish an equilibrium for your income sources and costs that makes full sense.

2. Set Up a Fund for Emergency Purposes

Life is unpredictable. That’s why it’s chock-full of expenses that people honestly cannot anticipate. If you want to be 100 prepared for all kinds of emergency costs, then you should set up a fund of sorts. Make sure you refrain from ever touching your emergency fund for anything frivolous or pointless. If you have emergency cash to spare, then you can pay for things like costly vehicle repair service. You can pay for a car insurance coverage plan that can get you moving in the right direction as well. If you face an emergency medical situation, another option to access cash is through a viatical settlement, which can help pay for expensive medical bills.

3. Put Together a Tangible Budget

The people who flounder financially tend to be the ones who lack direction in the finance sector. If you want to attain direction, then you should make a point to put together a tangible monthly budget. Write out the amount of money that you have to work with monthly. Jot down all of your typical monthly expenses as well. Decide which things you have to purchase.

Think about everything from your mortgage to your weekly grocery store visits. Once you have a firm budget in place, you should stay with it no matter what, period.

4. Hire a Capable Financial Planner

Ample financial planning can do so much for people who want to steer clear of frustrating and time-consuming setbacks. If you want to protect yourself and your dear family members from all kinds of monetary mishaps, then you should get outside assistance, stat.

Hire a reputable and trained financial planner who has a lot of experience. It can help you greatly to hire one who has specific knowledge that relates to your interests and lifestyle. If you’re going to be retiring in the near future, then you should recruit a planner who has a lot of expertise with regard to that topic.

5. Trim the Financial Fat

Beyond coming up with a rock-solid budget, you should also figure out which expenses you have that you may be able to eliminate for good. You may want to say goodbye to frequent trips to local restaurants. You may want to say goodbye to seemingly endless movie theatre visits as well. If you want to plan your money well, it may be time to start leading a day-to-day lifestyle that’s a lot simpler and more uncomplicated.

If you have a video streaming site subscription that you barely ever use, then you should cancel it without a second of hesitation or apprehension.

6. Downsize Your Existence

Some of the smartest people in this day and age are the ones who realize the importance of minimalism. If you don’t want to have constant burdens, then you should think about getting rid of all of the “excess” that’s part of your life. It may be a terrific idea to relocate to a home that’s significantly smaller. This option can be particularly smart for people who have adult children who no longer live under their roofs. If you move to a home that’s a lot more compact and basic, then you don’t have to set aside as much money for nonstop maintenance and repair costs.

7. Maintain Meticulous Records

If you want to protect yourself from all kinds of headache-inducing money concerns, then you should do your best to maintain records that are 100 per cent meticulous. If you stay on top of your records, then you may be able to get your hands on credits and income tax deductions of all sorts. It’s crucial to stay on top of your records at all times.

That’s because searching high and low for them at the last minute can be an exercise in sheer frustration. If you want to protect yourself from anxiety attacks, you should maintain all of your paperwork in a single drawer in the comfort of your home.

 

Emergencies can happen to all of us, whether it be a medical emergency or some other unforeseen, urgent situation. While money isn’t always the solution to every hurdle we face in life, it can often come in very handy when dealing with emergencies.

But what do you do if you simply don’t have the amount of money you need to get yourself out of a bad situation? You could try and borrow it from a friend or relative, or maybe even approach one of the banks for a loan or credit card, but banks take time to make decisions and your inner circle may not have the money to lend you.

A fast cash loan could be the answer.

In this post, we’ll take a look at what a fast cash loan is, quick loan providers – such as Cashify Loans, for example – and how one of these loans can save the day in an emergency.

What Is a Fast Cash Loan?

A fast cash loan is exactly what the name implies: quick money, often available on the same day or very next day. The whole idea of this type of loan is for the process to be speedy and hassle-free. A quick cash loan or same day loan is designed for emergencies, when you need money fast for a situation that simply can’t wait.

Where To Get a Fast Cash Loan

Not every loan provider offers fast cash loans. For example, the major banks can take days or weeks to approve an application for a Personal Loan or credit card. Private lenders are the best option for these loans.

One of the huge advantages private lenders have over the banks and other financial institutions is the promise of a lightning-fast result once you’ve completed your online application for a loan. If your application is approved early enough in the day, you’ll generally have the money in your nominated bank account by the end of that business day.

Online Application With Minimal Paperwork Required

To help speed up the process even more, applications for a fast cash loan can be done online from home. The process is minimal and the application can be completed in minutes. Another point to note is that paperwork and attachments are also minimal, which means you won’t be forever going back and forth with the lender, sending them more and more documents.

The whole idea of a fast cash loan is for the entire process to be rapid.

You Can Borrow Small Amounts of Money

Another major feature of fast cash loans from private lenders is the amount you can borrow.

Let’s say you only needed $1,000 to help ease the situation. Banks generally won’t lend you an amount that small. In fact, most banks have a minimum of $5K for Personal Loans. You don’t want to get yourself into debt for that amount, so the better option is hitting up a private lender for a fast cash loan for the figure you need.

It varies, but private lenders will loan you anywhere from a few hundred dollars, up to $15K for fast cash Personal Loans.

Terms Are Simple and Transparent

Again, this will vary from lender to lender, but you’ll be happy to discover that the majority of private lenders are very transparent on their websites regarding their loan terms and the conditions attached to the deal.

Most quick cash loans are required to be paid back in several months, giving you the money and time to dig yourself out of a hole before having to pay the borrowed amount back.

There will most likely be a loan establishment fee, which is usually a percentage of the total loan amount. Interest rates on these loans are generally fair and reasonable too.

The Takeaway

When it comes to fast loans, Australia has options. Private lenders are a handy alternative to the banking sector as they offer smaller loan amounts and in much faster time frames. If you’re faced with an emergency, you likely won’t have the time to go through a long-winded process. A fast cash loan through a private lender is the obvious solution when you need money now.

For most people, one of the biggest monthly expenses they need to pay for is housing. Because of this, many are also looking for any way that they can reduce these costs so they can have more money to spend on other things.

If you own your home, one great way to reduce your mortgage payments each month is to refinance. However, this isn’t necessarily the best option for everyone. So to help you determine if this will be a good path for you to go down, here are three things to consider before choosing to refinance your home loan.

How Long You Plan To Stay In This Home

The length of time that you’ll be living in your home after your future refinance will play a big role in whether or not refinancing is a good choice for you.

According to Sarah Davis, a contributor to Money Under 30, if you don’t plan on being in your home for at least a few more years, you might not break even after your refinance. Between the potential fees and other costs, it might take a while for you to see any value from refinancing. Because of this, you should be sure that you’ll be staying in your house for at least another few years prior to going through the trouble of refinancing, in general.

What Refinancing Will Cost You

Before you decide to refinance, you should also consider what it’s going to cost you financially to do so. Many companies offer different rates and promotions for refinancing home loans, so the costs can vary drastically.

To help you with this, Tri Nguyen, a contributor to Forbes.com, shares that you can generally expect to pay about three percent of your loan amount to refinance. In addition to this, there may also be third-party costs, taxes, settlements, appraisals, and more. So before you commit to this, make sure you know exactly what it’s going to be costing you.

If You Want A Cash-Out Refinance

Getting a lower monthly payment isn’t the only reason why someone might choose to refinance their home. For many people, getting a cash-out refinance could help to make their lives easier as well.

According to Libby Wells, a cash-out refinance allows you to take out your new loan for more than you need in order to get some cashback and spend it however you want. While this won’t allow you the maximum amount of savings for your refinance, it’s a way to get some cash if you need it and potentially save money over the life of your loan as well.

If you’re thinking about refinancing your home loan, consider using the tips mentioned above to help you make this decision.