Keeping On Top Of Your Finances Throughout COVID-19

The outbreak of Covid-19 has left many of us feeling anxious about the risks that it poses to ourselves and our loved ones, and fearful about what the coming months hold. On top of this, people are also worried about an uncertain financial future because it has had an impact on jobs, everyday life, and income. 

There are, however, some things you can do to help yourself keep on top of your finances through the pandemic. Let’s have a look at some of them below: 

Top Tips For Staying On Top Of Your Finances 

• Tracking your spending and identify small ways you can make savings. 

• Try to get into the habit of saving, even if it is a small amount it’s a good amount. 

• Track and improve your credit score. 

• If you are struggling to see what help you can get. 

Your Credit Score And COVID-19 

If you are experiencing financial hardship because of the pandemic then you may be thinking about how it might affect your credit score, especially if it is causing you to fall behind on payments and it’s leading you to defaults. 

If you’re worried about this some of the things you could try to help include: 

• Approaching your lenders and creditors to see if any help is available. 

• Pay what you can, even if it is a reduced amount. 

• Stay up to date with your credit report, it can help you to identify problem areas and see if anything is having an impact. 

Set A Budget You Can Stick To 

One of the simplest and best ways you can keep on top of your finances is to set yourself a budget that is realistic, this way you can stick to it and keep a hold of your money. You should: 

• Assess your financial situation - Think about reduced hours or whether you have lost your job. You need to be aware of what is exactly coming in and going out. Think about using a budget planner, you can find several for free online. 

• Explore the benefits available to you. Whether you are out of work, or if you are on low income and have been affected by the economic impact of COVID-19, you may be able to access some help such as unemployment benefit or you may qualify for FMLA leave if your employer qualifies by meeting criteria like having 50 employees with a 75-mile radius.

• Identify your essential expenses. Have a really good think about what really needs to be paid for during the crisis. These would be things like your rent, mortgage, groceries, and utility bills. However, there is some help from some service providers so if you are struggling, speak to them. 

Save    

Although you might think that this isn’t the right time to save, saving anything when you can is a good thing. You can’t predict the future, and saving can provide you with a safety net. If your hours have been reduced or you’re worried about the security of your job saving now could help you in the near future. No amount is too small. If you can try to save at the start of the month when you receive your pay, it makes it much easier. 

Although times are hard at the moment, try to keep positive. If you follow the tips above it should help your alleviate some of the financial concerns that you may have. Is there anything you are doing to help your finances through this time? Please share them in the comments below. 

A Beginner's Guide to Real Estate Investments

In the current market, investing has surpassed traditional assets. While mutual funds, bonds, and stocks are still commonly seen in portfolios, there is an array of other options that also offer rather appealing rewards. One of these alternative investments is real estate.

Keep in mind though, real estate investing isn’t right for everyone. It takes planning, research, and dedication. If you are interested in investing in luxury homes Austin, or any type of real estate, be sure to use the tips here to set yourself up for success.

Know All the Costs Involved

Investing in real estate isn’t cheap. Properties cost a lot to purchase outright, but if you have the money, or if you are willing to take out a loan, it will be worth it. However, it isn’t as simple as just buying property and watching it make money for you. There are other costs you have to keep in mind, including upgrades, annual upkeep, basic maintenance, and other expenses. In many cases, hiring Austin property management services will be beneficial.

Choose the Property You Want to Invest In

Once you have the real estate funds in place to purchase real estate, you have to decide what type of property you should invest in. You can buy a rental property, which can be either residential or commercial. You can also choose to become a landlord and rent out an apartment or home or even use your property as a vacation rental.

If you aren’t interested in maintaining a residential property, consider choosing a commercial structure. With this, you can avoid dealing with renters and buy a property to “fix and flip,” which will provide you with a faster return. Before you choose a property, make sure you know what your plans are and what goals you want to achieve.

Look at the Area

With real estate investments, location is a key factor to consider. You don’t want to buy in a specific area just because the price makes sense. Make sure to invest your time and due diligence. Look at the market value, what the location offers, and the neighborhood. The rental type you are interested in will help you figure out where to look.

If you want to get into real estate investing, the tips here will help you build a solid foundation. It will also help you set up your new investment business for success. Being informed and knowing what to expect is the best way to ensure you make the most of the investment you make.

Working Towards Financial Freedom in 2020

Anybody can achieve financial freedom, but it takes planning and determination to make it happen. Some people think that it’s a nice theory but could never happen for them. However, this sort of mindset is the exact thing holding you back. Read on and you’ll find out how you can work towards financial freedom in 2020:

What Is Financial Freedom?

First, let’s get to grips with what financial freedom really is. Financial freedom is the act of taking ownership of your finances. It allows you to live the life you want and means you don’t have to worry about how to pay your bills or even any sudden expenses you may need to deal with. It also means you don’t have debts to pay off. 

Where Are You Now?

Understanding where you are now is important if you want to move forward and make changes. Start by compiling a list of things like your debts, credit cards, and anything costing you money. Add up all of the numbers. 

Once you’ve done this, compile a list of all of your savings. Include any stocks you may have, retirement plans, etc. You can then work out the money you have coming in from your regular job, side hustle, and so on. Write these numbers down and keep them in mind as you look at the rest of the tips.

Write Down Your Goals

If you don’t really know what you’re working towards, you can hardly expect to make changes. Financial freedom doesn’t happen by accident. Emotional goals will always get the best results. So, do you want to get married? Buy a house? You need things that appeal to you on an emotional level, or you are unlikely to stick to it. You’ll feel so much better about your debts decreasing and your savings increasing when you know exactly what you’re saving for. 

Change The Way You Think/Talk About Money

The way you think and talk about money is largely down to your money mindset. Everybody has a money mindset, and for most people, it’s negative. Mindsets can be passed down through generations, so it’s important to become aware of yours and then overcome it if you need to. Reading books, listening to podcasts, and watching YouTube videos can all help you change your mindset. You can’t become financially free while viewing money as a negative or unpleasant thing. You might even decide now is the right time to get expert legal assistance from a qualified maritime accident attorney if you’ve put it off. Ask yourself why you put off claiming money that is rightfully yours. Chances are, it was down to your money mindset. 

Track Everything You Spend

Track every single thing you spend money on so you can understand yourself better. You can then come up with a financial plan so you can put money towards your goals while still treating yourself to a little of what you like. 

Passive Income Ideas

Finally, explore passive income ideas. Side hustles and passive income is likely how you will build your wealth over the long term. It’s pretty hard to build wealth when you’re swapping all of your time for money at a 9-5 job!

Get The Compensation You’re Owed 

There are many reasons why you might be owed compensation from somebody. One of the most common situations is a road traffic accident that wasn’t your fault. These can be minor incidents or major situations that involve the courts, but if you are affected by this then you will be entitled to compensation from the third-party insurance company. It’s important to know your rights in a situation such as this and to get what you’re owed. The extra money can go towards a savings fund to support your financial freedom in the future. Hiring a personal injury lawyer is one way to ensure that you get the payout you deserve. Don’t forget, there will have been a lot of stress and unforeseen administration on your part too, that should be taken into account.   

Don’t Forget To Save

When thinking about financial freedom most people immediately think about earning more money. Of course, this makes sense, but there is literally no point in earning extra income if your present financial situation is inefficient. The old phrase ‘a penny saved is a penny earned comes to mind.’ Any decent financial advisor will tell you that before you think about saving your need to first pay off any debts you owe. It is counter-productive to try to save and pay-off debts at the same time, so if you are earning extra, make sure that you channel it into your debts first before stock-piling your savings account–it is the fastest way to financial freedom.     

How To Make Tax Season Easier on Your Business

Tax season is a phrase that can cause shivers down many small business owners' spines. It may be a time that you dread every single year, but it does not have to be anymore. While there is a certain level of stress that everyone feels about taxes, you can make the process as easy yourself as possible. The main component is keeping accurate records so that you will not have to hunt down everything at one time. When trying to make your business more efficient at handling taxes, consider the following tips: Have deduction records for all employees, have the right software, and keep accurate pay period records. 

Have Deduction Records for All Employees

Every employee should fill out a W-4 form before he or she receives the first paycheck. This employee's withholding certificate lets you know how much tax to hold out of each paycheck. The amount of tax will depend on the employee's filing status and a number of dependents. You should have all of these forms on file where they can be easily accessed at any time. This can help clear up any confusion about withholdings when tax time comes.

Have the Right Software

When you have the right tax software, everything can become so much easier to manage. Consider looking into a Quickbooks solution provider. These systems will help you keep your records more organized so that you will not have such a long paper trail when trying to get your taxes in order. There are numerous tutorials on how to use tax software correctly, and reviewing these can help you use yours most effectively.

Keep Accurate Pay Period Records

You should keep records of how much you paid each employee and how much you withheld for every single pay period. This will make it easier for you to calculate everything at the end of the year instead of having to guess how much you paid in wages. When you keep organized records, you make your life a lot easier. You can have a list or spreadsheet for each employee that lists this information, and you can input it on every payday.

While tax season may always be somewhat stressful for you, you can make it less so by following these easy tips. For those struggling with keeping records organized, start researching tax preparation solutions today. It could change the entire way you operate the financial aspect of your business.

4 Ways to Protect Your Family From Debt After Your Death

Unfortunately, your debt won’t die when you do. Your estate will need to pay any money you owe to creditors before your family members get an inheritance. If your assets can’t take care of your debts, your spouse or your children could have to pay some of those bills. Here are some ways to protect your family now and keep them from getting into financial trouble after your death.

1. Pay Off Your Debts Now

Avoiding debt is the best way to protect your family, but it’s not always possible. Many people have mortgages, car loans, credit card balances, and other types of debt. You should make your payments on time and consider refinancing for lower interest rates. When possible, pay off your loans early to keep interest from accumulating and make sure your family won’t have to worry about them.

2. Create an Estate Plan

No one wants to think about their own death, but an estate plan is essential for making sure that your money and possessions go to your loved ones. If you don’t have a will that names an executor for your estate, the government will take over and decide who gets what. Their conclusions could be very different from your desires, and any court costs or other fees they incur will come from your estate before your relatives get anything.

You should speak to your family members and find someone willing to act as your executor. Business owners will also need to decide if they want to name a new person to run their business or let the estate sell it after they die. If you want your business to continue, make sure you choose someone who knows your industry and can handle the additional responsibility. Then, speak to an attorney to create an estate plan that will fulfill your wishes.  

3. Talk to Your Heirs About What Will Happen After You Die

In most cases, your heirs won’t need to pay debts that your estate can’t cover. However, anyone who cosigns a loan will be responsible for it even after you pass away. In some states, your spouse could be liable for some debts as well. If you have a secured loan like a mortgage or a car loan, the lender will require your heirs to keep making payments, sell the asset, or give it up to the bank.

Make sure your family knows that they could have to keep paying some of your debts. However, family members should never have to pay off unsecured debts like credit card balances or medical bills if the estate can’t take care of it. Let people know that they should refer any collections calls for these types of debts to the executor of your estate.

4. Get Life Insurance

Life insurance can help your family stay financially secure after your death. It lets beneficiaries pay off your debts, and it can cover your funeral expenses and support your family by replacing your income. Many insurance policies will let you add coverage easily when you buy a house, get married, or have a child.

Term life insurance covers you for a specific amount of time, and you can use it while you’re paying your debts. When the term ends, you can decide whether you want to switch to a permanent policy that will protect your family no matter when you die. With life insurance from USAA, you can even choose a plan that won’t require you to keep paying premiums if you become disabled. The cash value of your life insurance will grow over time, and every permanent policy from USAA guarantees a minimum interest rate.

By paying off debts, creating an estate plan, talking to your heirs, and getting life insurance, you can ensure your family’s financial security. Taking care of these tasks lets you keep protecting your loved ones, even after your death

How the Coronavirus is Affecting Market Volatility

The coronavirus pandemic has affected the markets dramatically as businesses around the world have faced tremendous difficulties. Everyone, individuals and businesses alike, must now unite in a global effort to stop the spread of the virus in order to save hundreds of thousands if not millions of lives. The effect on the economy has caused a global recession, and the implications for the stock market have been sweeping and devastating. As thousands of equities and indexes plummet, investors are left having to make some hard choices in the face of unprecedented volatility.

Are There Any Positive Implications of Market Volatility?

The modern stock exchange has never seen an event like the coronavirus in history. While the economic consequences of the coronavirus have been devastating for many investors, they have also created unique opportunities for brokerages and individuals who concentrate on trading rather than making long-term investments in equities.

High volatility and wild swings in equities’ value are enabling traders to hop on and off of equities and reap huge gains. However, this is a tactic is typically attempted only by seasoned traders, and it should be approached with great caution by individuals who are more accustomed to traditional investing. Since the end of January of 2020, the VIX has climbed considerably, with no real sign of stopping soon. Until the end of January 2020, the VIX did not get higher than the teens. By the middle of March, it had climbed over 400% to over $80. In turn, the options market has seen explosive contract values due to volatility spikes. Options contracts can easily change hundreds of percent in value as volatility soars and many equities see new 52-week lows.

How Long Will These Effects Last?

While the economic effects of the virus will not last forever, it’s important to consider the possibility that a return to normalcy will not occur soon. Coronavirus market volatility is going to be a reality for the foreseeable future. It may be especially confusing for people to understanding the seriousness and long-lasting effect of the repercussions when they have constantly received misinformation from the highest level of government.

While misinformation has caused spikes in volatility and fear, it has also created false rallies that may give investors mixed signals about when it may be safe to venture back into the water. After the executive branch minimized the seriousness of the pandemic and the Fed declared zero interest rates, the S&P and the Dow rallied for three consecutive days in the fourth week of March. At this point, however, it is not reasonable to expect real changes to occur until significant progress has been made in the development and dissemination of successful vaccines and treatments.

Where is the Opportunity?

Many traders have benefited enormously by pursuing equities that are involved with developing vaccines and treatments for the coronavirus. Penny stocks with relatively small share floats have increased in value as much as ten-fold. While some larger drug companies like MRNA and Gilead are working on promising cures and seeing their share prices rise, smaller-cap biopharmaceutical companies such as IBIO, Aim Therapeutics, and Vaxart among hundreds of others have seen huge spikes in share values and volume.

Companies that make medical supplies such as Allied Healthcare and Alpha Pro Tech and companies that make testing kits such as Aytu and Codex Diagnostics have had incredible runs. These coronavirus stocks are highly volatile. However, when dealt with cautiously and monitored carefully, these types of equities can offer amazing returns.

As always, it’s important for your trading and investing to be backed by comprehensive analysis and research. When you’re up against unprecedented volatility, the best way to protect yourself is to make well-informed and conservative decisions.

4 Things Professional Athletes Worry About

Professional athletes seem to have it made. Fame, fortune, fans, and fun are just some of the reasons why it’s the top choice for future profession among American boys. While there’s a lot to like about the lifestyle, athletes, too, have plenty of problems. Here are some of the most common challenges facing sports stars.

Injury

Every day, athletes are at risk for suffering gruesome and painful injuries. Whether during games or practices, opportunities occur where an individual can sustain a concussion, blow out a knee, pull a groin or experience another medical problem. While modern medicine has greatly improved recovery times and treatment procedures, there’s always the chance an athlete is unable to perform at the level he or she was at prior to an injury.

Family

Life on the road can be difficult for athletes trying to juggle a sports career with family responsibilities. It’s especially stressful for those in the minor leagues playing for the love of the game rather than a multi-million-dollar paycheck. Even those who strike it rich still miss priceless moments like hearing a child’s first words or seeing his or her first steps, however. The constant travel also puts a lot of stress on marriages, as evidenced by the 60-to-80 percent divorce rate for professional athletes.

Performance

While it may seem like just a game to spectators, professional sports is a business and a highly competitive one at that. With big-money contracts on the line, athletes need to maintain peak performance to keep the paychecks coming. Injuries and age both affect one's ability to perform, but players sometimes lose a starting position or even roster spot simply because the team drafted an exciting young player or signed a talented free agent. The average sports career only lasts a few years, so it’s necessary that an athlete be responsible for his or her earnings. Many agents emphasize the importance of financial planning for professional athletes so the client can still live comfortably once a playing career has ended.

Security

Famous personalities attract attention. Sometimes it’s just a star-struck fan looking for autographs, but other individuals may approach with shady investment advice or even more nefarious reasons. Stalkers may threaten physical and psychological harm, while blackmailers may attempt to bring athletes into ill-advised situations for extortion purposes. In some cases, friends or even family may be bad influences, looking to exploit an athlete’s fortune in order to experience a luxurious lifestyle.

Getting paid to play a game sounds like a great way to make a living, but it also comes with its own unique challenges. These are just some of the pressures and problems professional athletes face on a daily basis.

How To Choose an Accountant for Your Business

Choosing a tax professional and accountant for your business needs can be an intimidating thought, but not as scary as trying to do it all yourself. To get the best service for your needs, it is a good idea to first consider whether hiring a firm or bringing in someone full-time is the best route for your company. You can then compare candidates based on experience, certifications, and referrals to find the best fit.

In-House or Outsourced

In-house teams will require a room on your premises and enough work to stay busy but are also right down the hall when needed and part of the company culture. Outside firms, such as TPI Group, are more affordable because you pay a rate proportionate to the amount of work you send over, allowing firms to split their costs between multiple clients. Many of these firms and individuals use innovative software and hardware solutions to be readily available to clients.

Certifications and Tools

Regardless of whether you go with an in-house or outsourced accountant, you will want to check what certifications he or she has and which tools are being used on your accounts. Going with someone with a CPA means that you are hiring someone who has passed the tests and does continuing education to say certified. This can give you more confidence in the quality of the work.

The right tools can help your accounting team instantly import invoices from the point-of-sale system to the bookkeeping spreadsheets, calculate quarterly taxes and manage payroll and benefits. Some will even provide one dashboard for your company and the outside firm to see the same information in real-time.

Referrals and Interviews

When you have narrowed down your candidates, it is time to look at referrals and testimonials before scheduling an in-person interview. It is recommended to look at both the good and bad reviews for an accountant to see how problems are handled and give you an idea of what to expect. The interview process should focus on any questions or concerns you have about the qualifications of the individual or firm as well as getting to know the person you will be potentially working with. You can even ask for clarification on some of the testimonials or referrals you have received for the firm or individual and talk about the software and hardware tools each accountant uses.

Choosing the right accountant or firm for your company’s taxes, bookkeeping, and payroll is about putting in the research time. This means deciding whether to go in-house or outsourced, determining which certifications and tools to look for and reading reviews and testimonials before scheduling interviews.