Month: November 2022

  • Reducing your medical costs

    Medical costs account for a large part of many people’s budgets. Many patients need to scrimp or even take out personal loans and payday loans in order to cover medical expenses. However, there are many ways that you can keep your medical costs down: Take good care of your health. A healthy lifestyle and regular physical check-ups will ensure that you are less at risk for expensive and painful illnesses which are simply caused by poor diet, lack of exercise, and inadequate care. Save on drug costs. Buy generic drugs or make use of samples that physicians offer in order to cut your medication costs. Get great medical insurance. Buy the best medical insurance you can afford and hope you never have to use it. Not having adequate insurance can add considerably to your costs, as many of your expenses will come out of pocket if you are ill without good insurance.

    Reducing your medical costs

    Have a medical emergency plan. Know exactly what to do in the event that you are suddenly faced with a medical emergency and a costly procedure. Will you travel overseas through medical tourism? Do you have an emergency fund you can draw upon? Will you get a payday loan to take care of minor medical costs? Think ahead. Consider a higher deductible. If you need good medical insurance but costs of premiums are not very accessible, consider higher deductibles. If your insurance provider allows deductibles, having higher deductibles means that you enjoy lower premiums and more coverage. Just make sure that you always have the entire sum of your deductible in your emergency fund at all times.…

  • For most of us, retirement seems like a long way off

    Whether it’s 10 or 40 years away for you, you need to start saving for it – now. The earlier you start saving, the less painful it will be for you, since starting early means you can enjoy more cash with much smaller monthly contributions. Even if you’ve waited a while, you can still make your retirement plans a reality. Here’s how:

    1) Create an aggressive war plan for your debts. Whether you have rolled over payday loans, credit card debts, or personal loans, debts delay retirement (you need to keep working to pay those things off) and rob you of cash you could be putting towards retirement.

    2) Talk to a financial professional about your goals. Even your bank can offer free services from a qualified professional who can help you determine how much you need to have at retirement to live at your level of comfort and can help you determine how much you need to set aside each month to retire on schedule.

    3) Make savings automatic. Have your employer or bank automatically deduct your retirement contribution from your paycheck so that you don’t have the chance to spend it or miss it. Automatic contributions also mean one less thing you have to budget for.…

  • How to retire really early

    Do you dream of retiring early? Sleeping in and traveling the world? Not having to show up to work? Plenty of people do it – retire in their 30s or 40s or even earlier. You don’t have to have a huge stock portfolio or a fancy job to get there. Here’s what you do need to do:

    1) Buy assets. In addition to a retirement fund, you’re going to need assets – such as a home that is fully paid off that you can live in. To get there, you’re going to have to pay down personal loans, credit cards, and other debts and start saving for a home.

    2) Create passive forms of income. Many people who retire early do so because they create a passive form of income. They create something that brings in royalties or they buy discount real estate and collect rent on it. Investigate the types of passive income you could tap into.

    3) Monetize play. Some people who retire early simply retire from their job. They instead start collecting cash from a hobby – such as a craft they sell online or a hobby that they create a small side business around. If you have assets and another form of passive income, making a few hundred dollars a month for a few hours of work here and there is a nice way to semi-retire early.

    4) Make saving a lifestyle. Even if you have assets and some alternative forms of income, you’re going to need a retirement fund. Talk to a financial professional to determine how much you will need in your fund to retire with the lifestyle you want. Then, start saving as much as humanly possible to get to that magic number as soon as you can. Be sure to read our guide to increasing your income to find even more cash to contribute to your fund.…