More Than Finances

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Why Comprehensive Auto Insurance Is Best For Your Finances

Every state in the United States requires vehicle owners to carry insurance. There is the option of buying comprehensive and basic coverages. While some people will automatically rule out investing in comprehensive coverage, others will not think twice. There are many reasons why owners opt for basic coverage, with the main one being cost. It is a fact that comprehensive auto insurance costs a lot more than basic, putting it out of reach for some consumers. However, for those who can afford this coverage it will pay off in the long run. Below, you will discover the many benefits of comprehensive auto insurance.

Reduces Financial Risks

Many people have been involved in a motor vehicle accident without insurance coverage. When this happens and you are found to be at fault, it is highly likely that you will be facing a lawsuit in the near future. This lawsuit could ruin your finances, resulting in bankruptcy. At the time of the accident, if you were covered under a comprehensive policy, you would not need to pay out-of-pocket. Depending on your deductible, it is possible to avoid paying out of pocket. Even with a deductible, you may only need to pay a few hundred dollars, but no more than a thousand.

Stolen Vehicle

Even if you are looking for cheap car insurance, you do not want to live in a high crime neighborhood, there is still a chance that you’re going to become a victim of a crime at some point or another. You just never know when someone is going to set their sights on your automobile. This is why you need to prepare for the unexpected. With basic automobile insurance, you will not be covered in the event of a stolen automobile. This is why you should buy comprehensive coverage. It’ll make a huge difference in the long run. The insurance will help you replace your vehicle in the event that it is stolen at some point in the future.

Accidental Vehicle Damage

You should also know that comprehensive insurance is going to cover pretty much everything. This includes accidents on your behalf. You might think that you’re going to be better off with the cheapest insurance, but this might not be true. In reality, the comprehensive coverage might be best. After all, everyone is prone to errors and you’re no different. You could open your door and ram it into a column. Or, you might hit your other vehicle. If this happens, your basic insurance will not cover the costs.

Comprehensive insurance will cover these costs. In return, that will ensure that you do not have to pay out of pocket to fix the damages.

Mother Nature

It is also true that basic coverage will do nothing in the event that Mother Nature damages your vehicle. This is one of the main reasons that you should invest in comprehensive coverage. With comprehensive coverage, you’ll have far more peace of mind. You won’t have to worry about damage from hail, wind or tornadoes. You’ll be protected from pretty much everything, including floods. Do you really want to pay out of pocket for these damages? In all likelihood, the answer is no. With that being said, you should protect your finances by acquiring comprehensive coverage right now!

 

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7 quick facts about a Canadian RRSP

Canadian RRSP

A registered retirement savings plan, or RRSP, is a federal government savings program that allows Canadians to save and invest for retirement. An RRSP comes with several benefits, including tax deductions and a range of investment options that provide a means by which to help create retirement income.

If you’re considering an RRSP, here are seven key facts you need to know:

 

  • Tax benefits

 

RRSP contributions are tax deductible, which means that any savings you contribute to your RRSP can be deducted from your current taxable income. You only pay tax on the funds at the time of withdrawal. As most people withdraw from their RRSP after retirement, when they are likely to have a lower tax rate, this can contribute to an overall tax savings.

 

  • Age limit

 

Anyone who has earned an income and filed a tax return in Canada can contribute to an RRSP until December 31 of the year they turn 71—provided they have sufficient RRSP contribution room.

 

  • Annual contribution limit

 

There is a maximum annual limit to the amount you can contribute to your RRSP. You can find out your contribution limit by filing your annual tax return with CRA (Canada Revenue Agency). The Notice of Assessment you will receive back from CRA shows your total RRSP contribution limit, which also includes any unused contribution room you’ve carried forward from previous years.

Generally, you can contribute up to 18% percent of your total earned income (up to a legislated limit) from the previous year, plus unused contribution room from previous years. You can use an online RRSP contribution calculator to help determine your contribution threshold for a given year.

 

  • The right time to make an RRSP contribution

 

RRSP contributions can be made any time of the year as a lump sum or regular, periodic payments. To claim a tax deduction on your income in any given year, you must make the contribution within 60 days of year-end (usually the first day of March of the following year).

 

  • Unused contribution room

 

Any unused RRSP contribution room is carried forward indefinitely, which means that you can make up the contributions in future calendar years. If you don’t have the funds on hand by the annual RRSP deadline but want to make a contribution to claim a deduction, you can consider taking out a loan and depositing the amount in your RRSP. You can then use the resulting income tax refund to help repay the loan.  Take care, however, to pay off the loan as soon as possible or the interest you’ll be charged on the loan may offset the potential savings.

 

  • Individual vs spousal RRSP

 

An individual RRSP can be set up for your own personal savings, while a spousal RRSP can be registered in the name of your spouse. Spousal RRSPs are a great way to help ensure financial security for your spouse if you earn significantly more than he or she does.

Some employers also offer group RRSPs, which may offer investments with higher interest rates and added benefits. Your total annual contributions to all of your RRSPs (including spousal RRSPs) must not exceed your overall contribution limit.

 

  • Contributions in kind

 

If you are short of cash at a given time, you may be able to contribute to your RRSP by transferring existing stocks or securities into your RRSP, which is known as an “in kind” contribution. Check with your financial institution to learn more about this option.

This post contains sponsored links from Sun Life Financial.

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Starting a Home Flipping Enterprise

Image Credit: Pexels

Starting a Home Flipping Enterprise

Many people see the success of flipping houses and have no idea how to start. You can follow these simple steps to get you on the right path towards starting your own home flipping enterprise.

  1.     Start the Company

It might seem like you’re putting the cart before the horse, but this step must come first. You need a business plan, a financial assessment, and a business license. You’ll need to secure the documentation necessary to apply for a business loan if you don’t have the required economic status and that start with a business plan and a license.

Starting the company is a lot of planning at first. But, planning now will save you a lot of stress later. When you’re writing your business plan, think about what you would do if everything failed. Do you have partners involved? What would happen to them? How will you find your first house? Will you use one realtor for all of your deals?

  1.     Find Your Resources

Having stable resources is the foundation of any house flipping enterprise. You’ll need a few stable things in your business for things to work out well:

  • Good lender
  • Great realtor
  • Trustworthy contractor
  • An extensive network of craftspeople

These people may only serve to connect you with more tangible resources. For example, lender finance applications are the step to financially getting your company off the ground. But, a good lender is as valuable as the financial support they provide.

As you find these people, you’ll see the structure of your team coming together.

  1.     Find Your Place in the Market

Although it’s always ideal to buy in your local market, sometimes it’s just not possible. When you’re new to home flipping, you should consider where you fit into the market. You cannot expect that the market will meet your needs.

A broker that oversees an office that handles wholesale, auction, distressed and foreclosed properties could be a valuable tool to you. These houses that are sold “as-is” or are in “distressed” condition are great for home flippers. They sell cheap because everyone knows they need work.

  1.     Make Your First Purchase and Get to Work

That’s right. Everything up until now has been a cakewalk. When you buy your first house to flip the real work begins. Always listen to input from your contractors even if it doesn’t fit in with your vision. They usually know their trade very well.

You’ll also want to start marketing yourself, your brand, and building an online presence. As your first house is taking shape and gaining life, your brand should do the same.

  1.     Sell and Reinvest

Ideally, the only home that should need financial backing from an outside party is your first home. After your first sale, you can reinvest and buy your next house to flip. Now you have a house flipping enterprise!

 

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Growing Stronger; Building Your Brand

Regardless of what people say, business is all about publicity and image. It is what drives the public to trust the company and its products. This helps raise sales, which in return, tell you that your business is becoming successful.

There are many ways to project your company’s image. Advertisements and the face of your brand has been one of the many ways that companies hook consumers into their grasp. However, if you want your business to be more than just a novelty product, have professional suppliers of stands in Las Vegas set your look for trade shows and you may just get the serious traction you will need.

But how does trade shows make you a contending brand in the industry?

ESTABLISH YOUR BRAND IN PUBLIC

If your business just started, it is likely that not many will patronize your products. In the beginning, those who will support you will be close friends and acquaintances who may have known about your business from the start. However, if you get professional suppliers of stands in Las Vegas to put you beside large names in your industry, this will instantly have a psychological effect on people making them think you are a big brand that should be considered an option.

Other than that, it will also draw a lot of foot traffic ripe for the taking.

AVOID CREATING A BAD PUBLIC IMAGE

In relation to the previous point, participating in trade shows gives you the opportunity to personally reach out to the public.

When starting, oftentimes, businesses opt to directly market their products. Normally through mail, regardless if it is electronically made. Whichever you may choose to market directly, others see this as an intrusion in their private life. More often than not, it will come to a point when these individuals may just ignore mail from your company which is counterproductive.

On the other hand, if you are set up by professional suppliers of stands in Las Vegas in a trade show, you will be able to directly market your products to the public. Moreover, the public you will advertisement your brand to will be those who are interested in your brand. That way, it minimizes the chances of creating resentment from an intrusive strategy and reflecting an image of self-confidence that a business needs if it wants to be successful in their respective industries.

GROW YOUR CONSUMER BASE

As mentioned earlier, trade shows expose your brand to a wider range of public. This creates the chance for your business to reach out further than your locality. Being beside an industry’s ‘blue chip’ does not hurt as well. You are after foot traffic, and established brands have that draw.

Remember, word of mouth travels fast.  Catching the attention of a person outside your locality is a good way to expand your audience. Convince them, and you might just convince their friends as well.

To establish your business as a serious brand is huge, especially for a start-up business. Not only does it help your business grow, but also create a positive image moving forward; essentially, the recipe to success.

 

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The Pros and Cons of eToro

Are you looking to break into the trade and investment market, but want to do so in a modern and high-tech way? If so, the answer may be to use eToro, which is a social trading platform that allows you to copy all the top traders who exist in the community right now. Now, before you jump in with both feet, it’s always a good idea to hold off and do a bit of research.

To help you out, here’s a guide on all the top pros and cos of using eToro so that you can decide if it’s the right route for you. If after reading all the pros and cons you aren’t convinced that eToro is right for you, then you can always check out etoro alternatives.

The Top Pros of eToro

Most will argue that the top pro in using eToro is the fact it can make the process so much easier and faster. The platform will automatically copy the leading traders, so you don’t have to do the legwork and research yourself. It offers seamless integration when it comes to social trading which both newbies and experienced traders enjoy. Not only that but it provides traders with access to a large range of markets.

Additional pros include such things as the wide array of payment options including Paypal, credit cards, UnionPay, wire transfers, WebMoney, and much more. You can take advantage of a demo mode, which is excellent for beginners learning how to use the platform, and there is an Android and iOS app available to provide users with 24/7 access. Also, the app provides most of the same tools and features as the website.

Another aspect that beginners like is the fact that it’s relatively fast and easy to set up a brand-new account. You will be asked for some basic information, but nothing too difficult.

The Top Cons of eToro

Now as for the cons, there are a number of them as well. First off, it should be noted that although the platform supports countries worldwide, it isn’t available to citizens of the US. It’s also important that people are aware of the feeds, which can be a bit higher than other platforms.

There is a minimum level of anonymity and it supports only two crypto-markets which are ETH and BTC. Along the lines of crypto markets, the platform doesn’t support cryptocurrency deposits. Also, the platform isn’t an exchange. What this means is that you don’t actually own anything. Some also find it frustrating that trading is capped at US$2,000, but that will come down to your trading style and plans.

If this doesn’t fit in with what you need, then you should look into these eToro alternatives by InvestinGoal which have been ranked from best to worst. This will help you to understand if there’s something better out there that will suit you more, or if eToro is the best that’s out there.

Plenty to Consider

At the end of the day, the decision to use or not to use eToro really comes down to a number of factors. It can be helpful to first determine your trading style and goals, make a list of features and criteria that is important to you, and then figure out how well eToro matches up with your list.