How to Purchase Rental Property Insurance

Renting out rooms and properties is an increasingly common method of adding an extra stream of revenue. However, with this method comes the need for rental property insurance, also known as landlords insurance. In a perfect world, tenants would always pay rent on time, take good care of the property they’re renting, and conduct themselves accordingly.

Sadly, the world is far from perfect, which makes the obtainment of rental property insurance absolutely critical. In some cases, homeowners policies automatically provide this type of insurance, but sometimes they don’t. In the event of the latter, the individual who is renting property is tasked with the responsibility of securing landlords insurance.

Determine Which Type of Landlords Insurance is Needed

As affirmed by The Huffington Post, there are a variety of rental property insurance policies. Making the right investment is very critical. In many cases, sitting down with a financial advisor is a good idea prior to purchasing rental property insurance. Getting a professional opinion allows landlords to make the most informed decisions and get additional insight before making payments. Different policies cover different events; complete awareness of which landlords insurance is best for you is always preferable to purchasing the wrong insurance and having to do damage control at a later date and time.

Have Some Money Stashed Aside

Although costs of rental property insurance vary, there are some determining factors, explains Trusted Choice. Physical and geographical location, area quality, tenants, physical conditional, etc will each play a role in how much renters have to pay for insurance.

For this reason, having a certain amount of funds put aside (preferably a few thousand dollars, at the very least) can prove to be helpful. Moreover, landlords insurance can be quite pricey; therefore, renters should make sure that they are in a financial position to comfortably make this purchase.

Find Out if You Qualify for Any Discounts

Despite the fees associated with landlords insurance, certain companies and policies do offer various discounts under the right circumstances. Liberty Mutual is one insurance agency which provides discounts, provided that renters meet certain criteria. Early shopping, new property, and mutual policy purchases can make one eligible for certain discounts. This is certainly a matter which landlords should ask insurance companies about. Making the most of an opportunity to save money almost always wields benefits.

A Final Word

The process of purchasing renters property insurance should not serve as a deterrent from landlords who are considering renting to tenants. Not only is renting out rooms and property an excellent revenue stream, but it’s also a great business opportunity.

As a matter of fact, renting out property has become a prevalent part of the gig economy; many individuals rent out rooms or even entire homes and apartments on Airbnb.

 

Authored by Gabrielle Renee Seunagal

How to Purchase Life Insurance

The obtainment of life insurance is something which very few people like to think of. For starters, the subject is inherently morbid and serves as a stark reminder that each person will pass away some day. However, for as dreadful as the notion may be, we will all die at one point or another.

In most cases, the death and loss of a loved one can be particularly stressful for friends and family. Moreover, the financial costs of planning for a funeral can be quite expensive for relatives, depending on their socio-economic status. For this reason, purchasing life insurance is absolutely paramount.

Know Where to Shop

An awareness of where to purchase life insurance is incredibly important. There are many scams out there and people who parade as life insurance agents. For this reason, individuals who are seeking life insurance should look in there hereinafter places explains, Nerd Wallet.

Insurance agents, life insurance company websites, and direct life insurance agencies are the best places to seek out coverage. However, shoppers must still be wary and take certain precautions. Genuine life insurance companies will never ask for your social security number (and other related personal information) when they’re only providing rates and quotes. Moreover, checking out potential insurers with resources such as the Moody’s or Standard & Poor’s and/or A.M. Best’s Consumer Insurance Center is always advisable.

Sit Down with a Financial Advisor

Many individuals who seek out life insurance decide to consult with a financial advisor prior to making any major decisions, as noted by New York Life. This is largely due to the fact that the ultimate goal of an insurance company is to sell. This does not necessarily mean that life insurance companies will be disingenuous, but listening to a financial advisor definitely comes with benefits.

First and foremost, a financial advisor will be able to help individuals create adaptable budgets and determine which life insurance plan and policy is best for them. This can be especially advantageous for first-time shoppers who are not particularly seasoned in the market of life insurance or understanding which options are beneficial for themselves and their families. Financial advisors can also provide insight into which companies are most reputable and which plans ought to be avoided.

Take Your Time

So many people often feel rushed into purchasing life insurance. In many cases, they’re told that they could die any day and that having insurance will ease some of the burdens of their grieving families. However, the merits of purchasing life insurance should not overshadow the importance of quality. Different policies and plans will work for different people, families, and situations. Complete and unadulterated certainty of one’s chosen life insurance policy prior to making any payments or purchases is absolutely paramount.

 

Authored by Gabrielle Renee Seunagal

How to Earn Income in High School

The benefits of high school students earning income are well documented. Not only does this allow young people to assume responsibility and grow as individuals, but making money also prepares high schoolers for the real world. As adults, young people will have to work and be able to earn enough money to support themselves and provide a suitable, comfortable life.

High schoolers should want to get a head start and moreover, this is something which parents and guardians should encourage. However, there are still certain rules and laws regarding work for underage minors. Learning how to abide by the aforementioned guidelines while simultaneously earning income is guaranteed to set young people up for incredible success.

Look into Working Odd Jobs

Some of the best money making opportunities for young people come in the form of odd jobs, explains Well Kept Wallet. This is attributed to the fact that high schoolers are completely inexperienced with working and must also maintain their academics in school.

Some of the best odd jobs include babysitting, pet sitting, restaurant work, dog walking, washing cars, working in retail, etc. While these jobs don’t necessarily pay the highest fees, they are very educational experiences and breed a strong work ethic. This will prove to be beneficial, especially after high schoolers mature and enter the real world.

Get an Internship

Contrary to popular belief, internships are not mutually exclusive to college students. There are a slew of high school internships which are available for young people. Many of these internships also offer compensation; this can be a great opportunity for students who are eager to learn, grow, and network. There are countless stories of young people getting internships and developing lifelong relationships with impactful mentors.

This is certainly something which success-minded high schoolers should look into.

Look into Entrepreneurship

While many high school students are encouraged to attend college and eventually work a traditional 9 to 5 job, this lifestyle is not for everyone. There are some young people who have the entrepreneurial spirit and they should explore that spirit. Entrepreneur advises students who are interested in starting their own businesses to seek out mentors, involve themselves in extracurricular activities, and familarize themselves with leadership and marketing.

A Final Word

The world we live in is changing and evolving with each passing day. There are many opportunities out there and it’s never too late to get started. Young people who begin earning income while they are still in high school will definitely have an advantage over their peers who fail to make the most of these opportunities.

Parents also play an integral role in the economic success and advancement of their children. While young people can and should do everything in their power to take advantage of opportunities, support and encouragement from parents or guardians will make all the difference in the world.

 

Authored by Gabrielle Seunagal

How to Reduce Taxes

As working people ascend to higher levels of success, they will inevitably wish to maintain their financial earnings. This can be particularly challenging when tax season comes around. For this reason, many hardworking individuals are constantly seeking out various means of reducing their taxes and holding onto the money which they have rightfully earned.

Thankfully, there are a host of legal means which people can employ as they work to decrease their tax bills. The following options and tools may not have been readily available to them in the past. However, this knowledge and information will certainly prove to be beneficial in current and future times.

Look into Write-Offs and Deductibles

One of the easiest and most simplistic ways for people to reduce their taxes is by writing off expenses which qualify as deductibles, explains Entrepreneur. The majority of expenses which qualify as deductibles are generally professional expenses or closely related fees. Transportation, royalties, payroll fees, and other costs can be written off during tax season. However, applicable deductibles will vary from person to person, seeing as no two individuals have the exact same situation.

Not all expenses are deductible and, as a matter of fact, attempting to write off certain fees can actually garner legal trouble, affirms Cleveland 19. There are different ways to write off certain expenses and various situations which qualify. For the average individual who lacks familiarity with tax laws, this can be quite nuanced and complicated. Therefore, many people contract the services of accountants and tax specialists.

Delay Certain Payments

Another clever (and legal) way of lessening your taxes is by simply “deferring” certain payments, as stated by Kiplinger. Waiting until the new year to cash certain checks, billing clients towards the end of December, and delaying certain dividends can come in handy.

Individuals who are unsure of how to delay certain payments can consult financial advisors for advice which specifically tailors to their present situations.

Save Money for Retirement

Time affirms that individuals who put funds aside towards their retirement are able to qualify for what is known as a 401K “pre-tax.” In essence, putting aside money for this form of retirement allows people to withdraw the number of saved funds from what is considered as taxable income. Moreover, taxpayers are permitted to subtract a maximum of $5000 worth of funds within a traditional IRA.

To make a long story short, saving money for retirement really pays off when tax season rolls around.

A Final Word

Taking advantage of all legal means to reduce owed taxes is absolutely paramount. Many individuals may be shocked to learn just how many deductibles they can write off. Delaying certain payments and putting aside money into 401K and IRA accounts also wields significant payoffs. In some of the best case scenarios, hard-working people have been able to save so many funds in taxes that the government ultimately wound up owing them money!

 

Authored by Gabrielle Seunagal

How to Understand the Stock Market

There are many individuals who aspire to do well for themselves by investing in the stock market. However, making the right investments at the proper time is often easier said than done. Stocks and shares can be quite nuanced on many levels. People want to invest and create a new stream of passive income, but without the right knowledge, they are more hesitant to do so. The majority of the masses want to know and understand where their money is going, as they should.

Thankfully, there is some information out there regarding the stock market. Some of the best intel actually reads as follows:

Know the Basics

First and foremost, individuals who purchase stock shares are purchasing pieces of the particular company. Investopedia explains that stocks can rise and fall depending upon sales and overall market perceptions. This can be somewhat of a conundrum, especially for people who are looking to invest in stocks which they know will generate profit.

Most investors typically purchase stocks from companies which they believe will garner revenue or otherwise increase in value as time passes. Sometimes they’re right and other times, they’re wrong. Some of the savviest individuals consult with financial advisors prior to making major investments.

Select the Proper Brokerage Firm

Selecting the right brokerage firm is a critical part of investing. Using the aforementioned brokerage firm, the investor will then open up a brokerage account, explains The Balance. After setting up their brokerage account, investors can then deposit funds via their checkings or savings accounts. Once that cash has been transferred into the brokerage, the person can decide which stocks they wish to invest in.

Brokerage accounts can typically hold a variety of investments which include stocks, bonds, REITs, ETFs, MLPs, mutual funds, money markets, and certificates of deposit.

Know When to Buy and Sell

In regards to understanding the stock market, timing is everything. In other words, knowing when to buy and sell stocks is critical for investors who aspire to earn profit. City Falon explains that the relationship between buying and selling stock shares is somewhat intertwined; the best time to purchase stock is when others are thinking of selling. Conversely, the best time to sell stock shares is when other people are thinking of buying. This is also commonly referred to as buying low and selling high.

A Final Word

Successful stock market investments certainly require a fundamental understanding of the market, knowledge of which stock shares to purchase, and a degree of intuition regarding the proper times to buy and sell. Doing research, watching videos, and even consulting financial experts prior to making investments is strongly advisable, especially for first-time investors or other individuals who are not particularly familiar with the ins and outs of the market.

 

Authored by Gabrielle Seunagal