Tag Archives: financial

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 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

How to Build A Personal Brand

As one advances in the world of business and entrepreneurship, there will come a point and time where he or she wishes to begin establishing their own personal brand. By definition, a personal brand is defined as “the practice of people marketing themselves and their careers as brands.”

In essence, an individual with their own personal brand is making a name for her or herself and setting themselves apart from others. Moreover, presentation, consistency, connections, and building trust also play integral roles in personal branding.

On the surface, this can appear quite nuanced, but a thorough breakdown of the various ways in which one can build a personal brand will make all the difference in the world for entrepreneurs at all levels.

Be Unique

As cliche as it may sound, one of the best steps towards building a personal brand involves taking advantage of the qualities which makes one unique and then marketing them accordingly. Entrepreneur does an excellent job of explaining this concept. Playing to your strengths, standing out in front of the crowd, and even vocalizing unorthodox viewpoints are critical parts of building your brand. In essence, your brand is you and people will associate what you choose to market with your image as a business person.

Determine Your Offered Service/Product

At the end of the day, the ultimate objective of building a personal brand centers around the promotion of one’s own business. For this reason, a concrete understanding of the offered service or product is paramount for both the entrepreneur and his/her customers. A personal brand is a living marketing strategy which draws customers in, thus persuading them to spend money on what the business has to offer. Furthermore, it is worth noting that personal brands should add value and stand out in the minds of potential and current consumers.

Build a Sizeable Following Base

Even after establishing a personal brand, connecting and sharing that brand with the rest of the world is so important. For this reason, building a sizeable following base can prove to be particularly beneficial, as explained by The Muse. In most cases, the best followings occur online and can be garnered via social media platforms, such as Instagram, Twitter, and Facebook.

Another upside of a sizeable following base comes in the form of word of mouth. Individuals who take a personal liking to an entrepreneur’s brand are likely to tell their friends and family about it. These people may, in turn, follow the entrepreneur on social media and/or purchase a product or service at one point or another or even ongoingly. In this day and age, an online presence is critical for those who wish to do well for themselves and reach great heights in the world of business.

A Final Word

Building a personal brand is a feat which requires time, energy, and in many cases, money. However, there are various levels and steps which often make forthcoming ones easier and less formidable. Many entrepreneurs spend years going through the process of building their personal brands and that’s ok. When it’s all said and done, as your personal brand grows, strengthens, and improves, so will your business.

 

Authored by Gabrielle Seunagal

How to Financially Prepare for a Job Resignation

One of the starkest realities regarding the professional world is that people often quit, or resign from, their jobs. This can happen for many reasons; sometimes people have to relocate, move across country, or a new opportunity presents itself. In other scenarios, the employee may be displeased with new management, the workplace environment, protocols, customers, etc. Regardless of the associated reasons, job resignations are simply inevitable parts of life.

However, there are right and wrong ways to go about resigning from a current position of employment. Job resignations furthermore require considerable financial preparations. These are very critical factors which working people should be aware of before telling their employers “I quit.”

Cover Your Bases

Despite the reasons tied to a job resignation, having one’s own bases covered is absolutely paramount, as affirmed by The Penny Hoarder. The individual who is going to resign should ideally have another job lined up, run a side business, or otherwise maintain income to replace their soon-to-be-gone revenue stream.

In addition to ongoing streams of income, people who are preparing to quit their jobs should also have a considerable amount of funds in their savings accounts. Financial experts generally recommend having at least three to six months of living expenses saved up, although some specialists are now advising individuals to put aside six months to one year’s worth of living costs.

Settle All Debts

One of the most common sources of financial hardship is unpaid debt. These debts can become especially problematic when someone leaves their job, thus cutting off a stream of income. For this reason, Mint advises that people completely pay off any and all debts which they may have incurred before going forth and exiting from their current jobs.

Try to Exit on Good Terms

Not everyone exits their jobs on amicable terms. In many cases, conflict with management, undesirable professional circumstances, and other related factors are determining motivators behind a person’s decision to quit their job. Even under the aforementioned circumstances, The Balance still advises individuals against badmouthing their soon-to-be former employers or otherwise burning professional bridges.

In many cases, new employers consult the former bosses of potential hires. For this reason, blasting a manager can easily backfire and even halt potential, forthcoming employment.

Try to Cut Back on Expenses

Even with a sizeable amount of saved funds and additional revenue streams, cutting back on incurred expenses is advisable, if at all possible. Ideally, people should not be dipping into their savings unless it’s absolutely necessary. However, not everyone has the means or flexibility to reduce their ongoing expenses. The cost of living is not cheap, by any means.

A Final Word

At the end of the day, each individual has to determine whether or not they are in a comfortable and financially safe position to quit their job. If a work environment is truly toxic or unhealthy, an employee should definitely escape and seek out financial prospects of a higher quality; the negative offshoots of a destructive work environment are well documented. However, most individuals will ultimately benefit from saving money, settling debts, leaving their jobs on good terms, and reducing current expenses, if at all possible.

 

Authored by Gabrielle Seunagal