Hope for your financial life and beyond

5 Benefits You Can Enjoy With an Increased Credit Limit

For those who use credit, having a high limit is important. You want to have as much access to capital as possible so that you can purchase what you need to purchase. So paying off your debt with regularity will increase the odds that creditors will increase your credit limit to give you the margin you need. 

For some people, having a high credit limit is also a status symbol. It’s a sign that they are doing well financially and that credit card companies trust them to use their products responsibly. That may seem like a shallow reason but many people view their credit limits this way. But even if you don’t care about status symbols, there are plenty of good reasons experts say to increase your credit limit.

Whether you’re trying to improve your credit score or simply want more financial flexibility, an increased credit limit can be beneficial. Here are five benefits you can enjoy with an increased credit limit.

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5 Tips to Manage a Joint Credit Card with Your New Spouse

Sharing finances is essential when building a strong relationship with a spouse or long-term partner. We wouldn’t have it any other way. There is much more benefit to managing your finances together as a couple than trying to have separate bank accounts with his and her money.

The best way to manage your money together is to get on a plan that gets you out of debt quickly and on a path to investing so that you can build extraordinary wealth. However, a good portion of society does not believe in living a debt free existence. So their method of payment for most things ends up being credit cards.

If you choose to go this route, there are things for newlywed couples or committed spouses to consider when merging their finances. You will need to learn how to communicate as you learn to share a credit card and pay bills for the first time together.

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How to Find a Good CPA to Do Your Taxes

Most people are capable of doing their own taxes. Almost 90% of individual tax returns were filed through the electronic system. According to the Internal Revenue Service (IRS), these are normally done by tax preparers. Regardless of that statistic, many people find filing their returns quite tedious and time-consuming. (1)

So, if you hate doing your taxes or have a complicated financial life, hiring an expert to work out your taxes is a wise decision.

A certified public accountant (CPA) has the skills, training and knowledge to accurately calculate your returns and submit them within a short time frame. Hiring their services can take the frustrations off your shoulders.

And. for some industries like HVAC, hiring a specialized CPA and accounting firm will come with the added benefits of working with someone who knows exactly how to navigate the intricacies of tax law for that specific industry.

However, giving the job to the wrong person could harm you more than good. With that in mind, here are some tips for finding a good CPA to do your tax returns.

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4 Ways to Take Control of Your Financial Wellness

When you hear the term “wellness,” you may understandably think of wellness of the physical, emotional, and/or spiritual variety. These forms of wellness are all important. Without wellness being present in those areas, life would be difficult.

However, there’s another type of wellness that is also crucial. It may not be on par in importance as the ones mentioned above but it can improve on your life. What we are talking about here is financial wellness.  

Money doesn’t solve every problem. However, it can solve some problems. If your financial life is not well, you will have difficulty paying for the things you need, raising a family, and saving enough money for retirement.

So what is financial wellness and how do you get there? Let’s define it and then look at some steps to get you moving in the right direction.

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How to Make Saving and Budgeting Easier

Many things can impact your financial world. But mostly it’s you. Winning with your money is only about 20 percent knowledge. 80 percent of your success will come from your behavior with money.

Your financial wellbeing is directly affected by how well you are able to manage your money and plan for the future. Each activity and decision can affect your future.

With that in mind, there are several ways to make the most of the income you do have. 

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6 Ways To Avoid Losing Your Hard-Earned Financial Assets

Starting your own business and investing in stocks are both legitimate and effective ways to make money. However, all your hard work at either of these two endeavors may wind up ending poorly if you mismanage the assets you gain. Legal action could come against you, for example, or you could lose the assets you’ve gained in other ways if you’re not careful with your money. 

Most people usually look to the big, leading banks to protect their hard earned money. There is nothing wrong with taking that path and parking cash in savings accounts or CDs. However, there are other things to do to protect your assets. Here are a few things to look at.  [Read more…]

7 Steps to Take to Alleviate Your Financial and Job Security Worries

The COVID-19 pandemic has caused severe and extensive damage to many people’s finances. Worse still, financial experts say the financial and economic effects could persist long after the pandemic ultimately subsides. It’s going to take some time for life to get back to what we would call normal. 

Aside from the obvious medical issues, the pandemic has shown us this – how an unanticipated event that is entirely out of our control can instantly knock us out. Emergencies are going to happen and we should always be prepared for crazy events in life. But for most that is not the case. They know these things are going to happen, but they don’t prepare for them.

There is a solution to the problem though, and it begins with addressing what you can do right now, in the moment. You don’t have to be left helpless by a negative life event. You can be prepared if you take the right steps.

What are those steps? Here are seven things you can do to be prepared as possible when life circumstances impact your income. 

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How To Land A Job In Healthcare

I have talked a lot on this blog about careers. There are so many directions a person can go with this, the possibilities seem endless. Of course they are not endless because not every career is right for you.

Some people won’t be able to get the necessary education. Some won’t have the discipline to pursue certain types of careers. Even personality comes into play. Some careers work better for certain types of personalities than others.

Job opportunities abound in all spaces and fields though. If you have an interest in something, you can more than likely find a job. And in some industries, there is an abundance of positions available. One such industry is healthcare.

Healthcare jobs are in high demand. The post-Covid19 years will prove to be a great opportunity for someone looking to get into this industry.

Working in healthcare can be a rewarding career, both personally and financially. However, it is not always an easy profession to get into right away. Although you may be smart, skilled, talented and educated, there are so many other job seekers out there.

To break into healthcare, you must be focused on the right areas. You have to know what it takes to land a job so you can give yourself a better chance of doing so. The following tips will help you know where to concentrate your efforts. This will give you a fighting chance to stand apart from the competition and secure a good job that you find satisfying.

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Three Loans that People Consider an Excellent Investment

Should you ever get a loan? Why not pay cash for everything? Is that even possible?

Technically the answer is yes, it is possible to pay cash for everything. And it is probably the prudent way to proceed. Why would you go into debt and owe all that money?

People often view loans as a negative thing in the modern world. It is proven that people get into trouble when borrowing money from a bank. You can also get into trouble if you borrow money from friends or family. And of course it matters what you borrow the money for. Some things may be helpful in the long run. Others, not so much. 

There are a lot of different loans on the market that are designed to meet your needs. In fact, some of these loans many people would actually call a good investment. Let’s take a look at several loans that many consider good and one that is a little more iffy. 

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Tips for Managing Your Debt Responsibly

Whenever you look for financial advice, you probably see articles that advise you to avoid debt. In fact, I’ve written a lot about that here on this site. In fact, getting out and staying out of debt is a common characteristic that is listed among those who have reached millionaire status.

With that being said, it is becoming increasingly difficult – if not impossible for some – to get a college education or buy a house without borrowing money. College tuition continues to escalate, putting the funding of it out of reach for those families who did not start saving early enough. So many turn to the federal student loan program to fund part or all of their college education. 

Additionally, many see renting as “throwing away money.” I’m not one that subscribes to that. There are times when renting is the wisest choice. But it’s a hard mental hurdle to overcome. A mortgage where you can have a forced savings plan by paying yourself each month through the reduction of the principal, seems like the best course of action.

In many people’s eyes, the two types of debt listed above are considered “good debt.” In other words, they are the type of debt that can lead to further benefits down the road. Let’s explore that concept some more. And let’s look at some tips that can help you know when it might not be such a bad idea to borrow and how to manage the debt that you have.

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Why Millennials Are The Best Renters and How Landlords Can Attract Them

The number of people renting properties instead of buying them is still at a historically high level. Increasing house prices and stagnating wages make it more difficult to put together the necessary down payment. That down payment is important if you are looking to avoid extra costs of homeownership like mortgage insurance.

This leave many people in a position it makes the most sense to rent. And as a property investors, that is good news for you. It provides an excellent opportunity to make money as a landlord because it’s easier than ever to find tenants. 

making a bedOf all the age demographics, millennials (defined as young adults between 25 and 40 years old)  are the group most likely to live in a rental property right now. They are also set to become the largest living generation in a matter of years, so if you are investing in a rental property, they are your target market.

Unfortunately, a lot of landlords do not realize this. When they are buying and renovating properties, they don’t take specific steps to attract millennials. So, if you want to maximize your profits and reduce any issues with tenant turnover, these are the best ways to attract millennials. 

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