Sunday, 31 August 2014

A Frugal Lifestyle Is Not Devoid Of Luxury – How To Make Means By Being Frugal

Most educated people have the wrong notion that frugal living can’t go hand in hand with a good quality living style. Although there have been many financial analysts and experts who have begged to differ with this idea, yet people make this topic too tough to comprehend. From cutting down on your food bill to entertaining yourself at home, it is pretty possible to cut down on costs and yet live a good quality life. As the living costs spiral out of control, there’s practically no way left to splurge with your dollars. In fact, according to recent studies, more and more people are shunning the typical spendthrift way of living and embracing the typical “back-to-basics” lifestyle to combat price rises. It’s indeed cool to be frugal. So, here are some frugal living tips that will allow you to have a good quality life and also live within your means.

  1. Plan your meals everyday: How about drawing a weekly menu to cut down on the huge amount of waste that US households create every week? By doing this, you can easily use all the leftovers and use vegetables and fruit before they turn bad. This way you can avoid making unnecessary expenses on ready meals. Into your shopping list, don’t forget to factor in your packed lunches in order to save on school and dinner costs and other costly lunches. Another thing that you should keep in mind is that you should never go for shopping when you’re hungry as you tend to spend more.
  1. Make your own things: Chemists and supermarkets are lined up with rows of costly cleaning products but if you can search through your kitchen cupboards, this could unearth a huge number of products that can also do the trick and help you save money. Why not use a teaspoon of bicarbonate soda on a damp cloth for household cleaning? This way you can save your dollars that you used on buying expensive brand names.
  1. Review all your services: Did you employ a dog walker or a gardener or a window cleaner? If answered yes, then you should check whether or not you’re overpaying for a service that you can do without. Check if you could do yourself; the tasks that you’ve assigned to people and for which you’re spending your hard-earned dollars. If you haven’t still done this step, do it as soon as possible as this can trigger off a lump sum of savings.
  1. Buy in bulk and look for discounts: You must have heard of money-saving deals like the buy-one-get-one offers! Although they can sometimes be deceiving but yes, there are some items that are worth grabbing during this time. Keep an eye on the newspaper so that you can grab the opportunity of watching out for the sales and deals on all the non-perishable items.
Now after going through the concerns of this article, you must not ever again think that frugal living can’t go hand in hand with a good quality lifestyle. Follow the above mentioned tips and save money to use it elsewhere.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Thursday, 21 August 2014

Bankruptcy 101: What Are Options When Filing For Bankruptcy?

When someone says the word “bankruptcy” the resulting expression is usually one of fear and opposition. Although it is not advised to declare bankruptcy without probable cause, for many Americans there is no other choice. However, bankruptcy is not as bad as it seems and people do it all the time.
So the first question to ask is, “When does one declare bankruptcy?” Based on your debt to income ratio or debt accumulation with astronomical interest rates, you may be able to determine whether filing bankruptcy is good for you or not. Rather than hiring a debt consolidation lawyer or fishing for debt consolidation companies, filing bankruptcy ensures legal action and settlement. Many people with unsecured debts are lured back into the never-ending cycles of payments without any solution or settlement in sight and debt collection companies expose unknowledgeable people by taking money and not settling.

That is why you need to listen to my next words, "Never settle with a third-party debt consolidation company unless they are experienced and reputable." Some of the biggest scams occur when people start paying debt consolidation companies monthly payments and never see the money go towards the principle. These companies are just pocketing your money.

On the other hand, filing bankruptcy, by law, relieves you from your debt obligations and allows you to rebuild your credit over the course of the next three years. Other than your credit score, first and foremost always remember, unsecured debt collectors (credit cards) cannot come after you for obligations – but they sure can harass you unless you stop them. The only thing they can do is attempt to obtain retribution through the liquidation of your assets – don’t worry because you can just file bankruptcy.

There Are Only Two Types of Bankruptcies 

Chapter 7 Bankruptcy: This is the most common type of bankruptcy because most people who are declaring bankruptcy are doing so because it is their last available option. If you are one of these people you probably do not possess a ton of assets. Most of middle-class Americans during the financial crash lost everything and declared bankruptcy in which they were not obligated to pay any more unsecured debt and non-collateral engagements without losing property or selling assets. Chapter 7 clears all non-collateral debts (unsecured debts) with little to no repercussions in terms of selling assets or liquidating in order to pay back a portion of obligations. This is due to the nature of the bankruptcy, which exempts basic assets necessary for everyday life such as clothing, car, household, or furniture. You can hide your jewelry or claim nothing and without a warrant no one may search your home to see if you are lying.

So basically, long story short, you are covered and sent on your way with erased obligations. Sounds great, right? Well, there is always a catch to everything in life. The Chapter 7 bankruptcy catch is that you must truly have no "extra" assets and your debt to income ratio must be honorably problematic. This means if you are making $100,000 a year but only have $20,000 in debt, you cannot just say to debt collectors, "I do not want to pay this debt." They will garnish your wages unless you can hide them from the courts. In addition, if you own a boat, Jet Ski, or other “extra” asset, the debt collectors may force you to sell that asset in order to salvage some of the debt obligation. My advice is always to state that you are additional assets are part of your company's operations and put the registration documents under a corporation instead of personal ownership.

Chapter 13 Bankruptcy: If you understand Chapter 7 bankruptcy, Chapter 13 will be simple. If you do not qualify for Chapter 7 bankruptcy but still need help in settling your debts, Chapter 13 provides a repayment plan that details how you are going to pay back your debts over the next three to five years. The minimum payment is determined based on how much you earn, how much unsecured or secured debt you owe, and the amount debt collectors would have received if you filed for Chapter 7 bankruptcy. The total of these factors creates your monthly payment. Chapter 13 is the best option for people with valuable assets, secured debts with attached collateral who do not want to lose the asset (such as a car lease or second house mortgage), or who have manageable debt situations. For example, if you only have $15,000 in unsecured debt and $10,000 secured debt, Chapter 13 allows you to keep the secured debt asset (for example your car lease) while repaying missed payments over time that would have otherwise  led to repossession. In addition, the $15,000 is manageable debt, whereas $100,000 in debt may take more than 3 to 5 years to repay and Chapter 7 should just be implemented (but remember you may lose extra assets if you have them). Chapter 13 is a trade-off bankruptcy for people who do not want to lose everything, but if you do not have anything to start with outside the exempt properties, then Chapter 7 is the way to go.
Matthew Hall, a resident of Miami, has struggled with debt for much of his life, and writes about lessons learned to help supplement his income. Now he stands solvent, thanks to assistance from Peggy-Cruz Townsend, PA. You can learn more about Matthew by visiting his Google+.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

4 Elements Of A Medical Malpractice Claim

No one ever prays or wishes for a malpractice claim. Medical malpractice claim lawsuits and cases are often sad and terrible situations. If you or a loved one have suffered untold and extreme medical problems as a result of a healthcare worker’s negligence or carelessness, then you may file a medical malpractice suit against the hospital or the medical practitioner himself if you know who is responsible.
However, before you do that, you need to get familiar with the situations or elements that qualify you for a medical malpractice claim. This is important because sometimes, there is a difference between how the people see malpractice and how the law sees it.
For instance, a doctor who is gruff, off-putting and lacking in bedside manners is not guilty of any crime. It could be just his personality. On the other hand, prescribing the wrong drug that produces severe complications for a patient is a crime of negligence and can be turned into a malpractice lawsuit.
Summarily, medical malpractice claims apply when there’s a clear indication of negligence of a patient under care by a healthcare professional (please note that this applies to all healthcare practitioners, not just doctors). Let’s examine the essential elements that should be present in order for your case to qualify as a malpractice lawsuit.

Duty

A duty is a service or contract of sorts that a healthcare practitioner owes a patient under his/her care. For instance, the duty of a nurse is to follow the doctor's prescription, care for the patient and administer drugs. Every assignment must be carried out properly and to the letter. A nurse that persists with finding a vein to set a line but doesn't find any after 5-10 minutes while the patient’s condition rapidly deteriorates should consult a doctor or someone more experienced. Otherwise, he/she will be subject to malpractice claims.

Breach of Duty

This is when a medical practitioner clearly breached their duty or failed to carry out their duty to the letter and in a manner that is indicative of standard care. In such instances, there should be proof of the healthcare professional decidedly doing less or rendering a service that is below the standard care. For instance, if the doctor was supposed to perform a tracheotomy on a patient and didn't do so either out of negligence or forgetfulness, that is clearly a breach of duty and is subject to a malpractice claim.

Damages

These happen because there was a breach of duty in the first place. For instance, if as a result of the doctor's forgetfulness or the nurse's clerical error, the patient who needs tracheotomy does not get it and then goes into a coma as a result of his inability to breathe, then there is obviously ground for a damages claim. If the patient doesn't and his condition does not worsen in spite of the lack of tracheotomy, there's no ground for the damages lawsuit.

Causation

In this instance, it must be evident that there was clearly a relationship between the cause and effect that resulted in an injury, worsened condition or the death of the patient. There must be substantial proof that the injury sustained by the patient was caused by a medical practitioner's breach of duty.

This is where the “Because X did not happen" test becomes necessary. "Because the doctor did not perform the tracheotomy, the patient did not get enough oxygen to his brain. The shortage of oxygen, therefore, caused him to slip into a coma."

In this case, there was a causation. However, if the patient refuses the doctor's recommendations for a tracheotomy and then slips into a coma, there's no causation on the part of the doctor.

Now that you know this, examine all those elements and be sure that they are all present before filing a medical malpractice claim. If you are in doubt, talk to seasoned and reputable medical malpractice lawyers about it, and they'll be able to advise you accordingly.

Sources:

Oscar King has worked in health insurance for a while, and has had to field many inquiries regarding medical malpractice from doctors his firm recommended. For those who live in his native Orlando, when these things happen, he highly recommends attorney David Heil. You can learn more about Oscar by visiting him on Google+.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Friday, 15 August 2014

Personal Finance Technologies

Personal finance management is defined as one of the most important skills of modern people. Nowadays people frequently use definite tools to help themselves manage finance effectively with the help of technology. These technologies usually deal with the accounting or data management of a person. With the flow of time we have seen the unprecedented improvement of personal finance tools. In this article we’ll review some of these improvements

From the beginning a person kept track of finance by means of pen and paper. Now we have moved to a digital form, which is highly convenient because it makes record keeping much easier and provides a lot of financial solutions to the user at the same time. The modern personal technology tells people about the health of their finances, and this fact has become the major reason why most people have willingly adopted this technology.

The personal finance technologies have facilitated the record keeping of different types. Now with the development in personal finance technologies the different account books are in the same system only a click away. As a result of that the ease of use for the operator is also increasing. Still, if you experience certain financial hardships, you can apply for no credit check loans to solve your problems. This financial option is very helpful in solving problems of that kind.

We have identified 4 top personal finance technologies in current year:

1. Smart phones
It is still the dawn of the smart phone, and even now the user can have a remote access to the Internet. So you have the facility to manage the finances from any place on the earth. This service helps users to get all their finance data, e.g. update pass book, clear cheque books and digital cheque and perform all usual banking functions over the phone.

2. Cloud computing
It is the practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server or a personal computer. To cut a long story short, cloud computing helps you get access to the information on your laptops or desktops through phone and make any change to the information and be sure that the changes are saved on the laptop and phone simultaneously. You only need to upload a certain file to the cloud server and later it can be accessed remotely. This technology will onslaught personal finance as it enables users to operate their accounts very actively allowing them to buy, sell or mortgage property from a any distant location.

3. Loyalty cards
It is commonly known that the destination of a debit or credit card is paying money. We often use these debit or credit cards for shopping from special stores. This personal finance technology helps people save more money. But if the situation develops not in your favour and you overspend using your card, there is a financial service to help you.

4. Store investment card
Store investment cards have appeared only recently. Within the bounds of this concept you can invest a definite sum of money at once or in installments over fixed terms. Then you can purchase merchandise worth a certain amount of money more than the sum you have invested. This system brings profit to personal finance greatly as it allows the user to increase money by means of the purchase of goods and services instead of having some monetary returns. Now you can see how effective managing finance might be.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Sunday, 10 August 2014

Calculating Your Personal Injury Settlement – The Vital Steps Involved

In case of majority of the personal injury cases, they settle either during or before the trial. Only a small percentage of them are tried to a verdict. Once you quietly accept the settlement offer of the defense attorney, the case is said to be settled. Now all that your lawyer needs to do is to accept the offer and tell him by phone, email, letter or a combination of both. Bodily injury, a term that is often interchanged with personal injury is an injury that has caused mental or physical pain to an individual. How will you calculate bodily injury settlements? This way of calculating varies by regions. Here are some steps in which you can calculate your personal injury settlements.

  1. Assess the fault factor of the incident: The first step is the most important one and it is to clearly identify the thing or person that initiated the factors that caused the injury. If some other party was at fault, the personal injury settlement will be based on the kind of premium and the amount of insurance coverage that the business or individuals allotted to on their behalf. On the other hand, if you’re the person who was at fault, the settlement amount will be entirely based on the same principal. However an individual will be able to claim a PIP settlement or the personal injury paid under your personal injury policy coverage.
  1. Determine the factors that can result in a settlement: Are you aware of the factors that can result in a settlement? Highway accidents due to bad road conditions, slip and fall incidents, road accidents that involve the carelessness of a driver, work related accidents, injuries received while on a private property, injuries received due to a defective product and assaults and physical attacks. All these are factors that may cause a personal injury case and also can result in a settlement.
  1. Identify the types of injuries: The next step is to identify the type of injury that you’ve received by giving some particular details. You also have to outline the impact that the injuries will have on your present or future life enjoyment. Will the accident or injury have an impact on the present or future ability to be profitably employed? Will it lead to replacement of property or any kind of material loss? Will the injury lead to mental defect? Will it lead to loss of income or emotional defect like anxiety or depression?
  1. Compute the settlement amount that you need to disburse: Most insurance companies use several formulas to calculate the settlement amounts that require to be paid to an injured party who is not at fault or that cause the accident. The formula that is usually used for injuries that aren’t too serious is “special damages * 1.5 + income that was or will be lost due to injury”. On the other hand, in case of severe injuries, the formula that is used is “special damages* 5.0 + income that was or that will be lost due to the injury.”
Hence, if you’re someone who is involved in such a personal injury case due to an accident, ensure taking the above mentioned steps for calculating.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Saturday, 9 August 2014

Vital Questions To Ask Before Hiring A Financial Lawyer

Before hiring a personal financial lawyer to guide your and your family’s finances, you have to make sure that you’re about to work with the best one in the market who has your best interests in mind. You have to ensure that you don’t end up paying a whole lot of money for the services that you don’t need or want. There are some people who think that hiring a financial lawyer is a frightening experience as they have to confide about their finances to someone whom they don’t know. However, it is not so. Hiring a lawyer need not be a fearful experience. Instead, it can be one of the most empowering decisions of your life as you can always get professional monetary advice. Have a look at some of the vital questions that you need to ask your financial lawyer before hiring him.

  1. What is the process of billing for your financial services?
Don’t ever be afraid to talk to your financial lawyer about the way he/she bills for the work that they execute on your behalf. In fact, when you will first call on him, this should be one among the first few questions that you should ask him. No one is always prepared for surprises and you’re not an exception. When you call the lawyer’s office and you see that they’re not willing to give you any information about the way they will bill you for their services, you can be sure about the fact that you’re in for some big surprises. Always look for a lawyer who will bill all his services on a flat fee, project basis and never on an hourly basis. The lawyer should also promise you not to send you an unexpected bill.

  1. Will you be responsive to my changing needs on an ongoing basis?
One of the biggest complaints that most people have about working with a financial lawyer is they’re most often infamous about being responsive. There are even clients who have gone weeks without getting a call from their lawyer. This happens generally when a lawyer doesn’t have enough administrative support in his office. Some lawyers have the notion that they can tackle everything within the office and outside themselves and this is when they fall in a soup. Hence, you should ask your lawyer whether or not he will be able to be responsive to your ongoing financial needs. How quickly will he respond to your calls?

  1. What will happen when I retire or expire?
This one is a crucially important question that you should ask any professional before starting off with a relationship. You might feel uncomfortable to ask this question but if the lawyer is a true professional, he will already have a plan ready to ensure that his clients are taken care of, no matter what happens to him or her in the near future. However, if you see that the financial lawyer doesn’t have a worthwhile answer ready, you can be sure that he is not perhaps the right one for you.

Therefore, before hiring a financial lawyer for your services, don’t forget to ask the above mentioned questions to test his loyalty and efficiency.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Saturday, 2 August 2014

Biggest Retirement Planning Blunders You Should Avoid In 2014

According to a research, it has been found out that one of the biggest reasons behind hiring a financial planner is to know whether or not people can retire well and if yes, when they can do so. The very thought of retiring may cause anxiety and you may always feel either unprepared or overwhelmed with questions and doubts. Given the fact that majority of Americans spend more time planning their vacations than their retirement, it is even more important for them to plan their golden years so that the shadow of death doesn’t chase them to death. In fact, one of the most crucial dilemmas for all those who are approaching their retirement is to balance their life that they want to lead today as against the life they want to lead after retirement. If you too are someone who is about to retire, check out some of the biggest retirement blunders that you should steer clear of.

Mistake No.1: Living life king-size

The most important question that the financial planners ask their clients is how much income they need to maintain the present kind of lifestyle post retirement. Majority of the baby boomers aren’t even aware of this number as they have never spent time calculating. If your assumption is too low, which is true in most cases, you may fall into a troublesome situation later on and you may have to make drastic changes. The usual thumb rule is that you may need at least 80% of your income in retirement. Retirees spend more on travelling, eating out and entertainment. Consider all these before you live life like a king and avoid saving money.

Mistake No. 2:  Not considering soaring medical costs

One of the most overlooked portions of retirement planning is underestimating the health care costs. Medical costs and health care prices are gradually spiralling out of control and if you don’t take the steps to maintain good health conditions and arrange sufficient coverage on your health insurance policies, you’re soon going to dig your own grave. You could feel strapped for cash after retirement. Hence, determine your current health conditions and assess the costs that you may need after retiring.

Mistake No. 3: Lack of long term health care plan

Anyone who has been caring for an aged parent knows very well what toll it takes on their savings. Both your time and money that you may spend for your parent can have a staggering impact on your personal financial needs. As per the US Department of Health, 75% of people who are above 65 will require some kind of health care in their lives. Hence, it is important to have a long term health insurance plan so that even when you fall sick, there’s no such financial burden created on the shoulders of your children. You may sit with an insurance advisor and check out the exact amount of coverage that you may need to protect your near and dear ones from going bankrupt.

Hence, if you’re someone who is about to retire, ensure taking into account the above mentioned blunders before you retire. If needed, you can hire a financial advisor who can promise to take care of your finances and maintain a happy and healthy retired life for you.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.