Sunday, 22 July 2012

Making a Financial Decision is Hard – Think About the Potential Cost of Doing Nothing


When it comes to making sound and steady financial decisions, it is all about the right timing and attitude. Making a timely decision in your favor can make you less vulnerable to a loss. Most people hesitate in making a fruitful decision at the right time and this causes them serious consequences in the future.

Being proactive and appropriate planning can save you from any financial downturn in the future and help you a great deal in making the correct decision. Therefore, devise a game plan for yourself and prepare early for any tough decision that comes your way in the future, so that you do not end up doing nothing.

Not Assessing your Finances before Making an Investment
When making a long term investment, it is important to look at all the options and assess your finances thoroughly so that you do not experience a loss. Take help from experts or online resources if required, so that you can make a decision that results in minimal loss and maximum benefits.

Also, instead of investing your entire savings, keep a small portion intact so that you have a little something at hand at all times and you can cope with any sudden loss in your investment. It is always wise to assess your finances and save something for a rainy day.

Not Comparing Savings Accounts Rate before Investing
When opting to save your revenue in a savings account, conduct thorough research on the profit rates offered for different savings plans by different banks. Not choosing the right bank can leave you hanging with a low profit rate for years and you will lose out on the revenue you could have generated if you selected a different savings account plan or bank.

Not Switching Banks When Fees Increase
Banks are used for multiple kinds of investments, including savings accounts and shares, and they also provide loans to the general public. For all these services, various banks charge various nominal fees and charges. The interest rates for the loans that they provide also keep fluctuating.

Therefore, in case you experience a high interest rate or exorbitant fees for your investment or loan, it is a wise decision to switch from one bank to another. The key here is to remain up to date about the rates and fee structures advertised by the different banks in your area.

Not Choosing the Correct Mortgage Plan or Loan
There are a variety of home loans and mortgage plans available in the market, catering to the needs of different types of consumers. However, do not make a decision based just upon low mortgage rates. Look out for other key factors such as term, amortization and payment schedule in order to manage your finances in the most effective way possible in the future.

Not choosing the correct mortgage plan can result in defaulting and forbearance on your account; therefore, think wisely before you take the plunge and make the correct decision at the right time.

Allan loves blogging about personal finance and helping people making sound financial decision. While not a financial advisor, Allan has been involved in personal finance for quite some time and has made successful decisions. Allan holds a BA in Business Administration and has been a regular reviewer at Ubank. Aside from blogging, Allan enjoys spending time with his family.



Wednesday, 18 July 2012

Important things to consider when you go for a payday loan

In times when you are in urgent need of cash, frustrated with a financial crisis looking for a hand who can lend you some money to get out of this situation, Payday loans will be one of the best options for most people. Choosing the best payday loan is sometime confusing and quite tricky, so here are some important things to consider when you go for a payday loan:

Interest quotes: Different lending companies offer different interest rates. As this loan is short term, its interest rates would be high compared to any other loans. These rates differ depending on the loan amount.  Always go with flexible interest rates. Research on the internet and get the best deal so that you can afford to pay back the borrowed amount.






Terms and conditions: Before signing for a payday loan make sure you read all terms and conditions. Understand them; if you feel something needs to be clarified never hesitate to ask. Opt for this loan only when you are satisfied with their policies.

Loan fees: Apart from interest rates some companies charge loan fees or administration fees. Usually these fee rates differ from companies so research online while choosing payday loans, and choose the one who can offer you the best deal.

Prepayment penalties: Some companies charge on early payment. So try to avoid selecting such companies. Make sure you choose the company which has clear information about any penalty’s you may be charged.

Post payment penalties: After completion of the loan period if you are unable to pay the amount back, then you will have to pay extra amount as a penalty charge. Better you choose a company who has a lower charge compared to other companies. Make sure you pay your loan on the agreed date to avoid any charges.

Lending company’s reputation: Seek advice from family or friends who may have already used this type of loan. Choose the right lender who can offer you the best deal. Also be aware of the fact that interest rates differs depending on the amount you borrow, duration of the payment, and the company’s brand. Some companies’ offer the best deals because of their reputation in the market.
As payday loans are associated with high cost and can grow incredibly fast, if you fail to repay your amount back you may face bad credit scores and high charges. Although payday loans offer many advantages certain things as mentioned above are to be considered before going ahead.



By Kevin.  I am a tech writer from UK.  I am into Finance.  Catch me @financeport



Monday, 16 July 2012

How To Handle a Worker's Compensation Claim

















Even the best employers utilizing the safest procedures and taking every conceivable precaution might find themselves dealing with a workers compensation claim. Instead of seeing the claim as disgruntled employee's attempt to cash out, think of it as your duty as an employer to compensate a person that is hurt doing the job you are paying them to do. If this is your first time handling a workers compensation claim, you might not even know exactly what it is.

At its most basic, workers compensation is a payment from an employer to one of his/her employees for injuries or illnesses resulting from work. Many businesses have insurance for workers compensation claims, especially if the business they run is dangerous, and so the employer pays due to the insurance company and the insurance company covers the claim. Workers compensation laws, stating what injuries and illnesses are applicable and how much money the employer will owe for them, vary from state to state.

Here are a few tips for avoiding and handling a workers compensation claim:

Have a clear policy statement that requires all employees to report any suspected injuries to superiors or a designated person. Note that false claims will lead to termination of employment and put the notice in your employee manual after you've announced it.

Once an injury is brought to somebody's attention, document everything. After the employee has received care, have him/her write and sign a statement about the origin of the injury, and if there were other people involved or in the room have them do the same.

Make sure the employee gets the care he/she needs. Does he/she need to go to the emergency room? If you can send a supervisor with him/her that may be to your benefit, but make sure that you don't make your employee uncomfortable.

Familiarize yourself with your state's workers compensation laws. What injuries qualify? How much do employers usually pay for the kind of claim you're dealing with? Knowledge is power.

Institute practices that will avoid an injury repeating itself: If someone slipped on a wet floor, buy a sign that will caution future pedestrians. This won't deflect your current claim, but if two employees are injured in the same preventable manner, you might find yourself in a very precarious situation.

Show the claiming employee that you value him/her. Stay in touch while he/she is out of work, and encourage them to keep taking their medication or participating in whatever therapy they are using. It's always easier to deal with a non-hostile claimant.

Report the injury to your insurance company immediately and maintain open communication with them. Even though you are filling out forms, don't treat it as menial labor! Detailed, thorough information can often be the difference between a claim covered by an insurance company and one tossed to the side.

About the Author: When John Stallworth isn’t reviewing the best contractor insurance rates, he is busy providing legal consulting or building his handmade sailboat that he hopes to sale across Lake Michigan one day.