Searching for money management guides to improve your financial positions and to solve money issues ? Although this seems a touchy subject, the reason for having a life insurance policy on a child is about cash accumulation, explains industry pro, Thomas. “Compound interest works best when you have a lot of cash or a lot of time. Kids have a lot of time. “When buying an Indexed Universal Life Insurance policy for a child, the cost is very low and remains the same over the life of the policy, while the cash continues to grow. The parent owns the cash and can borrow from it. The parent can also assign ownership to the adult child one day, along with the cash, just in time for adult things like a down-payment on a home. Or the child can create retirement income with the policy.”
Separate Your Savings From Checking Account: You’d be surprised how many people do not do this. But a simple personal finance tip, move what you want to save to a separate account. Whether that is a savings account at the same bank or a different bank where you don’t touch the money unless for emergencies. I like the online savings builder account from CIT Bank. Find more info on Money Management Blog.
70% of Americans don’t have a will. If you have dependents, no matter how little or how much you own, you need a will. If your situation isn’t too complicated you can even do your own with software like WillMaker from Nolo Press. Protect your loved ones. Write a will. If you don’t keep good records, you’re probably not claiming all your allowable income tax deductions and credits. Set up a system now and use it all year. It’s much easier than scrambling to find everything at tax time, only to miss items that might have saved you money.
Side Hustle to Make More Money: Are you happy with the amount of money you’re taking home each year? If you’re like most of us, a little bit of extra cash each month could go a long way. So, why not start a side hustle to supplement your income? Don’t worry. You don’t have to sacrifice all of your free time to start a successful side hustle. One of the big advantages of side hustling is that you can do it when you want and as much (or as little) as you want. The best advice I can give you is to start. Use any extra time you can find and make a little bit of progress every day. Soon you’ll be addicted to the side hustle lifestyle. So, how much money can you really make with a side hustle? Well, that’s the other awesome thing about side hustling, the income is virtually limitless. Since you’re not getting paid by the hour or a set salary, it’s really up to you to decide how much you want to earn. The more you feed your side hustle, the more it grows. Visit: http://aspiretomoney.com/.