The majority of people make some financial mistakes throughout their life and might not even know, says Simplicity's personal finance expert Amanda Morrall. Often those mistakes can be blamed on things like a hectic schedule or lack of knowledge. But Morrall said small mistakes could land you in big trouble. She said most people approach money from the wrong perspective, which can lead to them becoming buried in debt. “Banks and other lenders are not unlike drug dealers. They love to get you hooked and they love life-long customers,” she said. But taking on debt isn’t the only mistake people make. Here are the top five mistakes Morrall sees: Apathy Morrall told Newshub the biggest money mistakes people make happen through ignorance and neglect. “If your prevailing attitude is one of apathy, then you’re setting yourself up for a broad spectrum of financial disasters,” she said. She said being aware can go a long way … [Read more...] about Top five money traps and how to avoid them
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Three young entrepreneurs who chose to skip university and start their own businesses instead have shared their success stories. Despite the high street struggling in the recent months, Emma Parry, Hannah Suffolk and Omar Sacranie say their independent businesses are thriving. Here, they tell us how they got there. Emma Parry, The Bloom Project Emma knew at the age of 13 that she wanted to be a florist, after her mum bought her her first at-home floristry kit. A few homemade flower arrangements later, Emma had found her calling. Ten years on, she is the proud owner of The Bloom Project, her own flower shop in Queens Road, Clarendon Park, Leicester. The Bloom Project opened its doors in September last year after Emma received funding from the Leicester-based Sir Thomas White Loan Charity, which provides young businesses with interest-free loans. Within weeks of receiving the funding, the 23-year-old found her dream business premises, and started making her business a reality. Emma was … [Read more...] about How to start a business when you’re under 25
Janna Herron USA TODAY Published 7:07 AM EDT Jun 6, 2019 Buying a home is stressful enough in today’s housing market. Try adding the extra pressure of selling your current home, too. Many homebuyers face this two-step transaction, whether they are relocating for a new job, upgrading to a new home or downsizing in retirement. Last year, 89% of repeat buyers sold or planned to sell their previous home, according to the National Association of Realtors. The key is to understand how the market is going, know your financial limitations and have plans for bumps in the road ahead of time, real estate experts say. “It’s a balancing act,” says Susan Staffordsmith, a real estate agent with CENTURY 21 Action Plus Realty in New Jersey. “It’s our job to make sure clients minimizes costs. They don’t to pay for moving twice or for storage. These things can add up to the thousands.” Here’s what you should know. Can you carry two homes? The … [Read more...] about Homes for sale: How to sell your house and buy another?
Janna Herron USA TODAY Published 8:32 AM EDT Jun 5, 2019 So you’re ready to sock away half your income, earn more through side hustles and aggressively invest so you can become financially independent and retire before age 50. But a big obstacle threatens to keep you from joining the financial independence/retire early movement, popularly known as FIRE: the high costs of health care and health insurance. Without a job and too young for Medicare, what health care insurance options remain for early retirees and their family? A handful, it turns out. “There are already tens of millions that provide their own health insurance whether they’re retired, freelancers or independent contractors,” says Leif Dahleen, 43, author of the blog Physician on FIRE and an anesthesiologist by trade. “It’s not any different. You just put it in your budget.” Dahleen is a member of the FIRE movement. He and other … [Read more...] about Early retirement: How to afford health insurance?
To be able to start a business without much cash behind you, you must usually be setting yourself up as a sole trader or self-employed individual who does not require a business premises. It shouldn't cost too much to set up a business that provides a local or personal service such as window cleaning, house cleaning, hairdressing, make-up services, or personal fitness training. "To set up a business that offers one of these services, you don't usually require a lot of money behind you," said Oisín Geoghegan, head of enterprise in the local enterprise office (LEO) in Fingal. "It mainly comes down to the skills of the job, the tools of the job, and your ability to provide the service. It costs anything from a few hundred euro and upwards to set up a basic business." If you have anything from a few thousand to up to €10,000 behind you though, what businesses could you set up? Coffee stall It should be possible to set up a coffee stall in a farmers' market for around … [Read more...] about How to become your own boss