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Posts Tagged long term

Long Term Care Health Insurance – A Closer Look

Jan 8

Posted by admin in Finance, Insurance

Kids today face an ever growing number of temptations ranging from drinking and smoking, drugs, gambling and pre-martial sex. Unfortunately, due to their youth and inexperience they fail to realize that what they do in their youth can have a great effect on their quality of life as they grow older.

On the other hand, as people grow older and approach retirement age they begin to realize that the carelessness of their youth did have a profound effect on the quality of their life but now they are ready to do whatever it takes to remove as much risk as they can. As a result, an ever increasing trend has been the purchasing of long term care health insurance as one way of reducing the financial risk a prolonged illness poses.

Long term health insurance is one the best ways to reduce whatever fears you may have in terms of how you’ll be able to take care of your health after (and in some cases at a much younger age if you are the victim of an untimely accident) retirement as well as ensure your family (your spouse, children and even your grandchildren) that they won’t get saddled with the potentially huge amount of debt that can result from the high-cost of medical care. Long term care health insurance is one of the best ways to guarantee that not only will you receive higher quality care but that you won’t lose a lifetime worth of savings in the process.

Because health care costs continue to rise at dramatic rates nearly every year, it’s becoming increasing advisable to begin coverage much earlier in life. Traditionally, individuals wouldn’t even consider long term care until nearing retirement or even until after retirement but you may want to reconsider your thinking if that’s been your plan. A few big reasons you may want to consider looking into long term care health insurance as early as your mid 50′s are premiums and approval. Policies taken out when someone is in their early 50′s (this is still seen as a favorable age group ) is much less expensive then one initiated in their early to mid 60′s and the older you get the higher the premiums.

However, if you take out a policy when you are younger you will continue to pay the same premium even as you get older. Sure, you may pay for 10, 15 or 20 years before you need it but when you do need it you’ll have much better coverage.

Another big reason you may want to consider taking out a policy earlier in life is that you greatly increase your odds of getting approved with no riders or other exclusions. Once you get hurt or sick and realize you need long term health insurance then it’s too late to get coverage because no insurance company will issue you a policy – at any price.

If you’re currently a little older and you have other income besides your Social Security benefits or Supplemental Security Income (SSI) and you absolutely have no trouble paying for your daily needs and all your monthly expenses then you should definitely look into a long term care health insurance plan.

Once you make the decision to look into purchasing a long term care health insurance plan you need to be aware that whatever company you talk too will assess your health and you current state of life before issuing you a policy. That will assess your ability to handle the Activities of Daily Living (ADL).

These so-called Activities of Daily Living are activities like: taking a bath, continence, dressing yourself, eating by yourself, going to the toilet (without any help from others) and getting yourself in and out of bed. If you can’t most if not all of these activities you change of getting approved and a policy issued is greatly reduced.

On the other hand, different companies use different approval criteria and there are different types of policies you can apply for. Some policies are geared towards home health care or having a personal home nurse while others are designed for care to be received while staying in a long term care facility. You will be given the option to choose the type of plan you would like when you apply but like most things, you pay for what you get and different plans come will different price tags. Just make sure you thoroughly understand all your options first and if you feel pressured and uncomfortable then politely move on to the next company to apply.

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How to Consolidate Credit Card Debt

Dec 4

Posted by admin in Finance

Nothing is worse than feeling like you have accumulated more credit card debt than you can handle. And, realistically, almost any amount can quickly become too much to handle, thanks to the high interest rates most revolving debt carries. For this reason, many people decide to consolidate credit card debt.

Why Consolidate Your Credit Card Debt?
The only reason to consolidate your credit card debt is because you want to get out from under it – and, realistically, who doesn’t? However, if you do not keep this goal in mind, you can easily make a decision that will cost you more in the long run, or even jeopardize your credit score. So remember, when consolidating your credit card debt, make sure every move you make will result in less interest and fees and/or a shorter pay-down period.

Consolidate Credit Card Debt on Another Card
Perhaps the most common way to consolidate credit card debt is to move all your balances to the same card. If you’re like most people, you probably get credit card offers in the mail on a regular basis. In this method of consolidating credit card debt, the idea is to find a credit card offer with a better deal than you are currently getting, and move your balances so that you can take advantage of the lower rates and fees.

What to Look Out For
Consolidating your credit card debt on another card is only a good idea if the new card really is a better deal than you already have. If you aren’t careful, you could end up costing yourself more money or even destroying your credit rating. To make sure you don’t end up in a worse situation than you were before, you will need to:
- Find out how long the introductory rate will last. Most new card offers flash super-low rates at you in big numbers, hoping you won’t look any further. However, usually these “teaser” rates only last a short period of time. Also, if you go over your credit limit or make a late payment you may lose your initial deal. Make sure you know how long the introductory rates will last, and what you will have to do to keep them.
- Make sure the introductory rate applies to balance transfers. Many cards offer a different teaser rate for new purchases than for balance transfers. Make sure that you are looking at the correct rate when you make your decision.
- Find out the normal interest rates, and compare them to what you are already paying. Don’t make your decision based solely on the teaser rates, especially if they won’t last forever – which, in most cases, they won’t. Unless you can feasibly pay off the entire balance during the introductory period, you will need to make sure the normal rates are also a better deal than your current cards.
- Find out if the card carries an annual fee. Oftentimes cards will make up for lower interest rates by charging an annual fee. Take such fees into account when you are determining whether the new card truly offers a better deal.
- Find out if you will be charged a balance transfer fee. Most cards apply a fee to all transfers – the only question is, how much. Balance transfer fees are often stated as a percentage of the total transfer, although some cards cap these fees so that they will not go over a certain amount.

Consolidate Credit Card Debt Using a Loan
Another approach to consolidating credit card debt is to get a loan for the amount of revolving debt. Debt consolidation loans are useful because you can spread the payments over a longer period of time, lowering the payment amount. Also, because the loan is for a specific amount and extends over a specific period of time, the payments will be the same every month, making it easier for you to budget for them.

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How To Rid Your Home Of Rats

Apr 28

Posted by admin in Loans

Rats are rodents that often infest houses and are one of the most irritating pests. They pose such a threat that we are often desperate to exterminate them somehow. The following tips can go a long way in handling this common nuisance effectively.

Eliminating rats involves laying traps with baits at places in the house, particularly entrances and exits, as these are the often visited areas by rats. It is important to realize that rats have a collapsible spine and can squeeze into quite small places. Therefore, you need to put your traps at these small openings and holes in your house as well.

Another successful rat elimination technique, which has been commonly used down the ages, is rat poison, but it is preferable not to use it in case there are kids or animals in your home. One of the newest tools used in rat extermination are sonic repellents, which are quite well known with pest control companies. However, caution should be taken to make arrangements for getting rid of the dead rats before you go ahead and use any of these techniques.

It is important to keep in mind that extermination is a lot more than just killing, and while it is crucial to work upon the immediate requirement of getting rid of rats, it is also essential to ensure that the nagging problem does not arise again and thus steps must be taken to rat proof your home. Though rat proofing can be rather difficult, it is an effective and permanent solution to the issue of rat attacks. You should block all entrances and exits when they are not in use, and if you have a garden, then you must regularly clean and maintain it to ensure that rats do not infest the area.

Hiring the services of a competent pest control firm can be very helpful for appropriate execution of the elimination plan and their suggestions will provide you a long-term solution so that you are saved from having to face this serious problem in the future.

Why must you go through the trouble of applying pest control measures for the home? Even if you may not be thinking about it now, someday in the future, for various motivations, you may put your house up for sale. No matter how appealing your house is from the outside, real estate agents and buyers would steer clear of it if they see marks of pest infestations. For instance, termite colonies discovered along the foundation of your house are huge hindrances for potential buyers. Furthermore, banks usually refuse loan applications with houses used as collaterals if they found that the property is infested with pests; like potential buyers, banks view pest-infested houses as terrible investments. So, although the fee to hire a professional pest control company to eradicate pest infestations in your house may be steep, think of it a good investment for the future resale value of your home.

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Make Money Fast – A Low Risk Way To Build Long Term Wealth

Mar 9

Posted by admin in Investing, Wealth Building

If you want to make money fast you need to do it yourself and its easier than many people think. You need a way that?s easy to understand and gives you high growth potential with low risk.

The way to do it below is used by most of the worlds wealthiest investors and is easy to understand, even if you have had no previous experience.

Of course, as soon as you get started compound growth will kick in and make your money grow fast. For example invest $30,000 and in little over 10 years you could be a millionaire, with the triple digit annual profits avialbale in this investment!

Other people have done it and you could to and this can be done by investors with no previos experience

So what does the method involve?

It involves buying land.

Now you may never have considered land as an investment before but consider this

- Profit potential can be 100% or more

- Land is cheaper to invest in than property

- Land is easy to invest in and prime land is a luqiod investment

- No other investment has such high growth to low risk

- Land investing can be extremely tax efficient

The potential

People who took a chance and invested in coastal property in California, Hawaii and some parts of Florida have made huge gains. A $30,000 investment in any one of the three states mentioned above 30 years ago could have returned over $1,000,000.

Check out this location

Today, areas exist in the world with the same potential as they did in the above states and the new boom markets are in Central America.

With coastal properties and land up to 70% cheaper than in the USA and just a three hour flight away, Americans who want an affordable second or retirement homes are buying in increasing numbers.

These countries are seeing a boom in land and property prices and Costa Rica and Panama attracting huge investment.

Large gains and low risk

The boom in land prices is seeing many investors able to make triple digit annual gains with low risk by buying prime land for development.

If you are looking for a way to make money and build wealth consider land investing, its one of the best ways to build long term wealth quickly with low risk.

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3 Steps To Personal Financial Success – Part I: Goal Setting

Jan 10

Posted by admin in Finance, Personal Finance

Financial Success – A Definition

What is your definition of financial success? For many of us it means different things. And for most people, it is a vague definition with out a set number or desired result. Most people declare that they want to be “rich” or have enough money so that they don’t have to work.

Well, what is that number? What is rich to you? What steps have you outlined to reach this goal? Your definition of financial success should be a personal definition, not some generic definition that someone created in general. But, if you cannot think of one on your own, a generic definition may be a good place to start. That being said, here is my personal definition that my wife and I decided on:

Financial success – the ability to be able to pay bills without worry, be free of debt, help others with our time and financial resources, save our children’s college tuition/trust funds saved in the amounts of (amounts here), and are on track with our savings plan to have saved the money we want to have by (our date here).

Pretty lengthy definition huh? Well, one of the most important things for being a success in anything is clarity. If you are single, you must be clear as to what it is you are trying to accomplish for yourself. If you are married, you must both be clear on what it is you want together, as well as individually, and put a game plan together to begin, gauge, and accomplish your goals.

Step 1 – Establish Clearly Defined Financial Goals

In order for you to reach a destination, you must be able to see where you are going. Have you ever tried swimming through mud? It would be very hard to do. In addition, you wouldn’t be able to see where you are going and the frustration would probably lower your determination and you would give up. If you don’t have financial goals set, this is exactly what you are doing.

Why do this if you don’t have to? Clearly Defined Financial Goals allow you to see where you are, where you are going, and gives you a way to track your progress. Imagine swimming in the clear waters off the coast of Bermuda – able to see the underwater life and go exactly where you want to go. You can see the dangers and avoid them. If you get off course, you can see where you came from and adjust your direction. Goals in any part of your life give you this power.

How to Set Financial Goals – Short Term

So how do you go about setting financial goals? I’m glad you asked! Setting short-term goals is important because they help you achieve your long-term goals. You can set short-term goals that look something like this:

I will save $600 by June 2005, starting now, by putting away $100 a month. I will have it automatically drafted.
I will drink only 1 soda a day starting today, instead of three, and save the difference in a Money Market account with (Name of Company) from (today’s date) to (1 year from today’s date).
I will save $5000 this year in my Mutual Fund account with (Name of Company) by having $208.50 drafted bi-weekly from my pay.

These short-term goals answer the questions who, what, when, where, and how. Do your goals do this? It may be time to revamp. I can’t stress enough the importance of clarity. Without clarity, your action will be more so inaction than progress.

How to Set Financial Goals – Long Term

For long-term goals, you want to be just as clear. As a matter of fact, your long-term goals will follow the same format, but will have dates that are further in the future. For example:

I will have saved $500,000 by my 55th birthday by setting aside ($ set number of dollars) for (set number of years) by having it automatically drafted into a Roth IRA with (Name of Company).

On September 5th, 2020 I will have saved ($ set number) for my child’s tuition / trust fund by having ($ set number of dollars) drafted from my paycheck bi-weekly.

The short-term goals that my wife and I have set put us in sync with our long-term goals and our definition. The greatest part about all of this is – if our thinking changes about our future plans, we can make adjustments and continue the course.

I am confident that the first part of this series is helpful to you, or has at least put you back on track to your financial goal. Stay tuned for 3 Steps to Personal Financial Success – Part II: Budgeting.

Gordie Prescott is a motivational speaker and success coach in the areas of personal, career, and financial success. Gordie also owns GordiePrescott and the Money Matters website.

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Make Money Fast ? An Investment That’s Making Huge Gains!

Jan 9

Posted by admin in Stocks Mutual Funds

At the start of May we warned of a huge price move coming in natural gas and as predicted prices exploded to the upside last week and this is only the start of the move.

Natural Gas is a great long term investment, supply is simply out stripping demand and it?s an easy investment to understand and trade.

Let?s look at this fantastic trade in more detail and how you can trade it with unlimited profit potential and limited risk.

Seasonal demand ? 14% Price rise last week!

The demand for natural gas is seasonal and as the hot weather kicks in demand soars due to increased demand for air conditioning.

Natural gas closed up 14% on the week. The contract rallied 7% on Thursday alone on expectations that the above-average temperatures forecast across much of the U.S. for the weekend which boosts consumption as consumers increase usage of air-conditioning systems. Weekly supply data was also bullish for prices.

Further good news for the bulls is we are approaching the height of the cooling season and the gas surplus should continue to decline as we enter a period of peak demand.

While this trade has already made great gains in a short period of time on the above seasonal, it?s the longer term picture that?s even more exciting.

The longer term picture
Natural Gas is colorless, shapeless, and, odorless. For many years, it was discarded as worthless but is now considered one of the most valuable fuels on earth and the supply and demand picture is compelling.

Long Term Demand
Natural gas is a source of fuel for the US which is domestically produced and is free of the geo political concerns that surround the supply of crude oil.

In fact, natural gas now provides 20% of all the energy used in the United States.

It is very important in private homes, where it supplies nearly half of all energy needs domestically.
Natural gas is also popular in industry and used in an increasing number of power plants to generate electricity and factories are also using more gas as well.

We have strong short term demand and this is supported by strong long term fundamentals.

Long Term Supply
Demand for natural gas in North America is increasing at around 3% per year, while production is lagging at about 1%.

Older wells are running out and newer wells are not producing quickly enough. For the next few years at least supply will not be able to keep pace with demand and prices will continue to remain firm.
The trend of demand outpacing supply will continue at least through to 2008, when liquefied natural gas is expected to be able to help meet rising demand, but until then far higher prices are expected.

Gas Is Cheap!
Natural gas has fallen over 50% from its 2005 peak and is now moving higher and has plenty of room on the upside.

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