canstockphoto0347026Getting injured on your motorcycle can be devastating. Of course, you should always take the time to recover before you start to think about getting compensation. Nothing is more important than your own health in these kinds of matters. Once you’re able to, you should definitely start to think about whether you are due compensation or not. Here’s what you need to know.

Contact a Solicitor

The first thing you should do is get legal advice. This means contacting a solicitor and talking to them about your case. If they are willing to take the case on, hire them swiftly and get down to business. Make sure you get an accident compensation solicitor for motorcycle accident cases. They need to have this level of expertise to make sure that they are able to get the result you’re looking for. Solicitors aren’t cheap, so it’s worth making sure you hire the right kind.

Liability

Your solicitor will send a letter to the opponent outlining the situation with regards to your desire for compensation. Within three months of this happening, you should get a reply from them and their solicitor. You will be hoping that they acknowledge responsibility for what happened and agree to negotiate a compensation sum. If the police are investigating what happened, they will probably wait until that is complete before getting back to you, so keep that in mind. When you know what their response is, you can start to decide what the next step should be.

Evidence

It’s a good idea to start compiling evidence at this stage too. If the opponent does not admit liability, it will be up to you to prove your case to a court. Preparing and sorting evidence is something that you should do alongside the solicitor that you hired earlier on. They will understand what kind of evidence is most important in these kinds of cases. Your medical files and any police report that was carried out could be of use to you. And you should also see if you can contact any eyewitnesses who saw what happened if there are any.

Settlement or Court Process

Finally, the time will come when there has to either be a settlement of further steps are taken. If the opponent has admitted that they were liable for what happened, you will go into the settlement process. This will mean detailing all your expenses that have been incurred as a result of the accident. It could include medical costs and loss of income, for example. There is also the physical and mental trauma that will be taken into consideration when a price is settled on. If the opponent does not accept that they were responsible, you will have to decide if you want to take the case to court. This can take a long time, but it’s often the only way to get your hands on the money. If the civil court finds in your favour, your opponent will force them to pay you the compensation you’re owed.

 

canstockphoto5799028Many people think that once you’re earning enough to make a passive income, you can simply sit back, relax, and never worry about money again. But, for those who are earning a passive income, this isn’t always the case. When running a business which brings in a steady income for yourself, one thing is absolutely essential – that your invoices are paid on time, and in full. When payments start falling behind, your business can quickly start to follow suit. Ensuring that payments are made when due without any issues is vital to not only the success of your business, but also to making sure that you have stable finances.

But, as any business owner will know, not all clients are model. Invoices can go unpaid for long periods of time, causing unnecessary stress and disruption. So, what can you do in order to ensure that you are paid when due each and every time? We’ve put together some top tips on the matter.

Invoice Factoring

Invoice factoring, or invoice financing, is a sure-fire way to ensure that you receive the money that you are due, regardless of whether or not the client adheres to your payment due dates and instructions. With invoice factoring, you can turn your current, but unpaid invoices into cash that can then be paid straight into your bank account. The way this works is actually quite simple.

Once you have invoiced your client or customer, you will ‘sell’ the invoice to the factor. In return you will receive an advance, which is usually around seventy to ninety percent of the total value of the invoice. With this cash to hand, there is no need for you to worry about being short on finances, missing your own payments, or being unable to afford business costs. Once your client, known as the ‘account debtor’ has made their required payment, you will then receive a ‘rebate’ for the remaining funds which you are owed. You will also be required to pay a fee to the factoring company, which is usually calculated at a small percentage of the total invoice. This method is becoming more and more popular with many business owners, as it allows them to maintain a stable cash flow even when dealing with problematic clients.

Debt Collections

The terms set out by most businesses mean that you can wait, often up to ninety days, before your invoices are paid. But, there is absolutely no reason why you should have to wait any longer than that. Often, when a client has broken promises, become difficult to get in touch with, or defaulted on an agreed automatic payment, they have no intention of paying their debt or are dealing with a financial situation of their own which is making it difficult for them to make the payment.

By hiring a debt collection company, you can pass over the responsibility of claiming the payment to somebody else, giving you the time that you need to take care of all of the other aspects of your business. When you are spending your time chasing unpaid invoices, you are losing time that you could be spending elsewhere. Debt collection professionals are also fully trained to deal with non-payments and are often very successful in recovering due payments, whether this be in full or as part of a long-term repayment agreement. Debt recovery companies also tend to work on a ‘no win, no fee’ style basis, meaning that you will only be charged by them if they are successful.

Invoicing Techniques

Before you have even sent the invoice to your client, there are a number of different things you can do in order to encourage them to make the payment in full and as quickly as possible. One of the most popular methods that you can use to achieve this is to offer a small discount on an invoice which is paid before a certain date. By offering your client a discount, you have given them an incentive to make the payment in the form of saving them some money. Even small discounts of around 5% can be hugely effective, especially if the invoice is being sent out to a long-term, regular client who could potentially see large savings over time just by paying an invoice as early as possible.

When it comes to creating a passive income, there’s definitely a lot of effort which needs to be put into ensuring that payments are received. Thankfully, there are some great means and methods of achieving this.

canstockphoto12313804Want to know how to make a profit without taking any risks and that is completely safe, legit and secure? How about getting a bigger return than any financial guru can guarantee? Sounds like something out of a dream right? However, if you are still reading this far you are no doubt interested in knowing more. The answer is to pay off your mortgage or home loan with left over cash is a combination that is worth pursuing. It guarantees high returns and is completely safe.

Here’s the formula:

This example is using figures that are interest only just to keep it easy to understand however even people with high interest rates can do this and get a pretty decent return. Remember this example is using figures that are calculated annually.

A traditional mortgage or home loan of $100,000 at 6% pays around $60 annually or around $5 a month for every $1,000 that was borrowed. That approximately $6,000 annually or $500 a month. Now say for example the homeowner repays $1,000. The new amount would be around $5,940 annually or $495 a month. If the homeowner paid more annual and monthly would be reduced.

Now compare the $60 a month which is what the $1,000 may have earned in a bank account at say 3%. It would only gain interest of around $30 in a standard savings account for repaying a mortgage. In addition, income tax would also be paid on a standard account.

The money that you save by putting extra cash on your mortgage is tax free. This saves even more money as opposed to the income tax you would have paid.

After you make a payment it also reduces the interest rate for every year of the mortgage. If the interest rate ever goes up, you save even more money. However, if interest rates fall you still save money. This enables you to have even more spare cash to pay on your mortgage reducing the interest rate even more. There are some bank accounts that let you borrow on money on overpayments. This is like getting your spare cash back again and using it continually while reducing the interest rate with each extra payment you make. The larger the amount of each overpayment the lower the interest rate drops and the earlier you pay off our mortgage or home loan.

As previously mentioned this is just an example of how you can pay off a mortgage or home loan early using spare cash to make overpayments. As shown it’s also a good way to save money as well.

Now if you are a senior of at least 62 years old, another way to pay off any home loans is by using a reverse mortgage. With a reverse mortgage you retain full rights to your house but you can obtain some of its worth in cash to use as you wish. It’s essentially taking out a loan on the value of your house. However, you don’t make any payments as long as you are living in it or sell it.  More information can be found with these Frequently Asked Reverse Mortgage Questions.

You can also find out more about paying off your home loan or mortgage early by searching online for mortgage or home loans specialists who can give you a few tips. One advantage of searching online is that you can compare items such as interest rates and fees of home loans and mortgages between various lenders and banks.

canstockphoto9973763Your smartphone is your lifeline. It’s a communication device, handheld entertainment console, GPS and social gadget. Your smartphone connects you to friends and family, games and directions. And now it can connect you to your finances. Your smartphone helps with all types of monetary matters, from convenient mobile payments and money transfers to billing alerts and budget apps. Here’s how your smartphone can serve as an efficient handheld money-management tool.

Mobile Banking

Download your bank’s app to check and monitor your expenses anytime, anywhere. Waiting for credit card statements to arrive in the mail and stopping at the bank to deposit a check are archaic, time-consuming ways to manage your funds. In comparison, mobile banking offers real-time access to your accounts so you can check balances, pay bills, transfer funds and track transactions with a touch of your screen. If you can make it a habit to log into your mobile account on a regular basis, you can make it a habit to ensure you’re spending responsibly.

Android vs. Samsung Pay

Following in the dust of Google Wallet, Android Pay is a cutting-edge mobile payment platform that allows you to make purchases right from your smartphone. To use this high-tech, digitized wallet, you simply tap your phone on NFC-ready credit card terminals at stores. This is how Android Pay differs from its rival Samsung Pay, which uses magnetic secure transmission (MST) technology. More retailers accept Samsung Pay, but Android smartphones like the Samsung Galaxy S6 Edge are compatible with both Android and Samsung Pay. This means you can choose which one you prefer or use both.

In addition to convenience, your finances are more secure with these mobile payment systems. Each credit card payment generates a virtual number, or token, that expires after every purchase. In other words, Android Pay helps limit exposure of your credit card number.

Work Expense and Tax Deduction

If you use your personal smartphone for work-related purposes, you can deduct it as long as you follow the 2 percent rule set by the IRS and it’s a work expense that isn’t reimbursed (miscellaneous deductions). The Nest delves further into this rule, explaining miscellaneous deductions must total up to more than 2 percent of your adjusted gross income.

If you’re self-employed, you also can claim your mobile phone as a deduction. However, prepare to support this deduction by tracking business use and only claiming that amount of your bill. As an alternative, set up a separate business number from your personal number and only claim services used on the business line. You also should look into claiming depreciation for when wear and tear starts to devalue your phone.

Alerts and Apps

If you set up online banking on your phone, check to see if the mobile app offers an alerts feature to notify you about payments due like bills, rent or mortgage. You also can set up an alert for low balances or if your balance drops below a certain limit. With an alerts system, you can prevent overdrafts and avoid unwanted fees. If mobile banking alerts sound too complicated, resort to the Galaxy S6 notification reminder. This feature repeats reminders until you take action, ensuring that bill definitely gets paid on time.

Of course, you have a wide inventory of available apps to help with budgeting, saving and transferring funds to others who don’t share your bank. Gotta Be Mobile highlights 11 of the best budget apps to keep your finances in check, prevent costly mistakes and reach your financial goals.

 

canstockphoto15671725Everyone always talks about how starting a business is time consuming, expensive, and hard. In reality, it is. However, there are ways that you can reap the benefits of having your own business without necessarily taking on too much or being afraid of too much failure. Take a look at the following five easy ways that you can start a business to supplement your income or help propel you into financial freedom.

  1. Online

The internet is probably the easiest way for you to start a business. You can create a free website using many different platforms to get your name out there, or you can stick to social media marketing. You can also find tools that will allow you to accept payment online via credit card, which can help you generate more interest and more sales. Websites provide a great way to show off your products and/or services to the world without having to pay for office space. Plus, with the way that technology is taking over, office space will soon be completely outdated. Do some research to see the best way for you to market your business, and see how the power of the internet can help.

  1. Franchise

There are plenty of companies out there looking for people to franchise their brand. While you will still need a hefty down payment in order to do this, it’s a lot easier to start a franchise than to start a business from scratch. The franchised company will usually provide you with all the materials you need, including product/service and marketing. This way, you have everything already done for you, so you can focus on the task at hand.

  1. Pop Up Spaces

Pop up spaces are becoming more and more popular. These cost a lot less to rent from your local mall, and it provides you with an opportunity to get in front of a large group of people in a very populated area. Westfield Pop provides different opportunities for individual to rent these spaces out. This way, you can get a feel for how your product or service is received, and you can do so without needing to spend a fortune on space and/or marketing.

  1. Affiliations

Being affiliated with a company is almost like starting a franchise. This type of job requires you to sell products or services for another person while still having the benefits of being your own boss. For example, Tastefully Simple would be an affiliation. You are a representative of the home company, but you can find your own way to market yourself. This way, you don’t have to be in charge of coming up with the next best idea. Instead, you can piggyback off a larger company while enjoying your own schedule and benefits.

  1. Third-Party Online Retailers

While we already discussed how the internet is a great tool, it required you to build your own site and take on your own marketing. This may be the best route for some people, but not for all. Instead, you can still use the internet to your advantage, but you can do so using third-party online retailers. Think of sites like Etsy. This site allows people to market their own products and reach millions of people. You can decide how much you want to charge, what you offer, etc. Etsy will take a small fee, but it’s worth it if you don’t have to create your own website or handle any other business needs on your own.

Starting a business is a dream for many, and if you’re not sure yet how far you want to take it or if you have the patience to handle it for the long-term, consider these situations that will allow you to start a company without most of the headache.