Distinguish Between Investing and Insurance

Individuals who have some wealth and are not quite sure how to handle it would do well to take advice from a financial services consultant. There are many types of financial instruments in the market, each solving a different purpose. In some cases, individuals believe they are saving or planning for the future but in reality might not be doing so. That is why seasoned advisers like Eric James Viveros bring in all their experience to portray to an individual how to invest wisely and when to take a step back and reassess the finances.

There is a huge difference in investing and in paying premiums for an insurance policy. Then there is the question of how you are saving. In other words, a professional personal financial adviser can help you look at three different tiers. There are fixed deposits where you get a small interest but also the assurance that the cash is there for your time of need. Then there is the tier of investing in securities, mutual funds and other financial instruments. Although, you expect to make money out of these instruments, you can never be fully assured of what gains you are going to make.

It is important to use a component of your money to make more money. However, for higher gains, there is always an element of risk associated with it. A different tier is that of insurance, whether it is permanent life insurance or term life insurance that could be for 10 years or 20 years. The premiums could be fixed or could increase with time. They also depend on the risks and liabilities you face. They have a sum assured amount at maturity that would be handed over to you. But, in truth, they can neither be considered an investment nor as saving.

Insurance policies act as parachutes to deal with unforeseen events of life. For example, you may have a house loan that you can pay back in 20 years. In the worst case scenario of your death or if you lose your ability to earn, you wouldn’t want this liability to be transferred to your dependents. That is what insurance will help you achieve. Some policies do have a cash value where it is invested in money market funds to make more money. However, there is unpredictability of returns even for that component.

It is important to discuss your needs and your family’s needs with a financial consultant who can draw lines on how much insurance you need and what savings you ought to have. Too much insurance will mean very little saving by the time you reach policy maturity. Too many savings could still mean your money could be wiped out in one unforeseen event. The financial consultant will try to strike a balance between the two scenarios. There are annuities and depository receipts, collectibles and corporate bonds, mutual funds and municipal bonds along with a wide array of other instruments. Understanding each of them needs expert intervention and clarification.

QUICK AND EASY CREDIT WITH PAYDAY LOANS

Forget about loads of formalities connected with taking a loan. Payday loan makes it simple with instant approval options. Payday loan lends a helping hand to those whose budget is a little overstrained. If you are a US citizen with proper employment for at least 6 months with regular monthly income, you get to opt for payday loans. Hence, you do not have to stay under constant pressure due to insufficient money. Payday loan is also referred to as ‘cash advance’. It is a short term loan by nature and is offered to the borrower until his next payday.

The main purpose of a payday loan is to provide the borrower a short term relief. You can seek out professional financial advice to overcome bad debts and credit difficulties. You can review local laws and regulations governing payday loans and decide on a reliable company. Payday loans are still restricted in some states. Once the loan is sanctioned, the amount will be transferred to your account directly. Cash transfer times varies between lenders and depends on your individual financial institution. The repayment terms also varies by lenders and local laws.  Not every individual qualifies for 90 days repayment terms.

Online payday loans stand to be a wonderful option for salaried people. Payday loans are short term loans which are used by the borrower during financial crisis. Make the best use of these loans and avail the amount actually required by you so that you do not end up paying high interest rates. Unlike other traditional loans, a payday loan gives you money instantly. This feature has attracted a wide range of people. Another important benefit of fast payday loans is that they require no credit check. Instant payday loan lenders only check your ability to repay the loan.

Self employed can sometimes pose problems. Checking out the specifications of the loan will ensure that you get the right service you need from payday lender.  A payday loan approval usually comes quite fast and hence minimizes the waiting time of the borrower. The right amount of planning makes payday loan beneficial. Payday loan is an excellent credit management tool to help you overcome your financial crisis.