Cash for Your Annuity Payments

Getting the cash to pay for your son’s college, or to pay for your new house is something you can’t simply ignore. While you can apply for a loan, often times the interest may not be very favorable for you and you end up paying more than the amount you borrowed. However, if you are a recipient of an annuity payment, selling a part or the whole of the payments may be enough to answer for your immediate financial needs. In fact, most annuity recipients sell annuity for this reason.

While it is true that you can find several annuity buyers that are interested in buying your annuity payments for lump sum of cash, not all will be willing to pay most cash for your annuities. So it is best that you carefully choose to whom you’ll sell your annuity. There a few steps you need to follow to sell annuity for most cash.

Do Research

The first step you need to do is to make at least a short research about your annuity payments. Does the agreement you signed allows you to sell annuity payments or transfer your rights to a third party? Does it require court order so you can sell your annuity? How much does your annuity cost? It is best that you also consult your lawyer, or your financial adviser when deciding whether it is favorable for you to sell your annuity or not.

Ask for Quotes

To help you find the best annuity payments buyer (the one who is willing to pay most cash for your payments) you need to have an idea how much will they pay for your annuity by asking for their quotes. You can either personally visit them at their office, or call their business line, or you can visit their online website. Either ways, you can secure the quotes you need to better decide on the matter.

Analyze

Choosing the highest bid does not end the process. You also need to verify if they will be charging you with other fees in connection with the sale of your annuity. Some annuity buyers would usually offer huge amount of cash for it only to find out that they have to deduct from that amount the fees needed for the processing of the sale of your annuity. Compare the fees and the amount these annuity buyers offer you. Consulting your lawyer or financial adviser will be very helpful in this stage. Once you have cleared and compared everything only then you’ll finally sell annuity payments.

How To Stretch Your Salary When You’re Stuck

Sometimes your salary isn’t paying quite enough to cover all you wish it could. Maybe you got promoted to an exempt position that looks good on your resume, but now that lucrative overtime bonus is gone. You could have been offered benefits that you truly need (medical insurance, for instance), and on paper it all looks good, but in your wallet there’s not enough cash.

This is where that “B” word – Budget – comes in to help.

All the experts start with an honest assessment of where your money is currently going. If you don’t know where your money is currently going, how can you control its flow? Write down all the ugly reality on paper so you can look it in the face and deal with it.

The problem isn’t automatically solved by a higher salary; it is solved by controlling the way you spend what you earn.

You can see this in the sad tale of many lottery winners whose huge chunks of money are gone in a few years or the way even high earners go bankrupt. This means that you have hope because you can control your cash flow by choosing to work with the real numbers instead of the dream numbers.

Look at the real numbers and come up with a real plan and follow it:

  • Do some research on money management. There is so much wisdom and free advice or seminars out there that your head will spin, but the reality is you have to make it work for your situation.
  • What are you willing to sacrifice to keep that steady salary or those benefits?
  • When you make the choice NOT to spend, remind yourself that you are saying “no” to this thing and “yes” to controlling your cash flow. You are the boss of your spending.
  • Pay the minimum on your bills if you have to, but add a little when you can. Somehow, that extra gives you a sense of power.
  • Allow yourself some “mad money” that you can spend on whatever you like, but when it’s gone, it’s gone until you get paid again.
  • Somehow, keep saving for emergencies. Even a little bit adds up!
  • Sell some stuff and put the money on the biggest bills.
  • Come up with ways to reward yourself that don’t cost money.

Keep a reminder of your plan, and your goals, in view. You aren’t “stuck” with that salary, you have chosen to stay in the position for a reason. Is your reason still valid? Can you ask for a review and a raise? Are you utilizing all the benefits you have? You may need to sit down and crunch numbers with others who are involved with your money decisions, but it will be worth the time and effort that takes to get everyone on the same team in this!

8 Apps and Sites That Will Put Cash in Your Pocket

Are you living paycheck to paycheck? If you’re like a lot of people, your cash barely lasts until the next payday. While a windfall would be nice, it’s not likely. With little effort you can tweak your spending habits and maybe have a few dollars left over at the end of the week. Save a little here and you can spend a little there.

There are many ways to cut spending, save money and make a little extra cash. While each method may bring in a seemingly insignificant amount of change, together they add up to big savings. At the end of the week, you’ve managed to hold onto a good amount of your hard-earned dough.

Here are 8 ways to turn a pinch of technology into some great money-making opportunities:

1. InvisibleHand is a browser add-on. When you shop online it lets you know if there’s something less expensive out there than the item you’re about to buy. It works with Google so that when you Google something, it automatically checks for the lowest prices of that item and alerts you. There prices are real-time, meaning they are the price as of now, not yesterday or this morning. When you’re not shopping, the add-on stays hidden, so there’s nothing in your way. This is a great way to save money!

2. PriceBlink works in the same way as InvisibleHand. It automatically searches over 4000 merchants while you shop to bring you the best deal available. It also has the added feature of alerting you to coupons for the items you’re shopping for now and allows you to keep wishlists for items you want later.

3. GiftCardGranny is a site that sells discounted gift cards. If there are stores you shop at frequently or you are going to make an expensive purchase, buy the gift card at a discount and use it to save money on your purchase. You can also sell gift cards here as well as check balances and search for current deals and flash sales.

4. Coupons.com has hundreds of coupons for all sorts of stuff. Before you buy, see if there’s a coupon for your item. To get multiple coupons, just check each one you want and print them all at once when you’re done.

5. GasBuddy saves you money on your travels. While you’re busy driving around on your shopping trip, GasBuddy will show you which gas stations in your area are offering the lowest prices on fuel. Locals and app users, like you, report to GasBuddy when they see great, low gas prices so the app can let you know.

6. FieldAgent – pays you to do small tasks at local stores such as taking a picture of a display, checking the price of an item or scanning a barcode. They’ll have a list of jobs and you just pick the ones you want to do.

7. ReceiptHog – earn points for uploading pictures of your receipts, from any store, to the app. Redeem the points for cash or donation to a charity.

8. CheckPoints – earn points by doing fun tasks like scanning barcodes of name brand products when you shop, downloading new apps, taking surveys and more. Redeem your points for Amazon or Walmart gift cards or donate them to charity.

And while you’re at it, here’s another way to earn some pocket money.

There are apps that will pay you to review new apps on your phone. Just download, answer some questions and give your feedback. You get paid for each review. When you’re done you can simply uninstall the app so it’s not taking up space or data.

Your Personal Bankruptcy Checklist

You are earning a comfortable salary and so is your spouse, so the very thought of bankruptcy must be a faraway one. You can never be too sure though, in recent times economic uncertainty has become a regular phenomena and there can be little done to control it. While you may not be able to predict the future, whether economic or otherwise, you can definitely secure it. And how do you go about doing this? Simply by keeping your own bankruptcy checklist of course. Here are a few:

1) Too many obligations?

Think once. Think more than once. How many loans have you going on? Are you struggling to pay off the installments every month? Are there any unpaid credit card bills? If your answer is yes for all these questions then, you are on your way to bankruptcy slowly but surely.

Your cash inflows and outflows need to be well balanced. Obviously, your inflow should be of higher value when compared to your outflow. When you try and balance this equation, there will be a better chance for you to face off any financial adversities.

2) Forgotten medical insurance?

Have you forgotten to avail medical insurance or don’t think it’s worth it? Seek a reliable professional to help you choose a suitable medical insurance so that you or anyone from your family needn’t be bombarded with medical bills when there is an unexpected hospital visit. This is one of the common forms of bankruptcy across the world.

3) Is your life insurance sufficient?

Although most of us avail life insurance, are we sure of how much is enough? If you have a significant debt burden, then ensuring your family is shielded from it is of the utmost importance in your absence. Evaluate carefully and modify your insurance plan if necessary.

4) Remember your good old piggy bank savings?

There is a reason everyone is gifted piggy banks during their childhood. Inculcating the habit of saving a certain sum everyday will indeed go a long way. Obviously once we grow up, banks replace our piggy banks, apart from deposits you make. It is always advisable to have at least half a year’s salary in a savings account, use this as your emergency fund.

5) Too much of a friendly guarantor?

Acting as a guarantor every time a friend asks is not a good move. There are so many reasons you shouldn’t do this: one good one would be using your assets as a collateral. Don’t fall prey to sentiments and go bankrupt.

If you have been able to clearly analyze the answers for the above checkpoints, then you will be able to get an idea of your financial position. So, start saving today, for a surer tomorrow.

How to Avoid Bankruptcy and Save Your Assets

Bankruptcy is not the only option for someone in severe debt there is another option which people should be aware of namely the consumer proposal.

Whereas in a bankruptcy your assets are assigned to a trustee (subject to exemptions) who then liquidates them to pay your unsecured creditors, this is not the case for a consumer proposal. The consumer proposal, under the Bankruptcy and Insolvency Act, is an offer to pay your secured creditors an agreed amount of money to extinguish your debts and thus avoid bankruptcy. This money is paid interest free over a period of up to 5 years.

When a consumer proposal is filed 3 major things happen:

  1. Interest stops on your debts
  2. Your assets are protected from the creditors and a stay of proceedings is in place
  3. Creditors can no longer contact you by phone or mail or any other means

So long as you keep up the payments your assets are protected under the Act. This option is usually the preference for people with savings or equity in their house or for small business owners who need to protect their business assets to maintain an income. If three payments are missed then the proposal is annulled and you are back to where you started!

Consumer proposals do adversely affect credit and are reported to the Equifax and Transunion credit bureaus until 3 years after the proposal is paid off. One option to speed up credit building is to pay off the proposal earlier which will remove it from the credit bureau earlier.

Other advantages of the consumer proposal over bankruptcy are:

  1. If your income increases during a proposal the payments to the creditors does not. In a bankruptcy your income is monitored and payments to creditors adjusted accordingly
  2. Inheritances and windfalls are kept whereas in a bankruptcy these are paid to the creditors.
  3. You can still be a director of a company whereas in a bankruptcy you cannot
  4. You can still sponsor someone into Canada, in a bankruptcy you cannot do this until discharged.
  5. There is the opportunity to rebuild your credit faster by paying off your proposal early

Bankruptcy is not the end of the world as some people may believe and may be seen as a good opportunity to press the reset button and start again. Even if there are assets which may be seized in a bankruptcy the debtor usually has the option to pay additional funds in lieu of the asset value.