Financial Freedom: Preparing For The Worst

To avoid being blindsided in your pursuit of a life that entails complete financial freedom; where the mortgage is paid off and you can choose to hand your resignation in at work if you wish and the constant daily burden of money weighing your head down is eradicated, there are other factors you should plan for aside from the main financial goal. It’s the events that could throw your hard work and effort to the winds if they’re not considered and accounted for in advance. Take a look to see if you’re covered for the below.

Insurance

It’s the unexpected that’s frightening of all when you’re living your daily life, working hard to reach your goals and then something happens. A car accident, a fall at work, slipping down the steps to the subway station, your life has taken a sudden turn for the short or long-term future. You’re disabled and wish you’d taken steps to take out insurance to cover you in invents such as this. The matter of the fact is unless you have enough savings stashed away to take care of you for 6 months, or in some cases, for the rest of your life, hedging your bets with a disability insurance company is a small price to pay.

However, don’t be entirely fooled by the notion of insurance meaning you’re 100% likely to receive a payout in a catastrophic event rendering you disabled or injured. As it’s been proven through various legal cases, you could struggle to receive such a payout when you try opening a claim especially with disability insurance, So prepare to further back yourself up in this situation too with a lawyer who knows the ins and outs of the small print concerning insurance policies. This reassurance will warrant you signing a plan that’s more likely than not to support you in a ‘what if’ scenario.

Emergency Fund

If you consider the cost you would incur if you were to become disabled next year and had to support yourself for the entirety of your life but were no longer capable of working, taking out an insurance policy is wise. But don’t solely put your eggs in one basket, squirrel away an emergency fund for the potential rainy days, weeks and months to put you ahead of any issues that may occur and protect your goal for financial freedom. From smaller issues such as a broken dishwasher to more significant issues, such as losing your job, to tragic problems such as becoming ill from cancer. Your emergency fund will tide you over during your aspiration to reach financial freedom, patching the gap and relieving you of economic concerns until you hopefully receive your claim through from your insurance company.

Cancer.Gov reported 1,735,350 new cancer cases will be diagnosed in the US in 2018. Census Bureau says that 1 in 5 people in America has a disability. The financial burden of which can tear away your wishes and aspirations for economic freedom, unless as advised above, you’re prepared and accounted for with insurance and an emergency fund as a safety net.

 

 

Common Financial Emergencies That Could Impact Your Life

Most Americans are only a single paycheck away from financial ruin. It’s a shocking statistic from a report that should concern the vast majority of of households that have no emergency savings whatsoever

We’ve been through the importance of having an emergency fund before on this blog. But there are some common incidents that could happen to anyone, and have a major, negative impact on your financial security in more ways than one. Let’s see what you need to consider – and perhaps we can persuade you to start putting some money away in an emergency fund this time.

Illness

It costs a lot of money to access healthcare, which we all pay for through insurance over the course of our lives. When you’re young, fit and healthy, the chances are that you won’t even consider major illness as a problem – and your career will progress normally. But people can get sick at any time, and it is highly unlikely you and your household will never be affected by someone getting ill at some point.

When you bear in mind that something like 90% of Americans are on the wrong Medicare plan, it’s clearly a massive problem. Some of the most comprehensive insurance won’t actually cover you for all those expenses – which can run into tens of thousands – maybe more – for prolonged periods of illness. So, the choices are stark – either put aside some money in the event of an illness, or take your chances – which is a huge risk.

Accidents

Accidents happen all the time, at a rather alarming rate, and the reality for all of us is that it only takes a second for your life to change for the worse. If you have suffered injury because of someone else’s negligence, you have a chance of getting compensation thorough personal injury or car accident lawyers,  but there is other issues you need to understand. And, there is a possibility that you will have to front up a lot of cash unless your case is water tight.

Complicated cases can take an awfully long time to settle – and there is no guarantee the court will find in your favor. Also, your family will be under a lot more pressure as they will have to care for you in your injured state, and there is a chance you might slip into depression or suffer psychologically as well.

Economic disaster

Sometimes things can go terribly wrong, everyone’s finances are affected, and there is nothing you can do about it. Take the financial crisis of 2008 as the perfect example – the effect on poor people all around the world was disastrous, and we’re still feeling some of them today.

So, even when the going seems good, you can never be sure the rug won’t be pulled out from underneath you for reasons beyond your control. It’s best to start putting money away in an emergency fund straight away – and give yourself the right level of protection and financial buffer that every household needs.

Easy Ways to Make your Ecommerce Start-Up Stand Out

More and more customers are now buying online. For this reason, you have to make sure that you are available and that you also provide the finest products so that you can stand out from the crowd. Of course, if you are already doing this then there are other methods that you can use to try and give yourself an edge.

Automate your Marketing

Sure, you might have a great catalogue of products, but as an Ecommerce start-up, you can’t expect your customers to turn up and buy from you. It’s so important that you are able to combine your strong products with great marketing efforts. The best way for you to do this would be for you to automate as much of your process as you can. You need to send out customised offers and you also need to send out newsletters as well. Push notifications are also worth investing in, and they can even be used to target customers based on their previous behaviour. This is a fantastic way for you to stand out from the crowd, and as if that wasn’t enough, it can also help to remind your customers who you are.  It keeps you fresh in their minds, and this can go a long way when you have so many people to compete with on the internet.

Advanced Analytics

Tracking how long a customer spends on your site is no longer enough. You now need to determine the journey that they are taking as well. Trackers can help you to determine the traffic sources and they can also help you to gather data on every single click that is made as well. This data can then be used to work out what your customers are doing, which products are more popular and even how your site is performing. Analytical tools can be used to sync your data pages together as well, not to mention that they can also be used to know how quickly your orders are being fulfilled. Little things like this can help you to find out where your business is falling short, not to mention that it could also show you what you need to do in order to enhance your customer experience.

Personalisation

Customers love it when they receive a personalised experience. You can do this by giving your customers the chance to put your site into their own language. This is very simple to do, but it could also increase your international sales by a significant amount. You might also want to have a currency setting as well.  If you want to step things up to that next level then you can even base your site on the geological location of the person who is visiting. Sure, this sounds complicated, but it isn’t at all and you would be surprised at how easy it is for you to really show your customers what you can do. As mentioned above, it is so important that you are able to use your customer data to try and enhance their experience and personalisation can be integrated here as well. You can show them products based on what they have recently viewed and this could increase your sales by up to 35%. This combination gives you the chance to send out targeted messages and even actions based on what your customers are doing, and this is a fantastic way for you to show them that you are investing in your service to benefit them.

Chatbots

Chatbots are most certainly a very exciting development. Facebook are constantly investing in their own messaging app and this will help them to form even more partnerships as a result. It is certainly something that you should invest in, and the sooner you do this, the better. The main reason for this is because not many companies are doing it right now, so you could be seen as being revolutionary if you are able to integrate this into your own Ecommerce service. This is especially the case if you are able to do this with a unique edge, so don’t be afraid to hit the drawing board and jot some ideas down.

Customer Support

The digital age has unfortunately taken away the human element of doing business. For this reason, it is very important that you have a system that gives you the chance to connect your merchants with your customers. You can have chat widgets that will connect your customer to an expert or you can even have an email or messaging system installed right onto your site. If you like the idea of having a live chat over the option of having a chatbot then try and make sure that you have a picture of the customer representative who they are going to be talking with. When you do this, you can add a human element to the support and it will make your customer feel as though they are really talking to someone from your team. If you want to step things up to that next level, look into custom t shirt design so that you can appear as a team. The problem with things like this is that it can take a while, and it can also be hard to keep your team online constantly. If you want to get around this then you can make it so your live chat option only comes up when a customer abandons their cart, or even when they try and cancel an outstanding order. When you do things like this, you can then integrate it across the board slowly and you can also give your customers a fantastic experience regardless.

Fraud Protection

A ton of online merchants are really concerned about fraud, and quite rightly so. Targets often try and hit eCommerce stores so that they can launder money by using stolen credit cards. Unfortunately, you are going to be the one dealing with the loss here and if you are just starting up then this can be devastating to your business. Site security will go a long way for you and even the customers who you work with, so it is vital that you take this into account.