Turning Misfortune Into Cash

No one likes to be on the receiving end of an unfortunate accident. Be it a car crash, an auto accident or the fact you lost your job, they are all unpleasant situations that need to be dealt with in order for you to continue working and living your life to the fullest. However, there is another way to turn your frown upside down: by turning it into cash.

As much as we hate when accidents happen to us, there are people out there who are more than capable of helping us seek justice. It could be a lawyer, and attorney, or just a very eccentric person on social media with a lot of influence.  Here are a few suggestions on how you can turn misfortune into money.

 

Making a claim

Accidents are never a pleasant thing to think about. The last thing we want is to end up in a car crash or something similar, but there are ways to turn it into a positive. For instance, you can make an injury claim with the help of a lawyer such as www.zlotolaw.com and, if successful, can give you a nice sum of cash as compensation. The more drastic your injuries, the more likely you’ll be paid out a higher sum of money. This, however, doesn’t mean that you can just jump around your workplace trying to injure yourself or run out into the road into a car—lawyers will notice suspicious behaviour when they sense it.

If you’ve had an injury within the last three years, then remember to make a claim while you still can in order to get a bit of cash for your troubles and some compensation to help you pay for medical bills and other expenses. The accident can generally be anything that led to you requiring medical attention in a hospital. For instance, it could be a work injury because of a neglectful employer, or it could be a car accident that wasn’t your fault.

Keep in mind that personal injuries aren’t the only type of accident to exist. You can also make insurance claims on things such as your house, specific household items and even your car should it be stolen or vandalised. Keep a note of all the insurance policies you’ve invested in and make sure you use them to their fullest.

Selling old equipment for money

Sometimes, your appliances, electronics and other items may break down due to constant use or because they’re faulty. If your appliance isn’t covered by a warranty or there is no feasible way to repair it, then your only other option is to throw it away.
Or is it? If you have the contacts, it’s possible to sell individual parts and scraps of the appliances for metal, or you could simply sell the entire thing on a website like www.gumtree.com for spares. There are many specialist repair shops that would buy items off you such as broken laptop, and they fetch a pretty penny if you have obscure or rare items that are hard to find spares for.

Keeping Yourself Debt Free In Times of Adversity

Life doesn’t always go according to plan. Sometimes you will find yourself in situations you sincerely didn’t expect and it can turn your world upside down. Now, there are plenty of different ways that negative experiences can affect you, but just one that can have a lasting and detrimental impact on your life is when negative events affect your personal finances. You could have a perfect credit score, pay all of your bills on time, and have a sum of savings in your savings account. This all helps, of course. But if the tables turn, you can find your credit score drop, yourself facing legal action for missed payments, and your savings account drained. So, let’s take a moment to consider a couple of adverse situations you may experience at some point or another and how to stay debt-free through them.

If You Have Experienced Injury

Hopefully, you will never have to face a serious injury in your life. But there are all sorts of things that can go wrong that can leave you injured and either spending long stints of time in hospital or remaining housebound in order to recover thoroughly. This, of course, can impact your finances, as you will not be able to work during this period. However, you don’t necessarily need to fall in debt because of non-existent or reduced earnings. If you believe that the accident you experienced was not your fault, you should contact a personal injury lawyer. This professional will be able to survey your case and determine whether they will be able to take it to court on your behalf. If someone else had a responsibility of care over you when the incident occurred (perhaps you were at work or in a public space), they may have to provide you with compensation. This could then be used to fund any medical bills that you may have built up and can replace lost earnings while you recover. Alternatively, if you can’t head back to work as a result of the incident, they may have to pay for diminished earning potential.

If You Have Lost Your Job

Losing your job can be extremely difficult and there are various problems that can come hand in hand with the situation besides having to find a new job and tide yourself over during your job search. If you have been made redundant, your employer will have to give you a good reason for your redundancy and is likely to have to provide you with a payout. If you feel you have been unjustly fired, you can take legal action to make a case against your employer. They will then have to answer to the courts!

These are just two situations, but being able to deal with them effectively can save you a whole lot of hassle, debt, and consequent troubles in the long run. So, keep this information in the back of your mind should you need it!

New Year, New Finances: How to Improve Your Personal Financial Health in 2019

While most resolutioners are focusing on weight loss and fitness, you have another type of health in mind for the New Year: financial health. Unfortunately, too often resolutioners make vague goals like “save more” or “increase income.” If you truly want to make a difference in your finances in 2019, these are the goals you need to set — and the steps you need to take to get you there.

Pay off Credit Card Debt

On average, U.S. households at the start of 2019 have about $5,700 in credit card debt — with no-income houses boasting average debt upwards of $10,000 and high-earning households hovering around $8,000 in debt. While that isn’t even close to the average student loan debt, it is a sizeable amount of money that would be better spent elsewhere. That’s why your first and foremost financial resolution for 2019 should be to pay off your credit cards, so you can focus on other sources of debt in future years and generally reduce your expenses overall.

There are two primary strategies for paying down debt:

  • The snowball method. You pay the accounts with the smallest balances first, so you experience small victories and continue paying down your debt.
  • The avalanche method. You pay the accounts with the highest interest rates first, which reduces the growth of your debt and makes it easier to pay down as you go.

You should choose the strategy that best applies to your situation and make a plan for making payments until you are credit card debt–free.

Add 20 Points to Your Credit Score

It’s always possible to increase your credit score — even if you are already in a coveted super-800 position. A better credit score will win you better interest rates and limits on credit cards, mortgages, auto loans and other loans as well as a free pass when it comes to contracts with security deposits and job approvals. Unfortunately, there are no fast fixes for credit scores; the nature of the number is measuring your long-term financial behavior. Thus, you need to be patient.

Here are a few tricks for increasing your score a moderate amount over the coming year:

  • Reduce your debt.
  • Pay bills on time and in full.
  • Don’t open many new credit accounts.
  • Reduce your reliance on credit.
  • Diversify your credit.

Monitor Your Credit Report

You should have a personal checking accountinto which you can deposit your wages and from which you can pay major bills. However, it is smart to avoid using a debit card linked to your checking account online or when you travel because if a thief steals the card info and takes money from that account, you probably won’t get it back.

Credit cards are more secure for a few reasons. First, they have limits, so criminals can’t make unlimited purchases. Secondly, you can dispute transactions more easily on your credit account. Finally, you can check your credit reports for signs of fraud, including names, social security numbers and accounts that don’t belong to you. You can file a correction with one of the three credit bureaus and maintain the health of your credit score — but only if you are in the habit of monitoring your credit report.

Build a Budget (and Stick to It)

The fastest way to increase your income is to reduce your needless spending, and the best way to reduce your spending is to adhere tightly to a well-defined budget. Your first step in building a budget is understanding your current spending habits. For at least two weeks — and as long as a month — keep a diary of everything you spend money on, and try to avoid modifying your behavior or lying in your notes. You will use this information to form the foundation of your budget.

Next, highlight your essential expenditures, like rent, debt payments, utilities and insurance. Then, allow yourself some “fun” money — but you shouldn’t give yourself the rest of your income to play with. Instead, you should set aside some of that money for emergency, retirement or other savings efforts. To force yourself to stick to your budget, you might take out your spending money in cash and keep it in carefully marked envelopes. Resist the urge to dip into your savings accounts or sneak some cash from other envelopes; your goal is financial health, and that means financial honesty, too.

Identify Your Long-term Financial Goals

Finally, your last resolution for 2019 shouldn’t take much time, but it will take some effort. Long-term financial goals will guide how you spend and save during the course of this year and years to come. Thus, as soon as possible, you should carve out about an hour to sit and reflect on what you want from your finances.

Everyone’s goals will be different, but here are some good examples to inspire you:

  • Buy a housein a certain price range and pay it off in 10 years.
  • Accrue a college fund for any children existing or anticipated.
  • Build a retirement account that will ensure financial security in old age.

This year has just begun, which means you still have 12 months to improve your finances. Even better, you can make financial resolutions alongside your physical fitness goals. Make 2019 the year of overall health, and you’ll be happy for years to come.