What To Do When You’re Suddenly Out Of Work

Becoming rather suddenly unemployed is a horrible feeling. If you’ve been fired, it’s demoralizing, but even if you’ve quit the job, entering the unemployed world can be rather daunting and overwhelming. If you’re still employed but you’ve found yourself out of work due to an injury or illness which might take you weeks or months to overcome, you have the comfort of job security but the same financial fears as any other unemployed person. Knowing how to handle this brave new world is difficult, but here are some financial tips for those of you who have suddenly found themselves out of work and in need of monetary stability.

Find new work.

This only applies if you’ve been fired or quit your job, obviously, but this should be the first thing on your agenda. As explained on diversifiedfinances.com, you need to be dedicating a certain amount of time per day to searching for jobs, as it’s a lengthy process, and, even if you wanted some downtime after the stress of your previous employment, you’re going to get that downtime simply by waiting for employers to respond to your applications and dealing with rejections until somebody hires you. Waiting to get started is simply going to leave you in a financial mess for even longer.

You need to be using all avenues available to you, as well. You need to be signing up to job sites, walking to your local job center to see what suggestions they have and contacting any individuals with whom you might have connections in your respective industry. You don’t need to spend the entire day doing this, but you should be doing it every day in order to ensure you don’t miss the perfect opportunity. A decent role at a decent company is likely to be snapped up by the best of the best candidates very quickly.

Compensation.

If an injury or illness has only put you out of work temporarily, then recovering from such a financial blow may not be as difficult as you might think; if you’re only on sick leave for a few weeks and you know you’re returning to your job afterwards, you at least have the security of knowing that you’re not unemployed. The only problem is managing your finances whilst you recover from your injury or illness. Luckily, there are ways to support yourself through your employer and the state.

There will hopefully be the opportunity to receive sick pay from your company whilst you recover, and you could also check out options such as mydisabilityattorney.com if you want to make a claim for benefits to which you might be entitled. It all depends on your specific illness or, if you’re injured, whether the accident was your fault or not. If it was a workplace-related injury and it was the fault of the employer, there may be further financial routes open to you if you take the legal route to resolving the matter. Of course, you could simply discuss it with your boss if you want to avoid conflict.

Budget.

As suggested over at wisebread.com, budgeting is your new friend when you’re unemployed, and it might teach you some clever tricks for life back in employment too, given that this is hopefully just a temporary bump in the road. There are so many expensive things on which we waste our money, and you could take this time off work to draw a clear line between the necessities and luxuries in your life. You might be surprised how many things you could cut out of the weekly food shop.

Buffet-esque Habits That Lead To Quality Property Investments

Calling all investors: who’s the one entrepreneur you look up to the most? Hint – it isn’t Donald Trump! No, the king of all businesspersons is Warren Buffett. When it comes to making the right decisions, he makes them without flinching. And, he offers plenty of advice for the budding investor, too. It’s because of these nuggets of wisdom that you can get into his mind and think like the great man. All you have to do is stick your head down Warren’s rabbit hole.

That’s a clever play on words; not a euphemism!

Never Lose Money

‘Cheers for that one Warren. I would never have thought of that!’ Okay, so his first tip sounds a little obvious, but it’s amazing how many people break the cardinal rule. And it’s easy to do if you don’t have the right mentality. Many investors chase profits because they see dollar signs and smell the money. The problem with this is that they take risks to make money. In the end, they lose more than they should and have to operate at a loss. It’s much harder to dig yourself out of a hole than to avoid it in the first place.

Have Healthy Habits

No, this doesn’t mean you should drink less and stop smoking. Well, you should, but it isn’t what healthy habits mean in this scenario. In this scenario, the practices relate to money. The bad news is that too many people have bad habits when it comes to their finances. But, the good news is that they are changeable. And, when you invest in real estate, they need changing ASAP. One of the easiest and hardest at the same time is saving money. An investment, even a good one, means unforeseen expenses, which means you need the cash flow to cope. Any investor that doesn’t save doesn’t have a security net.

Diversify

Buffett wasn’t the first man to encourage property buyers to diversify, and he won’t be the last. See, having a range of different investments is sound logic. If one goes bump, for example, the others might survive. Then, you only have to worry about one bad investment rather four. It’s for this reason that savvy investors have their hands in Boone real estate as well as New York property. The locations are so different that one factor shouldn’t affect both areas. Buying houses and apartments is also another safe tip, especially in this market.

Avoid Debt

Debt is a part of the average investment because properties are expensive. Still, it doesn’t mean a mortgage is your only option. If you want to make quick money, it’s vital to avoid debt as it sucks up the profits. The secret is to ask a family member for help or to use what savings you have as a down payment. That way, the terms of the loan will be much nicer as the repayments will be lower.

Now that you have Warren Buffett’s help, there is no stopping you making that all-important investment.

Credit Card Processing Mistakes to Avoid in Ecommerce

The life’s blood of ecommerce, credit card payments are the killer app without which online shopping would not exist. Of course, along with the convenience they provide, credit cards bring some pretty significant issues of which digital merchants need to be aware.

Here are five common credit card processing mistakes to avoid in ecommerce.

1. Skimming Over Terms and Conditions

We’ve all become accustomed to simply clicking “Agree” when presented with a Terms and Conditions screen. As 50,000,000 Facebook users recently discovered, that’s probably not the best idea when you’re counting on business to be done in a specific way. Skimming over the terms and conditions can be positively ruinous for your ecommerce store when it comes to credit card processing agreements.  You could be leaving yourself open to all sorts of financially debilitating situations. Read over everything carefully before signing, or have it gone over by someone you trust who has competency in such matters.

2. Agreeing to a Volume Requirement

Many processors insist upon merchants doing a set dollar amount of business with them each month. Meanwhile, if you’re just starting out, you have no idea where your sales volume will land. If you’ve agreed to one of these deals, you could be on the hook for money you didn’t make. If you must sign on to a volume agreement, start out with a low volume processor, then scale up as your sales increase.

3. Overlooking Hidden Fees

Every processor has fees. After all, that’s how they make their profits. Now, with that said, don’t just automatically go with someone who seems to have the lowest fees. There are many ways a lower fee structure can wind up being costlier in the long run. Fees can vary based upon the type of credit card your customer presents. Online transactions can entail higher fees than physical ones in brick and mortar stores. And, those “customer rewards” offered by certain card companies are paid for by charging you higher fees too. Being mindful of the fee structure when you choose a processor is an imperative.

4. Skimping on Fraud Protection

Whether you’re running ebooks online stores, selling furniture on the ‘net or cosmetics, one good run of chargebacks in a given month could put you out of business. Chargebacks can occur when unscrupulous individuals steal credit card numbers and use them to make purchases at your store. When these charges are discovered by the rightful owner of the card and reported to their financial institution, you can be compelled to refund the legitimate cardholder. This puts you at a double loss. You’re out of the money as well as the merchandise the fraudster “purchased”. You want to work with a processor who will do everything possible to minimize fraud—and offer you protection if criminals slip through their defenses.

5. Taking on The Responsibility of PCI Compliance

Payment Card Industry Data Security Standards (PCI DSS) were put in place to make credit card transactions as secure as possible. A necessary part of doing business, they can also be expensive to meet. Further, PCI DSS protocols evolve as new threats emerge and methods to thwart them are developed. Keeping up can be difficult when you’re also trying to run your business. To avoid this, choose a processor who maintains PCI compliance and make sure your site is being hosted by a PCI compliant entity as well.

Affording the proper attention to these five credit card processing mistakes to avoid in ecommerce will save you a lot of headaches. They will also help you keep more of your hard earned money where it belongs—in your bank account.