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Personal Finance from the Broke Perspective

What You Need to Know Before You Start Your First Business

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Starting your first business can be exciting because of the prospects that you have for success and freedom as far as finances go. That said, there are some things that you should know before you get started in order to increase your chances of succeeding. Outlined below are some of these things, so read them and improve your odds of doing it right.

Do Thorough Research

It’s important for you to start with thorough research into the different aspects of your business. From the niche you intend to get into to how you can scale up and what the competition is doing, there’s a lot that you need to do research about. This is going to enable you to know just how to proceed and the best decisions to make. Depending on the industry you’re in, you may be interested to learn that in 2017, business tort lawsuits accounted for less than 5% of the civil filings made in state courts.

Get the Relevant Licences

It’s important for you to operate within the confines of the law, and to this end, you should make sure that you have the relevant licenses. Find this out by conducting research on the internet and asking any legal assistants that you know for their guidance. This information is going to help you avoid being charged with costly fines and other interruptions. When you have the right business licenses, you’ll be able to operate freely and take advantage of any state and federal grants that come about.

Think About Marketing

Don’t forget to think about marketing your business, because this is how you’re going to reach a wider market. It’s mandatory to have a website and social media handles if you want to have a chance to get a piece of the market share. Keep in mind that at least 96% of beauty brands, for example, have a social media account that they use to push their brand into the market. Borrow a leaf from them and open social media accounts on the platforms that are the most relevant to your business. This is the first step for you to take when looking for a way to secure a share of the market as a new business.

Look Into Insurance

Don’t ignore the importance of getting business insurance as doing this is going to help you secure your business. In case of a disaster that you’re insured against, you’ll be able to spring back easily. Certain businesses are also required by law to have specific insurance coverage, so find these out early on and look for a good provider. When you do this, you’ll not only be making sure that you’re operating legally, but you’ll also have given your potential clients more trust in your business.

Seek Funding

Last but not least, you must secure your finances if you want to succeed in your business. This is going to enable you to keep operations going even if something happens to offset the cash flow that you started with. Do your best to minimize the amount of money that you have to spend out of pocket by seeking out financing early on in your business. When you don’t have to worry about money a lot, you may be free to work on your business much better. Financing will also help you to make fixes and improvements that you need to make for the continued goodness of your business. This includes things like replacing your business’s roof, of which an asphalt roof replacement will give you an ROI of 68.2%.

Keep these things in mind and you may have a better chance of succeeding in your business. With consistency, it will be easy for you to maintain the momentum with which you start.

4 Tips to Help You Avoid Bankruptcy

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If you’re feeling swamped by debt and money problems, you might consider bankruptcy as a solution. After all, a Chapter 7 bankruptcy can get your debts discharged in 90 days. This is a very tempting solution that works for some people. However, it has major consequences, so you’ll want to avoid bankruptcy if at all possible. Here are some tips to help you avoid bankruptcy.

1. Keep Track of Your Spending

You need to have a budget. If you have an incomplete budget now, it is time to tighten it up and make sure it includes everything you’re buying. If you don’t keep track of your spending, you’ll end up spending a lot more money than you anticipated without realizing it. This might lead to you taking on debt in order to cover the remaining bills. Chapter 7 bankruptcy can discharge debt like credit cards, medical bills, personal loans, and overpayment. But it comes at the cost of your credit and has a lot of consequences. If you track your spending carefully, you’ll be able to tell where all of your money is going. It will also let you find the holes and plug them up, preventing you from wasting money.

2. Don’t Overspend

Even if you know where your money is going, spending too much of it will still put you at risk of bankruptcy. Don’t overspend on purchases, both large and small. Instead, learn how to research prices and find different savings opportunities. You might be able to find a cheaper alternative to the item you’re looking at. Or you can get it on sale during certain times of the year. When you avoid overspending, you can also avoid taking on debt since you’ll be working within your income. So be conscious of prices when you’re buying and look for ways to bring those prices down.

3. Work With Your Creditors

If you’re overwhelmed by your debt, there may be ways to make it easier without bankruptcy. Lenders are often willing to work with you if you explain what is going on. Call your credit card company and tell them if you’re struggling to make your payments. While they won’t cancel the balance, you might be able to get a lower interest rate or avoid a penalty for late payment. These companies don’t want you to get in trouble with your debt. They’d rather work with you to find a way in which you can still pay them and avoid bankruptcy. In 2016, there was an increase from 24,797 companies in bankruptcy in the first quarter of the year to 25,227 in the second quarter. If you work with your creditors, you may be able to avoid being part of this.

4. Consolidate Your Debt

Often, you have debt coming from all different sources. You may have credit cards, auto loans, medical bills, or other loans you’ve taken out and can no longer pay. One way to make these manageable is by consolidating your loans. In this case, you’ll take out another loan and use it to pay off all of your debts. Then you’ll only have one bill to pay, with only one interest rate. This can make your payments much smaller each month, giving you a chance to get back on your feet.

While bankruptcy is a solution to financial troubles, it can be a difficult one. You want to find ways to avoid it if at all possible. If you’re struggling with debt, consider applying these solutions to your problems first. By figuring out your financial situation and looking for assistance, you will have a better chance of getting back on your feet without filing for bankruptcy.

How to Handle Child Braces as a Parent on a Budget

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Having a child with braces can be an expensive proposition. Approximately 3.9 million children in the U.S. are orthodontic patients. Those with insurance coverage for orthodontics may pay very little for the process, especially if their child is still young. But many parents find that they are on their own regarding covering the cost of braces. However, there are ways to cut the expense of your orthodontic treatment. Here are some ways to handle braces as a parent on a budget.

Know Your Insurance

Know what your insurance covers. Many dental plans include some coverage for orthodontic treatment, but more is needed to cover the total cost of treatment. If your plan consists of a cap on orthodontic benefits, make sure you know how much it is before you begin treatment. Ask about payment plans. Most orthodontists offer flexible payment plans that spread out the payments over several months or years. They may have no interest or penalties, so you can pay off your treatment without breaking the bank.

Research Thoroughly

Don’t go with the first option. Get another opinion if your current dentist’s estimate seems high compared to other providers’ estimates. Be sure to ask what kind of work will be needed before making any decisions about treatment options. Sometimes dentists recommend more extensive treatments than are necessary to justify charging higher fees upfront. You should also share the financial burden. Custodial parents spend 277 days out of the year with their children. If the other parent can contribute to the finances, that could take some weight off. Maybe grandparents can chip in as well.

Compare Prices

Shop around for the best price. Find out what different orthodontists charge for braces and treatment. You can easily search online or ask friends and family members who have had braces recently about their experience. Compare costs with other insurance plans. Ask your insurance provider whether they offer discounts or special orthodontics plans. If so, see if there are any out-of-network providers nearby that offer lower prices than in-network providers do. Some dentists and orthodontists accept cash only from patients without insurance coverage or coverage that doesn’t cover all the treatment costs. This means you won’t have to pay upfront and wait until your child has completed treatment before getting reimbursed by your insurer.

Ask About Discounts

Consider getting a family discount. Many dentists offer discounts for multiple children in one family who need treatment simultaneously. This could save you hundreds of dollars on various appointments for several years. Ask your dentist about this option when scheduling your first appointment for your child’s orthodontic workup. Some employers or school districts offer assistance programs that cover the costs associated with orthodontic treatment for children who need it. These programs may also cover other services like glasses and hearing aids, so it’s worth checking into, even if you don’t think it applies directly to braces! Check with your benefits human resources department to see if this is an option.

Take Your Time

Don’t rush into anything. Take the time to find out what options are available and what each option costs. If your child needs braces, there are several types, including traditional metal and clear plastic aligners that can be worn for months or years. You will know which is suitable for your child once you’ve talked with the doctor.

Around age seven, many orthodontists recommend that children see an orthodontist once their permanent teeth come in. While it’s tempting to avoid braces for your child, remember that these can make a big difference in your child’s development and their ability to chew, speak, and smile properly. The key is to find a reputable, experienced orthodontist who will only try to sell you expensive treatments or treatments that are needed. With some research and preparation, everyone involved will be happier with the results.