Beating Broke

Personal Finance from the Broke Perspective

How to Recover Financially After a Car Accident Leaves You Broke

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Being involved in an accident is something that no one wants and that can never be predicted. It comes with a lot of life-changing conditions, and these can leave you incapacitated physically and financially. Read on to see some suggestions that you can follow to help you recover financially if you get into a car accident and your finances suffer on account of it.

Talk to Your Lawyer

The first step to take is to talk to your lawyer, especially if you were not responsible for the accident. If you experienced an injury, you should seek the help of a personal injury lawyer as soon as you’re able to do so. They will help you understand how the exact nature of your accident can impact your settlement. For example, if a plaintiff is found to be over 50% at fault for the collision, they are not entitled to recover any damages in some states. A good lawyer will help you avoid overpaying for medical treatments, not receiving an insurance claim that you’re entitled to, and more. Look for a lawyer whose fees are reasonable and that won’t charge you unless you win so that you’re not at risk of suffering more financially if you don’t receive a settlement.

Don’t Seek Help From Questionable Sources

While you may be pressed to seek assistance to cover your bills, it’s important to practice caution. Avoid falling prey to predatory loans that could see you pay a hefty fee back. You could try social lending or crowdfunding, in which case you may manage to pay your debts thanks to compassion from people around the world. If you have good insurance policies, these could also come in handy and help you get some money to boost you in time of need. Speak to your agents so that you can find a way forward without compromising your future even more.

Restructure Your Budget

When your finances are left in shambles, it only makes sense to rethink your future budgeting. Keep in mind that the latest figures from the New York State Department of Transportation share that the average cost of an auto accident depends on where the accident took place. It will cost $15,000 on the lower end and $63,000 on the higher end, with most accident costs falling between $30,000 and $40,000. These are considerable figures, so you may need to come up with a different budgeting strategy to deal with them effectively.

Get a Side Gig

If you are in a position to work, there are plenty of options of side gigs available to you to pick from. Even if you’re unable to do physical activities that involve moving around a lot, there are many online-based gigs that you can try out. If you have specific skills or talents, there is likely a way for you to monetize them and reap the financial rewards. Whether it’s writing or graphic design, you can find someone willing to pay for your services and this amount will help you in some way.

You can even rent out an extra room in your home after making some adjustments to your lifestyle. For example, by moving unused items to the garage to empty out one of the rooms in your house. For around 50% of homeowners, the garage is their home’s most unorganized room, so it’s important to get yours in order as doing so could help you get some money through a garage sale or clearing space for a tenant.

Use these suggestions to start your financial recovery after getting into a car accident. Don’t forget to prioritize your physical well-being as well because your health is ultimately your most important form of wealth.

7 Expensive Legal Mistakes You Should Be Avoiding

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Businesses are always looking for ways to save finances by cutting costs. They view legal services as a less important expense and use the internet to do their things instead of hiring a lawyer. This strategy could be costly and put their business at risk.

1. Not Documenting Agreements

Do you recall the last business strategy you discussed with your partner? You didn’t document it. Now you need to make a big business decision, and you can’t recall what you agreed on. That will become a big issue. Business owners need documented agreements. Oral agreements or handshakes can be binding, but it’s difficult to determine what you agree upon after months or years. You may be okay today, but resolving a disagreement can be costly. Less than 1% of civil lawsuits are estimated to go to trial.

2. Not Choosing The Right Business Entity

It is crucial to choose and set up the right business entity. You can choose a general partnership, a sole proprietorship, an LLC, or a corporation. All these entities have pros and cons and tax consequences. Choosing the right business structure and setting it up legally is important. If you don’t choose an entity or choose the wrong one, you could be held personally responsible for your business’s actions and face tax problems.

3. Handling Workers Incorrectly

The first step is to be sure you’ve classified team members correctly as employees or independent contractors. Misclassifying your employees can lead to worker’s compensation fraud and additional taxes for employees you treat as independent contractors. If you don’t know how to classify workers, contact your lawyer and ensure you have an employment manual with detailed policies and procedures. You may also be liable if you mishandle employees when drunk. California’s legal blood concentration limit is 0.08%.

4. Not Having an Advisory Team

Many small businesses avoid hiring attorneys to save finances. Some get legal documents online to represent themselves. This is risky because they don’t know if the sources are credible or if the documents are complete. If you enter into a legal agreement that doesn’t safeguard your interests, it could cost you more than hiring a lawyer and endanger your business.

5. Inadequate Intellectual Property Protection

Many businesses, especially non-tech ones, believe they have no intellectual property. They forget that maybe they have a website, trademark, or copies that need protection. A business may require legal assistance in copyright, product, and trademark disputes. If you ignore intellectual property, you’re not protecting your rights and property ownership. For instance, if your workers invent new technology, make sure the employment agreements state that the inventions will be assigned to you.

6. Starting a Competing Business While Still Employed

You shouldn’t start a competing business while you’re still employed. If you plan to compete with your current employer, do so in a way that protects you if you’re sued. Check your employment contract for non-complete provisions. If so, consult a business attorney to ensure you aren’t violating them. If you start a competing business, get insurance to mitigate your financial losses if you are sued.

7. Not Having the Correct Type of Insurance

You need to protect your business finances by knowing what insurance you need. You need personal and business insurance and life and disability insurance. Agents get their pay through commissions, so they can convince you to buy more insurance than you need. Insurance coverage protects your business if you are caught on the wrong side of the law. A DUI in California can result in six months of license suspension, but if you’re a business owner and are caught drinking and driving in a company vehicle, these penalties can be a lot worse, not to mention the detriment to your business’s image. Consult a reliable agent to help you choose the right insurance.

Starting a business can be overwhelming. Getting startup finances and managing business affairs. Dealing with legal affairs is probably the last thing an entrepreneur wants to handle. They don’t see the need until it’s too late. The truth is that legal mistakes can ruin your business.

5 Things You Should Never Ignore (Even if You’re Broke!)

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The repair and maintenance efforts you make determine the functionality and relevance of your residence. As a homeowner, be keen on several factors that make the right home for your family. Effective inspection should help you identify the repair and maintenance you need to handle. The guide below explains what you should never ignore in your residence, even if you’re broke.

1. Leaks and Slow Drips

While it might start as a slow drip, turning into a costly leak is possible. Whether on the roof or your plumbing system, you should never ignore slow drips or leaks. It is important to inspect the source and cause of the leak and address the problem fast. Look for a plumber or a roofing expert to check for moisture damage and provide the services needed to handle the issues. Apart from the damage, drips and leaks can cause mold growth, putting your family’s health at risk. You should also understand that leaks and slow drips can increase utility bills and affect your financial plan.

2. Unfamiliar Sounds From Your Air Conditioner

Understand that any strange sound from your AC is an indication that everything is not well. You should be keen enough to notice the sounds as this can only lead to malfunctions. Understand that a malfunctioning AC system can increase utility bills and cause injuries to your family. It is crucial to address your AC’s repair and maintenance needs immediately. This also means looking for better versions of the appliance to improve your home’s functionality. The availability of the AirEx Air Cooled Complete Unit on the market should be an option. With a noise level of 94 decibels and a flow rate of 150 GPM, this AC system should meet your expectations. Understand that the sooner you handle the repair needs, the better the services you get.

3. Gas Leaks

That strong, pungent smell from your basement or kitchen should alarm you. The chances that there is a gas leak are higher. It is crucial to check your furnace or stove for a gas leak. Besides carbon monoxide, a gas leak puts your home at risk of a fire breakout. Even if you are broke, you should never ignore a gas leak. It is crucial to call a professional and paramedics once you detect the leak. You need to repair and handle the leaks on time and seek medical attention in case of carbon monoxide poisoning. You should also ensure that your family evacuates the premises and all systems get switched off to avoid further damage as you wait for professional help and guidance.

4. Malfunctioning Fire Detectors and Protection Systems

As you thrive on making your house smart, be keen on the alarm and fire protection systems. To a larger extent, the safety and protection of your premises depend on these systems’ functionality. As soon as you notice any functions, seek expert help. You should ensure that your fire protection systems get inspected at 5-year and 10-year intervals as per the NFPA25 Code and that they are up to date and working properly. This should include regular visual inspections and functional testing done monthly, semi-annually, or annually, depending on the system design. Handling the malfunctioning fire protection system keeps your family safe.

5. Family Dental Care Needs

You should note that running a family entails more physical aspects of the premises. Ensure you handle your family’s health needs on time to keep them functional. Handling dental health issues as soon as they arise should be on your list. Did you know that 1 in 5 (96%) adults ages 65 years and above have had or are suffering from untreated tooth decay or cavity? This emphasizes paying attention to your family’s dental care needs and handling them early. Understand that a healthy and happy family is comfortable and productive. Seek medical help and treatment from experts to meet your expectations.

Running a functional home can be a lot of work. You should be keen on several factors to maintain its relevance. Also, note that there are things on your premises you should never ignore, even if you are broke. The above guide explained the most crucial ones.