Beating Broke

Personal Finance from the Broke Perspective

Car Accidents Abroad

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Over the years, it has become increasingly more common for people to rent cars or to drive abroad when they are going on holiday. With the increase in people driving vehicles abroad, there is also the inevitable increase in road traffic accidents.

If you are involved in a road traffic accident abroad that was not your fault and have suffered injury, you can still make a claim for compensation. Car accident claims involving drivers from other countries or in another country are on the rise and you should contact an experienced lawyer to help you with your claim.

What to do if you are involved in a road traffic accident abroad

If you are involved in such an accident, you should attempt to get as much information as possible from the other driver as you would do at home. In most countries, the Police will take a full report and you should ask for a copy, even if it is in another language. You should obtain the registration number of the vehicle involved and the details of the other driver and their insurance information.

Depending on the nature of your injuries, you should seek medical treatment as soon as possible either in the country you are visiting or as soon as you get home. If you are able, take photographs of the scene.

How to claim

Make sure you contact a personal injury lawyer who has experience dealing with car accident claims. Depending on where your accident occurred, they will be able to advise you on your claim and the next steps. For example, if your accident occurred in an EU state and the insurer has a registered office in your country, a claim may be made directly to that registered office. If you rented your car as part of a package vacation, you may alternatively be able to make a claim under the Package Tour Regulations which are designed to protect vacationers and would allow a claim to be made against your tour operator.

What if the driver at fault is uninsured or leaves the scene without stopping

If the driver responsible for your accident fails to stop or has no insurance then you still may be able to make a claim through your insurance provider, or the rental car agency.  In some cases, if you’ve paid with a credit card, the credit card company will provide you with insurance on rental cars.  It’s always a good idea to find out what kind of insurance there is available to you through those avenues before leaving for a trip.

So, Your Child Wants to Be an Olympic Athlete

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Years ago, I worked with a woman I’ll call Janet who had sat down to watch the Olympics with her then 6 year old daughter.  Her daughter was glued to the television watching the women gymnasts, and when the Olympics were over, she declared she, too, wanted to be an Olympic gymnast.  Like any good mother, Janet enrolled her daughter in gymnastics, not expecting much but a way for her daughter to pass the time and learn a new skill.

When I knew Janet six years after that, her daughter was taking gymnastic classes several hours a day, in the early morning and after school, and Janet, who had been a homemaker, took on two part-time jobs to help support her child’s dream.

img credit: eviltomthai on Flickr

Every two years when the Olympics come around, children watch and decide that they, too, want to be Olympic athletes.  As you watch the Olympics, here are a few things to keep in mind if your child decides to start a new sport.

  1. Start slowly.  There is no need to run out and sign your child up with the best coach.  Start at the local level, which will be much cheaper.  Maybe your local community center offers classes.  Start your child there.   If she does end up loving her newfound sport, then consider moving her to more rigorous courses at a location specializing in her sport.
  2. Keep her well rounded.  Don’t let your child focus solely on one sport too early in her life.  Olympic medal winner Michael Phelps began swimming at age 7 as a way to deal with his attention-deficit hyperactivity disorder.  He was involved in many other sports until age 11 when his coach told him he had the potential to qualify for the next Olympic games.
  3. Don’t take on more than your family finances can handle.  While every parent wants to help their children pursue their dreams, don’t take on more than your family can handle.  If you focus on one child’s Olympic dreams, your time with your other children can suffer.  Also, keep in mind that very few athletes who train to be Olympians actually make it to the games, and even fewer win medals.  I often think of Janet and her family’s sacrifice and wonder about the pressure it must have put on her daughter to perform and excel.
  4. Make sure the dream is your child’s, not yours.  Television is permeated with parents who are pushing their children and trying to live vicariously through them.  Dance Moms and Toddlers & Tiaras come to mind.  Make sure that you are not one of those parents.  Your child should have the right to quit if she wants to as well as to pursue her dream, if it is her dream.

Many children love watching the Olympics, and often it sparks an interest in many young children to start a sport.  Encourage his need to explore extracurricular activities, but don’t feel the need to have him train several hours a day and begin to dream he is the next Michael Phelps.

Are You A Peter Pan Spender?

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Peter Pan bust at DisneyanaEverybody is familiar with the story of Peter Pan, right?  That old tale about the boy who refused to grow up and spent all his time flying around neverland with his friends?

Well, you may not realize it, but you probably know a few Peter Pans yourself.

I Don’t Want to Grow Up!

What makes a Peter Pan spender?  If you think about it, it’s pretty simple really.  A Peter Pan spender is someone who spends like a child.  Always buying the new flashy thingy that catches their eye.  Someone who spends their money with little regard for the future, because, if you stay young forever, you don’t need to retire.  And it goes without saying that a Peter Pan spender doesn’t save for the future.  After all, if you plan on living in neverland all your life, the future is full of pixie dust and pirate tales.

The Fall of Pan

So, where does all that fun an frivolity get you?  Eventually, it gets you from neverland to nowhere.  Sure, you had fun, but what are you going to do when the fun is over?  The hard truth, like a ticking clock in the belly of a crocodile, is that you’ll end up trying to live on social security alone.  Or worse.

Return to Neverland (Recently remodeled and renamed to Sometimeland)

Growing up doesn’t mean you can’t have fun.  It just means you have to have fun with responsibility.  When all the bills are paid and you’ve socked away a bit for the future, have all the fun you want.  Just like Peter Pan finds out, growing up doesn’t mean that all the fun is over.  It just means that the fun changes somewhat.  It’s not all pain and torture, and there are some bright spots that come with the added responsibilities.  Learn how to save and invest for the future and to responsibly pay your debts and the fun will be readily available too.