Aging comes with a lot of financial challenges that can be difficult to navigate. With rising healthcare costs, limited retirement savings, and Social Security benefits that may not be enough to cover basic living expenses, it’s more important than ever to have a solid financial plan in place.

If you’re approaching or in your golden years, here are 4 feasible financial tips for you.

Spend on Healthcare

One of the biggest financial concerns for seniors is healthcare costs. Many retirees have gone into debt to cover medical expenses. Spending on healthcare before you need it is a great preemptive action.

For instance, one way to prepare for rising healthcare costs is to invest in a good health insurance plan.

Another way to offset healthcare costs is to set aside money in a dedicated account, like a Health Savings Account (HSA). HSAs are tax-advantaged accounts that can be used to cover qualified medical expenses, including things like doctor’s visits, prescription drugs, and long-term care.

Create a Budget

It’s important to have a clear understanding of your income and expenses at all stages of life, but it becomes even more crucial in old age.

If you’re not sure where to start, sit down and create a budget. Track your spending for a month or two to get an idea of where your money is going.

You don’t have to do this manually either. There are numerous apps and software programs that can make budgeting easier.

Once you have a good handle on your spending, you can start making adjustments to ensure your money is going where you want it to. Look for ways to cut back on unnecessary expenses so you can free up more cash.

For instance, it may be a good idea to downsize to a smaller home or move to a more affordable location. Moving to an assisted living facility for example can help reduce your housing costs while still providing you with the care and amenities you need.

Start an Investment Portfolio

Investing is one of the smartest things you can do with your money. No matter your age, it’s never too late to start.

There are a variety of investment options available, so it’s important to do your research and find the right fit for you.

For the elderly, it’s best to opt for low-risk investment options. These types of investments may not offer the highest returns, but they’re typically more stable than stocks and other higher-risk options.

Automate Your Savings

One of the best ways to ensure you’re saving enough is to automate your contributions.

Forgetfulness is an unfortunate reality of getting older. By setting up automatic transfers from your checking account to your savings or retirement account, you can make sure your money is going where it needs to, even if you forget.

You can typically set up automatic transfers online or through your bank’s mobile app. If you’re not sure how to go about automating your savings, talk to a financial advisor. They can help you set up a plan that meets your unique needs and goals.

By following these tips, you can ensure you have a solid financial foundation in place. This will give you peace of mind and help reduce stress as you enjoy your golden years.

 

 

It is no surprise that having a kid today can be an expensive affair. Sure, one has to plan for their kid’s academic fees, wedding expenses, and so on. However, what also needs to be considered are the short-term expenses such as healthcare costs, hiring household help, and schooling. All this can add up to quite the amount, which is why it is important for a parent to have a steady plan ready to face these financial hurdles.

Financial experts are always urging people to start thinking about securing funds for their kids’ futures in advance. To ensure that their kids have the required finances to pursue their aspirations, there are a few things that parents need to keep in mind.

1. Start saving early

There are a lot of parents who wait until their child begins studying, after which they start saving funds for their further education. This could prove to be too late. It is always considered best to start saving in advance. Those who start investing in advance can enjoy the benefit of compounding, which can work to their advantage in the long run.

1. Invest in assets that can give higher returns

It is important for an individual to choose their investments wisely. Focusing on growth assets is an ideal move for long-term goals. Marriage, retirement, or even further studies can all be considered long-term goals. Making a mutual fund investment can be really helpful as this has the potential to deliver higher returns in the long run as compared to the returns of a fixed deposit.

1. Be sure of your financial goals

An investor needs to be sure about both their short-term as well as long-term goals. A parent looking to secure their child’s financial future needs to understand the short-term goals such as the child’s healthcare expenses, schooling fees, cost of study material, and so on, as well as long-term goals such as marriage, retirement, further education, and so on. For short-term goals that need to be achieved within 2 to 3 years, parents can consider opting for short-term debt funds. For long-term goals, they can invest in equity mutual funds that can offer higher returns in the future.

1. Get yourself insured

While this is a difficult topic, it is very important for a parent to think about the kid in case of their absence. A parent needs to make sure that their kid does not face any financial difficulties in the event of their unfortunate death. This is why a parent should always be covered under life insurance so as to ensure that their kid is financially secured.

The key to safeguarding a kid’s future is to focus on financial planning early on so that there is a corpus of funds created by the time the kid comes of age. It is also a parent’s duty to inculcate good financial habits in their kid for them to be well-equipped in managing the funds to realise all their goals.

At its core, insurance is a promise to protect you from unexpected events. From broken arms and auto accidents to house fires, numerous types of policies are available for many aspects of your life. Life insurance is a major type of policy that helps to provide a safety net. Policyholders pay monthly premiums to ensure that a death benefit is available to dependents or other beneficiaries should the unexpected happen to the policyholder.

With so much financial jargon and different options to consider, it can be difficult to understand how loans actually work. Yet when you’re armed with accurate information, loans are relatively simple to understand. This article explains the mechanics behind a loan, so you have a good idea of what to expect when you next look to borrow money.

Understanding how loans work 

At its essence, a loan is an agreement between a lender and you (the borrower). You will borrow the stipulated amount and be required to pay it back in a specific period of time, with additional interest. During the application process, you will be able to see the terms and conditions of the loan, as well as details about interest and repayment. Once you’ve been approved, you will need to pay back the designated amount each month as well as the interest. This continues until you have repaid the loan amount in full.

You can apply for secured or unsecured loans. As the name suggests, a secured loan is ‘secured’ against an asset that you own. In many cases, this is your house, car, or something that is valuable enough to guarantee payment if you fail to pay the money back. Most secured loans are for higher sums and come with comparatively low-interest rates.

On the other hand, an unsecured loan allows you to borrow money without putting up an asset as a security. In other words, if you are unable to repay the loan, the lender can’t seize any of your assets.

In spite of the different terms of secured and unsecured loans, they can both be used in different ways. Some people use loans to pay for home improvement projects, debt consolidation, or a car purchase. You might even take out a loan to pay for a wedding or vacation – it really just depends on why you need the money, and you can use it for many purposes.

How does the loan application process work? 

Before a lender agrees to a loan, you will need to complete the application process and satisfy the criteria. You will need to provide things like your name, address, date of birth, nationality, marital and residential status, employment status, income details, and the reason you’re applying for the loan. The lender then uses this information to decide if you’re able to pay the loan back. Most lenders will then run a credit check before making their final decision.

Koyo Loans and other lenders use Open Banking technology during the decision making process. This provides lenders with real-time, accurate financial information about borrowers, ensuring a fair decision can be made.

Credit history and loan applications 

Your credit history plays a big part in whether or not you will be approved for a loan. It also affects how much interest you will be required to pay back. The stronger your credit history, the more likely a lender is to loan you the requested amount with comparatively low-interest rates. It’s a good idea to double-check your credit score before applying for a loan, and you can always work on improving it.

But credit history is not the only determinant. The advent of Open Banking technology has meant that lenders can now determine whether a borrower is eligible for a loan by using real financial information. Ultimately, this makes the process a lot fairer and based upon what is actually the case rather than what a third-party credit agency says about you.

 

Real estate investors and those who are new to the concept of investing in the property market are full of questions. The truth is that real estate is a fantastic investment opportunity, but it’s a fast-moving marketplace that is constantly evolving. As a result, maintaining a mobile bank of information about the trends and market momentum is crucial for anyone who wants to succeed in this space.

Building a base of knowledge is actually simpler than it might sound, though. If you are thinking of getting into the real estate space with the help of a mortgage retirement loan, hard money loan, or any other funding option out there, then this guide is for you. With these three key real estate questions answered, you can start to plot a course to excellent profits through the real estate market in no time at all.

1. How can you leverage borrowed capital to purchase a property?

Borrowers make up the vast majority of real estate property buyers. The truth is that unless you are working with a backstop of nearly unlimited funding, then it doesn’t really make sense to invest in properties without the benefit of a personal loan for the purchase. Utilizing bank funding is simple, and it can get you closer to the kinds of profits that you want to be making on your investments. With a down payment of 10 to 20 percent, you can take advantage of the entire sum of dividend profits in the form of monthly rent checks. Likewise, in a flipping scenario, you can borrow the cash needed to purchase and make alterations to a property, and then keep the profits on the sale after paying back the borrowed amount only.

Banks aren’t in the business of property management, they only lend the money to you as the investor. This means that the only thing your financial institution is concerned about in the lifetime of this transaction is the monthly payment that you owe back on the loan (or a lump sum payout in the event of a property’s sale).

2. Are there other ways to get into real property management if I can’t afford the down payment?

In short: absolutely. Many investors ask “what is real estate syndication?” when they first stumble upon this investment arrangement. The syndication option is a powerful tool for those who want a taste of the real estate market but either don’t want to get into the management tasks that come with the territory or can’t put up the full sum required on the down payment. Syndication allows like-minded investors to pool their resources in an effort to purchase shares of a whole property. Oftentimes, a syndicate will hire a property manager as well in order to ensure the fairness of the equity and the proper management of the group’s asset or assets.

3. Can I get into real estate with even less capital?

For younger investors who are just taking their first steps into the world of investing, there are a number of great ways to get into the marketplace for all kinds of commodities, including real estate. A REIT, or real estate investment trust, is a stock market-based asset that holds a portfolio of properties (commercial properties, residential buildings, and single-family homes, for instance) just like an index fund would grant access to a variety of different company shares. As a shareholder in a REIT fund, you are entitled to a continuous payout of 90 percent of the fund’s ongoing profits year over year.

With these questions answered, anyone can get into the real estate space as an investor. Tackle the market with style and knowledge for the best possible returns.

 

When buying a motor vehicle, insurance is additional compliance apart from registering your vehicle. This is mandatory as per the Motor Vehicles Act and vehicle owners cannot register a vehicle in the absence of one. But apart from a legal requirement, vehicle insurance is essential from the protection it offers against damages—damages due to accidents that not just injure a third person or result in property damage, but also require repairs to your vehicle. Hence, an insurance cover must not be skipped.

While purchasing an insurance cover, you might come across myriad insurance plans. Not all of them might be the right fit for you. So, it is crucial to buy a policy that checks all your coverage requirement while meeting the legal requirements too. Also, the premium is a crucial factor for most buyers. Whether you are buying the motor insurance online or offline, it is one factor that is critical in finalising on the policy purchase. Here’s when it becomes important to know what factors impact the price. This article aims to elaborate on the different elements impacting price. Let’s have a look:

Insured Declared Value

Insured declared value or IDV is one of the key determinants that decides the premium of your insurance policy. It is also the maximum amount which the insurance company compensates in the event of a complete damage, also known as the total loss, of your vehicle. Since such IDV is the what the insurance company pays as the maximum compensation, it impacts the premium directly. *

Type of coverage

Other than insured declared value of your vehicle, the type of coverage is another crucial factor that impacts the vehicle insurance online payment. Vehicle insurance plans are broadly classified in two types—a third-party policy and a comprehensive plan. Third-party plans are designed to offer coverage for liabilities arising during an accident. It can be either due to injury to a person or damage to their property. In both these situations, you as a vehicle owner have the liability to compensate for losses and that’s when a third-party plan comes to the rescue. For such reason, a third-party policy is also referred to as a liability-only policy.

Alternatively, you can also buy a comprehensive policy that covers the repair costs for your vehicle in addition to such third-party legal liabilities. As the coverage is wider for such comprehensive plans, it is naturally priced higher than such a liability-only policy. Further, the liability plan is a regulatory mandate and hence its premiums are governed by the Insurance Regulatory and Development Authority of India (IRDAI). You can visit the official website of IRDAI for further details. *

Add-on coverage

Add-ons are insurance covers that can be purchased with a comprehensive plan to enhance its scope. Since these add-ons are optional in nature, it has a direct impact on the premium computation. However, it must not be overlooked as the benefits these add-ons offer in terms of coverage is far greater than the price charged for it. Considering the different add-ons, a motor insurance calculator can be a handy tool to balance the features and its price. *

Registration location

Where your vehicle is registered also determines the premium of your insurance policy. Motor insurance premiums are classified in two zones—Zone A comprising of eight metro regions like Kolkata, Chennai, New Delhi, Mumbai, Bengaluru, Hyderabad, Pune and Ahmedabad and the rest of the country in Zone B. Thus, depending where the vehicle is registered, the premium is levied. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

 

When planning to buy a buy, you might have come across of the requirement to select an insurance cover. Such requirement to buy a bike insurance policy is stipulated by the law and is in accordance with the Motor Vehicles Act.

A bike insurance policy not only ensures legal compliance, but also offers financial protection against damages. Hence, considering the dual benefits it offers, it is best to make a smart purchase when it comes to two wheeler insurance policies. Considering the myriad choice of policies, it can get confusing which policy is right for you. So, to simplify this decision, you need to know what is covered under the different types of insurance plans. This article sheds light on the coverage of different bike insurance plans.

• Third-party bike insurance

The most basic two-wheeler insurance coverage that you need to buy is a third-party policy. A third-party policy covers only the legal liabilities arising on you, the policyholder. These liabilities can either be due to an injury to a third person or as a result of property damage of such other person. Hence, it is also called as a liability-only cover. Such third person is an individual who is not a part of the contract of insurance, i.e., neither you nor the insurance company and is the bare minimum requirement as per the law. Since it is the most basic insurance coverage for your bike, the premiums are regulated by Insurance Regulatory and Development Authority of India (IRDAI). This way, every two-wheeler owner can purchase an insurance coverage. However, a limitation of such liability-only cover is that it does not offer coverage for damages to your bike, thus leaving it exposed to dangers. You can visit the official website of IRDAI for further details. *

• Comprehensive bike insurance

Comprehensive plans, as the name suggests, offers much wider coverage than a third-party policy. Its policy coverage not only includes protection for third-party injury and damages, but also covers the repairs that may be required to your bike. As in case of an accident, it is not only the third-party vehicle that is damaged, but also yours. Hence, a comprehensive plan offers an all-round protection. Damages to your bike can either be due to an accident, or even due to natural disasters and other man-made events. To ensure protection against such perils along with accidental damage, it is best to choose a comprehensive plan. Moreover, theft is one such thing that is covered by a comprehensive policy. Comprehensive plans, in addition to a wider coverage can also be customised using add-on that are optional policy features. However, keep in mind that it impacts the bike insurance price. *

• Own-damage insurance plan

Own damage insurance cover is one part of a comprehensive policy that can be purchased as a standalone product. It is useful for those owners who already have a long-term third-party cover but are seeking insurance coverage for their bike. As the title suggests, such insurance cover is only limited to the damages that are caused to your bike and no third-party coverage is offered under such own-damage policy. So, if you purchase an own-damage cover, you also need to separately have a third party bike insurance to comply the law. *

* Standard T&C Apply

The below table summarises the coverage of different insurance plans –

Type of Damage	Third-party policy	Comprehensive policy	Own-damage policy
Injury to a third person	Yes	Yes	No
Death of a third person	Yes	Yes	No
Property damage of a third person	Yes	Yes	No
Repairs/Damages to the insured vehicle	No	Yes	Yes
Theft of insured vehicle	No	Yes	Yes

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

 

Call options are contracts that give the holder the right, but not the obligation, to purchase an underlying financial product at a specified price within a specified time. Put options are contracts that give the holder the right, but not the obligation, to sell an underlying financial product at a specified price within a specified time.

There can be many reasons for buying calls or put options depending on what you want to achieve. This guide will help you understand the call and put options better. It outlines the advantages and disadvantages of both and how they work in Hong Kong markets. The second section describes what you should consider before buying an option.

An issuer may choose to make an offer by calling for tenders for its debt securities. When the issuer calls debt securities, it offers all debt security holders the opportunity to tender them back at a specified price. Early redemption may be done if there is an agreement between the issuer and investor or by giving investors 30 days notice via a public announcement.

If you are thinking about buying call or put options, this article will help you understand what they are better, why you should consider both types of options for your portfolio, as well as what you need to do before making a purchase.

Advantages and disadvantages of call options

Advantages

Limited risk: The maximum loss for a short position is limited to what you paid for it, plus commissions and fees

It allows investors with no stock-picking skills to participate in a market that would otherwise be beyond their abilities.

Allows an investor to benefit from both rising and falling stock prices instead of just riding the wave with long positions.

It can provide diversification benefits by removing substantial amounts of risk from your portfolio by hedging against adverse movements in the underlying stocks.

Disadvantages

Costs involved in premiums and commissions. It can be expensive to buy call options as premiums refer to the payment given by the buyer to the seller for acquiring the option. Exiting prematurely also involves buying back the call options at a high price, which can cost money.

Opportunity costs: Speculators need to consider that their capital is tied up in the call options they bought, preventing them from taking on other opportunities with potentially more significant returns when trading stocks.

Income tax implications: Taxes are due only when you make a profit from your investment. You cannot use losses on investments to offset gains made from other investments, so the timing of trades becomes crucial when taking up new positions.

The trouble is that this information applies only to those who know nothing about volatility and time decay. If you do know a bit of these terms, then all you need to know is that a strategy based on viewing your broker’s statements is bound to lose you money in the long run.

Your broker charges you fees for buying call options, but he would also offer you free advice. Brokers routinely show investors how much they have made them on option deals. The trouble is that this information is valid only to those who know nothing about volatility and time decay. If you do know a bit of these terms, then all you need to know is that a strategy based on viewing your broker’s statements is bound to lose you money in the long run.

Start by taking a step back and looking at the bigger picture. Then you need to understand the mechanics of option pricing before putting any money on your hunch.

You can make yourself better informed about call options by linking into Saxo. An essential consideration for buying put or call options is their expiration date.

Options expire after a certain period. The first thing that comes to mind is, “Why would someone sell an option that expires in three months if the stock price could jump up next week?” The truth is you can still make money off selling options with long expiration dates.

As a growing number of Americans envision a dream life in Italy, they want an easy way to get in. The country has three citizenship routes for potential immigrants- descent, marriage, and naturalization. However, not everyone has Italian roots or finds a soulmate who is a citizen of Italy. The naturalization route requires you to start somewhere as you become eligible only after a decade in the country. Things sound daunting if you do not qualify for any of these alternatives. According to experts at Bersani Law Firm, an investor visa can be the catalyst that makes it possible to fulfill the dream. But before going ahead, you must know the process and have realistic expectations. Here are the facts to cover both aspects.

Get your funds in place

An investor visa is about funding, so you must have your funds in place before initiating the process. Since you have to incur a considerable sum, the visa is ideal for high-net-worth Americans. It is also vital to know your investment alternatives to opt for the right one. Here are the ones you can consider-

• €250,000 in an innovative Italian startup
• €500,000 in a business incorporated and operating locally
• €1 million as a philanthropic donation in a project of public interest
• €2 million in Italian government bonds

Besides arranging the funds, you must also be eligible for the visa. Essentially, anyone over 18 years can apply, provided they are in good health and have no criminal record.

Follow the investor visa process

After deciding the investment option that works for you, it is time to start with the process. You have to start with a nulla osta, a certificate that validates your investment. The online application process is simple, and you only have to submit documents as evidence of legit funds. Your certificate comes within 30 days, and you can apply for your investor visa after you have your nulla osta. The investor visa application is to be filed with your local consulate. After you have the visa, you can land in Italy and move a step closer to your dream.

Start a life in Italy as a resident

Once you reach Italy with an investor visa, you can apply for your residence permit at a local police station. The temporary residence permit is valid for two years, and you have to bring in the committed amount after you get it. At this stage, you get all the benefits of Italian residency and can start a life here. It entitles you to live and work in Italy, get access to its healthcare and education facilities, and travel visa-free across the EU. You can get a subsequent renewal of three years after the expiry of the visa period, provided you retain the investment. A five-year stay in Italy gets you permanent residence, and ten years makes you eligible for naturalization.

An investor visa is an extended but simple way to achieve your Italian citizenship dream. Collaborating with an expert makes it even easier to fulfill because they know all about the immigration laws of the country.