Finance Archives - Page 14 of 23

Settling vs. Going to Trial: The Pros and Cons of Each Outcome

May 22, 2018 by admin

Legal matters should be approached with all the thought and consideration in order for you to maximize the chances of reaching the desired outcome. No matter which path you take, a lawyer will surely be of assistance to you. For educational purposes only, we’re going to go through the pros and cons of each, so you’ll be equipped with the knowledge of what you can expect.

The pros of settling

If you decide to settle out of court, there’s probably going to be much less stress involved. The amount agreed on will be clearly and transparently laid out for everyone to see, and you’ll also be able to get your hands on it much faster then letting the case escalate to court. Typically, this shouldn’t be more than a month or so. The legal fees won’t be as high; for example, if you’ve been injured in a car accident, you won’t need to hire an automobile accident lawyer to represent you in court.

The cons of settling

Unfortunately, the negative side of settling outside of court is that you potentially won’t get compensated as much. Furthermore, the defendant is under much less pressure to admit to any wrongdoing on their part. Also, settling out of court tends to be much more private than letting things escalate, which might be a bad thing if your aim is to expose those who have wronged you.

The pros of going to trial

Going to trial means that you’re going to get multiple people involved; the judge, the jury, the attorneys, the witnesses… and the list goes on. If you believe you stand a good chance of winning, this may be worthy of pursuing, since the monetary compensation you can expect tends to be much greater than what you could ever hope to get by settling outside of court. If the jury decides in your favor, the defendant will get some bad publicity, which could yield plenty of personal satisfaction if this is what you’re aiming to achieve.

The cons of going to trial

The obvious con of going to trial is that the end result is uncertain and that nothing is guaranteed. Even if things look good for you on paper, you may still end up losing the legal battle. Furthermore, a lot of time can pass before reaching the resolution, which – apart from being a psychological burden – also means a hefty amount of legal fees. The longer the trial, the more expensive it can get. Finally, the inherent public nature of trials could be also viewed as a con if you’d rather see your legal battles stay private.

Conclusion

As you can see, you simply cannot interpret the world in terms of black and white, since everything has its positive and negative sides. This is especially true for legal matters. However, by understanding the pros and cons of settling versus going to trial, you’ll be in a much better position to take the best possible route in a given situation. No matter what you choose, however, you should always consult an attorney before proceeding.

Emergency-Proof Your Family Budget

May 17, 2018 by admin

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In 2017, it was reported that 1 in 7 Australians has no savings at all. If a personal emergency were to occur, 2.6 million people in the country could not afford to cover the expense. For individuals and families who like to travel and explore, it is especially important to be prepared, as there are numerous expenses that could suddenly arise. Someone could get sick or break a bone. The family vehicle might break down. Any number of situations can occur that require the use of emergency funds. However, if you are part of the millions living paycheck to paycheck, you could be one minor emergency away from a bad financial situation.

Now is the time to ensure that your family’s financial picture is as solid as possible. Thankfully, no matter what your current situation may be, you can immediately begin to take actions that make your budget emergency-proof.

Have an emergency fund that you don’t touch

A recent report revealed that the average Australian saves $427 each month. If you find it difficult to put cash away, this is the first habit that you must build. Having adequate savings is the top way to ensure that you do not have to go into debt for emergency expenses. How much should you plan to save? While something is better than nothing to start, you should make plans to achieve a significant savings goal as quickly as possible. Experts recommend aiming to save at least 6 months of your income. This amount of cash will cover you for some of the most major expenses, and for extended periods of income loss.

Ensure that your credit score is in top shape

While it is ideal to have the cash to cover emergency expenses, you may be caught in a position where you do not have the necessary funds. Even the most financially responsible of individuals will find it incredibly challenging (if not impossible) to pay for large purchases (such as a new vehicle). In the event that financing is needed to accommodate an emergency expense, be sure that your credit score is in top shape. Taking the time to understand your finances and credit score can ensure that you get approved for needed financing, and ultimately save you thousands in interest. Is your credit not where you want it to be? In addition to building an emergency fund, make a plan to reduce and eventually pay off any outstanding debt. Always be sure to make your payment on time, and explore the possibility of lowering your current interest rate on credit cards and existing loans.

Maintain your property, vehicles, etc. to avoid emergency expenses

It is obviously impossible to prevent every emergency expense. However, being proactive in the maintenance of your property, vehicles, and other things you own can reduce the risk of a sudden expense. Create a schedule for yourself to be sure that nothing is missed. Take your car in for regular maintenance, such as oil changes and filter replacements. Have the heating and cooling system in your home routinely serviced. Do everything in your power to avoid the possibility of a preventable emergency expense.

For families who live an on-the-go lifestyle, it’s crucial to prepare for unexpected expenses. Make your budget emergency-proof by building a savings fund that you don’t touch, keep your credit score in top shape, and be proactive in avoiding sudden, preventable expenses. Spend more time enjoying life and less time worrying about what expenses await in the future.

How To Be Organized in a Crisis

May 16, 2018 by admin

Your home is a safe place where you can relax, unwind and enjoy yourself undisturbed and in peace. At least that’s how it should work! Life never goes completely to plan all the time though, so the odd problem or crisis is bound to occur now and again. Knowing that something is inevitably going to go wrong at some point means that you can be prepared for such eventualities, and therefore avoid panic and helplessness should disaster strike. The key to preparation is organization, which will prevent many issues arising in the first place and make it easier to handle unavoidable issues that may arise.

Preventing a crisis

There are varying grades of problem, crisis, and disaster that can befall you, but all will have a degree of stress involved. How much any particular situation stresses you will depend on your ability to cope with it, so there’s no one size fits all solution to managing a crisis situation. The best approach is to prevent anything going wrong in the first place. Keeping your heating, hot water, plumbing and electrical systems and appliances serviced and well maintained should help prevent breakdowns and loss of facilities, so don’t neglect this important task. Plot all the dates for appliance and system checks on a calendar or wall-planner and make sure you get maintenance visits booked in plenty of time. You also need to have a regular schedule for carrying out home maintenance tasks like clearing gutters to prevent blockages and stop water getting into the house, or cleaning paths and patios to help avoid accidents from slippery surfaces.

Dealing with a crisis

Most importantly, don’t panic – it will do you no good and won’t help the situation. Identify the cause of the problem if possible, so you can explain to the tradesperson you contact. Depending on location you will need to find a local tradesperson, so research emergency plumber Toronto for example. If there’s anything you can do while you’re waiting for your help to arrive, don’t waste time thinking about it. Bailout or soak up any pooling water from a leak or overflow, for instance, so the risk of damage is minimized, and the working area is clear for the professional when they arrive. Have a list of contacts readily to hand so you can call the best person for the job rather than just ringing the first name in the telephone directory. It’s also a good idea to keep a store of batteries, fuses, light bulbs, torches and anything else that could prove useful if something goes wrong. Staying calm is your best defense in these situations, enabling you to focus on what needs to be done and who needs to be contacted.

It shouldn’t take too much time and effort to get a crisis situation plan developed, and if you have one, it can cut through indecision and uncertainty in the heat of the moment. You may not, hopefully, experience these crisis situations very often, but the reality is that trouble can and does happen, so being prepared will stand you in good stead long-term.

How to Create Employment Pay Stubs for Your Team

May 14, 2018 by admin

Whether you run a virtual team or have a brick-and-mortar business, there are ways to reduce your expenses. Making your own pay stubs can save you a small fortune in the long run. Follow these steps to create employment pay stubs on your own.

If you aren’t already giving your employees pay stubs, you may want to consider making the change.

Employment pay stubs can be a vital part of everyday life.

Whether your employees are looking to rent a new apartment or trying to get a loan, odds are they’ll need to present a pay stub at some point.

Creating paystubs for your employees in-house may seem like a daunting task. But it can actually be a very simple process provided you have the right tools.

Creating employment pay stubs in-house can even end up saving your business a pretty penny in the long run.

Don’t know where to start? We can help you out.

Here’s everything you need to know about creating pay stubs for your employees.

Figure Out Employee Gross Income

The first thing you need to do when creating pay stubs is to figure out your employee’s gross income. That is, the amount of money they make before deductions.

Odds are you already have a system, such as a spreadsheet, where you keep all payment information in place. If you don’t, now would be an excellent time to create one.

For hourly employees, you’ll need to multiply the number of hours they’ve worked by their hourly rate. For salaried employees, just divide their annual salary by the number of paydays per year.

Remember to factor in any overtime or unpaid time off.

Calculate Taxes and Withholdings

Once you have your employee’s gross income, you’ll need to figure out deductions. This includes federal, state, and local taxes, as well as any extra withholdings such as Medicare and social security.

While you can look up any and all tax information online, you’ll want to double check with an expert in tax law.

Once you’ve figured out taxes, you’ll need to calculate FICA tax withholdings. There are a few different equations you’ll want to keep in mind.

To figure out Medicare withholdings, multiply each employee’s gross pay by 1.4 percent. Multiply their income by 6.2 percent for social security.

Remember, as an employer, it is your responsibility to match these amounts.

If you’ve set up any life insurance or 401(k) plans for your employees, you’ll want to deduct those amounts after taxation as well.

Net Pay

Your employee’s net pay is the amount they get to pocket at the end of the day. After all taxes and withholdings have been accounted for this is the number you’re left with.

This is the amount that will appear at the bottom of your employee’s pay stub.

Online Templates

Thanks to the Internet, creating employment pay stubs has never been easier.

There are dozens of websites that have pay stub templates already available. All you have to do is download them and fill them out.

But, if you’re looking for an even easier way to make fake paycheck stubs, try PayStubCreator.

Everything you need to create pay stubs is already on their website. All you have to do is have all your employee payment info on hand.

Creating Employment Pay Stubs

Now that you know how to create employment pay stubs, now all that’s left to do is to go make them.

It may be a little bit of a hassle — and a whole lot of math — but your employees will be grateful for all your hard work.

Looking for a little more financial advice? We have dozens of articles to help you whether you’re trying to create a family budget or saving for your next vacation. Visit us today!

Interesting Electric Car Facts That Will Make You Want to Buy One

May 11, 2018 by admin

As electric cars steadily become more and more popular, the electric car vs gas car debate heats up. Check out these electric car facts that will make think!

Have you ever wondered what it would be like to use an electric car?

If you’re searching for a new car, an all-electric model might be just what you’re looking for. Over 48 million American households can meet their daily driving needs with an electric car.

Although electric cars aren’t entirely mainstream yet, the technology continues to improve. Drawbacks that turned potential owners away before–like a high cost, performance issues, long charge time, and limited range–are quickly fading away.

More and more manufacturers have been selling electric cars and sales have skyrocketed over the past few years. Electric vehicles offer a step up from the traditional gas-powered vehicle–like smooth acceleration, a quiet engine, and instant torque.

Electric cars aren’t just for the elite these days–anybody can own one. Some car companies are going as far to commit to converting to electric car only production in the near future. Even luxury car companies like Tesla are offering more affordable electric models for their customers.

Are electric vehicles poised to take over the industry? Check out these electric car facts that will make you want to run to your nearest dealership and get one for yourself.

Interesting Electric Car Facts

Electric cars are some of the most talked about vehicles in the automobile industry today. The market is booming–electric vehicles are behind the record-breaking number of new car registrations.

But as much as you might have heard about electric cars–how much do you actually know about them? Take a look at some of these facts about electric cars, and you can decide for yourself whether gas or electric cars are the future of the industry.

1) They’ve been around for a long time

Electric cars might be seen as an example of the changing industry in the 21st century, but did you know the first electric car was actually invented almost 200 years ago?

The first prototype was created in 1832, and in 1895 an inventor developed the first six-passenger electric car.

In New York City, all taxis were once electric vehicles. In the 1920s, the combustion engine and the expansion of U.S. highways led to the electric car becoming less desirable. Now, in the 21st century, they’re finally making a comeback.

2) They’re eerily quiet

One of the first things you’ll notice while driving an electric car is the silence.

Compared to a gas car, an electric car is virtually sound free. Even when pressing down on the accelerator, an electric car glides over the road with little engine related noise.

The silence has even made them dangerous around some pedestrians, who may not know the car is on and step in front of it while it’s in motion. In order to help, Nissan added a soft whining sound for all speeds below 20 miles per hour.

Driving an electric car means you won’t have engine noise competing with your music–and you can hear the sounds of nature or busy city life outside your car. With an electric vehicle, you can look forward to a future of peace, silence, and maybe even a song or two.

3) They’re a lot of fun to drive

Electric cars aren’t just good for the environment–they’re a lot of fun too. When you step on the accelerator, the car shoots forward almost instantly.

You can also use your brakes a lot less when driving an electric vehicle. Stepping on the brakes recaptures some energy to feed back into the battery. This helps you go farther without recharging and makes for an easier ride–all you have to do is lift your foot off the accelerator and the car will slow down by itself.

4) They put gas cars to shame

Never let it be said that electric cars pack less of a punch.

Electric vehicles take energy efficiency and engine power to a whole new level. They have extremely high torque power, which means that the pickup is fast.

In the electric car vs gas car debate, comfort is where the electric car rises above its competition. Riding in an electric vehicle is comfortable, smooth, and fast.

5) They have no exhaust

Unlike gas cars, electric cars don’t have any visible tailpipe exhaust. In fact, most vehicles don’t have a tailpipe at all.

With an electric car, you can actually see the difference that you’re making in the environment. By reducing gas emissions, you’re contributing to cleaner air and a reduced carbon footprint.

Regardless of how quickly electric cars develop, each new car bought and used is a good start to improving the environment and slowing down global warming.

6) They let you skip the gas station

Electric vehicles make refueling simple.

Instead of buying gas or changing the oil, all you have to do to recharge is plug into your charging station. Electric car charger installation in your home has never been easier–and you can recharge overnight before you go to work the next day.

Although charging at home is usually enough to get you where you need to go, there are over 5,000 charging stations across the country, and more are being built every day.

Up to 80% of battery energy in an electric car is transferred directly to engine power. In a gas car, only 14-26% of the battery energy is used.

7) They can actually save you money

When it comes to picking between gas or electric cars, the cost can be a big factor.

While the overall price of electric vehicles might still look expensive compared to gas-powered cars, it can actually save you a lot of money. Switching from gas to electric will be less expensive in the long run.

Electric cars can also save you money on maintenance–fewer moving parts mean fewer things that could break. You’ll only have to worry about changing out the battery, which lasts up to 15 years and usually comes with a warranty.

Owning an electric car can get you some perks too. Electric vehicle users are eligible for a tax credit up to $7,500, and some states offer bonus incentives.

The Bottom Line

While the electric car vs gas car debates still continues–these electric car facts might give you a little more insight on why electric cars are better suited for the rapidly changing technological world.

Whether you’re already planning on buying a new car or just looking around at your options, buying an electric car means planning for the future. You can make a difference for the environment–and get a smooth, affordable ride while you do it.