READY TO EXPAND YOUR FINANCIAL KNOWLEDGE?
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FINANCIAL SEMINARS
Ready to expand your financial knowledge? BlackRiver Financial Services has financial seminars based on seven financial topics:
Investing
Retirement Planning
Debt Management
Education Funding
Life Insurance
Health Insurance
Long-Term Care Insurance
INVESTING
Investing is used in business management, finance and economics, and relates to a means of saving or reducing expenditure. Investments are redirecting resources for the benefit of the future and to get more gains. There are many ways in which you can make investments.
You can invest your earnings in land, stocks, mutual funds, gold or even in bonds. Before you make an investment, you should research the market to choose the best mode that gives security to your resources and reduces the risk of losing your money. With the right form of investment you can make more money with your savings in the long run.
RETIREMENT PLANNING
Planning for retirement is a process that takes decades. When you retire, you want to retire comfortably without compromising your quality of life. The task of saving a substantial amount of money seems daunting at first: some people need to save hundreds of thousands of dollars in order to live comfortably. Many people have difficulty managing their savings plans with rising living expenses.
Knowing where to begin is challenging, and for many young people, retirement funds are not a priority. When people plan for retirement, they consider a combination of different investment options.
DEBT MANAGEMENT
For a more in-house debt management technique, individual or company debtors can use budgeting to itemize and control their debt. Budgeting mainly involves the debtor’s keeping track of their own spending, noting where the money is going in order to better strategize how to save.
For debtors unsure of how to budget on their own, accountants are very popular when budgeting is involved. They can take all a debtor’s spending statements and financial records to help organize their financial records. At that point, they can professionally determine how best to save the debtor money. Whether on one’s own or through an accountant, budgeting is a long-term process that requires patience and common sense.
EDUCATION FUNDING
It may sound absurd to some, but the right time to start a college savings plan is before your child enters pre-school. The money saved up over time can be used for your child’s education in the future. Starting a plan that early is not feasible for some, and few parents don’t even think of such plans. There are programs available to help parents in saving money for their child’s higher education. One such is the 529 plan, which allows you to save money and provides the benefit of tax exemption. If you start early enough it just takes a few dollars a month to begin as long as you are consistent with the deposits. You can start an account for your child, grandchild or even for yourself. Some college saving plans gives you the advantage of deducting money from the account in the event of an emergency. These are well laid out and structured plans often implemented by either government or investing firms and organizations. Also, the balance maintained in a structured college savings plan cannot be used against you if you apply for financial aid.
LIFE & HEALTH INSURANCE
You may not consider life insurance as a type of health coverage; however, most life insurance policies have what is called an accelerated death benefit. This is a clause within a life insurance policy that allows you to take a portion of the life insurance benefit if you are diagnosed with a terminal illness. As much as 80 percent of your life insurance benefit} is available at any time within the last year or two of the person’s projected life. The money from your policy can be used for any reason, from paying medical bills and nursing home expenses to going on a trip.
Insurance policy is a contract between an insurance company and an individual or his sponsor (e.g. an employer). The contract can be renewable annually, monthly or be lifelong. The type and amount of health care costs that will be covered by the health insurance company are specified in advance, in a member Explanation of Benefits booklet. The individual insured person’s obligations may take several forms.
LONG-TERM INSURANCE
An insurance product sold in the United States, United Kingdom and Canada, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking. Age is not a determining factor in needing long-term care. About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs, long-term care insurance may not be available. Early onset (before age 65) Alzheimer’s and Parkinson’s disease are rare but do occur.