It is always a good idea to manage your finances throughout the years as it will benefit you in several aspects, like changing your spending behavior, psychological state regarding safety, knowing your worth and raise your earning potentials at new jobs. Not to mention, it will always keep you motivated to enjoy life.
However, throughout those years, especially in the life-changing big steps we take, we always tend to need more money than what our savings account has. Whether for marriage, buying a family home, a college fund, starting your own business, or thinking about the right time to retire, you will always need to be aware of money sources around you besides your savings accounts and investments.
Here are some money sources you most probably didn’t know existed.
If you have an inheritance from an estate that is in probate, you can be able to get a part of it faster through a probate loan. Or even get the whole amount of money. When referring to ProbateAdvance.com, these companies were created to help inheritance difficulties people face, because the probate process takes an average of 12-24 months. So imagine how frustrating it is to go through that long process while having to make big financial decisions in your life.
The good news is, having probate in advance is not like having a loan. The process ends in one single business working day to receive the money without credit history and exposed personal information. It is also a risk-free process because in case the estate will not pay you, then you owe them nothing.
Though it is a long-term source of money, many employees are not aware of, or even fail to recall, after quitting. It is a type of investment account plan your employee provides. Thus, whenever you start a new job, check if that plan type is included in your offer.
This is how it works: You contribute a percentage of your salary, and the employee will deduct it automatically and place it as an investment account. You get to withdraw it anytime. However, it was designed for retirement, so the more you wait, the better it is.
Some companies allow you to change the 401(k) contribution every six months or every year. Other companies offer a match percentage from your contribution, as an added value for their employees. For example, if you contribute 5,000$ a year, your company will contribute an extra of $2,500 on your behalf.
Loans are known to many people, but what you might not know is that by checking loan interests regularly, you can have the opportunity of a money source with the least interest. Moreover, if you already have a loan outstanding, it can be a golden time when rates fall to refinance and lock in lower interest costs.
Finances can be difficult to handle. Besides keeping track of where your money is, financial experts tend to advise people to start in their 20’s and make some investments for rainy days, as they are considered as an extra source of money. With the examples mentioned above, you can start today. Other things you should definitely consider include investing in real estate, bonds or the stock market, and starting your own business, taking advantage of, and searching for all available college funds, angel investors, and physical commodities like gold or silver. The options are endless!