How to Prepare Your Family for Financial Comfort

Having financial freedom allows us to lead lives that are debt-free and worry-free. Having a solid financial plan is a great way to make sure that your family enjoys financial freedom. Keep reading as we explore three steps you can take to make sure your family members are well cared for, financially speaking.

1. Start investing to meet your financial goals.

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Creating a portfolio of quality investments is a sure way to secure your family’s finances and achieve future goals. Investing also involves learning to let your money work for you so as to later earn benefits from it in the long run. There are different investment asset classes and these classes offer different returns. The stock market gives you a different return than alternative investment opportunities like real estate or another secondary market may. If you’re a new investor looking for a fresh investment opportunity but haven’t any idea where to begin, enlisting the services of a trusted investment platform like Yieldstreet is a great place to start.

Yieldstreet is an investment platform that offers alternative investment options such as legal settlements, real estate, litigation finance, marine vessels, and art—to mention a few. Maybe you find yourself asking: is Yieldstreet legit? Well, you can be sure that they are, and here’s why. Yieldstreet’s founders are well-known figures in the alternative finance industry. Additionally, they were able to return over $500 million back to Yieldstreet investors in 2019, while paying just $100 in interest.

2. Learn the benefits of comparison shopping.

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Comparison shopping websites are quickly breaking into retail markets and the reason for their success is the fact that they help you save money by finding the best deals in the market. Comparison shopping websites cut across all industries: financial services, travel, broadband, and even utility service providers.

Electricity, for instance, is one of the most expensive utility bills for most households because almost all home appliances are powered by this resource. Understanding this, Moneygains has launched a free easy to use price comparison website that helps you compare electricity plans to find the most affordable option for your household. To learn more about how you can save money on electricity bills this month, visit their website, moneygains.co.uk for more information.

3. Explore your financial options.

A recent study found that about 530,000 American families file for bankruptcy annually. Out of these, 66.5% are linked to medical expenses due to the high cost of treatment or time taken off work. Given the high cost of medical care in the United States, it isn’t any wonder that pursuing medical treatment can instantly leave one bankrupt.

If you need some extra cash in order to get by, a viatical settlement or life settlement may be your best bet. While your insurance policy may only offer partial financial relief, learning the difference between life settlements and viatical settlements is a great way to ensure that you are choosing the right type of settlement for you and your family.

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A viatical settlement allows a person living with a terminal illness or chronic illness to sell their universal life insurance policy to an independent third-party buyer in exchange for a lump-sum cash payout. The value of the cash payout depends on a number of variables, but most notably, the life expectancy of the applicant, and the value of the life insurance policy. In exchange for the payout, the original owner waives their right to name a beneficiary of the policy’s full death benefits.

The third-party buyer takes over the premium payments left on the life insurance policy and will also able to claim the full death benefits of the policy once the original policyholder dies. To begin this process, the policy owner will need to contact a viatical settlement provider or viatical settlement company to facilitate the sale of an existing life insurance policy.

A life settlement transaction differs from a viatical settlement in that the policyholder need not be terminal or living with any form of chronic illness to qualify. Here, the policyholder may contact the insurance company directly to facilitate the sale of their life insurance policy. A life settlement transaction differs from a viatical settlement in that, the policyholder typically has a longer life expectancy. What’s more, the payout from a life settlement is taxable where the payout from a viatical settlement is tax-free.

There are plenty of financial options out there for seniors or anyone else looking to organize their finances in their family’s best interest. Regardless of your financial situation or immediate need, look into alternative investment options, make sure to shop by comparison, and, if push comes to shove, remember that you can always opt into a viatical settlement.