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November 27, 2017

How to Avoid the Exploitation of Elders with Advice from Freedom Debt Relief

elders debtsWhile it is hard to imagine, a crime that we see committed over and over, are crimes against elderly people by way of fraud and other forms of exploitation. Not only is this illegal, but it is also immoral and it is hard to imagine something like this happening to someone we know and love. At Freedom Debt Relief, we want to help caregivers and loved ones to avoid the older people in their lives from becoming victims of elder exploitation.

Sadly, a recent study Freedom Debt Relief reviewed shows that almost $3 billion is fraudulently exploited out of seniors each year. That is each and every year. This is a huge loss of money for people who generally live on a fixed income and this reduced income can spell disaster for the person’s ability to meet their daily needs. While it would be nice to think that this is rare, the numbers just don’t bear that out.

As Freedom Debt Relief found out, 1 out of every 5 people over the age of 65 has or will suffer from some form of elder fraud. This is a huge number and it means that, chances are, you or an older person you love could also be a victim of these predatory processes. What follows are just a few tips and hints on how to manage your own, or help the older person in your life manage their finances in a way that reduces the likelihood of becoming a victim.

Cognitive Decline and Finances

One thing that Freedom Debt Relief found is that those who are of advanced age (80+), as well as those who are suffering from some form of cognitive decline are far more likely to be victims of fraud than those who do not. If you start to notice that your memory isn’t what it once was, or if you are a caregiver who notices this about a loved one, you might want to turn over control of the finances to someone who can manage it. This will reduce the likelihood that your finances or your loved one’s finances are compromised as a result of someone taking advantage of their decline.

Avoid Scams

While Freedom Debt Relief knows that we want to be able to trust in the kindness of others, the sad fact of the matter is that there are people out there that are looking to scam people. You need to be wary of anyone who is selling something that seems to good to be true or that comes along, promising that, for a fee, they will be able to solve all your problems. Older people are far more likely to be targets and victims of such scams as they tend to not be as technically savvy and are more likely to trust other people.

Freedom Debt Relief notes that being open with your finances with someone you trust as you get older is just a smart way to help avoid becoming a victim to fraud. Being willing to turn over your finances to someone you trust if you start to notice some memory slips could ultimately save you your entire savings. Be skeptical and wary of anyone who is trying to sell you something that seems way too good to be true or anyone who thinks they can solve your problems (for a fee, of course) and make your world as good as new. Maintain a high degree of skepticism and enlist the help of someone you trust when making big decisions.

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July 26, 2017

Save Tax with Mutual Funds: 5 ELSS TO Help You in Tax Saving

save your taxEquity-linked saving schemes, or ELSS, are essentially close ended mutual fund schemes that offer tax benefits under the section 80C of the Income Tax Act, which means that you can reduce your tax liability. Such funds do not have any restriction on number of shares issued. They are diversified thereby allocating capital in a variety of assets in a way that reduces exposure to risk thereby mitigating loss schemes offered through mutual funds.

The unique feature of this scheme is that one can avail a maximum deduction of Rs. 1.5 lakh invested into these funds from his/her income during a financial year. This in turn, would help in saving tax of up to Rs. 46,350/- (if one falls in the highest income slab) during a financial year. ELSS also offers greater liquidity as the lock in period in these funds is only 3 years in comparison to PPF which has lock in period of 15 years. Further, by choosing for the ‘Dividend Payout’ option in the ELSS, investors can receive tax free dividends from their investment prior to the maturity of the scheme. Thus, these funds are efficient tax saving investments with the least lock in period and a superior performance track record.

This is a hugely underappreciated advantage of investing in an equity-linked saving schemes. Many prefer instruments such as Public Provident Fund, life insurance policies that are comparatively long term instruments where the primary goal of investing is either safeguarding your loved ones after you are no more or in the case of PPF whereby the idea to save for retirement.

While one can look at ELSS purely from a tax saving perspective of saving taxes, they can also serve as investments towards long term goals. The equity element in ELSS allows investors to systematically create wealth in the long run.

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May 6, 2017

Financial refreshment ideas which will bring you money this 2017

financial sourcesIf you are financially stable and successful in your life then you can go ahead and gamble some money away. Below are some ideas where can you wager your money on, as well as some top ways of earning more money. However, people always argue that these are not the right ways of obtaining more cash.

Different countries do have different tax structures for this income and your service charges will be more than your normal earnings taxes, so the deductions will take a higher portion of your total profit. The reason behind this taxation is that you have put less effort & thus got more money. But also here there is a high chance of losing everything. Means this is a game of no risk no gain.

Below I have listed 3 ways you can do this:

Earning money from lottery: If you are a huge fan of winning the lottery, that means you want to earn big. However, there is no assurance whether you will definitely get the money or not. Many people have lost their entire savings by investing in lottery tickets and yet they didn’t get anything.

Earning scope in casinos: Many night clubs do have casinos inside them & youngsters are very interested in clubbing, roulette and poker. This is nowadays one of the best & most popular mediums for refreshments. In casinos the winning stake can be huge if you know what are you doing, otherwise you might end as a big looser.

Earning by involving in sports betting: Many people in this world are into betting and there are many renowned betting sites like the ones listed on BettingTop10, where people can indulge in their favorite sports odds. Some are even earning few extra bucks but you have to be aware of the fact that there are many scammers all around, so you need to go for the correct one after doing your home research.

For me I am a simple family guy who doesn’t like clubbing a lot & I am always finding my refreshments in my family. I am not very rich, but yet I feel financially established. I have never tried the above mentioned ways of making money so I can’t be of much help if you would like to give them a go, but as a financial blogger I like to cover all sides of financing and all alternative ways of earning money.

I am very proud that you all are loving my blog & also sharing your valuable feedback. So, I’m looking forward to seeing your feedback for this post also. Finally, these money earning ideas in 2017 have included few nontraditional ways of earning money. But ultimately remember to work hard & then expect higher gains.

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February 20, 2016

The Benefits of Adding Alternative Investments to Your Portfolio

alternative finance ideasTraditional assets consist of stocks, bonds, or money. Individuals capitalize in such products with the expectation of capital appreciation, surplus on the original investment, and earnings on interest. For many years, people have been limited to financing only these asset products.

Alternative investments have created a broader field for individuals to capitalize in. This type of investment relies upon asset classes that have little to no correlation with more traditional forms of ventures.

Types of Alternate Financing

Private equity: there are a greater number of private corporations than there are public ones. These private companies tend to take on investor capital. Private equity firms are essentially ones that raise the necessary funds from a variety of investors. These resources will then be placed with favorable private corporations. The money is then returned to investors once an IPO or acquisition has taken place.

Venture capital: this is a division of private equity. Here the investment takes place among companies that are just beginning, before they have had a chance to grow. Venture capital firms gather funds from various groups. They then disperse these reserves to a variety of companies that are just starting out. This type of financing is usually more of a gamble. In the event that these start-up corporations succeed, however, the investors can expect an impressive return of their capital.

Hedge funds: these funds consist of a compilation of several investments. These are then placed in a variety of schemes and assets. The difference between hedge funds and private equity is that hedge funds will also place ventures with public companies. There is also more liquidity offered with hedge funds. This way investors have more access to their money and can withdraw it with greater ease. Some of the more typical hedge fund strategies are distressed investments, arbitrage, and macro-trends.

Advantages of Alternate Financing

The inclusion of alternative financing asset classes in a portfolio will greatly increase its diversification. This is because they have very little or no association with more traditional asset classes such as stocks. This means that your investments are less likely to be affected by the performance of the stock market. Thus, the inclusion of this type of investment reduces the overall volatility of the portfolio.

Alternatively, this type of investment has a good correlation with inflation. This property ensures that it serves well as a hedge against inflation. This indicates that it would provide a solid return rate on a long-term investment.

In certain instances, alternate investments can actually produce greater returns than traditional investment. One of the advantages afforded to this non-traditional form of investment is the wider range of financing opportunities. The investors can choose to invest in both public and private corporations. They also face less constraints and are subject to fewer regulations. This can result in better returns subsequent to long-term performances.

Typically, these types of investments have always been considered more of a risk than stocks, bonds, or cash. It is, however, this increased gamble that can ensure that the return against the venture is also impressive.

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November 13, 2015

Why You Should Reevaluate Your Mutual Funds Each Year

mutual investment fundsOverview

Mutual funds are one of the best ways for people to enjoy a high rate of return over the long term. A mutual fund is generally a collection of stocks that are chosen by the fund manager. There are some fees associated with investing in a mutual fund, but generally the rate of return that is offered will offset the higher fees. One of the most important things for any investors to do is to reevaluate the mutual funds that are owned every year. Over the long term, this can be a great way to take a look at the overall strategy that is in place with your investments. Here are several reasons why this is so important.

Diversification

Having a diversified portfolio is one of the most important aspects of earning a solid return over time. There are many people who have too much of their portfolio invested in one type of mutual fund. Spreading out the capital that is invested in various mutual funds is a great way to diversify the funds that a person owns. Over the long term, a diversified portfolio generally has lower rates of risk than portfolios that are not diversified.

Better Selection

Over time, an investor can have a better selection of funds by looking at them every year. Although the past is the best way to gauge the future, there are some funds that have performed well in the past that are not performing well now. This would only be noticed by taking a hard look at the funds that are owned by a person. By taking an unbiased look, an investor can decide to reallocate his or her funds into different sectors of the market. This can make a huge difference over time in the rate of return that is offered by the investments.

Rate of Return

The rate of return that an investor earns on his or her portfolio is one of the most important metrics to follow. There are many different ways in which the rate of return can be increased. Always make sure that a portfolio is diversified over the long term. In addition, there is a correlation between risk and return. Younger investors can afford to take on a higher level of risk because they have more time to recover from the risk. This is important to keep in mind for those who are just starting out investing. By looking at all of your funds every year, this is a great opportunity to invest in those funds that will go up more in the future. Over the long term, this will help to boost the rate of return that is earned.

Final Thoughts

Mutual funds are a great way to have a diversified portfolio that has a proven track record of success. However, it is important to choose the correct mutual funds to invest in. There are many different sectors and funds for investors to choose from. One of the best ways to keep a portfolio working over time is to constantly reevaluate the investments that are made. This is one of the best things that any investor can do in order to have a high rate of return over the long term.

Jessica Kane is a professional blogger who focuses on personal finance and other money matters. She currently writes for Checkworks.com, a leading supplier of personal and business checks.

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