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Articles Posted in financial wellness

stockfresh_1345661_happy-family-near-new-house_sizeS-300x200It is easy to be anxious about big purchases. These can require loans that take years to pay off. Buying a house is an enormous six-figure commitment with potentially harsh consequences. Real estate is not for the faint of heart or for the uninformed.

It Is a Major Adjustment

House ownership is a significant middle-class status symbol. It tells the community a person is successful enough to afford a mortgage. That mortgage, however, could be a grenade waiting to explode.

A problem that surfaced in the Great Recession of 2008 was the mortgage ignorance of many people. Folks didn’t know the dangers of balloon mortgages or other debt instruments. Their financial wellness consequently suffered. Continue reading

stockfresh_479551_house-in-hand_sizeS-300x200Real estate agents on television will showcase the house bargains that are just waiting for a buyer. They will stress the positive, but once the house is sold, the buyer learns the negative.

A naïve first-time home buyer isn’t aware of the pitfalls of real estate. The house might have structural problems and the buyer might be using a balloon mortgage to pay for the home. Financial wellness might soon be at risk.

 

People Need Real Estate Education

 

A house is what every employee would like to have. Unfortunately, not every person understands real estate. Housing and mortgage financing can be a real mystery. Whether a person is buying a dream, or a nightmare depends on what he or she knows. An employer can help by offering a financial wellness program that includes education. Countrywide Pre-Paid Legal Services provides a benefit that has a real estate education option. Continue reading

01the-importance-of-a-comprehensive-legal-plan-article-4102-thumb-320x210-86253-thumb-320x210-86254-300x213Human resources understands the impact of depression on productivity. People who have anxiety or disturbing thoughts are distracted. Deadlines and business benchmarks might be ignored as a person tries to deal with inner demons. Depression can be expected any time a person’s financial wellness appears to be in jeopardy.

Hard Lessons in Life

Young employees are especially vulnerable to stress brought on by finances. This is more than just having to deal with a personal budget for the first time. Many are faced with paying off college debts that are staggering. Others must deal with credit card obligations and even health issues that can drain a normal paycheck. Worries about finances will affect a person’s decisions. The opportunity to buy a house may seem to be completely out of reach and saving for the future looks out of the question. Continue reading

stockfresh_1104622_falling-credit-cards_sizeS-300x200People, by now, realize they were perhaps a little bit too generous at Christmas time. The credit card statements have come in and the debt balances are higher than usual. This can be a direct threat to the financial wellness of some people. The credit card debt may already be substantial and they are paying double-digit interest rates on the balances.

 

The figures can be frightening and may lead to some drastic decisions. A person has to be cautious in dealing with credit card debt, however. Paying the monthly minimum is essential, but too much can leave a consumer strapped for cash and not able to fully pay other obligations. Some have no concept of a personal budget and are floundering. Credit card balances can be managed and can be lowered. It requires a little strategy along with frugality. Continue reading

stockfresh_4665102_student-loan_sizeS-300x300It is a new semester on college campuses and the last one for many seniors. College days are about over, and the monthly student debt bills will soon begin. Some seniors already have accepted job offers, but loan repayments might take a big portion of their paychecks. The cost can harm financial wellness.

 

College debt can be enormous with a person perhaps owing more than $100,000. New graduates have not faced the payment obligations the size of a house mortgage. Drastic steps such as forbearance and even declaring bankruptcy can appear to be the only options. However, desperate decisions are not necessary. Continue reading

debt-relief-pill-300x255January comes as a shock  for some people. The new year impacts an organization’s health insurance deductible: it starts all over. The full deductible amount is reinstated. It upsets folks because they are afraid their medical condition will jeopardize their financial wellness.

A Nasty Compromise

Employers do what is necessary to contain medical expenses. Raising employee premiums or changing the co-pay percentage is not popular with the workforce. The compromise is to increase the deductible instead. Deductibles between $5000 and $10,000 are typical. Continue reading

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Fiscal responsibility is a virtue everyone wants to have. Unfortunately, it is not that simple, nor is it easy to get. Folks will try all types of budgeting but do not always get it right. Attempts to pay large bills are frustrating, and people start worrying about how they will ever eliminate their credit card debt. Financial wellness means using the proper tools to get out of choppy water and commence smooth sailing.

 

There are many financial gurus out there who promote this idea or that in order to help somebody walk a smooth path. The problem is that these so-called experts promote general ideas. Their suggestions may or may not be what an individual needs for his or her finances. It is essential to have somebody to work with in a one-on-one situation. It guarantees that an individual’s financial wellness is constructively addressed. Countrywide Pre-Paid Legal Services has a benefit that can help anyone do a better job of managing domestic finances. Continue reading

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College can be a major learning experience after graduation. The grace period for college debt repayment ends six months after the final ceremony and it can be a shock. The monthly payment on six-figure debt can be the sizable mortgage. The financial wellness of a young employee might be in danger.

 

Forced Choices

 

College debt is a significant disruption in anyone’s life. Decisions about buying a house, having children, or getting married are affected. A young graduate has little understanding of finances, and panic is a normal response. Using forbearance or not paying and then filing for bankruptcy creates more substantial problems. The wrong decision will result in credit ratings being destroyed and money problems lasting well into the future.

 

The new employee doesn’t require a handout. Good advice in managing college loan repayment is better than cash. Countrywide Pre-Paid Legal Services offers a financial wellness plan that can resolve many common financial challenges. Continue reading

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Medical emergencies are often unexpected. They cause people to spend extended time in a hospital bed and undergo lengthy therapy afterwards. It all adds up to a very sizable bill. People will panic over the size of the invoice, but they should be careful about taking drastic measures that might damage financial wellness. There are several ways to handle that medical bill.

Some Options

  1. Medical Credit Cards

Healthcare providers may have a credit card option, where the patient signs up for medical credit card with the provider. It doesn’t take long for approval and this type of plastic is ordinarily for medical situations. Continue reading

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A significant financial investment is a gamble. It might pay off, but it also could bring negative consequences. The largest purchase an ordinary employee makes is a house. A first-time buyer is justifiably nervous about the impact on his or her financial wellness.

 

What Should I Do?

 

Real estate is an intriguing world with a unique vocabulary. Fixer-upper, distressed sales, rent to buy and FHA loans have definitions most people don’t know. It makes purchasing a house exciting but also a little stressful.

 

Mortgage loans can be sophisticated. Variable interest rates and balloon mortgages might appear sensible, but they triggered the housing collapse of the Great Recession of 2008. Buying property in the wrong location will create domestic problems and buying to flip a house can be a disaster.

Folks will pay dearly for what they do not know. Continue reading