Lazy Man and Money

Factors To Consider When Making Money Working Overseas

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The following is an article by Justin Grossbard from 457VisaCompared. I invited him to discuss the financials involved with looking abroad to work and moving overseas. A few years ago I read from a personal finance blogger (I forget who) that you can make a lot of money overseas.

Many of the world’s great entrepreneurs and successful business people are those who not only find opportunity domestically but also abroad. While it’s common for multinational companies to send individuals overseas for temporary posting, another growing trend has been professionals moving to countries on skilled visas such as the UK’s HSMP visa or Australia’s 457 visa. When considering making such a move, it’s important to weight up the key elements which are discussed below.

Ease Of Receiving The Working Visa In The Host Country

Surprisingly worldwide immigration even for skilled individuals is very limited with many countries remaining virtually closed to prospective employees. While a visa such as the HSMP UK will allow an individual to move to the UK and then find a job, other schemes such as the 457 visa in Australia require you to find an eligible job first. Some countries migration scheme’s will also favor prospective workers from one area compared to another, so it’s important to first understand if you can get an actual visa first before researching further.

Ease Of Getting A job In The Country Chosen

A common mistake is individuals who move to a country only to find out that either they can’t find a job or that they are earning relatively less than in their home country. Going to the international labor organization website can be helpful to understand wage levels combined with local job sites. It’s critical to also factor in the cost of living as well naturally. Additionally, the unemployment rate and the demand for jobs in the area you are skilled in must be factored in as most countries will pay no unemployment benefits while you are looking for a job.

Hidden Immigration Costs

It’s critical to understand the true cost of becoming a working visa holder in a host country. An example is health insurance with 457 visa compared highlighting that for a family in Australia has to pay up to $300USD. Migrants also are not necessarily going to receive the same entitlements as locals such as school fees with cost skilled migrants $4,000 per child in Western Australia.

Ability To Gain Permanent Residency

While your move abroad may be purely financial, it’s important to think long-term as:

  • You may like the location you have moved to and want to live in the are permanently
  • Your pay may increase over your stay and it may be a financially poor move to relocate back to the country of origin

Working visa’s will vary in length with some allowing extensions while others will allow the visa holder to become a permanent resident. It’s really worth researching these areas as the last thing anyone wants is to move back home only because of a visa requirement. Employers may also be less willing to hire an applicant which can only work in their country for a set period.

Overall, any working professional should keep an eye on opportunity and consider relocating if the opportunity presents itself. Working overseas can be  a lucrative one and enjoyable but extensive research should always be done first to ensure its right for you and worthwhile.

8 Tips Everyone Should Know About Home Insurance

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[The following is a guest post by Annie Davis.]

So you’ve finally made your first huge purchase — a home. Congratulations! What’s the first thing you should do? Protect your property, of course. Purchasing home insurance is the best way to protect yourself against the elements and other disasters. There are a few things that everyone should know about it, though. Here are a few tips that everyone should know about home insurance.

Understand What it Covers

Photo by James Thompson

The very first thing you should do when looking at an insurance policy is find out what the insurance policy covers. The policy, of course, covers things such as fire, storms, theft, and more. If you’re displaced from your home, you’ll be covered. Did you know that your homeowner’s insurance can cover things outside of your house?

If something is stolen from your car, don’t depend on your auto insurance. Your home insurance policy will likely cover anything taken from your car.

At the same time, understand what your policy doesn’t cover. Most policies won’t cover flood or earthquake damage as a standard item if you live in a high risk area. These scenarios require policies that must be purchased separately. The same could apply for anything else, such as jewelry, furs or artwork.

Check to see if your insurance company offers these types of policies, and, if necessary, purchase them separate from your home insurance.

You Should Shop Around

Shopping around for your policy is important in finding the most coverage for the best price. If something were to happen, you’re going to need someone you can depend on, so make sure to go with an agent that comes highly recommended. There’s nothing worse than experiencing a tragedy and having an agent come out and tell you that you aren’t fully covered.

How to Reduce Your Premium

It’s important to maximize your discounts on your insurance premiums. Are you aware of all the different ways you can get a discount on your home insurance? If your property is gated, you can get a reduced premium. If you install other security measures, such as deadbolts, security cameras, alarms, or anything else, you can get a reduced premium. Adding an alarm that can directly communicate with the police and fire departments can earn you up to a 20 percent discount.

The less risks you have, the better. Do you have a pool? Put a fence around it. Little things around your house can lower your premium. Once you’ve installed all the security measures that you can think of, check out homeownersinsurance.com to compare rates and get quotes.

Don’t Wait to File a Claim

Examine the policies to determine the time limits to report any damages. The last thing you want is to wait too long and not be covered. Commit the time limit to memory. If you decide to report the problem after the date, you’re completely out of luck.

Note the Limitations

When signing up for a policy, it’s important to make note of how much the policy covers. You’ll be out a serious amount of money if the item lost or damaged exceeds the amount of money that the policy covers.

Keep Detailed Records

It’s extremely important to keep detailed records, including receipts, contracts and appraisals. If you have a smartphone, you can use an app to record phone calls. Keep digital copies if possible, they’re small and can be backed up remotely. The last thing you want is for a claim to not pay out based on your lousy records.

If you do decide to keep physical copies of everything, make physical backups of everything. Store them safely in fireproof cabinets or safes. In the event that something happens, you want them to be retrievable.

Bundle Your Policies

Consider bundling your policies. If you have multiple policies with one company, you could be eligible for a discount. If you hold these policies for three to five years, you could be eligible for a five percent discount, and if you hold the policies six years or longer, you could save up to ten percent on your premium.

Pay Attention to Inflation

It’s important to keep up with inflation. The same house that cost you $75,000 a decade ago may cost you $110,000 to replace today. Talk to your agent to determine whether the coverage amounts still apply, and add any improvements to the total.

No matter if you’re a first time buyer or have owned multiple homes, these tips can help everyone. Utilize them and get the most out of your coverage for the best price.

Five Apps to Help Guide Your Retirement Savings

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Image via IntelFreePress
[The following is a guest post by Anne Davis. Since my smartphone of choice is still the Palm/HP/LG webOS and no one creates apps for it any more, I’ll take her word on these. All bets are off when the Nexus 5 gets released (likely this month).]

While planning for your retirement can be a daunting and time-consuming task, there’s no reason you have to tackle your financial planning on your own. With all the affordable programs and mobile applications on the market, there’s a nearly endless number of ways you can start crunching your financial numbers today. Here’s a list of the five most helpful apps to guide your retirement savings.

Retire Logix

One of the best apps for retirement planning is Retire Logix, available for free on Apple, Android, and Windows devices. It was named in Money Magazine’s “100 Best Money Moves,” and is only $1.99 for the app’s Pro Version.

Basically, Retire Logix is a financial calculator that shows how different types of income might cover your retirement expenses. By approximating your income, it creates easy-to-read charts that explain how ready you are for your future financial independence. Additionally, the app’s calculators automatically adjust for factors such as inflation, and the Pro Version comes with a built-in Education Planner for determining college expenses. This feature makes it an app perfectly suited to younger users, but older adults can benefit from its many features as well.

RetirePlan

RetirePlan is a retirement app for Apple devices, which can be downloaded for free in the iTunes store. It’s an application that’s truly geared for financial planning novices, and it can answer almost any question you have about your retirement. Want to know when you can finally retire? Need to decide how much money to save every year? If you want an app with everything short of a personal accountant, RetirePlan is for you.

The setup for RetirePlan is simple, requiring basic data such as your age, expected retirement age, and life expectancy. The app’s calculators then create spreadsheets showing your retirement figures, which you can have sent directly to your email inbox. Additionally, RetirePlan is customizable: you can adjust for having a spouse, for Social Security, and even for inflation and interest rates. Its slider bars also allow you to instantly tweak your plan, and you can even add in factors such as pensions, children’s college funds, and large upcoming expenses.

Stan

Stan is an app for those seeking help with Annuities. As one of the few pros and cons of annuities resources available for a smartphone, this app shines. With this app, you’ll be able to have important information at your fingertips whenever you need it. You can download Stan’s book within the app. The book describes the types of annuity products, how the products work, and how you can properly utilize annuities to achieve financial goals.

Retirement Planner (Adonis Apps LLC)

Better than many other apps of the same name, Adonis Apps’ Retirement Planner is one of the best apps available for planning your financial future. It works on almost all Android devices, and is completely free and ad-supported.

Retirement Planner can help you answer many of the same questions as RetirePlan, as well as many more. Are you trying to decide between a Traditional and Roth 401(k)? What about an IRA? Do you want to know how much you’re getting from your 401(k) employer contribution? Retirement Planner not only answers all the usual retirement questions, but can help you solve these more nuanced questions as well. It’s truly a must-have app for any Android user’s financial planning needs.

SmartMoney Retirement Planner

The SmartMoney Retirement Planner is another free app for Android, which was once voted App of the Month by the American Association of Individual Investors. It’s perhaps the most customizable retirement app on the market, allowing for inputs such as 401(k) employer contributions, pensions, one-time gains, and Social Security benefits.

Similar to some other apps, SmartMoney Retirement Planner projects your retirement based on your age, income, and retirement age. It also allows you to adjust for assets, tax rates, annual savings, and a host of other factors that will affect your retirement funds. After SmartMoney adjusts for your retirement spending (housing, transportation, medical, etc.), it creates graphs to show you whether you’ll have enough to retire at a certain age. If your money falls short, it also offers solutions to help you meet your retirement goals.

In today’s technological landscape, it makes little sense not to take advantage of the many programs and mobile apps available. If you’re thinking of planning for your retirement, these five apps are sure to get you started on the right foot.

How Kiss became Merchandise Kings

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[The following is a guest post from Stay Sourced. When I was in high school, everyone was buzzing about going to the Kiss concert for weeks. That might make sense if it was the 70’s, but it was the early 90’s. I couldn’t imagine they knew two songs that Kiss sings. Finally someone clued me in that they were talking about the local radio station, Kiss 108, and the concert of pop artists. Honest mistake, right?]

When Kiss formed in 1973 among the growing popularity in glitter rock fuelled by acts such as David Bowie and Alice Cooper, it took them a little while to become successful; it wasn’t until the mid-late 70’s that the band shot to fame, thanks in large part to their rather fantastic live performances which included incredible pyrotechnics, fire breathing and blood spitting, all while each band member wore a comic book inspired black and white face paint. Due to their outward appearance, Kiss quickly became idols for a generation of rock fans in the 1970’s who called themselves the Kiss Army, and this in turn spawned a new era in Kiss’s money making machine.

In 1978 after the bands release of their first greatest hits album, Double Platinum, merchandise became the bands second biggest source of income; it is estimated that worldwide Kiss merchandise sales reached $100 million between 1977 and 1979. Popular merchandise sold and used for promotional giveaways available at Stay Sourced included branded key rings, Kiss Dolls, Halloween masks, board games, t-shirts, wall clocks, trading cards and even pinball machines. Kiss are said to have sold more merchandise than any other rock band throughout history.

Today, Kiss merchandise is still a top money maker for the band. Accessories, drink ware, clothing and collectibles are all sold through the official Kiss store.

Whichever way you look at it, Kiss are merchandise kings; in the space of three years, they were able to shift $100 million worth of branded products and become a household name. There are three main reasons for this:

1. Kiss capitalised on glitter rock and escapism

In the early 70’s glitter rock was more popular than ever. Kiss loved the escapism that glitter rock provided, and took it upon themselves to become different; they applied what they called war paint and wore comic book inspired make-up. This instantly created a mysterious and intense persona about all of the band members which is something that the general public found intriguing. Although at first the music Kiss produced didn’t receive favourable reviews, their intensity and willingness to adapt showed real spirit and drew a VERY loyal fan base.

2. Comic books

For over 90 years, comic books have offered escapism for millions of individuals. Due to their mysterious ways and their comic face paints, Marvel Comics published a comic which presented the band as superheroes in 1977. In 1978, Marvel released yet another comic. This helped to draw in a younger audience who could only just afford a comic book through their  pocket money. This audience would become vital towards the future of Kiss, buying up Kiss merchandise even through the bands troubled times.

Due to their huge following, Kiss are widely regarded as one of the most influential rock bands of all time. They have had a rocky road and their ups and downs – just like all of the great rock bands throughout history – but their music has lasted for over 30 years and will continue to be a top favourite among rock fans both old and new.

This year, Kiss is celebrating their 40th anniversary.

Get $80 Back from Cooper Tires

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This post brought to you by Cooper Tire. All opinions are 100% mine.

As I mentioned the other day, I am looking into new cars.  This tuned me into all the big Labor Day push that dealers are doing.  It makes sense, it's the perfect time to clear out the 2013s while the new 2014s arrive.  Also maybe parents who just shipped kids to college are looking for are looking to fill the hole of a empty home with a nice new car.  I've seen crazier things happen.

While doing this research, my mother-in-law mentioned something about needing new tires for her Yaris.  She said that the dealer quoted her $800 for four new tires.  That seemed absurd to me, so it led me to do some comparison shopping.  It turns out that the pricing is indeed outrageous and one can save hundreds at tire places, or even warehouse stores like Costco.

As happenstance has it, Cooper Tire wanted me to tell you about their Take the Money & Ride promotion.  They will give you a $80  pre-paid Visa card when you buy four tires.  It runs until November 5th, so no need to rush too much.  They made a little video about the promotion.

It doesn't just end with the $80 rebate.  Cooper also asked that I promote these Money saving and safety tips, which is a no-brainer.  I'm all about safety and saving money – nothing bad there.

I'm going to give my mother-in-law the heads-up that she should look into these Cooper tires.  Since she needs four tires anyway, the promotion seems like a perfect fit.

 

 

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