Get out of debt using the debt snowball method

With the recent economic crisis, mortgage crisis, high gas prices and rising costs of basic living, many people are finding ways to get out of their overwhelming debts. There are a lot of people who try their options to get debt free but ..... More »

Are you unaware of any THD/CBSD account reported on your credit report?

You might find an account in the name of THD/CBSD reported on your credit report. If you are not sure about this account, you must dispute this item with the credit bureau reporting it. THD/CBSD stands for The Home Depot / Citibank South Dakota. More »

Facts about the escrow account

Every year thousands of people make big purchases on their homes. These new homes come equipped with all the latest amenities like granite counters, new appliances, the fresh smell of paint and new carpet. Borrowers are very excited to move to their new furnished home. More »

How to recover from Bankruptcy?

If we have been through bankruptcy then maximum of us think that our credit is shattered and we will not be able to regain it, but not that all times, you can regain credit through some unique ways. After filing bankruptcy your goal or motive should be .. More »

Mortgage Fraud

Mortgage fraud has been declared as one of the rapidly growing crimes (named as white collar crimes) in the country. After analysis it has been found that every fraud has some kind of material misrepresentation, misstatement .. More »

 

Building condition survey at the time of purchase

Whether you own property or work as a developer, a building condition survey performed by a licensed engineer is a beneficial exercise. Generally, the information collected will help you decide if purchasing, selling or refinancing is possible. Surveying the building will also help you avoid potential claims and expensive maintenance.Purpose for Conducting This Survey As the name implies, this type of survey assesses the physical conditions of a property. Through different procedures, the purpose is to identify any deficiencies and maintenance issues relate to:

Electrical
Plumbing
Fire protection
Mechanical
Life safety systems
Soil erosion
Utilities
Layout
Storm water management
Structural

Results of the assessment gives you a clear understanding of the property. With this information, you can make an informed decision.The extent of what is covered in the survey varies based on your individual needs for collecting such data. The process normally begins with a visual inspection of the property as it exists. It continues with monitoring and tests of different site systems.How the Survey is ConductedDetails of the condition survey come from a variety of information gathering techniques such as:

Onsite interviews
Reviewing maintenance history and local municipal records
Operating systems tests
Researching building code compliance
Criteria definition of design and performance
Calculations of load capacity

In addition, the survey looks at immediate, mid-term and long-term needs to keep the building in good condition. The obvious benefit of this report is knowing the current and future condition of the property.There are other benefits to help you prepare for potential renovations if you decide to buy. You will also know what it may cost to upgrade some things before putting the property on the market to sell.Alleviate Uncertainty about the Building’s Condition Having a condition survey completed on a piece of property is a useful tool that not only helps you make decisions, but the information is also beneficial for prospective lenders. The final report should help to alleviate any concerns.In fact, both sides – the buyer and seller – will have documented information the clearly defines the property’s condition. Details of the report can either increase or decrease the suggested market value.Before you think this is an expensive undertaking, consider the cost of defending a claim if someone is injured on the property from something that could have been avoided. Your time and costs are minimum for preparing for the survey compared to paying too much for a building.Understanding what is involved with either buying or selling a piece of property can yield long-term benefits.

10 Basic Essentials for Options Trading

call put

An option provides the owner the right to buy or sell an asset at a pre-determined price before or on a certain date. Trading Options can be very profitable for the owners. However, it is important to gain a proper knowledge and understanding of the terms used in the options market.

Options are very different from stocks. This article presents 10 very basic facts about options that every options trader should know. Don’t start trading of you don’t understand them.

  1. Right to Buy or Sell

Options are contracts giving the owner the right to buy or sell an asset at a fixed price (called the “strike price”) for a specific period of time.The seller of the option contract is obligated to take the opposite side of the trade if and when the owner exercises the right to buy or sell the underlying asset. Options are available on a variety of different underlying assets including stocks, futures, indices, commodities, Forex, Bonds etc. Today most assets have options.

Binary options trading

  1. Calls and Puts

There are two types of Options: Calls and Puts. Understanding the difference between the two is absolutely crucial to getting started.

For each call contract you buy, you have the right (but not the obligation) to purchase 100 shares of a specific security at a specific price within a specific time frame. A good way to remember this is: You have the right to “call” stock away from somebody.

For each put contract you buy, you have the right (but not the obligation) to sell 100 shares of a specific security at a specific price within a specific time frame. A good way to remember this is: You have the right to “put” stock to somebody.

Generally speaking, you buy Call Option because you have Bullish Outlook and you buy Put Option when you have bearish outlook.

Though there are only two types of options, when you factor in other characteristics of options, there are endless trading possibilities.

  1. The Strike Price

That’s the pre-agreed price per share at which stock may be bought or sold under the terms of an option contract. Some traders call this the “exercise” price. You can choose any price at which you would like to buy or sell underlying instrument. These prices are called Strike Price and Options are available in several Strike Prices at, far or near the current market price of the underlying instrument.

Options can be In-The-Money (ITM), Out-of-The-Money (OTM) and At-The-Money (ATM).

  1. Options Symbols

The OCC option symbol consists of 4 parts:

  • Root symbol of the underlying stock or ETF, padded with spaces to 6 characters
  • Expiration date, 6 digits in the format yymmdd
  • Option type, either P or C, for put or call
  • Strike price, as the price x 1000, front padded with 0s to 8 digits

Examples:

  • SPX 141122P00019500: This symbol represents a put on SPX, expiring on 11/22/2014, with a strike price of $19.50.
  • LAMR 150117C00052500: This symbol represents a call on LAMR, expiring on 1/17/2015, with a strike price of $52.50.
  1. Buying vs. Selling Options

If Options Tradingyou buy an option, you are not obligated to buy the underlying instrument; you simply have the right to exercise the option. When you buy a Call Option, you have the right to BUY stocks at your option’s strike price.

Similarly, when you buy a Put Option, you have the right to SELL stocks at your Option’s price.

If you sell a Call Option, you are obligated to deliver the underlying asset at the strike price at which the Call Option was sold if the buyer exercises his or her right to take delivery. If you sell a Put Option, you have to buy the underlying if exercised.

Generally speaking, if you don’t take any action, your friendly broker will most likely do it for you if your Options are eligible for exercise.

  1. Options Strategies

There are about 72 options trading strategies. There are three most commonly used options strategies: bullish, bearish and neutral or non-directional. The top 10 options strategies: Covered Call, Protective Put, Long Call, Long Call Spread, Long Put, Long Put Spread, Long Straddle, Long Strangle, Collar and Iron Condor.

7.Options Expiration

Options are good for a specified period of time after which they expire and the option holder loses the right to buy or sell the underlying instrument at the specified price. This specified period is called “Expiration”.The expiration date for listed stock options in the United States is normally the third Friday of the contract month, which is the month when the contract expires. However, when that Friday falls on a holiday, the expiration date is on the Thursday immediately before the third Friday.

Options are available for variety of expiration timings such as Weekly, Monthly, Quarterly and much longer durations (known as LEAPs).

  1. The Option Price

The price reflects a variety of factors including the option’s volatility, time left until expiration, and the price of the underlying asset. There are several Options Pricing Models that you can use to calculate theoretical Option Price by modeling various parameters.

There is no fixed price for an Options. It is dynamic and will keep on changing with respect to time to expiration and other variables.

  1. Debit vs. Credit

Options when BOUGHT are purchased at a DEBIT to the buyer. That is, the money is debited from your brokerage account. It’s exactly like buying a stock.

You can sell an Option, without owning the shares. Options when SOLD are sold at a CREDIT to the seller. Money is added to the brokerage account. You can’t withdraw this money until the trade has been closed. Usually, this money is used to offset the margin required for selling the options.

  1. What You Can Do With an Option

You have three choices when you own an option. And that’s true whether you own a call or a put. Each choice has its pros and cons. Each choice might lead to different profit outcome.

The choices are:

  • Sell it. You do it by entering a sell order to close (eliminate) your position.
  • Exercise it. Notify your broker that you want to do what the contract allows.
  • Allow it to expire worthless.

Kim Klaiman is a full time Options Trader and founder of steadyoptions.com – options education and trade ideas, earnings trades and non-directional options strategies.

Read more from Kim on his Options Trading Forums.

Twitter: @SteadyOptions_

Making intelligent decisions while buying a property

property

It makes you feel very bad when you realize that your dream property is not as good as you thought for the first time. And more importantly, if you find out later that your home needs several thousand dollars in repairing it some portions, you will feel completely disheartened.

You should get a thorough inspection done before buying a house. Using some common sense while buying a property will help you in avoiding many common mistakes. There are some things that you should be always wary of. Here are a few warning signs that should be kept in mind before you sign the contract.

Problems inside the house : There may be some internal problems inside the house that can be easily identified, such as termites, damp spots, and cracks in the walls and ceilings. But there may be some other major problems that are often not disclosed by the seller. For example, if there is a cracked tile in the bathroom, it will indicate water damage, if there is any mould, it may be due to ventilation problem. If there is any brown areas, it may be due to poor wiring connection. Therefore, it is important to get your house properly inspected before buying it. You must also check out other things like water pressure, sticking windows, pipe and drain leaks, insulation levels, and get pest control done. Write down all these points in your check list and get your house reviewed by a professional.

Buying property

property in real estate market

Problems outside the house : Likewise, there may be some problems outside the house as well and in many cases, the seller does not want to mention these points to the overexcited buyer. One crucial element is orientation. If you are working from home and that area is receiving very less natural light, you may want to reconsider. You can also check out the fuse box, signs of the asbestos, blocked drains, roof damage, garden watering systems, condition and age of nearby trees, and pollution levels. After doing the initial assessment, you can ask a professional to review it thoroughly.

Incomplete documents : There are always chances of your identity getting stolen. If you buy your valuable property without necessary documentation, it will be the most dangerous situation to go through, not only financially, but legally and emotionally as well. Never make such a mistake in your life. You can avoid such situations by hiring a solicitor who can be of great help during your purchase. It is worth spending some money on a solicitor rather than paying for the losses in the later stage due to lack of proper documentation.

Shady property history : Before buying a property, you should always inquire about its details, like when was it first built? What was on the land before the property was built? Why the tenants keep changing. If you get the answers to these questions and are satisfactory at your level, then you can move ahead. But if you are not satisfied, then it is better to pass. Because the seller may be trying to cover the shady past history of the property.

Unprofessional seller : The seller or the real estate agency should be able to answer to your basic questions about the house. If you are not convinced by their answer, you can always shop for the next one. If the property has a bad history, and the seller is trying to hide it, then it is better to leave that one and search for another good property.

Be Proactive and Get Insurance

Starting a business is a very enjoyable thing. It does require work and does require sacrifice, but watching as a business grows and becomes profitable brings a lot of satisfaction. One of the realities associated with owning a business is that in modern society a lawsuit could be around the corner. Businesses have to accept that every customer they interact with, every employee they hire, or every client they connect with could be a potential lawsuit.

It doesn’t matter how small the business is and it doesn’t matter what services the business offers, the business is exposed to potential lawsuits. Business insurance is a positive way to protect a company’s assets as well as its owners. There are a lot of reasons why purchasing business insurance is a good idea.

The first reason is that it really just takes one incident to leave a business in financial dire straits. It just takes one broken contract, one frustrated employee, or one unsatisfied customer. And even if a business wins the lawsuit, the cost of defending themselves could be so expensive that it leads to the business needing to close.

The second reason is that time and unforeseen occurrences befall every business. Accidents happen. An employee might fall or a customer might have something fall on them and they are within their legal right to seek compensation. Business insurance, like what is sold by Captive Insurance for example, helps to protect against these unforeseen occurrences.

A third reason is that the protection you get from forming a corporation may not be as airtight as you may think. A lot of small business owners mistakenly believe that if they form a corporation, a corporate shield will protect them. However, there are a lot of circumstances where if a business does not have business insurance, the business owner could still lose everything that they own.

The fourth reason is that you cannot rely on other people’s insurance. Imagine for a moment that you have a nice restaurant that’s on a busy street. An individual driving down that street jumps the curb and careens into your storefront. They may have automobile insurance, but their coverage may not be sufficient to cover the damages you sustained. Your insurance would kick in to make sure that you were completely protected.

Purchasing business insurance is a positive proactive step that all smart business owners make. They don’t wait until an accident happens and then try to figure something out. They prepare for success.

6 Myths About Small Business Lending

small business

Indeed, even the best business person that can discover short cash and a minor business advance need the business exercises, ventures, or the location of a stream shortage to extend money.

Regardless of a lavishness of assets to help minor organizations explore the credit scene, the acquiring procedure remains a puzzle to numerous.

We requested that clear up monetary and business specialists’ confusions around six minor business advances.

If you want to get your Small Business Lending, don’t forget to reach out to US Business Funding.

Banks

While conventional credit unions and banks give the greater part of the minor business advances are accessible to an assortment of option loan specialists, including Staples organization concentrates on the credit Lendio to hold reserves in a minor amount of the moment.

Business visionaries ought to consider all financing choices before an advance offer to acknowledge calls Brock Blake, originator and President of South Jordan particularly in Lendio, UT.

“Each bank has diverse terms, which frequently makes it hard to contrast one type with its logical counterpart,” he said. “Looking for the right advance that addresses the issues of the economy and the present money related circumstance may need the knowledge and information of a man working in the room each day and help the upsides and downsides of credit can explore bargains.”

In spite of the fact that it’s not generally simple to get an advance for your minor business, there should be an inconceivable test. Minor business credits specialists have thought that one of these issues through better planning for the difficulties of the application for a minor business advance can keep away from record.

“While there are difficulties, a great deal of disappointment about getting minor business can be alleviated the financing by practicing due tirelessness,” said Michael Adam, the organizer and Chief of Bankmybiz site style media social connection business visionaries with business benefactors in an email meeting with the day by day News business. “Be arranged and have every one of your reports prepared to present to the loan specialist.”

Immaculate Credit

The financial assessment – both industry and individual – is the principle element utilized by customary and option moneylenders to figure out if an organization meets all requirements for an advance. Your outcome gives a fast appraisal of how the bills that you have done before, which may specify how you will pay later on.

“On the off chance that the financial assessment is not as much as immaculate, you ought to invest energy to enhance your score,” Blake said. “In only six months reliably convenient installments and use credit astutely, business people can enhance your score up to 100 focuses.”

Having an uplifting news for the individuals who think the awful credit individual guides or to build up a business. Albeit low FICO ratings could have been a non-starter as of late, the credit environment today is entirely open credit below average than at any other time.

“While conventional banks might be prohibitive to get regarding a credit, there are different ways,” said Michael Kevitch, President Varsity Business Arrangements, an organization expert Budgetary Gathering, in an email meeting with Business Every day News.

Elective credit sites like those worked by Varsity Business Arrangements (business credits and financing of minor organizations) are generally construct loaning choices in light of the monetary status of an organization in the money related history of the entrepreneur. Kevitch said elective banks take a gander at the execution of the organization, business sort, time in business and income preceding conveyance of an advance specific.

On the off chance that your FICO assessment is too short to get a customary advance, an option moneylender might will to give a minor advance when your credit remake.

Repetitive and Long

Trepidation of the obscure frequently anticipates business visionaries to investigate your alternatives, says Kristin Lord, VP and pro in credits. Ensured by the administration in Rockford Bank and Rockford Trust, IL

“Numerous minor organizations to postpone the advance procedure, since they consider it will be troublesome or too lengthy,” she said. “So they supply their industry with Visas or fumes their possessions until they lose hope. Yet, the more they hold up, the more troublesome to us to be able to aid them.”

The US Minor Business Organization as of late disentangled the application procedure and credit protection, which implies that the borrower can get like a standard mortgage a SBA advance around the similar time.

“You will be required to make a great deal of superfluous documentation accessible and most likely some kind of certification offer” Kevitch said. “Banks and option private financial specialists can give significantly less exertion.”

SBA

Since the SBA does not straightforwardly loan cash, business visionaries must relate for some of these advances by the moneylenders, including credit unions, banks, and non-bank monetary foundations affirmed SBA apply.

To accelerate the credit procedure SBA Blair Cook, Chief of Establishment Denver West The Option Board and administration specialist and mentor prompts business people, so they. With key leaders in the method for associating credit.

“When you are managing a dealer who is liable to be led on until a choice sees the entire bundle may then said no,” she said. “Meanwhile, the organization important time and assets lost.”

The bank advances may not be the best decision for any minor business, however it is a long way from the most exceedingly awful alternative financing. Truth be told, searching for set up organizations at a moderate pace, to develop customary bank financing, when all is said in done is a superb decision, Adam, said Chief of Bankmybiz. It is the point at which an organization does not meet the criteria that businesses ought to consider to shopping into thought.

“On the off chance that you are a youthful, pre-wage or low-pay, yet will increment quickly, in light of the fact that the business is (human services, IT counseling and programming), then a conventional bank advance can confine their development,” said Adam.

In choosing whether a bank credit for your business, research, customary advances and other subsidizing sources. It is likewise critical to know your business all around.

“On the off chance that you expect a supported development in the coming years, while a conventional bank can be better,” said Adam. “In the event that you develop like insane, and you realize that you can build the extent of your advance by a noteworthy increment in each quarter, must proceed and keep up a non-bank acknowledge accomplices, as banks can’t be capable, to stay with their necessities. “

Endorsed Less

You can discover this myth around Web gatherings coasting and possibly listen to family and good natured companions. It is typical to request cash, each master will let you know, simply don’t ask excessively. While this sensible period, the dispersion of your youngster, the measure of water to arrange, is not obtained in the business world.

“An organization needs to ask what they require – no all the more, no less,” said Evan Vocalist, Chief SmartBizLoans, a robotized online SBA advance project, in a meeting with Business Every day News.

Artist suggests both the measure of cash thinking of you as truly need your business and the measure of cash to develop you can bear to pay every month.

While it might be valid now and again, this is not an undeniable reality. Moneylenders consider numerous elements – including guarantees, income and deals conjectures – before choosing whether a credit be endorsed.

Consequently the lord said it is essential to reasonably evaluate the measure of assets required.

“Try not to solicit the appropriate sum from advances is a typical mix-up I get,” she said. “A debtor who needs to purchase another PC won’t not mulled over that presumably require some working investment or to buy extra shares.”

On the off chance that this pushes the advance of the safe place of the bank, it doesn’t mean you’re in a tough situation. Advise yourself to restore a fleeting credit with a possibility for a conceivably higher rate on the off chance that you pay the first. This may create it less demanding to get reserves from an alternative source.

Battle for a Credit

No investigation of minor business financing would be finished without the Sacred Chalice archives minor organizations to say: the strategy for success. There are numerous perspectives in the matter of regardless of whether a customary strategy for success (rundown, examination of the business sector – each 9 meters) still has a spot in the advance application process.

Keeping in mind Bankmybiz President Adam recognizes that most moneylenders don’t require a marketable strategy really taking shape, who believe that in the rundown with an arrangement is dependably a smart thought.

“Each business ought to have some kind of marketable strategy,” Adam said. “It’s only a decent practice to envision development, make benchmarks and stay capable. On the off chance that you don’t have it, make. You will be happy that you did over the long haul.”

A few specialists appear to trust that the financing of the strategy for success to quantify the achievement rate as an apparatus and a business financing alternatives, it is somewhat dated. The vocalist said that while the conventional banks nor marketable strategies amid the credit application procedure may require your organization strategy for success is not required to acquire a SBA advance on the web. The organization as of late propelled the primary completely online stage for sureties from the SBA applications artist advances.

Numerous business people to seek after a minor business advance a win to bolster development arranges or operational enhancements or serve as interim monetary extension amid a troublesome season.

Indeed, money related specialists concur that an ideal opportunity to plan for an advance is before you require them. “It resembles learning sank off the vessel to swim,” Blake said.

Luckily, you needn’t bother with a virtuoso feeling of financing other options to transitory financing for minor organizations.

Reference:

http://mcdevco.org/grow-your-business/business-financing/7-minor-business-loan-myths-busted

Careers You Can Start Right Now

One of the most difficult things about finding a job is finding something that you can enjoy and that you are qualified for. Most people also want to find a job that can develop into a rewarding career that they can use to challenge themselves to improve. It takes years of education and experience to be a professional, but there are plenty of other careers that you can consider right now.

Insurance Claims:

The rapid growth in the insurance industry means that there are plenty of jobs for people who want to work hard and work towards a career. Insurance claims adjusting is a job that requires very little experience, but can pay very well. Most companies are willing to pay new adjusters who show the aptitude to get the job done, and these types of jobs can blossom into very rewarding careers.

Inside Sales:

The idea of working a retail sales floor or going door to door to sell products is not for everyone, but that does not mean that you cannot enjoy a successful career in sales. The rise of Internet commerce has caused more people to turn to buying products online and over the phone, and there is a growing human support component to that part of the industry that is opening up a wide variety of opportunity to people who can work well with customers.

Nursing:

If you want to help others, then you may want to consider a career in nursing. Contrary to popular belief, you do not need to be a medical expert to be a nurse. The growing need for nurses has prompted many healthcare organizations to offer to pay for all of your required training and certifications, just to help you get your career started.

Transportation And Logistics:

One of the direct results of more goods being shipped directly to consumers thanks to an increase in online retail sales is the need for more transportation and logistics personnel. These are also careers you can start out of high school, and most of these fields offer on-the-job training.

If you have been chasing a great career but have had no luck, you should not give up hope. The changes in the global economy have created entire new industries that all need people who are willing to learn and take on the responsibilities that come with a new job and career.

Having a baby? Plan your entire expenses ahead of time

Baby

One of the best moments in a couple’s life is when they start a family. It adds more pleasure and happiness when you have a baby and you will hold it in your arms. Before you plan for a baby, it is important that you know about all the costs and if you will be able to afford it. After you have a baby, your expenses will go up for the long term. So you must check your income before finalizing this decision.

It starts from regular appointments with the doctors, then going for medical checkups and routine investigations, and then you make the final bookings for the day of delivery. It can be quite heavy on your wallet. And these expenses will keep on increasing even after the delivery, because you now have three heads to look after. You have to buy all the necessary things for the baby. Starting from diapers to pieces of cloth to pram, the number is uncountable.

financial plan for childWhen the time comes and you know that you are going to become a parent, you feel very excited and many parents waste a lot of money in this excitement. They start buying all sorts of toys and clothes when they don’t even know when the baby is going to come. Hence it is important to keep your emotions intact and not waste money like this. You should save this money for prenatal care. It can be used for all the doctor’s appointments, ultrasounds and regular health checkups. It can cost up to $2000 on an average.

When you are approaching the delivery date, you have to make bookings in the hospital. A normal delivery can cost up to $15000 and a cesarean operation can cost up to $20000. It is important to have an insurance cover before you start your family as these expenses can be included in it. Once you have the baby, then it is time to buy clothes, diapers, feeders, milk, sleeping bed, pram and toys. It should not cost you more than $5000 on an average.

Medical Malpractice Can Cause Patient Bankruptcy

Tending to and healing the body is a noble profession with roots in ancient Greece. An oath named after Hippocrates, the father of Western medicine, puts forth the principle that physicians should “first, do no harm.” Yet, mistakes in healthcare are so rampant that some have termed the situation a crisis. Of course, medical professionals are human and some mistakes are to be expected, but the high frequency of these potentially devastating, largely preventable errors have created a public health problem that leaves many patients in pain and in debt.

The Institute of Medicine issueda seminal study in 1999 examining the quality of health care in the U.S.  Defining medical errors as “the failure of a planned action to be completed as intended or the use of a wrong plan to achieve an aim,” the study estimated that such lapses prove fatal for between 44,000 and 98,000 people every year. That’s more than the annual number of deaths attributable to well-publicized causes like AIDS, motor vehicle accidents, or breast cancer. The researchers also concluded that preventable medical mistakes costbillions of dollars per year, including the expense of additional care necessitated by the errors, lost income and household productivity, and disability.

In 2008, actuaries measured direct medical expenses and determined thatmedical errors annually cost $17.1 billion while the cost of avoidable hospital readmissions added another $13 to $18 billion a year. The study identified more than 1.5 million avoidable errors and found that, on average, the cost per mistake was $11,366. Almost 70 percent of the total medical cost for measurable medical errors was due to ten common errors: pressure ulcers, postoperative infections, postlaminectomy syndrome, hemorrhage complicating a procedure, accidental puncture or laceration during a procedure, mechanical complication of a non-cardiac device, abdominal hernia without mention of obstruction,hematoma complicating a procedure, unspecified adverse effect of a drug, and mechanical complication of a cardiac device.

Another source, the National Practitioner Data Bank (NPDB), lists the five most common categories of malpractice cases as diagnosis, treatment, surgery, medication, and obstetrics. According to the NPDB, the responsibility for these incidents is spread among many types of practitioners. From 2004 to 2014, over 270,300 malpractice claims were brought against nurses and 182,095 were brought against physicians. Dental professionals, therapeutic practitioners, and technicians and assistants saw the third, fourth, and fifth highest numbers of claims. There is no federal law that requires hospitals to report medical errors; and although 27 states do mandate such reporting, the data is rife with inaccuracies and is not uniformly collected.

Healthcare providers that make a mistake rarely bear the resulting financial obligations. Instead,when treatment makes a patient’s health worse, he or she is also expected to foot the bill for the avoidable error. Taking on debt when the need for further care was preventable is to add insult to literal and figurative injury. And the outlook is grim: medical bills are a common reason for personal bankruptcy filings. According to a 2013 analysis, 1.7 million Americans live in households that will declare bankruptcy due to inability to pay medical bills. Of adults ages 19 to 64:

  • 56 million will have trouble paying medical bills.
  • Over 35 million will be hear from collection agencies seeking payment for medical bills.
  • High medical bills will cause almost 17 million to receive a lower credit rating.
  • More than 15 million will empty their savings to pay medical bills.
  • Over 11 million will run up credit card debt in order to pay hospital bills.
  • Nearly 10 million will be unable to pay for basic necessities such as food and rent because of medical bills.

A 2016 look at healthcare found that 26 percent of U.S. adults have experienced serious financial problems due to health care costs. Of that number, large medical bills caused 42 percent to spend most or all of their personal savings, 23 percent to take on credit card debt that might be hard to pay off, 19 percent to take out a loan, and 7 percent to declare bankruptcy.

Although the Affordable Care Act (also known as Obamacare) has reduced the number of uninsured, high-deductible plans requiring more out-of-pocket costs can quickly cause debt to add up. An average family of four with an employer-sponsored “preferred provider plan” is currently estimated to have healthcare costs of $25,826, which has more than tripled since 2001’s figure of $8,414. Now responsible for 43 percent, employees carry four percent more of the cost than they did 15 years ago. Some of these increases can be traced to insurance companies’ passing the buck on to the consumer, raising rates to counteract increased claims for medical errors.

When medical treatment goes wrong, it can set off a chain of events that harms the patient beyond the physical toll. Consequences from medical mistreatment can easily lead to job loss due to the patient’s being physically or emotionally unable to continue life as it was prior to the error. Loss of employment is often coupled with loss of health insurance, which then leaves the patient unable to afford medical care. When the bills multiply and income is limited, many people turn to credit cards, not realizing how quickly this option can cause a bad situation to become a hopeless one. Drawn in by balance transfers, limited time low interest rates, or interest-only payments as well as minimum payments, credit card debt can mount fast and furiously. Interest, late fees, and penalties for being overdrawn can even surpass the original debt.

In cases where negligence can be proven, a medical malpractice lawsuit may be feasible. If you believe you have been a victim of medical malpractice, it’s important to talk with a malpractice attorney in your state. Ininstances where legal action is not viable, the patient’s financial fallout from paying the extra costs may be best dealt with by filing for bankruptcy protection. Chapter 7 and Chapter 13 of the United States Bankruptcy Code consider both medical debt and credit card debt to be unsecured, meaning such debt is eligible for dismissal in the right circumstances. Many bankruptcy attorneys offer free initial consultations, so it’s often worth the time to talk to a lawyer who can evaluate your personal situation.

About: Mike Stephenson is a medical malpractice attorney in Indianapolis who has been representing clients in the central Indiana for more than 2 decades. Mike is a partner at McNeely Stephenson, Attorneys at Law which specializes in personal injury lawsuits.

Looking Ahead To Retirement? Here Are Some Tips To Make It Great

Almost every working person looks forward to the day when they will be able to retire. Even if you love your job, you probably don’t love some aspects of it. Some people also have specific plans for retirement, whether it be going fishing, traveling, moving closer to family, or just relaxing with the grandchildren for years to come. You can make sure that you’re financially, emotionally, and physically prepared for your retirement by following these helpful tips.

First of all, make sure that you are financially ready to give up your job. If you’ve been planning, you should already have a decent-sized next egg saved up. If you still need to work on that, try to find a boutique asset management firm like Sharia Portfolio to help you save while keeping in mind your moral and ethical stances. Don’t try to go it alone. Instead, get help and financial guidance from experts. Your should not take risks with your investments once you get close to retirement age, but should stick to safer things like bonds.

Next, make sure that you are emotionally prepared for retirement. Even if you’ve been looking forward to it for years, it can be a dramatic shift to all of a sudden no longer need to wake up for work each day. Find a hobby to keep yourself busy, or, better yet, find a greater purpose to work towards. You can use the skills you can learned in the workforce to give back to your community by volunteering. Don’t get complacent, which can unfortunately lead to depression in retired individuals.

Finally, make sure that you are physically fit enough to enjoy your retirement. See your doctor for a regular checkup and follow his or her instructions and advice. You’ve worked for years, don’t let physical problems get in the way of your enjoying your deserved time off. Stay physically active and you’ll live longer and have a better life with more energy. Physical activity also helps to prevent depression, especially in older individuals. If you’re just starting out, try taking long walks after dinner to get your body moving.

You deserve to have your golden years full of happiness and relaxation. Luckily, with proper planning you can have the retirement you deserve. Plan for your financial, emotional, and physical health, and you will thrive.

Getting Hurt on the Job Can Irreparably Harm Your Bank Account

Toward the end of adolescence and continuing straight on through to “over the hill,” many Americans spend the majority of those years working. Assuming that the average person works 40 hours a week for 50 weeks a year from the age of 20 until 65, that’s 90,360 hours at work. With all that time spent on the job, it’s no surprise that a large number of accidents and injuries occur in the workplace. While all employees deserve to return home at the end of their work day alive and uninjured, the reality is that not everyone does. According to the Occupational Safety and Health Administration, more than 4,600 workers died on the job in 2014 and more than three million others suffered serious, non-fatal injuries at work. These alarming numbers include multiple categories of workers with varying levels of healthcare coverage: employees and independent contractors, full-time and part-time, temporary and permanent.

While the Affordable Care Act has given more people access to health insurance, medical bills and related costs can leave injured workers in a tough spot. Co-pays, high deductibles, co-insurance, travel to and from healthcare facilities, lost wages and daycare costs are just a few of the expenses that can add up quickly. A well-known actuarial firm that has published a medical index for the last 15 years known as the MMI (Milliman Medical Index) calculates that the average healthcare cost for a family of four has more than tripled since its value of $8,414 in 2001 and now stands at $25,826. This rate of increase exceeds the growth in the consumer price index (CPI) for medical services as well as the average two percent annual increase in median household income between 2004 and 2014. Compared to employers, employees are now responsible for more of the healthcare costs than they were 15 years ago – they now pay 43 percent, up from 39 percent 15 years ago.

It’s not hard to see how getting hurt at work can be financially devastating. Over the past decade, the average amount that middle-income households spent on health care increased by 51 percent, which is nearly double the growth in their incomes (30 percent) and three times the rate of growth in their spending for all other products and services. It’s no wonder then that unpaid medical bills are the number one cause of personal bankruptcy filings (62 percent), surpassing both credit card and mortgage debt. Job loss is another reason that people are unable to pay off their debts. Spending more than you make is easy to do when you have no income. Losing a job also means losing health insurance if you are the plan subscriber, and the high cost of COBRA insurance can be hard to sustain for long. Imagine, then, the economic difficulties experienced by someone who has the all-too-common experience of being injured at work and then losing that job, whether due to layoff, termination, or resignation.bankruptcy

Bleak financial scenarios are one very important reason to take steps to protect yourself if you have a jobsite-induced injury or illness. Whether it was an acute traumatic injury (like falling from a ladder) or a cumulative-trauma injury (such as carpal-tunnel syndrome), there are a few basic things you should do to protect yourself.

Report it. Tell your manager, supervisor, company nurse, union representative – whoever is in charge. Be clear about how the injury happened and that it happened at work. Report it immediately even if you think you are not seriously hurt. That knee you twisted or back you strained might not require medical treatment until a few days later, and then your employer can claim you were injured someplace else. While you are usually allowed between 30 to 90 days depending on your state, some companies impose shorter deadlines and can issue formal reprimands or suspensions of pay for not reporting an accident in accordance with their policies.

Keep good records. Being organized and having proof can make the difference between winning and losing financial reimbursement for a workplace injury claim. There will be medical reports, incident reports, and insurance paperwork, but you can also help yourself by keeping detailed documents of conversations and employment actions. Request copies of any papers your employer keeps on the incident and hold on to paystubs and timesheets showing income and hours worked. What you don’t document may not be covered, so try to keep a thorough record of all expenses that are a direct result of your work-related injury.

Consider contacting an attorney. Cases involving a workplace accident can be very complicated and can involve doctors, physical therapists, independent medical consultants, adjusters, insurance company lawyers, co-workers, equipment manufacturers, maintenance companies, and more. Because it may be difficult to determine all of the details and sort out all of the necessary parties, having your case evaluated by an attorney will maximize your compensation. Many workplace injury lawyers offer free initial consultations, so it’s often worth your time to talk to an attorney who can help while you are dealing with the aftermath of a serious injury or illness.

Workplaceinjuries stem from a wide range of incidents and an even wider range of causes. Some of the more common injuries include bodily reaction (bending, reaching, climbing, etc.), being caught in or between objects, falling from heights, repetitive motion, overexertion, slips and falls, falling objects, and vehicle accidents. Of course, construction workers have different on-the-job hazards than office personnel, but all workers can help themselves by practicing safe work habits appropriate for their jobs. Keeping work areas free of clutter and taking care not to rush (many injuries occur when people hurry and take shortcuts) are two practices that can benefit virtually any worker.

Things can go wrong even in the best run business, but not every employee is able to build up an emergency fund to draw from in the event they get hurt. Medical bills should not lead to financial ruin.Depending on the circumstances, there may be grounds for a legal cause of action. At a minimum, an experienced work injury lawyer may be able to advise you on your options, including negotiating with the medical providers, seeking out help from federal and state entities, and whether bankruptcy is truly the best choice for your situation.

Author: David Mann is a workers’ compensation attorney located in Macon, Georgia. He’s a member of the Georgia Trial Lawyers Association and is a past president of the Middle Georgia Trial Lawyers Association.

The US economy in 3 numbers

If you had to sum up the US economy as it currently stands using just 3 numbers, which numbers would you choose? It’s hard, isn’t it?

The Financial Times US managing editor Gillian Tett has attempted just that in a short new video released online:

The first number listed is 40% of all supposed Mexican imports are actually born right at home in the US. During the manufacturing process, car parts can cross the Mexico/US border up to eight times, but they start that back-and-forth journey north of the border.

The second number is 53 million, and is the amount of Americans who are currently self-employed. If you can’t quite imagine this amount of people, it is roughly the population of the entire nation of South Africa, and yet the number is set to continue to rise thanks to the current ‘gig’ economy. You’ve heard of Uber? Well, all of their drivers are actually self-employed.

The final number is an incredible 12 trillion, which is the amount in US dollars which is due to be inherited by the kids and grandkids of those born in the 20’s and 30’s over the next decade. It’s set to be the biggest wealth transfer ever, and totals more than 152 times the total wealth of Bill Gates.

Watch the video and comment with which 3 numbers you think represent the US economy, and check out the official Financial Times website for a 4 week trial for just $1 https://sub.ft.com/spa_8/?ftcamp=subs/ft_display/trial/endcard/video/acquisition&utm_source=endcard&utm_medium=ft_display&utm_term=trial&utm_campaign=video&segid=0301050