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7 WAYS TO RECESSION PROOF YOUR LIFE

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No one likes to think about the possibility of a recession, but it’s essential to be prepared for one just in case. While there’s no sure-fire way to completely protect your finances if the economy takes a downturn, there are steps you can take to weather the storm. QualityTermLife has provided seven tips to help you recession-proof your finances – and your life.

1. Review Your Spending and Make Cuts Where Needed

One of the first things you should do if a recession is looming is to look closely at your spending habits. If you’re already living paycheck to paycheck, now is the time to make some changes. Cut back on unnecessary expenses like dinners out and subscriptions, and focus on building up your savings.

2. Invest in Yourself and Your Family’s Security

While it may seem counterintuitive, this is actually a good time to invest in yourself. Use this as an opportunity to learn new skills or take classes that can help you advance in your career. If you can land a promotion or get a raise down the line, you’ll be in a much better position financially. A certification in IT, for example, could help bolster your current skill set so you can move into a more advanced position at your current job or even find work elsewhere with more pay and better benefits. Plus, with degrees offered online, it is easy to fit coursework into your schedule.

Another aspect of looking forward and being proactive is ensuring the financial security of your family. One of the best ways to do this is by getting term life insurance so that, in the case of your passing, everyone will avoid struggling to keep up due to lost income. Call on QualityTermLife for available options.

3. Launch a Side Hustle

If you’re looking for ways to recession-proof your life, starting a side hustle is a great option. A side hustle can help you bring in some extra income, and it can also help you build your skills and network.

If you’re crafty, one of the best ways to make money is by selling your products at local art fairs. These events are an excellent outlet for meeting new people and showcasing your work. You can also promote your products on social media or on websites like Etsy.

4. Go with a Full-Fledged Business

If you have an entrepreneurial spirit, starting your own business might be a good idea. There are lots of businesses that can do well even during a recession. For example, childcare services will always be in demand, and people might need to repair computers, appliances, and other household items more often if the economy is bad.

Think about the skills you have and what you are passionate about. If, for example, you’re great with people, have customer service skills, and have design classes or art experience under your belt, you should take a look at what it takes to start a side career in interior design. You don’t need formal training, but you can always choose to take some design courses to bolster your resume – and sharpen your skills.

You could also become a freelancer if there’s an online service you’re experienced in. This can be a great way to make extra money while still having the flexibility to set your own hours.

5. Refinance Your Home

If you’re feeling worried about the possibility of a recession, refinancing your home could be an excellent option to shore up your finances. By refinancing your mortgage, you can lock in a lower interest rate and save yourself money in the long run.

That said, it’s essential to do your research before refinancing. Make sure you know how much you’ll be paying in closing costs and other fees, and compare interest rates from different lenders. If you’re not comfortable with the idea of refinancing, consider a home equity loan or line of credit.

6. Stay Diversified

If you have investments, make sure they’re diversified. This means avoiding putting all your eggs in one basket by investing in just one sector or company. According to Fidelity, by diversifying, you’ll be less likely to lose everything if one particular area takes a hit during a recession.

7. Build up an Emergency Fund

An emergency fund is key to weathering any financial storm, whether it’s a job loss or unexpected medical bills. Securian Financial explains that the aim is to have at least three to six months of living expenses saved so that you know you can cover your costs if tough times come knocking at your door.

Make Plans to Ensure Financial Stability

There’s no magic pill to avoid all financial hardship during a recession. But you can take practical steps to minimize the negative impacts and maybe even position yourself to flourish. You might be surprised at how much financial stress can be relieved by launching a profitable business, refinancing your home, or implementing some of the other tips above. The most important thing is to be prepared and have a plan in place so that you can weather the storm if it does come.

The life insurance experts at QualityTermLife are trained and experienced specialists in business to get you the right product at the right price. Free quotes online, or contact us today for more info! 1-855-707-5433

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Three Tips for Home Buyers to Protect Your Financial Future

Family with young children and a new house
Family with young children and a new house

Buying a home is a major life milestone for you and your family. It is a big commitment that comes with a lot of important choices and considerations. If you are home-hunting and looking for the perfect property, it is essential that you keep your family’s future and financial well-being in mind.

In order to plan ahead, check out these three tips below so you can enjoy becoming a homeowner and know you are keeping your family’s future financial security and happiness at the forefront.

Budget – Spend Within Your Means

Becoming a homeowner is expensive, and it is a huge financial commitment for years to come. Therefore, when looking at homes, ensure that you are being realistic about your budget.

Being aware of the expenses associated with homeownership is critical. Things such as insurance, property taxes, school taxes, utilities, and maintenance costs must all be taken into consideration.

Make sure that you will be able to comfortably pay for your home and expenses like these in addition to your other spending as well. To better help you determine what you can afford, educating yourself on the mortgage pre-approval process can help. Understanding what your monthly payment would look like can help you stick to a budget and prevent you from spending too much.

Buying a home that works best for your financial situation will provide you security in the future, knowing your family will be able to enjoy your home for years to come.

Insure – Plan for the Unexpected

One thing that home buyers tend to forget is the importance of planning for the unexpected. Your home is one of your most important assets, and it is crucial to protect it. You need to be prepared in case any unforeseen damage occurs to your property.

Looking into homeowners insurance can protect you financially and cover things such as liability, additional living expenses, or cover personal property, depending on the policy. Also, if you purchase your home in a certain location that is impacted by natural disasters, you may need to consider additional, special insurance such as fire, hurricane, or flood, to protect your home should something happen. You never know what can come up over the years of living in your home. In addition, it is critical that you plan ahead and have safeguards to protect your family financially as well.

When you buy a home, you will be making payments toward it for a considerable period of time – 20 to 30 years is typical. If something were to happen to you, consider how that will impact your family’s finances? Will you be able to keep your home and your family in it should the unexpected happen?

Take steps now and have a plan in place. It is never to early to have a conversation with your family, create a list of options, set aside funds, and looking into protection such as life insurance. An adequate life insurance policy can keep your family afloat and reduce any financial burden, if you are no longer there.

Invest – Look For Income Potential 

When considering a home, look for ones that have income potential. There are many unique ways you can find revenue opportunities with your home. A property such as a multi-family one that has a guest house or potential to rent out a room can be strategic. Being able to rent a part of your property can save you a significant amount of money.

You can use some money to pay off your mortgage monthly and save for repairs that arise. Additional income streams can really save you on your finances as a homeowner in relation to other costs. It can also act as a security blanket if you’re unemployed, retired, or need income to cover your expenses.

When buying a home, it can be easy to overlook the big picture. It is important to keep long-term considerations in mind. Remember that becoming a homeowner is a major financial decision. However, by being mindful and planning ahead, rest assured you will be prepared for whatever comes your way. 

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8 Reasons Why a Parent Should Have Life Insurance

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As a parent, you want your children to be safe and secure. In the event that you pass away unexpectedly, your children shouldn’t be left in a tricky situation. For this reason, it’s important to enroll in the right life insurance policy. Life insurance can make your children’s lives much easier when you’re gone, so it’s worth the small investment.

With that in mind, check out these eight important reasons for parents to get quality life insurance.

1. Funeral Costs

A funeral is your loved ones’ time to say goodbye and gain some much-needed closure. Unfortunately, a good funeral can be very expensive. While your children probably won’t be focused on the catering or decorations, they’ll notice if these things are bad. This can be a very difficult time for your children, so any effort to soften the blow and make things more comfortable is worth it. 

2. Lost Income

Your children rely on their parents’ income for food, shelter, heat, clothes, and every other basic need. Without the right life insurance policy, they may be stuck with a relative who can’t afford to provide the quality of life that your children deserve. The right life insurance policy will ensure that your children will be properly clothed, fed, and provided for in the event of your passing.

3. Education Expenses

Higher education is expensive, and the price increases every year. Without the right life insurance policy, your children may not be able to afford college, trade school, or some other form of higher education. Since the cost of education continues to increase, they may have a very hard time finding a cosigner on a student loan. By enrolling in a quality life insurance policy, higher education and career success will be more attainable for your children in the event of your untimely death.

3. Lots of Options to Fit Your Situation

Life insurance is not a one-size-fits-all affair. Your needs are unique, so you should get the policy that best reflects your family’s financial realities. Thankfully, there are a ton of options out there, and you can spend your time diligently picking through them. A reputable insurance broker can help you mull over your options and explain all of the minutiae and fine print that may be relevant to you and your family.

4. Life Insurance is Surprisingly Affordable

Although you may believe that life insurance is too expensive to afford, that couldn’t be further from the truth. First off, life insurance pays for itself in the event of an unexpected death. Secondly, most policies come at an affordable monthly rate. Since there are so many different policies to choose from, you can pick one that protects your family while remaining within your monthly budget.

See for yourself how affordable term life insurance can be. QualityTermLife provides life insurance quotes from dozens of A-rated insurers.

5. Life Insurance Rewards Healthy Living

Most life insurance policies adjust your monthly rate based on your health and habits. If you’re a smoker or engage in other unhealthy behaviors, then there’s a good chance that you’ll have to pay a higher rate. This can give you the perspective that you need to make some serious changes and live a healthier life. After all, you want to be there for your children for as long as possible, so it’s a good idea to start making healthy changes as soon as possible. Not only will getting healthy give you more time in this world, but it can also help you save money on your insurance premium.

6. Peace of Mind

Do you worry about what will happen when you’re gone? Does the thought of an unexpected death keep you up at night? To some extent, it’s normal to worry about these things, but you shouldn’t let these worries dominate your life. With a good life insurance policy, you’ll know that your children will be financially secure when you’re gone. That may not ease all of your worries, but at the very least, the knowledge that your kids will be in a decent financial position can take some of the stress away.

7. Love

You love your children and your children love you. They’d be mortified if you suddenly passed away. Your death would already be so hard for them, but financial destitution could make their troubles even worse. The right insurance policy will ensure that your children don’t have to worry about the basic necessities while they grieve for their lost parent.