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Economic risks play an important role to determine consumer spending. If consumers feel secure about their job they are willing to spend and help to increase economic expansion. If not, we may have a recession soon. In this article, we will discuss how to handle consumer economic risks.
1. Consumer economic risks include a) Loss of job or income (destruction of earning power, loss of market for your service) b) Unexpected large expenses (destruction of property, illness/death, personal liability because of negligence). c) Loss of value of capital (drop in market value, inflation)
2. How to handle these risks A. Assume risks a) If you are rich enough, you can assume your own risks. b) Accumulate your net worth when economy is good to prepare for whatever risks. c) Good financial planning of your investment and save for unforeseen needs.
B. Sharing Risks a) Risks may be shared through private insurance or social income security programs such as the risks of loss or damage to personal property and personal liability are shared. b) Buy insurance policies to protect against the risk of premature death and protect your dependents. c) Employees also pay into employment insurance to protect them in case of unemployment. d) Protect your yourself by buying disability insurance. In fact, the loss of your ability to earn a living because of temporary or permanent disability due to accident or illness is higher than loss due to illness. Study shows that anyone disabled for more than 3 months will probably still be disabled 5 years later.
Remember if you pay your disability premiums out of pre-tax income, you will be taxed on your disability income received. On the other hand, if you pay the premiums out of after-tax income, you do not pay income tax on your disability income.
Education never ends – it is not said without reason. We are educated all our lives and getting an education not only is a great achievement but something that gives you the tools to find your own way in the world. Education is indispensable; little do we realize how much more it can bring to us in terms of worldly amplifications. Anyone can have propensity and the natural endowment for education. But one might not have the resources to finance their education. You certainly can’t let lack of resources impede you from advancing your prospects through education. Then you accidentally stumble upon the word ‘education loans’. Loans for education – you have never thought about it as a feasible arrangement. Education loans can open newer panoramas in regard to your education aspirations.
Education loans are open to all people in all its myriad forms. Education loans can realize your education plans or the education plans of your children. You can strengthen you own future and the future of your son or daughter with education loans. An extensive range of student and parent loans are presented under the category of education loans. There are many types of education loans. Discerning about the types of education loans will help you in making the accurate decision. The single largest resource of education loans is federal loan. The two main federal education loan programmes are the Federal Family Education Loan Programme and the Federal Direct Loan Programme. In the Federal Family Education Loan Programme the bank, credit union or the school is the lender. While the federal direct loans programme, the department of education is the lender.
Private education loans are offered to people so that they can provide financial backup to their education plans. Private education loans are not endorsed by other government agencies but are provided by other financial institutions. Private education loans programme are optimum for both undergraduate and graduate studies.
SELF-EMPLOYMENT AND YOU The world of self-employment can be a personally and financially rewarding one for the right individual. Many people dream of owning their own business but don’t believe it will ever happen for them. The majority of these folks see all the positives of working for yourself, but lack the drive and determination to make the transition from employee to employer. Self-employment is the ticket to higher earnings without limit and the right to control and work your own schedule. But it’s not easy work. A lot of self-employed people are working longer hours and weeks than ever in their own business. The difference is they are doing work they truly enjoy, and are getting paid for it! You have the talent and ability to work on your own! Perhaps you’re just not sure what business you’d like to specialize in. Sales aren’t just the slick folks on the automobile showroom who want to know what it will take to get you in that car today. Selling is the process by which a product reaches a consumer. It can take many forms. If you have some preconceived ideas about sales right now, erase them from your mind. Start with a clean slate by remaining open to all possibilities in your home-based businesses. After all, if you’re marketing a product you would buy yourself, it will be easy to convince others of its value. Since you’re selecting the right business opportunity, you’ll unquestionably choose the business that has the most appeal to you. Selling something you love almost never feels like work, or real selling!
HOW TO GET STARTED If you currently have a job, you may want to break into your home-based business on a part-time basis until you’ve built up enough earnings base to leave. There will probably be no greater feeling than when you walk out the door and into a business where you call the shots! If you’re between jobs, then by all means go at this full-force. All you need to do is to contact the businesses listed here that interest you and begin the process of determining if this is right for you. There may be several opportunities here that are franchises. There is no available data that says that electing to go the franchise route to start your business has any lower success rate than beginning a new business from scratch. Again, view these choices with an open mind and investigate the opportunity thoroughly before making the commitment. If you’re working part or full time, you can, perhaps, be even choosier.