Some Possible Financial Issues You Can Prepare For

by Dick Stoner 04/14/2019

Have you been wondering lately about why you are always broke? You will need to ask yourself a lot of important questions to know exactly what you are doing wrong. These are the questions that will help you point out the primary reasons for your financial woes. 

Going by data made available by the World Bank, a considerable number of workers can hardly survive through the month and also there is an increasing gap between the rich and the poor. At this point, you need to take measures so that you do not join the league of people who never have savings. Here are some reasons you could be facing financial issues:

Reduced Income 

The mistake people make is that they base their spending plans on their gross income instead of their net income. The outcome is spending more than your earrings. In order to avoid being broke due to this situation, it is advisable to adjust your lifestyle according to your disposable income.

Medical Expenses

Medical expense is one of the reasons why many people go broke. Do you pay your medical bills from your pocket or you have medical insurance? It has been discovered a lot of people go bankrupt as a result of substantial medical bills. The best way to minimize your medical expenses is by choosing the appropriate insurance coverage.

Overspending 

When you spend more than your income, there is a high tendency of going broke. You should try and minimize some lifestyles that attract lots of spending. Examples of such lifestyle are driving posh cars, going on frequent holidays, dressing in designer clothes and many more. Such an expensive lifestyle can make salary earners go broke if they don't take care.

Costly Housing 

Many young adults spend nearly half of their income on housing. To avoid massive spending on housing, you should look for affordable housing that should not be more than 20% of your income. Staying in the city outskirt, getting a roommate, or renting a room that is smaller will help you save on housing.

Lack of Saving

Many people go broke today because of lack of money. A good practice that all workers should cultivate is saving for a rainy day. When you don't save money, you are likely to incur enormous debt when there is an emergency. Saving can put an end to debt and brokenness. You should know that nothing is too small to save.

About the Author
Author

Dick Stoner

Reist Corporation was incorporated in 1994 to renovate and restore commercial, industrial and residential buildings. Working from a 200+ year old farm in Washington County, MD , we have restored barns, warehouses, and even WWII Army buildings in Central MD. We maintain expertise in zoning and land use issues, and we stay abreast of market conditions and changing market statistics. We welcome the opportunity to work with buyers and tenants who wish to take advantage of current market conditions to lock in long term deals at favorable rates. Those able to sign 5 - 10 year leases in commercial transactions right now, are able to obtain the best rates in over 10 years, and those able to purchase are able to get pre-2005 prices on many types of buildings and land. On residential transactions, we continue to help buyers of bank-owned and short sale properties. We welcome the opportunity to work with you on your challenges, and we pay generous referral fees to agents from other areas who wish to utilize our services on Maryland property transactions

Certifications

Since 2002, I have worked on some of the largest real estate database systems in America. I have introduced online marketplace products to areas that were using residential MLS products for commercial real estate information, and I have worked on the expansion of some of America's largest real estate data systems in some of the largest MSA's in the country. Research is key to many commercial real estate valuation projects, and our firms' knowledge about how these systems work can help you reach the best information about other transactions in your area. We are active in Land Preservation programs and environmental offsets which can sometimes bring additional revenue that is crucial to making a transaction work. Nutrient offset credits in the Chesapeake Bay Watershed have become a new component in the valuation of active farmland and for many rural properties which involve environmental features like streams, woodlands, pastureland, etc. We've partnered with the experts at Blueline Conservation Incentives, LLC in Northern Virginia on nutrient offset and land preservation programs and together we are part of a team with expertise in all of the Middle Atlantic States as they strive to meet WIP - Watershed Improvement Plans in order to meet the 2017 and 2025 water quality goals that were set by the 2010 Chesapeake Bay Plan. 

Awards

2009 -MD Historical Trust -Award for Project Excellence in the Restoration of Frieda's Cottage at Chestnut Lodge in Rockville, MD