Connect with us

Business

Braidwood Capital Review: Not The Right Way To Manage Money During The Coronavirus

mm

Published

on

Braidwood Capital has begun flooding the market with debt consolidation and credit card relief in the mail. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2020 Reviews, the personal finance review site, has been following Braidwood Capital, Tiffany Funding,  Nickel Advisors, Coral Funding, Neon Funding, Ladder Advisors (also known as Carina Advisors, Corey Advisors, Pennon Partners, Jayhawk Advisors, Clay Advisors, Colony Associates, and Pine Advisors, etc.).

Several Americans have been affected by the ongoing pandemic that’s left them in a state of weakened financial health and financial devastation. The number of people losing their jobs and filing for unemployment is increasing with each passing day.

However, there are still plenty of employees that haven’t experienced the turmoil of a financial crisis. According to a recent survey conducted in the second week of April, almost a quarter of the working-class admitted that their financial circumstances hadn’t been impacted heavily by the coronavirus pandemic.

But that number is still not high enough as companies continue to lay off employees every day. The pandemic has forced many organizations to make salary cuts and hinder 401(k) match programs that have impacted the financial stability of the working class.

The citizens that continue to be employed are faced with an increased need to understand and manage their financial matters as the situation continues to be uncertain, and there’s no promise of employment security. This looming threat of financial uncertainty should push you to make smarter financial decisions and prepare for the upcoming uncertain times.

If you’re one of those lucky people who have managed to retain their jobs, then the responsibility of keeping your financial situation stable falls upon you even more. This time of social distancing and limited movement needs to be turned into your favor to eliminate the risk of a possible financial struggle and even help you improve your overall financial standing.

If you’re wondering how to turn this situation into your best interest, then we have some essential tips for you to accelerate your debt elimination process, increase your savings, and redesign your budget while you continue to work from home. Let’s get straight to it.

Shift from spending to saving

Staying at home has its benefits, especially financial. You cut a lot of costs on gas and commute. The absence of social commitments and outdoor activities saves up hundreds of dollars in your budget. The habit of eating out has changed to having homemade meals, which is a much cheaper alternative.    

If the amount you’re saving isn’t going in helping others, it most definitely should make its way into your emergency funds. Ideally, you should have enough savings to cover your living cost for the next four to six months. However, that might not be possible for everyone to manage, so you should at least start saving up for the upcoming month and then build upon it from there.

If you’re fortunate enough to already have a substantial emergency fund, then the money saved from the lack of social interactions should go into paying off your debts and strengthening your retirement plans. Let’s discuss them below in further detail.

Prioritize paying off your student loans

In light of the ongoing coronavirus pandemic, most federal student loans have suspended payments and made them entirely interest-free until the end of September 2020. This was a very welcome decision and can play an especially favorable role in your situation.

If you start catching up on your student loan at this time, it would mean that you’ll be directly reducing the principal on your entire student loan. This has the potential to save you thousands of dollars in the longer run.

However, paying off your student loans shouldn’t take precedence in priorities if your savings are needs to meet other urgent situations. For example, if you also have a credit card loan to your name, then using your savings to pay off debt with higher-interest rates first.

Bulking up your emergency fund should also be higher on the list of your priorities if you aren’t covered for the upcoming months.

Moreover, if you’re already on a public service loan forgiveness program or any other program of the sort, then expediting your payments may not work in your best interest in the long run.

Boost your 401(k) contributions

In the ideal case of having a substantial emergency fund and a comfortably manageable debt, you should divert your attention towards boosting up your retirement savings.

You can make contributions to your 401(k) or 403(b) retirement plans by purchasing shares at discounted prices offered in these months compared to peak months like February. Planning a boost for your retirement plans this year gives you the opportunity to it at reduced prices and increased returns when the situation goes back to normal.

Lower your mortgage rate

If you’re a homeowner on a mortgage, this might be a good time to refinance your mortgage. The interest rates on mortgages have been lowered due to the pandemic, which can help you lower your housing costs.

The benefit also implies to new homeowners because mortgage rates are down by at least 1% compared to last year, and it makes a significant difference in the long run.  However, with lowered interest-rates, more and more people will apply for refinancing, which could make it harder to qualify for it than before.

Help your community in crisis

Although helping your community financially doesn’t really add practical value to your standing, it can immensely help people in desperate need of it. If you use your stable financial standing to support small businesses, donating to local food banks, and helping the most vulnerable in your community, it will be an excellent way to give back to your community.

Spending money to help others reflect your moral values and will comfort someone in dire need in these times of uncertainty.

Conclusion

You’re indeed fortunate if you haven’t been that affected by the pandemic’s devastations, and that puts you in a higher position of responsibility towards improving your financial standing and helping those in need.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Robert DeFalco Realty Leads the Way with Strategic Expansion and Philanthropy

mm

Published

on

Robert DeFalco, the visionary founder and Owner/Operator of Robert DeFalco Realty, cemented his reputation as a huge force in the real estate industry. His firm, recognized as the #1 real estate company in Staten Island, embarked on a significant expansion this year, solidifying its status as a comprehensive hub for real estate services in New York and New Jersey.

Strategic Growth and New Partnerships

This growth involves not only a physical expansion, but also a strategic partnership with Think Mortgage, a prominent mortgage firm with a strong presence in Brooklyn and Staten Island. The collaboration aligns perfectly with DeFalco’s vision of providing seamless and integrated real estate transactions.

“We are creating a holistic experience,” stated DeFalco.

By partnering with Think Mortgage, Robert DeFalco Realty ensures clients can find their ideal home and secure the best possible mortgage rates, simplifying the process into a smooth journey from start to finish — all in one building.

Comprehensive Services Under One Roof

The firm moved to a new location in Brooklyn, occupying an entire corner block to house its operations. The expansion ensures that clients can access all necessary services under one roof, including real estate and mortgage services, in-house title services, legal expertise, and more. The move underscores DeFalco’s commitment to providing unparalleled convenience for clients.

“We are creating a synergy where all real estate needs are met promptly and professionally, right here,” added DeFalco.

A Legacy of Philanthropy

Beyond his professional achievements, DeFalco is renowned for his philanthropic efforts. He believes in the responsibility of businesses to give back to their communities. Under his leadership, Robert DeFalco Realty is a leading sponsor for the Making Strides Against Breast Cancer walk, raising substantial funds annually.

In 2019, the Emergency Children’s Help Organization honored DeFalco for his significant contributions, recognizing him with the Man of the Year Award. His dedication to philanthropy also earned him the Service and Dedication Award from the Juvenile Diabetes Research Foundation in 2022.

Community Engagement and Support

Robert DeFalco Realty’s commitment to philanthropy extends to various community events and local charities. The firm supports a wide range of organizations, including the American Cancer Society, City Harvest, Monmouth University, St. Peters High School, and many more. Their efforts make a substantial positive impact, with total donations surpassing $1,000,000.

Most recently, DeFalco attended and sponsored the ECHO Foundation, GRACE Foundation, and Tunnel to Towers events in various capacities.

Looking Forward

With its recent expansion and continued commitment to comprehensive real estate services, Robert DeFalco Realty reaffirms its position as the premier one-stop real estate shop in the northeastern region. The firm continues to uphold its foundational philosophy of treating people well, a mantra that has guided its operations since its inception in 1987 and continues to inspire its growth and innovation today.

About Robert DeFalco

Robert DeFalco Realty was founded in 1987 by Robert DeFalco, a real estate Broker/Owner who wanted to help families achieve their dream of homeownership. Through the philosophy ‘Treat People Well,’ Robert DeFalco has grown into a successful real estate agency led by a professional team of highly motivated real estate associates with experience in residential, commercial, and new real estate development. For more information, please visit https://www.defalcorealty.com/ 

Continue Reading

Trending