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Avoid these 10 Mistakes

Things NOT to do!

Avoid these mistakes if you want to lead a richer life!

1) Spend now, pay later

Don’t throw your money away when you’re young, assuming you’ll be richer when you’re older. People in their 40s and 50s actually have the most financial problems. Enjoy your financial freedom when you’re young, but don’t squander it.

2) Fail to save

Too many people claim they can’t afford to save while blowing their cash on gadgets they don’t need, clothes they never wear and nights out they regret in the morning. Set up a regular savings plan by standing order or direct debit, so you don’t notice the money leave your account. Then have fun with what’s left.

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Who is going to fill their shoes?

Have you considered the impact your death, the death of a key employee or business partner would have on your business?

Business owners and their families throughout Ireland are facing this issue every day. Some, however, are much better prepared than others.

As a business owner, you protect your property, your vehicles and equipment. But have you considered what would happen to your business if you died prematurely and the financial impact that it could have on your family? Would your family stay in the business or would they sell the business?

You may also need to consider the impact on your business of the death of a key employee or business partner. Would you have the funds available to buy your co-owner’s share of the business from their family? Would the business be able to sustain the financial loss on the death of a key employee?

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Get the most from your money with a financial plan

Get the most from your money with a financial plan.

If you haven’t given any thought to planning out your financial future then you should do it now. A plan can help you get the most from your money and help you achieve your goals in life. If you don’t draw up a plan, you’re more likely to end up in a financial mess. Drawing up a plan sounds tough, but it’s easier than you might expect

Here are five financial perils that could inflict serious damage if you don’t have a plan.

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Tax-saving for the Self-employed

If you are self-employed you must calculate your tax liability and make a payment by 31st October 2014 (12th November if registered with ROS) in respect of your:
 
1. Final Tax Assessment for 2014;                                                    2. Preliminary Tax for 2015.
 
The good news…

You can reduce your 2014 Final Tax liability and your 2015 Preliminary Tax liability by making contributions to a Personal Pension plan or to a PRSA plan by 31st October 2015 (or 12th November 2015 for ROS users) and electing to backdate the tax relief to 2014.

Example:

 John is self-employed, aged 45 years, and his Net Relevant Earnings for 2014 were

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How to be prepared for a financial emergency

If you don’t have enough savings to fall back on, you should take action now to protect yourself from an unexpected bill.

A third of us are living on the financial edge with no savings whatsoever. The three most common unexpected costs were: car repairs, medical bills, and technology that needed urgent repair or replacement. Worryingly, many of us would either have to get into debt or increase our debt if we were hit by unexpected bills. And, unless you can rely on family or friends, getting hold of a decent chunk of cash fast will cost you. So it’s better to be prepared in case of an emergency.

Here are two ways to make sure you have money on hand for a rainy day.

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3 Top Tips

 

Please take a minute to read our 3 top tips for mortgage protection policies.

 

1.       Most mortgage protection policies are assigned to banks to cover loans from borrowers, but what most people don’t realise is that you don’t have to use the same company that provides the mortgage and you can change the provider at any time, if you can find a better price. There has never been a better time to review your cover. For example one provider is offering to match the lowest price on the market and then give an additional 10% discount for the full term of the policy. Terms and conditions apply.

 

2.      If there are two people on the mortgage, the mortgage protection is normally sold on a joint life first death, decreasing term

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New Health Insurance Rules from 1/05/2015 (LCR)

What is Lifetime Community Rating (LCR)?

In Ireland, everybody is charged the same premium for a particular health insurance plan, irrespective of their age, gender and the current or likely future state of their health. This is called community rating.

On the 1st May 2015, the government will introduce Lifetime Community Rating legislation. Under Lifetime Community Rating (LCR), community rating is modified to reflect the age at which a person takes out private health insurance. Late entry loadings are applied to the premiums of those who join the health insurance market at age 35 or over.

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