Harrison Funding Loan Offers Are Fakes

Harrison Funding may be running a debt consolidation scam according to multiple personal finance sites. Harrison Funding has begun flooding the market with personal loan, debt consolidation and credit card relief offers in the mail with the website My Harrison Funding. 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 done a review of Harrison Funding, Johnson Funding, Taft Financial, Georgetown Funding, Credit9 and others.

2020 has been an extremely challenging year for all of the world’s population. The health, wellbeing, education, employment, and businesses have all suffered during this year. Millions of Americans lost their jobs and income during this tough time.

This year has changed how we work, think, and plan for the future. It has strongly reinforced the need for planning finances and be ready for emergency situations. In this article, we are going to provide you 5 essentials tips for planning your finances for the upcoming year, so you’re ready for all situations.

Keep reading to learn more!    

Build an Emergency Fund

The experiences of 2020 have taught us how critical it is to be prepared for debt forgiveness and other worst-case scenarios. To make sure that your finances don’t come crumbling down during uncertain times, it’s essential to have an emergency fund to rely on. You should work on creating an emergency fund equal to 3 to 6 months of your income.

If you’re single with no other obligations, try to aim for an emergency fund worth 6 months of your income. However, if you’re married and you and your spouse both work, then have at least 3 months of your income set aside in the emergency fund.

Emergency funds sustain you during times of low or no income. When you have a financial cushion to fall back on, it will be easier to bounce back quicker. Instead of asking for help or falling behind on your finances, it’s best to have a personal fund that can get you through uncertain or challenging times.

Don’t Overlook Your Retirement Savings Fund.

Make 2021 a year where you contribute to your retirement savings fund more actively. It’s essential that you don’t ignore your retirement fund because that’s your ticket to comfortable retirement life. It may seem like a long time away from now, but as people say, “Time flies.” Don’t think that you have a lot of time to catch up on your savings. Start saving now!

To ensure that you’re on track with your retirement fund, set aside a set amount each month that will go into your fund. There are also additional benefits to saving for your retirement, such as tax benefits. Most employers match a percentage of your retirement contributions, and the money that goes into the fund is also tax-deferred.

When you start contributing to your retirement fund early, and for long, it ensures that you get added benefits in the form of growing interest and employer contributions. You don’t have to pay any tax on this money until after retirement, when you start using the money. 

If you’re self-employed, then there are several retirement fund options for you as well. One of the most popular retirement funds for freelancers and self-employed earners is the Individual Retirement Account (IRA). For your IRA fund, you should aim to contribute at least $6,000 per year.

Other than IRA, you have the following options for a retirement savings fund:

  • Solo 401(k)
  • Employer-sponsored 401(k)
  • Simplified-Employee Pension (SEP) Plan
  • Roth IRA
  • 457(b)
  • Health Savings Account (HSA)

Work on a Plan B

Backup plans are equally essential for achieving financial stability. You can never be sure when the times change, so it’s always best to have a backup plan. A well-rounded financial plan is one that takes into account all the what-ifs and unexpected setbacks, such as debt consolidation, unexpected employment loss, early retirement, health condition, and permanent injury.

If you’re concerned about your job security or don’t want to retire just yet, you should start exploring other options, such as a new career path or freelance work. You can consider becoming an independent contractor or starting an LLC or S Corp that can support you through uncertain times. At the very least, consider part-time employment to meet your financial goals only if your health condition permits.

Explore New Opportunities

Another important tip to incorporate in your financial planning is to look for new opportunities of increasing your income. Look at your investments closely. Consider investing in companies that have stayed unaffected during the pandemic, such as Apple, Zoom, and Amazon. Look out for any other promising opportunities that may come your way.

If you have the resources, consider investing in real estate in 2021. With most companies downsizing or completely foregoing the concept of central workplaces, the price of the property is likely to drop. Investing in buying residential or commercial properties is likely to be cheaper in 2021 than in the previous years, so it would be best to make the most out of it. 

Stay Ahead of Your Taxes

Along with saving for emergency and retirement funds, it’s also crucial to set money aside for your taxes s a business owner. Consider putting 20% of all that you earn in a savings account, so it helps you cover your taxes. To do it right, make sure you track all your bills and expenses. Keep receipts of everything you purchase or spend money on. 

Keep track of expenses such as auto repairs, entertainment, gas, meals, equipment purchases, etc. Consider hiring a bookkeeper or a tax consultant to help you figure out all the expenses that you need to track for tax purposes.

Final Thoughts

2020 is leaving us with many lessons. Taking financial management and security seriously is one such lesson that we must not forget in the upcoming year. A minor mistake in making financial decisions can lead to major losses. Consider consulting with a finance expert to help you get your financial plan in order. Make sure you create an emergency fund and contribute even more actively towards your retirement plan.

It’s also important to look for other opportunities to increase your income. Moreover, do not overlook your tax obligations. By incorporating the tips that we discussed above, you can turn 2021 into a financial success.

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