3 Strategies for Creating a Financial Cushion to Fall Back On

You never want to be caught in an emergency with no savings. And yet, this is precisely the situation millions of people are in right now. The average savings account balance in America is just $5,000. Here’s how to bump your up a little higher.

money cushion

Set a Process-Driven Goal 

Most people fail to succeed when their goals are outcome driven. In other words, when you make a goal that requires you to experience a specific outcome that’s beyond your control, it’s much easier to fail at achieving that goal and, even when you do succeed, you never really know why. 

In a sense, it was all luck. 

With a process-driven goal, you have more or complete control over what happens and whether you achieve the goal. So, a process goal might be to “save $500 this month.” Or, it might be “cut 5 expenses out of my budget.” 

These are processes that you control. 

Contrast this with an outcome-based goal that you can’t control like, “earn 10 percent on my investment this year.” 

You have no control over your investment accounts. If you make these types of goals, you’re setting yourself up for failure. Sometimes, outcome-driven goals are a little trickier to spot. For example, you might make the goal of “saving $10,000 this year” as a yearly goal. Is that even possible? 

Can you control something like that? In most cases, you can’t, unless you have a contractual guarantee with a bank or an insurance company for that sum of money. Even then, there may be emergencies that spring up between now and then that prevent that outcome. 

Watch Out For Preventable “Unexpected” Expenses 

Some expenses seem unexpected, but are actually preventable. Car accidents can become an “unexpected expense” for many because they seem to happen randomly. 

But, do they? 

Many factors contribute to an accident, including the skill of the driver, the state of mind during an accident, and the road conditions. 

So, while it might be easy for a person to blame the accident on the weather, there is usually something that person could have done to minimize the risk – drive more slowly, for example. If you get into an accident texting or talking on your phone, eating, or putting on makeup, then the accident is totally preventable. 

Keep It Liquid 

One of the biggest mistakes people make with their savings is that they switch to a long-term savings account too soon. In other words, they start pumping their 401(k) or IRA (or some other retirement account) with money that they might need in case of an emergency. 

And, while it’s true that some 401(k) plans allow hardship withdrawals, it’s generally easier to get at the money in your savings account. So, you should keep your emergency money in there. 

At least 6 month’s worth of expenses is needed in case of most emergencies. And, that’s a nice cushion to have if you’re ever unexpectedly terminated from your job. 

Eventually, longer-term financial planning is necessary, which will bump liquid savings up to 1 year’s worth of expenses. But, start with 3 months, then move to 6 months.


The Benefits You Can Get from Selling Gold

Today’s economy requires multiple income or cash sources. There are people who are selling gold in the form of coins, jewellery or old gold items. Local and online dealers allow you to make use of the jewellery you stored away. The price of gold has been on the rise in the last few years. Now is the right time to obtain value for your gold investments as you are guaranteed of fetching more cash to finance your projects and other needs. There are a lot of cash for gold services in the internet and even locally. There are even plenty of jewellery buyers who are waiting for you out there. Sell your unwanted jewellery and make some cash. Below are some of the benefits of selling gold:

Benefits You Can Get from Selling Gold

Simple and Easy

The process of selling gold is very simple. There are many places and online dealers who offer cash for gold services. Dealer’s information is available everywhere online. There are many auction sites, shops and other gold parties that are ready to liquidate your gold. Gold Buyers Melbourne is one of those dealers that pay real cash and ensures privacy and security.

Cash Emergencies

Selling gold allows you to deal with financial emergencies. There are many instances in life where we find ourselves in need of urgent cash. Emergencies include accidents, natural disasters and any other unforeseen events. Gold accessories are very useful during these cases if you have them at your disposal.

Earn and Refresh

Liquidating your gold accessories allows you to obtain their value and refresh your collection. Selling gold allows you to obtain more value from old jewellery like necklaces and rings as opposed to just leaving them unused. Most people store their old jewellery away which ends up catching dust. You can sell them and buy new ones that are finer and more modern in design. Furthermore, it allows you to free up some space in your home.

Great Gold Prices

The price of gold has been on the rise in the last few years. Currently, the price is very good. The rise in price has been steady which shows great future expectations. This is the best time to earn cash from your gold accessories especially the bulky ones you kept away for a long time. Sell your gold bullion in Melbourne at Gold Buyers Melbourne today for more cash.


Gold items are accepted in many conditions from an amorphous and dusty condition to new ones. Cash offers are made regardless of the wear and tear. The gold items you kept away for long can allow you to make a great turn round in terms of finance. Gold Buyers Melbourne also uses the latest testing equipment making the selling process much easier.


Selling your gold items to a trusted gold buyer is very easy and rewarding. They have better prices and give you the best deal for your gold as possible. This allows you to fetch more especially for your old jewellery. Additionally, it is also the safest way of selling your gold.


What Are The Steps Involved When Acquiring A Tax ID?

Running a business demands quite a bit of your attention and time. You will find yourself quickly overwhelmed if you are not careful, and you might be surprised at exactly what it is that really catches you by surprise. Some people might think that the biggest issues entrepreneurs handle are actually running their business and making a profit when in reality they tend to encounter a lot of trouble actually setting their business up in a way that aligns with federal rules and regulations. Do you need to apply for a federal tax ID? Known as an employer identification number (EIN), this number is necessary in order to file your taxes and register your business with the government.

Obtain Your Federal Business Tax ID

Is it difficult to apply for a federal tax ID?

When it comes to obtaining an EIN number, you might be sure that the process is a difficult one that will eat up a lot of your time and money. This is not the case! Thanks to the technological advancements of today’s world, the process is a quick one that you can even complete from your couch or bed. When you want to apply for a federal tax ID, you should consider doing so online.

How quickly will I get my EIN number?

In most cases, applicants will receive their EIN number within one or two business days after submitting their completed application. This ensures that they can quickly move on with their lives and their business, and not be stuck in limbo waiting for the information they need to open up things like a business bank account.

If you need to apply for a federal tax ID, like an EIN number or a California FEIN, contact IRS-EIN-Tax-ID.com. They can help you get the number you need in the time period you want.

Related Resources

  • Applying for a New EIN – If a business has changed its structure or ownership and you need a new EIN.
  • Locating a Lost EIN – It will help you locate your misplaced EIN.
  • Canceling an EIN – This is where you can apply to close the IRS business account affiliated with your EIN. This may be necessary if your new business never started up.

Things To Know About Life Insurance

Our greatest gift is “life itself”. This is the reason most people invest in “life insurance”. It is unarguably one of the best investments we can make. There are many benefits of owning a life insurance policy for both personal and estate reasons. There are various types of other insurance;  you can purchase auto insurance, business insurance, and even separate insurance for ATV’s and RVs. Life insurance, however, is the most personal insurance and the amount and type purchased should be considered carefully based on your personal needs. You should be aware of all of the local insurance providers and search to get the best product at the best price. For instance, if you are living in Rochester, make sure to search for life insurance agencies and providers in Rochester, NY, and examine your choices carefully. “Why Life Insurance?” Here are some benefits of life insurance:

Benefits of Life Insurance 

Life is important of course and losing a life can be a hardship on a family or on a business. Here are some advantages of opting for life insurance.

  • After the insured’s death, life insurance provides financial help to deal with the adversities that would arise at one’s death.
  • Life insurance gets favorable taxation, unlike any other investment.
  • Generally, the death benefit that the beneficiary receives after the insured’s death is income tax-free.
  • Depending on the amount of the insurance and of the estate, the death benefit might be estate tax free as well.
  • Policy loans are generally income tax-free.
  • Exchange of one life insurance policy for another can be accomplished easily without any taxation.
  • Life insurance policies are generally flexible in adjusting to the policyholder’s needs.

These are some of the benefits that a life insurance policy has over other investment types. It is important to review your personal situation to know what your insurance needs are before buying a life insurance. For instance, if you are buying a life insurance in Rochester, NY, you should know if the insurance company has a representative that can help you locally. Below are a few things that you should keep in mind before buying the life insurance policy that suits your needs.

About Life Insurance

Things to keep in mind

When we talk about insurance or any other investment, we must be aware of what we are getting into any of the actual cash investment. Here are some points that you should keep in mind to steer clear of any problems that might come along.

  • Insurance type: Ask your agent to outline the details of all insurance policy options available. Different insurance policies have different benefits. You should clearly understand the policy and costs involved and choose your policy accordingly.
  •  Premium: You should make it clear to the agency the amount of premium you can afford to pay for your protection. You might be able to spread the premium into periodic payments without being charged extra to fit the cost into your budget.
  • Add-ons: There is no one policy for … learn about any add-ons that might be available and which ones can be of use in your personal situation.
  • Final Settlement: You want to know that your insurance policy will be there to settle matters of money in the most logical and transparent manner. You should have clear documentation regarding the specifications of your coverage to avoid any hassle in future.

These are some basic, general questions that may help you in your search. In today’s market, it is advisable to also take into account the genuine reviews of previous and current customers of agencies and companies you are considering. You want to be confident you are getting the best policy in your area. For example, if you are shopping for a life insurance policy in Rochester, NY, you should ask your co-workers and friends about their experiences with local insurance agencies and browse the internet for additional information.