FinanceDogma – Finance, loans, creditcard and mortgages

May 16, 2009

Insurance: Do I Really Need It?

Filed under: insurance — Tags: , , , , , , , , , , , , — admin @ 7:42 pm

There are many different types of insurance, with the underlying purpose being to protect individuals from a host of unseen situations. In most situations this protection will cover individuals by providing money when required, as well as protection from liability, damage and financial loss. Insurance can protect individual’s homes, vehicles and life, among other things. Depending on the needs of the customer, insurance packages can even be tailored to fit their needs.

In certain situations there are some insurance policies that are compulsory. Automobile insurance against personal injury in a number of states is one such example. Insurance coverage can be quite broad and vehicle insurance is not different. As a consumer, you can select between a simple liability policy that pays the other party should you be involved in an accident, but provides no coverage if your own property is damaged.

If you require higher coverage, you might opt to take out a comprehensive policy that will cover damages to the other party’s property and also to your own property, as well as medical expenses. With such a range of coverage and many points of coverage in between, it is generally considered that automobile policies can be varied in nature. (more…)

April 7, 2009

Buying a home vs. renting a home

Filed under: Tips — Tags: , , , , , — admin @ 12:20 pm

Many people deal with the big question when it comes to housing… should I buy? Or should I rent? Both have their advantages, and both have their hard points. But either way, the major point is that you are going to have to have a place to live, so you might as well live in the place that offers the most benefits for you, right?


Buying a home can do a lot of good things for you. You can build up equity, so in a way, your monthly payments are just payments you are making to yourself because you are building up equity in your home. So, you really cannot go wrong with buying. Now, there are some cases in which buying might not be the best for you. For one, you cannot always buy a house if your credit is not good.  Second, you cannot really own a home if you do not have a good job, or some other steady source of income. If you fall behind on house payments, the results are neither good on your credit nor on your housing options. It can lead to foreclosure and a total loss of your credit.


Renting a home is the obvious alternative to buying. Renting a home though, does not have a lot of the benefits of buying. For one, your monthly payments are spent on your housing. It is money you are not investing in your future, but money you are spending NOW. Your payments do not increase your wealth as they do if you buy a home, they go to make your landlord rich. Also, you can get evicted from a rental home faster than you can when you buy. It is easier to avoid foreclosure than it is to avoid eviction, mostly because in your own home you can have pets or whatever you want, but in a rental you have to abide by certain rules.

January 5, 2009

Think about Retirement

Filed under: Finance — Tags: , , , , , — admin @ 8:37 pm

As we all are aware that our life is filled up with many stages, Retirement from regular job is a major part of such stages. We need to be proactive from the perspective of finance, at a younger age. We need to plan well on how we are going to lead or face our Retirement life. When thinking about Retirement, many may consider it as a period of rest and experiencing happy times with no job related worries. Well, while it is true that you no longer need to be afraid of your frowning Boss, there are other issues that you may undergo during Retirement life. Issues like Health and Financial problems top the list.

Speaking in a practical sense once you retire from your regular job, your monthly income comes to an end. You need to have enough money to make a decent living. While planning for Retirement Investments, you need to analyze the monthly expenses and other major expenses during your retirement life.

Employer Sponsored Retirement Plans

If you are employed in a Company, your Employer would offer you a Retirement Plan or Pension Plan. This savings would be of great help during the time of needs. Also this type of savings offers the benefit of tax deduction.

Life Insurance

As a person gets older, the risk of death increases. A Life Insurance is a great way to financially protect the family members or dependants at the time of his death (Insured). Premium amount paid towards Life Insurance is also considered as a tax saving investment in various countries.

Purchase of Home

It is better to purchase a home during the period when you are earning well. This would help you to reduce the rental expenses during the time of your Retirement. There are lots of Banks that offer Home Loans which you could avail to fulfill your dreams of owning a Home.

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