Tag: Tennessee bankruptcy lawyers

What Are the Best Financial Literacy Books?

What Are the Best Financial Literacy Books?

Reading is not as common as it used to be but brushing up on one or two financial literacy books has been known to dramatically increase a person’s finances. The problem is there are so many different financial literacy books to choose from. This can leave anyone wondering where to start on their financial literacy journey. Finding the best financial literacy boom of all time may not be feasible but finding a few helpful ones might. If you ever find yourself struggling with bankruptcy, do not hesitate to seek guidance from one of our Tennessee bankruptcy lawyers 

Top Financial Literacy Books

There are hundreds of effective financial literacy books to sort through, but finding the right one for you really comes down to your own personal decisions and preferences. The top five financial literacy books are: 

·     Broke Millennial by Erin Lowry

·     The Only Investment Guide You’ll Ever Need by Andrew Tobias

·     The Barefoot Investor by Scott Pape

·     The Total Money Makeover by Dave Ramsey

·     Money Honey by Rachel Richards 

What Are the Best Financial Literacy Books?Whether these books work for you is up to your interests and motivation to start changing your financial situation. These books may not guarantee pure financial freedom, but what they can do is help you come up to speed with financial plans and methods for saving money. Some of these books might be tailored to different people, but the ideas are often universal. 

Simply reading about some of the ideas in these books might spark ideas for ways you can better manage your money. Whether you benefit from the books or not, the only thing you would lose is the time you spent reading the book. Some ideas might seep in while others might not be the right fit for your situation. 

Why Read About Financial Literacy?

Some people might be wondering why reading about financial literacy is necessary when you can seek other ways to learn financial literacy like online information or apps. Reading about financial literacy is important for familiarizing yourself with the language of finances and how finances work. Even if you do not find the key solution to your money problems, you might find small ways to start improving your finances. 

Financial literacy also increases your own independence by helping you become financially self-sufficient with the chance to finally grab a hold of financial stability. Compared to being financially literate, no financial education at all can make people feel intimidated by tricky financial situations with nowhere to turn. When you know a few financial literacy methods, you will at least have a starting point towards financial success.  

Bankruptcy Lawyers in Chattanooga, TN 

Reading about financial literacy takes time and effort in a constantly busy world. Feel free to reach out to our lawyers in Chattanooga, Tennessee, and North Georgia if you ever have any financial concerns or problems related to bankruptcy. 

Contact Tom Bible Law to talk to a Bankruptcy attorney in Tennessee at (423) 424-3116 for a free consultation today. Our bankruptcy attorneys can be found in Chattanooga, Kingsport, and Tullahoma. 

Tips for Creating and Keeping Financial Goals

Tips for Creating and Keeping Financial Goals

Whether you just graduated from college or married your significant other, you might have some financial goals in the back of your mind. These could be financial goals for buying a house, moving into an apartment, buying a boat, purchasing a new car, going on that dream vacation, or even starting a business. In either case, you will need short-term and long-term financial goals and budgeting skills to make your vision a reality. If at any time, you have concerns about finances or bankruptcy, ask one of our Tennessee bankruptcy lawyers for help.

Choose Short and Long-Term Financial Goals

When choosing financial goals, it helps to break them down into short-term and long-term financial goals. Short-term financial goals are goals that can be accomplished by the end of the year. Some examples of short-term financial goals would be buying a new computer or going on one vacation. These goals do not take years, but rather, a month or longer to save up for.

You can also have a series of short-term goals that are building up to a long-term financial goal. For example, some short-term goals for starting a business could be building an emergency Tips for Creating and Keeping Financial Goalsfund, improving your credit score, obtaining a small business loan, buying office equipment, and saving up for the rent costs of an office. All of these goals can be accomplished at their own pace until you reach the final long-term goal of starting a business.

Long-term financial goals take over five years to accomplish because of the scope of the investment. One example would be saving up for a home. Homes are not cheap when it comes to down payments and additional fees. There are also mind-term financial goals that take around five years to accomplish. These could be paying off a car, house, or credit card.

Tips for Budgeting Your Finances

Budgeting your finances can help you achieve short-term, mid-term, and long-term financial goals. One of the first steps is calculating exactly how much money you will need for your financial goal and at what time you want to have this goal accomplished. This will guide your budgeting plan for your goals.

Next, you need to choose between writing down your budgeting plan, using an excel worksheet, or working with a financial software on your computer. All of these options are viable and will help you lock-in a plan with achievable steps.

To know how much money you can invest in your goal at each step, you need to figure up how much spending money you have. To do this, calculate your income and monthly expenses, do some subtraction, and find out what money you have left.

Bankruptcy Lawyers in Chattanooga, TN

Creating and maintaining financial goals and a budgeting plan is not always straightforward or easy. If you have questions, talk with our team of lawyers in Chattanooga, Tennessee, and North Georgia for guidance on financial struggles and bankruptcy.

Contact Tom Bible Law to speak with a Bankruptcy attorney in Tennessee at (423) 424-3116 for a free consultation today. Our team of bankruptcy attorneys is located in Chattanooga, Kingsport, and Tullahoma.

Vital Personal Finance Tips for Small Businesses

Vital Personal Finance Tips for Small Businesses

Operating a small business during the coronavirus is not easy, but there are two main ways you can keep your small business afloat during and long after the coronavirus situation. The two main ways to maintain your small business are keeping a good credit score and having an emergency fund at all times. These two factors will serve as a backbone for your business in the event of hard times. However, if you ever find yourself on the brink of bankruptcy, be sure to consult with one of our Tennessee bankruptcy lawyers for guidance.

Maintain a Strong Credit Score

Maintaining a strong credit score may sound tedious or unnecessary compared to other small business factors, but there are several reasons a strong credit score can help your small business. For one, a strong credit score increases your chances of receiving loans in the event that you need them. If something goes wrong during the coronavirus, you might have to depend on a Vital Personal Finance Tips for Small Businessessmall loan to get by.

One of the more obvious ways to maintain a strong credit score is to not miss any payments. A way to ensure you do not miss a payment is to write down payment reminders on a calendar or set up reminders on your phone. You can also improve your score by paying off bills every two weeks instead of once a month.

Not everyone may do this, but reviewing your credit score each year can help you find mistakes. You have the option to refute any mistakes made on your credit score by letting the credit agency know. This may not work every time, but at least this gives you a chance to improve your credit score.

When you have multiple credit cards, pay off the ones closest to their limits first. Close new rather than old credit card accounts.

Always Have an Emergency Fund

An emergency fund may initially seem unrelated to maintaining a small business, but what an emergency fund serves to do is protect you and your business in the event of an unexpected financial situation. Building an emergency fund might sound tedious or less important compared to funding a small business, but without an emergency fund, there is a great risk for financial collapse when something major happens to drain your finances.

Automatic reoccurring transfers into your savings account is one of the fastest and simplest ways to build up an emergency fund and after a while, you will not even notice it. Instead of spending tax refunds or stimulus checks, put them into your savings or at least a portion of them into your savings.

Bankruptcy Attorneys in Chattanooga, TN

Keeping your small business alive during unstable economic times is often scary. Feel free to reach out to our lawyers in Chattanooga, Tennessee, and North Georgia anytime you have questions about tough financial situations or bankruptcy.

Call Tom Bible Law today to talk with one of our Bankruptcy lawyers in Tennessee at (423) 424-3116 for a free consultation. Our team of Tennessee bankruptcy attorneys can be found in Chattanooga, Kingsport, and Tullahoma.

What Steps Can I Take to Improve My Personal Finances?

What Steps Can I Take to Improve My Personal Finances?

When it comes to improving your personal finances, there are several steps you can take. Taking these steps may be able to help you save money in the long run, prepare you for unexpected financial losses, and be ready for almost any kind of major financial challenge. The steps you choose to take can vary based on your financial situation and determination. If you have any questions about your options during difficult financial times like bankruptcy, then be sure to talk with one of our Tennessee bankruptcy lawyers for advice. 

Most Powerful Steps for Improving Personal Finances

What Steps Can I Take to Improve My Personal Finances?The steps you can take depends on your current financial circumstances and how much money you wish to save. When it comes to steps for improving personal finances, there are a wide variety of options to choose from. How many options you practice is up to you. 

One main theme of improving personal finances is developing and maintaining an effective budget. You can do this by setting a few ground rules for yourself. An easy first step to take is to come up with a monthly spending limit to place on yourself. Instead of letting your money control you, you can find ways to save money by limiting how much you spend, paying off debt sooner, and finding ways to spend less on bills each month.

Other financial steps you can take include tracking your monthly expenses by writing them down. You can use this to calculate how much spending money you have or how much money you can save. When it comes down to it, you may have to stop spending money on certain non-essential purchases. To help narrow this down, make a list of what you most enjoy spending money on down to the least enjoyment. 

Escaping the Temptation to Spend Money

The temptation to spend money can be high, regardless of the situation with COVID-19 or other factors. You may see something you like, find a great deal that you would feel regretful for passing up, or feel the need to change things up by buying something new. In reality, almost anyone can lose sight of spending money when they do not keep track of their finances.

You can avoid the pressure to spend money by looking at your private finances before looking at what everyone else is doing. This is not easy, especially if your friends are buying new things or going on vacation. Other people can make spending money look painless and without consequence, but the reality is that anyone who spends money loses a bit of money that could have been saved. 

Bankruptcy Attorneys in Chattanooga, TN

Managing finances is not always easy and comes with its own challenges. Consider reaching out to our legal team if you are facing financial troubles. We have helped clients in Chattanooga, Tennessee, and North Georgia with a variety of issues related to financial wellbeing and bankruptcy. 

Call a Bankruptcy attorney in Tennessee at (423) 424-3116 for a free consultation today or leave us a message on our contact page. Our team of bankruptcy attorneys is located in Chattanooga, Kingsport, and Tullahoma. 

What Type of Term Life Insurance Would Benefit Me the Most?

What Type of Term Life Insurance Would Benefit Me the Most?

After weighing the options between term life insurance and permanent life insurance, you may have made the first decision, but now you have to make another decision. You have to decide which type of term life insurance policy to invest in. Different term life insurance policies come with different lengths of time you could be covered for and different benefits. Choosing the term life insurance policy that works against your unique situation could lead to unfavorable outcomes. Consider working with one of our Tennessee bankruptcy lawyers if you have questions about your financial situation. 

What is Term Life Insurance?

What Type of Term Life Insurance Would Benefit Me the Most?Term life insurance is a type of life insurance coverage that is cheaper than permanent life insurance plans but comes with a time limit. Unlike permanent life insurance plans, which last as long as you continue to pay them, term life insurance plans will eventually expire regardless of the circumstances. 

The downside of choosing term life insurance is that this plan could expire before you pass away. There are specific reasons why many people choose this plan over others. For example, people who are going to be in situations in which their lives could be at risk may purchase term life insurance for the sake of their families. Term life insurance is also cheaper compared to other types of life insurance. 

Within term life insurance, there are two main subtypes to choose from that are called level term insurance and decreasing term insurance. Level term life insurance policies offer the same benefits if you pass away during any time within the designated term. A term could mean five or 10 years depending on the type you choose. Decreasing term life insurance means your benefits will decrease over time up to and until your death. 

Subtypes of Term Life Insurance

There are other less common subtypes of term life insurance to choose from. Each has its own perks and downsides. Renewable term insurance is less popular now but offers you the chance to renew your life insurance benefits if the time period of your life insurance ends. You can renew life insurance in this case by paying the premium.

Return of premium is a subtype of term insurance that will actually refund your paid premiums when the level time period ends. You may or may not be refunded the full premiums you paid, depending on the individual terms and circumstances. One downside to this option is this subtype is more expensive. The last subtype is called convertible term insurance and allows you to convert a term life insurance plan to a permanent life insurance plan. 

Bankruptcy Lawyers in Chattanooga, TN

Deciding which subtype of term life insurance could best benefit you and your family can be a challenging choice to make. Our team of lawyers has assisted clients from Chattanooga, Tennessee, and North Georgia with bankruptcy and financial issues in Tennessee. We can help you make smart investment decisions that will benefit your future. 

Contact a Bankruptcy attorney in Tennessee at (423) 424-3116 today for a free consultation or feel free to send us any questions you have on our contact page. You can find our Tennessee bankruptcy attorneys in Chattanooga, Kingsport, and Tullahoma. 

The Smartest Ways to Spend Your Stimulus Check

Top Smartest Ways to Spend Your Stimulus Check

There are some people who are struggling to keep their heads above water after losing their job because of the COVID 19 Pandemic.  That means many people will have to use their stimulus check just to help them get by and to put food on the table for their families, while others are able to think about using that money for other things.

Resisting the urge to spend the money from a stimulus check on frivolous items can be extremely difficult for some people and much easier for others. Stimulus checks are not issued often, so, receiving one is a big deal. You should think about how you can best utilize this money to help you in the future.

Knowing and understanding the financial opportunities that you may be able to take advantage of with your stimulus check can help you use the money in a way that can provide you with long-term financial benefits and help you to avoid having to file for bankruptcy in the future

Tackle Your Debts and Bills 

Top Smartest Ways to Spend Your Stimulus CheckThere are several ways to use your stimulus check to lower future costs from outstanding debts.  These debts can include your house or car payments, utility and credit card bills, and any other outstanding debts that you may have. A lot of people have bills that they make payments on for many years,  like paying off a car, a house, or student loans. You can use your stimulus check to pay down your current bills and in turn, decrease how much money that you will pay in interest rates over time.

There are other ways you can take advantage of receiving the stimulus check. For example, people struggling to skate by paying certain bills may want to split up the stimulus check to cover the most important bills first. Depending on your situation, you can also decide to finally pay off that credit card balance. This can decrease interest rates and improve your credit score

Speaking of credit, now is a good time to build up your credit, whether this is for much-needed loans or for healthcare credit. There are several helpful and useful apps that can assist you in building your credit.  This credit building app is called Self and you can build up a strong credit with small monthly payments. 

Saving Up Money for the Future

If you have little to no debts or minimal bills to worry about right now, you can also use your stimulus check to save up money for the future. Depending on your situation, you could put all or part of the check into your savings account to start building an emergency fund. Many people do not have much money in their savings, but it’s never too late to start to prepare.

Establishing an estate plan for your future or a last will and testament are other things that are often put off due to financial strains or lack of time. If you have a little extra money you can use from your stimulus check to create an estate plan or last will with the help of a skilled professional, you should consider doing this. 

Bankruptcy Lawyers in Chattanooga, TN

If you are experiencing problems with your finances like substantial debts or financial losses, then consider reaching out to our Chattanooga bankruptcy attorneys at Tom Bible Law, a law firm dedicated to helping clients escape tough financial situations. Our legal team has offices located in Chattanooga,  Kingsport, Tullahoma to help our community members overcome debt relief and bankruptcy issues. The financial pressures that people feel during these difficult times and situations can be overwhelming.

Contact one of our Tennessee Bankruptcy lawyers at (423) 424-3116 today or feel free to leave us a note on our contact page if you have financial questions. Call us today to speak with one of our Chatanooga, Kingsport, or Tullahoma bankruptcy lawyers for further guidance.