Category: Tips Finance
If you have been in the dark about discount prescription cards, here is all the information that you need to know:
How the cards work
When you (the customer) make a purchase at a pharmacy, you present the card to the pharmacy and you are provided with a quote for the amount of money that you will save by making the purchase using the card.
Once you are given the information you have to decide on whether you want to make the purchase using the card or not. You should note that the savings are realized at the point of sale and not later through a rebate process.
People who are fit for the cards
The cards are ideal for everyone: whether you have insurance or not. Although, the cards are ideal for everyone, people without insurance usually attract larger discounts.
You don’t have to kick yourself if you have insurance. This is because the cards are also beneficial to you even if you are insured; they allow you avoid high deductibles. You are also eligible for discounts that are not covered by your insurance policy.
Amount that you will save
The amount that you can save depends on a number of factors such as the drugs that you are purchasing and the issuer of the card.
In the best of situations, you can save up to 80% of the cost of the medications; however, the average discount is 15-20%. You should note that generic medications attract higher than average discounts.
How the cards make money
There are three main ways in which the cards make money:
Enrollment, annual or monthly fees: these fees are directly charged to the consumer. The fees can range from a few dollars to $100 per year. Although, this is one of the ways in which the cards make money, there are some cards that don’t charge a fee. To save money, you should go for cards that are free.
Transaction fees: these are charged every time you use your card. Although, the fees come at the consumer’s expense, they are minor and insignificant to the amount that you will save. Transaction fees are charged by every discount drug card.
Information sales: when you use your card, your information is collected by your card issuer. The information includes: your purchase history, name, and address.
When the card issuer collects the information, he/she sells it to marketers and the marketers use the information to market their products to you. You should note that the information cannot be used to harm you.
Posted in Credit Tips, Insurance, Tips Finance
Up to this date, the usability, function and exchange of Bitcoins and other digital currencies have been limited and circulating around small communities-group of individuals or large enterprises-who have ventured into the world of digital currency. Since the community is small, the ability to spend or trade it for various products is also limited and a lot of this currency owners hope that it can be widely accepted in the future. Although these are possible, this will take time and a lot of discussions as the concern for safety and security is at large. Besides that, the government and some large institutions are threatened with the possibility of using such a system.
Not many people widely accept digital currency. If you haven’t heard of it or aren’t one of those who have spent much of your time understanding, mining and acquiring the said currencies, you will not feel safe trading in or acquiring such currencies in exchange of items that you wish to sell or have. It has not been accepted widely and the fear of the loss it may acquire in the future is great due to the fact that there is no governing body in it. People would need to feel safe using it but this would normally require the interference and approval of the government and general sectors of the financial market.
The Need for a Controlling body
The transfer to digital currency would allow people to make online trading without issuing actual and paper money which are prone to being stolen. However, it is not a hidden fact that some digital currencies have been stolen too. The government would want to control it as there is a significant amount of income from the exchanges and trade. Other sectors not open to the actual value of digital currencies may find it hard to liquidate their assets and make use of digital currency exchanges.
Although the future of digital currency adoption is greatly possible, the greatest risk everyone has to deal with would be the security. For example, PayPal is trying to impose this on their system (the news of which eventually made the value of Bitcoin rise in one day) but the problem is, delivery schedules may often not be met and it would be hard to recover the said currency-also includes defects on products upon delivery. The possible adoption could take time and effort from both the government and independent sectors to work out the glitches in connection with fraudulent acts over the internet and sectors wishing to sabotage the project.
Posted in Business, Insurance, Tips Finance
Growing up I was a tall kid, one of the tallest in my class. I was taught “not to fight,” so sometimes I became a target for (shorter) tough kids who wanted to push around the big guy.
Now that we’re all grown up, I’m glad to say that’s all behind us… or is it?
Let’s look at the case of construction companies. If you are a contractor, you may feel bullied sometimes, by VENDORS who purport to serve you. One of them could be your banker.
Banking Relations for Construction Companies
Working capital is an important financial resource for contractors, especially when starting up a new project. They may have to work for forty five days or more, paying out of pocket for labor and materials before they receive their first money under the contract. Bank credit can be a perfect solution for this.
The new contract is an asset for the company, and the bank can rely on this when lending money. But what happens when the contractor brings the bank a bonded project? They will refuse to lend against that job! Their position is that the rights of the surety conflict with their own.
Bonding Relations for Construction Companies
More bullies: Now let’s look at the surety side. When applying for bonding support, the underwriters ALWAYS ask about banking relations:
- “Do you have a working capital line?”
- “How much of it is currently available?”
- “How is it secured?”
- “If you do not have a bank line we want you to apply for one. It can help you get through a problem and prevent a bond claim.”
- “The bank line can help you finance the start of additional projects without depleting your cash position.”
- “If you are approved by the bank, it helps assure us that you also deserve bonding credit.”
Feel bullied? You should!
The reality is that construction companies may need both bank and surety support. In order to pursue public work (municipal, state, and federal contracts), surety bonds are mandatory.
The bonding company wants you to have a bank, but the bank doesn’t want to support bonded projects. You can’t win!
Posted in Business, Tips Finance
The reason agents fail learning how to sell final expense is fairly simple. The unfortunate reality of sales, no matter the industry, is that 90% of all sales people fail or quit within the first 12 months of starting their sales profession. Why is that the case?
The number one the reason agents fail selling final expense is because they give up on themselves. They go into the business with aspirations that didn’t match reality. Looking from the outside in, many new final expense agents have the perspective that to succeed in final expense it is only a matter of going out and talking to people. If it were only that simple!
It takes time to learn the skills necessary to sell final expense successfully. Final expense sales training is something that takes months if not years to develop. A lot of new agents don’t understand that sales is totally different from a typical salaried employee position. You have emotional ups and downs almost daily. Being on straight commission, you literally wake up every morning unemployed; you must “eat what you kill!”
If you don’t have experience, there is nothing to really prepare you for it until you understand what that is like and you are living it. It is something that many people just can’t handle.
Then the other reason people fail is because they don’t get involved with the right agency to help train them, to prepare them for the realities. They get involved with a business that sells “Blue Sky,” meaning all the benefits to a lifestyle of Final Expense and none of the gritty work that it takes to succeed in the long-run.
Also, new agents fail because they get involved in an agency that is designed to short change them and squeeze the dollars out of them at a ridiculous rate. It ends up being a revolving door type of sales agency.
It is important that agents do their research on the front-end. Talk to different agencies. Get a feel for your managers personality type. Figure out who has been successful. How long agents have been working with them? Ask for proof. Are they transparent with what to expect as far as commission and percentage advancements based on merit and production history?
What do you get for your investment? Because the manager makes money off of your production. You just have to make sure value is there. Take the time to ask these questions. Again, it is really important you are reading this because most agents don’t go into this business even knowing what to ask, much less what to expect.
Many agents don’t understand that you must come into this business with a business mindset. Most agents must buy direct mail, and won’t have the benefit of a referral network or an existing book of business. Instead, they have to buy leads to get going.
My recommendation is to have about $4,000 to $5,000 to invest into a final expense direct mail lead system, or if you have less than that keep a full-time job and then also you know if you got $2,000 or $3,000 minimum into a telemarketing final expense lead system.
You MUST start on the right foot. You MUST be prepared for the ups and downs. You MUST be willing to work through it with the understanding that the long-term is what makes it worth having. What makes it all worthwhile.
That’s the reasons why most agents fail learning how to sell final expense. The important thing is to go into this with the right group that shows you transparently what to do. When you know that you have got that on your side it is really up to you.
Do you have the X-Factor to work hard and follow the system that is laid out upon you?
That’s really the ultimate determinate of your success or failure.
David Duford is the owner of Final Expense Agent Mentor.
In addition to personally producing business each and every week, David specializes in training new and experienced agents on how to successfully sell final expense burial insurance.
Posted in Insurance, Tips Finance
Designed to cover professional practitioners against claims of negligence made by clients or patients, professional liability insurance goes by many names. When used in the medical profession, it is commonly called medical malpractice coverage. Notaries public also require this security, but they refer to it as errors and omissions insurance. Real estate brokers, management consultants, and even website developers are all eligible for protection.
What’s It For?
Insurance is used to protect people in case something unfortunate happens. Auto policies protect them in the event of an accident; medical policies protect them from unexpected illnesses; commercial policies protect them from a number of mishaps. If there is a fire, theft, or an accident on the job, the commercial variety will cover it.
Why You Need It
Few companies are fortunate enough to survive for a protracted period of time without getting sued by a client, customer, or employee. Liability coverage from an insurance company is the only shield most businesses have against litigious attorneys. This goes double when an employer competes in a risky industry like construction. Why?
A construction site is arguably the most dangerous working environment on earth. Not because people are careless, but because making something, anything, is risky. Workers fall down stairs; they trip on cords; they cut themselves. Builders must assume this risk and purchase the right amount of coverage from their insurance company to protect them from financial ruin. But that’s not all.
These policies not only shield the employer, but they also safeguard his workers. If an electrician falls off a ladder or a carpenter cuts himself, a liability policy will pay his medical bills. Commercial coverage will also cover most attorney fees and court costs if someone files a suit against you.
How Much Do You Need?
As you might expect, the size of the policy often depends on the size of the business. Most actuaries recommend at least one million dollars of professional liability coverage for small businesses. Large businesses and corporations obviously need a lot more and often carry huge policies. Because lawsuits are quite common in the medical profession, malpractice insurance is the most common form of liability coverage.
Most doctors have several million dollars of malpractice coverage at all times. When they work in a large practice, that figure might be five or even ten times as high. Lawyers and accountants must also carry liability because of the high rate of litigation in their fields. But what about everybody else?
Any business that can be held financially responsible for failing to complete a project on time may need to purchase a professional liability policy from their insurance company. This includes general contractors, architects, builders, and many, many more. These policies also cover personal injury, breach of warranty, intellectual property, and security. In short, any company that has more than one employee should have liability coverage.
Posted in Insurance, Tips Finance
Cyber security has become a growing concern for U.S. companies over the past couple of years, and for good reason. Information breaches have not only become increasingly common, but also much larger. Nothing illustrates the state of modern web security quite as well as the most recent breach, which saw hackers target the IRS by exploiting faulty security to compromise over 100,000 taxpayer records.
Similar breaches have also affected much smaller companies, and it’s common to see a forward-thinking insurance company racing to adapt. Here is what you need to know to determine if, first, you’re actually in need of cyber insurance and, second, what you should look for in a policy.
Are You At Risk?
If you work with customer information of any kind, then the answer is likely yes. The term to look out for here is Personally Identifiable Information, or PII. It’s not a technical term, but rather a legal term that carries some teeth if you have to deal with it.
At its root, PII is any piece of collected information that could potentially allow a third party to identify a business’s individual clients. Given how good the Internet is at leveraging even tiny hints to track down a person, that definition is awfully broad. Full names, email addresses, site nicknames, and (sometimes) even web cookies can all qualify as PII.
If you’re storing anything that falls under the PII umbrella, you’re at risk of a breach. Breaches are enormously costly, both for affected customers and for the company responsible for the loss. Companies in the healthcare and retail industries are obviously at an increased risk, but when it comes down to it, any business that makes a habit of collecting information should ask their insurance company about cyber policies.
What Your Cyber Policy Needs
You’ll need to look for a few things in any cyber insurance policy. As you may expect, a good policy should cover the financial damages directly caused by a breach. However, cyber attacks can cause financial damage in a wide variety of ways. In particular, make sure that your company is protected against:
– Losses caused by lost time and productivity. A major hack can cause company gears to grind to a halt. Find an insurance company that guarantees coverage for the revenue lost during this period.
– Indemnification caused by a third party. Few modern companies handle their data on their own. Outsourced IT support or other companies can fall victim to a breach that affects your customers.
– Loss of Reputation. Breached companies, even those that have done their due diligence, almost always take a PR hit in the wake of an attack. A good policy offers some cushioning against the customer losses that generally ensue.
Finally, also try your best to work with an insurance company that has an educational component. Some plans will also come with training to avoid a breach. As nice as protection is, it’s safe to say that it’s best left unused. Installing a set of best practices can help keep you from having to rely on a safety net in the first place.
Posted in Insurance, Tips Finance
Insurance is great. Yes, it can be a hassle to find. Sorting out the pricing and policies can be complicated. So what if the whole thing could be made as easy as pushing a button? The great news is that it almost has.
What Makes it Frustrating
Making the monthly payment on a premium can be frustrating, but it’s easy. Once you file a claim, you realize how much that monthly payment was worth it. Finding the right policy, on the other hand, can be a challenge. There are policies for your home, condo, apartment, motorcycle, car, and health. Also, there are many different companies. Getting insurance quotes from each carrier can take much more time than you have available. Once people find coverage, they rarely re-evaluate it to see if it is still the best option available.
Luckily, the Internet has revolutionized insurance quotes. Trained agents can help you identify what your priorities are and which policy best meets your individual needs. Filling out a simple form online can generate quotes from several major carriers at once. Many agencies are also now able to incorporate smaller, more specialized carriers into their networks as well. The ability to organize and sort through so much information so quickly has made getting insurance quotes almost push-button simple.
Working Closely with an Agent
Getting a variety of insurance quotes is just the first step. The most affordable policy may not be the one that best meets your needs. Understanding the often complex policy language can be a daunting task. At this point, it is essential to get a trained agent involved. Like many service professionals today, agents are highly trained and strictly regulated. They are a personal part of their clients’ lives because they are helping to protect the most valuable aspects of a client’s life: their health, home, and family. You should be able to work closely with an agent who knows you and understands your priorities.
Your agent can sit down with you and evaluate each of the quotes individually. Together, you can structure a comprehensive package that addresses your coverage needs and financial commitments. The package may consist of the best policies from several carriers or a single umbrella. The use of digital technology allows for highly personalized packages of coverage. With access to so many quotes and coverage options at your fingertips, what you decide to do is up to you.
Obviously finding a safe level of coverage is not something you want to put off until you need it. The task of obtaining insurance quotes and sorting through coverage packages used to prevent people from shopping for insurance. New technology and highly trained agents have simplified the process. Highly personalized packages can provide better coverage and save you money. If you haven’t looked at your insurance lately, now is a great time.
Posted in Insurance, Tips Finance
For a car dealer, competition can be tough, and the trick to creating brand and business loyalty is to lure in the next generation. Many have tried to produce interesting ads featuring hip-hop music, computer graphics, and cutting-edge humor, but they have found that that really isn’t enough to pull in the generation known as the “millennials.” This demographic has been notoriously hard to reach, and television advertising to the younger buyer is nearly a moot point in the age of DVR recordings, YouTube, and Netflix.
The age group’s importance to auto sellers is also compounded by the fact that they have much less interest in driving than those in previous generations. However, there are still recent high school and college grads that are ready to become proud owners of their first vehicles that are not registered to Mom and Dad. So, how can a car dealer cater to these new consumers? Here are a few things that vehicle sellers can do to maximize their sales to young adults:
1. Recognize The Extent Of Their Smartphone Dependence
Young adults these days use their smartphones as electronic guides to the world. Why wouldn’t they? After all, they don’t really know life any differently. This demographic relies on their phone, or better yet, the Internet, to get directions to the dealership, find reviews, get showroom hours, and browse inventory. Therefore, the savvy car dealer will ensure that he or she has an updated and informative, mobile-friendly website, and perhaps even a mobile app.
2. Respect The Fact That They Have Already Done Their Research
Many vehicle salespeople get frustrated when attempting to pitch various automobile models to college-aged clients. Younger drivers already spend countless hours researching each automobile online to see if all their standards are met. After doing their homework, most of the adults in this age group visit the car dealer after their choices have already been narrowed down to one or two models.
3. Get Straight To The Point Without Gimmicks
Many millennials already have quotes from up to four competing sellers at the time that they walk through the door of a dealership. In this day and age, many younger auto buyers realize that they have the power and opportunity to leave a seller as soon as they hear something that they don’t want to hear.
Google’s statistics have shown that most adults in their early twenties tend to visit an average of 25 websites before they decide to purchase an automobile. This only reinforces the idea that an informative website is crucial for modern-day marketing. Auto sellers should also take note that young adults prefer quick responses to any online inquiries that they send through the seller’s website. Many young consumers wish to hear from the business immediately, not after several hours or days.
Hopefully, each neighborhood car dealer will eventually understand these modern ideas so they may earn the business of the next generation of consumers. Just like any other industry, automobile sellers will have to research the methods used by younger customers to shop for vehicles, and incorporate what they find into unique ways to market to that audience.
Posted in Automotive, Buying Selling Auctions, Tips Finance
In this day and age of Internet boards and surveys, more car businesses are concerned with customer satisfaction than ever before. Sales people who have high satisfaction ratings could be in for higher bonuses and other incentives. Dealerships can even earn special rankings with the manufacturer.
Talk to Friends, Family, and Co-workers
When on the search for car dealers to purchase from, start by talking to friends and family. They are going to be the ones to give the most honest opinion of their latest car buying experience. They will want to steer their loved ones to someone who isn’t going to try to scam them out of their money or intentionally sell them a bad car.
When talking to friends and family, ask detailed questions to understand whether or not it was actually a dealership’s fault if something went wrong. Sometimes the person will blame the dealer rather than themselves in the event of a bad deal. It is important to know all the details before making a decision.
Shop Away From Home and Online For Best Price
It doesn’t hurt to take the shopping online, at least to get an idea of what is available. Car buyers that go into a dealership with the information in hand may find that less time is spent negotiating, and the overall experience is much better. While online, take the time to cruise some of the seller reviews to see how other people’s buying experience went.
It is important to shop around when looking for a car. Dealerships can vary on price by hundreds if not thousands of dollars. Some showrooms have a greater variety and may be able to get the customer a vehicle in a different color or even lower mileage.
While it is tempting to stick close to home to find a vehicle, it might be a good idea to broaden the search further from home. Starting further out will give the buyer a better idea of what some sellers are asking for the same car.
Car dealers that are located closer to home have a tendency to see these customers as neighbors. Even if the car on their lot is a higher price, they may be willing to meet a competitor’s price for their local client. On occasion, they may even beat the price in order to keep the sale within the neighborhood.
With the changes in how people spend their money and how they insist on being treated, fewer bad apples makes the whole car buying experience that much sweeter.
Posted in Automotive, Buying Selling Auctions, Tips Finance