Financial Products are a dime a dozen, but believe me, some of them are very helpful. I know that "Unbelievably Useful and Trustworthy** Financial Products You Might Like to Try" might sound like a suspiciously enthusiastic title for a post about personal finance, but hey we need something to make this as interesting as possible. Personal finance is boring, but it’s something we all need to know about. It is becoming more important than ever that we know how to make our personal finance work best for us and even though some of you may be just starting out on your career or may not even have left college yet, giving serious thought to money now will pay back huge dividends (excuse the pun) later in life. so prepare yourself for this list of 8 unbelievably useful and trustworthy **financial products you might like to try to help give you a sound future and a healthy retirement income.
1. Healthcare Cash Plans
Health insurance can cost an arm and a leg for us all, but there are ways around this. If we can avoid those higher premiums which come with comprehensive insurance plans then we can save thousands in the long-run. These financial products keep your health care cover to the minimal things such as sight tests, basic illnesses, and short hospital stays. These reduced cover plans are perfectly acceptable when you are young and healthy and you can switch to a comprehensive plan in the future.
2. Family Income Benefit
Should the untoward happen and you have to go to the great cloud in the sky then you will want to make sure that you leave something behind for your family. This is usually in the form of life insurance, but family income benefit is both cheaper and it pays out much more money in tax-free form.
3. Cash ISAs
Financial products like cash ISAs are a great way to save money, make interest, and keep as much money from those greedy money grabbers at the top as possible. With most ISAs you can make almost a thousand dollars a year with just a few thousand dollars as an initial deposit. And remember, girls, it’s completely tax-free! It’s all ours!
4. Share ISAs
ISAs which invest in shares are just as efficient as cash ISAs so the choice is yours, but it’s probably ideal if you have a little more money when thinking about share ISAs. Again this is completely tax-free and you don’t have to pay that nasty 40% in capital gains tax which always appears.
5. Income Protection Insurance
There seems to be about a hundred different types of insurance and financial products these days, and most of them are completely useless. This is why we have little gems like Income Protection Insurance to keep our faith in the system up and running. Just like the name says, this type of insurance is designed to protect you against the damages of not working for whatever reason. And Income Protection Insurance isn’t too picky about your reasons for not working either!
6. Index Trackers
More complicated than just shoving money into an account and waiting for money to grow, Index Trackers revolve around the stock market. They are basically computers which purchase shares on the human’s behalf. They are cheap, easy to use, and you don’t need to have lots of knowledge about the stock market. Estimates have estimated that computers have had better results in the stock market than humans 8/9 out of 10 times. If only we could replace humans for everything else too, this would be a better...hey wait.
7. Exchange Traded Funds
Now we are into the very complicated financial products. It would take a book to explain these little beauties, but to put it simply they are index trackers which buy directly from the stock market and are registered with it. These enable you to avoid any stamp duty on buying shares and will make you money in the long-run, just like your normal index tracker.
8. Lifetime Balance-Transfer Credit Cards
I laughed at this too! The idea of a credit card being a good idea is ludicrous, but their benefits are proven and they do work – when in the right hands. The cheapest way of borrowing is to apply for various 0% credit cards, but a way to remove this hassle is to simply get a credit card with a good rate to start with. It makes you wonder why everybody hasn’t already done this. REMEMBER though this could have an adverse impact on your credit rating so make sure it yours can take the hit. The subject of balance transfers is more complicated than it sounds so why not check out money.allwomenstalk.com for more information
Finance is quite possibly the most boring topic of conversation on the planet, right up there with your partner’s day at work, but with these financial products and other things such as; current accounts, instant-access savings accounts, and unsecured personal loans, we can turn boring into successful. These unbelievably useful and trustworthy financial products you might like to try are but a drop in the ocean of money matters. You might have some financial products that you have been successful with. If you do then what are they and how have they worked out for you?
Top Photo Credit: Eve Livesey