5 Personal Finance Questions to Answer in 2022
By Space Coast Daily // January 14, 2022
The early weeks of a new year are among the best times to review your personal finances. Even if you think that everything is going well, you should still conduct a review to ensure that you have the right plan in place for the months to come.
There is no shortage of personal finance questions to answer in 2022. Here are five that have the potential to sneak through the cracks and cause you trouble later in the year (or down the road).
1. Should you consider a reverse mortgage?
If you’re at least 62 years of age, you qualify for a reverse mortgage. This allows you to access the equity in your home without the burden of a monthly mortgage payment. For those who need money in retirement, it’s one of the better financial products to consider.
2. Is it time to sell your business?
Even if you love your business, there may come a point when it’s time to move on. If you’re pondering selling your business, it never hurts to learn more about the process, pros, and cons. It’s not a decision to take lightly, but it could be the best path forward financially.
3. Should you purchase an annuity?
Just the same as a reverse mortgage, this is generally for the older generation. An annuity provides you with a permanent monthly payment for a predetermined number of years or the rest of your life. With so many providers in this space, compare all your options in search of the best annuity.
4. Do you need an extended car warranty?
Has your car’s manufacturer warranty expired? Are you concerned about the cost of future repairs? By purchasing an extended car warranty, you can put your mind at ease. You know that if something goes wrong you won’t have to pay nearly as much — if anything — out of pocket.
5. Does your business need financial help?
If you’re an entrepreneur or small business owner, you may find that your organization needs financial help. This doesn’t necessarily mean you’re in a bad spot. It could be that you need funds to expand. Get creative by looking into ideas such as invoice factoring.
If you’ve yet to address one or more of these questions, sit down in the near future to clear the air. You never know when you’ll find something that puts your finances in a better light moving forward.