Life is unpredictable – that’s no secret. This is why it’s so important that you’re prepared in advance for any costs that come along by setting up an emergency fund that you consistently pay into. With this emergency fund, you’ll have enough/a good amount of money to help cover the unpredicted cost in questions.
No matter if you’re looking to boost your personal finances or your business finances, there are certain financial and legal services that you might need to invest in.
And even though some of these may be predictable, it’s nevertheless important to have that extra money saved in an account to pay for them. But before talking through a handful of examples of these services, let’s first define exactly what each sector is for those who don’t know.
The Financial Sector
This sector provides financial services to individuals as well as businesses within a range of industries.
A very profitable segment within the global economy, it involves finance companies, insurance companies, banks, etc. No matter what country you’re living within, you’ve undeniably used one or several of the services within this sector before.
The Legal Sector
Similarly to the financial sector, the legal sector is a billion-dollar segment that’s a big player within the economy.
Providing individuals, nonprofit organizations, businesses, and more with the services of lawyers, they operate in every continent around the world.
However, as well as lawyers, the industry also provides other services such as patent agents, process serving, and paralegal.
So what services might you have to invest in within these sectors?
#1 Accountancy Services
Accountancy services can prove to be invaluable, whether you’re a business owner or an individual looking to handle their finances more efficiently. Specializing in several branches of accountancy, including perfecting financial records, tracking expenses, preparing tax returns, auditing assets, payroll and bookkeeping, they are used by millions of people around the world.
The price of the accountancy services will, of course, depend on the exact features you want included (as well as the size of the task required). However, many believe that the price is worth it, as it’s one of the first steps you can take towards better money management in the long term.
#2 Bail Services
Unfortunately, this is an unexpected cost that many people around the world face every year. When your loved one is in jail, you’ll have to face the prospect of posting their bond in exchange for their release.
But if you don’t have the full capital to pay for it upfront or you’re worried that it will put a significant dent in your overall finances, you need a fast and effective solution.
In this situation, one of the best ways that you can deal with the cost associated with it is by applying for a bail bond. Thankfully, there are many companies that specialize in this type of service – including the Amistad Bail Bonds local agents in your area.
A useful service, it will ensure that your loved one is released quickly while covering the initial cost of posting bail upfront. Easing your financial concerns, you can then repay the bond in an affordable payment plan that works for you.
#3 Insurance Services
Another key part of the financial sector is insurance. And with so many different types available, it’s clear that you’ll likely have to invest in it at one stage of another. Whether this is travel insurance (to cover a holiday), home insurance (to cover any repairs/maintenance needed), vehicle insurance or business insurance, there’s undeniably one that applies to your requirements.
Acting as a safety net, it helps to cover unforeseen expenditures. Something that you’ll pay into either monthly or annually, it can prove to be very useful – plus, it helps to give you the peace of mind that you’re covered just in case something happens.
#4 Wealth Management
Although wealth management services are usually associated with high-net individuals, those of all budgets might want to consider them. A type of consulting service within the finance sector, they can provide an individual with a variety of different services.
Designed to create a financial strategy that aligns with your monthly budget, the risk of overspending will decrease – something that everyone can benefit from.
#5 Employment Lawyers
Although this is a type of legal service that not everyone will have to invest in, it’s still worth knowing exactly what they can offer you if the situation unexpectedly arises. Working on behalf of an employer or employer, they set out your legal rights and obligations. If you’re an employee, then you might want to contact them if you have been:
- Discriminated against or harassed by your employer
- Fired or terminated without due cause
- Faced a situation in which your entitled rights were ignored
- In a workplace that violated any federal or state laws
Available throughout the world, these types of lawyers are very beneficial. Even though many come with high prices attached to them, what they can offer you in the long term often outweighs this initial investment.
#6 Insolvency Lawyers
If you’re unable to repay your debts, then you might need to seek the assistance of an insolvency lawyer or credit counseling services. Either of these professionals will advise you as to what the best steps to take are to either avoid bankruptcy or if it’s suitable, how to navigate through it.
Determining how much your creditors are entitled to recover and develop a repayment plan, they are vital to regaining your financial stability.
Typically, the steps that you’ll take will begin with you gathering a credit report to see exactly how much you must repay and as a way of cutting down overspending. Then, they will suggest what method is best for you – whether it be debt consolidation (either a loan or a debt management plan), a consumer proposal or as aforementioned, filing for bankruptcy.
Never offering a one-size-fits-all solution, you’ll have the peace of mind that your unique financial situation is being catered for from the start of the process right up until your debts are repaid in full
#7 Will, Probate and Trust Lawyers
As you grow older, you might want to consider creating a Will that lists all of your personal assets and who they will go to after you pass. If you don’t do this and you unexpectedly pass, then your estate is distributed according to the rules laid out by statutory probate. To ensure that this doesn’t happen, it’s advisable investing in these services ahead of time.
Like investing in your pension, it’s never too soon to complete your Will or trust documents. As life is so unpredictable, it’s good to be prepared as possible – no matter what your age. By doing this you can also rest assured that your estate and other assets go to your loved ones, rather than to the state.
2 Key Things to Consider When Looking at These Services
This might seem like an obvious one, but no matter which services out of the above (or otherwise) that you’re looking at, it’s important that you first ensure that it fits into your budget.
These can prove to be very expensive, not only initially but also in the long term. So you don’t want to find yourself in a negative situation without being fully aware of what they can offer you.
#1 Research, Research, Research
For all of the above services, it’s essential that you’ve researched comprehensively into the providers and the exact features that they have to offer.
Although many will offer very similar services, it’s worth comparing and contrasting the different providers based not only on their prices but what past clients have thought of them.
For many established firms/companies you’ll be able to find an abundance of reviews on dedicated websites. Even though you may take customer testimonials on their own websites as accurate, keep in mind that the provider has specifically tailored this page to only show glowing reviews.
#2 Their Experience
Although this is technically something that you can be included in the above, the importance of it means that it should have its own point. When looking into the providers, pay attention to what experience they’ve had within the industry.
If they are new to it, they might not have the knowledge or expertise to offer a service that’s off a high quality. So look at this and judge whether their experience reflects the price they are offering.
So, there you go! Those are 7 key financial and legal services that you might need to invest in at some stage of your life. Of course, what you invest in will depend on your individual situation.
But whichever you opt for, the benefits that come with them usually make them well worth the investment. However, before taking the leap, it’s critical that you keep the above considerations at the forefront of your mind and that you’re certain that what they have to offer will suit your requirements down to a tee.