What to Do Financially When You’re Diagnosed with a Serious Illness – Would You Turn to Personal Debt Solutions?

by Kaylie Phelps

According to a report by Macmillan Cancer Care, families earning average wages with average outgoings end up £200 in debt each month if an adult is diagnosed with a disease such as cancer.

The report was discussed in a recent news article, and said that the average family is left with around £365 (8032.85 South African Rand) each month after paying for necessities such as bills, food and everyday travel. Macmillan Cancer Support chief executive Lynda Thomas commented on the report, saying: “At a time when thousands of families are struggling to make ends meet, a cancer diagnosis can be the straw that breaks the camel’s back, sending them into financial freefall.”

Avoid Loan Sharks

Many people turn to loan sharks to try and make ends meet. The trouble with this is that unlicensed loan sharks can often get you the money quickly but charge huge interest rates as a result and cannot always be held accountable. They are law-breakers, and can demand unreasonable repayments and deadlines, which can only elevate stress levels higher on an already delicate and anxious situation. You should always avoid this kind of loan when in desperate need for money. Same day loans website Wonga South Africa blogged recently that before drawing out a loan, you should ‘ensure that you use an honest and reputable provider and read all the terms and conditions so that you are sensible with your decision making’. A loan can be a good way to bridge the gap before pay day, but you need to understand the difference between ‘good’ and ‘bad’ debt and never get credit that cannot be repaid. It is only a short term solution, so if you need extra money on a monthly basis, a loan probably isn’t your best bet. However, in an emergency situation, a reputable loan company could provide you with the cash you need. If you’re in doubt about whether a loan could help you or make the situation worse, speak to a financial advisor who can help guide your decision.

Benefits

There are other ways to help in a situation like this. There are some benefits you may be able to receive. For instance, in South Africa you can claim if you are unable to work due to an illness. Details can be found here.

Charities

There are also certain charities that can help you. Cansa is a SA charity that can give you help and advice on managing your condition and making ends meet during this difficult period of your life.

Speak to Family and Friends

Friends and family can help you in many ways. Perhaps not in a monetary sense, but in other ways. For example, they may be able to bring you some dinner once a week, pick the kids up from school or do the laundry for you. All of these things can help you when you’re suffering from an illness such as cancer.

You may also consider talking through your feelings with a loved one. This can always be beneficial to have this kind of support.

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A Guide To Online Trading For Beginner Investors At XTrade

by Kaylie Phelps

If you feel overwhelmed trying to learn online trading strategies, just think about how the stock options and Forex guys at XTrade feel. There are some options trading strategies with some odd names, and Forex IS as complicated as quantum physics. Maybe I’m old school, but the stock market itself is where the thrill is for me, and there is plenty of money making moves to pursue, without subjecting yourself to gambling-style investment ethics.

Your Online Trading Options

Do you think Warren Buffet invests in Forex? He surely plays foreign markets in one way or another, but the man isn’t a day trader. He’s the buy and hold strategist after all. It’s not just trading strategies but stock market terminology you must learn. Are you familiar with penny stocks? I can tell you 100 percent that I have made good money on online trading at XTrade, but buying penny stocks isn’t always going to be the best strategy. Remember that a penny stock is any stock under five dollars, not just stocks for pennies that are under a dollar.

Still, if you talk to the people that invest in penny stocks, you’ll find that most of them are aggressive investors leaning towards not just the stocks under a dollar, but the stocks selling for a few pennies. If you want to buy a share of Warren Buffet’s company, you can do so for thousands of dollars. That’s how much one share costs. In between there somewhere is the answer, and as you can see I’m painting a picture for you so that you can use the right approach to the stock market.

Which stocks should you buy? The first thing you should understand is that no individual stock should ever be purchased without you having personally researched it yourself thoroughly. Yes you want to know what other people have to say, and that definitely includes the investment analysts. Now, since you want to have thoroughly researched each move you make with stocks, it’s a good idea to invest in stocks that interest you.

Trading With XTrade

Online trading with XTrade of course provides you with many advantages. When I started trading, online account access was just becoming an important feature to investors. However, it was nothing like it is today. There are all kinds of platforms to choose from, and the key to online investing is taking advantage of minimizing commissions.

There are expensive investment options online, so don’t be fooled that each opportunity is cheap, just like you wouldn’t be fooled that each investment choice is wise. While you keep those commissions low, make sure you choose a brokerage that makes a platform available to you that is very user-friendly. If you’re not comfortable with your account dashboard, and trust me I’ve been there, then you need to choose a different brokerage. So far, I’m happy with XTrade and don’t plan to move any time soon.

I’ve mostly had great experiences online trading, but this one website for a particular brokerage was a little wacky. Other than what I’ve told you so far, I’d go with Warren Buffet’s buy and hold strategy, and the only other thing you need to remember is to choose wisely and always diversify, re-balance your portfolio and re-invest dividends.

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