Five Ways To Stay Financially Afloat After An Injury
Tuesday, June 25, 2013, 1:00 AM | Leave Comment
An injury either at work or outside of work can cause a decrease in your earning potential that could be permanent depending on how severely you were hurt. If you are injured, what can you do to ensure that you stay afloat financially?
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Ask For Debt Settlements
Anyone who doesn’t think that they will get back on their feet soon should ask their creditors for a debt settlement. Although this may drain your savings account, it is easier to replenish your savings account than it will be to pay back your debts with interest.
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Inquire About Disability Insurance Money
You may be eligible for social security and other disability benefits. If you have life insurance, it may be possible to cash in on your policy. There are many personal injury lawyers Richmond VA that would be willing to help you get what you are entitled to.
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Downsize Your Lifestyle
It may be time to find a smaller house or find a roommate who can help you pay the mortgage. You may also have to sell your car as well as start eating at Burger King instead of the fancy steakhouse that you go to twice a week. While it may be hard at first, you will soon adjust to your new lifestyle and not miss many of the things that you used to think that you needed.
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Look For Any Work That You Can Do
People who are badly injured or permanently disabled can still find jobs that will bring in a side income. Starting an online company, tutoring children from your home or answering phones for a few hours a week may be options that you look into. The one factor that you want to consider when looking for work is how much you can make without voiding any disability benefits that you may be receiving.
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Stay Away From Payday Loans
You may be tempted to take out a payday loan because it is easy money. However, you may never be able to repay that loan. Instead of solving your financial issues, it simply creates a new set of issues that you have to deal with.
Staying ahead of your bills when you are injured and unable to work is not easy. What you need to do is live within your means, find a side job if possible and settle as many debts as possible while you do have money.
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