Beating Broke

Personal Finance from the Broke Perspective

Daily Pay for Gig Workers and Sizable Corporations

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Markets across the globe have changed forever in the wake of COVID, and the infusion of gig economy workers has been one of the most prevalent trends. Rampant job loss has jeopardized the financial security of a significant amount of the workforce, creating a pressing need for a new way to pay gig economy freelancers and companies providing services. Same-day pay, also referred to as on-demand or real-time pay, is becoming the expectation, deservedly so.

Struggling workers are thriving with same-day pay alternatives, as in many instances speedy access to wages is a lifeline. The top company to see the need and swiftly address it is Wallester. Their expansive card issuing solutions include offering same-day pay via branded Visa cards that allow employees to use earnings either in conjunction with online purchases or via ATM withdrawals. Benefits also extend to the way businesses pay for merchant services.

Even larger corporations are seeking to allocate paychecks in a more timely manner, affording their valued staff the ability to access earned money instantly, or nearly instantly. Same-day pay does away with the traditional interval between semi-monthly, biweekly and weekly paychecks. This structure offers benefits for both sides of the equation. Daily pay greatly reduces stress among workers. Employers see the positive effects through increased productivity, higher morale among the team, and improved retention and recruitment numbers.

How to Offer Same-day Pay

Employers entertaining the idea of a same-day payment structure essentially have a couple of alternatives. First, they can blueprint a card program themselves. This is an intimidating process, as it entails a wealth of staff expertise concerning the requirements put forth by the Payment Card Industry Data Security Standard. Trusted relationships with issuing banks, card processors and networks must be formed.

The time and money investment involved in tackling the process in-house is volumes more than if a card issuer, such as Wallester, is used. Maintaining a secure platform is vital, and there are far too many variables at play when developing a same-day pay structure internally. Those who opt for an in-company approach must make certain they are complying with all local regulations as well as those in place anywhere business is performed.

There are some third-party providers to assist in the implementation of same-day pay, but they lack the tailored approach offered by Wallester’s inventive payroll and gig platform solutions.

Wallester develops a solution customized to a company’s distinct needs. Modern card issuing and processing platforms open up a wide range of possibilities, including the ability to offer multifunctional branded virtual and physical Visa cards. Additionally, offering cards that are tokenized and inserted directly into employees’ digital wallets is a possibility.

Saying Goodbye to the Old Way to Pay

Modernizing the payroll department saves time and money, which streamlines the accounting department. Large corporations stand to save thousands annually by ceasing to issue paper checks. Not all new-hires have access to a bank account and are tasked with paying check-cashing fees that add up to a significant amount annually. Such employees would also be unable to partake in the offer of direct-deposit.

Furthermore, the daily pay benefit attracts a higher caliber of candidates for open positions, which makes human resources departments more efficient and assists in building a more solid team. Employees tend to approach the prospect of overtime with more positivity when they know they are going to reap the rewards of their efforts in real time.

Wallester’s Innovative Approach

Wallester has assisted numerous cash-conscious companies with addressing new payment trends. Those already using a payment system must ensure it is not lagging. This is a common problem. Delayed payment systems let down employees and vendors. An increased number of bank transfers costs time and money and unnecessarily complicates accounting.

Wallester addresses this by offering a simplified, instant payment structure. Their payment alternatives allow companies to make expedited payments to employees in addition to settling up with partners and suppliers faster than ever before. This leads to strengthened brand identity in all aspects and an elevated profit margin.

More and more enterprises of all sizes are looking to companies like Wallester to usher them into the new era of improved payroll functions and expenditure tracking. There is no reason to remain married to an antiquated approach to doing business when there is a better, more modernized way to tackle accounting matters.

Can You Make A Will Without Breaking The Bank?

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More than half of the adult population of America don’t have wills. There are a number of reasons given for this. Some feel they are too young to start thinking about their final affairs. Others believe that they just do not have enough money or possessions to make a will necessary. Many simply don’t want to think about their own mortality.

But regardless of the underlying reason, a lot more people would have wills if they thought they could afford it. After all, the idea of writing a will to allocate your sparse possessions after death becomes absurd if it means you are going to put yourself in debt.

However, every adult should have a last will and testament. The good news is that the cost of a will in the United States is not actually prohibitive – if you know where to look.

Let’s discuss why it is necessary to write a will before going into the average will cost.

Why should you write a will?

If you haven’t lost someone close to you, you probably don’t know about the kind of chaos that can ensue. No matter how much or how little a person has, the time after their death is one of extreme emotion for their loved ones. These emotions can spill over into anger and recrimination as soon as money gets involved.

Having a will telling your loved ones exactly what to do with anything you are leaving behind saves them the potential fights. You can also leave instructions for your funeral and any final arrangements you want carried out.

Again, these troubles are rarely about monetary disputes, but rather are the result of extreme emotions, disorientation, and confusion.

So how much does a will cost?

The average cost of a will written through a lawyer

If you go the traditional route of hiring a lawyer to write your will, you are not going to like the prices. A simple will for a small estate will cost about $300 for a lawyer to write up! If you have a bigger estate, that price only increases.

Of course, there are a number of factors involved. Lawyers charge different rates depending on where you are living. Experienced lawyers will also charge far more than new lawyers who do not yet have big client bases.

A will for a big estate written up by a well-respected attorney can cost you in the thousands of dollars. On average, you can expect to pay around $1,500 for these kinds of wills.

A simple estate, on the other hand, can be taken care of by an inexperienced attorney for as little as $200 if you are lucky.

None of these prices are particularly attractive, especially if you do not have much to spare. Fortunately, there are now options that are far cheaper – or even free.

The cost of an online will

A will is essentially a very simple document. Technically, you could write your wishes on a napkin and sign it in front of witnesses and that suffices. The reason we get professional assistance is to ensure we don’t miss anything and to help with the legalese. A will that you did yourself might leave loopholes and unresolved conflicts.

However, there is no real legal expertise required for the average American’s will. For this reason, online wills have become a viable and increasingly popular alternative.

An online will maker uses an algorithm to take your input and weave it into a foolproof document. You are basically using a template that asks very specific questions so as to cover everything you need it to. Many online will makers have legal experts who look over the final document for potential weak links.

With the pandemic, more people started using online will makers, as mortality became a very real possibility for people who had avoided thinking about it for so long.

Unless you have a particularly complicated estate, an online will maker should do the job perfectly well. But what do you need to know about the pricing and costs of online wills?

How much does an online will cost?

Technically, you can write an online will for free. There are a number of free will makers available from reputable sources. However, these services are generally offered by life insurance companies trying to draw you in to sell you their insurance. They can be used in only the simplest scenarios.

However, paid online wills do not cost an arm and a leg. The average cost of an online will is $50, which is already far less than the $300 you would pay an attorney. Some will makers offer the service at just $20 per document.

Alternatively, you can subscribe to one of these sites at an average cost of $33 per month, and you will have the option to write as many documents as you want. These are not limited to last will and testaments. Rather, you can write documents granting power of attorney, a living will, medical proxy, and more.

When should I use an online will maker?

You should use an online will maker to write an affordable will unless you have a complicated estate. While online will makers do offer estate planning services, big estates with intricate details are better written by an actual attorney.

But any will is better than not having a will. Online will makers get the job done and have already helped many Americans who would otherwise not have known where to begin.

There is no reason to spend hundreds of dollars to write a document that you could technically write yourself. Online will makers are affordable, with some free options, and make the process easy and accessible to all Americans. In these uncertain times, a will is a document that every adult American should have, no matter what their age or economic circumstances.

Making Financial Habits Stick

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It’s hard being broke. Sometimes all you can think about is how to get your next bill paid for. You’re left wondering if you’ll have enough for food and gas and the constant broken cycle leaves you feeling frustrated and defeated. It’s possible to overcome being broke. Most broke people have debt loads significantly higher than their income which is what makes it so hard to get out from under.  [Read more…]