Financial Considerations

Insurance 101 for House Flippers

Flipping houses hit an 11-year high in 2017. It’s no secret why. Television shows such as “Flip or Flop” and “Rehab Addict” flaunt how flipping houses can provide a lucrative career or side hustle. But it’s not always an easy one. Many things can go south during a flip, including stolen materials or structural damage while the house sits empty. Mishaps that eat into potential profit. Most people go into a flip thinking about asking price, cost of renovations and earning potential. It’s important to add insurance coverage to the early list of considerations. Below we answer four common insurance…

Understanding Renters Insurance

The number of renters in America continue to rise. For the past several years, almost 40 percent of households are renters. There are myriad reasons why renting is the best decision for many people. While it is easy to think that renting means your landlord or rental company has you covered when things go wrong, that isn’t always the case. Enter: renters insurance. Once you understand what renters insurance provides, you will see why it is a smart money move for all renters to make. What is Renters Insurance? Often times, people equate renters insurance with homeowners insurance. Some people…

How to Improve Your Credit Score

Your credit score: most days you probably don’t think about it at all. But at pivotal milestones throughout your life, a good credit score suddenly becomes crucial. Your credit score affects your ability to buy a new car, qualify for student loans, get approved for an apartment or even land a job. With a good credit score, you’ll be able to finance a vehicle, get approved for an apartment with a safety deposit, and pass an employment background check. And with an excellent credit score, you’ll find yourself eligible for the lowest interest rates, with better chance of approval for loans…

What To Know About Taxes and Retirement

Retirement. No more workday grind. No more being a slave to the clock. No more having to worry so much about taxes. Just a second. What was that about taxes? Sorry, but it’s not true. A lot of people go into retirement thinking keeping track of taxes practically disappears. The reality is dealing with taxes may actually get more complicated. In fact, taxes can be a retiree’s biggest budget item. How could taxes possibly get more complicated? Situations vary, but let’s take a simple example. In your working life, odds are you’ve got income from essentially one source—your job. Taxes…

Need to Control Your Spending? Try Zero-Sum Budgeting

Do you have a solid idea about where your money goes each month? You probably can list the big-ticket items – rent or mortgage, car payment, maybe even utilities or other fixed expenses. But hundreds of other dollars have a way of vanishing and you may wonder why your bank account looks a little thin by month’s end and why your savings don’t grow as much as you’d like. Some financial advisors recommend zero-sum budgeting as a way to track your money, resulting in finding big and little ways to cut expenses to a more reasonable level. This budgeting system…

Personal Finance Habits for Your 50s

After reaching important financial milestones in your 20s, 30s and 40s, things should calm down a bit in your 50s. If you followed good financial practices, you should have sizeable and growing retirement savings, shrinking debt and a clear path to retirement. And if you are off of your ideal plan, be sure to put the right habits in place right away to get yourself on the right track. While you can’t go back in time and change past spending and savings habits, you can start the right habits today. Start with these five personal finance habits for your 50s…

How Much Car Insurance Is Enough?

Accidents happen. In the blink of an eye. In a left-hand turn. Life can throw you a curveball. That’s what happened to Maggie. It was a few days before Thanksgiving. Her daughter was home from college. The two were out having a great morning catching up. Then, as Maggie turned out of a shopping center, her SUV hit an oncoming minivan and flipped it onto its side. The accident happened so fast. Maggie and her daughter are still unclear how it happened. Luckily, no serious injuries occurred. However, the passengers in the other vehicle sued for musculoskeletal and emotional damages.…

Take the Pledge During Life Insurance Awareness Month

Thinking about financial fitness, the basics probably come to mind. It’s all about budgeting, saving, spending, income, retirement and how to maximize all those components. But we cannot forget the importance of insurance, specifically life insurance, when building your financial portfolio. Peace of Mind According to the 2018 Insurance Barometer Study, by Life Happens and LIMRA, 84 percent of people say most people need life insurance. Yet only 68 percent say they personally need it and only 59 percent own some form of life insurance. It’s human nature. People put off getting the insurance they know they need. Other financial…

Are You Being Careful With Your 401(k)?

In time where traditional pensions are all but extinct, 401(k) accounts are key to many people’s retirement strategies. You just set them up, make sure you put money in and that’s it. Right? Trick question. A 401(k) needs management in order to be the retirement nest egg you want it to be. Your employer put it in place for you, but it’s up to you to make it work for you. There’s plenty of information out there on managing a 401(k) and the mistakes people make with their accounts. Even the IRS has some definite opinions on how you should…

Healthy Habits to Help Reach Your Financial Goals

Living a long, full and happy life is a goal most of us share. Taking time to align your financial, physical, professional and social aspects of your life is important. The idea is to get each area to work in concert to reach your goals. Here are a few ways to keep your eyes on the prize and incorporate healthy habits across all areas of your life to help reach financial success. Use Technology to Set Goals Identify what you are trying to accomplish to increase your odds of success. Then use widely available tools and technology to help you…

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