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Should I stay or should I go? Wrestling with the decision to quit a career

J.D.’s note: In the olden days at Get Rich Slowly, I shared reader stories every Sunday. I haven’t done that since I re-purchased the site because nobody sends them to me anymore. But earlier this year, Mike did. I love it. I hope you will too.

Earlier this year, I sent my wife a text message: “On a scale of 1 to 10, how freaked out would you be if I quit my job this afternoon?”

My wife and I had only been married a short while, but she’d known since our second date that I didn’t plan to work in my traditional job until normal retirement age. She also knew that I hadn’t been very happy at work in recent months.

We’re very compatible financially — both savers raised in working-class families that didn’t always have a lot. We make a point of having what we like to call “Fun Family Finance Day” from time to time. On Fun Family Finance Day, we do everything from competitively checking our credit scores to discussing questions that get at the root of our money mindsets to help us create our goals.

But this question wasn’t part of the plan. Not then.

And it was never on any of the lists of questions that we’d discussed with each other. It was like a pop quiz, a pothole in the smoothest relationship road I’d ever traveled…and I was the one putting it there.

Dreams Remain Dreams Without Doing

My wife and I rarely argue, but when we do it’s usually about food. It’s the kitchen and the grocery store that are our battleground. Our finances are fine. Thankfully, when you’re confident in the life you’ve created and the person you chose to build it with, it’s a lot easier to be honest about what’s on your mind.

That still doesn’t always mean you get the answer you want. Or the answer you were expecting. She responded: “Wait what. Kinda. What would you do?”

A completely reasonable and fair question. Not to mention one that I’d probably have to get comfortable answering from a lot more people.

I think my immediate reaction was: We talk about this stuff all the time, where is my, “No worries baby, YOLO!”? (I must have watched too many romcoms back before we cut cable from our lives.)

Being a grownup, it turns out, is actually really hard sometimes. I was about to learn that talking about something, and actually doing it, are a world apart.

Life is full of dreamers and doers. Sometimes those two personalities cross over. But there are plenty of people who go through life talking about so many things they’ll never have the courage to try — or the discipline and determination to follow through with.

Which person was I? The dreamer? The doer? Or that fortunate combination of both?

Standing on the Ledge

There’s a quote perched atop my bucket list of long-term goals:

“At some point, you will need to take a long look in the mirror and ask yourself not just if this is something you wanted to do at one point, but if this is something you will want to have done.”

Words are meaningless without action. It was time for me to take that long look in the mirror. I thought back to one of the questions that my wife and I had previously discussed: What does money mean to you? To me, once I grew out of the “stuff accumulation” phase of my early- to mid-20s, my answer had always been freedom. Money meant freedom. To my wife, the answer was security. Money meant security.

You can probably see how freedom can conflict with security. That was the case here. Not only that, but I was asking to change the perfect plan, one that she was comfortable with and excited about.

That’s not one, but two shots against financial security. If I’d thought more about our financial blueprints and how they differ, I might have seen this coming from a mile away!

As I was standing on that ledge, about to quit my job, thoughts started to race through my mind. What did I actually have to lose if made the leap? Lots.

  • A happy relationship and marriage.
  • A secure job with solid income, not to mention a sixteen year investment in my career.
  • Great benefits, including lots of time off, health insurance, 401(k) — even a pension.
  • The ability to afford anything at any time without any real worry. (Our finances were already on autopilot.)
  • My work friends and work prestige.
  • The general day-to-day purpose of a job.
  • The opportunity to create generational wealth. If we worked until 65, the power of compounding would likely make us ridiculously wealthy.

Today at Get Rich Slowly, let’s perform a little exercise. Come stand in my shoes for a minute, won’t you? Join me on the ledge. Do you see the beautiful view? The endless opportunity? The excitement that’s felt only at the beginning of a grand adventure, an adventure where anything is possible?

Or do you get a queasy feeling in your stomach? Do you feel like you’ve lost your balance, like you’re on the edge of some great catastrophe? Do you see a frightening fall from grace? Does it make you want to back away immediately?

Let’s go back to what it felt like to make this decision…

Sitting on the ledge

My Situation

I’m 38 years old. I’ve worked for the same company since I was 22. Corporate insurance is all I know. I’m well paid. I work from home for a solid company with good benefits, plenty of time off, and I really enjoy most of the people I work for and with.

It’s the definition of stability — a solid guardrail protecting me from what lies over the ledge. So what’s the problem?

A year ago, I took a new position that seemed like a great opportunity. Only it wasn’t. The first misstep of my career. A year in, that spot has killed my enthusiasm and engagement. For the first time at work, I’m struggling to get things done.

As an extrovert that derives meaning from helping others, this feels like a prison. My job isn’t hard because it’s stressful. It’s hard because it’s boring me to death! And what are any of us doing thinking about personal finance and early retirement if we aren’t trying to make better use of our limited time on this planet?

There’s a project looming that would require some weekend work once in a while for the foreseeable future, I’ve avoided it in the past, but my luck is running out. My team — and, more importantly, my position — need to take it on. I understand completely. I just don’t want to do it.

At this point in life, my time is way more important to me than money. The weekends and vacations are what I live for. Adventures in the mountains with my friends, quality time with my wife, our dog, and our families – that’s what makes me feel alive.

Insurance? Meh.

No little kid ever said they wanted to work for an insurance company and play with spreadsheets and Powerpoint presentations when they grow up. I wanted to be a baseball player, a sports writer, even a professional forklift driver. (Because what’s more badass than a forklift when you’re a little kid and your dad works at a marina?)

A Glimpse of the Other Side

My wife and I just got back from a delayed honeymoon to Alaska. To say it was incredible would be an understatement. Denali. Kenai. Majestic train rides. Fjords. Glaciers. Bears. Bald eagles. Whales. Hikes.

Life slowed down.

I somehow managed to read five books while doing so many other amazing things. During our more than two weeks off, I got to see what my mind was capable of when it wasn’t drowning in useless information and mundane tasks that consume my braindwidth.

We talked to people who had ended up in this wild place through a history of taking risks. Parents that had hitchhiked cross-country and ended up there back in the 70s. Can you imagine? Where we live, a fair number of people never leave their town or state!

Before the trip, I had tried to apply for a few positions. For whatever reason, it just didn’t work out. I came home from an amazing glimpse into what life could be to a job that seemed like the polar opposite. (Isn’t that every vacation though?) I’ve felt like a square peg trying to fit in a round hole for a while now. Maybe normal life just isn’t for me anymore. Maybe I need something just a little less ordinary.

Should I Stay or Should I Go?

I’ve been practicing the classic tenets of personal finance since I was in my mid- to late-20s. I found an awesome woman in my mid-30s who just happens to be down with this lifestyle as well. We’re probably two to three years short of where we want to be based on our master plan of a fully-paid house and a really comfortable number in invested assets.

We’d likely fall somewhere between Agency and Security on the stages of financial freedom.

I know good jobs don’t grow on trees, especially where we live. The seasons of the economy are always shifting and there’s a chill in the air. Economic winter can’t be too far off. My wife still has a solid job, and we live a pretty simple life — albeit in an expensive part of the country. Our main splurge is travel, but otherwise we live well below our means.

All of this knowledge and preparation comes with a cost. Having options can be a burden too, because then you’re responsible for making hard decisions. And you’re responsible for the outcomes of those choices.

What other options are there?

  • Be a crappy employee/teammate, and still get paid? Plenty of people have played that game. Get a surgery or two, go out on leave, let performance management run its course for however long that takes, and keep cashing checks the whole time. I don’t think I have it in me to put people I respect through that. It’s just not who I am.
  • I work from home, and I still can’t bring myself to abandon my laptop. What if someone needs me?
  • Am I giving up too soon? The finish line seems just around the corner — somehow so close yet so far away.
  • Should I just suck it up and sell a little more of my soul? Slump my shoulders a little bit more as I trade another piece of myself for money I don’t need to buy things I don’t want?

As I go back and forth, sometimes I briefly wish I’d never found the personal-finance community. Like Neo in The Matrix, why’d I have to take the damn red pill? Being a mindless consumer wasn’t so bad. I would have invested 6-10% in my 401(k) with a traditional pension on top of it.

Forty years on autopilot would have produced a comfortable life of work, nice things — and maybe some time in old age to relax and travel.

Facing Freedom

The whole point of everything I’ve done since I started this journey was to be in control of my own life. To not be owned by things or circumstances. To have options. Freedom of choice. F-U money.

I have the corporate battle scars and survivor’s guilt to understand why that’s important.

I’ve sat on the phone while I heard that my old department was closing down. The sadness and tears in the room. Everyone that had taken me in, given me my chance, taught me the job…basically gone, casualties of a business decision.

I’ve seen people get laid off who are petrified because they don’t know how they’ll pay their bills in a couple of weeks. People will be okay eventually though, right?

What about my friend who was struggling last year and left the company? He committed suicide a few months later. Maybe everyone won’t be okay eventually. Depression runs in my family. Am I really built for this? That thought is haunting.

It’s been said that one of the hardest decisions you’ll ever make in life is whether to walk away or try harder. Every bone in my body tells me it’s time to walk away, to bet on myself.

The End?

About six months after the text exchange that blindsided my wife, with her support, I hit send on the scariest, most exciting and important one-line email of my professional career. It would also signify the unofficial end of it: “I will be resigning from my position effective Wednesday, June 26th.”

To combine a few lines from my favorite movie, The Shawshank Redemption, some birds just weren’t meant to be caged. It’s time to get busy living, or get busy dying.

Source: getrichslowly.org



What is a Payday Loan?

A payday loan is a short-term loan with a high annual percentage rate. Also known as cash advance and check advance loans, payday loans are designed to cover you until payday and there are very few issues if you repay the loan in full before the payment date. Fail to do so, however, and you could be hit with severe penalties.

Lenders may ask the borrower to write a postdated check for the date of their next paycheck, only to hit them with rollover fees if that check bounces or they request an extension. It’s this rollover that causes so many issues for borrowers and it’s the reason there have been some huge changes in this industry over the last decade or so. 

How Do Payday Loans Work?

Payday lending seems like a simple, easy, and problem free process, but that’s what the payday lender relies on. 

The idea is quite simple. Imagine, for instance, that your car suddenly breaks down, payday is 10 days away, and you don’t have a single cent to your name. The mechanic quotes you $300 for the fix, and because you’re already drowning in debt and have already sold everything valuable, your only option is payday lending.

The payday lender offers you the $300 for a small fee. They remind you that if you repay this small short-term cash sum on payday, you won’t incur many fees or any real issues. But a lot can happen in 10 days. 

More bills can land in your mailbox, more expenses can arrive out of nowhere, and before you know it, all of your paycheck has been allocated for other expenses. The payday lender offers to rollover your loan for another month (another “payday”) and because you don’t have much choice, you agree.

But in doing so, you’ve just been hit with more high fees, more compounding interest, and a sum that just seems to keep on growing. By the time your next payday arrives, you’re only able to afford a small repayment, and from that moment on you’re locked into a debt that doesn’t seem to go anywhere.

Predatory Practices

Payday loans have been criticized for being predatory and it’s easy to see why. Banks and credit unions profit more from high-income individuals as they borrow and invest more money. A single high-income consumer can be worth more than a dozen consumers straddling the poverty line.

Payday lenders, however, target their services at low-income individuals. They offer small-dollar loans and seem to profit the most when payment dates are missed and interest rates compound, something that is infinitely more probable with low-income consumers.

Low-income consumers are also more likely to need a small cash boost every now and then and less likely to have the collateral needed for a low-interest title loan. According to official statistics, during the heyday of payday loans, most lenders were divorced renters struggling to make ends meet.

Nearly a tenth of consumers earning less than $15.000 have used payday loans, compared to fewer than 1% for those earning more than $100,000. Close to 70% of all payday loans are used for recurring expenses, such as utility bills and other debts, while 16% are used for emergency purchases.

Pros and Cons of Taking Out a Payday Loan

Regardless of what the lender or the commercial tells you, all forms of credit carry risk, and payday loans are no exception. In fact, it is one of the riskiest forms of credit available, dragging you into a cycle of debt that you may struggle to escape from. Issues aside, however, there are some benefits to these loans, and we need to look at the cons as well as the pros.

Pros: You Don’t Need Good Credit

Payday loans don’t require impeccable credit scores and many lenders won’t even check an applicant’s credit report. They can afford to do this because they charge high interest and fees, and this allows them to offset many of the costs associated with the increased liability and risk.

If you’re struggling to cover your bills and have just been hit with an unexpected expense, this can be a godsend—it’s a last resort option that could buy you some time until payday.

Pros: It’s Quick

Payday loans give you money when you need it, something that many other loans and credit offers simply can’t provide. If you need money right now, a payday lender can help; whereas another lender may require a few days to transfer that money or provide you with a suitable line of credit.

Some lenders provide 24/7 access to money, with online applications offering instant decisions and promising a money transfer within 24 hours.

Pro: They Require Very Little

A payday loan lender has a very short list of criteria for its applicants to meet. A traditional lender may request your Social Security Number, proof of ID, and a credit check, but the average payday lender will ask for none of these things.

Generally, you will be asked to prove that you are in employment, have a bank account, and are at least 18 years old—that’s it. You may also be required to submit proof that you are a US citizen.

Cons: High Risk of Defaulting

A study by the Center for Responsible Lending found that nearly half of all payday loans go into default within just 2 years. That’s a staggering statistic when you consider that the average default rate for personal loans and credit cards is between 1% and 4%.

It proves the point that many payday lender critics have been making for years: Payday loans are predatory and high-risk. The average credit or loan account is only provided after the applicant has undergone a strict underwriting process. The lender takes its time to check that the applicant is suitable, looking at their credit history, credit score, and more, and only giving them the credit/loan when they are confident it will be repaid.

This may seem like an unnecessary and frustrating process, but as the above statistics prove, it’s not just for the benefit of the lender as it also protects the consumer from a disastrous default.

Con: High Fees

High interest rates aren’t the only reason payday lenders are considered predatory. Like all lenders, they charge fees for late payments. But unlike other lenders, these fees are astronomical and if you’re late by several weeks or months, those fees can be worth more than the initial balance.

A few years ago, a survey on payday lending discovered that the average borrower had accumulated $458 worth of fees, even though the median loan was nearly half that amount.

Cons: There are Better Options

If you have a respectable credit history or any kind of collateral, there are better options available. A bank or credit union can provide you with small short-term loans you can repay over many months without accumulating astronomical sums of interest. 

The interest rates are much lower, the fees are more manageable, and unless your credit score is really poor, you should be offered more favorable terms than what you can get from a payday lender.

Even a credit card can offer you better terms. Generally speaking, a credit card has some of the highest interest rates of any unsecured debt, but it can’t compare to a payday loan. It also has very little impact on your credit score and many credit card providers offer 0% on purchases for the first-few months.

What’s more, if things go wrong with a credit card, you have more options than you have with a payday loan, including a balance transfer credit card or a debt settlement program.

Why Do Payday Loans Charge So Much Interest?

If we were to take a cynical view, we could say that payday loans charge a lot simply because the lender can get away with charging a lot. After all, a payday loan lender targets the lowest-income individuals, the ones who need money the most and find themselves in desperate situations.

However, this doesn’t paint a complete picture. In actual fact, it all comes down to risk and reward. A lender increases its interest rate when an applicant is at a greater risk of default. 

The reason you can get low rates when you have a great credit score and high rates when you don’t, is because the former group is more likely to pay on time and in full, whereas the latter group is more likely to default.

Lending is all about balancing the probabilities, and because a short-term loan is at serious risk of defaulting, the costs are very high.

Payday Loans and Your Credit Score

Your credit will only be affected if the lender reports to the credit bureaus. This is something that many consumers overlook, incorrectly assuming that every payment will result in a positive report and every missed payment in a negative one. 

If the lender doesn’t report to the main credit bureaus, there will be no changes to your report and the account will not even show. This is how many payday lenders operate. They rarely run credit checks, so your report won’t be hit with an inquiry, and they tend not to report on-time payments.

However, it’s a different story if you miss those payments. A lender can report missed payments and defaults and may also sell your account to a debt collector, at which point your credit score will take a hit. 

If you’re concerned about how an application will impact your credit score, speak with the lender or read the terms and conditions before applying. And remember to always meet your payments on time to avoid any negative marks on your credit report and, more importantly, to ensure you’re not hit with additional fees.

Payday Loans vs Personal Loans

A personal loan is generally a much better option than a payday loan. These loans are designed to help you cover emergency expenses, pay for home improvements, launch businesses, and, in the case of debt consolidation loans, to clear your debt. 

The interest rates are around 6% to 10% for lenders with respectable credit scores, and while they often charge an origination fee and late fees, they are generally much cheaper options. You can repay the loan at a time that suits you and tailor the payments to fit your monthly expenses, ensuring that they don’t leave you short at the end of the month.

You can get a personal loan from a bank or a credit union; whenever you need the money, just compare, apply, and then wait for it to hit your account. The money paid by these loans is generally much higher than that offered by payday loans and you can stretch it out over a few years if needed.

What is an Unsecured Loan?

Personal and payday loans are both classed as unsecured loans, as the lender doesn’t secure them against money or assets. Secured loans are typically secured against your home (mortgage, home equity loan) or your car (auto loan, title loan). They can also be secured against a cash deposit, as is the case with secured credit cards.

Although this may seem like a negative, considering a lender can repossess your asset if you fail to meet the payment terms, it actually provides many positives. For instance, a secured loan gives the lender more recourse if anything goes wrong, which means the underwriters don’t need to account for a lot of risk. As a result, the lender is more likely to offer you a low interest rate. 

Where cash advance loans and other small loans are concerned, there is generally no option for securing the loan. The lender won’t be interested, and neither should you—what’s the point of securing a $30,000 car against a $1,000 loan!?

New Payday Loan Regulations

Payday lenders are subject to very strict rules and regulations and this industry has undergone some serious changes in recent years. In some states, limits are imposed to prevent high interest rates; in others, payday lenders are banned from operating altogether. 

The golden age of payday lending has passed, there’s no doubt about that. In fact, many lenders left the US markets and took their business to countries like the UK, only for the UK authorities to impose many of the same restrictions after a few years of pandemonium. In the US, the industry thrived during the end of the 2000s and the beginning of the 2010s, but it has since been losing ground and the practice is illegal or highly restricted in many states.

Are Payday Loans Still Legal?

Payday loans are legal in 27 states, but many states have imposed strict rules and regulations governing everything from loan amounts to fees. The states where payday lenders are not allowed to operate are:

  • Arizona
  • Arkansas
  • Connecticut
  • Georgia
  • Maine
  • Maryland
  • Massachusetts
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Vermont
  • West Virginia

It is still possible to apply for personal loans and title loans in these states, but high-interest, cash advance loans are out of the question, for the time being at least.

Debt Rollover Rules for Payday Lenders

One of the things that regulations cover is something known as Debt Rollover, whereby a consumer rolls their debt over into the next billing period, accruing fees and continuing to pay interest. The more rollovers there are, the greater the risk and the higher the detriment to the borrower.

Debt rollovers are at fault for many of the issues concerning payday loans. They create a cycle of persistent debt, as the borrower is forced to acquire additional debt to repay the payday loan debt. 

In the following states, payday loans are legal but restricted to between 0 and 1 rollovers:

  • Alabama
  • California
  • Colorado
  • Florida
  • Hawaii
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Mexico
  • North Dakota
  • Ohio
  • Oklahoma
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Washington
  • Washington D.C.
  • Wisconsin
  • Wyoming

Other states tend to limit debt rollovers to 2, but there are some notable exceptions. In South Dakota and Delaware, as many as 4 are allowed, while the state of Missouri allows for 6. However, the borrower must reduce the principal of the loan by at least 5% during each successive rollover.

Are These Changes for the Best?

If you’re a payday lender, the aforementioned rules and regulations are definitely not a good thing. Payday lenders rely on persistent debt. They make money from the poorest percentage of the population as they are the ones most likely to get trapped in that cycle.

For responsible borrowers, however, they turn something potentially disastrous into something that could serve a purpose. Payday loans still carry a huge risk, especially if there is any chance that you won’t repay the loan in time, but the limits imposed on interest rates and rollovers reduces the astronomical costs.

In that sense, they are definitely for the best, but there are still risks and potential pitfalls, so be sure to keep these in mind before you apply for any short-term loans.

What is a Payday Loan? is a post from Pocket Your Dollars.

Source: pocketyourdollars.com



The Widow or Widower’s Guide to Social Security Benefits

A high credit score helps you in many ways, including by potentially lowering your monthly bills.

The loss of a spouse is devastating, and in that situation, the last thing you want to worry about is money. Unfortunately, as a widow or widower, money is often one of the most important things to think about. And Social Security benefits are usually one of the first—and trickiest—financial resources to navigate. To help you wade through these waters, we’ve put together a comprehensive guide to Social Security survivors benefits.

The Breakdown of Social Security Benefits

If you’re an eligible age and meet other qualifications, Social Security benefits are available to you after your spouse passes away. But it can be tough figuring out if you can receive these benefits and when you should start. Here are some of the main factors that impact how much survivors benefits you’re entitled to:

  • The length of the marriage
  • Your age and your spouse’s age
  • When you want to start receiving benefits

Understanding these factors and the rules to which they apply can help you make informed decisions and maximize your benefits payments.

The Length of the Marriage Matters

In nearly every case, you need to have been married for at least nine months to claim Social Security survivors benefits. However, there are a few exceptions:

  • You share a child. If you were married fewer than nine months but your spouse was the parent of your child, you can claim survivors benefits.
  • It was an accident. Accidental death can waive the nine-month requirement for Social Security benefits.
  • Military service. If your spouse dies in the line of active duty for the military, you are entitled to survivors benefits.

What if you were married more than nine months and later divorced? Surprisingly, you can receive survivors benefits from an ex-spouse if you were married for at least 10 years. In fact, if you were married for at least 10 years to more than one ex-spouse who is now deceased, you can choose the biggest benefit. But if you remarried before the age of 60 and are still married, you cannot receive these benefits.

Also, any amount you do receive may be shared with other family members who are also entitled to survivors benefits.

The Impact of Age

We all know that there are age requirements for collecting Social Security benefits, and those rules remain intact for survivors benefits. Survivors benefits are first available when you turn 60, but you stand to collect more benefits if you wait until full retirement age at 66 (if you were born before 1957) or 67 (if you were born in 1957 or later). Here’s a look at how age affects your Social Security survivors benefits:

  • Receiving benefits at age 60. If you start collecting Social Security benefits at age 60, you will receive only 60% of the full benefit.
  • Receiving benefits at full retirement age. If you can afford to wait until you’re 66 or 67, you can collect 100% of the benefits available.
  • Deferring benefits until age 70. After you reach full retirement age, you can elect to defer your benefits until age 70. This lets you accrue delayed retirement credits, which could increase your benefits payments.
  • Receiving benefits with a disability. If you are disabled, you can start collecting benefits at age 50. But the disability must have started before or within seven years of your spouse’s passing.

If you don’t need Social Security benefits right away to stay financially sound during retirement, consider waiting as long as possible for the most benefits.

The Decision of When to Start Collecting Benefits

Because the benefits payment increases with time, it’s smart to look at your budget and determine if you need to start collecting benefits immediately. Another important thing to note is that you can only collect one Social Security benefit—your spouse’s or your own. But you can switch from one to the other.

If you are still working, or plan to work until full retirement age, consider taking your spouse’s survivors benefits when they are available and then switching to your full benefits when you retire. This can get tricky, though, so it’s important to pay attention to a few financial areas:

  • Watch your paycheck. If you have yet to retire and are working and collecting survivors benefits, pay attention to your annual income. If you earn over a certain level, Social Security will withhold part of your benefits.
  • Keep taxes in mind. You may end up paying taxes on a much larger portion of your benefits if you work while collecting Social Security benefits.
  • Note who was the higher earner. Because the higher earner will have the larger Social Security benefit payout, determine which benefits will ultimately pay you more over the remainder of your life. If you are the higher earner, it’s smart to tap into survivors benefits as soon as possible and make the switch when you’re eligible for your own benefits at full retirement age. If your spouse earned more, think about collecting your benefits (even at a reduced rate), and then switching to survivors benefits when you reach full retirement age.

Sorting through the ins and outs of Social Security survivors benefits isn’t easy, especially after suffering the loss of your spouse. But a solid understanding of what you can receive and how to maximize those benefits can make your transition to single living somewhat easier. Before making any decisions, you should consult an expert—either a Social Security representative or a financial planner you trust. They can guide you through all the regulations and paperwork to make sure you’re taken care of.

Image: sturti

The post The Widow or Widower’s Guide to Social Security Benefits appeared first on Credit.com.

Source: credit.com



Everything You Need To Know About Final Expense Insurance

Final expense insurance is typically a small whole life insurance policy where the proceeds are earmarked specially for funeral and other end of life expenses. Ultimately, the net result will be a tax-free cash payment to a beneficiary(s). Most insurance companies aim to pay claims within a few days since they know the funds are likely to be used for a funeral. Technically, the money can be used for anything. If for example, all the money is not used for funeral costs, the remaining amount is owned by the beneficiary(s) to use as they see fit.

Most life insurance companies make these plans available to seniors from the ages 50 to 85 and offer between $5,000 and $25,000 in coverage. The health requirements to qualify are very lenient too. Even if you have serious health issues, you can still get a policy. Some plans actually guarantee approval no matter what health issues you have. It is important to note that if you buy a plan that has guaranteed approval where there are no health questions, there will be a two to three year waiting period before benefits become active. To get a plan that covers you right away with no waiting period, you must at minimum answer health questions and be approved by the insurance company.

How much does it cost?

Final expense insurance premiums are typically low since the benefits are on the smaller side. Overall, the average cost of a final expense policy is between $50-$100 per month. Rates will vary depending on your age, gender, health, tobacco usage, coverage amount and the insurance company you purchase your policy from.

For example, a non-smoking 65-year-old woman in generally good health will pay roughly $40-$45 per month for a $10,000 policy. However, a man with the same profile would pay $56-$60 per month.

How do you buy a policy?

There are few different ways to purchase a policy. There are dozens of insurance companies that offer this type of plan, and they all have different application processes.

Ultimately, you must choose which method suits you best. Working with an agent gives you the advantage of having a professional who can answer your questions and make recommendations. However, if you value your privacy and prefer simplicity, then buy a plan online or through the mail. 

No matter how you apply, you can find an affordable life insurance policy for final expenses since there are so many companies to choose from.

Who are the best companies to consider?

The market for final expense insurance is vast. You will find a ton of insurance companies to choose from. Below are some highly rated companies to consider. This information is as of 9/23/20, visit the company websites for current policy information.

1) Mutual of Omaha

Mutual of Omaha is one of the oldest life insurance companies in the USA. They offer two different final expense plans to anyone between the ages of 45 and 85. The first plan is called “Living Promise” and is only sold through agents. You can purchase up to $40,000 in coverage on this plan. It does have underwriting, so your qualification depends on your health. If you are approved, this plan has no waiting period. The second plan they offer is guaranteed issue, so you cannot be denied. With their guaranteed acceptance plan, you can buy up to $25,000 in coverage. Since this plan has no health questions, you will be subject to a two-year waiting period before you are covered. 

2) AIG

AIG is another very old and stable life insurance company. They only offer one type plan to seniors between 50 and 80, which is a guaranteed acceptance policy. Because it has no health questions, there will be a two-year waiting period before your coverage begins. The premiums are affordable and applying can be done online or through an agent.

3) Aetna

Most people associate Aetna with health insurance, since that is the most common insurance they sell. However, they do offer final expense insurance too. What is most unique about Aetna is they will insure applicants as old as 89. Very few life insurance companies will go beyond 80 or 85. The amount of coverage you can buy from Aetna varies based on your age. It is important to note their plans have underwriting, so you must qualify for their coverage. That is the main downside with Aetna. They have no guaranteed acceptance option. Depending on your health, you may or may not qualify. 

Should you buy final expense coverage?

For some people, a final expense policy makes all the sense in the world, and for others it does not.

A final expense plan is typically suitable for any individual who presently has no means to pay for their funeral costs. For example, you have no savings or real property that can be sold to pay for burial costs. If you are in that situation and don’t want to leave a financial burden to your family, then a final expense policy is fantastic option you should pursue.

At the same time, if you currently have cash, a retirement account, or some other assets that can be quickly liquated to pay for your funeral, you probably do not need a policy. You may prefer one, but you do not necessarily need it. 

If you have the cash, it would probably be better to put it into a funeral trust, so it’s securely locked away for when that day comes.  

At the end of the day, preplanning is an act of love. No matter how you financially prepare for your funeral, your family will appreciate it more than words can express. 

What you do now ensures they aren’t forced to make tough decisions while riding an emotional rollercoaster.

The post Everything You Need To Know About Final Expense Insurance appeared first on Credit.com.

Source: credit.com



9 Things I Love and Have Learned After 9 Years Of Blogging

I still remember the month I started my blog. I don’t really remember the exact first day, but I remember the first month and how excited I was.

In August of 2011, I started Making Sense of Cents.

That was exactly 9 years ago!

Back then, I had no idea what I was doing, and I also had no goals for my blog.

I didn’t even really know what a blog was, or that they could make money.

I also didn’t even like to write at that time!

In the past 9 years, so much has changed for me.

It’s crazy to think that I started my blog nine years ago, especially when I consider all of the amazing things it has done for my life.

It was something I started and worked on in addition to my full-time day job as a financial analyst, and around two years after I started this blog, I quit my day job to blog full-time.

Some numbers on Making Sense of Cents:

  • My first blog post was published on August 10, 2011. You can read it here.
  • I have published 1,878 articles here on Making Sense of Cents. That number was higher about a month ago, but I recently deleted several hundred articles that I thought weren’t good enough.
  • I have 70,816 comments on my blog posts.
  • I’ve personally replied to 21,080 comments.
  • It took me 6 months to earn my first $100 from Making Sense of Cents.

First, a little backstory on how I began.

You may have heard this from me before, but the funny thing is that I created my blog on a whim after reading about a personal finance website in a magazine. It started as a hobby to track my own personal finance progress, and I honestly didn’t even know that people could make money blogging!

I knew NOTHING about running a website.

At that time, I was working as an analyst at an investment banking and valuation firm. I chugged along working the 8-5, Monday through Friday grind and didn’t see myself having an enjoyable future there. I had a stressful job filled with lots of deadlines and responsibilities that just didn’t interest me. Yes, I know this is the norm for some people, but I just couldn’t imagine myself living like that for 40+ years.

Blogging was an outlet for my stressful day job, and my interest quickly grew, even though it was just a hobby. It gave me space to write about my personal finance situation, have a support group, to keep track of how I was doing, and more. I did not create Making Sense of Cents with the intention of earning an income, but after only six months, I began to make money blogging.

A friend I met through the blogging community connected me with an advertiser, and I earned $100 from that advertisement deal.

That one deal sparked my interest in taking my blog more seriously and learning how to make even more money blogging.

I now earn a great living from my blog, and it all started on a whim, not even knowing that blogs could make money.

Blogging completely changed my life for the better, and I urge anyone who is interested to learn how to start a blog as well.

Blogging has allowed me to take control of my finances and earn more money. It means I can work from home, travel whenever I want, have a flexible schedule, and more!

Related content:

  • How I Successfully Built A $1,000,000+ Blog
  • Welcome To Paradise – We’re Living On A Sailboat!
  • How To Start a Blog Free Course
  • Should I Start A Blog? Here Are The Top Reasons You Will Love Blogging
  • What is a blog post?

And, all of this happened because I started some random blog nine years ago.

I made so many mistakes, and I still make mistakes today. But, I continue to learn and improve, which has shaped this blog into what it is today.

I was so afraid to quit my job when I did, especially for a blog.

So many people thought I was absolutely crazy and making the worst decision of my life. Especially since my husband quit his job at the same time!

Today, I want to talk about the the 9 things that I love and have learned about blogging over the years. I feel like what I enjoy about blogging as well as what I’ve learned go hand in hand.

Oh yeah, if you haven’t yet – please follow me on Instagram.

Here’s what I love and have learned about blogging.

 

1. I love being my own boss.

When I first started my blog and realized I could make an income from it, I quickly learned how much I love being my own boss.

I love being in complete control of what I do, and becoming self-employed may allow you to feel that way as well. I enjoy deciding what I will do each day, creating my own schedule, determining my business goals, handling everything behind the scenes, and more.

I actually have a rule in my life/business where I don’t do anything unless I want to. While I still say yes to many amazing opportunities, I’m not doing anything that feels like a total drag or is against my beliefs. This has really helped improve my work-life balance, which is great because being able to choose how you earn a living amounts to making sure you love everything you do.

I honestly love each and every service I provide – writing online, promoting, networking, interacting with readers, and more.

Running an online business (and being your own boss) may not be for everyone, but it’s something I enjoy.

 

2. A flexible schedule is one of my most favorite things.

One of the best things about working for yourself and being a blogger is that you can have a flexible schedule.

I can work as far ahead as I want to, I can create my own work schedule, and more.

I love being able to work for a few hours in the morning, do something fun during the day (such as a hike), and then work later at night when I have nothing planned. I can also schedule appointments during the day and it’s really no big deal.

I can work at night, in the morning, on the weekends – I can work whenever.

But, this can also be something to be careful with as well, as it can be difficult to have a good work-life balance.

 

3. Location independence is AMAZING.

Being location independent for so many years has been great.

I love being able to work from wherever I am, and it’s allowed me some of the best experiences I’ve had, like living in an RV and now on a sailboat. All I need is an internet connection and my laptop.

The only problem with being location independent is that it can be hard to separate work from the rest of your life. You may find yourself working all the time, no matter where you are, and while that may seem great, being able to take a true vacation can be a hard task.

However, I’m not going to complain because the work-life balance I’m rocking right now is great.

 

4. Remember, success takes time!

Many bloggers quit just a few months in.

In fact, the statistic that I’ve always heard is that the average blogger quits just 6 months in.

I completely understand – starting a blog can be super overwhelming!

But, good things don’t come easy. If blogging was easy, then everyone would be doing it.

It took me 6 months for me to earn my first $100 from Making Sense of Cents. If I would have quit at that time, I would have missed out on so many great things!

Remember, success takes time!

 

5. Don’t write when you feel forced.

One thing I have definitely learned about myself over the years is that I write best when I’m not forced – i.e. when I’m on a deadline.

Instead, I always try to write content ahead of time.

I used to write content for Monday on the night before (Sunday!), and I found that to be super stressful. Even a week in advance was too stressful for me.

I like to be at least a month ahead, as then I can truly write when I feel inspired and happy to write.

 

6. Get ready to learn.

Pretty much everything about having a blog is a learning process.

Blogging is not a get rich quick scheme, and anyone who tells you that it is (or acts like it is) is lying.

Blogging is not easy.

And, you won’t make $100,000 your first month blogging.

Blogging can be a lot of work, and there is always something to learn. Something is always changing in the blogging world, which means you will need to continue to learn and adapt to the technology around you. This includes learning about social media platforms, running a website, growing your platform, writing high-quality content, and more.

This is something that I love about blogging – it’s never stale and there’s always a new challenge.

 

7. Stop seeing other bloggers as competition.

Okay, so this isn’t exactly something that I’ve learned, but I want everyone else to learn!

I have always had this mindset – that there is plenty of room for everyone in the blogging world. However, not everyone feels the same.

So many bloggers see other bloggers as enemies or competition, and this is a huge mistake.

I mostly see this in newer bloggers, and this can really hold them back.

Networking is very important if you want to create a successful blog. Bloggers should be open to making blogging friends, attending blog conferences, sharing other blogs’ content with their readers, and more.

Networking can help you enjoy blogging more, learn new things about blogging, learn how to make money blogging, make great connections, and more. If you want to make money blogging, then you will want to network with others! After all, networking is the reason why I learned how to make money blogging in the first place!

The key is to be genuine and to give more than you take, which are the two main things I always tell people when it comes to networking. I receive so many emails every day from people who clearly aren’t genuine, and it’s very easy to see.

I’ve made great friends who are bloggers and influencers, and it’s truly a great community to be in.

 

8. You don’t need previous experience to be successful.

To become a blogger, you don’t need any previous experience. You don’t need to be a computer wizard, understand social media, or anything else.

These are all things that you can learn as you go.

Nearly every single blogger was brand new at some point, and they had no idea what they were doing.

I’m proof of that because I didn’t even know that blogs existed when I started Making Sense of Cents, and I definitely didn’t know that bloggers could make money. I learned how to create a blog from the bottom up and have worked my way to where I am today. It’s not always easy, but it’s been rewarding!

With blogging, you’ll have a lot to learn, but that doesn’t mean it’s impossible. It’s challenging, but in a good way.

 

9. You can make a living blogging.

This is probably one of the best things that I’ve learned since I first started my blog.

You can actually make a living blogging!

No, not every single person will become a successful blogger (it’s NOT a get-rich-quick scheme), but I know many successful bloggers who started in a similar way as I did – blogging as a hobby and it just grew from there.

For me, I have earned a high income with my blog, and I have enough saved to retire whenever I would like. I am still working on my blog, though, as I enjoy what I do.

 

What’s next?

I’ve never really been much of a planner, so I don’t want to commit to anything HUGE haha.

But, for Making Sense of Cents, I do have some plans. I am working towards improving traffic and readership, and coming up with more and more high-quality content.

I am so grateful to all of you readers, and I want to continue to help you all out by writing high-quality content.

That is really my only goal for now!

If there’s anything you’d like me to write about on Making Sense of Cents, please send me an email at michelle@makingsenseofcents.com or leave a comment below.

Thank you for being a reader!

 

There’s a ton of valuable free resources.

I know I’ll be asked this, so I am going to include this here.

One of the great things about starting a blog is that there are a ton of FREE blogging resources out there that can help you get started.

In fact, I didn’t spend any money in the beginning in order to learn how to blog – instead, I signed up for a ton of free webinars, free email courses, and more.

  1. First, if you don’t have a blog, then I recommend starting off with my free blogging course How To Start A Blog FREE Course.
  2. Affiliate Marketing Cheat Sheet – With this time-saving cheat sheet, you’ll learn how to make affiliate income from your blog. These tips will help you to rapidly improve your results and increase your blogging income in no time.
  3. The SEO Starter Pack (FREE Video Training)– Improve your SEO knowledge in just 60 minutes with this FREE 6-day video training.
  4. The Free Blogging Planner – The Blogging Planner is a free workbook that I created just for you! In this free workbook, you’ll receive printables for starting your blog, creating a blog post, a daily/weekly blog planner, goals, and more.

Do you have any questions for me? Are you interested in starting your own business?

The post 9 Things I Love and Have Learned After 9 Years Of Blogging appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com



Should You Refinance Your Student Loans?

Due to financial consequences of COVID-19 — and the broader impact on our economy — now is an excellent time to consider refinancing most loans you have. This can include mortgage debt you have that may be converted to a new loan with a lower interest rate, as well as auto loans, personal loans, and more.

Refinancing student loans can also make sense if you’re willing to transition student loans you currently have into a new loan with a private lender. Make sure to take time to compare rates to see how you could save money on interest, potentially pay down student loans faster, or even both if you took the steps to refinance.

Get Started and Compare Rates Now

Still, it’s important to keep a close eye on policies and changes from the federal government that have already taken place, as well as changes that might come to fruition in the next weeks or months. Currently, all federal student loans are locked in at a 0% APR and payments are suspended during that time. This change started on March 13, 2020 and lasts for 60 days, so borrowers with federal loans can skip payments and avoid interest charges until the middle of May 2020.

It’s hard to say what will happen after that, but it’s smart to start figuring out your next steps and determining if student loan refinancing makes sense for your situation. Note that, in addition to lower interest rates than you can get with federal student loans, many private student lenders offer signup bonuses as well. With the help of a lower rate and an initial bonus, you could end up far “ahead” by refinancing in a financial sense.

Still, there are definitely some negatives to consider when it comes to refinancing your student loans, and we’ll go over those disadvantages below.

Should You Refinance Now?

Do you have student loan debt at a higher APR than you want to pay?

  • If no: You shouldn’t refinance.
  • If yes: Go to next question.

Do you have good credit or a cosigner? 

  • If no: You shouldn’t refinance.
  • If yes:  Go to next question.

Do you have federal student loans?

  • If no: You can consider refinancing
  • If yes: Go to next question

Are you willing to give up federal protections like deferment, forbearance, and income-driven repayment plans?

  • If no: You shouldn’t refinance
  • If yes: Consider refinancing your loans.

Reasons to Refinance

There are many reasons student borrowers ultimately refinance their student loans, although they can vary from person to person. Here are the main situations where it can make sense to refinance along with the benefits you can expect to receive:

  • Secure a lower monthly payment on your student loans.
    You may want to consider refinancing your student loans if your ultimate goal is reducing your monthly payment so it fits in better with your budget and your goals. A lower interest rate could help you lower your payment each month, but so could extending your repayment timeline.
  • Save money on interest over the long haul.
    If you plan to refinance your loans into a similar repayment timeline with a lower APR, you will definitely save money on interest over the life of your loan.
  • Change up your repayment timeline.
    Most private lenders let you refinance your student loans into a new loan product that lasts 5 to 20 years. If you want to expedite your loan repayment or extend your repayment timeline, private lenders offer that option.
  • Pay down debt faster.
    Also, keep in mind that reducing your interest rate or repayment timeline can help you get out of student loan debt considerably faster. If you’re someone who wants to get out of debt as soon as you can, this is one of the best reasons to refinance with a private lender.

Why You Might Not Want to Refinance Right Now

While the reasons to refinance above are good ones, there are plenty of reasons you may want to pause on your refinancing plans. Here are the most common:

  • You want to wait and see if the federal government will offer 0% APR or forbearance beyond May 2020 due to COVID-19.
    The federal government has only extended forbearance through the middle of May right now, but they might lengthen the timeline of this benefit if you wait it out. Since this perk only applies to federal student loans, you would likely want to keep those loans at 0% APR for as long as the federal government allows.
  • You may want to take advantage of income-driven repayment plans.
    Income-driven repayment plans like Pay As You Earn (PAYE) and Income-Based Repayment let you pay a percentage of your discretionary income each month then have your loans forgiven after 20 to 25 years. These plans only apply to federal student loans, so you shouldn’t refinance with a private lender if you are hoping to sign up.
  • You’re worried you won’t be able to keep up with your student loan payments due to your job or economic conditions.
    Federal student loans come with deferment and forbearance that can buy you time if you’re struggling to make the payments on your student loans. With that in mind, you may not want to give up these protections if you’re unsure about your future and how your finances might be.
  • Your credit score is low and you don’t have a cosigner.
    Finally, you should probably stick with federal student loans if your credit score is poor and you don’t have a cosigner. Federal student loans come with fairly low rates and most don’t require a credit check, so they’re a great deal if your credit is imperfect.

Important Things to Note

Before you move forward with student loan refinancing, there are some details you should know and understand. Here are our top tips and some important factors to keep in mind.

Compare Rates and Loan Terms

Because student loan refinancing is such a competitive industry, shopping around for loans based on their rates and terms can help you find out which lenders are offering the most lucrative refinancing options for someone with your credit profile and income.

We suggest using Credible to shop for student loan refinancing since this loan platform lets you compare offers from multiple lenders in one place. You can even get prequalified for student loan refinancing and “check your rate” without a hard inquiry on your credit score.

Check for Signup Bonuses

Some student loan refinancing companies let you score a bonus of $100 to $750 just for clicking through a specific link to start the process. This money is free money if you’re able to take advantage, and you can still qualify for low rates and fair loan terms that can help you get ahead.

We definitely suggest checking with lenders that offer bonuses provided you can also score the most competitive rates and terms.

Consider Your Personal Eligibility

Also keep your personal eligibility in mind, including factors beyond your credit score. Most applicants who are turned down for student loan refinancing are turned away based on their debt-to-income ratio and not their credit score. Generally speaking, this means they owe too much money on all their debts when you compare their liabilities to their income.

Credible also notes that adding a creditworthy cosigner can improve your chances of prequalifying for a loan. They also state that “many lenders offer cosigner release once borrowers have made a minimum number of on-time payments and can demonstrate they are ready to assume full responsibility for repayment of the loan on their own.”

It’s Not “All or Nothing”

Also, remember that you don’t have to refinance all of your student loans. You can just refinance the loans at the highest interest rates, or any particular loans you believe could benefit from a different repayment term.

4 Steps to Refinance Your Student Loans

Once you’re ready to pull the trigger, there are four simple steps involved in refinancing your student loans.

Step 1: Gather all your loan information.

Before you start the refinancing process, it helps to have all your loan information, including your student loan pay stubs, in one place. This can help you determine the total amount you want to refinance as well as the interest rates and payments you currently have on your loans.

Step 2: Compare lenders and the rates they offer.

From there, take the time to compare lenders in terms of the rates they can offer. You can use this tool to get the process started.

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Step 3: Choose the best loan offer you can qualify for.

Once you’ve filled out basic information, you can choose among multiple loan offers. Make sure to check for signup bonus offers as well as interest rates, loan repayment terms, and interest rates you can qualify for.

Step 4: Complete your loan application.

Once you decide on a lender that offers the best rates and terms, you can move forward with your full student loan refinancing application. Your student loan company will ask for more personal information and details on your existing student loans, which they will combine into your new loan with a new repayment term and monthly payment.

The Bottom Line

Whether it makes sense to refinance your student loans is a huge question that only you can answer after careful thought and consideration. Make sure you weigh all the pros and cons, including what you may be giving up if you’re refinancing federal loans with a private lender.

Refinancing your student loans can make sense if you have a plan to pay them off, but this strategy works best if you create a debt repayment plan you can stick with for the long-term.

The post Should You Refinance Your Student Loans? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com



10 Ways to Stay Motivated When Paying Off Debt

The post 10 Ways to Stay Motivated When Paying Off Debt appeared first on Penny Pinchin' Mom.

It is easy to lose your focus any time you are working towards a goal.  It takes dedication, but even then you may lose your desire to keep going.   This is especially true when trying to reach your financial goals, such as getting out of debt.

get out of debt and stay motivated

Paying off debt is not easy. You start out with great determination and willpower to make it happen. But, as time goes on, you may find yourself loving motivation to pay off your debt.

If your debt balances are high, the balances may not drop as quickly as you would like.  It can make you lowe your desire to keep going. In fact, you might just feel like quitting.

I’m here to say don’t.  Don’t give up.  The key to is to find the motivation to pay to get out of debt, even when it isn’t easy.  These tips will help.

 

STAYING MOTIVATED TO PAY OFF DEBT

MY EXPERIENCE

When my husband and I were trying to get out of debt, there were times when we wanted to quit.  However, we were both determined to stick with it and not give up.

Sadly, that is not true for many.  People get excited at the idea of getting out of debt, but they never follow through.  For one reason or another, they lose the motivation to continue.

This means that they go back to their old habits and often times, end up even further in debt.  It is sad, but it is true.  They lost the will to stay the course.

 

 

WHERE DO YOU START?

First of all, you have to be willing and fully committed to wanting to be debt free.  If you aren’t willing to make sacrifices, that means you are not quite ready to start.  If you try, you will probably fail.

However, if you are ready and willing to put in the hard work involved you might be ready.  You need to fully understand that this process is going to take some time.  It took my husband and I more than 2 years to get out of our debt.  It may take a while – but it will happen.

 

FINDING THE MOTIVATION TO PAY OFF DEBT

1. Cheat once in a while

When you are trying to pay off your debt with laser focus, you might start to feel a bit of resentment towards it.  After all, that is your money and you see none of it.  Instead, it moves right over to your debtor.  You never get to enjoy it.

You need to spend money.

When you allow yourself a chance to go out to dinner or buy that new pair of shoes, you will continue to stay motivated.  It allows you to take the focus off of your debt for a short time and put it on yourself.

For example, when my husband and I were in paying off our debt, we did not eat out at restaurants.  We gave that up completely.  However, each time that we paid off a creditor we were able to go out to dinner. It allowed us to celebrate.  We had one cheat night, and then we were ready to get back on track again.

Just don’t do this very often, or you’ll end up quitting and up spending more than you should.

 

2. Be accountable

Whether you are a relationship or not, you need to find someone to whom you can be accountable.  Call them an accountability partner. The journey to being debt free can be a long and lonely adventure. Finding the right person to support you along the way can be vital to reaching your goals.

This person could be a friend or family member. While you might want to use a spouse or partner, they may not be the best person.  You really should find someone who has been on this path themselves and reached the end.  Someone who is debt free and battled to make it happen can provide much more support than someone drowning in debt.

 

3. Dream

Sit down and look at your finances.  Imagine all of the things you could do if you were not living with looming debt.  Perhaps you could afford that car you want. It might even mean being able to quit your job and stay home with the kids.

Read More:  Setting Your Financial Goals

 

4. Change your habits

Look at your debt.  What caused you to end up there. If was due to spending too much at Target, it means you need to stop.

You have to change your habits by creating a budget and a debt plan.  Take it further and change the way you spend your free time.  It won’t be easy, but no one said getting out of debt was going to be simple.

It is not an easy thing to do, but find a way to focus your energy on the things that created the debt to other things you enjoy.  Try to find the joy in the simple things, which cost no money at all.

Looking beyond the debt and definitely help you stay motivated when getting out of debt.

Read More: Why Your Debt Plan Will Fail

 

5. Get angry

One of the simplest ways to stay motivated is to hate your debt.  Review your bills and add up the money you are wasting on interest payments every month.  Just seeing the money you waste will make you angry. Heck, it might even make you nauseated.  Good.

Hate the debt and you’ll want to make it go away.

 

6. Daily reminder 

Put the total of your debt on your mirror. As you pay them down, update it with the new amount. Every day you will see that you are making progress. You will see where you were and where you have to go.

 

7. Continue to learn

Just because you read one article about how to get out of debt, doesn’t mean you are an expert. If you were, you would probably have never gotten into debt in the first place.

Keep reading and learning. Follow your favorite bloggers and read their tips for getting out of debt.

Read More: How to Get out of Debt on a Lower Income

 

8. Be patient

“Rome wasn’t built in a day.” Your debt didn’t accumulate in just a month. It took time. That means it will take time to pay it off.

If you are doing all you can to do get out of debt, then there no more you can do. Just look forward to the day you get to scream that you are debt free!

 

9. Connect with others

I mentioned an accountability partner above and that is great, but what do you do if you can’t find one? Easy. Look to others who understand.

With social media, it is easy to find people who are in your situation. They may be on Facebook or Twitter. You might find them in the comments of personal finance blogs. Look around for those who are making progress and network with them.

We all need help with this journey. There is no rule that says you have to be best friends with them to get the motivation and support you need.

 

10.  Read success stories

There is nothing more motivating than reading about others who have accomplished their goals. Reading about ordinary people who have paid down thousands of dollars of debt can be inspiring.

Read More: My Debt Free Journey to Paying Off $35,000+ in Debt

 

 

how to get help paying off debt

The post 10 Ways to Stay Motivated When Paying Off Debt appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com



Chipotle to Hold Nationwide Hiring Event to Fill 15K New Jobs

Chipotle is kicking off the new year with a nationwide hiring blitz.

With hundreds of new restaurants in the works, the fast-casual Mexican food chain plans to fill 15,000 new openings, according to the hiring announcement.

To make headway on those recruitment efforts, all Chipotle locations are holding a “Coast to Coast” career event Jan. 14. On-site interviews are taking place from 8 a.m. to 10 a.m. and 2 p.m. to 5 p.m. local time.

As a safety precaution, outdoor and curbside interview accommodations are available.

“Please bring a mask and follow all safety protocols while you’re in the restaurant,” the company said.

Pro Tip

To participate in the hiring event, you must fill out a brief application and select an available interview time slot at your local Chipotle. Do not show up without requesting an interview.

Compared to the overall restaurant industry, Chipotle has fared well throughout the pandemic. The company hired 10,000 new workers in July as it added new locations and built drive-thru windows at many existing locations. In November, Chipotle unveiled its first ever “digital” restaurant in New York to experiment with only providing drive-thru and pick-up orders.

Job Openings at Chipotle

Chipotle’s recruitment spree is focused on hiring new restaurant team members, which primarily consist of line cooks, food preppers, and cashiers. These positions are entry level.

According to job listings on the company’s career board, the main crew-member requirement is that you must be at least 16 years old to apply. All training is provided.

Chipotle doesn’t have a company-wide minimum wage. On average, crew members earn about $10 to $11 an hour (or local minimum wage if higher) according to thousands of self-reported wages on Glassdoor.

To entice new workers, the burrito chain has been experimenting with new perks and benefits available to all employees, part- and full-time:

  • Medical, dental and vision insurance.
  • 401(k) retirement plan after one year of employment.
  • One free meal per shift.
  • 100% tuition coverage for select degrees and universities through a partnership with Guild Education.
  • Tuition reimbursement of up to $5,250 for schools and degrees outside that partnership.
  • Paid time off including parental leave.
  • English as a second language training.

If Chipotle meets its hiring goals, the company’s workforce is set to exceed 100,000.

Check out these other employers that offer health insurance and cover college costs for part-time employees.

Adam Hardy is a staff writer at The Penny Hoarder. He covers the gig economy, remote work and other unique ways to make money. Read his ​latest articles here, or say hi on Twitter @hardyjournalism.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com




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