The post Home Insurance SimpleScore Methodology appeared first on The Simple Dollar. The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar. Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best home insurance companies of 2020. We looked at the number of discounts each company offers –– more discounts mean a higher score. We awarded higher scores to the companies that offer more coverage options. We awarded higher scores to companies with the most channels for customer support. We leveraged the J.D. Power 2019 Home Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.) We looked at the level of accessibility of each company –– the more resources they have the higher their score To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page. The post Home Insurance SimpleScore Methodology appeared first on The Simple Dollar. The post Auto Insurance SimpleScore Methodology appeared first on The Simple Dollar. The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar. For every review, our editorial team: Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best auto insurance companies of 2020. We looked at the number of discounts each company offers –– more discounts mean a higher score. We awarded higher scores to the companies that have the most coverage options. We awarded higher scores to lenders with the most channels for customer support. We leveraged the J.D. Power 2019 Auto Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.) We looked at the level of accessibility of each company –– the more resources they have the higher their score. To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page. However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance. The post Auto Insurance SimpleScore Methodology appeared first on The Simple Dollar. The post What is Loss Assessment Coverage? appeared first on The Simple Dollar.
For every review, our editorial team:
Discounts
Aspect Score 1 2 3 4 5 Number of discounts offered 0–2 3-5 6-8 9-11 12+ Coverage options
Aspect Score 1 2 3 4 5 Beyond basic coverage Basic coverage Basic + 1 extra Basic + 2 extras Basic + 3 extras Basic + 4 or more extras Support
Aspect Score 1 2 3 4 5 Support channels Office-only support 1 + phone support 2 + web-based support 3 + mobile app support 4 + tools Customer Satisfaction
Aspect Score 1 2 3 4 5 J.D Power Rating 1 circle 2 circles 3 cricles/th> 4 circles 5 circles Accessibility
Aspect Score 1 2 3 4 5 Accessibility options Website with coverage options 1 + custome quote online 2 + online claims/th> 3 + mobile app claims 4 + more resources Why do some brands have different SimpleScores on different pages?
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.Discounts
Aspect Score 1 2 3 4 5 Number of discounts offered 0–3 4–7 8-11 12-14 15+ Coverage options
Aspect Score 1 2 3 4 5 Beyond basic coverage Basic coverage Basic + 1 extra Basic + 2 extras Basic + 3 extras Basic + 4 or more extras Support
Aspect Score 1 2 3 4 5 Support channels Office-only support 1 + phone support 2 + web-based support 3 + mobile app support 4 + tools Customer Satisfaction
Aspect Score 1 2 3 4 5 J.D. Power Rating 1 circle 2 circles 3 circles 4 circles 5 circles Accessibility
Aspect Score 1 2 3 4 5 Accessibility options Website with coverage options 1 + custom quote online 2 + online claims 3 + mobile app claims 4 + more resources Why do some brands have different SimpleScores on different pages?
What is loss assessment?
When you purchase a condo, you become part of a condo association responsible for the building and all the common areas. Generally, part of your condo dues pays for an insurance policy that covers the costs if something happens to the building or in a common area.
For example, let’s say that your building has a $ 100,000 policy for damage to the pool. Let’s also say that something happens to the pool, and there is $ 150,000 worth of damage. The condo association will submit a claim that will cover $ 100,000 of the damage, but that leaves $ 50,000 that is split up among the condo owners.
But even if the cost of the damage is under the policy limit, you may still owe money. Remember, even the best insurance policies have a deductible, and in these situations, it’s the condo owners that have to pay. Yes, you would be required to come out of pocket for these costs unless you have loss assessment coverage.
Loss assessment of an HO-6 insurance policy
An HO-6 policy is the basic form of homeowners insurance you can get for your condo. Generally, HO-6 coverage includes some form of property and liability coverage. With most plans, this covers the things inside of your condo like flooring, cabinets, fixtures, drywall, doors and more.
[Read: The Best Homeowners Insurance Companies for 2020]
Within your HO-6, you should have loss assessment coverage. Loss assessment coverage is a component of your insurance that covers the outside of your building, as well as the common areas that are shared with other owners. When this is included in HO-6 policies, the coverage is usually minimal. Many policies only have $ 1,000 of additional coverage, which may or may not be adequate.
What does loss assessment cover?
Bear in mind that each loss assessment coverage policy is different. You’ll want to check your policy to see what you do or don’t have coverage for. That being said, most policies cover the same general areas.
- Damage to the exterior of the building: This would cover damage to the outside of the building from natural disasters like hurricanes, wind, tornadoes, fire, etc.
- Damage to common areas inside and outside the building: Generally, the policy will cover any damage to the common areas inside and outside the building, like elevators, carpeting, pools, hot tubs, etc.
- Liability coverage: If someone gets hurt in the common areas, there may be a liability claim. If the master policy comes up short for damages or legal fees, this is often covered by loss assessment.
- Deductibles on the master policy: The master policy is the coverage your condo association has to cover the property. When a claim is made against the building, you may be responsible for splitting the costs of the deductible.
What doesn’t it cover?
The most important takeaway here is that each insurer will have different areas and coverage levels for loss assessment. Additionally, the amount of coverage you need will vary based on what your condo association’s master policy has. If the limits are extremely high on the master policy, the need for additional coverage may go down. The same is true when the master policy has low coverage limits.
Should I get loss assessment coverage?
For the most part, your HO-6 policy should include at least some loss assessment coverage. If it doesn’t, you may want to inquire about adding some. Additionally, you’ll need to look at how much you’re covered for compared to the master policy. If you think the master policy limits are high enough that even the most extreme incidents wouldn’t cost more, you might be okay with minimal coverage.
How much loss assessment do I need?
The answer to this question starts by understanding the difference between your coverage and the coverage in the master policy. The coverage in your HO-6 policy covers the things that happen inside of your condo. When things happen outside of your condo to the building or common areas, it’s covered by your condo association’s master policy.
[More: What Is Condo Insurance and Do I Need It?]
However, if that master policy comes up short, the remaining costs are split among the owners. Loss assessment coverage covers these instances. Knowing exactly how much coverage you need involves looking at your condo’s master policy, how many owners there are and what you think incidents could cost.
If the master policy coverage is high and there are a lot of owners (more people to split the costs), you might be okay with lower coverage. If there are fewer owners and the coverage limits are low, you might want some additional coverage in case something unexpected happens.
Loss of assessments coverage and deductibles
Your condo’s master policy may cover a lot of the expenses from a claim. However, there may still be a rather large deductible every time a claim is made. Some loss of assessment coverage policies can cover your share of the deductible anytime this happens. While this feels good when you don’t pay anything on a claim, it will raise your premiums extensively. It’s up to you to balance the amount you want to pay, your assessment of the risk and what your policy covers.
Too long, didn’t read?
Loss of assessment is a part of most HO-6 policies that cover any costs not covered by the condo association’s master policy. Many times, this includes things like damage to the exterior of the building, damage to common areas and liability for injuries that occur within common areas. It’s important to understand the relationship between HO-6, your policy and the condo association’s master policy.
Keep reading
- What Is Condo Insurance and Do I Need It?
- What Is Personal Property Insurance?
- What Is a Peril in Homeowners Insurance?
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post What is Loss Assessment Coverage? appeared first on The Simple Dollar.
]]>The post Ask Your Company to Pay for These 6 Work-From-Home Expenses appeared first on The Simple Dollar.
]]>But before you break the bank for better internet speed consider that some employers are footing the bill for these setup costs. Shopify and Twitter both announced that remote employees will receive $ 1,000 for setting up a home office, while Chegg pays the monthly internet bill for its remote workers (along with $ 500 for other setups.)
[Read: 10 Real Work-From-Home Jobs for 2020]
Biron Clark, former executive recruiter and founder at CareerSidekick.com, assured us that, “Companies are saving quite a bit of money by having employees work from home (on office space, supplies, electricity, and more). So workers shouldn’t be shy about asking for financial help in setting up a productive, efficient home office. It’s appropriate to ask for an employer to pay for a desk, monitors, and any other equipment required to perform your job at a high level.”
6 items you can ask to expense
When setting up your home office, you can ask your employer for specific items or a general stipend. If you’ve already purchased some essentials, you can keep receipts and ask for a reimbursement.
- Internet. You can request your employer to pay for a portion of your internet connection if it’s essential for your job and especially if you’ve had to upgrade the package for a sufficient connection while working.
- Desk and chair. An ergonomic desk and chair can be essential for sustaining long days of work. If you don’t have a place to sit and work, it’s a reasonable request.
- Computer and/or monitor. Most workplaces provide their employees with a company computer. You can also request a second screen if it would improve your productivity.
- Headset/mic. Ask for this if your job involves a lot of phone calls or video conferencing, and you need something more extensive than your computer audio.
- Wifi router/VPN. You may need to upgrade your networking equipment if you work with security-sensitive information or suffer from laggy internet.
- Software. If you need access to Microsoft Office or Adobe Creative Suite to do your job, your company should fund that subscription.
Make the case for productivity
Make sure you can tie the item directly to your contribution to the company. Managers don’t want to see a negative impact on morale and work quality because you have to work from home, so they’ll probably be open to your request. Make it easy for them to agree by presenting a strong case for what you need.
Clark says, “Avoid talking about personal factors like debt and stick to business-related reasons. You’ll get better results if you present your request in terms of how it will make you more productive or efficient for the company.”
[From Trent: The Ultimate Guide to Choosing an Internet Service Provider]
Mention what you’re accustomed to at work and describe the office set up you currently have at home. You can speak to the physical factors of working long hours for prolonged periods of time without an ergonomic set up. Or you can cite times when you’ve had trouble tuning in to a meeting because of your internet connection.
Be open to creative solutions
There are a few ways your company can help with your transition to working from home. They could purchase and ship your equipment themselves, or maybe they give you a one-time stipend to set up as you see fit. Perhaps they can give you an allowance for a portion of your internet bill. If providing funding for a home office set up isn’t on the table, maybe suggest they let you take home some of the equipment you used in your physical office — like a chair, monitor or desk.
Too long, didn’t read?
If you find yourself working from home for the unforeseeable future, it’s imperative to have a home office setup that is conducive to productivity. If you need to purchase things to create that, it’s reasonable to request assistance from your employer. Many companies are struggling financially right now, so be reasonable with your requests and consider what you would have been provided in your employe’s office.
Keep reading
- How to Adjust to Work-From-Home Life
- Will This Working from Home Period Change the Future of Many Jobs?
- Your Pandemic Budget: How to Save for Another 12 Months
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
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]]>The post 8 Tips for Working From Home While Schooling Your Kids During Coronavirus appeared first on The Simple Dollar.
]]>Many of the obvious strategies for solving this conundrum involve simply throwing money at the problem through things like hiring a tutor, but for many families, that’s not a sensible option.
8 ways to balance working from home and virtual school for kids
Have clear schedules and guidelines
It is incredibly useful for both children and parents to know at a glance what each child’s daily schedule is and what the parent’s working schedule is like as well. This minimizes interruptions at inconvenient times.
For older children, one way of doing this is to create a set of Google Calendars, one for each parent working at home and one for each child, and share them among everyone so that everyone can see everyone else’s calendars at a glance. This enables them to add things like test dates and other key events to the calendar, too.
[Read: Do Parents Qualify for Unemployment If Schools Are Closed? It Depends]
Another option, particularly with younger children, is to simply use a big whiteboard to do the same thing. Fill it out each morning with everyone’s schedules and make it explicitly clear when the parent is free to be interrupted and when they are doing something important. Work with the child so that they know to look at that schedule board.
Designate clear workspaces for everyone
One of the most powerful advantages of going to school or going to a workplace is that those locations outside the home are distinct places where “work” or “school” happen. At home, the lines between work or school and life are blurred, and people tend to adopt a mindset of relaxing at home or doing personal chores.
The most effective way around this is to define workspaces for each person that will be at home. This should be a distinct place and environment where that person knows they’ll be doing schoolwork or professional work.
Many homes simply don’t have enough space for everyone to have their own designated workspace, so you’ll have to get creative. One way to do this is to have each person designate a particular table or portion of a table as their workspace. At the start of the day, each person sets up their “workspace” in a distinct way so that it’s clearly different from the normal conditions of that area. You might set up your laptop there. Your child might set up a laptop and a bunch of books. You may even want to buy some poster board and create dividers between the spaces that can be quickly put up and taken down, and allow each person to decorate their side of the dividers in a way that’s intended to help with focus and inspiration. This does not have to be fancy.
Another thing that works well is to have your children keep all of their notebooks and books in their backpack. When they get out their backpack at the start of the day, it becomes a cue that school is beginning. When they put it away at the end, that’s a cue that the school day is over.
Have blocks of focused time
There are going to be times throughout the day when both the parent and the children are going to need time to really focus on what they’re doing without interruption. Ideally, those times can line up, but that may not always work.
[More: How to Save Money While Attending College from Home]
After reviewing your children’s schedules, you might have a 90-minute block and a 45-minute block where the children are all going to be doing pretty focused schoolwork. Those can be focus blocks. During those blocks everyone knows that interrupting each other should be kept to an absolute minimum.
Outside those blocks, everyone can do work that’s much more interruptible and be more laid back. In these times, have lunch together, for example, and help with your kids’ work if needed.
Become an early riser
Start waking up a couple of hours before your kids need to wake up and use that time to get some deep work done before the day even starts. This enables you to be more involved in your children’s studies during the day while still getting all of your stuff done.
This will take some adjustment for many people. For this to work, you have to start going to bed earlier, which means that staying up late to watch a show on Netflix probably won’t cut it anymore.
However, this simple step will keep you on top of your job while the children do their schooling because being completely unavailable simply won’t work. If you try to be entirely uninterruptible during the day, you’ll cause conflict and stress for both you and your child, and being an early riser will make you more available.
Have leftovers for lunch
One of the biggest advantages of working from home is that you’re saving money on eating out with coworkers. Instead, you can eat a simple meal at home. The same logic holds true when you’re at home with your children — they’re not buying school lunches and thus you can share a low-cost lunch at home with them.
[Related: Best Checking Accounts for 2020]
The most cost- and time-effective way of doing this is to simply eat leftovers for lunch most days. Make sure that you’re preparing enough food for dinner that there will be enough servings left over to serve as adequate lunches for everyone working or schooling from home. This may enable you to buy meal ingredients in bulk, which provides additional savings.
When it comes time to have lunch, it’s as easy as heating up the leftovers. Even younger children can heat up their leftovers for many meals, meaning that you don’t have to stop work for an extended period of time to deal with meal preparation.
Share strategies for individual focus with your children as equals
While there will definitely be times that you need to act as a parent to get your children to do particular school tasks, this is also a spectacular opportunity to help them — and help yourself — master some tactics for focusing and for getting things done. This is particularly important for older children.
Don’t come at this from the perspective of a parent telling a child what’s best, but rather a discussion among equals. In terms of needing to be able to focus at home and keep track of things, you’re in this together, and treating it as something where you’re all in this together is going to go much further than turning it into a parent-child discipline issue.
Rather than saying, “You need to use a planner,” you might show them how you use a planner to organize your tasks by priority and due date. Instead of telling them to focus more, you can show them how you focus by putting your phone away so it’s not a distraction.
Talk about what was learned and achieved each day
One incredibly valuable tool that many families learned during virtual schooling in the spring was the value of a debrief at the end of the day, where everyone involved spent some time — perhaps around the dinner table — simply talking about how it went. What did they learn today? What did they get done? What worked well and what didn’t?
[More: The Best Bank Account for Kids]
These might be academic topics. They might be things that are working well or not working well in terms of the mechanics of getting schoolwork done. Whatever they are, give them room to voice those thoughts, and make it a regular, comfortable thing, even if it’s critical.
Praise and reward children for effort — not results
This is going to be a school year when we’re all learning new processes and, to an extent, flying by the seat of our pants. That’s just reality.
Rather than focusing heavily on results during this time, focus instead on process. What are the things your kids are going to need to do to make this work? They will need focus. They will need concentration. They will need effort. They will need the ability to learn on their own more than they’re used to.
Those are the things you should watch for in your home, a little less than results. Don’t worry about the exact grades they’re getting, particularly at the start, as some of those numbers are going to be more reflective of teachers figuring out exactly how to grade students in these new conditions.
Instead, focus on praising and even rewarding signs of focus, concentration, and effort in your kids. Praise them not for getting an “A” on an online test, but on the fact that they spent an hour engaged with their math class and really focused on the homework. Praise them for doing 30 minutes of social studies reading on their own without being told to do so and without their phone nearby.
If they’re doing those things, good academic results will inevitably come, and they’ll also be learning skills that will help them self-learn for the rest of their lives. That’s one of the most valuable things your children will get out of this year.
Too long, didn’t read?
The challenge of balancing remote work and virtual schooling seems daunting, but it doesn’t have to be. Taking simple steps such as identifying clear workspaces for everyone, minimizing distractions, eating leftovers for lunch, identifying time blocks for no interruption, and really focusing and rewarding the process of learning rather than the results will make this challenging period go much more smoothly.
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post 8 Tips for Working From Home While Schooling Your Kids During Coronavirus appeared first on The Simple Dollar.
]]>The post Has the Pandemic Made It Easier to Get a Personal Loan? appeared first on The Simple Dollar.
]]>Despite this, a growing number of people are relieving financial anxiety by taking out personal loans.
These loans can help you pay bills and cover expenses during cash-strapped times. How hard or easy is it to get a personal loan, and what role has the pandemic played? First, we have to talk about how personal loans work and what you need to consider before applying.
Things to consider when getting a personal loan during COVID-19
There’s an array of personal loans out there, but for the moment, we’re going to focus on the most common one: unsecured personal loans, which don’t require collateral, like a house or car. These loans are offered by banks, credit unions and other lending institutions. They’re paid back in installments and typically come with a fixed interest rate.
[Read: The Best Personal Loan Rates of 2020]
“When you compare personal and business loans, you’ll see that the requirements are much less involved for personal loans,” says Nishank Khanna, Chief Marketing Officer for Clarify Capital.
A low interest rate that is relatively easy to obtain sounds great, but there are some things to consider.
Whether the timing is right
Uncertainty surrounding the future during the pandemic has caused banks and other lenders to be more cautious.
“In some cases, getting a personal loan might actually be more difficult during the pandemic, as furloughs and unemployment have increased,” adds Khanna. “Not having proof of income or proof of employment and a change in debt-to-income ratio could negatively affect a borrower’s personal loan eligibility.”
Another thing to keep in mind is your credit score. Since collateral isn’t needed for unsecured personal loans, lenders will put extra emphasis on an individual’s credit score when deciding.
The type of loan you’re looking for
Unsecured personal loans aren’t your only option. Unconventional personal loans are an alternative for those with lower credit scores. These loans are typically managed by nontraditional lenders, such as marketplace lenders, who use a broader range of data to make a decision. Be mindful of the interest rate for these types of loans, especially if your credit score is low and you’re struggling financially.
If taking out a personal loan doesn’t seem like the right fit for you, consider these alternatives.
- Refinancing: If you own a home, you could take advantage of low interest rates by refinancing. A cash-out refinance has the potential to lower your mortgage interest rate while supplying you with money to pay down debt.
- A home equity loan or home equity line of credit: The difference here is really when the money is delivered. With the former, funds are distributed in one lump sum, whereas with the latter, you take money out when you need it.
There is another type of loan option available that you should explore with caution: personal payday loans.
“Your very last do-or-die option for quick cash is a personal payday loan, but approach this with extreme distrust, as these loans are treacherous,” says Jim Pendergast, Senior Vice President of altLINE. “The interest rates on payday loans are notoriously harsh, and if you don’t pay back quickly, you get sucked into an unforgiving debt spiral.”
Current interest rates and the competition
In addition to impacting whether you get approved for a loan, your credit score can also influence the interest rate you’ll be given. As of June, the average interest rate for a 24-month personal loan was 9.63%, according to the Federal Bank’s most recent data.
[Read: The Best Personal Loans for Bad Credit in 2020]
The interest rate you’ll end up with may vary depending on your lender and where you live. It’s a good idea to shop around and get quotes from different institutions. Often, banks will do a “soft pull” of your credit history, which won’t impact your credit score. You can use an online calculator if you want to play around with numbers to see what payments would look like with different interest rates.
Other forms of financing
There are even more ways to get financial help if you’re in need. If you’re comfortable with the idea, consider asking friends or family for a loan.
You may also look to credit cards, but be cautious.
“In a pinch, consider using a 0% APR or balance transfer credit card to get by,” said Greg Johnson, Co-founder of Club Thrifty, a financial wellness website. “These cards typically offer a 0% APR for a year or more, which could help provide some breathing room.”
Are coronavirus hardship loans easier to get?
If the amount you need is small — $ 5,000 or less — then a coronavirus hardship loan might be right for you. These loans offer flexibility in terms of repayment schedules and come with low interest rates for those with good credit. The criteria for getting a hardship loan are similar to those of a personal loan so you’ll need a good credit score to get a lower interest rate.
[Read: Do You Qualify for a Coronavirus Hardship Loan?]
About 80 percent of credit unions are offering this product, according to the Credit Union National Association (CUNA). Other banks are adjusting their loan services by lowering lending amounts to include favorable terms for borrowers.
So some lenders are more willing to issue a loan to someone with a less-than-perfect credit history. Keep in mind these loans can only be used for very specific things, like making a car or mortgage payment. Also, you’ll need to provide proof that the pandemic has negatively impacted your finances when you apply.
Too long, didn’t read?
The pandemic has upended the financial lives of many Americans. Banks and other lenders offer personal loans to help those in need. These loans typically don’t require collateral and come with lower interest rates for those with good credit. There are also other options if you need money to pay bills, such as a home equity loan, a 0% APR (for a limited time) credit card and a coronavirus hardship loan.
Keep reading
- Traditional Financial Advice Is No Longer Relevant
- 5 Things the Next Stimulus Package Desperately Needs
- This Is the Best Time in 50 Years to Refinance a Mortgage
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post Has the Pandemic Made It Easier to Get a Personal Loan? appeared first on The Simple Dollar.
]]>The post Why Universal Basic Income Would Be Good for the Economy appeared first on The Simple Dollar.
]]>- Democratic and young voters saw the largest increases in support. 36% of Republican voters are in favor, along with 71% of Democratic voters and 56% of Independent voters.
- The survey was conducted in August 2020, the same month that saw weekly unemployment claims spike to over one million.
Universal basic income is an economic policy that guarantees every adult a certain level of fixed income from the government. Like a social security payment, except for everyone who doesn’t meet a certain annual income amount. The cornerstones to UBI are that it is paid on a recurring basis, in cash payments, paid to the individual (not household), is universal (no specific population) and unconditional.
Essentially, it aims to create a wage floor that can help raise people from poverty. The specific payment amount, where that money comes from and how it varies by state, are all variables that would depend on the legislation and who implemented it.
Why does anyone oppose Universal Basic Income?
Those who oppose universal basic income usually have objections regarding its execution. The most popular point of dissent is funding. To give each American adult $ 1,000 a month would cost a couple trillion ($ 2.8 trillion according to Andrew Yang’s plan.) It’s unclear where that money would come from and how it may affect taxpayers.
Detractors also theorize that a guaranteed income would eliminate motivation to work and contribute to society. It may also encourage more people to immigrate to the U.S. to take advantage of the guaranteed income.
There’s also the case that raising the minimum level of poverty doesn’t eliminate the structural inequalities in work and education that limit opportunities for minorities and lower classes. The Ivy League grad with a steep inheritance can still afford to take an unpaid internship in Manhattan over a first generation college graduate from a low-income family.
The moral necessity of UBI
Supporters of universal basic income rally around the human right to quality of life. Every person deserves the basic necessities to not only survive but feel stability. A UBI would seek to alleviate inhumane contradictions, like the 1.5 million public school students experiencing homelessness in one of the most developed countries in the world.
Providing a guaranteed income could help people break the cycle of generational poverty. And pilot studies of this system have shown that people make vital choices — like covering grocery and healthcare expenses with the money they’re given.
UBI supporters, like Yang, also point to the monetary balance and value a UBI can place on things our culture values. It would help fund young and struggling artists and provide stability to gig workers. It would provide an income for stay-at-home or part time mothers, giving a monetary fund to family labor and care.
Trials and errors
Each iteration and proposal for UBI has been different. Switzerland was the first country to put a UBI system to a nationwide vote, but 78% of voters were against it. Finland piloted UBI for two-years with the goal of improving unemployment but decided not to continue the program after finding it did not help decrease unemployment.
Germany recently launched a three-year UBI experiment where 120 citizens will receive basic income every month, funded by donations. And closest to home, the city of Stockton in California has been running a UBI pilot program — 125 low-income residents receive $ 500 each month. So far, data indicates the money is being spent to cover basic cost of living bills and obligations.
Too long, didn’t read?
Implementing universal basic income is complicated. But a system like this could have eased the economic tension that business closures and layoffs due to the pandemic have caused. On the other hand, if adopted, UBI could cost almost the equivalent of the government’s entire federal budget and burden taxpayers. And who knows, maybe UBI fan Elon Musk will donate one of his billions.
Keep reading
- Biden’s Economic Plan, Explained
- Where Does Kamala Harris Stand on the Economy?
- When Will the Economy Recover From Coronavirus?
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post Why Universal Basic Income Would Be Good for the Economy appeared first on The Simple Dollar.
]]>The post Renters Insurance Terms to Know appeared first on The Simple Dollar.
]]>Renters insurance definition
Proof of renters insurance is typically required when you sign a lease on a new apartment or rental home. Your landlord has insurance to cover the property and structure, but your renters insurance covers your personal property if certain types of loss or damage occur. You can file a claim with your insurance provider. While you typically have a deductible that’s your responsibility, the insurance policy will pay out the value — up to your policy limit — above that for eligible claims. Take an inventory of your items to determine how much coverage you actually need.
[Read: How Much is Renter’s Insurance?]
Terms to know
Renters insurance coverage definitions
Personal possessions: This term refers to anything in your rental property that isn’t part of the structure, but actually belongs to you. Think furniture, linens, electronics, clothing, jewelry, appliances and kitchenware. Creating an inventory list with photos or videos is a smart way to track your possessions.
Liability protection: You’re covered in case someone sues you for an injury or property damage caused on your property. It can cover both legal fees and settlement costs. Coverage amounts should usually be equal to your personal assets, since that is what plaintiffs typically target during a lawsuit.
Additional living expenses: This includes coverage for your living expenses when you’re unable to stay at your home or rental property because of qualifying damage. It may also reimburse you for meals, since you may not be able to cook in a hotel. Coverage amounts typically equal 20% of your insurance coverage for the property.
Scheduled items: These are expensive personal possessions that may not be covered by a standard renters insurance policy. You can get supplemental insurance for scheduled items, which could include jewelry or electronics. Insurers may require a receipt or appraisal to insure the full value of scheduled items. You may also qualify for additional coverage when you purchase a supplemental policy This means you could be reimbursed for loss or damage beyond what a standard renters insurance policy would cover.
Renters insurance reimbursements definitions
Actual cash value: This refers to one method an insurer may use to calculate reimbursement for damaged personal possessions. Rather than reimbursing you for the amount it would cost to replace the item in today’s market, the insurer could instead give you the amount of its fair market value. Age is taken into account, so you may not be able to replace your electronics, for example, with brand new ones based on their current value.
Appraisal: An appraisal is an evaluation of personal possessions by a professional appraiser. This process helps the insurance company calculate the replacement value of your belongings. An appraisal can also be used to determine the amount of damage incurred to a building.
Home inventory: This is a list of all of your personal belongings within your home that you would want to be covered in the event you need to make an insurance claim. You can take a home inventory with a manual list using a pen and paper or take photos or videos of your home.
Depreciation: Depreciation occurs when your personal property loses value over time. Things may become worth less because of age and condition.
Replacement cost coverage: Replacement cost coverage allows you to get today’s market value for damaged property; in other words, how much it will cost you to replace it, not how much you would receive if you sold your old belongings today. This is typically considered a more competitive component of an insurance policy compared to actual cash value.
Renters insurance policy terms to know
Premium: An insurance premium is the amount you agreed to pay to be covered by a policy. The better coverage you have, the higher your premium will be. Premiums may be charged monthly, quarterly, or annually.
Deductible: Every insurance policy comes with a deductible, which is the amount you must cover before your insurer pays out on a claim. In other words, you only get reimbursed for damages incurred above your deductible. If your apartment gets vandalized and there’s $ 1,000 worth of damage, but you have a $ 500 deductible, your insurer would only pay out $ 500.
Declarations page: Although it can be longer than a page, an insurance declarations page lists all of your policy details. It includes your coverage limits, premium amount, deductibles, effective date, and information on how to file a claim.
Policy: Your insurance policy is another term for your contract with an insurer. Your policy outlines the agreement you reach for the amount of coverage you receive for the premium you agree to pay. The policy lets you know what your insurance covers, just as importantly, what it doesn’t cover.
What does renters insurance cover?
Renters insurance covers you for damage done to your own property caused by certain events. For instance, most policies cover smoke, fire, theft and vandalism, lightning, windstorms, and some water damage. So if the stove in the apartment below you catches on fire and your apartment is damaged by smoke or flames, your policy will likely cover you to help you replace your belongings that were destroyed or ruined.
Most policies also include renters liability insurance. If someone is injured while at your property and attempts to sue you, your insurance policy should have some type of coverage that either pays for your court costs. Sometimes you may also have no-fault medical coverage, which would allow you to file a claim for your insurer to pay for medical costs as a result of injury on your property.
Finally, your policy will also likely cover additional living expenses (ALE). If your rental unit is damaged so badly that you can’t live in it during the repairs, ALE coverage pays for your lodging expenses until you can move back in.
What does renters insurance not cover?
Read your renters insurance policy carefully to also find out what is not covered. Most standard policies do not cover damage caused by floods or earthquakes. If you live in an area prone to either of these disasters, you may want to get an additional policy to protect your belongings.
Also explore your options for coverage limits. Regardless of what type of items you have in your home, your reimbursement will only go as high as your policy allows. Consider extra coverage for high-value items, like an expensive stereo system or a designer shoe collection. Ask your insurer if you need an appraiser to confirm the value and put it in on record.
[Read: Is Renters Insurance Worth It?]
Too long, didn’t read?
Renters insurance definitions are essential to know because they help you understand what’s covered in your policy. That way, you’re financially protected if any damage or other event occurs at your rental property. Be sure to figure out your coverage limits, how much you’re responsible for when filing a claim, and how your belongings are appraised for reimbursement. Knowing these details help you prepare for the unexpected, rather than being completely blindsided by a surprise event.
Keep reading
- The Best Renters Insurance of 2020
- How to Buy Renters Insurance Online
- Cheapest Renters Insurance Companies of 2020
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post Renters Insurance Terms to Know appeared first on The Simple Dollar.
]]>The post Trying to Save Money on Food Costs? Read These 6 Tips appeared first on The Simple Dollar.
]]>1. What’s the best curbside pickup grocery strategy?
2. Should I make my own vinegar?
3. How do I cook with a small kitchen?
4. The importance of frozen pizza
5. Navigating school lunches during COVID-19
6. How can I learn to cook better?
6 questions about saving money on food costs
1. What’s the best curbside pickup grocery strategy?
Read your article about grocery and meal planning strategy. If one of the goals is to minimize the time in the store, how does that work with curbside pickup when you’re not in the store? Doesn’t it lose its main benefit?
– Eric
I assume you’re referring to this meal-planning article, where I discuss the general process our family uses for planning out meals, translating that into a grocery list, and then going grocery shopping.
Yes, one benefit of that plan is that it minimizes the time in the grocery store, which thus minimizes the number of impulse buys you make while there. Stores are set up to tempt you.
However, this still applies with grocery shopping via an app with curbside pickup.
The advantage of doing meal planning away from the app and developing a grocery list away from the app is that you spend less time browsing around in the app. The more time you spend browsing around a grocery app, simply wandering around hoping that serendipity will strike, the more tasty things you’ll find to buy and add to your cart with just a tap. If you have a list of things to add to focus on, you’ll spend less time browsing, which means fewer unnecessary purchases.
That doesn’t mean you shouldn’t ever buy snacks or things like that — by all means, do so. However, writing a grocery list based on a meal plan away from your grocery app is a smart move.
There are a lot of ways to do this. Here, we use a whiteboard for our weekly meal plans. I use Paprika as a “digital recipe box” to aid in that, as that’s where I have all of the recipes for our family favorites stored.
2. Should I make my own vinegar?
Have you tried making your own vinegar? It’s not a cheap replacement for regular white vinegar, but it is a really good alternative for things like red wine vinegar and apple cider vinegar.
– Damon
Absolutely! Making fermented foods is one of my hobbies. Here’s a guide to making your own vinegar that I like, though you can also make your own vinegar mother to get started. It’s really not hard and uses minimal equipment.
Remember, this isn’t a really efficient way to make ordinary white vinegar. It’s just cheaper to buy a big jug of that at the store. This is really only worthwhile if you like using fancier kinds of vinegar for cooking or making vinaigrette dressings.
3. How do I cook with a small kitchen?
I live in a 320 sq. ft. efficiency apartment. It’s basically one room with a shower stall and a sink in the corner, think of it as a big dorm room basically. Outside of a microwave, I have no idea how to cook here but eating all takeout seems really expensive. Guides online all seem to assume you have a ton of money.
– Cammie
You won’t be able to bake, but with a good hot plate or two and a few pans, there are a lot of things you can make. I suggest this two-burner hot plate for starters, along with a small pot, a large pot, a skillet from a secondhand store. a simple plastic or wooden spatula and a plastic or wooden stirring spoon. That will help you cook a lot of things and you can get all of that for $ 40–$ 50. All of that stuff is easily washable in the sink you have, too.
If you have room for a small refrigerator, that will be really helpful as well, but that’s a bigger expense and it can wait. It’s mostly good for storing leftovers and keeping items cold, but many things can be prepared without it.
With this setup, you can easily make some one-pot pasta meals, all kinds of sandwiches including grilled cheese and soups. If you add a small fridge to this setup, you drastically increase your options, as noted above.
4. The importance of frozen pizza
One frugal tip I think you should mention is the value of frozen pizzas on sale. They are a great quick freezer meal. Our local store often has frozen pizzas on sale for three for $ 10 and they’re pretty good. I’ll buy a whole bunch and then on really busy nights I’ll make two of them for our family of four for dinner. That adds up to $ 1.66 a head for supper, which isn’t bad.
– Kathy
This is actually a pretty good strategy, and we do the same thing. Sometimes everything just falls apart and we need to come home, flip on the oven, slip in the pizzas, and have dinner on the table in 20 minutes, and it’s really hard to have anything that works as well or as inexpensively as a frozen pizza. I’ll sometimes sprinkle some frozen veggies (diced green peppers and onions) or some mushrooms on top of cheese pizzas, as cheese pizzas are usually really cheap.
If you’re able to get good frozen pizzas at a rate of three for $ 10, that ends up being pretty cheap. It’s not an “everyday” meal by any means, but in terms of something that you can turn to in a pinch when things just did not go according to plan, it’s crowd pleasing and pretty inexpensive and very quick to prepare.
Another thing we do along the same lines is whenever we make chili, we make absurd amounts of it and fill up freezer containers with it. We will make on the order of two to three gallons of chili at once sometimes. We use two-quart containers, which gives enough chili for dinner for our family of five. We can come home, pop it in the microwave to defrost, then cook it in there or on the stovetop.
5. Navigating school lunches during COVID-19
Could you write an article on inexpensive school lunches during COVID-19? Our school sent home a leaflet encouraging kids to bring lunches but then also warning about surfaces and stuff which kind of defeats the point of reusable containers. Any suggestions?
– Dana
My suggestion would be to send as many things wrapped in paper as possible. Send lunch in a paper bag, wrap a sandwich in a wax paper sandwich bag (like these) and maybe even put some sides in them, and send individually wrapped sides and a drink bought in bulk. That way, this can all be disposed of through the recycling bins in the school and the items aren’t coming home with them. Focus on things that work at room temperature. A big warehouse club trip is probably in order to make this work.
This is not normally how I would suggest sending school lunches, as it’s not the most frugal way to do it, but given the potential risk of school lunch containers becoming a vector for carrying coronavirus if it’s being transported back and forth every day, it’s probably good to avoid the risk. If you do go with reusable containers, I would take the utmost care to wash them carefully each day.
6. How can I learn to cook better?
I have been trying so hard during all of this to make meals at home but everything I make that isn’t a boxed meal is just terrible. I burn it or there’s no flavor so I just end up ordering delivery which ends up being even more expensive because of the food I wasted.
– Margie
Learning how to cook at home means that you’re going to make some pretty low–quality meals, especially at first. You’re going to burn stuff. You’re going to make stuff that isn’t very flavorful. You’re going to make stuff that doesn’t taste like you expect. It happens.
When you screw up, it is completely OK. Don’t get angry or upset or frustrated with yourself. Every single person who has ever cooked in a kitchen with some success has messed up a lot of meals.
Instead, turn to Google. Search for things like “easy ways to make spaghetti more flavorful” or “how to not burn a fried egg” and see what you find.
The most helpful thing in the world for getting better at cooking, in my opinion, is YouTube. There are videos out there on how to cook and season almost everything. Just put your phone out in the kitchen when you’re ready to try something and roll the video, pausing when you need to do something. My kids make all kinds of things from YouTube videos. I really, really wish I had YouTube as an aid when I was first learning to cook.
You are going to mess up, and that’s OK. Messing up means you tried something, and from trying and failing you usually learn more than you learn from success. Rather than beating yourself up, figure out what went wrong and try again.
Got any questions? The best way to ask is to follow me on Facebook and ask questions directly there. I’ll attempt to answer them in a future mailbag (which, by way of full disclosure, may also get re-posted on other websites that pick up my blog). However, I do receive many, many questions per week, so I may not necessarily be able to answer yours.
We welcome your feedback on this article.Contact us at inquiries@thesimpledollar.com with comments or questions.
The post Trying to Save Money on Food Costs? Read These 6 Tips appeared first on The Simple Dollar.
]]>The post How to Offset the New Mortgage Refinance Fees appeared first on The Simple Dollar.
]]>If you haven’t already gotten the ball rolling on refinancing your home, you’re likely to be impacted by the new charge. Fortunately, there are a few ways you may be able to avoid or offset the new mortgage refinance fees. Shopping around with different banks to get the lowest interest rate possible and improving your credit score can increase savings when refinancing a mortgage.
What is the new mortgage refinance fee?
Fannie and Freddie cited economic and market uncertainty related to the COVID-19 pandemic for wanting to add a 0.5% fee to refinanced mortgages they own. Essentially, the companies fear the economic uncertainty caused by the pandemic will lead to a rise in defaults and foreclosures. To put this in perspective, Fannie and Freddie guarantee about half the mortgages in the United States, which means this new fee could impact huge swaths of people seeking to refinance their homes.
[Read: Shop Refinance Mortgage Companies]
For some background, Fannie Mae and Freddie Mac are officially classified as government-sponsored enterprises. Understanding this distinction isn’t as important as understanding what they do. The companies don’t actually issue mortgages. Instead, they buy loans from banks and other lenders. Fannie Mae and Freddie Mac take these mortgages and turn them into mortgage-backed securities. This next part is key to understanding the new refinance fee.
These securities are guaranteed, meaning no matter what, investors will get paid. It’s also important to remember that the two companies were placed in conservatorship with the Federal Housing Financing Agency (FHFA) in 2008. The FHFA is tasked with restoring the companies to sound financial health.
Moe Mansouri, President of the financial services company Loansteady, believes the new fee is the result of capacity constraint caused by increased demand for refinancing and the difficulty of processing so many applications during a pandemic.
[Read: Compare Current Mortgage Rates]
“Given that rates were at a historic low, lenders have no choice but to constrain capacity by increasing margins amid the refi boom,” says Mansouri. “FHFA sees the greater margins and has decided that lenders have excess profits to spare. They [Fannie and Freddie] ultimately want to use that money to fulfill the FHFA’s stated goal of building capital reserves to end the government’s conservatorship of these agencies.”
Essentially, the two companies see the new fees as a way of getting out of the conservatorship with FHFA.
Okay, there’s a new fee, but is 0.5% really that much? A statement released by the Mortgage Bankers Association claims the fee will cost the average consumer looking to refinance an additional $ 1,400. Keep in mind that refinancing already comes with fees that can cost thousands of dollars, and it can take a couple of years before you actually pay off those fees and begin to see savings.
“Repercussions [from the new fee] will fall heavily on low-income and financially vulnerable households,” adds Mansouri.
How can I avoid or offset these new fees?
A lot of people are refinancing right now. How many? The latest data shows that the number of refinanced mortgages is up more than 100% compared to the same period last year. This surge is being driven by historically low interest rates. In fact, in a June report from the mortgage data and analytics firm Black Knight, the company’s analysis showed there were another 15.6 million qualified refinance candidates who stand to save an average of $ 289 a month. The bottom line? Now is still a good time to refinance.
Unfortunately, if you choose to refinance after September 1, and if Fannie Mae and Freddie Mac back your current mortgage, there’s no way to avoid the new fees unless you’ve already submitted the paperwork and have a locked-in interest rate.
[From Trent: 15-Year or 30-Year Fixed Mortgage: Which is Right for You?]
“This fee will be baked into the pricing of all lenders for all Fannie/Freddie eligible refinancing,” says Mansouri. “It is essentially a ‘refinance tax.’”
Remember, this new fee only applies to loans backed by Fannie and Freddie, so if you’re planning to refinance, you may want first to find out who owns your mortgage.
Although avoiding the new fees might not be possible, there are ways you can offset the fees.
The best approach to help offset all costs and fees associated with any refinancing is simply shopping around. Research from Freddie Mac shows that something as simple as getting more than one quote can save homeowners an average of $ 1,500 over the life of a loan. The savings jumps to $ 3,000 for five quotes. Despite this, the report points out that nearly half of consumers don’t shop around for a better rate.
Before you begin the process of refinancing, it’s also important to check your credit score. The higher your credit score, the better your interest rate will be. If your score is low and you aren’t in a money crunch, take the improve your credit before refinancing. A half-point rate difference doesn’t seem like much, but it could cost you thousands of dollars over the lifetime of your loan.
Too long, didn’t read?
Mortgage industry giants Fannie Mae and Freddie Mac recently announced they plan to assess a new 0.5% fee on all refinanced mortgages the companies own after September 1, 2020. Fannie Mae and Freddie Mac cite economic uncertainty brought on by the pandemic for its decision. The fee could end up costing consumers more, but this increase may be offset by shopping around for better interest rates and working to improve your credit score.
Keep Reading
- 17 Things to Know Before Buying Your First Home
- Consider These 3 Things Before Getting a Home Equity Loan
- What Are Mortgage Points and How They Can Cut Your Interest Costs
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post How to Offset the New Mortgage Refinance Fees appeared first on The Simple Dollar.
]]>The post Here’s Where Home Prices Have Increased the Most This Year appeared first on The Simple Dollar.
]]>A recent report by CoreLogic provides a general overview of national home prices. The big takeaway? Prices are going up, but not for much longer. Perhaps the more interesting piece is looking at the five states where home prices have risen the fastest in the past year:
- Idaho
- Montana
- Missouri
- Arizona
- Maine
Surprised? One might expect to see California, Texas or New York in the top five. However, there are specific reasons why states like Idaho on Montana are at the top and why it could be the right time to buy given current low interest rates.
Why these states?
“Almost all of these states have an all-time low in inventory,” said Greg Bond, president & owner of Orlando-based Renovation 320. “As supply decreases, demand goes up and prices rise.” Okay, this is a good start, but we need to dig deeper to understand why supply is so low.
[Read: The Best Mortgage Rates of 2020]
Finding answers is as easy as looking at local newspapers in these areas. For example, according to an article on the Idaho Statesman, new construction is down in the area compared to this time last year. While a story in The Missoulian shows the same is true in neighboring Montana. So, we’ve got two pieces of the puzzle, but there’s more.“In recent years, these states have seen a surge in people moving to them,” said the Director of Agent Relations for Veterans United Realty Jake Kraft. “As a result, home prices have increased as more buyers are competing for fewer properties.”
Things are fitting together quite nicely, but there’s still one more piece — the pandemic. High prices and limited supply are nothing new. The one sizable change has been COVID-19 and its impact. The pandemic caused many homeowners and contractors to rethink their plans. The shutdown orders served as a giant pause button that temporarily froze the market. The thaw has started. But there’s still a great deal of uncertainty as owners and contractors decide whether to sell or build.
If home prices are high, why are mortgage rates so low?
Mortgage rates have been low for a while. However, the current drop in rates can arguably be attributed to the pandemic. The Federal Reserve’s recent decision to buy up mortgage-backed securities is a way of pushing rates lower. Lower rates are good for banks and other financial institutions because they attract potential borrowers looking to take advantage of a good deal.
“If you look back to 2009 to 2013 when [home] prices were at all-time lows, financing was near impossible to get, because banks tightened up their lending requirements,” said Bond. Context is important here.
The financial collapse that started in 2008 reverberated for years. The Fed’s action now is an attempt to avoid a repeat. When you think about it, the Fed is actively encouraging spending. So, is now the right time to purchase a new home or refinance a mortgage?
[Read: The Best Mortgage Rates for August 2020]
“Some might say that now is not a good time to buy, because prices are so high. However, when prices are high, typically interest rates are low, and financing is accessible,” said Bond. “This allows you to buy a more expensive home while keeping your monthly payments manageable.”
Generally speaking, now is also a good time to refinance your existing mortgage, especially if you have a high interest rate. Let’s use a hypothetical example. Say you have a 30-year fixed-rate mortgage with a 4% interest rate on a $ 300,000 loan. Money is tight right now, and you’re looking to save any way you can. You fill out the necessary paperwork and are approved for a new 30-year fixed-rate mortgage with a 3% interest rate. This one-point drop has the potential to save you $ 260 a month.
Things to consider before refinancing
Interest rates are low, but that doesn’t mean you’ll necessarily get the lowest rate. A lot depends on your credit score. When refinancing, you also want to think about the long term. Do you plan on staying at your current home for a while? If not, you may want to consider keeping your loan’s current terms or maybe even selling. Why? Because there are costs and fees associated with refinancing. You’re probably not saving any money in those first few years after refinancing, because you’re paying off the costs and fees from the transaction. It could take three years or more before you break even and start to see those savings.
Too long, didn’t read?
Low mortgage interest rates are driving demand in the housing market. This demand is offset by limited supply. The combination of the two is driving up home prices, especially in five states: Idaho, Montana, Missouri, Arizona and Maine. Still, low interest rates make this a good time to buy or refinance. But remember: Borrowers looking to take advantage of these low rates should make sure their credit score is in good shape first.
Keep Reading
- Should You Get a Second Mortgage?
- 15-Year or 30-Year Fixed Mortgage: Which is Right for You?
- Here’s How Much the Average American Pays in Interest Each Year
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post Here’s Where Home Prices Have Increased the Most This Year appeared first on The Simple Dollar.
]]>The post 5 Things the Next Stimulus Package Desperately Needs appeared first on The Simple Dollar.
]]>To follow the CARES Act and its expiring measures, the GOP introduced a trimmed down stimulus package called the HEALS Act and Democrats countered with their own proposal called the Heroes Act. Congress was unable to reach a compromise in a classic stalemate for the two parties — Republicans want to spend less, and Democrats want more comprehensive measures.
Since they have until Labor Day (when lawmakers return to D.C.) to mull it over — we have some ideas on what the package should include.
1. Extended eviction ban
Due to the pandemic, 23 million people could face eviction this fall. Some form of eviction protection or rental assistance should be in the next stimulus package, as well as measures to aid landlords who can’t pay a mortgage or face foreclosure due to an inability for their tenants to pay rent.
Though President Trump has called for Congress to extend the eviction ban under the CARES Act, his recent executive order regarding housing doesn’t solve the issue. The memorandum simply lays out instructions for the Department of Health and Human Services (HHS) and the Centers for Disease Control (CDC) to explore whether it is reasonably necessary to place a ban on evictions to prevent COVID-19 spread. The U.S. Treasury Department and the Department of Housing and Urban Development (HUD) have also been instructed to find funding for assistance for renters and homeowners having trouble making rent.
[Read: Emergency Loans for the Unemployed]
Diane Yentel, president of the National Low Income Housing Coalition (NLIHC), responded in a statement by calling the executive order, “an empty shell of a promise that does nothing to prevent evictions and homelessness and acts only to mislead renters into believing that they are protected when they are not.”
2. Hazard pay for essential workers
Despite pushes to social distance, wear masks and stay home — an estimated 55 million essential workers are at risk of catching COVID-19 every day to provide essential services. This is especially true for health care workers who are in the frontlines of the disease. Hazard pay is an additional compensation for workers risking their lives to do their jobs and a pandemic that has caused over 170,000 deaths certainly qualifies.
Some cities and states are already enacting their own hazard pay program. Representatives of both parties have expressed interest in the idea. The Heroes Act includes an allocation for hazard pay, and Sen. Mitch Romney (R-UT) introduced a proposal in May.
3. Detailed student loan relief
Extended student loan relief isn’t high on the list for a streamlined stimulus package among representatives. But with $ 1.6 trillion in collective student debt, among 45 million borrowers, we’d argue it’s important.
President Trump signed an executive order in early August that extends the CARES Act student loan relief through the end of 2020. Student loan payments will continue to be paused and won’t accrue interest. Not every benefit was explicitly stated, however, and may not be covered by the memorandum. It’s unclear if the order includes borrowers in default, if debt collections can resume and whether the months of non-payments would count towards Public Service Loan Forgiveness.
Not only should the new relief package include details about these benefits, but it should also extend student loan relief into 2021. With a vaccine years out, the economy in a recession and the time it takes for new relief bills to pass, it’s best to plan ahead for the inevitable.
4. Sufficient unemployment benefit
The extra $ 600 per week unemployment insurance benefit has expired and left many without enough to make ends meet. When you’ve forced businesses to close, causing a spike in unemployment, you can’t leave workers on the sidelines. President Trump seems to agree. The administration has issued an executive order that guarantees those on unemployment an additional $ 300 per week ($ 400 if your state decides to relegate funding to it.) In order to qualify, you must be receiving at least $ 100 in unemployment (which could leave out part-time and tip workers.) Arizona and Texas have already started paying out the extra benefit, with more states on the way.
[Read: How to Avoid an Eviction If You Can’t Pay Rent]
That’s half of the original benefit the CARES Act introduced, and when paired with a lack of eviction protection, it’s not enough to protect many Americans. Both the Heroes Act and HEALS Act propose an extra unemployment benefit, so it’s likely to exist in the new package in some form.
Though we’ve seen signs of an improving economy and job market since the pandemic first hit and the unemployment rate has dropped from its peak, joblessness is still at a historic high. It could be important to extend the benefit timeline and increase the number of weeks people can collect jobless benefits as reopening remains uncertain.
5. Another stimulus check
A poll by the Financial Times found that the pandemic has impacted 73% of American’s income. Another stimulus check is a small salve in a time of uncertainty, but it’s better than nothing. It also encourages economic stimulation. Some major retailers and restaurants like Wendy’s, Chipotle, Walmart, Apple and Lowe’s reported an increase in spending when Americans received a stimulus check in April.
[Read: Will You Get Another Coronavirus Stimulus Check?]
But despite the momentary spending relief, consumer behavior alone should not determine economic wellness. Another stimulus check is a necessary lifeline for many, not an additional monetary compensation. Luckily, both parties proposed a second stimulus check with the same structure as the CARES Act.
Too long, didn’t read?
Congress’s inability to reach a compromise on the next stimulus package is disappointing, to say the least. Many American’s are facing an immediate crisis, and protections are expiring. The next round of legislation should focus on policies that can sustain the incomes of people unable to work or whose financial security has drastically changed due to the pandemic.
Keep reading
- Do You Qualify for a Coronavirus Hardship Loan?
- Coronavirus Stimulus Package: Everything You Need to Know
- 5 Ways to Slash Your Debt During the Pandemic
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post 5 Things the Next Stimulus Package Desperately Needs appeared first on The Simple Dollar.
]]>The post The Best International Student Loans of 2020 appeared first on The Simple Dollar.
]]>College Ave
| Min. Loan | Fixed APR | Eligible Degrees |
|---|---|---|
| $ 1,000 | 3.54% – 12.99% | Undergraduate & Graduate |
on lender’s secure website
Credible
| Min. Loan | Fixed APR | Eligible Degrees |
|---|---|---|
| Varies | 3.53% – 4.84% | Undergraduate & Graduate |
on lender’s secure website
Discover
| Min. Loan | Fixed APR | Eligible Degrees |
|---|---|---|
| $ 5,000 | 4.24% – 12.39%¹ | Undergraduate |
on lender’s secure website
LendKey
| Min. Loan | Fixed APR | Eligible Degrees |
|---|---|---|
| $ 5,000 | as low as 4.99% | Undergraduate & Graduate |
on lender’s secure website
Sallie Mae
| Min. Loan | Fixed APR | Eligible Degrees |
|---|---|---|
| $ 1,000 | 4.25% – 12.35%¹ | Undergraduate |
on lender’s secure website
Splash
| Min. Loan | Fixed APR | Eligible Degrees |
|---|---|---|
| $ 5,000 | as low as 2.88% | Undergraduate & Graduate |
on lender’s secure website
The 5 best international student loans of 2020
- Best for Masters Education: Prodigy Finance
- Best Not-For-Profit: MPower Financing
- Best for Borrowers With a Cosigner: Citizens Bank
- Best for DACA Recipients: Discover
- Best for Undergraduate Borrowers: Earnest
The best international student loans at a glance
| Lender | Loan Amount | APR | Terms | Key Benefits |
|---|---|---|---|---|
| Prodigy Finance | $ 15,000–80% cost of attendance | Starting at 5.6% variable | 7 –20 years | No cosigner requirement |
| MPower Financing | $ 2,001–$ 50,000 | 8.89%–14.97% fixed | 10 years | No cosigner requirement |
| Citizens Bank | $ 1,000–$ 150,000 | Starting at 4.25% fixed; Starting at 1.24% variable | 5–15 years | Competitive rates |
| Discover | $ 1,000–100% of costs | 4.24% – 12.39%1 APR fixed; 1.24% – 10.99%1 APR variable | 15 years | No origination fees |
| Earnest | 100% of costs | Starting at 3.55% fixed | 5–20 years | Long grace period |
Rates accurate as of August 2020Discover Disclosure: 1. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
Best for masters education – Prodigy Finance
Prodigy Finance enables international grad students to get a loan without a cosigner.
3.25 - RatesN/A
- Perks2
- Transparency3
- Loan Amount4
- Fees4
Our Two Cents — Prodigy Finance may not be a savant with its rates and 4% admin fee, but is still a good stand-in for international students to become learned.
Best not-for-profit – MPower Financing
MPower Financing doesn’t require a cosigner or credit history, so you’ll be able to get a loan on your own.
2.8 - Rates2
- Perks3
- Transparency4
- Loan Amount1
- Fees4
Its rates are a little high — 14.98 APR for undergrads and 12.94% for graduate students. But you can qualify for a discount of up to 1.50% by enrolling in autopay, making on-time payments and getting employed after school. MPower will even help you get a job with its free career support program.
Our Two Cents — MPower Financing not only empowers students to go to school, but it empowers graduates with a free career support program afterward.
Best for borrowers with a cosigner – Citizens Bank
Citizens Bank offers international student loans with competitive rates and fees, but requires borrowers to have a cosigner.
3 - Rates2
- Perks3
- Transparency4
- Loan Amount1
- Fees4
But as an international student, you’ll need a U.S. citizen or permanent resident to cosign your loan for you, and you won’t be eligible for multi-year approval. You also won’t be able to get a cosigner release unless you become a citizen or permanent resident yourself.
Our Two Cents — Citizens Bank offers low rates and fees to international borrowers with cosigners, but your cosigner better be in it for the long haul. Only international students who become citizens can release their cosigners.
Best for DACA recipients – Discover
Discover offers loans with no fees and competitive rates to DACA recipients and international students who have a cosigner.
Our Two Cents — While DACA students don’t have as many options as other students, Discover closes that education gap with its international student loans.
Read our full Discover student loans review.
Best for undergrad students – Earnest
Earnest has low fees, flexible repayment options and a longer grace period than other lenders, but you’ll need a cosigner to apply.
The main downside of going with Earnest is that it requires international borrowers to have a cosigner and doesn’t have a cosigner release option.
Our Two Cents — If you’re planning to go to school abroad in earnest, it’s best to partner with a student loan provider like Earnest.
What is an international student loan?
International students going to college in the U.S. typically don’t qualify for federal student loans, unless they’re an eligible noncitizen or have a green card. But they can still get international student loans, which are private loans for tuition and other education-related expenses like books and room and board. Usually, you need a cosigner who’s a U.S. citizen or resident to qualify for one, but some lenders may be willing to work with you if you can’t find a cosigner.
How international student loans work
The student loan process can be somewhat difficult and confusing when you’re an international student. Many lenders require you to have a visa and be enrolled in school before you apply for a student loan. To get a visa, you’ll need Form I-20, which comes from your college and proves you’re enrolled in its program. However, many colleges won’t give out this form until you show that you can afford tuition, which you may not be able to do without a loan.
[Read: Do Student Loans Help or Hurt Your Credit Scores?]
Some private lenders offer a way around these requirements by giving borrowers conditional approval letters. Students may be able to satisfy the school’s proof of funds required with the letter and obtain the form they need to secure a visa. But because this process can be challenging, it’s important to start as early as possible.
Eligibility criteria
To qualify for a loan, you’ll need to be enrolled in school at least half-time. Some lenders only work with certain schools, so you’ll need to make sure your college or university is eligible. You may also need a cosigner or a student visa to qualify for a loan with certain lenders.
APRs
Most private lenders determine your international student loan’s APR by looking at your credit score and financial background, although some may take alternative data like your future earning potential into account. So if you don’t have a credit history in the States, you may need a cosigner to get a good interest rate.
[Read: Best Student Loan Refinance Companies]
Private lenders usually offer two different types of APRs — variable and fixed. Variable APRs adjust periodically based on market conditions, while fixed rates stay the same over the life of your loan. Variable-rate loans usually start out cheaper than fixed-rate loans but may end up costing you more in the long run if interest rates rise.
Cosigners
Most lenders require international students to have a cosigner with good credit and a stable income who is a U.S. citizen or permanent resident. However, if you can’t find a cosigner that meets those requirements, you may still be able to get a loan. Some lenders like MPower Financing don’t require borrowers to have a cosigner or credit history to qualify for an international student loan. Instead, it determines your eligibility for a loan by looking at your future earnings potential instead of your current financial situation. However, you may get charged a higher interest rate if you don’t have a cosigner.
How to choose the best international student loan for you
- Find a cosigner or research alternatives. A student loan for international students usually requires a cosigner, so ask your family members and friends who live in the U.S. if they’d be willing to cosign your loan for you. If you can’t find a cosigner, do some research to see which lenders are willing to work with borrowers without cosigners.
- Shop around to find the best rates. Getting quotes from several different lenders will help you compare rates and fees and get the best deal possible.
- Compare loan amounts. Some lenders allow you to finance the total cost of your education while others place limits on how much you can borrow. Figure out how much money you need to fund your education and choose a lender that will allow you to take out a loan that size.
- Compare other loan features. Although rates and fees are important, they aren’t the only factors you should consider when choosing a student loan. Other important features you should compare include repayment plans, loan terms and payment assistance options. If you’re going to use your student loan as proof of funds, you should also make sure your lender will provide you with a conditional approval letter. Additionally, because the international student loan process can be challenging, make sure the lender you choose has a reputation for providing good customer service.
International student loans FAQs
What if I need to show proof of funds before I obtain a visa?
You may be able to use your student loan to show proof of funds to your college and obtain the forms you need to apply for your visa. However, some schools won’t accept loans that haven’t been disbursed yet as proof of funds. You may also be able to show your student loan to your visa officer to satisfy part of the proof of funds requirement.
Can I use student scholarship funds as proof of funds?
Most schools will allow you to include scholarships as part of your proof of funds. You may also be able to use it during your interview for your student visa to show that you can afford to study in the U.S.
When I take out a student loan, how much do I pay back, and when?
Lenders usually offer a few different types of repayment plans — immediate, interest-only and deferred.
Immediate repayment plans require you to start making monthly payments shortly after the funds are disbursed to your school. The same goes for interest-only loans, which allow you to make small payments while you’re in school to save money. Payments on deferred loans don’t begin until you graduate, leave school or drop below part-time. Some deferred loans even have grace periods of several months to allow you to find a job before your payments begin.
Too long, didn’t read?
Obtaining a loan as an international student can be a somewhat challenging process, but it is possible. Even if you don’t have a cosigner or a visa, you may be able to get a student loan and use it to show you can afford to study in the U.S.
Keep reading
- Best Student Loans in 2020
- How to Take Out Student Loans Without a Cosigner
- Best Credit Cards for College Students
Methodology
The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For international student loans, we compared rates, perks, transparency, loan amounts and fees for every major lender. Our ratings are meant to be a directional tool to help you in the process of choosing a student loan provider. Be sure to continue your research and shop around for the best international student loan that fits your specific needs.
We welcome your feedback on this article and would love to hear about your experience with the international student loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
Discover Student Loans Disclosure
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and Auto Debit Reward. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans for Undergraduate Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375%% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
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]]>The post “The Art of Frugal Hedonism” and Finding Pleasure in Frugality appeared first on The Simple Dollar.
]]>Unfortunately, frugality can look a lot like deprivation. Frugality inherently means figuring out which things aren’t providing much value to you and saying no to them, but that’s often incorrectly translated into saying no to the things that bring us great pleasure in life.
The Art of Frugal Hedonism: A Guide to Spending Less While Enjoying Everything More by Annie Raser-Rowland and Adam Grubb offers a different approach. This book presents frugality not as an exercise in loss, but as something that provides incredible beauty to appreciate in its own right. It’s entirely about not worrying about the weeds and instead focusing on the beauty of what’s being cultivated.
The book’s main argument is a simple one: the problem isn’t that frugal living denies us pleasure, it’s that we’ve come to deeply associate pleasure and spending money. Coupled with our natural short-term perspective on things, it becomes second nature for many of us to become highly focused on short-term pleasure that can mostly only be accessed by spending money. That, my friends, is a recipe for financial disaster.
Furthermore, the book argues that there is a great deal of pleasure to be found in the practices of frugality solely on their own merit, even without directly considering the financial benefits of doing so. There are a great many frugal practices that people engage in that are deeply fulfilling and enjoyable even outside of the fact that they are very financially responsible, and that filling your life with those practices creates a deeply fulfilling life, often fulfilling in ways that more expensive routines cannot match.
I recently had a conversation with one of the authors of The Art of Frugal Hedonism, Annie Raser-Rowland, about the book and her own experiences with frugal hedonism.
The Simple Dollar: What inspired you to write The Art of Frugal Hedonism?
Annie Raser-Rowland: The inspiration for writing the book was that there was a lack of other books discussing the pleasure of frugality. Rather, books on frugality seemed to focus on martyrdom and sacrifice, focusing on money-saving reasons, environmental reasons and so forth. There was very little material I could find that said that frugality was its own reward.
What’s the most powerful single step someone could take to begin to appreciate frugal hedonism?
Walk more as a form of transportation. Walk to the store, walk to the homes of friends, walk through a park. It improves your mood. It improves your health. It encourages you to start observing the world around you and connects you with your immediate surroundings. It saves money and starts to reshape your mentality on being an autonomous being rather than being reliant on infrastructure. Slow down. Stop when you find an interesting view or a nice place to sit. Treat it as a pleasurable activity.
If walking isn’t accessible to you, cooking more of your food at home is another simple thing you can do. Find something that you love to eat and cook it for yourself. It’s a pleasure in and of itself and it cultivates a sense of being autonomous and providing for your own needs.
How has the COVID-19 pandemic affected frugal living in general and the ideas in your book in particular?
The pandemic has caused people to become more creative and curious as shutdowns have forced them to try new things in their own homes and yards that they may not have otherwise tried. However, human contact and socializing has become more difficult, and that human contact is an essential part of frugal hedonism. There’s no easy way around that.
A big theme in your book is to make frugality into a social thing by finding low-cost experiences to share with friends. What kinds of shared frugal activities with friends could readers try?
Have lunch or coffee at home with friends. Ask them to bring along a bag of secondhand stuff they’re considering getting rid of and everyone just takes what they want. Another idea: food preparation together is wonderful, but it was uncomfortable at first to ask.
In general, make sure the tasks are easy so that people can be social. It’s why people have Tupperware parties. It gives context to a social occasion, so instead of Tupperware, make pesto or preserve some fruit together! Get people to go on a walk and go somewhere unusual, like to a spot with a good or unusual view.
Too long, didn’t read?
The Art of Frugal Hedonism brings a fresh perspective to the subject of frugality, one that very rarely seems to come up in books covering frugal tactics: frugality, in and of itself, provides a great deal of pleasure. The pleasure that frugality brings to the table, though, is one that often isn’t prevalent in the modern world. It doesn’t center around the consumption of products and services, but rather around the pleasure of appreciating the world around you, the joy of social contact and the delight found in discovering your own way of doing things.
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
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]]>The post USAA Student Loan Alternatives appeared first on The Simple Dollar.
]]>
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
USAA student loans alternatives
Wells Fargo
SimpleScore: 3.8/5
If you’re already a customer of Wells Fargo or are looking for a product resembling the old USAA loans for students, then getting a loan with Wells Fargo makes sense. After all, the USAA loan version was basically the Wells Fargo student loan product with a 0.25% discount.
Wells Fargo offers a broad range of unsecured student loans including both undergraduate and graduate loans, loans for parents and consolidation student loans. You can get a fixed-rate student loan with APRs as low as 5.64% with a discount or as high as 11.76% without, depending your credit strength and whether you qualify for rate discounts. Variable rates start at 3.21% and are capped at 9.44%.
[Read: Best Student Loans in 2020]
However, as of July 1, Wells Fargo is not accepting new student loan customers. You can only apply for a student loan with Wells Fargo if you are an existing student loan customer.
Read our full Wells Fargo Student Loans Review.
SoFi
SimpleScore: 4.6/5
is a leading online student loan provider and a great alternative to USAA student loans. It boasts an incredible 98% recommendation rate and with SoFi you can refinance federal Parent PLUS loans in your name. What sets SoFi apart is how quick and convenient it is — it takes three minutes to get a quote, compared with 24 hours for Wells Fargo. As SoFi offers pre-qualification, you can see your rates and terms before making a full application without impacting your credit score.
SoFi offers a good product range including undergraduate, graduate, law and MBA and parent loans that can be fixed or variable.
Repayment options are flexible, as you can begin payments immediately after funds are disbursed or defer until six months after graduation. You can make partial or interest-only payments during your studies, too. There are no origination fees, late fees or insufficient funds fees. As an additional perk, SoFi offers career services to its customers.
Read our full SoFi personal loans review.
Citizens One
SimpleScore: 3/5
Citizens One is the lending division of Citizens Bank — a traditional establishment steeped in rich history. Unlike other providers, you don’t have to be a U.S. citizen to apply for a student loan with Citizens One, and you can also refinance without a degree.
You’ll receive a 0.25% loyalty discount if you’re an existing customer and a further 0.25% for signing up for autopay. You can prequalify to see your rates and terms without a hard credit check. Like SoFi, you can refinance a parent PLUS loan in your name.
[More: Best Student Loan Refinance Companies]
Rates are highly competitive and can be as low as 2.09% APR for variable loans and 2.99% APR for fixed-rate loans. Repayment terms are five, 10 and 15 years, with a maximum loan amount of $ 100,000.
Citizens One offers multi-year approval — a feature where you are approved now for further loans in future school years. If approved, you’ll find out how much you can borrow across multiple years of college, then you’ll simply request these funds as the need arises from year two onwards.
Read our full Citizens Bank student loans review.
USAA loan options
Although student loans are off the table for now, there are still plenty of USAA savings, banking, investments, retirement and other loan products on offer. Lending is particularly strong with this provider, as shown in other USAA loans review.
Mortgages
USAA offers VA loans — a type of mortgage backed by the U.S. Department of Veteran Affairs. Unlike conventional loans, you won’t need to save up for down payment or pay for private mortgage insurance if you’re borrowing less than the conforming loan limit of $ 510,400. For amounts more than this, you’ll need to take out a VA Jumbo loan and be prepared to offer a down payment.
You can get 30-year fixed-rate loan at 3.250% APR or 30-year jumbo fixed-rate at 4.396% APR. Your actual rate will depend on your circumstances, but USAA will lend from $ 50,000 up to $ 3 million.
You’ll need to be a member to be eligible for a USAA mortgage. Membership is open to current and former military and their spouses, as well as children of USAA members.
Personal loans
USAA offers personal loans of $ 2,500 to $ 50,000 to its members. Loans are fixed-rate, with the lowest APR around 7.24%. Though this is competitive, there are better rates on the market with much bigger loan limits. There are no origination, prepayment or application fees. Apart from membership requirements, you’ll need to have excellent credit to receive the lowest rates.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
Auto
USAA auto loans are available for members who make a new or used vehicle purchase, refinance an existing loan or want to buy out a lease. You can expect no application or prepayment fees, fast mobile phone application, quick credit decision and a loan offer that remains valid for 45 days.
Rates can be fantastic if you purchase your vehicle through USAA’s car-buying service and enroll in autopay. The APR for a new car loan can be as low as 2.39%, and for a used car loan, APR starts from 2.79%. Terms of up to 84 months for new car loans are available.
Too long, didn’t read?
USAA no longer offers student loans, but there are excellent alternative providers to consider. Wells Fargo is a great option if you’re already a customer. SoFi boasts great rates, excellent customer reviews and a quick lending process. Citizens One is ideal for international students and those who would like to refinance but did not graduate from their course. USAA still offers great lending products, such as mortgages, personal loans and auto finance.
Keep reading
We welcome your feedback on this article and the student loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
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]]>The post Is Your College Charging an Extra $ 475 COVID Fee? appeared first on The Simple Dollar.
]]>This new expense is being tacked on to many college and university bills “to share the costs of testing and reconfiguring campus facilities,” according to The New York Times. If you find this extra charge on your bill, it’s important to understand what that charge will and won’t cover in terms of testing and health coverage related to COVID-19.
How much are college COVID fees?
Extra COVID fees per semester vary widely, ranging from $ 50 to $ 475. The wide range depends on the exact level of testing and protective steps each college and university is taking, as well as the immediate resources available. For instance:
- The University of Michigan is charging $ 50 per term to cover costs of testing and other pandemic-related health and safety services. The public university, based in Ann Arbor, has an on-site medical school and lab, which indicated it would perform its own COVID-19 testing.
- Merrimack College, a private undergraduate university in Massachusetts, is at the top end of the payment spectrum, charging $ 450 per semester. The college is planning weekly surveillance testing, anticipating approximately 4,500 on-campus tests. According to Merrimack’s website, “all students taking in-person classes will need to participate in the College’s testing program.” While the college will subsidize many of the costs associated with testing, students must pay the mitigation fee. The website goes on to say that if Merrimack receives federal funding, it will use a portion of that to credit student accounts.
[Read: The Best Cheap Health Insurance of 2020]
Meanwhile, other higher education institutions are determining how — and whether — to charge extra COVID fees. The situation is fluid, with protocols changing daily. In the face of sudden coronavirus spikes, some campuses are shifting to 100% remote learning, bypassing the need for COVID fees altogether. For example, The University of North Carolina at Chapel Hill and Michigan State University have moved their entire semesters online.
College COVID fees vs. health insurance
That extra COVID fee is separate from any health insurance provided — or not provided — to you while on campus. An important issue to keep in mind is that your college or university might not cover health costs if you become ill.
[Read: Where to Find Financial Relief During the COVID-19 Pandemic]
According to Terrell Strayhorn, vice president of academic affairs at Virginia Union University in Richmond, VA, many institutions do not provide such coverage. “Of course, if health insurance is included or covered in the student’s comprehensive fee, then it will apply,” he says. “Additional screenings, tests and care required, once a student tests positive for COVID, can vary, depending on plans and providers.”
If you check your college or university semester bill, you may find that the institution charges a health fee, which might cover your primary care or counseling expenses. Others could waive that fee if students are already on their parents’ health insurance policy. Keep in mind that this usually requires a parent to sign a waiver.
How to prepare for college during COVID-19
The best advice for anything college and coronavirus-related is preparation — both when it comes to finding that extra COVID fee on your semester bill and if you become ill while on campus.
- Know where the campus health clinic is located. This is important, especially on a large campus, since that clinic could be a 10-minute drive or 30-minute bus ride away from your living space. Plan ahead to determine how you’d get to the clinic if needed.
- Familiarize yourself with your school’s COVID-19 protocols. Make sure you’re familiar with your school’s protocols in the event you experience coronavirus symptoms. For example, some campus health clinics require students to call before showing up, so they can be prepared to isolate you, if necessary. Also, learn about the on-campus protocols for quarantine and treatment should you test positive for COVID-19.
[Read: A College Student’s Guide to Coronavirus Support]
- Contact your financial aid department for assistance. If you need help paying for school, including the COVID fee, contact your financial aid department. Depending on your financial aid plan, you could receive help paying for the extra charges.
- Contact your health insurance to verify coverage. Whether you’re insured by a college-affiliated health plan, you’re on your parent’s health plan or you’re covered some other way, call and find out if your health insurance plan covers the costs of COVID testing and treatment if you become ill on campus. Many insurance plans have provisions for this, though some might require up-front payment and later reimbursement.
Too long, didn’t read?
The coronavirus pandemic has changed how higher education operates while also increasing expenses. If you happen to find that extra COVID fee on your semester bill, find out what it covers and what kind of additional coverage you may need, like health insurance, to ensure proper care if you were to test positive for COVID-19 while at school.
Keep reading
- How to Save Money While Attending College from Home
- A COVID-19 Infection Could Cost You 1,400 (After Insurance)
- Should Students Take a Gap Year Because of COVID-19? It Depends.
Expert cited
Terrel L. Strayhorn, PhD
Terrel L, Strayhorn, Ph.D., is provost and senior vice president of academic affairs at Virginia Union University. He has over 15 years of work experience in higher education and holds a master’s degree in education policy from the University of Virginia.
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
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]]>The post Your Pandemic Budget: How to Save for Another 12 Months appeared first on The Simple Dollar.
]]>In a MassMutual COVID-19 Summer Spending survey, 47% of respondents reported they spent less money this summer. The pandemic has meant fewer opportunities to spend on things like entertainment, vacations, dining out, etc. It’s a great time to make some of those trends into habits and dedicate extra money to an emergency fund and savings.
50% for living expenses
Quite a few price tags are essential — housing, food, insurance, healthcare, car payments, utilities, internet service, etc. About 50% of your budget should be dedicated to these necessities. Take a look at how much you’ve spent on these categories monthly and tally up each bill.
[Read: The Best Renters Insurance for 2020]
You should also consider whether these bills are too high for your current income situation. Can you shop around for a lower insurance quote? Could you live in a smaller apartment or take on a roommate? Should you subscribe to Netflix, Hulu, HBO and Disney+? If you’re having a hard time fitting your necessities into 50% of your budget, you can increase the allocation, source extra income or find ways to trim down some expenses.
20% to paying off debt and building an emergency fund
Paying off your debt and building an emergency fund should be next on your priority list. If you have loans or credit card debt, develop a plan for repayment and talk to your creditors about COVID-related relief options they have.
You’ll want to work on setting aside three to six months of expenses in an emergency fund. In the current economic climate, it’s hard to predict if you might lose your source of income. In MassMutual’s COVID summer spending survey, 41% said they are using the extra summer savings for their emergency fund. We recommend dedicating a portion of your budget to easing financial burdens and preparing for future ones.
20% for discretionary spending
The next 20% of your budget is for all the little things that we consumers indulge in. This is where you’ll fund your hobbies, self-care and entertainment — buy that book, upgrade your loungewear or treat yourself to a nice dinner. Some spending in this category is likely already down as people cancel gym memberships, dine out less and stop going to movies or concerts. You can continue spending in this category by getting creative: Utilize YouTube to get at-home haircut instructions, craft DIY birthday gifts and make your latte at home.
10% to savings and retirement
Set a little aside each month for your future self. Emergencies aren’t the only reason to save — you’ll also want to set aside money for future purchases like a vacation, home renovation or a down payment on a house or car.
[From Trent: Here’s What a Realistics Budget Looks Like for Someone in Their 20s]
The earlier you invest in your retirement, the more you’ll have when you retire. (This might seem obvious, but we’re talking way more thanks to compound interest.) Even investing a small amount will go a long way, especially if your company matches contributions.
Too long, didn’t read?
This budget model is by no means prescriptive. If your income situation has changed, you may need to spend a higher percentage on living expenses and less on discretionary spending. Try a budgeting app to create your budget and for an easier time tracking that spending.
Jake Sadler, CFPR at Woodstone Financial, also advises people to consider planning for when the economy reopens, “Assuming restrictions are gradually lifted on our activities, there could likely be a groundswell of consumer spending as businesses reopen, stores see an increase in traffic and restaurants fill up again.
Consumers should prepare themselves for the feeling of delayed gratification that may come with reopening the economy. Months of isolation, restrictions and reductions in spending will likely lead many into a flurry of spending. Resuming the activities and spending habits important to you is great, [but] the danger from a budgeting perspective is too much all at once.” In other words, don’t forget your budget once movie theaters open again.
Keep reading
- 7 Efficient Budgeting Strategies During Coronavirus
- How to Cope With Financial Anxiety During the Pandemic
- How to Negotiate Rent With Your Landlord
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
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]]>The post We Answer Your 6 Important Questions About Credit Cards appeared first on The Simple Dollar.
]]>1. APR vs. APY
2. Getting maximum Amazon rewards value
3. What are finance charges on a credit card?
4. Are Visa/Mastercard debit cards safe?
5. Which credit card debt should I tackle first?
6. How to destroy credit cards
Q1: APR vs. APY
What is the difference between APR and APY on a credit card? I used to think they were the same thing but I saw a CNBC segment where they were saying that they weren’t. Tried to look it up but all of the articles didn’t make much sense.
– Brian
Credit cards typically quote you the APR rate on the card. The APR is the annual cost of borrowing money. It includes the interest charged as well as extra fees. That’s why, sometimes, you’ll find that the APR is higher than the interest rate — the APR is the interest rate plus fees. APR does not include compounding interest, as it assumes that you’re paying off the interest each month and it’s not adding to the balance of the card. If you charge $ 100 to a credit card that has 15% APR and don’t pay the balance at the end of the month, your card issuer will add $ 15 to the total balance you have to pay.
On the other hand, APY is what a bank will tell you when it’s talking about a deposit account, like savings account or certificates of deposit. That’s how much you’ll earn in a year if you deposit money with them. If a savings account has a 1.05% APY and you put $ 100 in there, you’ll have $ 101.05 at the end of the year.
It is worth noting that the actual interest rate on a savings account is just a little lower than the APY. Why is that? It’s because the interest is paid out throughout the year and added to your account. APY assumes that you don’t touch the accumulated interest, so the accumulated interest starts to earn interest itself. APY includes that.
[Read: Best Savings Accounts in 2020]
So, let’s say you put $ 100,000 in a bank account that has a 1% interest rate on it and it compounds monthly. That means 1/12th of the annual interest rate is paid into your account each month. After the first month, you would get 1/12th of 1% of the balance of your account — in this case, $ 83.33. Then your balance is $ 100,083.33, but then the next month you earn 1/12th of 1% of $ 100,083.33 — that’s $ 83.40. Now, your balance is $ 100,166.73, then the next month you earn 1/12th of 1% of $ 100,166.73 — that’s $ 83.47. Now your balance is $ 100,250.20. It keeps slowly growing on its own like that.
APY includes the interest that’s earned on the accumulated interest, while the regular interest rate does not. You shouldn’t typically see APY discussed with a credit card or other kind of loan, and you shouldn’t see APR discussed with a savings account or a certificate of deposit.
Q2: Getting maximum Amazon rewards value
I have an Amazon Rewards Visa card. I use it for everything and pay it off in full each month. It generates 1% or 2% of my purchase value in Amazon credit and 5% of any Amazon purchases in Amazon credit. How do I get the most value out of this? I mostly just use the Amazon credit for holiday gifts for people.
– Brenda
The Amazon Visa card is really good for buying things from Amazon, but doesn’t measure up as well as other rewards cards for purchases outside of Amazon. You get 5% back on purchases at Amazon and Whole Foods, 2% back at gas stations and restaurants and drug stores, and 1% everywhere else, but that value comes in the form of credit on Amazon.com, not as cash.
Don’t get me wrong — credit on Amazon can be used for such a wide variety of goods and services that it’s about as close to cash as you can get without actually getting cashback. Even if you can’t get what you specifically want on Amazon, there are many other purchases in your life that you can make on Amazon using that credit, which frees up your cash to be used elsewhere.
The problem is the rate at which you earn rewards. If you use the card exclusively at Amazon and Whole Foods, it’s fantastic. Nothing will beat it. If you also use it for restaurants, gas and drug store purchases, you’re still doing pretty good. The question is how much of your purchases fall outside of that range; if a lot of your purchases aren’t at Amazon or Whole Foods, you’re only getting 1% back and you’re better off with a better rewards card for those purchases.
[Read: Best Rewards Credit Cards for 2020]
In other words, I’d probably pair the Amazon card with a card that offers strong rewards from the place where you buy your groceries (assuming it’s not Whole Foods). For example, if you mostly do your grocery and household supply shopping at Target, you might want to get the Target RedCard. If your main grocery store doesn’t offer a card that rewards you at better than a 2% rate, a good option might be the Citi® Double Cash Card card, which offers 2% cashback on all of your purchases. You could use that for everything that isn’t under the umbrella of the Amazon card. So, keep using your Amazon card as you are for Amazon, Whole Foods, gas stations, restaurants and drugstores, use the new card for groceries, and use whichever one happens to be better for other purchases.
Q3: What are finance charges on a credit card?
What is the difference between finance charges and interest on a credit card bill? Aren’t they just the same thing?
– Mandy
This somewhat harkens back to the answer I gave to the first question. As I noted there, the APR quoted to you by your credit card issuer includes both interest rate and fees. Similarly, the “finance charges” on your bill would also include other fees beyond just the interest. If your credit card has an annual fee, that’s included, as well as things like late fees. It’s all wrapped up in the term “finance charges” on your bill. So, think of finance charges as including your interest and other fees you might have.
If you are paying your bill on time each month and your card does not include any annual fees, then the finance charges are usually just interest.
Q4: Are Visa/Mastercard debit cards safe?
I always thought that you weren’t supposed to use debit cards for purchases because they are tied to your bank account and that gives hackers access to your bank. But now debit cards have Visa and MasterCard logos on them. Are they OK to use?
– Brian
Credit cards are always safer for online commerce because of the reason you state. Credit cards are not tied to your bank account and thus, if something goes wrong, it’s not going to affect the cash you have sitting in the bank. Having said that, Visa and MasterCard offer a lot of consumer protection for people. Twenty years ago, when stores were first accepting debit cards, they often weren’t part of the Visa or MasterCard network, and thus you had very little protection. It was usually up to the bank if something went wrong.
Now, with Visa or MasterCard protection, you can usually get fraudulent charges overturned quickly and they’re usually really good at alerting you to anything fishy that might be happening with your account. That doesn’t change the fact that it’s still tied to your bank account. So, from my perspective, a credit card is still better than a Visa or MasterCard debit card in terms of consumer protections, but a Visa or MasterCard debit card is light years better than how things once were with debit cards.
Q5: Which credit card debt should I tackle first?
I currently have these three credit cards:
Credit Card A: $ 2,400 balance, 19.9% APR, minimum payment $ 72
Credit Card B: $ 3,600 balance, 0% APR through December then 24.9%, minimum payment $ 20
Credit Card C: $ 7,000 balance, 17.9% APR, minimum payment $ 215
I am not putting any additional charges on those cards. I just want to pay them off. I am going to put $ 500 a month toward paying them off. What is the best order to pay them off?
– Stan
First of all, you need to make minimum payments on all three cards as you’re doing this. Don’t miss the minimum payment on any of these cards if at all possible. Take what remains of the $ 500 and use that for extra payment on whatever card you’re focusing on.
I would start by paying off card B, card A, then card C. It’s easy to say that A is more important to pay off than C because it always has a lower interest rate. Since you’re only going to be making an extra payment of about $ 200 a month, though, the 0% APR on card B is going to vanish long before you can pay it off, so you should really focus on the 24.9% APR on that card and focus on getting rid of that balance first.
Along the way, it wouldn’t be a bad idea to try to transfer some of the balance to other 0% interest balance transfer offers, particularly if you can pay off those transfers in full before the end of the offer.
[Read: Best Balance Transfer Credit Cards of 2020]
Q6: How to destroy credit cards
I have a large envelope of old credit and identification cards that needs to be destroyed. What is the best way to do this? I’d like to avoid having to cut up so many cards!
– Donna
There are a number of things you can do here. The first thing you should do is destroy the magnetic stripe on the back of the card. Take something sharp and cut lots of little slices into the stripe so that it’s really scratched. If you have access to a really strong magnet, run that magnet repeatedly over the stripe.
Provided the card doesn’t have a metal core, you can run the card through a paper shredder. Most home paper shredders have the capacity to chop up a plastic credit card. Run it through at an angle so that the numbers are completely mangled. This will destroy any chip inside the card.
If you have a “community shredding” day offered by a local bank or by your town or city government, that’s a good way to destroy some cards. This is what I do — I just mess up the stripe on the back, then hold onto them until a community shredding day. If the card does have a metal core, you’ll need to return it to the issuer. Call the 1-800 number on the back of the card and they’ll let you know what you need to do to send in the card.
Got any questions? The best way to ask is to follow me on Facebook and ask questions directly there. I’ll attempt to answer them in a future mailbag (which, by way of full disclosure, may also get re-posted on other websites that pick up my blog). However, I do receive many, many questions per week, so I may not necessarily be able to answer yours.
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
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]]>The post Do You Qualify for a Coronavirus Hardship Loan? appeared first on The Simple Dollar.
]]>Many banks and institutions have stepped up and are offering coronavirus hardship loans. There are advantages and disadvantages to these loans, but it’s an option worthy of exploration to help shore up your finances during the pandemic.
Coronavirus hardship loans, explained
It’s important to understand that the Federal Deposit Insurance Corporation (FDIC) has actively encouraged banks and lenders to help those impacted by COVID-19, and these institutions have largely stepped up. Also, consider two recent surveys, one from the research institution NORC at the University of Chicago and the other from Prudential and Flexjobs.
Of the 2,000 respondents to the NORC survey, nearly 25% report losing savings and about as many have lost income. Over 1,000 people participated in the Prudential and Flexjobs survey, and 53% said they were earning half or less of their pre-pandemic income.
There’s certainly a financial need out there and not just for people who are unemployed. So, how can a hardship loan help?
[Read: Emergency Loans for the Unemployed]
“Coronavirus hardship loans are short-term personal loans that financial institutions are offering to individuals affected by the pandemic,” says financial freedom strategist Dr. JeFreda Brown. “Financial institutions determine the loan amounts. Interest rates range, just like a regular personal loan, and can be as low as 3% for people with better credit.”
Hardship loans have some distinct advantages. For starters, once approved, the money is deposited in your account within days. Also, there’s flexibility when it comes to repaying what you owe. Terms vary for different institutions, but the payback period typically falls between three months and five years. However, there are some drawbacks to this type of loan.
The total you can receive is smaller, with most lenders capping these loans at $ 5,000. Also, keep in mind that this type of funding is meant to be a stopgap for paying off bills and isn’t designed to support larger financial issues.
“Loan funds can only be used for specific expenses, such as a mortgage, car loan, food or medicine,” says Brown.
Applying for a hardship loan
The first thing to find out is whether your financial institution offers these types of loans. A report from the Credit Union National Association found that about 80% of credit unions offer some kind of pandemic-related loan. This is an encouraging sign. Still, you’ll want to contact your lender to find out more information and ask specific questions about fees and the terms of repayment.
Say your bank or credit union does offer a coronavirus hardship loan. Should you get started on the paperwork? Well, that depends.
“These loans are credit-based. It is not guaranteed that anyone who applies will be approved,” says Brown. “Applicants will have to provide proof that they have been financially impacted by the coronavirus and that they are able to repay the loan.”
[Read: How to Avoid an Eviction If You Can’t Pay Rent]
Do you have a good credit score? This is where it gets tricky. Chances are, if you need a hardship loan, you might not have the resources to bump up your credit score by paying down debt. You may be in a situation where you need money now and can’t wait. Keep in mind that if you apply and are approved, you might get saddled with a higher interest rate that could mean more debt in the short-term. Do the math and see what calculation works best for you.
Explore your financial options
Hardship loans are meant as a sort of quick fix. If you have a bit of wiggle room in your finances, consider these alternatives.
Interest rates haven’t been this low since 1971. If you own a home, this is a good time to refinance. As with most things financial, you’ll need a good credit score to get the most out of this option. Refinancing has the potential to save you hundreds of dollars a month. However, this option is only sound if you plan on staying in your house for at least a few more years. Since the refinancing process comes with fees, it takes a few years before you’ll start to see the savings. During that intermittent period, you’ll be paying off the fees incurred during the refinance.
[Read: What Is a Loan Modification and How Does It Work?]
Maybe you need financial help that’s more immediate. At the start of the pandemic, lenders and creditors developed programs to help customers deal with the economic uncertainty. If you haven’t done so already, consider asking for a deferment or a payment plan that fits your budget.
Also, if you have 401(k) plan, here’s another option to consider: The Coronavirus Aid, Relief, and Economic Security (CARES) Act relaxed restrictions when it comes to how people can access their 401(k). As of right now, people can withdraw up to $ 100,000 without being assessed a penalty. Early on, the money taken out couldn’t be put in again, but that rule has been lifted temporarily.
Too long, didn’t read?
Millions of Americans need financial assistance. Banks and lending institutions have stepped up, and many are now offering coronavirus hardship loans. These loans are smaller in value but offer a flexible payback schedule. Other financial options are available to people needing some help paying their bills, including refinancing, deferments or withdrawing from a 401(k).
Keep reading
- The Best Personal Loans for Good Credit of 2020
- Best Installment Loans for Bad Credit
- 5 Ways to Slash Your Debt During the Pandemic
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
The post Do You Qualify for a Coronavirus Hardship Loan? appeared first on The Simple Dollar.
]]>The post Trump’s Payroll Tax Deferral, Explained appeared first on The Simple Dollar.
]]>The August recess means new legislation isn’t likely until sometime in September, at the earliest. Not wanting to wait, President Trump issued a series of executive orders, including one that would encourage businesses to stop collecting payroll taxes.
[Read: Biden’s Economic Plan, Explained]
Trump’s payroll tax order would mean bigger paychecks for most people — maybe. Overall, there’s a fair amount of uncertainty surrounding the president’s directive. It’s difficult to know if workers will see a bump, since employers may ignore the president’s order.
What are payroll tax deferrals?
Payroll taxes fund things like Social Security and Medicare. Most people get paid every two weeks or once a month, and in each pay period, a set percentage is taken out of paychecks and used to fill the coffers of these entitlement programs.
For Social Security, the percentage is 6.2% for those making up to $ 137,700 annually. Employees, regardless of income, pay 1.45% of their earnings into Medicare. Employers also pay these taxes. So, what is a payroll tax deferral?
“A payroll tax deferral is just a delay in these payments,” says Beth Logan, enrolled agent for Kozlog Enterprises, LLC. “Normally, the money is withheld from an employee’s paycheck and then paid to the government on their behalf. The money is still due, just not until 2021.”
[Read: 5 Ways to Slash Your Debt During the Pandemic]
Forgiving that potential debt would require legislation from Congress. The president said he’d push to make this happen should he win re-election.
Does this order put money back in the pockets of American workers?
The president’s payroll tax plan has caused a fair amount of confusion in the business community. Why? Well, let’s say a business decides to stop collecting payroll taxes from its workers. The president’s order runs from the beginning of September until the end of the year. What happens at the start of 2021, when payroll taxes are supposed to be collected again? Business owners are left with two unenviable choices if the money is intended to be repaid. They would either decide to try and withhold more from each of their employees’ paychecks until the debt is repaid or find some other way to get their employees to give back the money.
“If businesses stop withholding the money, how will they get the money later?” says Logan. “What if the employee leaves the company? What if the employee’s paycheck is not large enough to cover the amount due? What if the company goes out of business?”
[Read: Will You Get Another $ 1,200 Stimulus Check?]
These are all questions without answers. Still, many Americans feel the economic pinch and relief — any relief — may be seen as welcome. As of 2018, the median annual household income in the U.S. stood at roughly $ 63,000. A person making this much could expect to see an additional $ 325.50 per month ($ 1,300 total) for the four months beginning in September. This money could go a long way toward helping people pay bills. Seen another way, this $ 1,300 could also be a huge burden at perhaps the worst time possible.
“If you defer the payment, the employee has more money today, but they are building a debt due,” adds Logan. “If you can have $ 50 more every biweekly pay period for the next 20 weeks, but then you owe $ 500 after that time, you are not in a better place. Remember, this will be right after the holidays when many people have larger credit card bills.”
Some logistics still need to be worked out
Recently, a group of business groups, including the U.S. Chamber of Commerce and the National Retail Federation, sent a letter to the White House regarding Trump’s payroll tax order. The letter expresses widespread doubt about the plan’s feasibility. The letter’s authors fear saddling their employees with additional debt and, for that reason, said they aren’t likely to participate. Instead, these groups called on the president and members of Congress to return to the negotiating table and create a comprehensive relief package.
Too long, didn’t read?
Democrats and Republicans remain far apart on a new pandemic relief package. President Trump stepped in and issued a series of executive orders, including a payroll tax deferral. Payroll taxes go to fund things like Social Security and Medicare. The deferral could potentially put more money in American worker’s pockets in the short-term, but the short-lived benefit could cause lasting financial harm if that money is expected to be paid back.
Keep reading
- 11 Family Finance Tips During the Pandemic
- Do Parents Qualify for Unemployment If Schools Are Closed? It Depends
- Should COVID-19 Change Your Retirement Plans?
We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions.
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