Monthly Archives: September 2018
The outrageous price of a U.S. degree is unique in the world. Many believe decadence is to blame: fancy student apartments, expensive meals, living far from home, and “the mania for athletic sports.” The U.S. spends more on college than almost any other country and there is no clear relationship with the value students could possibly get in exchange. Many countries offer a fine college education at a much lower cost. American colleges are paying more to faculty and support staff. The tide is changing and online universities, two-year universities or community colleges are now getting a second look. Some states are offering free community college tuition or significantly lower costs. This will reduce the number of young adults with large student loans they often find it difficult to repay.
The newest investment fad or trend is “Bitcoin” and many Americans are confused about how it works. It is new and not understood by many. Americans may be loosing money because they don’t understand how it works. Bitcoin is described differently by different people and this is where the confusion lies. Beware of investing in items that you cannot explain to someone else – which the first hint you may not understand. Just like any investment, everyone cannot be a ‘winner’ some will loose money and it appears many Americans are doing just that. If you are a fan of Bitcoin wait to see what happens first before you invest.
Defaulting on student loans has become an inevitability for a certain portion of borrowers. An Urban Institute report says, one million borrowers default each year, which is defined as not having made a payment in nearly a year. Around 40% are expected to default by 2023. Call your loan servicer to decide whether you will defer or have a forbearance. Keep abreast of how you can review options to consolidate your loan or participate in the loan forgiveness program. Defaulting on your loan is the worse possible choice since it will affect your credit report and credit score making it difficult to purchase a home or a car in the future. Defaulting will cause you to change your status to ‘high risk’ – where you will pay higher interest rates or premiums on insurance and consumer loans.
In this article, most experts insist everyone needs a will, but that’s not always true. I do believe it is better to protect your assets for the benefit of your loved ones. If you have property (car, house, or a pet) you may want to decide who will be the beneficiary or caretake in the event of your death. Without a will your beneficiaries are the last to receive proceeds from your estate. With a will this is often not the case. Many debts end at the time of your death except for taxes of course. If you own a home and the homeowners insurance coverage permits full payment at the time of your death. Loved ones will rest at ease if they do not have to go to probate court to file reports about expenses that will be required to settle your estate.
Here is a list of feebies…Enjoy!
- BOGO sundaes at Carvel ongoing on Wednesdays
- Free cheese toast at Sizzler – Sept.15th
- Free cheese slider at White Castle – Sept. 18th
- Free museum admission – Sept. 22
- Free national park entry – Sept. 22
- Free coffee at many locations – Sept. 29
- Free chicken nuggets at Chic-fil-A – Sept. 29
There are things to understand about your insurance coverage. For instance your deductible is an important feature that requires you to pay a small amount before the insurance company will process your claim. If you are unable to pay your deductible your claim will likely be delayed. In the case of flood damage, your property may not be covered by insurance. Many do not realize that flood insurance can only be issued by the federal government. Be aware careful of insurance companies that may not be a reputable as the national carriers. Read more…
Do you bring your lunch to work or buy your lunch? If you calculate your lunch expenses after a few weeks you may spend a few hundred dollars. Take lunch to work and save the money you would normally spend and place it in savings. If you are able to do this for a few months of the year you will be surprised what you can save. Try it and see!
It doesn’t take much effort to slip into debt. Stay the course by taking a few simple measures. First, know where you stand by computing your debt to income ratio. Don’t keep up with the Joneses, use the charge card less, track your spending, and plan your purchases. Remember to adjust your spending and try to boost your income to keep a reserve for emergencies.
https://www.moneytalksnews.com/the-7-simplest-ways-sidestep-debt-trap/
A recent article in Money Wise revealed a prison inmate learned about financial literacy and is also teaching fellow inmates how to manage money. What is so admirable about this is that when this young man was incarcerated he could not read or spell. Inspired by an older inmate to learn about the stock market, he teaches others and incorporates his life lessons. First, avoid emotional spending. Second, avoid overspending on material items. Third, you can make money in the stock market. The prison system has a work program that pays an inmate less than one dollar a day. Years after incarceration, nothing is saved or set aside and $200 may be given to begin life on the outside. As a juvenile, Mr. Carroll will be paroled soon and has the skills to succeed and help other inmates as well.
https://moneywise.com/a/overcoming-financial-illiteracy-the-curtis-carroll-way
Raising bail money is often a barrier for individuals that are financially vulnerable. This means if you cannot raise bail money you must remain incarcerated until your trial is scheduled, which may be months or years depending on the jurisdiction. California’s governor, Jerry Brown just signed sweeping legislation to eliminate cash bail for pretrial detention, a barrier for many Californians. This will take effect in October 2019. California (New Mexico and New Jersey have similar laws) to address the topic of mass incarceration and the bail bond industry which thrives on the most vulnerable among us. Risk assessments will gauge how persons will either remain in jail for sex crimes and other serious felonies or free for nonviolent crimes until their trial is scheduled. We will be watching closely to see if other states consider making this change for millions of Americans.
http://amp.sacbee.com/news/politics-government/capitol-alert/article217461380.html
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