3 Simple Ways to Improve the Value of Your Home

Written by adminDecember 7, 2018
Life Style

With the housing market on the rebound, people are searching for new ways to increase the value of their home. Whether they plan to sell their home for an upgrade or desire to improve the look and feel of what they already have, homeowners will spend thousands on an upgrade they assume can only help the value. Without proper research, those assumptions can be ill-placed.

For example, who would’ve imagined that adding a pool would be a waste of money? In a lot of ways, a pool isn’t always a necessity, especially when you consider the added maintenance, cleaning, and upkeep. A family with small children may also consider it a risk hazard. In fact, a lot of home ‘improvements’ can be hit or miss.

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Here are three examples of great upgrades you can make:

1) Kitchens

Everyone loves a big, beautiful kitchen! It’s where the magic happens and families come together. According to experts like Home and Garden, you can expect a return somewhere between 60% and 120% from kitchen upgrades alone. While those are great numbers, a kitchen upgrade can turn into a massive failure if not done right.

Consider a rustic/historic home with tons of charm. Buyers who want that classic feel wouldn’t appreciate a $70,000 modern kitchen upgrade that doesn’t fit the rest of the house. So before making any kitchen upgrades, try not to overdo it. Always keep potential buyers in mind and whether or not it fits with the rest of the neighborhood. People won’t pay for a deluxe kitchen if it doesn’t fit.

2) Bathrooms

One of the great ways to add value to your home is by adding a bathroom, especially if you only have one. Home and Garden has found you can recoup between 80% and 130% of the value put into adding a bathroom. You can find space for such a project in several unlikely places, such as a closet or under a staircase. You only need 18 square feet for a half-bath (30 to add a shower).

Adding a second or third bathroom typically is a cheap addition to make that will leave a lasting impression on the value of your home. You can usually find doors, toilets, showers, and fixtures on sale at some of the big stores like Home Depot or Lowes.

3) Update a Space

Do you have an unfinished basement or plenty of attic space? Rather than building an addition onto your home, which can become incredibly expensive, consider updating a space you already have. You can even consider building an apartment above the garage. There’s no limit to the number of cool things you can do to extra space to make it better.

Potential buyers appreciate versatility. A finished basement means the difference between a place to store stuff or an extra room, office, game room, or place to live for an aging relative. Attics can turn into great playrooms, especially if they have high ceilings. The greater the opportunities, the better chance you have at improving the value of your home.

http://financialhelpers.com/5-ways-to-overcome-student-debt-and-save-money-in-2019/

You have to be careful when it comes to updating your room’s appearance. Maybe you have always desired to knock down that wall to open things up a bit or to make room for that huge closet. What’s good for you may not be for potential buyers down the road. They’d rather have the extra room instead of the larger office or closet space.

If you plan to sell your home, don’t make any unnecessary improvements, as they may not be updates potential buyers want, especially if they take extra money and time to upkeep. Always consider your surroundings and don’t overdo it.

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5 Ways to Overcome Student Debt and Save Money in 2019

Written by adminDecember 6, 2018
Student Loan Consolidation

It’s still early December, so maybe you haven’t begun thinking about your resolutions for the new year just yet. That’s okay. Financial Helpers is here to help you improve your finances for 2019. More money is often right near the top of the wish list anyway. The problem is, student debt makes saving money difficult.

Managing our money and making tough financial decisions can be difficult, especially if you have student debt. We all want to live as large as possible! A lot of people find themselves living beyond their means. If they have student debt, it might force them to use their credit to buy the things they want.

As the debt piles up and balancing the checkbook becomes a strain, it’s good to take a few steps back and assess your financial situation. If it looks bleak, then you need to pull back some and set realistic financial goals. It’s the ONLY way you achieve the success you truly want. Overcoming student debt won’t be easy, but it’s possible. You have to focus.

All it might take is a few small steps to add up to huge results. In time, you’ll be able to regain your financial freedom and be free from student debt. In the meantime, give us a call! We’d love to help you overcome your student debt burden. You can reach us at:

Call Now 844-332-2079 

Here are 5 financial goals you should be making for 2019 and beyond:

1) Reflect on Where You’re at and Plan!

You still have a few weeks until 2019 starts. What does it hurt to take a step back and access your spending habits? Are you piling on too much debt? Are you at risk of defaulting on your student debt because of your spending habits? It might seem like a good idea to just ignore your student debt, but it will hurt you later. Going into default will wreck your credit.

Seriously, take the time to go over your budget. Look at the things you spent money on and see if those costs were worth it. Can you see room for improvement? Were any of your purchases a waste of money in the end? Be vigilant! And when you find something, start cutting down your bills. The quicker you pay off your student debt, the happier you will be.

2) Cut Your Spending

P Lemann, owner of the world’s largest brewery, was once asked why he focused so cutting costs. His answer was simple: “It’s the only thing that doesn’t depend on anyone else. It’s the one variable that is always 100% in your control”. This practice allowed him to become a billionaire.

If you want to get rid of your student debt, take a page out of the private-equity book and cut expenses. Figure out ways to live on as little as you for a short amount of time. The temptation to spend is understandable, but it’s deadly. If we get a little bit of money in, our initial desire is to spend it and live as largely as possible.

But that’s not really the way to gain financial freedom and pay off student debt. Rather than buying a new TV with your tax return, throw it into your debt. Pay that off. Bring down your interest rates. Live on as little as you comfortably can, take the rest, and plug it into your student debt.

3) Cut Your Student Debt!

We rally against student debt because it’s a major budget killer! If you must use credit to buy something you can’t afford, you’re not doing yourself any favors. This is especially true if you have student debt. Yes, there are a lot of things you must buy in this world that you can’t afford out of pocket. If you want a nice car or that big family home, you need to use credit to get it.

Kevin O’Leary of Shark Tank suggests you bite the bullet for a couple of years. Live at home if you have to. Plug every dollar you have into paying back the student debt. Once the monkey is off your back, you’re home free. Instead, people are making the mistake of underestimating the impact of their debt. They pile on more without thinking about the consequences.

4) Save, Save, Save

This might seem like it contradicts point #3. But saving money should be a priority for everyone. You NEED a rainy-day fund. You need emergency cash. Your very life could depend on it. You don’t know what’s going to hit you around the corner. What would happen if you lost your job tomorrow? Or you got sick? Having money saved is essential, especially if you have student debt.

5) Make Investments

If you want to make the biggest bang for your buck, it’s no longer enough to just save your money. That’s what we think we need to do and hopefully, it’ll be there waiting for us when we’re ready, but it doesn’t necessarily work that way. Inflation, rising costs, fees, and a higher cost of living will bite into that chunk.

http://financialhelpers.com/is-another-recession-coming-heres-how-you-can-be-prepared/

Maybe you’ve been saving for a decade, but then have a medical emergency and it wipes out your savings. It’s been known to happen. But part of having financial freedom means you won’t be cast into bankruptcy if someone major happens. You’ll have the funds to cover whatever it is that comes your way.

This is especially true for people with student debt. Thanks to this pesky problem, many young people are not investing for retirement. They expect they’ll be just fine, or they’re too young to worry about it. But, they do need to worry about it. The best way to save and make money is through investing.

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Is Another Recession Coming? Here’s How You Can Be Prepared.

Written by adminDecember 5, 2018
Saving

It’s hard to imagine, but another recession might be on the horizon. You might be thinking, “Didn’t we just barely escape the last one?” With the economy doing so well, you might not believe it. The job market is better than it’s ever been. Businesses are making money hand over fist. So, why all the doom and gloom?

Yesterday, the stock market took an 800-point nosedive. This isn’t the only time it has tanked under the Trump administration. If you ask them, they will deny anything bad is going on. But if there’s one thing about Trump, it’s that he’s unpredictable. His trade war with China is making it difficult for certain businesses that should be thriving under his economy.

General Motors is having problems and wants to cut jobs. So, why the mixed messages? The stock market reached record heights, but now it’s falling? Black Friday and Cyber Monday had record numbers, but many stores are closing. Something strange is surely going on in the United States. Is it time to panic about another recession?

In reality, many experts predict yes. Others say no. There’s more good stuff going on than bad right now, so it’s too early to tell. Regardless, it’s important to be prepared for all outcomes! The problem is, a lot of people don’t know how to use prosperous times to prepare for that next downturn.

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Human Nature

There’s no doubt that human nature comes into play. When we end up with more money in our pockets, our first inclination is to spend it! We get it in our heads that things are looking up, so it’s the perfect time to put a down payment on a bigger house. We turn in the car for a newer model. That new 60-inch 4K ultra high-definition TV in time for the big game sounds great!

We LOVE to spend money, especially when we have it, and even when we don’t. It’s perfectly fine to take a few extra bucks and enjoy the fruit of your labor. But what are you doing to protect yourself from the next recession? You know it’s coming, so why not prepare for it?

Learning from the Past Recession

One of the biggest lessons from past economic crisis has been how quickly everything can go down. The collapse of 1929 happened over one weekend in October, fueling what is known as The Great Depression. One Thursday, the economy decided to take a dive and by Tuesday the next week, investors had lost their life savings. It didn’t fully recover for another two and a half decades.

The 2008 crash happened in a single day. On September 28th of that year, investors pulled over $140 billion from the market. It sent Americans into one of the worst recessions in our country’s history. The scary thing is, it could’ve been much worse had it not been for Ben Bernanke recognizing the signs.

Preparing for the Worst

Knowing that a recession can come at any time, it’s in your best interest to prepare for it. Here are 3 ways you can be prepared:

1) Have an Emergency Fund

The FIRST thing you should do with your finances is to set up an emergency fund of at least $1,000. That’s before you start paying off debt or investing your money. Even then, $1,000 will only get you so far. When you sit down to plan the bills, make sure you can afford to divert a certain amount into your savings.

You could lose your job suddenly. Having a decent cushion under you will protect you for several months while you work out your options. If you live paycheck-to-paycheck, life will get immensely difficult if you get canned and you’re broke. While good times might inspire you to buy the next big toy, make sure you have a comfortable cushion first.

2) Diversify Your Investments

As the saying goes, don’t put all your eggs into one basket. When a recession happens, it usually involves the stock market and the value of the dollar. While the stock market will probably take a tumble, that doesn’t mean every single stock will crash and burn. There will still be some industries that thrive, even while others struggle to breathe.

http://financialhelpers.com/fed-study-millennials-have-killed-many-industries-student-loan-debt-to-blame/

With a diversified portfolio, your chances of losing EVERYTHING goes down significantly. For example, during the 2008 crash, the value of gold rose to record levels. The same was true for silver and other precious metals. Look up depression and recession-proof industries and make wise investments for the future.

3) Get Creative About Additional Sources of Income

As tough as the 2008 crash might’ve been, the internet was sort of a savior. There are currently record numbers of people trying their hand at online entrepreneurship. They started learning about internet marketing, e-commerce, affiliate marketing, and so much more. It paid off for them.

Moms took to Facebook, selling items and starting miniature businesses that helped bring in more cash for the family. Even if you don’t need the extra cash now, it will benefit you in the future to have an additional source of income. Start by joining Facebook groups and investing in materials written by the experts to show you how to get started.

Despite good economic times, it’s always a good idea to be prepared for the worst to happen. Life is unpredictable and a recession can happen no matter the economy or the season. Be fully prepared before you start spending that extra money.

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Fed Study: Millennials Have Killed Many Industries. Student Loan Debt to Blame?

Written by adminDecember 4, 2018
Student Loan Consolidation

Millennials certainly seem to be of a different breed than previous generations. So far, we’ve seen them actively kill numerous industries across the country. It was once thought that they just didn’t have the same taste for material goods. Maybe they learned different spending habits? The answer might be simpler than that: student loan debt.

“Millennials, long presumed to have less interest in the nonstop consumption of goods that underpins the American economy, might not be that different after all, a new study from the Federal Reserve says,” said Bloomberg’s Luke Kawa.

“Their spending habits are a lot like the generations that came before them, they just have less money at this point in their lives, the Fed study found. The group born between 1981 and 1997 has fallen behind because many of them came of age during the financial crisis.”

Certainly, one of the major crises points of this generation has been student loan debt. The millennial generation goes or student debt than the previous two generations have ever owed. 44 million Americans owe $1.53 trillion in student loan debt. And this number is a going down anytime soon.

To learn more about student loan debt and how you can get help, call Financial Helpers today! We’d love to hear from you. You can reach us at:

Call Now 844-332-2079

Student Loan Debt Cripples Young People

When the Great Recession hit, it was at a time when the millennial generation was starting to come up. Jobs are scarce and many fell into the lure of predatory advertisements from for-profit schools. The schools promised that they had high job placement rates. They really had nothing of the sort.

Many millennials, broke and jobless, effortlessly signed on the dotted line. They could afford college, so they took out loans. When they graduated, they still had no job but now were under mounds of student debt. How can anyone keep up with monthly payments if there’s no work? Going into default, their credit scores tanked.

“Millennials are less well off than members of earlier generations when they were young, with lower earnings, fewer assets, and less wealth,” the study said, adding, “Conditional on their age and other factors, millennials do not appear to have preferences for consumption that differ significantly from those of earlier generations.”

Student Loan Debt Changed Spending Habits

If there’s one thing you have to do, it’s to make a living. We all know the process. Graduate high school, go to college, start a family, get a new car, and buy the dream home. The problem is, student loan debt has changed this pattern. Now, millennials cannot afford to get married. They have so much student loan debt that they cannot buy a house.

Many studies have revealed the millennials are putting off major life decisions. And it’s undoubtedly wrecking our economy. We wrote an article a few days before about millennial’s not feeling that optimistic about the current economic recovery. It seems to have no impact on their spending habits.

http://financialhelpers.com/black-friday-and-cyber-monday-digital-sales-break-new-records/

“I think we have got a very significant psychological scar from this great recession,” Kimberly Greenberger, a Morgan Stanley analyst, told Business Insider in 2017. “One in every five households at the time were severely negatively impacted by that event. And if you think about the children in that house and how the length and depth of that recession really impacted people, I think you have an entire generation with permanently changed spending habits.”

Student loan debt is only going to continue to climb. Unless the government steps in now, future generations will be bogged down by an even worse problem. The cost of a college education only continues to get more expensive. The only way out of this crisis is for less people to go to college in the first place.

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Black Friday and Cyber Monday Digital Sales Break New Records

Written by adminDecember 3, 2018
Life Style

You can tell the economy is doing well based upon how much money people spend during Black Friday. Thanks to the roaring economy, we seem to have more money in our pockets than we have in years. As a result of advances in technology, the way we shop is also changing. It’s strange to think that an online retail store is competing this well with Walmart.

A decade ago, no one would’ve predicted that a website was going to take down the monster that is Walmart. But, indeed, that’s what nearly happened. While Walmart is still the largest brick-and-mortar store, online sales are taking larger shares of the pie. Walmart freaked out so badly that they immediately went to work to improve their website app. So far, it seems to have positioned Walmart in a better spot. Digital sales are up across the board.

This year was no different. The annual Black Friday holiday shopping rush started on Thanksgiving and ended with Cyber Monday. According to Adobe Digital Insights director Taylor Schreiner, it was another record year. Not just for the shopping days as a whole, but for all e-commerce sales on each day.

That means even on Thanksgiving Day, more people decided to stay home and order gifts online rather than fighting the Black Friday madness in person. In fact, all three major shopping days saw a dramatic increase in digital sales

“Black Friday will come very close to eclipsing last year’s Cyber Monday in terms of online sales,” he said in a press release. “…While some Americans might have been waiting in lines at stores today, the data suggests that at least some of them joined their peers in shopping on their phones — and buying more than they did in years past.”

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Brick-and-Mortar Still King, but Losing Ground on Black Friday

While online and digital Black Friday sales only make up about 19% of all holiday sales, these numbers are significant. They’re growing quicker than anyone anticipated. Digital sales are up these last two months of the year so far by 15%! And the year isn’t over yet. These totals to around $124 billion in sales so far. About $720 billion in sales is expected in total over the holiday season.

While it may seem like brick-and-mortar stores are doing a bit of hurting, the real sales winners were places like Walmart. They have great sales both in-person and online. You can line up for Black Friday or stay home and follow the app. The expectation is that in-store holiday shopping will also be up this year.

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Other sales that were higher included the ‘buy online, pick up in store’ options. There was a 50% increase this year alone. It is the stores who can blend both online and offline sales that are pulling in the most cash right now. This is why Walmart prioritized updating their app, and it’s working.

The Real E-Commerce Losers

Modern technology is spoiling the average American consumer. The ability to shop for what you want online and pick it up whenever you want is a luxury. Having free two-day shipping is another. The losing stores in the Christmas showdown are those who have refused to adapt. Consumers will continue to take the convenient route to buy gifts on Black Friday.

The stores who remain committed to outdated, physical-first models are losing right now. There’s just more of a change happening within the market. For any brand to stay relevant, they must change with the times.

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5 Scary Ways Student Loan Debt Impacts Financial Health

Written by adminNovember 30, 2018
Life Style

Right now, the U.S. economy is booming. Jobs are plenty. The stock market is at record levels. And millennials, thanks to student loan debt, aren’t happy. There’s been a major shift over the past several years. Younger generations are taking to socialism. A big reason has to do with the Great Recession that ravaged almost a whole decade, from 2008 until recently.

Most Americans today wouldn’t get a passing grade if we were to examine their financial habits, and not all of it is their fault. Student loan debt has crippled younger generations.

There are a decent number of people who snap out of their nightmare and realize, with a few changes, they can find that seemingly elusive financial freedom. Debt is a choice and even a lifestyle for many chasing the golden dragon.

Student Loan Debt Continues Rising

Student loan debt continues to climb to all-time highs each respective year. It seems as if personal and other types of debt follow along with it. The warning signs are not enough to keep people from continuously adding to their debt or refusing to make better financial choices. They want the good life without knowing how to pay for it.

To learn more about student loan debt and how to conquer it, call Financial Helpers today! We’d love to hear from you! You can reach us at:

Call Now 844-332-2079It’s starting to take a toll on them and their well-being. Let’s look at five financial facts that should have you extremely worried:

1) People Aren’t Taking Care of Themselves

It was recently found in a study by the Pega group that most people are likely to take care of their health when they’re financially stable. They make it a priority when they have the money to pay for things like insurance. It also says that these people put off caring for their health when their budgets are tighter or they have a lot of debt.

It begs to wonder how many Americans can take care of themselves at all. Half of all Americans are maxing out their credit cards. Student loan debt is crippling millions. Many are missing payments, and overall debt is rising into the trillions. How many of us really can’t afford basic necessities?

Considering the insane amount of instability in the market and the economy, it shows very little Americans have their health care covered. The reality is, this only makes it tougher on people to get by. Sickness and injuries will require a lot of time off or even require expensive treatment. What is one to do? Student loan debt only makes it worse.

2) Our Well-Being is Also Going Down

There’s a report released every year by a company called Temkin Group. They surveyed 10,000 people and ask them questions regarding their happiness and financial security.

Less than half of the people surveyed said they were financially secure, which has been a downward trend. The other points, such as “I am typically happy” and “I am healthy” have taken a tumble as well. Those with student loan debt were found to mistrust any positive economic indicators.

We know that correlation isn’t always necessarily causation. But, the truth is, it should be easy to speculate here that the drop in satisfaction in one’s life. It has to do with the stresses that come with their financial situation. Having student loan debt, being unable to afford insurance, and more. Basic necessities are now becoming a premium commodity only a few can afford.

3) We’re Sacrificing Our Future

Here’s another astonishing statistic. 54% of American don’t believe they’ll make enough money to cover their future financial goals. This includes retirement. It gets worse as each generation passes. People graduate college with so much student loan debt that are unable to do things like get a car or buy a house. They owe too much.

http://financialhelpers.com/student-loan-crisis-forces-hospitals-to-push-bank-loans-onto-patients/

We’ve covered several stories about licensed workers losing their license to work in states because they owed money to creditors. Chasing the American dream has led a lot of people to remain disillusioned and frustrated. They’re unable to achieve their goals and live paycheck-to-paycheck.

4) We Don’t Do Basic Research Before Major Purchases

Doing research before buying a house or a car is a MUST! The problem is, a large majority of consumers just go with the financial institution they bank with. It’s ‘simpler’, but it often costs them thousands in the long run. Not all loans are the same, so we shouldn’t treat them like they are.

Adding debt to debt does not put anyone in a good situation. You may have a desire for a brand-new car or to start a family. It’s one most of us have. But are you really looking at the numbers? If you have student loan debt, can you afford the extra debt? It only sets you back further. The best course of action is to wait until you pay back debt before accumulating more.

5) Life Insurance Takes a Backseat

People don’t like talking about death, so they ignore that conversation. Inheritances and wills are often shunned because it’s not really something we enjoy discussing. But most Americans don’t even know the basic parameters of life insurance and all it can help cover. They aren’t prepared for the eventual.

Life insurance can cover a variety of needs and should be an investment and it’s important. This includes covering our own funerals. We can leave our loved ones with a burden of more debt if we don’t. These expenses are passed down to family members.

These issues aren’t just a blip in the radar of American life. These are massive problems that have been escalating for a decade or longer. Student loan debt makes life much more difficult for all involved.

If you have massive student loan debt, things will not better for you until you take care of it. There are ways to better deal with this burden and become financially free. We can get over this hurdle together, but we must realize we’re headed in the wrong direction. Make the active decision to get your financial life straight.

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Student Loan Crisis Forces Hospitals to Push Bank Loans onto Patients

Written by adminNovember 29, 2018
Student Loan Consolidation

The student loan problem in the United States has reached an epidemic. Here at Financial Helpers, we’ve covered just how badly student loan debt has hurt people’s lives. They’re unable to save money. In fact, it’s forcing millennials to put off major life decisions. They simply can’t afford a normal life.

If you have no money and no savings, what happens during an emergency? If you have student loan debt, having any money ready for a rainy day is impossible. In fact, many Americans go without health insurance. It’s difficult to know the exact number of people who are currently uninsured in the U.S., but estimates show that number can be anywhere between 20 and 30 million people.

Health insurance is too costly in this country. Being covered is one of those tricky things that can ultimately hurt you if you’re not. Even if you do have insurance, there can be gaps in your coverage. High deductibles can put you in a financial bind. But if student loans have your budget tapped out, how can you afford a single doctor’s visit?

Because people can’t afford health insurance, they’re out of luck It’s forcing people to put off life-threatening treatments. Even if they do manage some insurance, it costs too much to use it. If you’re paying off a student loan, you probably don’t have the money.

To learn more about the student loan crisis and how we can help, give us a call! We’d love to hear from you. You can reach Financial Helpers at:

Call Now 844-332-2079

Student Loan Debt Causes a Crisis

That’s what one woman from Arkansas found out the hard way! CNN reported a story of a woman who was three months pregnant and collapsed in a parking lot. She was rushed to the emergency room and despite having insurance, she still had to pay $830 out of pocket.

The hospital gave her two choices: pay the bill or get a loan through their financial institution. For most people, this sounds like a great deal. With the loan, you can still pay the bill, but on a more manageable scale. But if you’re already buried under a mound of student loan debt, adding more does you no good.

Right now, around 20%-30% of hospitals are offering this financing option, but it leaves a lot of experts with a bad taste in their mouth. A lot of private doctors do offer services to help their financially strapped patients. But, there is something to be said about pressuring someone to secure a bank loan to pay the bill. Especially after an emergency.

The Cost of Health Care

There’s more it than the moral question of whether a hospital should use high-pressure tactics to during an emergency. A lot of the problem has to do with the cost of health care. Most insurance companies can negotiate what they consider a fair price for the services provided.

If you immediately sign up for a loan with the hospital, you’re not going to get the discounted services. The hospital is going to use their own inflated price list. This is a cost most Americans cannot afford.

http://financialhelpers.com/a-health-savings-account-is-a-great-way-to-save-money/

There are many Americans who also have high deductibles. One person in Florida had to pay $13,000 out of pocket for an emergency procedure. What is a person to do when most Americans don’t even have $400 in their savings due to a student loan? Student loan debt is forcing hospitals to make decisions that hurt patients.

Paying Back the Bill

The best thing to do if you find yourself in this situation is to be upfront and honest with the hospital. Tell them you cannot afford the bill. They often have other resources. Financial assistance and government help is possible. They can even screen you to see if you qualify for Medicaid. Don’t let a student loan keep you from getting help.

If none of that works, then you might have to eat the bill. Rather than getting pressured into a loan that day, take the bill home and do your research. There may be local, state, and federal avenues that exist to assist you. Also, don’t be afraid to negotiate with the hospital on a better price. They want to get paid, so they might just work with you to get it done.

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A Health Savings Account is a Great Way to Save Money

Written by adminNovember 28, 2018
Saving

If you’re looking for a great way to save money, you might consider an IRA or a 401(k), but there’s an even better way to do it. It’s called a Health Savings Account and it has one of the better returns on the market today.

Imagine being able to put up money towards a high-deductible plan, and over time, that investment grows 100% tax-free. When you’re ready to pull out the investment, it’s not taxed then either. This is a great, strategic way to save a lot of money without tons of fees and taxes added on.

Health Savings Account Good for Retirement?

According to Christine Benz, the personal finance director at Morningstar, the answer is a resounding yes!

“The best use for an HSA is the healthy, wealthy person who leaves their Health Savings Account untouched until retirement,” Benz said. “They’re the ones who will benefit the most tax-wise.”

For this to work, you should have the money to save, meaning that you should put in your full contribution each year. That’s about $3,450 per year as an individual. For the rest of your family, the cost is about double that.

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Health Savings Account or Retirement Fund?

The first decision you’ll have to make is how you plan on using this fund. Its success as an investment hinges on you being able to pay for most of your health care out of pocket so you’re not dipping into your Health Savings Account funds. If you put up that money only to use it at some point that same year, it’s not going to work out.

At that point, it becomes a simple spending account. You put money in, you take it out as you need it. A retirement fund should be a place to stash away money and you leave it alone to accumulate interest. Once you’re 65, you can start pulling out the money for non-healthcare related expenses.

Do Your Research

When looking around for health savings accounts for retirement, it’s important to know what you’re looking for. Some of the options that exist today are limited in their scope and provide little benefit to you. Even if you already have a Health Savings Account set up and find a better one, you can switch accounts, providing a lifeline to those who feel caught in the wrong type of plan.

http://financialhelpers.com/4-ways-to-start-saving-for-retirement-if-you-have-student-loan-debt/

Even if you’ve already started saving into your IRA, the IRS has provisions to allow you to move your funds from that IRA into a Health Savings Account one time. This is a great way to pay off a large, immediate medical bill tax and interest-free.

If you put that bill on your credit cards or use a funding source your doctor provides, you’re going to pay a lot more in the long run. Converting your IRA into your Health Savings Account is a great way to cover the bill.

Of course, the best option is to not touch it, but having money in your Health Savings Account is a great way to have peace of mind that an emergency will be covered. If you’re healthy or can afford to pay for medical expenses out of pocket, that’s the best way to go to save your HSA as a retirement fund.

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4 Ways to Start Saving for Retirement If You Have Student Loan Debt

Written by adminNovember 27, 2018
Student Loan Consolidation

The current economic mood across the country is highly optimistic. President Trump’s tax policies and business incentives seem to be spurring on tremendous growth, with job numbers at near historic highs. But, as we reported yesterday, millennials aren’t optimistic at all about the economy. They have good reason not to be, as student loan debt is weighing them down.

While the mood is optimistic, we’ve also seen how quickly things can change. Minutes after Trump proposed steel and aluminum tariffs against China, the stocks dropped over 700 points. Thoughts of an impending trade war with the world’s second-largest economy spooked a lot of investors.

Then, we see that GM is shutting down factories and cutting jobs. These tariffs are hitting the car industry in a major way. This is just one sign of how quickly things can go wrong. There’s talk of another recession coming around the corner. If you have student loan debt, this is scary. You’re already reeling and putting off major life decisions.

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Saving for Retirement is Difficult if You Have Student Loan Debt

Over the past decade, we’ve seen student loan debt hit the $1.53 trillion mark. A lot of it has to do with the number of people who decided to go to college when times got bad. They thought a shiny new degree would help them find better work, but all it did is make their lives worse. Burdened with student loan debt, they struggled.

Still, after coming back from a massive recession that hit this country hard for over a decade, huge market swings are a result of troublesome times. It’s not just economically either. If you have all this debt, even in good times, how can you save? There’s no room for an emergency fund. And what about retirement?

Studies reveal that millennials aren’t saving for their retirement. In fact, they’re not saving any money at all. They can’t. Student loan debt sucks up every extra dollar they have. It can take a decade or longer to pay back those loans. So, how are they able to save money for retirement?

Here are four ways you can stay proactive and protect your retirement no matter the economic climate:

1) Start Creating a Cash Buffer

One of the first things you can do is whip out the calculator and start doing some math. You’ll want to have a good idea of your spending and estimate the amount of fixed income you’ll receive. This can include your social security, pension, and other forms of income.

When you’re retired, your flow of income usually covers about 2/3 of total spending, so for that other 1/3, you should be prepared in case the market goes down. By having a buffer, you can siphon cash until the market rebounds.

2) Create Balance in Your Portfolio

Having student loan debt makes it hard to save money. But your future demands it. You won’t be able to survive your golden years if you don’t. You don’t know what type of ailment you have. Working until 70 just isn’t feasible. You’re going to have to make proper investments to make up the difference.

As the saying goes, do not put all your eggs in one basket! You should mix your investment in a few different areas, like certificates, cash, bonds, and commodities. Certain commodities, like gold, are immune to the stock market and hold their price fairly well. If you have a stash in something else along with stocks, if the market is down, you won’t lose your lunch.

3) Don’t Underestimate Spending

Most people think they’ll spend less money in retirement, so they don’t plan ahead as well as they should. The reality is, the majority of retirees end up spending more money, especially at first. Don’t underestimate how much money you’ll spend in your later years. That also means paying off your student loan debt earlier than anticipated.

You spend more in retirement because you have a lot more time on your hands. When you worked for a living, you didn’t have as much time to spend the money you would’ve otherwise. Retirees are also notorious for spending their days traveling abroad and going on vacations. Don’t cheat yourself out of your golden years.

http://financialhelpers.com/new-survey-millennials-skeptical-about-trumps-tax-cuts-thanks-to-student-loan-debt/

As much as you might not want to hear it, it’s a good idea to shorten up the bucket list a little bit to stretch your money out longer. And curb some of your spending right now. Put all your effort into paying off your student loan debt as soon as possible.

4) Try Not to Borrow

Adding debt onto debt does no one any favors. You don’t know how the economy will be a year from now. Again, focus on your student loan debt first. If you have to live at home for a few years after college, do it! Then you can put the majority of your income into paying that off. That will also allow you to put some cash into a bank account for a rainy day.

The goal is to decrease your risk and your spending. Diversifying your investment is always the best choice to prevent the unforeseen from happening. Be smart with your spending. Once the loans are paid off, life will be simpler.

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New Survey: Millennials Skeptical About Trump’s Tax Cuts Thanks to Student Loan Debt

Written by adminNovember 26, 2018
Student Loan Consolidation

Earlier this week, it was reported that David’s Bridal is filing for Chapter 11 bankruptcy. Earnings have on the downside for some time. Their chief complaint about why sales are doing so badly? It’s millennials. For some reason, they’re just not getting married. If you’ve been paying attention, then you understand why: student loan debt.

Graduating from college with massive amounts of debt is going to hurt the economy. There’s no doubt about it. We’ve been talking about it for a long time at Financial Helpers. This next up and coming generation is unable to make the same life decisions their parents and grandparents did. They’re even living at home well into their thirties.

It’s not that millennials are the ‘lazy’ generation, that many might believe. It’s solely due to their student loan debt. The cost of getting a college education today is far more expensive than it was even a decade ago. Combine that with trying to find work during the Great Recession, and you have a problem.

But right now, it’s not 2008. It’s 2018. The economy is roaring at a pace faster than it’s ever grown before. The stock market has hit milestone after milestone. There are now more available jobs than Americans to fill them. Things are good right now, but once again, millennials aren’t buying the news.

To learn more about student loan debt, give Financial Helpers a call today! You can reach us at:

Call Now 844-332-2079

Student Loan Debt Makes Millennials Skeptical

Thanks to Trump’s economic policies, the U.S. has lower unemployment than it’s probably ever seen. But millennials don’t feel safe. They’re not buying the good news. According to a new study, conducted by Ernest & Young, a majority of millennials feel they have no financial security. That’s due to their student loan debt.

Because millennials either have student loan debt or plan on taking it on in the near future, they’re putting off major life decisions. David’s Bridal is just one of the impacts. This generation simply isn’t getting married. They’re not having babies either or buying homes. 80% of those surveyed said student loan debt is forcing them to push off major life goals.

So, when they hear that the economy is doing well, they have every right to be skeptical. They don’t believe the ‘good times’ will last. And it’s not just how they feel things are going right now, but for their future. 75% who were surveyed don’t think social security will be available when they need it.

Fear Will Drive Future Policy

70% don’t think they’ll have enough money saved up to endure retirement. Many plan to work well into their 70s if they have to. They also feel as if Trump’s tax cuts are unfair to the average worker. Giving these major corporations a major cut boosts their bottom lines, but what does it do for struggling students?

“Across party lines, millennials remain wary about a tax system that they perceive as unfair, and the [tax overhaul] did not change that view,” said Cathy Koch, the America tax policy leader for Ernst & Young. “It will be interesting to see how this perception affects political debate and future policies as millennials become policymakers in the coming decades.”

http://financialhelpers.com/the-government-could-do-more-to-cancel-student-debt-heres-proof/

The Great Recession, combined with the student loan debt crisis, has crippled future generations. They now remain skeptical about their future and are turning out to vote. It’s going to take a comprehensive step towards forgiving student loan debt to change their minds about this growing crisis.

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