Student Loan Debt is Hurting the Economy

Written by adminAugust 20, 2018
Student Loan Consolidation

As August is wrapping to a close, many fresh-faced college students are descending into their dorms to obtain the holy grail known as a college degree. Many believe they MUST get a degree, but there’s an even bigger debate raging on: is it worth it? Student loan debt is crippling so many people.

Currently in the United States, there are millions of people who can’t afford to move on with their life after college. They’re so entrenched and burdened with student loan debt that becomes impossible for them to move on with their life.

Student Loan Debt in the Trillions

If you look at the top three debts most Americans hold, student loan debt would be number two, weighing in at over $1.4 trillion. The first would be mortgage debt at $9 trillion. This is the only issue to hit college students once they graduate. They then must spend the next decade of their lives seeking out student loan forgiveness options.

There’s a report by Bloom Economic Research reveals the numerous challenges faced by people who have a ridiculous amount of student loan debt. Families are left with options before and after school to attempt to pay for higher costs.

Also: http://financialhelpers.com/trump-administration-signs-massive-student-loan-forgiveness-bill/

Many families tried to tap into their home equity to try and pay for their children’s college, but after the economy went down and home values tanked, this only left them with a few options. It was these options that caused the inflation of higher college costs. Now, student loan debt is at its highest level it’s ever been in this country’s history.

Tuition Rising Even as Student Loan Debt Rises

Even as student debt becomes an epidemic, and more students seek out student loan forgiveness programs after they graduate, prices keep going through the roof. Between 2007 and 2017, the overall cost of college has risen 176%.

It breaks down like this:

-CPI rose by 21%.
-Textbooks up 88%.
-School housing up by 51%.
-Student debt has tripled since 2017.

Student Loan Payments Hamper Economic Growth

It’s not just student loans that are growing. The cost of literally everything else is going up as well. The average rent is up 2.8% alone from last year. The average cost of rent per month in the United States is $1,400, according to RentCafe.

If you add on the average student loan payment of $351, yet people are spending as much as $1,800 even before they buy groceries and turn on the lights. This is your lucky enough to jump into a career as soon as you graduate. Many Americans aren’t that lucky.

Student loan forgiveness is really the only hope a lot of Americans have. The government continues to create programs to help struggling students, and there are better options for paying off debt sooner. Rather than plugging away at the debt for a decade and putting off important life events, there are options you might not be aware of.

Calling Financial Helpers today can help create a program that works for you to pay off student debt sooner, and even offer student loan forgiveness to considerably reduce your overall debt and payments. To learn more, call the number below:

Call Now 844-332-2079

Student Loan Debt Problems Add Up

Nearly half of all people between the ages of 18 and 34 have student loan debt. This debt averages out at around $33,000 per person, but can be as high as $150,000. This is the age when most people should be enjoying their careers, buying a house, and starting a family.

But, if you have a ridiculous amount of debt, it will impact your ability to do incur more debt to do those things. It can cause your credit score to lower, and keep banks from offering a mortgage and/or vehicle loan.

It’s sort of like a vicious cycle. More debt means less people buying things. Less people buying things hurts the economy, so jobs are lost. When economic growth is stagnant, wages stand still. When inflation occurs, the price of everything gets more expensive, but wages are still stuck and debt keeps piling up.

The Impact of Student Loan Debt

Right now, baby boomers are forced to care for their children who can’t afford to move out on their own. The birth rate has fallen nearly 30% because marriage and starting a family has been pushed off until things are better.

According to Jerome Powell, the chairman of the Federal Reserve, this vicious cycle is only getting worse.

“You do stand to see longer-term negative effects on people who can’t pay off their student loans. It hurts their credit rating, it impacts the entire half of their economic life. As this goes on and as student loans continue to grow and become larger and larger, then it absolutely could hold back growth.”

Something has to change. The scary thing is, the more relief the government finds for students, the more colleges decide to up their prices. Student loan forgiveness might just be the only option they have left.

Read More

Probate and How to Prevent It

Written by adminAugust 16, 2018
Saving

Losing a loved one is extremely tough. In most circumstances, it’s sudden and leaves a huge burden on loved ones. They’re not just dealing with extreme grief and loss, but in a lot of times, what comes next can divide families and cause even more pain. It’s called probate and it can tear your family apart.

As difficult as it is to lose someone, the situation gets worse after the funeral. Americans don’t prepare for their death. According to a CBS News poll, 60% of Americans don’t have a will, and those who do are usually in the older generation.

Only 22% of people between the ages of 18 and 49 are prepared. It’s easy to understand why. No one thinks they’ll go early. Accidents are rarely planned out, violent crime is unexpected, natural disasters can come suddenly. And illness can hit at any time.

Also: http://financialhelpers.com/worst-credit-card-options-for-debt/

It’s scary to think about, but not having a plan in the event of our deaths can be even scarier, heart wrenching, and painful for our loved ones after we’re gone. If you have a lot of assets, money, and possessions, what happens next is a long, painful experience known as probate.

Legal issues, insurance, assets, money, and investments are sorted out. Who gets what? Yet, families have split and fought over material possessions left behind. That means it will require a court hearing to distribute all of these things legally. It’s not as simple as it sounds.

Dying Without a Will

Unfortunately, the court distributing assets and possessions isn’t an easy process because most people don’t have wills. If you did, then the judge can make a ruling based on that and carry out your wishes. It’s even easier with a living trust. Without either of those, an appointed administrator will then have to figure out the pieces.

And it’ll be a long, frustrating process. Not everything is divided up evenly. The more you have, the more difficult it gets. Still, there are several difficulties with probate we will discuss briefly.

#1: Time.

If time is of the essence, you’re out of luck. Sometimes parents are paying for college, kids live at home, or any number of circumstances that would require them have need of their inheritance as soon as possible. If you even have to consider mortgage and car payments, even if no one is using them. It’s not unusual for probate to go on for months…or even years.

#2: The Cost.

Probate can get quite expensive. If there’s a will or living trust, the process will be simpler and cost less time. Without those, the process can get quite lengthy. Of course, the longer the proceeding, the more expensive it can get.

#3: Family Fights.

Yes, families have literally destroying themselves after a family member dies. Usually they are the bedrock of the family who hold everything together. The bad part is, anyone can contest a will. But, if you want object A, and your aunt also wants it, she has a dispute and the case will rage on until all parties are satisfied.

Don’t allow the court to decide your estate. By writing a living trust, it will assure your prized possessions end up in the right place. Not only that, it’ll save them time and money down the road.

Read More

Loan Strategies I Used to Pay Off My Car

Written by adminAugust 15, 2018
Student Loan Consolidation

Your car or truck is your pride and joy. You love driving it and you consider it the pearl of the road. Maybe you’ve even named it and treat it well, like a member of the family. You get regular oil changes, take it in for a tune-up, and keep it clean. If you got a loan for your vehicle, you might be locked into a long-term relationship.

This is only part of your responsibility as a car owner. I do the same for my truck to keep it running as long as it can. But something I didn’t like doing was paying for my truck every month. As my budget tightens and I have other bills I need to pay for, I decided to look for ways I can pay off my loan sooner.

Another reason why this is important is to avoid paying more than the vehicle is worth. If you’re paying off a loan, then you’re most likely paying thousands of dollars of extra interest as well. By paying it early, you can save yourself the extra cash and own your vehicle outright.

Also: http://financialhelpers.com/americans-are-now-paying-a-lot-more-in-credit-card-fees/

Here are the 5 strategies I used to pay off my truck loan sooner.

1) Instead of Making One Payment Every Month, I Made Two

This is sort of a brilliant trick. Most loaners will allow you to make as many payments as you want. Instead of paying only once per month, pay half in the middle of the month. By doing this, you’ll make 26 half-payments instead of 12 regular payments, which means you’ll end up paying 13 full payments overall. That’s squeezing in an entire extra month of payments.

To look at it another way, rather than paying off the loan during the 60 months you planned, you can be finished with it in 54 months just by making two half-payments per month.

2) I Rounded Up When Making Payments

When you pay your monthly bill (or bi-monthly if you use the step above), a large portion of it goes towards interest. Anything above that threshold is payment towards your vehicle. If you decide to round up to the nearest $50 increment, you can cut a 60-month loan down to 47 months and save over $500 in interest.

For example, if your monthly bill is $208, but you decide to pay $250, that extra $42 goes directly towards your vehicle, not the interest, meaning you can pay off the loan faster and save on the interest you would’ve had to pay if you just paid the minimum. It would add up to an extra $512 paid towards the loan in a year.

3) I Made Several Larger Payments

This is an obvious point, but it certainly helps to make an additional larger payment or two if you can afford it. You might want to spend that money on something else, but the more you can put into it during the year, the faster you’ll pay off the loan and the less you’ll thrown down in interest.

4) I Never Missed a Payment

This is a big one. Since getting a truck loan, my credit score has gone up significantly. One of the major reasons for that is I have 100% on-time payments. If you do miss a payment, it can reflect negatively on your credit score.

While some lenders do allow for a missed payment a couple times a year (hey, stuff happens), missing that payment will just add more interest and take you longer to pay it off. Do your diligence. If you have to cut back on other bills, do it. Once you’re clear and free of the loan, you’ll have a lot more money in your pocket.

5) I Was Able to Refinance

I mentioned in the point above that making on-time payments significantly improved my credit score. When you get a loan, the interest rate is based on that score, as it offers a picture to the lender about your ability to pay it back. If your score goes up after a decent amount of time of regular payments, you’re more trustworthy.

You might be able to get lower monthly payments, less interest, and a shorter term by refinancing. If you can’t get all three, then it might not be worth it. Even if you can get lower payments, still paying the amount you were before will only help you pay it off that much quicker.

For me, these steps were part of a greater strategy. I had a poor credit score with little history. By showing some fiscal responsibility, I was able to improve my score and pay off my vehicle in a lot shorter of a time. It’s small steps like this that can get you closer to true financial freedom.

Read More

Financially Struggling Baby Boomers Common

Written by adminAugust 14, 2018
Credit & Debt Settlement

When we talk about debt in the United States, and how total household debt is at its highest level of all time ($13.2 trillion), it’s easy to think, “Those darn kids and their fancy houses and useless degrees!” In reality, a lot of older folks are financially struggling as well.

We’ve constantly written about millennials and their apparent lack of financial understandings that has lead us to this point, but it’s certainly not just the younger generations. Even the oldest generation has a part to play in our current economic epidemic.

Baby boomers 55 years or older have an average of $73,211 worth of debt per household, according to a report from U.S. News.

In reality, this debt isn’t from a lack of financial literacy, but the fact that they were ill-prepared for how the rest of their life turned out. Baby boomers are living longer and are much healthier than their parents and grandparents, thanks to advances in medicine and technology.

As we’ve previously reported, women are particularly at risk, because they are living longer than their husbands and haven’t been the ones to get active about investment or saving money. That role has always belonged to the men, but it’s something that needs to change.

Americans Aren’t Saving Money

According to Bankrate, 2/3 of Americans have no money saved. They wouldn’t be able to scrape together $1,000 if they had an emergency. It’s tough out there for average Americans, who can be bankrupted by a single event, like a car accident that forces them to miss time from work.

For the older generation, the risks are much higher. They’re much more vulnerable during events, like natural disasters, a death (usually their spouse), or a crippling illness. And when these issues crop up, in a much more frequent fashion, they don’t have the time out-earn these problems.

Also: http://financialhelpers.com/you-wont-believe-how-much-debt-has-changed-since-the-great-recession/

This is a major issue that can be passed down to their children when they die. There have been numerous cases where a debtor will come knocking to collect debt owed after a parent passes, especially if they left their house and there’s money still owed.

For seniors in this situation, the solution is the same for every American. Because they are extremely vulnerable financially, they must be prepared for everything that might happen. They need to better budget their income by figuring out how much debt is owed.

Getting Help

Making a single phone call to Financial Helpers can help. We are experts at helping people just like you climb out of their debt and find financial freedom. You can call us at the number below:

Call Now 844-332-2079

Without help to consolidate or refinance your loan, you’re going to have to figure out a way to do it on your own. 1/3 of all Americans don’t even have a budget plan, and it’s hurting them later on. When an emergency happens, they’re worse off financially than they were before. This sinks many good families into bankruptcy.

Seniors have a few other areas of help they may not realize. They are the generation that is least likely to be computer literate. Various apps and programs are designed to make it easier to financially budget

One of those apps is called Tiller, which doesn’t require extreme computer skills to learn. It’s simple to use and can help you get on track with creating and maintaining a budget. There are apps like GoodRx that can save you 90%.

No matter the stage of life you’re in, it’s always a good time to learn financially good habits. You’re not exempt from needing to save, even if you’ve been around awhile and never had any problems before. Times have changed, and so has the way we need to save.

Read More

Americans Are Spending Like Crazy

Written by adminAugust 13, 2018
Life Style

The economy is back, Jack! The dead malls and skittish buyers afraid to spend their money due to the economic downturn of just a years ago has reversed itself. Unemployment is down at record levels for Americans thanks to President Trump’s tax and regulation cuts. You can say what you want about the guy, but he has shown he knows how to get the economy going.

Even though not everyone is happy at this point, tariffs still threaten several industries. The average American is taking advantage of the current economic climate. They are spending money again, which is good news for the retail stores. 2/3 of our entire economy is spending via retail, so if you want a good indication at how we’re doing, just look at their health.

According to the Commerce Department, American spending was up 4% for the second quarter, with the early summer months showing significantly strong signs as well. Those reports will be coming out soon.

The next big hurdle to jump through to seal the deal on an amazing year of spending is predicting how the holiday season will shape up. As we edge into September, the spending blitz between Halloween and Christmas holidays is about to begin. Despite the big year so far, higher inflation could dampen holiday sales.

Wages have remained stagnant as prices in nearly every market are climbing higher. Gas, food, and the tariffs impact everything from soft drinks to cars and motorcycles.

A Second Beginning

Despite tempered expectations for the holidays, there is one mega-superstore making a comeback. It’s all due thanks to its new approach to ecommerce. No, we’re not talking about Walmart, but the nearly-defunct Macy’s.

In fact, Macy’s was the second-best performer behind Amazon on the S&P 500 so far this year, their shares up 60%! Shuttering several brick-and-mortar locations seems to be allowing Macy’s to do well.

Also: http://financialhelpers.com/trump-now-sets-his-sights-on-the-eu/

Walmart also seems to be attempting to challenge Amazon for online supremacy, but has revealed they’re not quite ready to reign supreme. Their digital sales have declined a bit as more Americans do appear to be shopping in-store as of late.

Other stores are competing well with Amazon, as Lowes and Home Depot don’t see much competition with the online retail leader. A lot of this extra money in people’s paychecks have been going towards rebuilding and remodeling their homes…an extravagance they couldn’t afford during the recession.

Most of the Americans who buy things like faucets, wood, paint, and other necessities for fixing things up would still rather go into the store and get it in the moment of need rather than purchasing online and waiting for delivery.

Overall, this is amazing news for every American. The economy is churning, more people have jobs, and the spending craze continues. That is more money getting poured into the economy, which often opens up even more jobs. The cycle continues. Here’s to a great, and profitable, holiday season.

Read More

The 6 Financial Steps My Wife and I Had to Take Before We Got Married

Written by adminAugust 11, 2018
Life Style

Getting married is one of the greatest days of our lives, but it’s also one of the most nerve-wrecking decisions you can make. It’s easy for self-doubt to creep in as you prepare for living with someone else for the rest of your life.

One thing that terrified me was the reality that money problems are the number one cause of divorce. Citibank released a survey that revealed 57% of all marriages end due to money issues. They can include:

-Not communicating openly about money issues.
-Dishonest about money.
-Some type of power struggle over who controls the money.
-Stress when money is tight or someone loses a job.
-Not saving for an emergency.
-Potential lack of self-worth if the family isn’t making enough money or considers themselves poor.

These are all issues that can happen to any family. Before we married, I sat down with my fiancée to hammer out the details. You may already be married or single, but this article is still important for when that time comes to have that discussion.

Jordan Sowhangar, certified financial planner from the investment company Univest, agrees that couples need to put together some type of agreement.

“Have everything in writing, and set expectations about debt and income beforehand,” he said.

The worst thing you can do is get well into the relationship or marriage and find some major financial incompatibilities.

“Say someone is used to spending $200 a month on eating out. The other person loves cooking, going to farmers’ markets and wants to eat in every night,” Sowhangar said. If you’re a saver and your partner is a spender, that’s something that needs to be addressed early.

Here are six simple steps we took before we got married:

1) Agree to Talk It Out

This might seem like a simple proposition, but it can be the biggest step you take in keeping your marriage as peaceful as possible. If most couples have spats about money, coming to an agreement is important.

The fact that you’re breeching the subject takes a lot of courage, as most people don’t like to talk about money. Don’t wait until you mush your budgets together to get this done. To find out your money type, do online quizzes. Write down independently what your money habits are and compare notes.

It’s important to be 100% honest in your assessment and to talk about your goals, both short-term and long-term. And if you find that neither of you are particularly good at saving money, you should make sure you get in some financial counseling before saying, “I do!”

2) You’re Going to Have to Compromise

The worst thing you can do is going into this meeting ready to set the rules according to your standards. It can be difficult to find two people who are so financially compatible that they agree on everything. It probably won’t happen and you’ll have to compromise. Your partner will also have to compromise.

The first thing you can do is admit that you make some mistakes. Your style isn’t 100% perfect and without error. You might find different things you have to work on after taking an assessment.

If you’re a saver and your partner is a spender, then you will have to work out a budget that keeps both styles in mind. Any relationship will be give-and-take, so figure out a way to work it out between you.

3) Don’t Stop Talking to Each Other

The worst thing you can do is get complacent. Just having that one talk at the beginning won’t be enough.

“This isn’t a one-time conversation before you move in. Talk about it weekly, monthly or quarterly. The goal is to lay everything out on the table so there are no surprises,” said Sowhangar.

The reality is, your life is going to change. Your budget will change. The economy is a rollercoaster full of good and bad times. Retirement savings will be different. Investments can dip or surge. Your financial future is unpredictable. Even the richest have lost it all.

You can be prepared for all contingencies by having regular discussions. Plan your monthly budget accordingly. We did this regularly before we married and plan to do it long after.

4) Decide to Share Responsibilities

You and your partner may make differing amounts of money. That’s why often doing the 50/50 method of sharing might not work in one of your favors. If you make $60,000 per year and your partner makes $25,000, what’s fair in sharing the bills 50/50? Of course, hopefully your partner DOES want to contribute to the family.

So, the best way to do this is to delegate responsibilities when deciding to pay the bills. Another thing to keep in mind is who is doing most of the work. If your partner is doing the cooking, the shopping, and the cleaning, you might be glad to take on a larger portion of the bills.

Also: http://financialhelpers.com/5-ways-to-pay-of-debts-without-depriving-yourself/

This is especially true if you’re a stay-at-home parent, which studies have shown is like holding down two full-time jobs, with none of the pay or benefits. But, in today’s America, it’s difficult to get by without both partners working.

This should also fall under the compromise section as well, because you might end up having to take the higher share of the bill paying if you make more money.

5) Don’t Fully Combine Accounts

If your partner works and makes money, they may feel trapped if suddenly you both combine your bank accounts and they have no freedom to spend any of their money. Yes, it’s probably easier to get a joint account and pay all your bills from that, but it’s not good to stifle your partner’s ability to make their own decisions.

It also provides an option to protect yourself. There’s no shame in admitting that sometimes, couples get crazy and do stupid things. They can get mad and decide to clean out the account or run up a credit card bill. To allow each individual to have their own account and use a joint account for rent, groceries, or other shared bills is the safest option.

6) Don’t Forget the Will

Accidents happen and people die. It’s one of the two things that you can expect in this life, that and taxes. Even if you’re not married but in a serious relationship where you move in together, it’s a good idea to have a legal document written up. Who gets your money? What possessions belong to which person? What about the rest of your family?

These are questions that often get fought over in court after a loved one passes away. Protect yourself, your partner, and the rest of your family by having a will.

Read More

Our Financial Troubles Are Literally Making Us Sick

Written by adminAugust 10, 2018
Life Style

There’s no doubt that most Americans struggle with their personal finances. When it comes to managing money, most of us wouldn’t earn a passing grade due to financial troubles

The proof of that is in the record high debt that continues to rise well after the Great Recession has come and gone. Such a financial disaster should’ve taught us a fine lesson about debt. It doesn’t seem to have had much impact on the spending habits of most Americans.

It’s this lack of financial literacy that is 1) going to send us into another recession and 2) making us physically sick.

A workplace wellness company, Financial Fitness, recently released a study that found having increases chances of getting heart disease and diabetes. This is because stressors cause weight gain and unhealthy behaviors that lead to illness.

Financial Troubles Can Be Sneaky

Another study revealed that most Americans may not even realize they’re in trouble or where their sickness is coming from. Raddon, a financial service company, found that 44% of people surveyed believed they understood their finances well, but less than half of them passed a financial literacy test.

Only 6% of them scored a 90% or better. This is truly enlightening to the typical American mindset when it comes to money. We want those better things for our lives and for our family, but being in that much debt is putting untold stress on our minds…and our bodies.

Also: http://financialhelpers.com/4-things-every-parent-should-know-about-student-loans/

Of course, our mind has a powerful influence over the rest of us. According to the American Psychology Association, the number one stressor in most people’s lives are money issues. It must be difficult not knowing from year-to-year how the economy will do or if you’ll remain employed. Everything is getting more expensive while wages remain flatlined.

Still, that worry doesn’t seem to have any impact on many of us actually taking the time to properly educated ourselves on these issues. That stress caused by financial troubles is taking a toll.

“If stress becomes chronic, it can lead to significant health consequences. It’s important to remember that there are steps that people can take to manage their stress in healthy and productive ways, like exercising, spending time with friends and family, and finding ways to get involved in your community, including making your concerns known to policymakers,” says APA CEO Arthur Evans Jr.

Avoiding the Doctor Like the Plague

To make matters worse, Americans avoid going to the doctor…because they can’t afford their medical bills and/or insurance. 36% of Americans say they simply don’t have enough money to live a healthy lifestyle that includes going to a gym, eating healthy foods, and regular doctor visits.

This proves that if you want a healthy mind and body, one of the best ways to do it is by educating yourself on financial matters to help release that every day stress. Calm your mind. Have an emergency stash saved,  Save money. This will go a long way in improving your physical and mental well-being.

The problem is, 84% of Americans have never been involved in any type of financial program to improve their knowledge. 51% say learning about money and investment is on a ‘need to know’ basis. They’ll learn it when they’re ready to apply the knowledge and start investing.

Another issue is most Americans sort of feel invincible, despite the stress that’s eating away at their peace-of-mind. We did a story recently about how most millennials believe they will be a millionaire at some point in their lives. Financial troubles are keeping them from reaching that goal. They aren’t saving for retirement, either.

Realistically, these issues are a recipe for disaster.

David Irwin, the president of Raddon, believes banks could be the key to helping Americans figure out a better way for them to invest.

“Financial institutions have a powerful role to play in developing financial literacy today. A majority of customers who participate in a financial education program find value. Providing financial education can help institutions to stand out and build depth with their customers. Closing the gap between customer perceptions of their own financial literacy and reality will help them develop the skills to build financial health.”

Read More

7 Shocking Things that Can Devalue Your Home

Written by adminAugust 9, 2018
Life Style

Your home is the largest investment most people make in their lives. The hope is that the home only increases in value over time, but there are a lot of additions that can devalue your home. These are often things that the homeowner themselves think will add value and make it more appealing to a buyer.

They later found out they were wrong and struggled to sell their home. In today’s economic climate, having trouble selling a home is the last thing you need as the housing market remains unstable.

You probably have no control over everything that impacts the value of your home. For example, if you moved into a great neighborhood that later went downhill, that’s not something you can control. It will be difficult to get a lot of additional value from that situation.

But for the obstacles that are well within your control, there are hidden problems that most homeowners don’t realize might actually come back to bite them in the end. Let’s look at seven of those factors:

1) Having a Swimming Pool

To you (and most people, we would think), having a pool brings back great memories. It’s a place of relaxation and fun parties. To others, it can be an inconvenient and costly issue that keeps them from buying your home.

Pools can be expensive to maintain, add additional cost to the home they aren’t ready to spend, and might even be considered a danger risk if they have really young children. This is a problem that might lead a lot of potential buyers from walking away.

Ways you can fix this problem, if you haven’t already installed a pool, is to go with an above-ground or non-permanent addition. If you’ve already taken the plunge or you bought the home with the pool already a fixture, you can do the work to ensure it’s safe by adding protective fences.

2) The Cool Carpet You Love Isn’t Cool to Everyone

No one can decorate a home like you can. You did your best Feng Shui that made your living space the most appealing and comfortable as you could with color schemes that fit your mood. The problem is, not everyone is going to dig those blue carpets or purple linoleum that covers the kitchen floor.

Also: http://financialhelpers.com/how-to-make-sure-youre-financially-prepared-for-marriage/

This beautiful masterpiece in your eyes could be an eyesore disaster to others that cause them to walk away. The best thing you can for your home is to update all floor to something modern, like wood flooring or fresh, neutral-colored carpeting.

3) A Bad Floor Plan

If you’ve been telling yourself for years that knocking down that wall would be the perfect way to open up your home, maybe now is the time to do it. It would be especially helpful when trying to sell it.

Your house doesn’t have to be a mansion to make people walk in and feel like they have a lot of great space to do whatever their heart desires. It’s best to let potential buyers see multi-use from as much of that space as possible.

The reason is because the new owners might not have the same lifestyle you do. You might have a children’s room they want to use as a place for storage or require a home office. If you have a lot of single-use space, it will be harder for different people to want to buy it.

4) Turning Closet Space into Something Else

If you have a large closet that you’re thinking might be more valuable to use as a bathroom space or small office, don’t touch it. Let the new owners decide what to do with that space. One of the top things on the list of new owners might be to have plenty of closet and/or storage space.

You may decide that using a lot of dresser space is great for your clothes, but others might like to hang up their stuff in a closet, or have a large collection of shoes or suits. So, what you think will add value my actually decrease it.

5) Not Enough Natural Light

There are a lot of benefits to natural light. Not only does it help cut down on the electric and heating bills to have extra light, it can also help make a place appear more inviting and friendlier. The lack of this type of light can lead to a more stuffy and closed feeling.

If you feel there’s a lack of windows, consider adding a few. This is especially important if you have a great view you can utilize.

6) Having a Converted Garage

You might have the greatest man cave on the planet, but it does nothing for the next people looking to buy it. They may want an actual garage to store their cars in. This is especially true if you live in a northern climate. It’s beneficial to keep your vehicles in a covered space overnight or during storms.

If you converted your garage into a hang-out place, an additional living space, or you have a ton of stuff stored in there, it would be best to clean it all out and restore the garage back to its proper condition.

7) Wallpaper is Ugly

Again, you might love the look of your decorated bathroom space with boat wallpaper to keep up with the nautical theme you probably enjoy. But statistics show that the majority of homebuyers agree that wallpaper is generally ugly and unappealing.

Depending on how much of the stuff you’ve used, it could really devalue your home. It will signal to buyers they’d have to put a lot of extra work and money into fixing it on their own. If you do it on your own, you can recoup a lot of that value while having a clean appearance.

To finish, not everyone likes your styles, and that’s perfectly okay. You’re free to design your home however you want. But if you’re trying to sell it, the best advice is to try and scrub any personal touches out. Try to return it back to its neutral form. It could turn away a lot of buyers who feel they’d have to be a lot of work into it.

Read More

5 Strategies for Using Your Credit Card to Improve Your Credit Score

Written by adminAugust 8, 2018
Life Style

Here at Financial Helpers, we write a lot of articles that might seem to demonize credit card use. From our experience, a lot of people find themselves heaped in credit card debt they can’t seem to overcome, so they come to us for help.

But that doesn’t mean we’re anti-credit card. A credit card can be a very good thing for someone who is looking for ways to improve their credit. Having smart usage for a certain amount of time can make life a lot simpler down the line.

The better your credit score, the easier it will be to get approved for a car loan, mortgage, and so much more. Not only will it be easier to get approved, you’ll have lower payments than people who have bad credit, as you’ll be seen as more trustworthy.

Having a good credit score is a great thing and being smart with your credit card is the best way to get there. Let’s look at 6 strategies you can use to improve your credit score.

1) Don’t Miss Any Payments

If you struggle to pay your bills on time, then getting a credit card isn’t for you. A necessary tactic in remaining in good standing with any company that offers you a credit card is to pay your FULL balance. One important ingredient to a good credit score is having a decent record make on-time payments.

This one factor makes up 35% of your FICO score, so by missing payments, it can take a huge chunk out of your overall score. That’s why it’s better not to get a card at this time if you’re not financially stable enough to pay regularly. Also, paying in full will cancel out interest on those payments!

2) Use it Like a Debit Card

The safest way to use a credit card is to manage it like a debit card. One of the dangers of swiping credit is you can’t just look at your bank balance to see how much you have left. The money doesn’t actually come out of your account until later when you pay your bill.

Also: http://financialhelpers.com/3-beneficial-times-to-refinance-your-home-mortgage/

Don’t lose track of what you’ve spent and definitely only use what you can afford to pay back in full. A lot of people get into trouble going overboard and when they can’t pay it all back, try to skate by paying the minimums. Then, by the next month, they have an even higher balance to pay and it can get out of control quickly.

3) Keep a Low Balance

30% of your credit score is determined by how much you owe. If you spend way more than you can afford, that high balance will transfer into the next month and will reflect negatively towards your overall score.

The best way to use a credit card to build credit is to NOT use it every single day. Use your debit card as much as you can, but make occasional, smaller purchases with your credit so it’s easier to pay back. With a low balance and good record of repayment, your score will go up.

4) Look at Your Options

There are a variety of different credit cards for you to choose from. If you already have good credit, then it should be no problem getting hooked up with the best cards. If you’re credit is bad and you’re looking for a way to improve it, there are other types available.

Some cards are pre-paid, meaning you’ll have to make a down payment first. If for whatever reason you don’t pay your bill, they will just take what you prepaid. If you stay on top of your bills and do well, that money is often refunded to you. They may also have high interest, but it’s a great way to get started. Find the right card that best fits what you need.

5) Be Smart!

Once again, we only advocate smart credit card use. If you know you have a bed record of repayment, having a credit card can only cause a lot of problems for you in the future and make things worse. But, with smart use, life will become easier. Don’t get yourself caught up buying things you can’t afford and racking up tons of debt.

Read More

Even the Middle Class is Struggling to Survive in Modern Day America

Written by adminAugust 7, 2018
Life Style

There’s a phenomenon happening in the United States, and it’s killing the middle class. The cost of living is rising significantly and its vastly outperforming salary increases. That means you could’ve once lived a comfortable life, the pinnacle of the American dream, but now you’re struggling to make it with virtually no change in your salary.

How can such a thing happen?

Matt and Nicole Barry are school teachers at Live Oak High School in California. Together, they make nearly $70,000. This, at one time, could afford the family life most of us wish we had. They live in a beautiful home in a nice neighborhood, but as of late, they’ve been getting squeezed.

Real estate costs in their city have skyrocketed. Not just that, but the price of literally everything has gone up too, from gas for the car to the food they eat. Taxes have risen, too. What was once a comfortable salary quickly turned into panic, as the Barry family found themselves not being able to cover their bills and their salary remains stagnant.

To make up for it, Matt has turned to Uber to make a bit of extra cash, which is a second job he really shouldn’t be forced to do. If you know anything about the teaching profession, it’s not a normal 9-to-5 job. It requires early mornings and late nights grading papers and planning a curriculum for students.

“Teachers are killing themselves,” says Matt Barry. “I shouldn’t be having to drive Uber at eight o’clock at night on a weekday. I just shut down from the mental toll: grading papers between rides, thinking of what I could be doing instead of driving — like creating a curriculum.”

Costs for the Middle Class Only Going Up

Currently, the cost of living in the middle class is up as much as 30% higher than it was two decades ago. Everything is more expensive, from housing, to healthcare, getting a college degree, and raising a child. For a lot of families, who were once enjoying the good life, that daily cost of life has more than doubled.

Only one-forth of U.S. citizens considered themselves as part of the lower class before the 2008 crash, according to a Pew study. Now, that number has risen to over 40%. If less than half of all Americans believe themselves to be financially in the lower class, it shows how much the gap is widening between the wealthy and what used to be a healthy middle class.

Also: http://financialhelpers.com/5-tips-to-get-lower-auto-insurance-rates/

It has really been the stability of our system that held up the middle class for so long. Jobs were secure, salaries rose to meet the cost of living, it was cheap to go to college and better your life, and benefits were plenty. Now, going to college is no longer a ‘need-to’ proposition. Students are graduating with useless degrees and with $40,000-$100,000 in debt.

It’s Tougher for Women

And these are just the jobs that are usually know for security. If you want to be a lawyer or a doctor, it’s becoming almost impossible to find meaningful work. But what about the rest of Americans who have been struggling at $20,000/year and women who can’t seem to catch a break?

The Center for WorkLife Law has found that discrimination cases have risen 269% in the last decade as women seem to make less and less. Their salaries appear to job 7% for each child they have. At a time when woman are trying to do everything they can to prepare for life as a parent, they face tremendous standard-of-living obstacles most of us don’t.

Technology also plays a major part. If factories and manufacturers can replace a working body with a robot, they can. They don’t have to pay a salary or benefits to robots who can work 24/7 without needing a day off. These types of jobs are being eliminated at a furious rate. It’s expected that 30% of the tasks currently requiring human hands will be replaced in the near future.

Some Jobs Are Economy Proof

There are a few economy-proof jobs that still exist, such as nursing, truckers, journalists, etc, but even these can see their share of drop-offs. Driverless trucks are making their debut and more doctors are seeing their patients via online Skype or FaceTime calls.

Most of these challenges appear to be holdovers from The Great Recession that hit our country in 2008. Jobs were hard to find and employers had a rush of new people coming in looking for work. Because the economy was down considerably, they didn’t feel it was safe to hire. That appears to be changing.

Currently, there are more open jobs than workers to fill them. Industries like the trucking industry have a rash of vacant seats they need filled immediately. The problem is, a lot of these jobs require training and/or being well-verses in a trade. Proponents for trade jobs like Mike Rowe keep pushing the need for skilled workers to fill these positions.

The country is changing, and everyone must figure out quickly where they belong in the new hierarchy. Those who figure it out are doing quite well and gaining most of the wealth. The others fall behind trying to work jobs that used to have security and a high wage.

President Trump has recently come out with a new tax idea aimed at helping the middle class. He wants to cut their taxes and create programs to incentivize saving money. Hopefully this move will help people like the Barry family get back to normal. They deserve every chance to continue to focus on changing the lives.

Read More