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Updated: 2017-11-20T05:05:00-05:00

 



Moving in Retirement

2017-11-20T05:05:00-05:00

Here's an interesting piece from Time about moving in retirement. Here are some of the stats they share: 37% have moved in retirement 36% do not anticipate moving in retirement 27% have not moved but anticipate doing so And one quite interesting stat: 30% of retirees who have moved have gone into a larger home This topic is a relevant one for us as we transition in life. As of now we are in a large home in a suburban area of a beautiful city (many people come here for vacation). We have one child at college and one at...

Here's an interesting piece from Time about moving in retirement. Here are some of the stats they share:

  • 37% have moved in retirement
  • 36% do not anticipate moving in retirement
  • 27% have not moved but anticipate doing so

And one quite interesting stat:

  • 30% of retirees who have moved have gone into a larger home

This topic is a relevant one for us as we transition in life.

As of now we are in a large home in a suburban area of a beautiful city (many people come here for vacation).

We have one child at college and one at home plus we love our location and house. For now we're going to stay put until we see where the kids land, but after that, we have some decisions to make.

Some thoughts we're working through:

  • We don't need a 3,500 square foot house for two of us, so unless we think we're going to add residents (my parents could move in with us) or that the kids will form families quickly and come back to visit, we likely will move.
  • If we do move, we'd likely stay in the same city and the same area within the city.
  • We'd also be more likely to move into an apartment. This would allow us more flexibility to travel.

But who knows what we'll actually do. Time will tell.

Anyone out there who's been through this decision-making process? What did you do and why?




How to Buy a “Side Hustle” Franchise in 7 Steps

2017-11-14T18:08:53-05:00

The following is a guest post from Evan Tarver, a small business and investments writer for Fit Small Business, fiction author, and screenwriter with experience in finance and technology. When he isn't busy scheming his next business idea, you'll find Evan holed up in a coffee shop working on the next great American fiction story. Not everyone is ready to start a full-time business. Some people just want to start something on the side of their current job so they can generate an additional income stream. This is known as a “side hustle.” What many of these people don’t know...The following is a guest post from Evan Tarver, a small business and investments writer for Fit Small Business, fiction author, and screenwriter with experience in finance and technology. When he isn't busy scheming his next business idea, you'll find Evan holed up in a coffee shop working on the next great American fiction story. Not everyone is ready to start a full-time business. Some people just want to start something on the side of their current job so they can generate an additional income stream. This is known as a “side hustle.” What many of these people don’t know is that you can actually buy a franchise that works as a great side gig. However, finding the right side hustle franchise can be tough. You need to find a passive business that can largely run without you, and you’ll need to follow a specific road map when identifying and buying one. Below are the 7 steps you should take when buying a franchise as a side hustle: 1. Find a Passive Franchise Business Finding a franchise that can be run on the side while you work another full-time job is the first step to buying your side hustle franchise. Online sources like as FranchiseGator, Franchise Direct, Franchise.org, and Franchising.com can help you find a franchise business that can match your specific needs and personal preference. When searching these online directories, make sure you consider the following when choosing your side hustle franchise: Low time requirement - Find a franchise that requires little time and effort, can operate with limited supervision, is not too risky to delegate to your hired people, and can generally be managed part-time.  Income potential - When starting a franchise as a side-hustle business, it’s very important to set a realistic income expectation. You typically won’t make millions of dollars running a side hustle, and you need to find a franchise that has income potential equal to what you’d expect to earn working it on the side. Personal interest - Finding a franchise that’s interesting will make your side business more appealing and make it easier to remain engaged with its operations even while you’re working your main gig. Common types of passive income franchises include the following:  Vending Franchises - These are the easiest to run as a side hustle because you don’t need to be there to run the business. You’ll only have to hire a few people to do the inventory, delivery, and accounting from time to time.  Food Carts - A food cart franchise like as a hot dog or taco stand is one of the easiest to manage on the side as long as you hire the right cooks and cashiers. Health & Fitness - A fitness center or gym is another franchise which can serve as a passive source of income. You don’t really need to be there but you have to hire competent personnel to manage and man this business for you. 2. Do Your Due Diligence Once you identify a franchise that works as a side hustle, the next thing you’ll want to do is conduct the proper due diligence. Ensure that you choose a franchise that you can actually run passively. For instance, you can likely run a vending franchise on the side no problem, but for a larger operation like a fitness center, you’ll need to go into the finer details. Here are few of the important things that you need to find out when doing your due diligence: Business Operations - The business operations of your chosen side hustle franchise need[...]



Eight Ways Retirement has Changed in the Last 20 Years

2017-11-13T05:05:00-05:00

Investopedia lists eight ways retirement has changed in the last 20 years as follows: 1. Rising Retirement Age 2. More Retirees Working 3. Less From Employers 4. Lower Savings-Account Balances 5. Retiring Abroad 6. Inheriting Less 7. Living Longer 8. Healthcare Costs Rising My thoughts on these: 1. As I've posted time and time again, people are saving less which means they need to work longer. Hence the rising retirement age. This is surprising in some ways since I read so many "retire early" blogs that the average seems like it's getting lower, but it's not. 2. Again, it's savings...

Investopedia lists eight ways retirement has changed in the last 20 years as follows:

1. Rising Retirement Age
2. More Retirees Working
3. Less From Employers
4. Lower Savings-Account Balances
5. Retiring Abroad
6. Inheriting Less
7. Living Longer
8. Healthcare Costs Rising

My thoughts on these:

1. As I've posted time and time again, people are saving less which means they need to work longer. Hence the rising retirement age. This is surprising in some ways since I read so many "retire early" blogs that the average seems like it's getting lower, but it's not.

2. Again, it's savings related. If you can only fund a portion of your retirement from savings, the rest needs to come from work.

3. You are responsible for your retirement even if you do have an employer plan.

4. Been saying this for a long time now -- Americans are saving less. Said another way, they are spending more during their working years.

5. I think there are two kinds of people who retire abroad: 1) those who need the lower cost-of-living to make the numbers work and 2) those who want to see the world a bit and experience life somewhere new.

6. Does anyone count on inheritances these days? Surely they aren't part of a retirement plan for most, right?

7. Of course. We are living longer and thus...

8. ...paying more for healthcare. I think both the annual costs are going up PLUS people are living longer, making it a bigger portion of overall retirement costs.

Anyone want to add anything else?




Four Questions to Ask Yourself Before Retiring

2017-11-08T05:05:00-05:00

Money lists four questions to ask yourself before retiring as follows: Will I have enough income to support myself? What will I do with my time? Where will I live? Do I understand how my financial life will change in retirement? My take on these: Yes. The first thing you need to know about retiring is how much you'll need to spend and if you can earn that much. This is also known as the three steps to determine if you have enough to retire. You may have heard it said that you should "retire to" something and not "retire...

Money lists four questions to ask yourself before retiring as follows:

  • Will I have enough income to support myself?
  • What will I do with my time?
  • Where will I live?
  • Do I understand how my financial life will change in retirement?

My take on these:

  • Yes. The first thing you need to know about retiring is how much you'll need to spend and if you can earn that much. This is also known as the three steps to determine if you have enough to retire.
  • You may have heard it said that you should "retire to" something and not "retire from" something. In other words, if retirement is simply an escape from a terrible job, you're probably not going to enjoy it much. I have many interests and am thus busier in retirement than when I was working. The difference now is that I work on projects I enjoy.
  • Where you live is an interesting question that you need to ask, but I don't think you have to ask it BEFORE you retire. We happen to live in a vacation spot already in a nice home and nice neighborhood, so it was an easy decision for us. That said, we may still move -- perhaps downsizing into an apartment sometime. But we can decide that in years to come.
  • This last question is mostly a throwaway IMO. If you have done your retirement budget (discussed in question one above), then you already know this.

To me, this could have easily been titled "two questions to ask yourself before retiring" (the first two) and it would have covered the most important points.

Your thoughts?




How Much Cash Do You Carry?

2017-11-06T05:05:00-05:00

Nerd Wallet recently did a study on how much cash Americans carry. The highlights: More than three-quarters of respondents to a recent U.S. Bank survey said they never carry more than $50 in currency with them. Nearly one-quarter said they keep $10 or less. Ok, I am waaaaaaaaaay in the minority here. I usually carry $100 or more on a money clip. It's probably because of my "just in case" mentality that I do so. Also it's easy to do as my money clip is combined with my credit card holder, so why not? How about you? How much cash...

Nerd Wallet recently did a study on how much cash Americans carry. The highlights:

More than three-quarters of respondents to a recent U.S. Bank survey said they never carry more than $50 in currency with them.

Nearly one-quarter said they keep $10 or less.

Ok, I am waaaaaaaaaay in the minority here.

I usually carry $100 or more on a money clip.

It's probably because of my "just in case" mentality that I do so. Also it's easy to do as my money clip is combined with my credit card holder, so why not?

How about you? How much cash do you usually carry?




Star Money Articles for the Week of Oct 30

2017-11-03T05:05:00-04:00

Welcome to this week's edition of Star Money Articles. Money Q&A says investing in a 401k is a no-brainer. ESI Money suggests starting with a high salary. Big Law Investor tells of a fate worse than death. Life Zemplified tells us not to let our big but get in the way. Picky Pinchers says to move! Have a GREAT weekend!!!

Welcome to this week's edition of Star Money Articles.

Money Q&A says investing in a 401k is a no-brainer.

ESI Money suggests starting with a high salary.

Big Law Investor tells of a fate worse than death.

Life Zemplified tells us not to let our big but get in the way.

Picky Pinchers says to move!

Have a GREAT weekend!!!




Three Exciting New Ways to Start Investing

2017-11-02T05:05:00-04:00

The following post is from FMF contributor Veselina Dzhingarova. When you have spare cash, it is understandable that you want to make it work harder. Some people put their savings into a high-interest account. Others buy property. But, what if you could use that money to make extra money – and have some fun at the same time? For anyone with an appetite for risk and a desire to make money, investing is a great hobby. You may not end up as rich as Warren Buffet, but if you play your cards right and learn the essential tools of the...The following post is from FMF contributor Veselina Dzhingarova. When you have spare cash, it is understandable that you want to make it work harder. Some people put their savings into a high-interest account. Others buy property. But, what if you could use that money to make extra money – and have some fun at the same time? For anyone with an appetite for risk and a desire to make money, investing is a great hobby. You may not end up as rich as Warren Buffet, but if you play your cards right and learn the essential tools of the trade, you could make a tidy profit on your investment account. The good news is that investment is really easy these days. You don’t need a hotline to an investment broker and you certainly don’t need to work on the trading floor of the London Stock Exchange. Anyone can have a go at investing in stocks, shares, ETFs or foreign currencies. All you need is an internet connection and some time to learn the ropes. Create an Online Trading Account Online trading is so easy, anyone can try it. There are several reputable online trading platforms, including ETX, where anyone can set up a trading account. You don’t need any prior experience. You don’t even need to trade using real money. Decide what you want to trade, whether its forex, stocks, commodities, binary options, or CFDs, and look for a trading platform that offers this. Start by creating a demo account. Practice, test your skill, try out a few theories, and see if you have what it takes to make money. Once you feel confident enough to risk using real money, start trading for real. Watch Buzz Index Buzz Index uses Artificial Intelligence to identify trends and patterns in the financial markets. All savvy investors watch the markets and use news bulletins and other pertinent information to figure out which way the markets are going to turn, but AI makes life a lot easier. Market insights are derived from superior artificial intelligence and the data is filtered through complex algorithms to produce useful information for smart investors. These insights can help you make the right trading decisions and boost your investment portfolio. AI is the future, especially in the world’s financial markets. Try Social Trading Social trading is an exciting new development in the world of investment. Wouldn’t it be wonderful to have an experienced mentor guiding your decisions as you play the markets? Thanks to social trading networks like eToro, you can do exactly that. Social trading allows less experienced investors to connect with more experienced traders. You can copy their trading portfolio, discuss trading strategies, and ask for advice. It doesn’t guarantee you instant success, but the odds you will make money are far higher than if you struck out alone. Experienced traders are happy to share their insights. After all, they were newbies too, once upon a time. Only trade on regulated platforms and don’t risk money you can’t afford to lose. [...]



5 Actionable Negotiation Hacks That Will Save You Money

2017-11-01T05:05:00-04:00

The following is a guest post from Edwin C, the money hacking millennial behind Cash The Checks. He lives a minimalist lifestyle and is always eager to learn and share his methods to save and make money on his blog. Being a good negotiator can help you in almost any facet of your life. We negotiate our salaries, our rent, our purchases and even our household responsibilities. As you can see, it is essential to be a good negotiator. Today I'll be sharing with you 5 essential negotiation hacks to help save you money on... just about anything! 1. Put...The following is a guest post from Edwin C, the money hacking millennial behind Cash The Checks. He lives a minimalist lifestyle and is always eager to learn and share his methods to save and make money on his blog. Being a good negotiator can help you in almost any facet of your life. We negotiate our salaries, our rent, our purchases and even our household responsibilities. As you can see, it is essential to be a good negotiator. Today I'll be sharing with you 5 essential negotiation hacks to help save you money on... just about anything! 1. Put Your Offer Out There First One of the greatest marketing and negotiating hacks out there is a little trick known as price anchoring. Price anchoring is when a retailer puts a product on the market for, let's say, $2,500 and then slashes the price drastically to only $1,500. This gives you the impression that you've saved big. But in reality that $2,500 figure was just a made up number pulled out of thin air. The real price was, and always has been, $1,500. To get the benefit of price anchoring in a negotiation, you need to get the upper hand by throwing your reduced price out there first! Make the first offer, but don't make it too low so as to insult the person. The first number you throw out there sets the stage for the negotiation and both parties will begin to work around this figure. 2. Trade Your Skills For A Home If you're looking to reduce the amount you pay for rent, yes you can negotiate that too. It is possible to even live rent free by negotiating legal labor with the landlord or the property manager. Let me explain. For example, let's say you can only afford to pay $1,500 a month on an apartment that's asking for $2,000 per month. Find out if there is something you can do to supplement the additional $500 per month. For all you know, your landlord might need some help around the property. All it takes is just asking. You've got nothing to lose. For example: Can you be a security guard for the parking lot and/or the building? Does the apartment complex need a maintenance person? Does the property need the lawns mowed and landscaping to be maintained? Are there ongoing renovation projects you can help with? Offer your side hustle services to the building, such as dog walking, babysitting or a free fitness class. 3. Establish Trust If you ask something to describe a salesman in three words, they will usually say slimy, manipulative and untrustworthy. Well if you are any of these, you won't be able to negotiate effectively. This is because we are more likely to buy or be influenced by someone who we consider trustworthy. Trust means honesty, and honesty is the only real way to sell. If you're selling something, be upfront and say for example "this bookcase needs some TLC" or "the car needs new tires". By establishing yourself as honest, they are more likely to believe you when you're touting the positive aspects of the item. If you're buying something, be honest about how much you have to spend and be realistic about what you can expect to receive for that price. 4. Scarcity Principle I'm sure you've experienced this negotiation tactic before since it's so common. It's where the marketer or salesperson says the famous words, "This is a limited time offer. Act now. We only have two left!" or they say "I've got th[...]



3 Common Mistakes to Avoid If You're Involved in a Car Accident

2017-10-31T14:15:15-04:00

The following post is from FMF contributor Eric Olesen. Car accidents are unnerving — to say the least. It’s normal to feel scared or anxious after a wreck, but it’s also extremely important to regain your wits quickly. After all, the actions you take immediately after a car wreck could impact your future. If you've been involved in a wreck, avoid these common mistakes. Mistake #1: Failing to Report the Accident If you were involved in a minor accident, you might assume it’s okay to exchange information with the other driver and leave, but you’d be wrong. It’s important to...The following post is from FMF contributor Eric Olesen. Car accidents are unnerving — to say the least. It’s normal to feel scared or anxious after a wreck, but it’s also extremely important to regain your wits quickly. After all, the actions you take immediately after a car wreck could impact your future. If you've been involved in a wreck, avoid these common mistakes. Mistake #1: Failing to Report the Accident If you were involved in a minor accident, you might assume it’s okay to exchange information with the other driver and leave, but you’d be wrong. It’s important to file a police report immediately for two reasons: Your insurance company might require a copy of a police report before paying out any claims. Not all automobile accident injuries show up immediately. Because of this, you might need to file a personal injury claim in the future, and not having a police report might affect your claim. For example, if your New York personal injury lawyer is forced to file a claim without a police report, it could result in a lower settlement or claim denial regardless of their legal expertise. Mistake #2: Inadvertently Admitting Fault Immediately after a car accident, what do you do? Unless you’re badly injured, chances are, you step out of your car and check on anyone else involved in the wreck. While it’s important to access the injury status of everyone involved, you need to choose your words wisely when you speak so you don’t accidentally admit fault — even if it was your fault. For example, it’s natural to apologize for the accident even if the wreck wasn’t your fault, but any apology given might be misinterpreted as an admission of guilt. To stay on the safe side, verify everyone involved in the accident is okay, and then, remain silent. Don’t speak to the other party involved or any bystanders before the police arrive at the scene. When you give your statement, explain what happened as clearly as possible in as few words as possible. Keep it short and sweet. This way, if you need to hire a personal injury lawyer in the future, the documentation includes the facts, not opinions. Also, don’t immediately hand over your auto insurance information. While it’s important to exchange contact and insurance information with the other driver, immediately offering it up may look as if you feel guilty. Instead, wait for the police to arrive on the scene and give the information to the officer taking the report. If the police don’t come to the accident scene, suggest to the other driver that you exchange information “just in case.” Mistake #3: Refusing Medical Attention Even if you feel fine after the accident it’s important to seek medical attention. Car accidents increase your adrenaline, so you might not feel pain right away. Also, you might not experience symptoms from auto accident injuries, such as whiplash, concussion, and soft tissue injuries, right away. If emergency personnel doesn’t arrive at the scene of the accident, take the time to go to your doctor or visit the nearest emergency room to get checked out. This way, if you need to hire a personal injury lawyer to file a claim for you a few days later, there’s already a record of your medical treatment. Also, person[...]



Most Americans Living Paycheck to Paycheck

2017-10-30T05:05:00-04:00

CNBC tells us that most Americans live paycheck to paycheck. The highlights: Seventy-eight percent of full-time workers said they live paycheck to paycheck. Overall, 71 percent of all U.S. workers said they're now in debt. While 46 percent said their debt is manageable, 56 percent said they were in over their heads. Even those making over six figures said they struggle to make ends meet. Nearly 1 in 10 of those making $100,000 or more said they usually or always live paycheck to paycheck, and 59 percent of those in that salary range said they were in the red. Ugh....

CNBC tells us that most Americans live paycheck to paycheck. The highlights:

Seventy-eight percent of full-time workers said they live paycheck to paycheck.

Overall, 71 percent of all U.S. workers said they're now in debt.

While 46 percent said their debt is manageable, 56 percent said they were in over their heads.

Even those making over six figures said they struggle to make ends meet. Nearly 1 in 10 of those making $100,000 or more said they usually or always live paycheck to paycheck, and 59 percent of those in that salary range said they were in the red.

Ugh.

Is anyone surprised?

We talked about these facts years ago. Looks like things haven't changed.

Eight years ago, during the financial crisis, 69% of Americans lived paycheck to paycheck.

Three years ago, nearly half the people were living paycheck to paycheck, so it looked like things were getting better.

Appears that was incorrect.

As for the $100k crowd, we've seen that it's hard to live on $100k, $250k, and even $1 million.

The reason it's hard to live off such high amounts for some people: they simply spend it all.

At this point, nothing surprises me about the poor financial habits of people in this country.