How to Navigate Buying a Home During High Inflation
With rising housing prices and interest rates, you may feel pressured to jump on the carousel to avoid being left behind. However, a home is one of the most expensive purchases most Americans will make, and you don’t want to rush into a home that isn’t right for your needs. Below, we’ll explore a few key tips and insights to help high earners who are looking to buy a home during periods of high inflation.
Understand Today’s Housing Market
Before beginning the purchasing process, it’s important to understand current market dynamics. This is especially true when it comes to higher inflation. Inflation immediately affects many market aspects, including home prices, mortgage rates, and overall affordability. As inflation rises, interest rates and home prices tend to follow suit, making properties more expensive.
For example, a $300,000 mortgage at 3.5 percent interest will cost around $1,650 monthly for a 30-year term.1 Adding another 2 percent to this interest rate will increase the monthly payment by nearly $400 over the life of the loan. Be sure your home-buying budget accounts for some flexibility in interest rates. Also, don’t assume you’ll be able to refinance into a lower rate after a few years; while this has been common advice in the past, you don’t want to stake your budget on it!
Tips for navigating the housing market during high inflation
You can do several things to make the home purchasing process easier, no matter what’s going on in the overall economy.
First, stay informed. Set Google alerts for inflation, interest rates, and other key words that can signal market trends. This will help you ensure you consider all possible factors before you make a decision.
Flexibility is also key; if you stay open to exploring different neighborhoods, financing options, and property types, opportunities may present themselves where they otherwise wouldn’t have. For example, purchasing a duplex or triplex can allow you to live on one side, rent out the other, and enjoy market appreciation while subsidizing your own mortgage. Homes with in-law suites, carriage houses, or other detached dwelling units can be a way to expand your budget by going in on the purchase with a relative.
Finally, you’ll want to seek advice from real estate professionals, mortgage lenders, and financial professionals. They live and breathe the real estate market and can offer valuable insights focusing on your market, budget, and needs.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by Fresh Finance.
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Footnotes
1 “How rising interest rates affect mortgage costs,” Experian, https://www.experian.com/blogs/ask-experian/how-rising-interest-rates-affect-new-mortgages/
Five Tips to Ensure You Are Prepared for Long-Term Care in Retirement
As Gen X-ers and Millennials move toward retirement, long-term care expenses are poised to make up an even larger share of their retirement expenses. But if you start planning early and focus on your goals, preparing for long-term care doesn’t need to be an insurmountable hurdle. Here are five tips to help guide your path.
Understand What Medicare and Medicaid Cover
Medicare is a type of health insurance available to adults 65 and older (and some adults under 65 with certain health conditions). Meanwhile, Medicaid is a program that provides health coverage for those with limited income and assets.1
Although Medicare provides limited coverage for skilled nursing care and rehabilitation services, it doesn’t cover most long-term care expenses. Conversely, Medicaid may cover long-term care costs for those with limited income and assets, but eligibility requirements vary from state to state.
Don’t fall into the all-too-common trap of assuming Medicare covers your nursing home or assisted living costs. Unless you qualify for Medicaid or have coverage through another source, you may have to pay out of pocket.Set Mutual Goals
You and your partner may want to set financial goals that you both aspire to, such as saving for a house, paying off debt, investing for retirement, or starting a business. First, break down these goals into smaller, actionable steps. You can then decide who is best suited to perform each step and hold each other accountable along the way.
Consider long-term care insurance
If, like many, you cannot afford to pay $100,000 or more per year out of pocket for a nursing home, you should investigate whether long-term care insurance may step in to fill the gap. This insurance may help cover the costs of services not typically covered by health insurance or Medicare. When investigating this option, research the policy options, premiums, and coverage limits to help find a plan that aligns with your needs and budget.
Explore hybrid insurance policies
Hybrid long-term care insurance policies combine long-term care insurance coverage with life insurance or annuities and might be a more flexible option for many families. These policies provide benefits to pay long-term care expenses while also offering a death benefit or cash value component if you don’t end up using the long-term care benefit.
Save strategically
While saving for retirement, allocate some of these savings for long-term care expenses. You may want to consider opening a dedicated account or investment fund designated for this purpose. This way, when you begin making withdrawals from your 401(k), IRA, and other retirement accounts, you may leave your long-term care fund alone so it continues to grow.
Create a Comprehensive Financial Plan and Update it Regularly
Work with a financial professional to create a comprehensive retirement goal that provides for long-term care expenses. When projecting future care costs, you may want to consider factors like inflation, potential investment returns, and health status.
Because life circumstances and financial goals may change over time, reviewing and updating your long-term care goals regularly is essential. Reassess your financial situation, insurance coverage, and long-term care needs to help adequately prepare for whatever may come your way.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by Fresh Finance.
LPL Tracking #572789
Footnotes
1 Medicare and Medicaid
https://www.hhs.gov/answers/medicare-and-medicaid/index.html
Women: Caught in the Caregiving Sandwich
The ‘Sandwich Generation’ refers to a generation of individuals caught between the demands of caregiving for their aging parents and their children. This delicate balancing act is a challenging reality many women face today, demanding attention, love, care, and financial resources. This article explores tips and guidance that may benefit women caught in the caregiving sandwich.
1. Practice self-care
An adage passed on for generations: “You cannot pour from an empty cup,” summarizes how vital self-care is. By prioritizing your physical, mental, and emotional health, you can take control of your well-being. This empowerment allows you to perform your daily tasks effectively, ensuring that you can offer better care to those who depend on you. Regular exercise, a balanced diet, adequate sleep, and time for relaxation are not luxuries but necessities that empower you to manage your caregiving responsibilities.
2. Plan for your financial independence
Financial planning comes next. The economic implications of caring for both aging parents and children can be burdensome. Begin by seeking professional financial advice tailored to your situation. Prioritize establishing an emergency fund and aim to save for your retirement.
Many women overlook their future needs when caught in the caregiving sandwich. While catering to present needs is crucial, your future should also be addressed.
3. Seek resources
Another critical strategy is to utilize available resources fully. Government programs, community resources, and nonprofit organizations often support caregiving families. These resources can provide a much-needed sense of relief, knowing that you are not alone in your caregiving journey. Services may range from home health aides and adult daycare centers to respite services and support groups. By leveraging these resources, you can ease the burden of caring for multiple generations and feel more supported in your caregiving role.
4. Delegate
Next, learn to delegate responsibilities. Caregiving does not have to be a one-person job. If you have siblings or other relatives who can help, don’t hesitate to ask for assistance. Assigning tasks to family members or hiring care professionals can lighten your load and help prevent caregiver burnout. For example, you could ask a sibling to take your parent to their doctor’s appointment or hire a caregiver to help with household chores. It’s also worth considering respite care, which offers caregivers a temporary break while ensuring their loved ones are well cared for.
5. Prepare legal documents
Finally, navigate the legal intricacies with professional legal help. Legal matters such as establishing power of attorney, creating a will, or accessing a loved one’s financial records become inevitable when you step into a caregiving role. These documents can help ensure your loved ones’ wishes are respected and their assets are protected. It’s advisable to seek professional financial and legal guidance to handle these complex issues.
Being a part of the sandwich generation can feel like a never-ending responsibility, bringing fresh challenges daily. In conclusion, women caught in the caregiving sandwich must prioritize self-care, engage in early financial planning, utilize available resources, delegate duties, and seek professional legal counsel. These steps are essential to helping women manage the pressures of caregiving so they provide the best care for their loved ones without compromising their well-being.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by Fresh Finance.
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From Passion to Profit: Top Reasons Women Should Start Their Business Journey Today
Starting a business may seem scary, but it’s also a great way to turn something you love into a successful career. If you’ve ever thought about being your own boss, here are some top reasons why today might be the perfect day to begin.
Follow Your Passion
Do you have a hobby that you really like to do or a certain skill you're passionate about? When you start a business, you are able to spend your time doing something that you love. Whether it's crafting, designing websites, or helping other people, it doesn't matter - your passion might become your full-time job!
Be Your Own Boss
Among the perks of running your business are getting to be your own boss. You get to decide what to do. You set your own schedule. You determine the rules. You get to make your working conditions as you like. No more waiting for somebody to tell you to do something. For some, being the decision-maker is empowering.
Make a Difference
One of the most fulfilling reasons you might start a business is to make a difference in your community. When you hire employees, create new products, and solve problems for people, you’re providing a valuable service to the people around you.
Flexibility
Having your own business means you may build a life that works for you – whether that’s getting home earlier to spend time with your family or being able to travel for long periods. No longer do you need to work on someone else's schedule.
Support and Resources
There are many resources for women who want to start a business. Whether through online courses, women’s business groups, or grants and small business loans, there is a great deal of valuable advice and know-how to help you on your way.
Set an Example
In starting your business, you show women and girls that they too might build a path seeking success.
Innovation and Creativity
Starting your business lets you bring fresh ideas and creativity to the market. Women may bring interesting perspectives that might lead to innovative products and services. This creativity may set your business apart from others and, perhaps, attract a loyal customer base.
Building a Legacy
Starting a business lets you create something that might last for generations. Whether you pass it on to your children, sell it, or simply leave a lasting impact on your community, your business becomes a part of your legacy.
Get Started Now
There’s never been a better time for women to start businesses. Whether you’re driven by passion, a desire for independence, or the chance to make a difference, starting a business may be the first step toward a fulfilling and successful future. So why wait? Start your business journey today!
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by WriterAccess.
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United in Wealth: How to Become a Financial Power Couple
If you’re a high earner, you may be interested in partnering with someone with similar education, income, and goals. Becoming a financial “power couple” can help you both achieve your goals sooner. Because money disputes are one of the leading causes of divorce, finding someone with whom you’re financially compatible can smooth the path of your relationship.1 Below, we discuss a few tips to help guide your joint journey.
Open Communication
Bestselling finance author Morgan Housel once said, “Nobody is as interested in your stuff as much as you are.” Contrary to what you might believe or like to think, people are not concerned with your possessions in terms of being impressed. If someone has, for example, a big house or fancy car, as Housel explains, you aren’t impressed by them. Instead, you are picturing yourself in that house or driving that car, imagining people thinking you are “cool” or “successful.”
People are interested in their stuff, their problems, that upcoming vacation, or the new pair of shoes you bought for that Friday night date. Don’t try to keep up with the Joneses. Buying things because you think it might impress other people is not a beneficial approach to financial management. It is nice to have luxury items, so long as you can afford them. Remember, buying on credit doesn’t mean you can afford it.
Set Mutual Goals
You and your partner may want to set financial goals that you both aspire to, such as saving for a house, paying off debt, investing for retirement, or starting a business. First, break down these goals into smaller, actionable steps. You can then decide who is best suited to perform each step and hold each other accountable along the way.
Live below your means
Living below your means allows you to free up funds for savings and investments. Prioritize spending on things that bring value and happiness, not just instant gratification. One rule of thumb when contemplating large purchases is to wait a week and see if you’re still thinking about it. This can help you avoid impulse buys.
Maximize income
You’ll build an unshakable partnership by supporting your partner’s career goals and aspirations and celebrating each other’s successes along the way.
Manage debt wisely
Work together to manage and pay off any debts like student loans, credit card debt, or mortgage payments. Each dollar that goes toward servicing high-interest debt is a dollar that can’t be used to support your lifestyle or save for retirement, so the quicker you knock out this debt, the better.
However, debt isn’t always bad. Some types of debt can be used to leverage an entrepreneurial venture or real estate investment. In these situations, you’ll want to evaluate the pros and cons with your partner carefully and perhaps run the idea by your financial professional.
Protect your assets
For many high earners, especially those early in their careers, their biggest asset is their earning ability. This means protecting your assets by getting enough insurance coverage is crucial. This can include life insurance, health insurance, disability insurance, and long-term care insurance. You may also want an umbrella liability policy to protect yourself against claims that exhaust your other insurance coverage options.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by Fresh Finance.
LPL Tracking #572789
Footnotes
[1] ”National Debt Relief,”CNBC.com, https://www.cnbc.com/select/national-debt-relief-survey-debt-reason-for-divorce/
Flying Solo Financially: Money Management Considerations and Tips for Singles
When you are single, personal money management would seem, theoretically, less complicated. Think about it; there are no arguments over spending or savings strategies or having to focus on the present circumstances of providing for a partner or an entire family. There is no walking on eggshells and being accountable to anyone except yourself. However, solo sailing isn’t always that simple.
Spending money is as easy for a single person as it is for a married couple. There is so much out there that make our lives more comfortable and exciting, and those things cost money. Single people enjoy eating out, streaming entertainment, traveling and they may also engage in the dating scene. Those flying solo have to make as much of an effort as a couple when it comes to financial management.
Nobody is more interested in your possessions than you are.
Bestselling finance author Morgan Housel once said, “Nobody is as interested in your stuff as much as you are.” Contrary to what you might believe or like to think, people are not concerned with your possessions in terms of being impressed. If someone has, for example, a big house or fancy car, as Housel explains, you aren’t impressed by them. Instead, you are picturing yourself in that house or driving that car, imagining people thinking you are “cool” or “successful.”
People are interested in their stuff, their problems, that upcoming vacation, or the new pair of shoes you bought for that Friday night date. Don’t try to keep up with the Joneses. Buying things because you think it might impress other people is not a beneficial approach to financial management. It is nice to have luxury items, so long as you can afford them. Remember, buying on credit doesn’t mean you can afford it.
Pay down your debt before other unnecessary expenditures.
The world of personal finance, debt, and debt management are so much a part of life that it can be argued we are desensitized to the impact of having debt. It is also no secret that people are accumulating more debt than ever before. According to Bankrate, about six in 10 people with credit card debt have had it for at least a year, and the personal savings rate is a mere 3.2%. So, not only are people holding onto debt, but they also aren’t saving much. It begs the question, where is the money going? At the end of the day, it is hard to build wealth when you have a lot of debt.
If the prospect of abnormal gains on the stock market seems outrageous, it probably is.
Only invest what you are comfortable losing. The stock market is not the lottery. It is not a dependable, get-rich-quick scheme. The stock market is a slow growth, long-term investment that takes decades to produce gains. Most people, however, don’t have the patience to wait for gains of any kind. Instead, they speculate, jump on bandwagons, and panic sell their stocks when it seems the market is on the way down. People are predictable, but the market is not.
How well do you know yourself and your triggers?
One of the maxims inscribed upon the Temple of Apollo in Delphi sometime before the 4th century has notably stood the test of time: “Know thyself.” Two words that make up one of the world’s most profound statements. When it comes to your finances, recognizing what “triggers” your spending can help you create short- and long-term financial strategies.
Your friend buys a new car, your sibling moves into a larger house in a nicer neighborhood, there is talk on TV about a possible bullish market, and specific companies are projected to have great earnings calls, etc. What is it that motivates you to spend money? Who are you? What did you experience in your past that perpetuates certain spending habits? Financial behaviors are not always on the surface.
You often hear people talk about budgeting, but not how to budget.
Merriam Webster defines personal financial budgeting as “the amount of money that is available for, required for, or assigned to a particular purpose.” Budgeting should be looked at like healthy eating. The destination is forever. Budgeting is not a temporary fix to problems, but a lifestyle change that you adopt while learning to live within your means.
Take the time to consult a financial professional.
In TV commercials, you often see couples meeting with a financial professional to discuss their financial goals, however, if you are a one-person household, don’t let this deter you. A little financial guidance can benefit anyone, and singles don’t have to go on this potentially complex and challenging financial journey alone. Now is the optimal time to meet with a financial professional to get your finances in order and to create strategies in pursuit of your financial and retirement goals.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by Fresh Finance.
LPL Tracking #572789
Sources
Know Thyself: The Philosophy of Self-Knowledge – UConn Today
Housel, Morgan. Psychology of Money. Lulu Press, Sept. 2020.
Why Work/Life Balance is Important While Pursuing Your Career
Whether you like it or not, work is essential to life. Since work is such an important part of your life, it is easy to become consumed by it and forget about other important things, such as your family and friends, which makes seeking work/life balance so essential.
Why Having a Healthy Work/Life Balance is Important
Having a work/life balance is crucial for many reasons. When you give appropriate attention to both areas of your life, you might notice that:
You may lower the feeling of the demands of your work life and home life being at odds with each other.
You may avoid having to miss family or social events and work overtime for a deadline.
You may lose less sleep at night or not have to eat poorly, because you don’t have enough hours in the day.
You may manage the guilt that you aren’t putting in enough hours at work or giving enough time to friends and family.
You may stop worrying about your job when you’re not at work.
You may be able to take more vacation time or enjoy it more when you do.[1]
Three Steps to Work Toward a Healthier Work/Life Balance
While understanding work/life balance is essential, knowing how to get there is critical.
Step 1: Set Goals
Come up with some goals that might help you gain the work/life balance you are looking for. These goals could be spending more time with family and friends, working less overtime, or planning a vacation where you don’t have to be available for work. Once you set the goal, come up with the steps you need to take to make that goal happen.2
Step 2: Separate Your Work Life From Your Home Life
This separation of work life from home life may be easier said than done if you have a job that brings a lot of stress; however, it is important to leave work in the workplace when you come home. This may mean silencing your phone or turning off your work email while at home, and telling your co-workers that you are not available after work hours.2
Step 3: Increase Your Efficiency When at Work
Next, you might want to find ways to improve your efficiency at the workplace. The more productive you are at work, the less you may have to worry about work when you are at home. If you complete more work during the day, you may eliminate overtime and any working from home. Find ways to work smarter or consider better ways of organizing your work so that you get the work done more efficiently.2
Finding the ideal work/life balance may help manage stress and might improve overall happiness in your career and personal life.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by Fresh Finance.
LPL Tracking #572789
From Divorce to Financial Fresh Start: Your Post-Divorce Action Plan
Going through a divorce can be an emotionally charged and stressful event. Aside from the emotional toll, there’s often the challenging task of disentangling finances and assets, a process that frequently leaves many divorcees in a precarious financial situation. However, it is essential to remember that this is not the end of the road—with a comprehensive strategy, you can rebuild your finances post-divorce. Here is a guide for divorcees seeking a fresh start for their finances.
1. Establish a new budget
The first step to rebuilding your financial health post-divorce is to assess your new financial reality. It’s vital to thoroughly understand your income and expenses and establish a new budget based on these figures. A new budget allows you to adjust spending accordingly, save money where you can, and prioritize your expenses. Including future financial goals—retirement savings, children’s education, or a down payment on a home—in your budget is also essential.
2. Cut down on unnecessary expenses
Divorce usually means moving from a dual-income lifestyle to a single-income household. Therefore, some lifestyle adjustments may be necessary, at least temporarily. Review your recurring expenses and identify areas where you can cut back. These could include gym memberships, cable subscriptions, or dining out. Trimming these expenses creates room in your budget for savings, expenditures, and an emergency fund.
3. Update your financial documents
During marriage, many couples list each other as beneficiaries on various financial accounts—from employer retirement savings plans and life insurance to savings accounts. Once you are officially divorced, you must promptly update all these documents to reflect your new marital status. Also, revisit your will and, if you have one, your estate plan, and make necessary changes.
4. Monitor your credit
Due to joint debt or missed payments, your credit score can be damaged during divorce proceedings. A low credit score might hinder your ability to rent a new place, apply for a car loan, or even secure a job. Therefore, you should keep an eye on your credit report, make sure there are no errors, and take steps to rebuild your credit if necessary.
5. Seek professional financial guidance
Navigating through the intricacies of financial management post-divorce can be complicated. It’s often beneficial to seek support from financial professionals. They can assist in creating an economic recovery strategy based on your circumstances and long-term financial goals.
6. Invest in yourself
The period immediately after divorce is an excellent time to invest in yourself, particularly in advancing your career. Career growth could mean returning to school, pursuing further training, or starting a business. Investing in yourself may include taking self-improvement, nutrition, or specialized health courses, which can significantly improve one’s health and confidence.
Rebuilding your finances post-divorce can be challenging, but with planning and resilience, it is possible. Keep your goals in mind, focus on long-term financial independence, and use these tips to get a fresh start for your finances.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by Fresh Finance.
LPL Tracking #572789
3 Strategies for Smart Holiday Spending that Won’t Break the Bank
With the holidays approaching, many people are worried about how to afford gifts without falling into debt. While the season can bring joy, it also brings pressure to spend. A new study from WalletHub shows 46% of Americans are still paying off debt from the last holiday season.
But with careful planning, it’s entirely possible to enjoy the holidays without compromising your finances or going into debt. Here are three practical strategies to avoid holiday debt while still giving meaningful gifts and creating cherished memories.
1. Create A Realistic Budget And Stick To It
A well-planned budget can prevent overspending and help you manage your holiday finances responsibly. Start by reviewing what you spent on holiday gifts, food, and decorations in previous years. Set a spending limit that aligns with your current financial situation, ensuring it’s an amount you can afford without resorting to credit cards or loans.
Make a list of holiday-related expenses, covering everything from gifts and festive meals to smaller costs like wrapping paper, decorations, and shipping fees. Sticking to a predetermined budget can prevent impulse purchases and unnecessary debt.
Also, consider timing your shopping around seasonal sales, such as Black Friday, or using online coupons to maximize your budget. You might also find savings by choosing in-store pickup options to avoid shipping fees.
No matter what, resist the temptation to exceed your budget. By prioritizing and planning, you’ll be able to give meaningful gifts without risking your financial health.
2. Start a Holiday Savings Fund Early in the Year
One of the most effective ways to prepare for holiday spending is to set up a dedicated savings account in advance. Ideally, start this account at the beginning of the year. Estimate how much you typically spend on holiday gifts, and divide this total by twelve. By setting aside this amount each month, you’ll have a comfortable cushion for holiday expenses when the time comes. Make sure this account is in a high-interest savings account, allowing your savings to grow over the year.
If you haven’t started a holiday fund for this year, consider adopting a “No Spend November” approach. This strategy involves cutting out any non-essential expenses for the month to save as much as possible before the holiday shopping season. Avoid unnecessary purchases like daily coffee runs, dining out, or other indulgences. The money saved can go directly toward your holiday spending, reducing the risk of needing credit. You might be surprised at how much you can save just by skipping some everyday expenses for a few weeks.
3. Prioritize Experiences Over Material Gifts
Some of the most cherished holiday memories come from time spent with loved ones rather than gifts. Focusing on experiences instead of material items can lead to a more fulfilling holiday season while keeping your budget in check. Simple, thoughtful experiences like a hike, a holiday meal together, or a drive to see local holiday lights can be as meaningful as any store-bought gift. These experiences create lasting memories without the need for large financial outlays.
Research shows that experiences often bring more lasting happiness than physical items. A study from Cornell University revealed that material possessions bring only temporary happiness, while experiences help shape our identities and create meaningful connections. When people reflect on their lives, they often recall experiences over things they owned. Creating a special experience doesn’t require much money, but it fosters a sense of closeness and joy that outlasts the holiday season.
One thing I want everyone reading this to remember; there is absolutely no obligation to buy holiday gifts. If your finances are tight, there’s no shame in communicating openly with friends and family. There is no rule that says you must buy gifts, especially if it risks your financial stability.
Let your loved ones know that this year, you’re focusing on financial priorities and won’t be participating in gift exchanges. Instead, suggest spending quality time together or sharing an experience. By setting expectations early, you’ll avoid surprises and help your family understand your priorities.
With a realistic budget, an early savings plan, and a focus on experiences, you can celebrate the holidays joyfully without falling into debt. These strategies not only keep your finances intact but also foster meaningful, memorable holiday traditions without breaking the bank.
By Pattie Ehsaei, Contributor
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