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Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University. 

Increase Your Savings Without Feeling Broke – 2 Guys and Your Money 046

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How many times have you tried to save, only to find that you were overdoing it? OG has the solution this week on the podcast.

Also: we break some exciting podcast news at the end of the episode.

Show Notes

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<> Discussion of OG’s Piece:

<> Breaking Podcast News!

Investing In Commercial Real Estate: A Different Breed Than Residential Real Estate

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When I first heard of commercial real estate investing, I envisioned concrete and strip malls…the type of stuff that’s killed the unique atmosphere of American cities. However, imagine my surprise when I actually dug into commercial real estate and found that along with the occasional ugly strip mall, there are unique opportunities, provided you know how to evaluate properties.

Commercial Real Estate In A Nutshell

Commercial real estate invests in places where businesses operate. While you may think of retail shops or restaurants, there are huge opportunities in office buildings, doctor’s offices and other specialty properties.

Should I Buy Individual Properties?

This argument is similar to a stock vs. a mutual fund. If you want the opportunity for a larger return, purchase an individual property. However, if you’re looking for steady returns that gravitate toward the NAREIT Index average, you’re better off with a fund, ETF, or REIT.

How Is Commercial Real Estate Different than Residential?

You can diversify your risk with commercial real estate – Because in most cases you’ll have multiple tenants, you’ll only lose a portion of your income if one breaks the lease.

Commercial leases are much longer – While residential leases may go a year or two, commercial leases may be three, five, or longer.

You’ll need more cash up front – First, you’ll need the right lender who understands commercial real estate for your business mortgage. Second, they’re probably going to demand 30 percent or more of the cost upfront as a down payment.

You’ll receive more ongoing cash – Commercial properties are bigger income generators than residential properties.

How to Buy Individual Properties

As with anything, the key to picking the right properties lies in working with the right team of professionals (such as Elena Vlasyuk in Los Angeles). If you have a good team in your corner, you’ll be able to more quickly identify top opportunities and spring on them.

There are many websites that aggregate news about real estate, such as National Real Estate Investor. By staying on top of current trends, you can begin to understand the world of commercial real estate.

Want Commercial Real Estate Without The Hassle?

You’re probably better off looking for a mutual fund, ETF, or closed REIT. Of the three, closed REITs can give you the most unique opportunities but are also fraught with fees and risk. Unless you know the details of the pool you’re stepping into, non-traded REITs should be avoided. Instead, by finding a good commercial REIT fund or ETF, you can invest less money, receive competitive real estate returns, and liquidate a portion whenever you need cash.

Still not sure if you’ve decided which is right for you? Start off with your plan and you’ll avoid making a bone-headed financial move.

Photo: MoneyBlogNewz

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Lower Your Homeowners Insurance Costs by Getting a CLUE

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Scoring a CLUE report might help you avoid nasty surprises with your homeowners coverage.

The majority of homeowners do not have a clue when it comes to the insurance industry database known as CLUE, despite the fact that this computerized tracking system can significantly impact their insurance premiums. If your property becomes red flagged within the system, for example, you may see your rates skyrocket for no apparent reason.

What is CLUE?

The Comprehensive Loss Underwriting Exchange is essentially a vast computer database that keeps track of insurance claims for properties all over the United States. Insurance companies who pay a fee to subscribe to CLUE are provided with up-to-date reports related to information about damage to properties or insurance claims to pay for repairs. Those insurers can then use that data to help them make decisions about who to insure, how much to charge for insurance, and so forth. CLUE also offers similar services to track auto insurance information.

Your Home’s Track Record

In a way, CLUE is kind of like a credit reporting agency. Each of us has a credit history, or should, and credit bureaus keep track of that history by filling our confidential files with information pertaining to things like income, our ability to repay loans on time, and how much debt we carry. When you apply for credit the lender will analyze your credit report and decide whether or not to lend to you. Similarly, insurance companies rely on CLUE to help them manage their risks when issuing homeowner’s or auto insurance policies. There are no laws that prohibit this kind of reporting and it is perfectly legal for insurers to use the data for underwriting or rating purposes.

What’s in a CLUE Property Report

Your home’s CLUE report will contain information like the name on your homeowner’s policy and a description of the home that’s insured. Beyond that basic data, however, it also shows claim information. If you filed a claim after a tree fell on your house during a hurricane, for instance, the CLUE report will probably show the date you filed your claim and how much the insurance company paid you to cover your losses. CLUE maintains those kinds of records for up to seven years. The insurance company will check your CLUE report when you apply for insurance and if they find you have multiple expensive claims, they may be reluctant to insure your home or even raise your premiums.

Nightmare Scenarios

About 10 years ago, when the use of CLUE was gaining widespread acceptance and popularity within the insurance industry, several news outlets reported on some of the more harrowing CLUE-related homeowner experiences. One couple said they bought a home, for example, and two months later their homeowner’s insurance premiums rose by more than $200. The insurance company explained that, three years prior to purchasing the property, there was a claim against it, and based on that claim the premium had been adjusted upward. Before long, the insurance company dumped them and cancelled the policy.

Negative Impact Even without Filing Claims

Other consumers said they wound up in the database even though they never filed a claim. Some homeowners told their insurance agents that there was damage to their home after vandalism or an accident, but that they were going to pay for the repairs out of pocket instead of filing an official claim. Just because they shared that information with the insurer, however, the damage report went into their CLUE report. One homeowner said that after he paid for flood damage himself – but told his insurance company about the incident – they cancelled his policy. That was despite the fact that he never filed a claim in 30 years as a loyal customer.

Access to Your CLUE Report

The bottom line is that if you own a home, it’s a good idea to obtain a copy of your CLUE report and scan it for errors that could impact your insurance. If you are planning to buy a home, you may want to ask the seller to show you a copy of a recent CLUE report, just to make sure you aren’t buying a property that could have exceptionally high insurance costs. CLUE reports are, incidentally, protected by the Fair Credit Reporting Act and can only be accessed by the owner or lender for the property.

To receive your report, call toll free at 1-866-312-8076 or visit the website personalreports.lexisnexis.com, and request it. Should you discover any mistakes or discrepancies, you can report them directly to LexisNexis – the company that now operates CLUE. They will be obligated to get in touch with your insurance company, investigate your complaint, and notify you of the results of their inquiry within 30 days. You also have the right to submit an explanation in writing – basically telling your side of the story – so that LexisNexis can include that statement in future CLUE reports.

Tom Kerr writes for CompareWallet.com in addition to others. He has been an avid writer for years, even winning awards for work he’s done.

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Teaching Your College-Aged Child About Money – 2 Guys and Your Money 45

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Subscribe to the podcast through iTunes and new episodes will show up every week!

Never subscribed to a podcast before? Here’s Apple’s fantastic tutorial.

 Would you rather listen on your smartphone? Try Stitcher or the iPhone podcast app. We’re available on both platforms.

In the episode, OG & I discuss how we were both horrible with money while in college. We learned many lessons, but today’s college-aged child needs to know about topics many parents didn’t confront. We describe the college landscape and how to help your child cope with financial complexity while in college.

Show Notes

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<> From Broke College Kid To Financial Whiz

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What Is Holding You Back From Your Goals? 2 Guys and Your Money Episode 044

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Amanda Grossman (The CVS Drugstore Game) and Barbara Friedberg (How To Get Rich) join Joe in the basement to discuss limiting beliefs. Amanda explains that a script has played over and over throughout the centuries: people are marred by the false thought, “If only I had….”

Join us for a fantastic discussion of how to break out of this cycle and move toward “more” in your career, your financial plan, and your life in general.

Show Notes

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<> Hotels.com

<> Discussion of Amanda’s article: If Only I Had….How to Break Through Bad Situations and Personal Limits

Links!

Barbara’s book:How to Get Rich: Wealth Building Guide for the Financially Illiterate

Amanda’s book: The CVS Drugstore Game: Strategies to Turn Pocket Change into Thousands of Dollars Worth of Free Products (The Drugstore Game)

Other books discussed:

Jay Abraham: Getting Everything You Can Out of All You’ve Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition

What’s In A Mutual Fund Name? – 2 Guys and Your Money Podcast 043

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How do you begin the long process of analyzing mutual funds? Easy! Start with the name. This week Joe & OG share tips and tricks to glean hints from the name of the fund that’ll tell you whether you should research the fund or dump it. It’s far easier than you think…..promise.

Visit our affiliate, Hotels.com, to help out the show while you save up to 50% off the published room rate on your next vacation.

The original article this podcast came from can be found here.

Paying Down Student Loans – 2 Guys & Your Money #042

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Can’t be bothered to read yesterday’s post? We’re nothing but helpful because this week we bring you our commentary on OG’s scintillating student loan article. It’s 10 minutes of fun this Thursday to help get you through your week….and through your student loan debt!

Enjoy the show!

 

SHOW NOTES

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<> Student Loan Debt

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In Other News:

Don’t forget to nominate the Stacking Benjamins podcast in the multimedia category of the Plutus Awards!

Here’s a pre-filled link to help you nominate your favorite show.

Investing 101 – 2 Guys & Your Money Episode #041

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Did you miss us? We return, but with a new format!

2 Guys & Your Money is now your Thursday show with one quick-hitting topic. No guests. No comedy. Just straight talk from a couple of guys who’ve been there.

Here’s the outline for the “new” 2 Guys & Your Money:

– Shows run about 10 minutes.

– We cover one topic.

– This show is unedited. Unfortunately, I have to save all my editing time for Stacking Benjamins.

Thanks for listening! Here’s the first one:

Own a Business? Think About Your Plan

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Hey, everyone! I’m back here….it appears OG and I are going to write at FFA once per week. My posts here will be more structured and on-task than my writing at Stacking Benjamins. If you’re looking for more humorous writing, find me there……

 

I just got off the phone with my coach. We have a session three times per month and they’re a powerful use of time. Not only do we focus on business, but on the balance between my business, personal and spiritual life.

This month we’ve begun digging deep. Here’s what we’re working through:

1)   I’ve listed all of my important strategic priorities for the fall.

If I don’t prioritize what’s important to me right now, I find that it gets lost in the shuffle. It’s better to plan my fall now to make sure that those events that are important to my business and family all make the cut.

2)   I took out the calendar and planned my model week. This also included making sure I block out time for family and friends. I don’t want to get buried in my work and forget my priorities.

For me, the Apple calendar works best because I use mostly Apple products. However, you should do something similar and find a good  calendar that will automatically sync with all your devices. That way, whenever you remember something that needs to be added to a calendar, you don’t have to worry about being at your desk.

3)   I reviewed my business accounts. Because I’m starting to build up some money in my business accounts that I’ll be spending later in the year, I’m interested in business savings. By setting up separate accounts, I can make sure my “buckets of money” for different projects don’t inadvertently get spent on other, less important pursuits.

4)   I scheduled creativity.  This is an important one for me. To write entertaining pieces and fun podcasts takes a ton of creative “juice.” Studies have shown that a neatly sewn calendar actually decreases creativity. I’ve scheduled time to read (called R&D) and time to play games with friends. I also schedule time to listen to other podcasts and read other blogs.

5)   I created automation whenever possible. If I could automate it, I’ve scheduled ways to get it done. Much of my twitter and Facebook posting can be prescheduled. Because I’ve found a bank that offers free business banking, I’ve automated much of my financial tasks. Anyone helping me on the back end of the site is given tasks each Monday so that I’m able to concentrate on the reader experience.

 

That’s what I’m doing to plan for the fall. How about you?

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Trying to Save Money? Concentrate on Time

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Editor’s note: Hey, kids! We’re handing the spotlight to my good friend Miranda for today’s post. Check out her site for more about people struggling with the broken concept of work-life balance. – Joe

The best money savings tips are the ones that save you money. Clearly.

But since time is money, a tip that saves you both, is like a double expresso. Sort of like an “uber savings” tip.

How did I discover “uber savings”?  I write a blog called beyondworklifebalance.com

As a full time working professional, a mom to one, stepmother to three, framing my life in terms of achieving balance is absolutely NOT useful. I’m not a trapeze artist balancing work and life, on a wire, ready to be free falling, with a mere puff of wind.

I started to think about work and life in a more integrated way, and finding the complementarity in the things I do.

Here’s how this works:

Suppose I want to spend an hour exercising, and an hour catching up with a friend, and I have a toddler to take care of.  Instead of scheduling an hour at the gym, and then another hour at Starbucks with said friend, and then having to find a sitter to take care of the toddler, while at the gym and maybe at Starbucks too, I find another solution.

I take the jogging stroller, put my son in it, and meet my friend for a jog around the block. I save time driving to and from the gym. I save money by not having a gym membership. I save money by not hiring a sitter.  And as much as I like those double lattes at Starbucks, I save money there too. And since we’re running, theoretically, I don’t need the caffeine jolt to get going.

Here are a few others:
1. Walk two miles to work. Save money and time by not having to go to the gym.  Save money on gas and on parking. Oh, and lower the carbon footprint, too.
2. Double up dinner recipes and freeze. Save time since I don’t have to do get all the ingredients out and cook again. Pack my lunch for the next day and save money by not hitting the cafeteria. And maybe get a second dinner from the freezer on a night when the Little League baseball game goes into extra innings after a rain delay.
3. When I buy groceries, I use my debit card to get weekly cash and buy a book of stamps at the same time,  I save money on those naughty little ATM fees, and save time by not having to go to the post office.You get the idea.Some people will say, “isn’t this just multitasking?” I say no. I say it is finding out how these small, and sometimes, not so small, ways of saving money and time and can be complements of each other. It opens up a new dimension beyond just saving and beyond just work life balance.

4. Fill prescriptions online. Those who have monthly or weekly prescriptions to fill know how expensive and time consuming it can be. What I have found is that ordering these prescriptions online through a Canadian internet pharmacy saves me time and money. For starters, I never have to wait for my prescription to be filled. Secondly, ordering this medication online is much less expensive, as the Canadian government has put a cap on what pharmaceutical companies are allowed to charge. If you’re like me and need prescriptions regularly, this option is definitely worth considering.

 

What techniques do you use to save time? Let’s share some more money-saving ideas in the comments.

&bsnp;

4.14.12Miranda1143x4WEBMiranda Daniloff is a wife, mother to one and stepmother to three, university senior manager, a daughter, sister and sister-in law, friend, creative writer, former radio and television producer, who loves to read, run and cook. She started beyondworklifebalance.com to find a better way to integrate work and life. The idea of balance just stressed her out.
Photos: Strollers, Sergie Melki; Miranda, Martha Stewart
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