• Home
  • About Us
  • Toolkit
  • Getting Finances Done
    • Hiring Advisors
    • Debt Management
    • Spending Plan
  • Insurance
    • Life Insurance
    • Health Insurance
    • Disability Insurance
    • Homeowners/Renters Insurance
  • Contact Us
  • Privacy Policy
  • Risk Tolerance Quiz

The Free Financial Advisor

You are here: Home / Archives for Joe Saul-Sehy

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. 

Online Businesses: Lots and Lots of Benefits

October 18, 2014 by Joe Saul-Sehy 4 Comments

Today we’re pretty excited about owning online properties. I thought it’d be worthwhile to explore all of the benefits, especially for people reading this blog considering jumping into the fun!

Instead of hoping for a dream job and a big salary, owning your own online business can open many doors for you and buy you more benefits. On top of the perks many people talk about, like working from home and flexible hours, it also can keep costs down, helping you financially. Internet businesses normally operate at a fraction of the cost of brick and mortar stores. While with traditional businesses you would need to rent or purchase a building, Internet businesses are all online. Many programs such as Shopify simplify the process of starting up your business. It’s a smoother, easier glide path to profits. Compared to the thousands of dollars you’d spend in renting out space, you’d only have to dish out a couple hundred a month at most. Home Office Free Financial Advisor

General Benefits in Doing Business Online

  1. As popular website InternetBusinessJunkie mentions, you have the ability to reach more people if you do business online. Traditional businesses that have a set location don’t reach nearly as many countries as an online business does. Most online businesses have the ability to do national as well as international sales. This blog alone is read in over 35 different countries on a consistent basis!
  2. You can leverage the usage and growth of the internet. The best way to market your business is by networking and there are many free and low cost ways to market online.  Social media is a great free resource to do most of your networking.
  3. You are able to work wherever it’s convenient. As long as you have a laptop or tablet, you can work virtually anywhere with just a WiFi connection. This allows you to keep a more flexible schedule so you can work whenever you need to.
  4. No more commuting. This saves a ton of time and money, especially with gas prices these days. I wake up every day and walk over to my home office and begin working.
  5. Though you are responsible for your own taxes, as Smallbusiness mentions, this could work to your advantage. As long as you remember to, you are able to take out as much or as little as you please. By the end of the year, by paying in taxes as you go, you’re in control of how much you will receive back or if you’ll owe more all at the due date.
  6. It has been said that the Internet has created an economy all of its own. Since millions of people are doing business online, it is only a matter of time before many traditional businesses become a thing of the past. Dbwebdoctor states that in years to come, eCommerce will obtain its main growth from small and mid-sized businesses.

Be Set For Life Financially

Unlike traditional businesses, online businesses operate 24/7. This means that while you sleep, you’re still receiving orders from customers worldwide. This could take the guesswork out of figuring out the right hours to be open. Being the sole owner of your business also means that you set your own wages. You can determine what your products should be priced at instead of listening to the head of a corporate business telling you what to do.

Once you learn the ins and outs of selling online, you have what we refer to as “blue sky” potential. Sure, there are going to be some trial and error runs regarding what products you should sell, but once you know how to sell online, making money will follow. Building a business online also gives you the ability to work for something that you love to do, according to Lifehack. How many people out there can honestly say that they are working towards what they are passionate about and they love what they do?

Resources to help are also plentiful. There are pools of designers and programmers available to hire at places like eLance or Odesk, among others, if you need help building any aspect of your website. There are freelance writers who will write articles for your website and virtual assistants who can take care of tedious details concerning your business. This could take a lot of pressure off of your shoulders while you deal with your product line and customers. The Free Financial Advisor works with a programmer in Minnesota, a virtual assistant in Michigan and another in the Philippines, as an example.

If you have children and are currently paying for child care, this is another expense you can think about canceling. Since you have the ability to work from home, you won’t have the need to spend hundreds of dollars a week for a babysitter. Though you may want to hire a babysitter once or twice a week if it becomes too much of a distraction juggling all of your responsibilities, you won’t pay nearly as much as if you went back to a full time daycare.

Between saving money on everyday expenses and making money at your own leisure, if you are dedicated to your business, you will be able to make it work. There are many resources online that can help you through your journey to owning your own business.

Photo: Lisa Risager

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Featured, money management, passive income, Productivity

5 Apps To Simplify Your Finances

October 2, 2014 by Joe Saul-Sehy 1 Comment

Online chartOnly 30 percent of Americans prepare a long-term financial plan including investment goals, states a poll by Gallup. That means 70 percent of people are figuring out their financial plans as they go and hoping the numbers add up somewhere along the way. If you want to be part of the 30 percent, there are ways to simplify the financial planning process from paying bills to knowing where to invest. Take the tedium out of creating a budget and savings plan by downloading a few apps to your smartphone to put you on the right track.

Mint

Simplify your banking and savings accounts, investments, credit cards and loans by having them all in one place. With Mint you can set up your accounts and get an easy-to-read, simplified graph to show how much you’re spending and where. Mint also lets you design a budget, and it will alert you when you’ve gone over or when you’re getting close. It is ideal for those working towards a financial goal like paying off a credit card or a trip abroad because it allows you to set a plan and watch your progress. Seeing how close you’re getting also can help motivate you to push harder towards your finish line.

LikeFolio

Don’t let the overwhelming amount of investment advice stop you from taking action. LikeFolio figures out which companies you and your friends like and talk about most so you can invest in them. The idea is that you should invest in companies you already know and love. LikeFolio pours through your social media status updates for any mentions of brands and products, and then helps give you more information for your potential investments.

Expensify

Expensify is for anyone who hates expense reports and wants to streamline the process. It’s free to upload or email an unlimited amount of receipts, and it allows you to quickly add cash expenses and import your credit and debit card transactions. You also can add mileage, time and other billable expenses as needed. Use their SmartScan process to help separate receipts and type out the following information on your behalf. It shows the merchant name, transaction date and amount. The first month is free, and $5 per month after that.

Check

Pay all your bills in one place with the free app called Check. Get instant alerts for upcoming bills, finance charges and other financial activity. It takes a little time to set-up all of your accounts, but once it’s set, Check does all the work for you. When bills are due, simply log in on your smartphone or other device and pay quickly and safely. The app promises bank-level security and real time alerts so you can monitor large expenses and deposits.

Wally

This highly intuitive app makes financial management easy with a 360 degree view of your money. Wally consistently gets rave reviews for its simple interface, which is both pleasant to look at and use. Get a glimpse of all your activity from spending to savings while Wally helps you figure out where your money is going. Like Expensify, Wally also has an InstaScan feature to scan a receipt for an expense report or your own records.

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Featured, Investing, Lists, money management

Get Your Family Out of Debt & Onto a Happier Financial Path

September 19, 2014 by Joe Saul-Sehy 1 Comment

CalculatingWith car payments, home loans, student loans and household expenses, it’s easy to snowball into debt. You may be overwhelmed by the amount of debt that has accumulated, but the debt snowball method may be a great first step toward financial freedom.

Snowballing 101

The debt snowball method pays off your smallest debts first and, once those are paid off, you move on to the larger debts. Start off by listing your debts in order from smallest to largest. You will attack the smallest debt first. While finishing off the smallest debt, you will be paying the minimum payment on the larger debts.

Here’s a quick example:

  • $1,000 medical bill (minimum payment $50)
  • $5,000 credit card ($75)
  • $10,000 car loan ($200)

If you have an extra $1,275 a month, you can pay off your medical bill in the first month while paying the minimum on your credit card and car loan. After that you can move toward crushing the credit card debt and then move on to that pesky car loan.

Benefits of Snowballing Out of Debt

Some of the benefits of using the snowball method are purely psychological. Using this method enables you to see results sooner. Once you finish paying off your first debt, you no longer have to worry about paying that creditor. That gives you a sense of accomplishment; no more emails or calls from debt collectors.

A study by the Kellogg School of Business at Northwestern found that the snowball approach works. By relishing the small victories, debtors were more likely to continue to pay off their debts. The study used data from 6,000 people trying to eliminate credit debt and found this led to faster debt elimination.

Cons of the Debt Snowball Method

The debt snowball method does come with some controversy. Although you are paying off the debt with the highest balance, the debt snowball method fails to take interest into account. If your largest debt also happens to be the one you pay the highest interest on, you will end up paying a lot more in interest. Your interest payments may end up doubling after everything is said and done, so do your due diligence to see if this method will work for you.

Preparing to Pay Off Your Loans

Whether or not you choose to use the debt snowball method, you are going to have to prepare to pay off these loans. You may have to cut down on those iced soy lattes or find unique ways to generate cash flow.

There are several ways you can save some money to start paying off your debt now. If you receive periodic payments from a structured settlement or annuity, you could sell its future payments to a company like J.G Wentworth and use your lump sum to start paying off your debts.

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Debt Management, Featured, money management

Arm Yourself with Research Before You Shop for a Car

September 8, 2014 by Joe Saul-Sehy Leave a Comment

Thinking about getting a new vehicle? American car companies are eager to make deals following the recession, which saw sales drop and the age of the average car on US roads rise to 11.4 years according to Edmonds. com. But overall car sales have recovered, according to Zacks.com, up 8 percent from 2012 to 2013. Financing requirements have eased as well.

If you feel ready to update your ’04 ride for a ’14 or ’15, this is probably as good a time to do it. The sales force is certainly ready for you, so it’s best you prepare to speak with them.

man standing next to a shiny new car on The Free Financial Advisor

Buying a Vehicle Requires Research

Even if you only intend to look during your first visit to a showroom, it pays to do a little research up front. Edmunds.com advises buyers to read up on negotiation skills, pricing, rebates, and car reviews.

Look at sites with broad outlooks on vehicles, such as DriveTime, CarTalk, and Edmonds. These sites aren’t affiliated with any particular car company and can afford to take a long view. Check out their Facebook pages where you can also see articles discussing various aspects of car buying, maintenance, driving advice, and more.

Finally, get a good idea of your creditworthiness if you need to finance your vehicle. Get a copy of your credit report to make sure it’s accurate. Go over your budget and compare where a new vehicle will save you money on gas, repairs, etc. Keep in mind your insurance will probably go up with a newer car. Know what you can comfortably spend.

Brush Up Your Negotiation and Geniality Skills

Edmunds strongly urges potential car shoppers to adopt a non-confrontational approach when working with car salespeople. “Part of the car-shopping process is finding the right salespeople and working with them, not against them,” Edmunds advises. Car salespeople are so universally despised that the larger culture seems to think that mistreating them is acceptable behavior. Most people, however, really don’t have the stomach for this, so go with your natural good nature.

If possible, strengthen your negotiating position with a pre-approved loan. Credit unions often provide a better overall package, according to Consumer Reports. Dealerships will usually offer either a rebate or a low or interest-free loan, but with an outside loan, you can often get both.

Another advantage of outside financing is that it will almost certainly lower your stress level because you have already taken care of the most taxing part of any major purchase. Low stress contributes to more successful negotiation.

Keep in Mind that You’re the Driver Here!

It’s easy to let the salesperson lead the conversation, but don’t let him dominate it. Here are some ideas from MSN Auto that will let you negotiate from a position of strength:

  • Settle on a price up front. Don’t talk financing or trade-in or be swayed by rebates or promises of low interest rates.
  • If you’re open to trading in your car, keep this information to yourself. A trade-in should lower the cost of a price you’ve already agreed upon, and not become part of the negotiating mix. Just be sure you know your vehicle’s value.
  • Don’t say how much you have to spend. The cars you are looking at already indicate what you are willing to spend.
  • Don’t be swayed by extended warranties. Instead, put money in an account dedicated to car maintenance or shop around for a warranty from a third party.
Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Uncategorized

Why People Brag About Being Busy Even Though It’s Making Them Miserable

September 1, 2014 by Joe Saul-Sehy 4 Comments

Most people equate being busy with Woman at desk at Free Financial Advisorbeing industrious. “If you have something that needs to get done,” the old axiom goes, “assign it to someone who’s busy.” People love to boast about how busy they are, but busy-ness and productivity don’t always go together.

Psychologists also say that idleness is one of the main reasons people are unhappy. However, even though Americans are busier than ever before, only only one in three describes him or herself as “very happy.” Many factors including technology, social networks and consumerism drive people to become busier. Even though “busy” is a symbol of social status, in reality, it’s making people miserable.

Why Our Culture Praises Busy-Ness

Brigid Schulte, author of “Overwhelmed: Work, Love and Play When No One Has the Time,” suggests that America’s Protestant work ethic has gone into overdrive. She points out that during the Catholic-dominated Middle Ages, one of the church’s seven deadly sins was “acedia,” or frenzied busy-ness.

Man running at The Free Financial AdvisorBy the mid-20th century, post-war America envisioned itself growing more leisurely. Economists predicted that by the 1990s, Americans would work just 22 hours per week. John Maynard Keynes went even further; he predicted a 15-hour workweek. Even Dwight D. Eisenhower, accepting the Republican presidential nomination in 1956, predicted an America in which people enriched their intellects, completing goals like obtaining advanced degrees. “Leisure … will be abundant,” Eisenhower said, “so that all can develop the life of the spirit, of reflection, of religion, of the arts.”

Leisure has never arrived, however, because wage stagnation forces Americans to work to pay for basic needs. The bitter irony is that even as Americans scramble to earn more, they’re spending more on frivolous items. According to the Commerce Department, Americans spend 11.2 percent of their incomes on unnecessary items, compared to just 4 percent in 1959. It’s the “acedia” of the Middle Ages, alive and well today.

For us, technology has been a mixed blessing. Prestigious universities have embraced online graduate education, allowing people access to intellectual opportunities and empowering them to earn more. American.edu Online, headquartered at American University, is an example of one of these programs. However, despite the advantages and flexibility provided by technology, many people aren’t taking advantage of resources that could make us happier and more fulfilled. Thanks to mobile devices and social networks, we live lives of constant interruption and distraction.

papers falling at The Free Financial AdvisorBusy People Aren’t Necessarily Productive

People assume that having idle time equates with laziness, which means that they also assume that busy people are getting things done. Productivity and busy-ness, however, are often mutually exclusive. People who value being busy all of the time often fail to set priorities. They constantly juggle activities, but they don’t do a good job at executing any of them.

Psychologist Anders Ericsson traveled to Berlin to study top-performing musicians. He quickly noticed that the best musicians practiced about 90 minutes per day and took a lot of breaks and naps. Many creative people deliberately cultivate leisure time to keep their minds free for insights. “I distrust the perpetually busy, always have,” author Mark Slouka wrote in “Essays From the Nick of Time.” “The frenetic ones spinning in tight little circles like poisoned rats. The slower ones, grinding away their fourscore and 10 in righteousness and pain.”

Finding Relief

To become less busy, more productive and happier, people should try becoming what author Greg McKeown calls an “essentialist.” In his book “Essentialism: The Disciplined Pursuit of Less,” McKeown offers some tips for defeating busy-ness:

  • Say “no” without guilt. Being invited to do something affirms us, but that doesn’t mean we have to do it.
  • Rest. People who are well-rested, like Ericsson’s musicians, perform better with less effort.
  • Retreat. McKeown recommends taking a three-hour retreat every three months to think about and adjust priorities.
  • Re-examine traditions. Just because something was fun once doesn’t mean that it has to be repeated weekly, monthly or annually.

Finally, McKeown suggests reducing busy-ness aggravators, like smartphone use, social media and consumerism. If we don’t, says McKeown, “we will be left feeling that our precious time on earth has been wasted doing things that had no value at all. We will wake up to having given up those few things that really matter for the sake of the many trivial things that don’t.”

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Featured, Productivity

Review: Mobile Landlord App

August 29, 2014 by Joe Saul-Sehy 1 Comment

The pace of telephone technology amazes me. Only 30 years ago you were the exception if you carried a “cell phone.” Now you can do pretty much anything on your phone. You can check the weather, do your grocery shopping online, have a business meeting seeing your client’s face on video without having to travel eight time zones, and even dictate a text so the phone writes it for you when it gets too complicated to thumb it. The pace of change has been fast and has dramatically changed how we use technology.

mobile landlord app

Some say being a landlord requires a little liquid “help”

Well guess what? I’ve just been introduced to another app that’s been added to the list, allowing you to manage your rental properties on your smartphone as well. The mobile Landlord app from Direct Line for Business helps you stay on top of every aspect of managing a rental property.

New landlord clients always told me that the process of becoming a landlord was overwhelming. It can be, if you aren’t organized. There are lots of things to remember, your tenants may be needier than expected, asking you to come over every time a window doesn’t close properly, and some of the most basic tasks may skip your mind, such as the furnace’s annual inspection before winter, creating hefty bills you could have avoided.

That’s where the Mobile Landlord app comes in.

It helps you keep all the important information about your rental in one convenient place: your phone. No more browsing all around for that paper rental agreement, or having to wait until you come home to contact your tenants, it is all there with you all the time.

Here’s How It Works

You can get the Mobile Landlord app on iTunes, it is free to download and install in just a few clicks.

You will be offered a quick tour of the areas the app covers.

Once you reach the home screen, the property tab will ask you to register up to five rental properties, complete with their name, address, the name and contact details of your tenants, how long they are renting and other details of the tenancy (such as the rent amount). You can also add important contact details, such as the repairman, the maintenance company of the building, the neighbors for when you are on holidays and have an emergency, or the council’s.

On a second tab called “reminders,” you can enter any alert concerning your rental property, like a prospective tenant’s visit, a plumber coming over, or a bill that needs to be paid by a certain date.

Finally, the last tab of the Mobile Landlord app is called knowledge centre, and offers an array of small articles directed towards landlords who want to have more information about certain aspects of their rental investment. The articles offer tips about maximizing your rental income, minimizing your costs, the rental trends, and much more.

In just a few clicks, you can locate the people you need, calculate the yield of your investment, and enter a reminder for the next time you need to pay the house a visit.

With all the time you just saved by automating part of your property management, you can use the free time read the third tab’s articles, learn more about investing and make the most of your rental property.

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Misc., Planning, Real Estate

6 Ways Your Small Business Can Attract Better Employees

August 28, 2014 by Joe Saul-Sehy Leave a Comment

6 Ways to Attract Better EmployeesWhen it comes to hiring new employees, it can be easy to assume that either they just don’t make them like they used to or all the bigger companies are snatching away the most promising talent. While each new generation is different than the one that preceded it and larger companies may seem like they have more to offer than a smaller mom and pop outfit, the truth is that any business of any size can attract hard-working, affable and honest people who will not only improve the bottom line, but also make work environments more pleasant and productive. If you’re looking for a new batch of workers, and you want to make sure you get the cream of the crop, here are six tips that will help you attract the best employees to your small business.

Emphasize the Non-Corporate Nature of the Work Environment

Not everyone wants to work for a large corporation, regardless of the reliability and perks that seem to accompany doing so. There are plenty of hard-working, well-equipped people who would just rather work for a smaller company with less bureaucracy. Since you aren’t one of the big fish, why not consider highlighting that fact instead of apologizing for it? In your job postings and hiring processes, emphasize the non-corporate nature of the job. Some people would rather have a casual dress code and a boss they see on a regular basis than $5,000 more a year. Really.

At Least Match Whatever the Going Rate Is for the Position

While it may threaten to break the bank, attracting better employees will require you to be able to at least match the going, local rate for the position you need to fill. Good employees know what they’re worth, and while they may be willing to work for less than they have to if the work is meaningful enough or there are other benefits that make up for the lower pay, they will very rarely work for less than the standard going rate for a job. If you need a great new receptionist and your local competitors pay at least $13 an hour, then you need to offer that, too.

Offer Benefits

When it comes to employment, compensation comes in all shapes and sizes, and one of the most attractive of those is a good benefits package. While the Affordable Care Act has forced many small businesses into the position of choosing between offering employees health care or paying a fine, the reality is that it’s still cheaper at this point to pay the fine. However, not offering health care, paid maternity and paternity leave, flex time, paid sick days and the like will keep you from attracting the kinds of people who will help you make more money and provide you with a more productive work environment. If you want better workers, offer better benefits.

Provide a Positive Work Culture

A positive work culture will attract positive, hard-working people. When a potential employee sets foot on your worksite, she will intuitively know whether or not your employees enjoy their jobs, and whether or not the environment is a good one. If your work culture suffers from negativity, laziness, complaining, gossip or other ruinous practices and attitudes, get to work on changing it. Good people won’t work for you until you do.

Treat Every Employee and Potential Hire Like They Matter

People need to feel valued, especially at work. Whether you do it with affirming and encouraging words or through grateful email communication, make sure your employees and potential hires know that you value them, the skills they possess and the work they do.While this practice will certainly create a more positive work environment and make for happier employees, studies also show that employees who feel valued work harder.

Be Passionate 

In order to attract better employees you need to become more effective at communicating your vision with passion. Happy employees make better employeesEveryone wants to work at a job that has meaning and makes a positive difference in the world. Find the story in your own work that shows potential employees the ways in which your business is making a difference. If you’re able to find your passion about your small business and communicate it effectively to potential hires, you stand a much better chance of landing the ones who are also passionate.

 

Your small business doesn’t have to settle for second-best when it comes to finding and hiring good employees. From offering better benefits to providing a positive and non-corporate work culture, you already have the tools at your disposal to make working for you an irresistible choice.

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Featured, Productivity

Looking For An Insurance Professional? Remember These Tips

August 22, 2014 by Joe Saul-Sehy Leave a Comment

Purchasing insurance is a difficult experience no matter what part of the country you live in. Everyone wants to get the best possible deal, and the rates in some areas can be extremely high. Insurance on your automobile, home and recreational equipment is a substantial investment.The difficulty is choosing the right agency along with a reputable company. Price is important, but the promptness and efficiency with which agents and companies settle claims and deal with emergencies is most important. No one calls at midnight to report an accident expecting to get a recording that says to call again during office hours. We all need help at the time we call. Look for an agency that will respond with care and accurate advice when you need it.Here are a few things to look for when choosing an insurance agency:

• Stability – How long have they been in the insurance business?
• Reliability – Ask your friends, neighbors and co-workers about their experience with the agency.
• Professionalism – An insurance agency often represents a number of companies. Look at these companies and their financial ratings to determine the quality of the companies represented.
• Personal experience with the agency – After you’ve acquired quotations about prices, go in to visit the agency, or ask if they’ll come to you. Choose someone with whom you are comfortable talking.

Ideally, your agent will represent your interests with all types of insurance, including automobile, homeowners, health, life and investments. A professional insurance agent will be your go-to person for insurance and investment advice.

You may be new to the area and seeking a reliable place for your insurance, or you may be a long-term resident. In either case, cost is important, but so is the expertise of the agent and agency from which you purchase insurance. Ideally, your insurance portfolio should be examined on a yearly basis. Agencies should be ready for this examination about a month before your insurance comes due. Ask for recommendations about amounts of insurance, if you should adjust deductibles, valuations for jewelry and fine arts, changing circumstances such as a child reaching driving age within the next year, increasing liability, retirement concerns, etc. An excellent agent and agency will be ready to meet your questions and make suggestions.

 

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Featured

Protect Your Family’s Valuables From Fire

August 15, 2014 by Joe Saul-Sehy 1 Comment

Protect Family Valuables From Fire

There are an average of over 370,000 residential fires every year according to the latest data from the U.S. Fire Administration. It’s easy to feel invincible and think that this couldn’t happen to you, but burying your head in the sand will not help you protect your family. Aside from fire safety and educating your kids about what to do in the event of a fire, protecting your valuables, irreplaceable items and important paperwork is essential to being prepared.

Protect Photos and Digital Documents

Start an account with a cloud-based online storage website to preserve your most-important digital documents. Upon initial setup, activate the necessary settings on all of your family computers to automatically back up the desired files as soon as any new ones are uploaded. By automating the process, you never have to worry about whether you backed up copies of the latest photos that you uploaded from your camera. By using the cloud, you also can access your documents from any device.

Keep a digital file folder with records of any big ticket items in your home such as artwork, computers, photography equipment, precious metals, jewelry, media equipment and anything else that you would claim as a reimbursable expense on your homeowner’s insurance policy. Digitize all receipts for these items, and include a photograph of each as proof of ownership in order to have the best chance of getting the most back for your most valuable material possessions.

Preserve Your Little Picasso’s Masterpieces

Kids artwork can overrun your house if you let it, but it also can be nearly impossible to part with. While this quandary is something every parent must work out for themselves, sentimentality reaches new heights if all of those finger paintings, drawings and collages are lost in a fire. Save the mini masterpieces for posterity and maintain organization of everything by digitally preserving them. Photograph or scan your favorites and keep them in a file with your family photos. At the end of each year, compile them all into a photo book, so you can all enjoy them whenever you want.

Keep Important Documents Safe

For things that you need easy access to like birth certificates, your marriage certificate, will, social security cards, deeds, titles, insurance policies and passports, invest in a fire-proof box or personal safe instead of storing them in a safe deposit box at the bank. While a bank has plenty of fire protection, the lack of accessibility is too much of a hassle for these important documents.

When shopping for a fire-proof box or safe, make sure it carries at least a 350 rating from Underwriters Laboratories (UL), the gold-standard in fire safety ratings. A UL 350 rating means that the temperature inside the box won’t exceed 400 degrees, which is the lowest temperature at which paper begins to burn. Also, always store important paperwork in zipped plastic storage bags to protect them from water damage in case moisture penetrates the box as the fire is being extinguished.

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: Featured, Insurance

More Changes for Payday Loans?

July 30, 2014 by Joe Saul-Sehy 2 Comments

I’ve written previously about some of the changes to payday loan practices in the UK. Maybe this is a harbinger of things to come in the USA?

Here’s the latest:

Payday loan sector members agree: Charter governing good practice but government regulation continues to loom in 2014

Businesses within the payday loan sector have taken many steps towards self-regulation since 2012, yet as continued government intervention in the industry looms, the topic of self regulation continues to be hotly debated. 

Let’s focus on the self regulation charter agreed to by much of the UK payday loan sector in 2012. This will help us examine the impact this has had on the payday lending industry after 2012, so we can debate the issue. Here’s the key question: has the government has gone too far in the regulation of the payday loan industry? Maybe even better: is government intervention necessary?

A cynical take on the self regulation stance taken by the payday lending sector since 2012

A cynic might argue that as with any voluntary assumption of a self regulatory framework, the measures were designed to stave off government intervention in the regulation of the industry. It is just as easy to take the opposing stance and argue that self regulation creates enough protection for customers, thus dispensing with the need for further government regulation. However, whatever your stance on the self regulation assumed by much of the payday loan sector in 2012, there is no disputing that the self regulatory framework adopted has improved standards within the payday loan sector as a whole and made the experience of obtaining a payday loan a fairer, more transparent and easier process.

Self regulation within the payday lending sector: a new consumer – focused Charter 

In 2012 much of the payday loan sector in England took significant steps towards agreeing a self regulatory framework. At the center of the framework was a consumer – focused charter which made voluntary commitments to fairness, transparency and responsible lending.

Specifically the Charter established commitments towards fairness, reasonableness and responsible lending that are agreed to by all governed by the Charter. The Charter specifically outlines a commitment not to encourage irresponsible borrowing, and imposes an obligation on lenders to inform customers of the suitability of payday lending, only for short- term lending requirements.

Other rights created by the Charter include a right to have payment arrangements explicitly explained and a right to have the implications of the loan fully explained before the loan is entered into. The Charter also provides customers protections in the form of notifications relating to any payments taken, and a notice period of three days is nominated as the minimum notice period required.

Other areas governed by the Charter include the freezing of charges and interest in circumstances where a consumer has agreed a reasonable repayment plan, and a commitment to deal with issues of financial difficulties sympathetically.

Your views 

What are your views of the regulation of the payday loan industry? Have you used Wonga – the current top competitor in the payday industry? Do you have thought on where this industry is headed with the new regulations coming in or do you have you any experience of loan sharks? Please comment or reply so you can share you opinion on these hotly debated issues. Payday lending has been a controversial matter for some time, but given the recent regulatory changes affecting the industry the debates surrounding the regulation of the industry have intensified. Let us know what you think, and don’t be afraid to tell us what your view is!

Self regulation of the payday lending industry: is it enough and is it effective? 

Clearly government intervention within the regulation of the payday lending industry in the form of the Financial Conduct Authority oversight policy shows that the government believes the industry should not be allowed to self – regulate. Perhaps, central to the new proposals for regulation of the industry is the rise in the number of people using payday lending services. In 2008 the payday lending industry in the UK alone was worth 900 million, and this has sky – rocketed to an estimated 2.2 billion in 2012.

Some may argue that too much regulation of any service industry is a bad thing and results in unfair outcomes for consumers, whose access to a full range of services is typically limited by strict regulation. People who can’t access services legitimately inevitably go looking for the same service elsewhere. Enter the illegal money – lender, and the pressure to resort to their services.

On the other hand it can be argued that the industry will contribute to debt problems and create other long term social problems, if left unfettered. Despite the commitments made across the board in the payday lending sector, many commentators argue that the measures have not been effective in tackling spiralling debt within the UK as a whole.

 

Photo of Joe Saul-Sehy
Joe Saul-Sehy

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.

joesaulsehy.com/

Filed Under: investing news, risk management

  • « Previous Page
  • 1
  • …
  • 4
  • 5
  • 6
  • 7
  • 8
  • …
  • 34
  • Next Page »

FOLLOW US

Search this site:

Recent Posts

  • Can My Savings Account Affect My Financial Aid? by Tamila McDonald
  • 12 Ways Gen X’s Views Clash with Millennials… by Tamila McDonald
  • What Advantages and Disadvantages Are There To… by Jacob Sensiba
  • Call 911: Go To the Emergency Room Immediately If… by Stephen Kanaval
  • 10 Tactics for Building an Emergency Fund from Scratch by Vanessa Bermudez
  • 7 Weird Things You Can Sell Online by Tamila McDonald
  • 10 Scary Facts About DriveTime by Tamila McDonald

Copyright © 2026 · News Pro Theme on Genesis Framework