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Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.

Can Public.com Help You Build The Best Stock Portfolio For Your Goals?

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Today, investing is often viewed as a pathway toward financial stability and long-term monetary growth. However, it hasn’t always felt like an accessible option. At Public.com, the company sees things differently. Not only does it strive to make investing something nearly anyone can do. Public.com also aims to help investors make wiser choices. If you’re wondering if Public.com can help you build the best stock portfolio for your goals. Here’s what you need to know.

What Is Public.com?

Public.com – formerly Matador – was founded in 2017. It’s a trading app that allows investors to access stock and ETFs using a fractional share approach. People can buy portions of a stock or ETF instead of entire shares. Thus, making it possible to invest as little as $1 at a time.

Like many similar online brokers and trading apps, Public.com is commission-free. Additionally, there are no account minimums or monthly fees.

However, unlike other brokers, Public.com doesn’t earn money using payment for order flow. Which is a somewhat controversial practice that’s recently been targeted by legislators and scrutinized by the SEC. Instead, it relies on a tipping feature. Users can decide to give Public.com a tip after they execute a trade. Thereby, leaving investors in full control.

Public.com also includes a social feature. Portfolios on the site are public. This way other users can see the activities of all member investors. Additionally, they can communicate with each other. Chat groups are available that can help investors learn more about why various members made certain trade decisions. Plus, it’s possible to create new chat groups to have discussions with family members, friends, or other community members.

Most of the social information is displayed using a social media feed-based approach, making it highly familiar. Along with member posts, the feed showcases information about companies, recent IPOs, and more.

What You Can Invest in on Public.com?

Public.com allows members to invest in a range of stocks and ETFs. Whether investors want a piece of a publicly-traded company or prefer the ETF approach for at least a bit of inherent diversification, they have options. Plus, investors can purchase fractional shares to get started, allowing them to snag a piece of their preferred investment vehicle for as little as $1.

Additionally, Public.com offers some crypto assets. For people interested in crypto, this can make investing simpler by centralizing all of their activity, keeping it on a single platform.

Unique Public.com Features

Aside from the tipped-based financial model and the highly social information sharing strategy, Public.com has some unique features.

For example, members can organize their portfolios visually, separating out their long-term investments from the rest. Once a stock or ETF is in the long-term category, if a user attempts to trade it within one year of acquisition, they’ll get a reminder that their original plan was to hold it longer.

Additionally, Public.com makes learning easy. When viewing an investment option, users can tap on key terms to see a definition. It’s a straightforward way to broaden investing-related vocabulary, ensuring users fully understand what each piece of information means.

Finally, Public.com offers more customer support contact options that you see on many other platforms. Users can use a chat feature to get assistance from a real team member, not just a bot. There are also six other contact methods available, giving users the ability to choose how they want to communicate with a company representative.

Can Public.com Help You Build the Best Stock Portfolio for Your Goals?

Ultimately, Public.com is a robust platform for investors looking for an affordable option for purchasing stocks, ETFs, and crypto-assets. The tip-based approach means the app isn’t a part of the payment for order flow controversy. Additionally, it leaves investors in control, allowing them to contribute as much or as little to the company financially as they choose.

The social approach is also intriguing. While there is no guarantee that advice given by anyone on the platform is sound, it is an interesting way to learn more about investing. Plus, it can make trading feel less intimidating or confusing as there is a large community that’s willing to speak with other members to answer questions or simply talk about their decisions.

Additionally, while Public.com isn’t the only place offering fractional shares, the fact that it’s available works in its favor. Being able to invest with as little as $1 is an attractive option for anyone just starting out, particularly those without a ton of income to direct towards investments.

If you’re looking for a commission-free, no-fee platform that supports fractional shares and would appreciate the social elements, Public.com is definitely worth considering. Just keep in mind that any advice shared by users should always be taken with a grain of salt and that doing your own research is still a must. That way, you can make choices that are ultimately best for you.

Have you used Public.com? Did it help you build a better stock portfolio? Share your thoughts in the comments below.

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Here Are The Best Digital Nomad Jobs

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best digital nomad jobs

For many people, the idea of being a digital nomad is incredibly enticing. The ability to travel the world while maintaining an income seems like a dream come true, creating opportunities to explore a wide range of countries with limited financial risk. If you’d like that kind of lifestyle, here’s a look at the best digital nomad jobs that you may want to consider.

Social Media Manager or Marketer

Social media-oriented professionals often have a significant amount of flexibility. Plus, making the position fully remote is simple since most of the tasks involve computers, smartphones, and internet-based services.

Your main responsibilities involve overseeing a company or individual’s social media presence. You might create and schedule posts, develop ads, and engage with commenters. Market research can also be part of the job, as well as A/B ad testing and similar traffic-, sales-, or follower-boosting activities.

Software Developer

Working as a remote software developer could be your ticket to a digital nomad lifestyle if you have strong coding skills. Thanks to cloud technology, remote desktop connections, and similar services, this kind of work can be done from nearly anywhere.

Plus, since the demand for software developers far outpaces supply, more companies are open to remote arrangements. Whether you want a full-time job or to freelance, you probably won’t have much trouble finding opportunities.

Virtual Assistant

Whether you’ve previously worked as an administrative assistant or simply have the skills for the job, becoming a virtual assistant could work perfectly if you want to be a digital nomad. Filipino virtual assistants, for example, have gained popularity for their proficiency and adaptability in this role. The work is similar to its office-based counterpart. They organize schedules, answer emails, make travel arrangements, handle research, and tackle similar kinds of tasks. The main difference is virtual assistants never have to report to an office.

The only thing you may need to keep in mind is time zones. While some virtual assistant jobs are highly flexible, others do have set hours. So, keep that in mind as you’re exploring your options.

Writer

Writing is a highly flexible position that lends itself well to a digital nomad lifestyle. Whether you launch your own blog or create posts for someone else’s – either with a byline or as a ghostwriter – you can typically handle the work from anywhere. The same goes for copywriting, technical writing, and other specialized niches.

Another benefit of this option is you might be able to do a decent amount of the work offline. However, you’ll need access to the internet for research, sending in deliverables, or posting pieces on blogs, so keep that in mind.

Customer Support Rep

While customer support reps used to work mainly in contact centers, these positions are increasingly becoming remote-friendly. With the right computer software and a strong internet connection, you can engage with customers over the phone, through chat messengers, or via email.

Do keep in mind that some companies have technology requirements, like making hard-wired internet connections mandatory. Before you apply to a company, see if you can meet their technology requirements while on the road. That way, you end up in the best position for your digital nomad lifestyle.

Video Editor

Video content is increasingly popular on social media. As a result, companies and individuals may hire remote video editors to ensure their posts are high-quality. That makes this a great option for digital nomads.

In many cases, you don’t need an internet connection the entire time you’re working. Instead, you’ll need it to download the original footage and to upload the completed video when it’s ready. During the time you’re editing, working offline is usually fine.

Just understand that video files can be quite large. As a result, you’ll want a strong connection whenever you need to upload or download. That way, you can capture the full file without getting disconnected and in a reasonable amount of time.

Can you think of any other fantastic digital nomad jobs? Have you tried one of the jobs above and want to talk about your experience? Share your thoughts in the comments below.

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What Are The Most Expensive Cars to Maintain?

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When you are buying a vehicle, the purchase price isn’t the only cost that should be on your mind. Maintenance expenses also need to be a main consideration. If it takes a large financial investment to keep a car running properly, you may discover that a car you thought you could afford is actually a budget buster. By understanding which cars are the most expensive to maintain, you can avoid that issue. Here’s a look at some of the costliest vehicles to keep on the road.

BMW X1 / BMW X2

Luxury brands tend to come with higher price tags, and not just at the time of purchase. BMW X1 owners typically spend close to $17,700 over the course of 10 years just on maintenance. Considering that a new X1 usually costs around $40,000, that’s a lot of extra money to put toward the vehicle.

Still, the X1 does have a great reputation when it comes to comfort and style. As a result, some people may feel it’s worth the investment.

The BMW X2 is in an incredibly similar position to the X1. It has a purchase price of a bit less than $44,000 on average. However, its 10-year maintenance cost comes in just a bit under $17,800, putting it more than $2,000 above similar vehicles in its category.

Mercedes Benz GLA Class

Another vehicle on the luxury side of the spectrum, taking care of a Mercedes Benz GLA Class is far from cheap. Usually, it’s because parts costs can be particularly high. Additionally, there can be some specialty servicing in the equation that pushes the price up.

Still, spending nearly $14,000 in maintenance over the course of 10 years is a big ask. That’s especially true since the car costs just a bit more than $35,000 new in most cases.

Nissan Murano

Originally launched in 2003, the Nissan Murano breaks the mold when it comes to maintenance costs. While a typical Nissan has upkeep expenses close to $7,600 over the course of 10 years, the Murano comes in closer to $14,700. Considering Nissan isn’t classified a luxury manufacturer and the Murano has an MSRP starting near $33,000, that’s pretty spendy to keep the vehicle on the road.

Audi A4 Quatro

The Audi A4 is considered an entry-level model for the manufacturer, giving those who want to take their first step into the luxury vehicle segment a relatively affordable place to begin. With a starting MSRP of close to $40,000, most wouldn’t assume the car would cost around $12,800 to maintain for 10 years.

The total maintenance cost just slightly outdoes the brand average, which comes in at $12,400. However, since the sales price of the A4 is lower than essentially every other Audi, it could make the entry-level model unaffordable for some.

Mazda 6

Generally speaking, Mazda vehicles are known for having quite a bit of pep in their step. The Mazda 6 is one of the manufacturer’s sedans, offering a pretty sporty experience in a somewhat unassuming form factor. However, the performance comes with a high price tag.

When the starting MSRP for a Mazda 6 is under $25,000, its 10-year maintenance costs run close to $12,700. Considering that the average 10-year maintenance cost for the brand is just $7,500, that could easily catch new Mazda 6 owners off guard.

Do you know of any other cars that are expensive to maintain? Do you own one of the vehicles above and have a firsthand account of the maintenance costs? Share your thoughts in the comments below.

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How Can I Get Rid of Wells Fargo PMI on My Home Loan?

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If you purchased a home with a down payment of less than 20 percent, there’s a good chance you have private mortgage insurance (PMI) wrapped into your Wells Fargo mortgage payment. While it’s easy to assume that you have to pay that extra amount until you pay off your loan, that isn’t the case. Instead, you can get rid of it if you meet certain criteria. So, if you want to know how to get rid of Wells Fargo PMI on your home loan, here’s how to go about it.

Getting Your PMI Canceled on Your Wells Fargo Home Loan

Removing the PMI from your Wells Fargo mortgage is incredibly straightforward. Once you achieve an 80 percent loan-to-value based on the original value of the property at the time of purchase, you can initiate the removal process.

First, you need to make sure that you haven’t had any 30-day late payments within the past 12 months, as well as no 60-day late payments within the past 24 months. Both of those are firm eligibility criteria, so you’ll want to make sure you qualify on both of those points. If so, you can request the removal of your PMI to initiate the cancelation process.

After requesting the cancelation of the PMI, you’ll coordinate with Wells Fargo to get your home appraised. This ensures that the value of your house hasn’t declined since the original loan was issued.

The cost of the appraisal is your responsibility, and it usually runs a few hundred dollars. As a result, you’ll want to make sure you have those funds available before you begin the process. If the appraisal comes through in your favor, the PMI removal will move forward.

It’s important to note that Wells Fargo will automatically cancel your PMI if you achieve a loan-to-value ratio of 78 percent as long as you remain current on your mortgage. If paying for an appraisal isn’t an option at an 80 percent loan-to-value ratio, this could allow you to get rid of PMI without that out-of-pocket expense.

Additionally, if your home value increases enough, you may be able to remove PMI before you reach an 80 percent loan-to-value figure with a new appraisal. However, that option isn’t universally available. As a result, you’ll need to contact Wells Fargo to see if you can go that route.

Alternatives to Canceling Your Wells Fargo PMI on Your Mortgage

While you can use the Wells Fargo PMI cancelation process above, that isn’t your only option for removing your PMI. If your mortgage balance is 80 percent or less than the current value of your home, refinancing could also work.

When you refinance, you’re initiating a new loan. As a result, the original value that’s used for the loan-to-value ratio would change, usually based on a fresh appraisal.

With this approach, you could potentially stay with Wells Fargo as a lender. However, you could also explore other companies if they may be able to offer you better terms.

If you go this route, the process is more involved. While removing PMI using the method above doesn’t require income verification or credit checks, a refinance does. As a result, your financial situation and credit score will impact your eligibility and interest rate.

Additionally, by applying, you may see a temporary decline in your credit score. Similarly, if you move forward with the refinance, your credit score may also change.

A Higher Credit Score May Help

However, if your credit score is higher than when you originally secured your mortgage, this approach may work in your favor. You might be able to get rid of PMI and get a lower interest rate, resulting in a lower payment than your current one. Additionally, if you choose a longer repayment term, that could shrink your monthly payment even more.

Just keep in mind that extending your repayment term could mean paying more interest over the life of your loan than you would have previously. As a result, you may want to use a mortgage calculator to compare your various options, allowing you to select a path that works best for you in both the short and long term.

Have you ever had PMI on a Wells Fargo home loan? Were you able to get it removed? If so, what approach did you use? Share your thoughts in the comments below.

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What Are the Best Bill Payment Reminder Apps?

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For most people, paying bills is an inescapable part of life. Luckily, by using the right bill payment reminder app, you can keep your financial life on target with greater ease. If you’re wondering why you should use a bill payment reminder app and would like to find out apps are the best, here’s what you need to know.

Why Use a Bill Payment Reminder App

Usually, as long as you stay on track with your bill obligations, your financial life runs reasonably smoothly. However, if you miss even one payment, things can get hectic.

After you miss a debt payment, you might end up with late fees, and your credit score might take a hit. In some cases, it could even cause an account to go to collections, an event that can have a massive impact on your life.

For other bills – like utilities and vehicle insurance – a missed payment can also come with late fees. For utilities, falling behind might lead to shutoffs. With insurance, policy cancelations could occur.

With housing-related bills, including mortgages and rent, missing too many payments can cost you your home. Defaulting on a mortgage or breaking the terms of your lease with non-payment can lead to eviction.

With a bill payment reminder app, you can decrease your chances of falling behind on payments. Not only will you avoid late fees and preserve your credit score, but you can also ensure that your utilities stay on and your insurance remains intact. Plus, you can make sure that you’ll always have a roof over your head, giving you more peace of mind.

The Best Bill Payment Reminder Apps

Mint

In the world of personal finance and budgeting, Mint is a leading app. It lets you track your spending, set budgets, and schedule bill payment reminders, ensuring you’ll know what you need to pay and when.

With Mint, you do have the option of connecting a variety of accounts directly. That centralizes and automates at least part of your tracking, simplifying your financial life significantly. Plus, it’s simple to use and attractive, making it a pleasure to work with over time.

Mint is available for Android and iOS.

YNAB

Another option for getting solid insights into your financial life and taking control of your bills and budget, YNAB is a strong option for anyone who wants to get (and stay) on target. It has a user-friendly design and a robust feature set, including bill payment reminders, bank account syncing, debt paydown tools, and more.

You can find YNAB for both Android and iOS. While YNAB does come with a cost, you can try it for free to see if it meets your needs.

Wallet

With budget-tracking and financial account syncing features, Wallet is a solid choice for anyone who wants to get more control over their finances. It’s a great option for keeping an eye on your bills from a single location, making it easier to maintain a good payment history. Plus, you can set reminders, ensuring you’re alerted to make the payment before the bill is due.

Overall, the interface is clean and attractive. Plus, the app is user-friendly, making even more advanced features simple for those who aren’t as tech-savvy.

Wallet is available for both Android and iOS.

Prism

Another standout option for tracking bills and setting reminders is Prism. Plus, it has other personal finance tools and features, allowing you to get a grip on your budget with greater ease.

The interface is clean and streamlined, and the app is easy to use overall. Plus, you can connect directly to your bank and bill accounts, allowing you to use the integrated bill pay feature to tackle your paying your bills all from a single app.

Prism is available for both Android and iOS.

Fudget

If you’re looking for a simple way to track your budget and expenses, Fudget could be your answer. It’s incredibly user-friendly, mainly because it’s very streamlined and focused on its main purpose. You can create lists of upcoming expenses, use a drag-and-drop approach to reorder items, and set reminders.

When it comes to the look, there are eight built-in themes, allowing you to choose one that feels right to you. There is also a calendar inside the app, allowing you to do simple calculations without having to access a separate calendar.

Fudget is available for both Android and iOS.

Money Lover

With Money Lover, managing your finances can get easier. It’s a simple solution for tracking expenses and creating budgets, allowing you to make sure that you don’t miss bill payments.

The interface is incredibly clean, and the app is simple to use. While it doesn’t have some of the advanced features you might find in alternatives, if your main goal is to set up bill payment reminders, it could be the right choice for you.

Money lover is available for both Android and iOS.

Monefy

A clean but colorful app for tracking expenses, Monefy is another straightforward option for anyone who wants to get a grip on their spending and track their recurring payments. Plus, the app has a hint of whimsy, making it a joy to open up.

It doesn’t offer bank account or bill syncing, so you do have to enter information in manually. However, that process is incredibly simple, and you get plenty of customization options to make tracking your expenses at a glance even easier.

Monefy is available for both Android and iOS.

Pocket Expense 6

If you’re looking for an option that’s closer to full-feature finance software, Pocket Expense 6 is worth considering. It lets you centralize information from a wide range of accounts, making it easier to track income, expenses, and bill due dates.

For bills, you can set up recurring ones, set up notification reminders, and initiate payments. Beyond that, you can create budgets and explore spending patterns, giving you more insight into your habits.

With this app, there are subscription-related costs. Pocket Expense 6 is available for iOS.

Have you tried any of the bill payment reminder apps above and want to tell others about your experience? Do you use a different bill payment reminder app that people should consider? Share your thoughts in the comments below.

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Here Are The Pros and Cons of Using Bestow

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When you’re looking for term life insurance, the number of options that are available is often overwhelming. However, if you’re looking for a company that doesn’t require medical exams and can provide you with fast coverage, Bestow might be your perfect match. If you are wondering whether Bestow is the best option for you, here’s what you need to know about the company, as well as a look at the pros and cons of using Bestow.

What Is Bestow?

Bestow is a term life insurance policy portal that uses a streamlined online application and algorithm-supported calculations to determine if a partner insurer can extend you coverage. It’s important to note that Bestow currently acts only as an agent or broker, so any coverage you get isn’t technically from Bestow. The company does have plans to become a fully licensed insurer, though it isn’t clear when that’ll occur.

At Bestow, speed and convenience are both priorities, something that may appeal to many prospective customers. However, as with all companies, there can be some drawbacks to going this route.

The Pros of Using Bestow

The main pros of using Bestow are speed and convenience. The application process only takes a few minutes and, since a medical exam is never a requirement, you can wrap everything up in no time. Plus, everything is online, so you can get it all done from the comfort of home.

Another benefit of Bestow is that your coverage – should you decide to purchase it – begins right away. There aren’t any waiting periods or setup delays, giving you immediate peace of mind.

Bestow doesn’t work on commission, so you don’t have to worry about being pressured into a plan that isn’t a good fit. Instead, you’ll get options that are selected for your situation, not the amount of money they generate for the company.

Finally, Bestow works with an A+ rated carrier. While there is a higher rating companies can get (A++), A+ is still incredibly reliable, which can make you feel more confident about moving forward with a longer policy if that’s what you’re after.

The Cons of Using Bestow

As with all term life insurance options, there are some drawbacks to using Bestow. One of the biggest is that coverage is only available up to $1.5 million. While that may sound like a lot, other places do offer policy options far above that mark.

Additionally, Bestow only supports term life insurance. If you’re looking for another kind of coverage, Bestow isn’t designed to meet your needs.

Even if you’re looking for term life, not everyone qualifies for coverage either. While there isn’t a medical exam, you do have to supply some details about your health history, and certain conditions make you ineligible for coverage.

Age restrictions do limit many people’s options, too. While the company does have term lengths as high as 30 years and can supply coverage to people up to 60 years old, that doesn’t mean everyone age 60 and younger has access to 30-year terms.

Instead, for a 30-year policy, you have to be a woman under the age of 41 or a man under the age of 40 and a non-tobacco user. For tobacco users, the age cutoffs are 31 and 30, respectively. The highest age for a 25-year policy is 45, and 20- and 15-year policies are cut off at 50 and 55, respectively. If you’re above the age of 55, a 10-year term is the most you can get.

When it comes to coverage amounts, Bestow isn’t necessarily the most expensive. However, there are more affordable options available.

Is Bestow the Right Option for You?

Generally speaking, Bestow could be a solid place for term life insurance for many people, particularly younger adults who aren’t tobacco users. However, anyone age 60 and under looking for coverage who doesn’t want a cumbersome application process or medical exams should keep Bestow in mind, too.

In the end, getting a quote from Bestow is completely free. As a result, you can find out what coverage options are available to you specifically, all without having to commit. Then, if there’s a plan that meets your needs, you can finalize the purchase, allowing you to have immediate coverage.

If you’re looking for term life insurance and you need it fast, Bestow could be your answer. You can find affordable plans with ease and get instant coverage upon approval, all from the comfort of your home. Head on over to the Bestow website to learn more today.

Can you think of any other pros and cons of Bestow that people should know about? Have you used Bestow and want to discuss your experience? Share your thoughts in the comments below.

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Can You Tell ME the Best Way to Negotiate an ER Bill?

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best way to negotiate an ER Bill

An unexpected trip to the emergency room (ER) usually comes with a pretty high price tag. Whether you have medical insurance or not, the amount you owe could be significant, so much so that fitting it into your budget may be impractical, if not impossible. Luckily, you can negotiate your ER bill, creating an opportunity to reduce what you owe. Here’s a look at the best way to negotiate an ER bill.

Review the Bill for Accuracy

Before you do anything else, you need to take a moment and make sure your ER bill is accurate. Mistakes aren’t as uncommon as you’d think, and when they occur, you may be able to get them removed if you can show that they are incorrect.

If you’re ER bill only shows one total, request an itemized bill from the hospital. That way, you can review each individual charge to see if any might be mistakes. If your itemized list only featuring medical billing codes and not descriptions, there are numerous sites online that let you check them. However, you can also speak with the billing department and ask for the definitions.

If you do find errors, speak with the hospital billing department about the mistakes. Request that they remove or recode those line items and re-submit your bill to your insurance company. That way, you’ll be working with an accurate bill once your new one arrives.

Research Going Rates for Services

Another step you need to take before actively negotiating is to research the going rate for the same services at other hospitals. In some cases, you can secure a lower price by simply pointing out that other facilities charge less as long as you can prove that is the case.

Similarly, if you’re uninsured, researching the rates that insured patients are charged can work in your favor. It lets you determine the fair market price for the services you received and use those as a basis for a cost reduction request.

Gather Up Some Cash

Before you make the call to negotiate, determine how much you could afford to pay in cash right away. Many healthcare facilities offer cash discounts, especially if you can make a substantial lump sum payment right away.

Mainly, cash discounts are offered for two reasons. One, they allow hospitals to avoid credit card fees or similar expenses. Two, they eliminate a lot of administrative work, including issuing you additional bills, handling account maintenance, and following up on your debt.

See if you can gather most of what you owe in cash before the due date on your bill. That way, you have another point to pursue during the negotiation.

Start Asking About Financial Assistance

With all of the information you’ve gathered in hand, it’s time to contact the hospital and begin the negotiation process. Usually, once you have an accurate ER bill in hand, your first step isn’t to focus on the charges themselves when you call the billing department. Instead, you want to ask about financial assistance programs.

All nonprofit hospitals are required to have financial assistance programs for long-income patients. Additionally, the majority of for-profit hospitals have them as well.

Exactly what’s available may vary by state and facility. Additionally, whether or not you qualify may depend on several factors, including your income level, whether you have insurance or Medicare, and more. However, if you are eligible for assistance, your out-of-pocket obligation may shrink substantially, if not disappear entirely.

Continue with the Negotiation

If you don’t qualify for enough financial assistance to make your bill manageable, continue with the negotiation. Present what you know about fair market prices for the services you received as a starting point. See if they are willing to reduce any of the individual charges that aren’t in line with local norms.

If the first person you speak with isn’t able to do anything about pricing, ask to speak with a supervisor. You may have to move a few levels up to get to someone who has the ability to negotiate the costs, so keep asking for the person’s supervisor until you reach the right people.

After that, if you have enough cash to pay most – but not all – of the bill, as about cash discounts. Don’t lead off with how much money you have available. Instead, simply ask if they offer price reductions to people who can pay the majority of the bill in cash all at once.

If the cash discount they offer brings your bill down enough, you can simply arrange to pay it. If you are just barely short of the total price they present, ask if they would take the amount you have available instead. In some cases, if you’re close, they’ll accept. However, this isn’t guaranteed.

Request a Payment Plan

Many hospitals understand that ER bills are hard for patients to manage. As a result, most make payment plans available to patients. Not only are they a way to avoid medical collections while spreading out the repayment process, but they are also usually interest-free.

Speak with the billing department about payment plans and see what they can offer. If the payment size is manageable, you can simply agree to the terms and begin making payments.

However, if you’re experiencing a hardship that makes the payment they presented too difficult to shoulder, be honest about that. Let them know what you can reasonably afford and see if they are willing to accept that amount instead. If they agree, you can move forward with the arrangement.

Get Help from a Patient Advocate

If you’ve spoken with the billing department and still haven’t found a mutually acceptable solution, you may want to connect with a patient advocate. A patient advocate will help you navigate financial assistance programs and negotiate with the healthcare facility, increasing the odds that you can get the bill reduced to a manageable point.

As you look for a patient advocate to assist you, check the credentials of any contenders. Ideally, they need to be certified by a reputable organization, as well as have education or training that’s relevant to your situation. That way, you can rely on their expertise, as well as increase your odds of finding a solution.

Do you have any other tips that can help someone negotiate an ER bill? Share your thoughts in the comments below.

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What Are The Major Downsides to Using a Roth IRA?

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When people look at opening an individual retirement account (IRA), it isn’t uncommon to see recommendations directing them toward the Roth version. While Roth IRAs certainly have plenty of benefits, that doesn’t mean they are the best fit for everyone. After all, they are not drawback-free. If you’re considering a Roth IRA, here’s what you need to know about the downsides of using one.

Low Contribution Limit

For 2021, the IRA contribution limit is $6,000, though individuals age 50 and over can add another $1,000 to that. While that can feel like a substantial sum, it may not be enough to fully fund a retirement, depending on when you began.

Instead, many people with Roth IRAs may also need to set money aside elsewhere. If they are employed, a 401(k) or similar option through an employer could be a smart choice, particularly if they are offering a match.

For anyone who doesn’t have access to an employer-sponsored account, there are other options available. Self-employed individuals may be eligible for a solo 401(k), giving them a solid alternative. Using a traditional brokerage account could also work, though it doesn’t have the tax benefits that you get with formal retirement savings.

Income Limits

Unlike a traditional IRA, your modified adjusted gross income (MAGI) has to fall within a certain limit to contribute to a Roth IRA. The limit that applies to a Roth IRA varies depending on the account holder’s tax filing status.

The contribution limit also has three phrases. If a person’s MAGI falls below a certain point, they can contribute the full amount allowable during the tax year.

MAGIs that sit above that initial cutoff but below a second one will see their maximum allowable contribution lower. If a person’s MAGI crosses an upper threshold, they are not allowed to contribute to a Roth IRA.

Here is an overview of the income phase-out ranges based on tax filing status:

Tax Filing StatusMAGIContribution Limit
Single / Head of HouseholdUnder $125,000Up to Annual Maximum
 $125,000 to $139,999Phasing Out
 $140,000+Ineligible
Married Filing JointlyUnder $198,000Up to Annual Maximum
 $198,000 to $207,999Phasing Out
 $208,000+Ineligible
Married Filing SeparatelyUnder $10,000Phasing Out
 $10,000+Ineligible

For individuals with pre-existing Roth IRAs who become ineligible to contribute in a subsequent year, they don’t lose access to that retirement account. Instead, they simply can’t add contributions while their income exceeds the limits. If their income declines in a subsequent year, they can begin contributing once again.

It’s also important to note that MAGI limits don’t apply if you’re rolling a traditional IRA into a Roth. However, you do have to follow all of the rollover rules, some of which are relatively complex.

Additionally, it’s crucial to understand that the limits are subject to change each year. Annually, the IRS reviews both the income and contribution limits to determine if adjustments are necessary. Often, when those occur, the numbers shift upward, not down. However, the changes do tend to be pretty small in the grand scheme of things.

Set Up Falls on You

With employer-sponsored retirement accounts, contributing is fairly simple. Your employer has made most of the difficult choices, takes care of your enrollment, and even makes sure that contributions come right out of your paycheck.

Unlike an employer-sponsored retirement account, you have to set up your own Roth IRA. Along with choosing the bank or broker that will hold your account, you’ll need to determine when you’ll contribute. The money won’t come straight out of your paycheck. Instead, you’ll have to schedule transfers to fund the Roth IRA.

In many cases, even a Roth IRA is reasonably automated once you get it set up. However, the initial legwork can be time-consuming, particularly if you have to spend a lot of time exploring banks and brokers to find the right option.

No Upfront Tax Deduction

When a Roth IRA, you contribute after-tax dollars. That means you don’t receive a tax deduction for setting money aside for retirement during the tax year the contributions are made. Instead, you can take distributions once you reach retirement age tax-free.

Essentially, it’s the opposite arrangement you find in a traditional IRA. With traditional IRAs, there is an upfront tax deduction. However, distributions are taxed.

Technically, not everyone views the Roth IRA as a drawback. However, it doesn’t mean that you have to spend more of your money on taxes now. As a result, you may have less in your budget to spend or save, which could be troublesome for some people.

Additionally, depending on your financial situation, getting the tax break later instead of upfront may not yield the biggest benefit. If your income is higher during your earning years than it will be during retirement, you could end up spending more in taxes over the course of your life by using a Roth IRA.

The Five-Year Rule

When you hit the minimum age for withdrawals with most retirement accounts, you don’t have to worry about any penalties. However, Roth IRAs are subject to the five-year rule. That means if your first contribution to your Roth IRA wasn’t at least five years ago when you being making retirement withdrawals at age 59 ½ or older, earnings you receive as distributions could be subject to taxes.

For many people who begin contributing to a Roth IRA well before retirement age, this isn’t usually an issue. However, if you didn’t open a Roth IRA until after you were 54 ½ years old or older, you’ll have to wait past age 59 ½ to make tax-free earnings withdrawals.

Whether that is a problem depends on your financial situation. Some people work beyond age 59 ½ or have other sources of funds, so they don’t necessarily need the Roth IRA income right away. As a result, waiting until they can make tax-free withdrawals isn’t automatically an issue. Instead, it just requires awareness and planning.

For others, the delay could be more problematic. As a result, anyone who is considering opening a new IRA later in life should determine if the five-year rule applies to them. If so, they should make sure that the impact isn’t an issue and, if it could be, potentially explore other retirement account options.

Can you think of any other downsides of using a Roth IRA? Do you think the benefits outweigh the drawbacks? Share your thoughts in the comments below.

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Here’s Some Investment Advice After an Inheritance

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Investment Advice After an Inheritance

Getting an inheritance is often bitter-sweet. While the money may be an opportunity, it is attached to losing someone who may have been important to you. As a result, it can be hard to think clearly about how to handle the windfall, potentially setting you up for some poor decisions. However, by using the right approach, you can make smart choices. Here’s some investment advice after an inheritance.

Take a Breath

First and foremost, don’t make any financial moves if you are still grieving. Emotionally difficult events often cloud a person’s judgment. If you are still struggling with significant feelings of sadness, anger, confusion, or frustration, you may make a choice that you wouldn’t usually. At times, that may be a decision you would later regret.

If you don’t feel emotionally calm enough to make big financial decisions, wait. Give yourself a chance to breathe and recover. That way, when you do make investment choices, you can be more confident about them.

Define Your Goals

Another step that you need to take before you choose any investments is to define your financial goals. Not only do you need to figure out your general plans for the money, but you also need to determine a timeline for its potential use.

Some types of investments are better for short-term objectives, while others are more suited for long-term ones. For example, while purchasing stocks, ETFs, index funds, or similar investments through a brokerage may work for goals positioned a few years out, while retirement account investments don’t usually align with short-term objectives.

If you want to save for a child’s college, a 529 plan provides you with benefits you won’t get elsewhere. If your goal is to set the money aside for retirement, then putting the money in an IRA, 401(k), or similar account could be your best choice.

By understanding your goals, you can choose investment vehicles that align with the objective and timeframe involved. That way, you get the best approach for your situation.

Understand Your Risk Tolerance

All investments include some level of risk. You are never guaranteed to receive a particular return. In fact, you may not just miss out on gains; you can also experience losses.

The amount of risk varies between investment options, at times dramatically. When risk levels are higher, the potential for significant growth and losses are both elevated. With lower amounts of risk, growth and loss rates are usually both reduced.

Not everyone has the same perspective when it comes to the amount of risk they find acceptable. Some investors are bolder; they are willing to tolerate a substantial amount of risk in exchange for the possibility of significant gains. While they understand that hefty losses are also possible, they feel the risk is worthwhile.

Others aren’t comfortable with high amounts of risk, accepting lower growth potential in exchange for a sense of increased financial safety. They would instead prefer that their investments feel reliable above all else, even if that means achieving less when it comes to gains.

Before you invest, you need to estimate your risk tolerance. That way, you can choose a strategy that meets your needs.

Diversify Your Portfolio

Regardless of your goal, you want to diversify your investment portfolio. With diversification, you reduce overall risk by having a variety of stocks, ETFs, index funds, bonds, or other assets in your portfolio.

That way, if one asset experiences a problem, you aren’t guaranteed to see losses across the board. Instead, the other investments may remain stable or could potentially rise, offsetting the decrease associated with the one asset or, at least, preventing widespread losses.

Get Help from a Professional

While some investing strategies are relatively straightforward, not all types are easy to navigate, especially for beginners. If you are new to investing, working with a financial adviser or similar professional can be a smart move. Sign-up to The Motley Fool for good advice.

When you work with an adviser, they can discuss your goals with you to understand what you want to achieve. Then, they can provide recommendations or outline all of your options, answering questions about the pros and cons of investing using each of those approaches.

As you start to research financial advisers, make sure to vet them carefully. Review their credentials. See if they are commission or fee-only. Read reviews from past clients. Request recommendations from trusted family members, friends, or colleagues.

Choosing the right financial adviser is essential. That way, you can get sound guidance that you can trust, ensuring you’re able to start your investment journey with greater ease.

Do you have any investment advice for after an inheritance? Did you receive an inheritance and think people could benefit from your experience? Share your thoughts in the comments below.

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Should You Stay Married Until You’re Out of Debt?

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Should I Stay Married Until You're Out of Debt

Money is often a point of contention in marriages. So much so that it’s often cited as a leading cause of divorce. However, many spouses wonder if getting a divorce while in debt is a smart move. They think maybe it’s better to wait until the debts are repaid before severing the relationship. If you’re trying to figure out if you should stay married until the broader debt situation is solved. Here’s what you need to know.

How Debt Is Handled During a Divorce

Before you decide whether you should stay married while debt is in the equation. It’s important to understand how those obligations are handled during a divorce. Usually, any debt in both spouses’ names is considered a joint obligation. Regardless of who spent the money.

However, if you live in a community property state. Even debt not in your name could fall on your shoulders. If the debt was incurred during the marriage, particularly if the resulting spending benefited both parties, both spouses can be deemed responsible.

If you live in a common-law state instead. The situation above doesn’t usually apply. The main exceptions tend to be if you cosigned on a debt. Even if it wasn’t ultimately jointly owned. In those cases, debts in your spouse’s name can also be viewed as yours.

In the end, the situation can be surprisingly complex. It ends up even more complicated if you and your spouse aren’t in agreement about debt responsibility. Should that occur, a judge may make the final determinations about where debts go, and that may not come out in your favor.

Dealing with Debt Before a Divorce

In many cases, the only way to avoid a court potentially deciding who is responsible for various debts is to pay them off. By eliminating the obligations. They are no longer part of the equation.

If both spouses agree about the goal of paying off debt and are willing to work together for mutual benefit, this could be plausible. For this to work, transparency needs to be a priority. By being open and honest with each other about the financial situation, it’s easier to move forward toward the shared goal without any unnecessary hardship.

However, it’s important to understand that paying down the debt first can be complicated depending on the state of the relationship and where you live. As mentioned above, in a community property state, debts incurred during the marriage are viewed as joint even if both parties don’t have their names on the account. That could allow a disgruntled spouse to open new credit accounts without the other’s knowledge and saddle them with a financial burden without their knowledge or permission.

Similarly, on joint revolving credit accounts in any state, either spouse could continue to spend that money. Since both names are on the card, they are each potentially legally responsible.

Making the Choice

If your relationship isn’t currently amicable, then you need to consider what could occur and plan accordingly. In common law states, you may want to start removing each other’s names from various debts (and bank accounts), creating a degree of separation. That may allow you to focus on paying down debt before moving forward with a divorce.

If your relationship is hostile and you’re in one of the community property states, waiting to get divorced may not be the best choice. While the division of debt during the proceedings may not go the way you’d like, officially separating it could be the safer road.

However, if you and your spouse agree on debt and the risk of nefarious action is low, paying it off is a smarter move. It lets you both move out of the relationship with fewer monetary obligations, potentially easing the transition and increasing your odds of financial success down the line.

Ultimately, only you can decide what’s right. Reflect on the state of the relationship, consider how debt can be divided in your state, and head in the direction that’s the best fit for your situation.

Do you think people should stay married until both parties are out of debt? Why or why not? Share your thoughts in the comments below.

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