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The Free Financial Advisor

You are here: Home / Archives for Personal Finance

How to Choose the Right Automotive Insurance Company

July 4, 2022 by Susan Paige Leave a Comment

It’s no secret that accidents happen. In fact, according to the National Highway Traffic Safety Administration, there are more than 6 million car accidents each year in the United States. If you’re unlucky enough to be in an accident, you’ll want to make sure that you have the right automotive insurance company on your side. Choosing the wrong insurer could lead to higher premiums and less coverage in the event of an accident. In this blog post, we will discuss how to choose the right automotive insurance company for your needs. [Read more…]

Filed Under: Personal Finance

Lawsuit Settlement Loans in Louisiana: How Do They Work?

July 4, 2022 by Susan Paige Leave a Comment

Car accidents are the primary cause of injury in Louisiana. The most common factors for crashes in 2019 were alcohol and a low percentage of use of safety belts.

If you’ve been hurt in a road accident, you may want to consider lawsuit settlement loans. How do they work? Who is eligible? This post will answer these questions to make you understand better.  [Read more…]

Filed Under: Personal Finance

5 Simple Habits to Help Build Credit

June 28, 2022 by Susan Paige Leave a Comment

Having a good credit file has many benefits with the most obvious benefit being more accessibility to affordable credit, bigger credit limits and lower interest rates. If you already have good credit and want to keep on top of your credit score then keep reading, as we’ll be covering 5 simple habits to ensure your credit doesn’t slip. [Read more…]

Filed Under: Personal Finance

How To Reduce Business Taxes: A 2022 Guide

June 28, 2022 by Susan Paige Leave a Comment

As a business owner, you work hard day and night to grow your business. And the last thing you want is to give more of your business income to the government. Although it’s your responsibility to pay tax for the continued operation of your business, you probably want to reduce it as much as possible. 

Fortunately, there are numerous tax-saving strategies you can try to use to help reduce your tax liability as a business owner. Enumerated below are some effective tax reduction methods:

[Read more…]

Filed Under: Personal Finance

How Does a Home Warranty Transfer Work?

June 23, 2022 by Claire Hunsaker Leave a Comment

When you sell a home, the warranty on the appliances usually goes with it. But what happens if the buyer wants to transfer the warranty to their own name? Here’s how it works.

What is a home warranty and what does it cover?

A home warranty is a service contract that covers the repair or replacement of major home systems and appliances that break down due to normal wear and tear. Examples include:

  • The repair or replacement of major home systems, such as the heating and cooling system
  • The repair or replacement of appliances, such as the refrigerator, washer, and dryer
  • Coverage for events like water damage or a power surge

Most home warranties last for one year, though some companies offer multi-year contracts. And you can renew them.

home warranties cover appliances

What is a home warranty transfer?

Home warranties are transferable service agreements. In fact, it is common for a real estate agent to purchase a home warranty for their clients as a gift that offers additional protection during the first year of ownership.

A home warranty transfer is when the current owner of a home with an existing home warranty transfers the coverage to the new owner. This can be done at the time of sale, or anytime after the sale has been finalized.

How does a home warranty transfer work?

When you are ready to sell your home, you can transfer the home warranty to the new owners. This is typically done by contacting the home warranty company and providing them with the new owner’s contact information. The home warranty company will then send the new owner a welcome packet that includes all the details of the coverage.

In most cases, the home warranty will automatically transfer to the new homeowners. However, there may be a fee to do so. The best way to find out is to contact the home warranty company directly.

home warranty transfer

What are the benefits of transferring a home warranty

There are several benefits to transferring a home warranty to the new homeowners:

  • It offers peace of mind to the new homeowners, knowing that they have coverage in case something goes wrong with a major appliance or home system. This can be particularly powerful in a time of recession as families are trying to survive inflation.
  • It can save the sellers money, as they won’t have to pay for any repairs or replacements out of pocket.
  • It can be used as a selling point when marketing your home.
  • It can help you close the sale of your home, since many buyers are looking for properties that come with a home warranty.
  • In some cases, it may even help you get a higher price for your home.

If you are selling your home, be sure to ask your real estate agent if they recommend transferring the home warranty to the new homeowners. It may be just what you need to close the deal.

Tips for choosing a home warranty

When shopping for a home warranty, there are a few things to keep in mind:

  • Research the warranty company on a site like Trustpilot, and read the reviews. Before signing up for a home warranty, be sure to read online reviews to see what other customers have said about the company. This will give you an idea of what to expect
  • Make sure you understand what is and is not covered. Some home warranty companies have restrictive coverage plans that exclude certain items or limit the amount they will pay for repairs.
  • Pay attention to the deductibles. Home warranties typically come with a service call fee, which is the amount you have to pay when you make a claim. The deductible is usually around $100, but it can be higher depending on the company.
Claire Hunsaker

Claire Hunsaker, ChFC®, is a Chartered Financial Consultant featured in American Express, Forbes, Parents, Real Simple, and Insider. She offers free financial planning for single women through AskFlossie, where she is CEO. Claire holds an MBA from Stanford and is an IRS-certified Tax Preparer. She has 20 years of business and leadership experience and approaches money topics with real talk and real humor.

Filed Under: Personal Finance

How SEO Can Boost Your Business Revenue

June 22, 2022 by Susan Paige Leave a Comment

Search Engine Optimization or SEO refers to a set of strategies and best practices that eventually helps a website rank better on search engine results pages (SERPs). Search engines, such as Google, will use the quality and relevance of your site’s content to decide how you’ll rank when certain keywords are typed in their search box. 

But despite all the benefits of SEO, some businesses are still reluctant to adopt this strategy. This is mainly due to a lack of information and awareness. Many entrepreneurs, especially those who aren’t exactly tech-savvy, don’t understand yet how SEO can bring in more sales and revenue.

So, if this is your first time hearing about SEO, this article will help explain how it can boost revenues for a small or large business: [Read more…]

Filed Under: Personal Finance

Why A Fractional CFO Is Ideal For Growing Businesses

June 21, 2022 by Susan Paige Leave a Comment

Originally, fractional chief financial officers (CFOs) concentrated on lending their expertise to start-ups; however, this is no longer the case. Today, both small and large firms seek the expertise and vast experience of fractional CFOs to raise funds, utilize resources, access new markets, and regain control of lost revenues and opportunities.An experienced CFO is a key differentiator for firms that value innovation and development. However, if you can’t rationalize or pay a full-time chief financial officer, you may visit: https://www.michigancfo.com/fractional-cfo or any other similar site to get the services of a fractional CFO who can provide similar perceptions and know-how to propel your company to greater heights at a lesser cost.

Do you want to expand your business?  Here are five reasons why a fractional CFO is great for business growth:

[Read more…]

Filed Under: Personal Finance

When Is It Okay For A Spouse to Quit a Job?

June 13, 2022 by Tamila McDonald Leave a Comment

Spouse to Quit a Job

As a couple, having a sound financial future is usually a goal. That’s why it can be really difficult to determine how to respond if one spouse wants to quit their job somewhat unexpectedly. If they don’t have another position lined up – or don’t plan on finding something new – you may wonder if their quitting is actually alright or if it’s unreasonable. Regretfully, the situation isn’t always cut and dry. So it’s critical to remember there are times when quitting is wise. Here’s a look at when it’s okay for a spouse to quit a job.

When It’s Okay for a Spouse to Quit a Job

The Workplace Is Dangerous

If there is one time when quitting a job without talking to a spouse first is definitively okay, it is if the workplace is unnecessarily dangerous. While companies should do their part to protect their workforce from harm. Some don’t do this well. Some may order employees to cut corners in a manner that needlessly puts them in harm’s way. Others may forgo maintenance. Thus, increasing the odds of dangerous mechanical failures that could harm an operator.

If your spouse is in a risky role and their employer keeps putting their safety on the line because it refuses to follow tried-and-true protocols or regulatory mandates. Exiting immediately could be essential. Otherwise, your spouse could end up catastrophically injured. Which is something that comes at a far higher cost than losing a paycheck.

There’s a Health Issue

Similar to the point above, if a job is causing or aggravating a serious health issue – or preventing your spouse from taking proper steps to care for a condition – quitting might be a necessity. There are scenarios where a person’s job can have a major impact on their health, either purely based on the nature of the role or the environment in which they do the work. In those cases, the only remedy is usually to leave. If they don’t, they may continue to deteriorate, potentially irreversibly so.

If a job is causing significant mental health damage, that’s also a justifiable reason to leave. For instance, if there’s toxic management, bullying, or similar conditions leading to severe depression or anxiety. Quitting might be the best way to get re-centered and on the road to recovery.

A person’s health isn’t something they should have to sacrifice in the name of a paycheck, particularly if the situation is getting severe rapidly. That’s why, in those scenarios, quitting is often okay.

Burnout Is a Problem

In many cases, burnout is a far bigger burden than people expect. There are both mental and physical side effects to burnout, leaving a person pretty miserable. That’s why, if burnout is the issue, quitting might not be a bad choice.

However, quitting over burnout without taking some key steps could be irresponsible. For example, if your spouse is burned out because they’re bored at work, ideally, they should speak with their manager. They may be able to take on additional duties that keep them engaged, effectively solving the issue.

The same is true if they’re overworked. At times, a meeting with their manager to discuss the situation could lead to changes, allowing them to conquer their burnout.

But not all sources of burnout are easily solved. First, managers can refuse to make any changes, making the problem inescapable without quitting. Second, if the burnout is related to the field or industry being a bad fit, leaving the role may be a must. Finally, if burnout is tied to the workplace, such as an aspect of the culture, heading for the exit is potentially essential.

Since burnout isn’t typically catastrophic, it may be preferable that your spouse find a new job before leaving. However, if the impact of burnout is severe, a quicker exit could make sense.

An Ethical or Legal Issue Arises

There are times when a person may be cruising along at work, only to witness an incident that makes staying problematic. For example, seeing a higher-up make an unethical choice could put an employee in a bind. The same goes for signs of illegal activity.

Even if your spouse isn’t directly involved, remaining in a workplace where an ethical or legal issue could rear its ugly head isn’t always wise. As a result, they may need to quit without any notice, mainly as a means of protecting themselves from a potentially risky situation.

A Multitude of Other Reasons

The examples above outline some extreme situations that most would agree make quitting – even spontaneously – primarily justifiable. However, they, by all means, aren’t the only ones.

Every person’s workplace and job are different, so your spouse’s could come with challenges not outlined above. Additionally, every person is unique, so what’s tolerable to one person may be a dealbreaker for another.

While quitting is a big decision that impacts all members of a household, spouses can’t necessarily force their partner to keep a job. Trying to do so usually only brings negativity and resentment to the relationship. The same goes for chastising a spouse who’s already quit, as that’s a reactive approach that won’t help you both find solutions to any challenges the choice creates.

How to Navigate a Spouse Quitting Their Job

If your spouse quits their job unexpectedly, you’re free to ask why they made that decision. You may discover that there were issues or challenges you weren’t initially aware of, making their quick exit completely justifiable. However, even if that isn’t the case, take in what they share and avoid being outwardly judgmental. Instead, shift gears to become solution-oriented.

Review your budget with your spouse to determine how losing that income impacts your finance. See if you need to cut back and, if so, what you should change. After you pare down, see if tapping your emergency fund is a requirement or if you can proceed while leaving your savings intact.

After that, speak with your spouse about their career plans. Find out if they intend to launch a job search, acquire new skills to make a career change possible, or have other ideas for how they’ll proceed. Determine if there are steps you can take to support their transition, as that may help them move forward with greater ease.

Work Together On A Solution

If your spouse isn’t sure about their professional future, work together to find a reasonable solution during the interim. For example, they may be able to secure a part-time job to help make ends meet while they use the rest of the time they would usually spend working if they were full-time to explore various options.

Ideally, you want to work together to figure out what comes next. That way, you can get back on the same page, allowing you to make progress as a team. Often, that can do a lot when it comes to repairing any potential damage to the relationship, making it easier to remain future-oriented and move forward.

Can you think of any other times with it’s okay for a spouse to quit a job? Has your spouse had to quit their job unexpectedly, and you’d like to offer advice to others in the same boat? Share your thoughts in the comments below.

Read More:

  • How to Prep Your Finances Before You Quit Your Job
  • 4 Signs It’s Time to Make a Career Change
  • Can an Employer Charge Fees to Turnover Your 401(k) After You Quit a Job?

 

 

Tamila McDonald
Tamila McDonald

Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.

Filed Under: Personal Finance Tagged With: dangerous workplace, quitting a job, work

Choosing the Right Accounting Company for Your Business Needs

June 13, 2022 by Susan Paige Leave a Comment

Proper accounting is mandatory for a company operating within a particular jurisdiction. Setting the record straight allows your organization to work without fearing being busted for unpaid taxes or undeclared property.

Innumerable accounting companies are available all over the country, ready to aid businesses with their bookkeeping. However, how do you know if an accounting company is perfect for your business? What are the top attributes the organization must possess before allowing them to handle your money matters? Let’s find out. [Read more…]

Filed Under: Personal Finance

Five Financial Questions Women Should Ask About

June 9, 2022 by Claire Hunsaker Leave a Comment

It’s no secret that women face unique financial challenges. From the gender pay gap, to managing household finances, it can be tough for us to make informed decisions about our money. To empower ourselves and make sure we’re on the right track financially, we need to ask the right questions. Here are some of the most important ones.

What Insurance Should I Have?

Insurance is a big (and often surprising) topic for women: we live longer, are more likely to experience a disability that impacts our earnings, and are more likely to support children or elders. We have a stronger need for a safety net.

As a high-level guide: max out any employer-sponsored coverage (like through your job) and then get an individual policy for the remainder of your need, as your budget accommodates.

Life Insurance

Life insurance is a tax-free gift you give the next generation, and term life insurance is inexpensive. Buy what you can afford, on the private market or through your employer.

Disability Insurance

Disability insurance is so important for women – it will replace a portion of your income if you can’t work, and you want to target 60% and 70%. Especially if you are a single mom or supporting family. To achieve this target, you will probably need a private policy in addition to any coverage from your employer (if available).

Long-Term Care Insurance

And finally, if you’re approaching retirement, long-term care insurance is important if you want to make sure you don’t have to spend all of your savings on health care in retirement. It can be very expensive, so don’t purchase this til you’re older and approaching the need for it.

These are just general guidelines – there’s no one right answer when it comes to insurance. It’s important to talk to an expert (like a financial planner) about what kind of coverage makes sense for you given your unique circumstances.

What is the Best Way to Budget?

There’s no one right way to budget your money – find the method that works best for you and stick with it! Consistency is much more important than perfection.

The Envelope Method

Some people use the “envelope system” where you put a certain amount of cash into an envelope for each category (like groceries, entertainment, and transportation). That’s all you get for that category for the month. This is great if you have to be very careful and want to stay away from credit cards entirely. It’s also a great system if you like using a physical planner over software/apps.

Budgeting Apps

If you prefer using technology to manage your finances, there are a number of great budgeting apps out there that can help you track your spending and set goals. Some popular options include Mint, You Need a Budget (YNAB), and EveryDollar.

Spreadsheet Budgeting

For those who like having more control over their budget (and who are comfortable with Excel or Google Sheets), creating a budget in spreadsheet form can be a great option. This method gives you a lot of flexibility to track your spending in the way that makes the most sense for you.

Pay Yourself First

One of the best ways to make sure you’re saving enough money is to “pay yourself first.” This means that as soon as you get paid, you put some money into savings before you spend any of it. This can be difficult at first, but if you make it automatic (i.e., set up a direct deposit from your paycheck into your savings account), it will become easier over time.

What is the best way to save money?

Again, there is no one right answer to this question – it depends on your goals and financial situation. But the upshot is that you can build an emergency fund or improve your generational wealth. Here are some general tips that can help you get started:

Increase Your Income

It can be very challenging, but to save money, you need to bring in more money than you spend. You can lower your costs and watch your spending, but you can also increase your income through a side hustle, a raise at work, or a promotion. You could sell extra things around your house. You don’t need to make a huge commitment – even small improvements in your earnings can make a big difference.

Automate Your Savings

Set up automatic transfers from your checking account to your savings account so that you’re automatically putting away money each month. This is a great way to make sure you’re always saving something, even if you don’t have a lot of extra money.

Join a Savings Challenge

A savings challenge is a great way to encourage you to save more money and get some community support. There are all kinds of challenges out there (like the 52-week challenge, where you save $52 in week one, $51 in week two, and so on), but the important thing is that you find one that works for you and stick with it. Dasha Kennedy at the Broke Black Girl runs a great year-long savings challenge to help women save $1000.

How Much Do Women Need to Save For Retirement?

As much as you can.

Women retire disadvantaged: we generally receive lower social security benefits due to lower earnings. We also tend to live longer (which means more years in retirement), and we’re more likely to experience a period of disability. All of this points to the need to have a larger retirement nest egg.

Target 20% Savings

Controversial opinion: I encourage all women to target 20% of pre-tax household income for savings. That is a lot. But most of us are playing catch up, and starting from lower earnings. Build up to it by increasing your savings rate little by little, and remember that even small amounts add up over time.

Invest Your Savings

You want to make sure your money is working hard for you, and one of the best ways to do that is to invest it. Investing can be intimidating, but on average, female investors outperform by 1% because we are less likely to panic. 1% is what professional investment advisors charge. Set up auto investment, choose low fee index funds and increase your contribution little by little. Like saving, successful investing is about consistency and patience.

What Biggest Money Mistake Should Women Avoid?

The biggest mistake you can make is to hand your finances off to a partner and ignore them. Women are socialized to do this (and it’s changing, slowly) but we pay for it. If you are widowed or experience divorce, you will be adding a terrifying and steep learning curve to a personal crisis.

Additionally, and I say this as Chief Financial Officer of our family, financial decisions will be better with your input! Even though I do this for a living, my husband often has great insight and our decisions benefit from his involvement. Don’t discount your ability or perspective, especially given that women are better investors.

Claire Hunsaker

Claire Hunsaker, ChFC®, is a Chartered Financial Consultant featured in American Express, Forbes, Parents, Real Simple, and Insider. She offers free financial planning for single women through AskFlossie, where she is CEO. Claire holds an MBA from Stanford and is an IRS-certified Tax Preparer. She has 20 years of business and leadership experience and approaches money topics with real talk and real humor.

Filed Under: budget tips, Insurance, money management, Personal Finance, Planning, Retirement Tagged With: emergency fund, Financial plan, Insurance, investing, life insurance, retirement planning, saving money

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