From banking, shopping, dating, even money lending, a lot of things now take place online, thanks to the ever-developing technology. Though among them, money lending has been slower to adapt to the upgrade of technology. The good thing is, as years pass by, more private lenders are adapting to changes to cater to the demands for accessible money lending services. [Read more…]
At the present moment, we’re figuring out what school to send our three-year-old for K-4 next year. I’ve had a lot to think about and it’s opened my eyes as to what matters to me. It has also given me a chance to evaluate my current living situation and where I want to end up.
This is actually quite frustrating for me, as I made a decision for a school district and a city to live in late last year. It’s why I’m living in Brookfield, WI. Elmbrook School District is the best in the state of Wisconsin right now.
However, after speaking with people (prior students and parents with children in school) and reflecting, I don’t know if Brookfield and Elmbrook School District are the way forward. I have three areas of concern when it comes to the school we choose.
I read How Children Succeed by Paul Tough, and one of the important themes in the book was character development. Both the impact home has on that development and what school can do to help.
Ideally, I’d like a school that sees the value of improving one’s character. What’s more important than that, though, is how teachers, administration, and peers treat students.
I need to know that there is a culture of mutual respect between students and teachers, the teachers and faculty have the students’ best interest at heart, mental health is taken seriously, and the possible steps needed to thwart bullying have been taken.
I think all of these points start with culture. I feel like if mental health is taken seriously, respect is earned and given, then bullying might be less of an issue – I have no facts to support this, just an opinion. A culture derived from character, respect, and tolerance, I believe, has the greatest chance of student/teacher success.
Will my son like sports or theater? Chess or music? In the end, I don’t care. My job is not that of influencing what he participates in, it’s supporting his passions. That said, I would like where he goes to school to have broad opportunities available to him, so he is able to pursue those passions are.
There’s no doubt that school is important. It’s where students learn what they need to in order to keep progressing academically. It’s where they develop their personalities and socialize with their peers. However, I believe what we teach at home is more important.
At home, kids learn about manners, right and wrong, and work ethic. As a parent, you have an impact on the early parts of your child’s life and how they develop into young people. Your child’s personality and genetic wiring will be a driving force, but I think we, parents, have at least one hand on the wheel.
For me to be at my best as a parent, does the living situation make a difference? Do I move again? Do I move to a place where I feel more “at home”? Or is it a matter of viewing things through a positive lens and making the most of what I have?
I really don’t know the answer to that. Currently, as I said, I’m in Brookfield, WI. Good city, great school district. I own a home in Oconomowoc that I’m renting. So right there, he has two options of where he can go to school (that’s without open enrollment – not off the table).
However, I would like to live in close proximity to the school he attends. He can make friends in the neighborhood or in the area that go to the same school as him.
I haven’t decided yet on where my son will attend school. The last step in the process is a tour and a conversation with some of the administration.
In the last year, a lot of my decisions when people are involved have come down to the energy/vibe I get from them, and my gut. Once we tour the school and I speak with some of the faculty, the decision will become easier.
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Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
Per diem payments are used when businesses have employees that travel. These payments are designed to relieve the employee from certain costs associated with traveling. Particularly meals and incidentals (ground travel, laundry, room service, etc.), and lodging.
This is great for both the business and the employee, but there are certain situations when per diem payments are taxable. In this article, we’ll explore exactly when an employee will pay per diem tax.
There are two types of per diem payments, meal-only, and meal and lodging. The names imply their use. One pays for meals, the other pays for meals and lodging.
It’s important that we specify the meals must be “non-entertainment related” meals.
As with many parts within the tax code, per diem rules are very specific. Meals and lodging have different rates.
Also, different cities have different rates. These differences are typically relegated to “big cities” and “small cities”, with bigger cities getting the larger rates. This is referred to as the high-low method. Businesses may also make payments based on the state in which you travel.
The per diem payments must be equal to or less than the federal allowable limit (depending on what method is selected). The employee is responsible for filing an expense report within 60 days. The expense report needs to include, date and location of the trip, purpose of the trip, and lodging receipts (if the meal-only option is selected).
You’re not allowed to “transfer credits”. What’s meant by this is if you use less on your lodging than is allotted, you can’t use the excess on food, or vice versa.
As I mentioned in the introduction, per diem payments can have tax consequences.
If you travel for business and receive per diem payments, just make sure you keep good records, and you hang onto your receipts. It’s better to have too much information than not enough.
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*Be advised: Securities America and its representatives do not provide tax advice. Please consult a tax professional for specific information regarding your individual situation.
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
While the average FICO credit score is around 703, an estimated 68 million people have scores below 601. Which gives them a poor or bad rating. That is dependent on exactly where they fall. Plus, about 45 million adults have no credit score. Either because their credit history is insufficient or there is nothing on record. As a result, many people worry that their credit history will hold them back. And not just when they need a financial product. They may wonder if their credit history can hurt their chances of getting a new position. If you’re trying to figure out if your credit history matter during a job search. Here’s what you need to know.
While it isn’t universal, some employers do check the credit reports of job candidates. However, they won’t see a job seeker’s credit score. That’s usually unnecessary.
Usually, companies are looking for signs of financial trouble, mainly because they believe it could demonstrate a higher theft or fraud risk. Additionally, certain facts from a report could indicate a candidate lacks certain skills. For example, a slew of missed payments may mean a job seeker isn’t particularly organized or isn’t good with deadlines. It may also suggest a person doesn’t take their commitments seriously.
At times, a poor credit report could indicate a candidate isn’t ideal for financially-oriented positions. Employers may believe that if they can’t keep their financial life in order, asking them to manage a client’s file or money-related tasks might not be a good idea.
Not all jobs will require credit checks. Typically, this kind of background check is only needed in certain scenarios.
If a job requires a security clearance, a credit check is more likely. Similarly, if the role means handling large sums of money, directly accessing financial accounts, working with sensitive customer data, or using confidential information, one may be part of the hiring process.
When an employer runs a credit check, it’s not the same report that a bank may receive when trying to determine if you’re eligible for a credit card. For employment, a credit report usually won’t contain information that could indicate certain kinds of statuses or belonging to specific demographics.
Account numbers also aren’t displayed. However, your payment history, amount still owed, and available credit amount are visible.
Generally, no, an employment credit check doesn’t hurt your credit score. Usually, it is listed as a “soft inquiry,” which is different from the hard pull most lenders use when determining if you qualify for credit.
Further, it won’t necessarily hurt your chances with other employers, either. Your report doesn’t show any other soft inquiries. If you apply to multiple companies, and they all require a credit report, they won’t know that other employers are also taking a look.
There are rules governing when and how an employer can use a credit check as part of their hiring process. Above all else, you must be notified that one is going to take place, and you have to give your written permission. Additionally, the company must tell you in advance how the information impacts its hiring decision, as well as give you a pre-adverse action notice, where they outline that information as well as cover any rights you have legally.
You also have to be given adequate time to explain any potential red flags or have errors corrected with the credit bureau that provides the data. Usually, that’s about three to five business days.
Additionally, if there is an adverse action, you have to be given a notice. Within that document, the contact information for the credit agency and your rights to get a copy of the report have to be outlined.
It is important to note that some states and cities bar the use of employer credit checks entirely, or highly restrict how any discovered information can be used. If you’re interviewing for a job that requires a credit history check, review your local laws to make sure it is being done correctly and in accordance with any mandates.
If you know a credit check could be on the horizon, it’s wise to review your reports first. You can head to AnnualCreditReport.com to get a free copy from each bureau every year. That way, you can review the content and dispute any errors if the need should arise.
Otherwise, good financial habits can help you ensure your credit report is strong. Pay your bills on time whenever possible, use your available credit responsibly, and only take out new credit when absolutely necessary.
You may also want to use a free credit monitoring service. Whenever someone accesses your report or opens a new line of credit, you’ll be notified. If the activity is legitimate, you’ll know that it is now on your report. If it isn’t, you can act quickly to remedy the issue, increasing the odds you can preserve your credit.
Finally, if you put a freeze on your credit reports, you’ll need to lift them (at least temporarily) when your employer runs their check. Many people put freezes in place after the major Equifax breach in 2017. Those prevent anyone from check your credit report, even if you give permission. If you froze your reports, make sure to temporarily lift the freeze, or the prospective employer won’t be able to complete the check.
Has your credit history ever impacted your job search? Share your thoughts in the comments below.
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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.
Having bad (or even fair) credit can make it difficult to get a loan. Your potential lenders look at your credit score, which is impacted by income, primary tradelines and more, to determine whether or not you qualify for their loans. But often, the exact things that make you need a loan are the things that disqualify you from getting one. It’s frustrating, but you can work around it. [Read more…]
If you want to stop yourself from becoming a victim of fraud then there are so many things that you can do. Take a look below to find out more.
Always Shield your PIN
You have to make sure that you always shield your pin and that you never send it over the phone or even over the internet. Your bank or the police will never ask you for your pin and they won’t send you emails asking to disclose it either. If you are not sure if you are a victim of fraud or not then it is well-worth you trying to contact the relevant authorities so they can take the appropriate action against your card.
Your Details are as Valuable as Cash
You have to know that your details are as valuable as cash. When they are in the hands of a criminal, there is no difference at all. If you want to make sure that your details are as safe as they can be then it is well-worth trying to make sure that you do everything you can to try and protect your bank details in the same way as you would your wallet. If you have had your money stolen then get your money back with Payback.
Look out for Secure Sites
Before you even think about submitting any card details, you need to look to see if a site is secure or not. If you see a broken key symbol or if you see a padlock then this will show that the site is secure, so you don’t have anything to worry about there.
Check your Browser
Another thing that you can do is check your browser to see if it goes from HTTP to HTTPS. This indicates that you have a very secure connection and that you don’t have to worry about someone stealing your details. If you want to make sure that you are doing everything right with your browser then it would be wise for you to update your browser as well.
Check Receipts against your Statement
If you see that there are unfamiliar receipts or transactions then you need to try and contact your credit card or bank right away. It’s also important that you destroy all documents that might be associated with your details. Never keep documents in your car or your handbag either. If you do then you may find that you end up putting everything at risk.
Don’t Let your Card out of Sight
Always make sure that you never let your bank card out of sight when you make a transaction at a club, bar or even restaurant. You should also never use a bank machine which looks like it might have been tampered with. Always report it right away to your bank if you can because when you do, you will soon find that it is easier than ever for you to stay safe without having to worry about a thing.
Due to COVID-19, millions of Americans lost their jobs. While moratoriums were put in place to protect them from eviction, time is running out. The protection offered by the CARES Act ended on August 24, leaving many renters vulnerable if their state didn’t extend protection beyond that date. Additionally, the CARES Act requirement didn’t apply to all properties, meaning some renters were experiencing trouble before that help came to an end. As a result, it’s normal to wonder if there is any recourse for an eviction due to job loss. If you’re concerned about being forced out of your home, here’s what you need to know.
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.
A legally binding promissory note is used when lending money. It’s a document that states the parties involved, how much is being lent, any pertinent financial information, and signatures by the involved parties.
The agreement must be clearly defined so that no argument can be made.
There are four integral parts to a legally binding promissory note.
These four parts must be included and clearly defined, otherwise the agreement might not be enforceable.
Once the promissory note is signed and has all the necessary parts in it, it becomes legally binding. Once legally binding, all parties involved must meet their part of the agreement.
Essentially, a promissory note is used when lending/borrowing money. Mortgages, car loans, student loans, personal loans, and business loans all use promissory notes to legally enforce that the borrower must pay back the loan, plus interest, in a specified period of time.
There are two different types of promissory notes, simple and demand.
A simple promissory note is one scheduled, lump-sum payment on a specified date.
A demand promissory note is when the lender asks for payment to be made. Normally, there is a reasonable amount of time needed between ask and delivery.
More often than not, the borrower will abide by the terms of the promissory note and pay on time. If they don’t, however, there are a few things you can do.
Talk to them. Make sure they are doing okay. Send them a written reminder. If need be, you can send one at 30, 60, and 90 days. If they’re in a tight spot, see if they can make partial payments.
A legally binding promissory note is a very important document. Make sure you include all four parts to make it enforceable and legally binding. Might not be a bad idea to have an attorney take a look at it before you enter into the agreement.
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Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
When you get married, it’s common to merge the majority of your financial lives. After all, when you live together, it’s normal to both be involved with handling expenses and planning for the future. However, if you owned your home before you wedding. Figuring out if you should add your new spouse to the deed of your home isn’t always easy. Ultimately, there are advantages and disadvantages to adding them. As well as leaving them off. If you’re trying to decide which option is right for you. Here’s what you need to know.
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.
During the month of June, I wrote an article Down Payment or Investment Opportunities. It was my perspective on what to do with my savings, as I want to buy a home as soon as possible, but I also saw incredible opportunities to make money in the stock market.
I thought I would revisit this topic, but my mindset shifted a little bit. That’s not to say that I’m proceeding in a different way than I thought I would, but now I’m thinking about it differently.
In that post, I said that I wanted to save $25,000 (I think) for a down payment, and wanted to do it in 4 years.
That meant that I would have to set aside a decent chunk each month to make that a possibility. The caveat to that is I would forego many chances to put money to work in the stock market.
Saving money for a down payment versus actively participating in the market is not the smartest financial decision (in my opinion), but in terms of what’s best for my family and for my psyche, this is the right move.
Because I have conviction in my decision now, my “regret” for not participating in the market has gone away.
When I first made the decision to save for a home instead, I often felt regret because the opportunities to make money were so great. Just from when I wrote that post (June 17) to now, the S&P 500 index ETF (SPY) is up 7.5%.
But I know this is the right choice, so I’m better able to focus my efforts on this goal. I’m eating out much less, I reviewed my budget to see where I could save more, and I’m finding bargains or buying second-hand items where I can.
While we are on the topic of saving money, I want to stress the importance of having some set aside for a rainy day.
As we’ve seen over the past few months, life can get pretty ugly. Now economic and humanitarian events of this scale don’t happen very often, but that’s not the point.
What I’m trying to convey here is that life is unpredictable. You don’t know what’s going to happen, or when. You don’t know how bad it’s going to be, so it’s important you have something set aside if things do get bad.
What’s more, it’s clear that the majority of businesses and corporations don’t have hardly any money set aside when disaster strikes. We like to think that if we put our time and energy working for a company, that they’ll take care of us when the time comes, but it’s clear now that most businesses won’t do that. They’ll protect the bottom line, and that’s that.
Obviously, not every company is like that, but I think it’s safe to say that the majority of organizations operate in this fashion.
Now, I do believe that this event will change how businesses operate. They’ll back away from the lean and mean operations, and start focusing on supply chain redundancy, as well as paying a little more for the security of their products and their people.
What I’m trying to say here is you need to look out for yourself and your family first. Sometimes, it’s necessary to forego big vacations, big expenses, or take out.
I think there’s room to be optimistic but also plan for the worst. I think it’s necessary to do both.
Living a life full of optimism is great, but you become a deer in the headlights when something bad happens. Taking the other side of things, being pessimistic, turns you into a cynic, and that has to be a depressing way to live.
Find room for both. Expect the worst, hope for the best, and save for a rainy day.
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Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.