You’ve finally decided to sell your mobile home… but what now? It can be a daunting process if you don’t know the first thing about mobile home sales. That’s why we’re here with some expert tips to help you get started! [Read more…]
What Currently Present a Risk to Markets?
Where is the market going? What kind of risks do we need to be aware of? There are three or four things to pay attention to right now. The FED, interest rates, inflation, Covid, China, the government, and geopolitics. Do any of these present a risk to markets?
Okay, more than three or four things, but the first three can all be lumped together. Interest rate policy is enacted by the FED and what happens with interest rates has a direct impact on inflation. Furthermore, the government also has a chance to impact inflation.
And I apologize if we bounce around a little from topic to topic.
The FED, Interest Rates, Inflation
The government and the FED have a lot of control over what inflation is going to do. We had a lot of liquidity injected into the market because of the pandemic, and there’s a very good chance we’ll see more of that in the near future.
A $3.5 trillion bill is circulating through Congress right now. If this bill gets passed, we’ll have a lot more liquidity injected into the market. That’s likely to be a large tailwind for inflation (which is already running much hotter than expected). If the FED continues to provide an accommodative monetary policy, we’ll see inflation get out of control, and they’ll have to increase interest rates much sooner than they had planned.
Covid
Covid is still hanging around. 75% of the country has received at least one shot and now the administration is pushing booster shots. This is even after the CDC and the WHO have insisted on holding off on a third shot until less fortunate countries have a chance to get more of their first poke. The numbers need to level off soon or I fear lockdowns may rear their ugly head, and we all know how much the economy liked that the first time around.
China
China is a new story. Specifically, Evergrande. The ginormous real estate company is on the brink of bankruptcy. Comparisons have been made to the collapse of Lehman Brothers during the GFC (great financial crisis). We’ll see what happens and if the Chinese government decides to step in. Ripple effects through the global monetary system are possible.
Geopolitics
The last story is geopolitics. This has to do with the deal the US and Australia struck to help the Australian government build nuclear-capable submarines. It angered France because they already had a deal with Australia to help them build submarines (not nuclear-capable though). Britain feels pretty good because they helped broker the US/Aussie deal. Most likely, this will end up being only noise but could present a risk to markets. Something to keep your eye on.
Related reading:
What does an increase in yields look like?
The resurgence of Covid and what it means
Investment concerns and opportunities
Disclaimer:
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
My name is Jacob Sensiba and I am a Financial Advisor. My areas of expertise include, but are not limited to, retirement planning, budgets, and wealth management. Please feel free to contact me at: jacob@crgfinancialservices.com
Can You Tell ME the 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.
Read More:
- What Out of Network Medical Services Mean to Your Financial Health
- Are Medical Collections Still Relevant to Your Credit Score?
- Don’t File Bankruptcy Due to Medical Debt-Do This Instead!
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.
How to make your employees happy and save some money on it
Easy Ways to Create A Positive Atmosphere In The Company and Save Big Bucks at the Same Time [Read more…]
How Your Company Can Implement Just-In-time Learning
Employee L&D programs are an important part of every organization as they help employees learn the necessary skills to perform well in their jobs. With an employee-centric L&D program, you can also help employees learn new things to stay competitive. [Read more…]
My Thoughts on Climate Change
There’s no doubt climate change is a problem and this post isn’t going to be me grandstanding about the dire consequences of no action, and it certainly won’t be refuting that climate change is real. This post will specifically be about what I think the free market will do to fix it and what us ordinary people can do to contribute positively to the situation.
Now I have to admit, when it comes to understanding climate change and acting in a fashion that would make some sort of positive impact on our current direction, I’ve taken a more laid-back approach.
I was annoyed by both sides of the argument as I felt they were both taking an extreme stance (shocking right?). Also, I feel like humanity has a beautifully unique ability to figure things out when it’s necessary.
If you want to learn more about the evidence and facts surrounding climate change, here are two sources – Climate.NASA.gov and Climate.gov.
Tech Meets Climate Change
There are a plethora of inventions, some being used right now and some still in the works, that will help fight climate change. Because there are so many and I want to spotlight as many as I can that seems like a good idea, I’m going to organize them in a few ways.
Alternative Energy – Massive palm tree wind farms, future iterations of solar panels, kinetic pavement, new power transfer technologies, nuclear fusion.
Save the atmosphere – Drone that plant trees, satellites that spot methane leaks, giant vacuums to clean carbon from the air.
Save the environment – pumps that cool coral reefs, plastic eating enzymes, encourage phytoplankton to grow using technology, futuristic agriculture, protect bees.
Uncategorizable – genetic modification, solar geoengineering.
What can you do?
Like I said in the beginning, climate change is a problem, but human beings are smart enough and innovative enough to find solutions to fix it. In the meantime, there are some things you can do to help.
- Have an energy audit
- Change your light bulbs to LEDs
- Replace HVAC filters frequently
- Wash clothes in cold water
- Upcycle furniture
- Recycle clothes
- Unplug electronic devices when not in use
- Obsess over every drop of water
- Recycle
- Hand dry your clothes
- Reduce food waste
- Don’t drink bottled water
- Carpool or take public transportation
There are a lot of things you can do to make an impact. If everyone contributed a little to the cause, maybe we can move the needle.
Related reading:
Technological Investment Opportunities
Why Financial Literacy Is Important
Sources:
Disclaimer:
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
My name is Jacob Sensiba and I am a Financial Advisor. My areas of expertise include, but are not limited to, retirement planning, budgets, and wealth management. Please feel free to contact me at: jacob@crgfinancialservices.com
Understanding 15-Year vs. 30-Year Mortgages in the USA
When you buy a property in the USA, you can often have a say on the duration of your mortgage. The two most popular mortgage duration terms in America are for 15 and 30 years.
Thirty-year mortgages are considered the gold standard and are the prime choice for most first-time homeowners. But recently, 15-year mortgage terms have started to gain popularity among homeowners – especially amongst high earners.
Both 15 and 30-year mortgages have their own set of benefits and downsides. For that reason, it is important to know which mortgage is right for you as making the wrong decision will leave you with pretty severe long-term consequences. At the end of the day, it’s best to talk to a mortgage broker like Breezeful to help you make the right decision.
What is a mortgage?
A mortgage is a loan borrowed from a lender (usually a bank) that allows the buyer to purchase a property. In a mortgage, there are two main components: principal and interest. Principal refers to the total amount of the loan, while the interest refers to the additional amount the lender will charge for the privilege of borrowing the money.
On top of those two components, other factors to consider are the term of your mortgage and the annual percentage rate (APR). A mortgage term is how long you’ll be paying off the mortgage while the APR assesses the total cost of the loan – taking interest rate and other fees into account.
When it comes to repaying your mortgage, your monthly instalments will be heavily influenced by the mortgage term, amount of money you borrowed, interest rate, and more.
What are the differences between 15-year vs. 30-year mortgage?
In a 15-year mortgage, the main disadvantage is that you will pay much higher monthly instalments. This is because you will need to repay the loan quicker (within 15 years).
The main benefit of a 15-year loan is that you will pay a lot less money in interest, the additional money the bank charges every month for lending you the money.
On the flip side, on a 30-year mortgage you can expect lower monthly payments, but the interest will be a lot higher.
When to get a 15-year mortgage?
Fifteen-year mortgages are best for individuals who have a larger down payment and are either borrowing a smaller loan or have a very high-paying job (provided you want to take a 15-year mortgage on a larger sum of money).
On a 15-year mortgage, you will be paying a lot less interest on your loan.
Advantages of a 15-year mortgage:
- Lower interest rates
- Shorter timeframe forces you to repay your loan quicker
Disadvantages of a 15-year mortgage:
- Higher monthly payments
- Less money goes into savings or retirement
- Can’t borrow as much money
When to get a 30-year mortgage?
The monthly payments on a 30-year mortgage will be much lower, and you might be able to get more end-of-year tax benefits, which will ultimately save you money on your tax bill. Luckily, regardless of the state that you live in, you can take advantage of those benefits. On the downside, because long-term loans are riskier than short-term loans and cost banks more, 30-year mortgages usually have higher interest rates.
Advantages of a 30-year mortgage:
- More tax benefits
- Lower monthly payment
Disadvantages of a 30-year mortgage:
- Higher interest rates
- Subsequently, you end up paying more in the long run
Can I get the best of both worlds?
If you decide to go for a 30-year mortgage, that doesn’t automatically mean that you will have to repay the loan and the interest back in 30 years. If you start making more money during your mortgage term, you can start throwing your extra income at your loan.
By paying off the loan sooner, you can reduce your mortgage term and subsequently the interest on the loan.
Getting a mortgage is a great way of buying a home without having all of the capital upfront. On top of that, getting a mortgage will also mean that you can save a lot of money on your end-of-year tax returns. While borrowing money from a lender means you will have to pay interest on your loan, you have a lot of flexibility in regards to the type and the duration of the mortgage that you want to get depending on your current circumstances.
6 Costs Involved in Moving Abroad
Moving to a new country is exciting and can be a completely life-changing experience. With so much to plan and organise before the big move, it’s natural that certain things might slip your mind. Because of this, it’s important to have a clear idea of everything you need to do and more importantly – everything you need to budget for. Planning your finances as meticulously as possible will help you to manage the blow this event will have on your bank account. We’ve rounded up some of the most important costs to keep in mind while you’re saving up for your immigration.
The Travel
With all the moving considerations, documents and other stresses to be managed, many people have the tendency to slip up on… the actual travel itself. You’ll want to think about things like your flight tickets, renting cars when you arrive at your destination, a hotel in case you don’t have a home to move into just yet, and the important factor of travel insurance. If you have older family members moving with you, you’ll want to check out the best travel insurance for seniors.
The Moving
You’ll also want to consider the moving of all your things – hiring an international moving company is a big financial commitment and you’ll want to make sure that you get quotes from various companies to find the best possible deal. Try to do this early on so that you’re financially prepared and have some time to save up since this is a large expense. These costs can vary depending on how much stuff you have and how far you’re going, so keep this in mind when you’re packing and deciding on what will stay and what will go. If you’re moving all your belongings across the world, shipping insurance is another cost you’ll want to keep in mind and factor in for a safe trip for all your stuff.
Packing and Unpacking
This is an additional feature for many moving companies and might not be factored into your main quotation for the move. You’ll need to consider whether or not you’ll want to hire assistance for the packing and unpacking portion of your move, or whether you’ll decide to be brave and do it on your own. In this case, you’ll want to consider the members of your household and how much time you’ll have to handle the packing and unpacking processes amidst everything else going on. Having packing assistance also contributes to the legal system when you’re moving – if you don’t have a moving company to affirm that you’re not shipping anything illegal, you might be expected to leave all your boxes open to be inspected.
Documentation
Keep in mind that you’ll have to apply for some documentation – a visa for starters – and even reapply for some things you might already have. Renewing your passport is one example. Visa fees can come to quite a hefty sum, depending on where you’re going, so try to find out what this will cost ahead of time. You might also be interested in hiring an immigration lawyer to assist you with all your docs, in which case you’ll need to consider legal fees as well. It’s an additional item on the budget, but it can make the stress and management of the process a whole lot easier to handle, especially if you’re facing uncertainties.
Storage Costs
Coordinating your moving dates can be a nightmare. The dates when your stuff gets shipped off, when you leave for and arrive in your new country, when your stuff arrives and when your home is ready to be moved into, seldom coincide precisely. This means that you will very likely need to factor in some storage costs for your things for a period of time. Planning your dates well in advance can help to minimise the amount of time your belongings will spend in storage, and thus keep your costs to a minimum, so try to plan everything as thoroughly as you can and as early as possible. Keep in mind that in a big move like this, not everything will go according to plan, so you’ll need to be slightly flexible.
Your New Home
Even simply moving down the street can often involve a whole lot of expenses – and even some unexpected ones. When moving abroad, you’ll need to consider the typical moving costs as well for your new space. This can include hiring cleaning services for before you move in, any potential repairs or alterations that need to be made, fixing up garden spaces and even buying new furniture or décor to fill up extra space (or simply different space) that you hadn’t accounted for. Your move might entail a downscale or an upscale in which you might need to swap our furniture pieces for something more appropriate or purchase extra storage space to account for less built-in cabinetry.
How to Get More Money When Interviewing For a New Job
Salary negotiations are a common part of the job search process. Knowing how to handle the conversation is essential, especially if you want to ensure that you get a fair pay rate. If your goal is to get top-dollar for your skills, here’s what you need to do to get more money when interviewing for a job.
Handle Research in Advance
Before you head to the interview, you need to have a solid grasp of your worth and the going rate for that position. If you can find salary details for that exact role at that specific company, then that can serve as an ideal starting point. However, you should also explore jobs at competitors that require the same skill set and experience level. That way, you can determine if the pay rate aligns with industry norms in your region.
Factor in Benefits
During the research phase, it’s also smart to assess the kind of benefits you’d likely receive if you are offered the job, including their overall value. In some cases, a lower salary may be worthwhile if the benefits package is stronger than what you’d find elsewhere.
Essentially, you want to examine total compensation. That way, you can determine what pay rate is appropriate based on what else you’d receive.
Don’t Jump the Gun
While you might want to ask questions about the salary during your job interview, don’t jump the gun. Compensation discussions aren’t usually appropriate in the early stages of the hiring process. If you start inquiring about pay too early, that could rub the hiring manager the wrong way. If that happens, you may end up losing out on the job.
In most cases, your best bet is to wait for the hiring manager to begin the compensation discussion. At times, it may be a good idea to wait even longer. For example, if the hiring manager asks about your salary expectations very early in the interview, you may not have enough information about the job yet to respond comfortably.
If that’s the case, try delaying the conversation by letting the hiring manager know that you’re looking for a competitive salary but would need more details before you could confidently share a number. After that, you could ask a question that showcases the kind of information you need and see how the hiring manager responds.
Avoid Giving the First Number
Once the salary topic is broached, it’s often best to avoid giving the first number. For example, you could state that you’re familiar with industry norms and are comfortable in that range. Then, you could ask the hiring manager to provide you with the company’s salary range for the role.
In some cases, the hiring manager will give you some initial compensation details. However, they may also push back. If the latter occurs, then you may have to provide the first number to ensure you don’t seem combative.
Offer a Range Instead of One Number
When it comes time to share a number, go with a general range instead of a specific figure. For example, using something like “the mid-50s to the upper 60s” leave a lot of room for additional negotiating.
Use your research to determine what kind of range is appropriate based on industry norms in your area. Additionally, you can also hedge slightly by adding, “depending on the job’s exact responsibilities.” That little bit extra gives you more room, especially if you do not yet fully understand the details of what the job entails.
You could also say that the range is also dependent on the value of any benefits. This could be a great option if you are open to a lower pay rate if the total package brings enough to the table and you don’t know all of the benefits-related details yet.
Justify Your Position
When you share a number, it’s wise to justify your position. Citing research regarding typical salaries for similar roles in the area is a solid option, as it shows that you understand the local job market. You can also highlight the value you bring to the table, showcasing relevant accomplishments that genuinely demonstrate your skills.
As you justify your position, avoid bringing personal details into the equation that aren’t relevant to the hiring manager. For example, family size, plans to buy a home, or anything similar have no bearing on the conversation, so it’s best not to bring them up.
Stay Open-Minded
It’s important to remember that salary negotiations can head in many directions. If you’re genuinely interested in the job, stay open-minded. You may be able to use different approaches that ultimately get you to the number you want, though it may not happen right away. For example, you may be able to schedule pay increases that are tied to certain performance metrics in advance or negotiate for a higher performance bonus rate.
Similarly, you may be able to add in benefits or perks that increase the value of the total compensation package sufficiently to make a lower pay rate worthwhile. This could include more paid time off, access to tuition reimbursement or student loan assistance, or other additions.
By staying open-minded, you can explore alternatives with greater ease. That way, you increase your odds of ending up with fair total compensation based on what the job requires.
Know When to Walk Away
While everyone hopes that they can negotiate their way to a great salary, that won’t always happen. In some cases, companies simply aren’t prepared to offer what’s typical in your area or don’t have other forms of compensation that would ultimately meet your needs.
If you and the hiring manager are at an impasse, then walking away may be your best bet. Accepting a job that doesn’t meet your needs usually isn’t a great idea, and you may be better off if you continue your job search and find something that brings what you need to the table.
If you decide to remove yourself from contention for the position, do so in a polite, professional manner. That way, if another opportunity at the company that can meet your needs comes along, you won’t have burned a crucial bridge.
Do you have any other tips that could help someone get more money when interviewing for a job? Share your thoughts in the comments below.
Read More:
What Does an Increase in Yields Look Like?
I’m not going to lie. I had a lot of trouble coming up with the substance for today’s article. There have been developments since I wrote two weeks ago, but that hasn’t really changed some of the things I’ve said before. I still see inflation as a problem and I still see investment opportunities in a select few areas. What does an increase in yields mean?
The Federal Reserve
The one new piece of information that is worth noting is that the FED has indicated that if the information supports their narrative, they will decrease their asset purchasing program later this year.
That’s a very significant piece of news and the market knows it. Yields increased immediately, only by 7 basis points, or .07%. That may sound like a small move, but in a couple of minutes, that’s HUGE.
Covid
Two weeks ago I mentioned the possibility of mask mandates and stay-at-home orders. I thought that the Delta variant was causing enough worry and panic that this could happen.
In the United States, we have not seen any stay-at-home orders, but we have seen mask mandates and vaccination requirements. Outside of the U.S., however, we have seen a crackdown on domestic and international travel.
There’s a possibility that we see more stay-at-home orders as the Delta variant continues to spread and increase the number of Covid cases.
Investment Implications
With the threat of inflation becoming more poignant and stay-at-home orders becoming more likely, what are the investment implications?
When it comes to inflation, the short-term effects will be much more dramatic and noticeable than the long-term effects. I think a rise in inflation and a drying up of liquidity will have broad, negative effects throughout the financial system.
An increase in yields will cause bond prices to drop. An increase in yields will make servicing that debt more expensive, so it’s likely R&D spending will go down. It could also negatively affect sectors that rely on borrowing.
There’s also a chance that people will save more. An increase in yields means the interest rate for their savings account will go up, making saving more attractive. If you want to save, try signing up to Digit.
An increase in yields could also cause a migration from “riskier” assets to assets deemed less risky.
Only time will tell what inflation will look like, how the FED will respond, and what the implications will be.
Related reading:
The Resurgence of Covid and What it Means
Investment Concerns and Opportunities
What’s the Federal Reserve Going to Do?
Why Financial Literacy is Important
Disclaimer:
**Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation. Please see the website for full disclosures: www.crgfinancialservices.com
My name is Jacob Sensiba and I am a Financial Advisor. My areas of expertise include, but are not limited to, retirement planning, budgets, and wealth management. Please feel free to contact me at: jacob@crgfinancialservices.com
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