Money Matters: 5 Investment Options You Probably Haven't Thought About

There are countless articles about the power of saving at 20 versus saving at 30, and how with just $100 a month, incredible gains can be made. This foundation of investment wisdom is great, and if you started saving consistently from a young age you can be very comfortable later. 

However, stocking money into a tax-advantaged account is not the only way to invest. And money isn't the only medium of exchange. When thinking of investing beyond the basics, consider these investment options.

Microloans

While the average reader of this site cannot do much with a loan of $25 or $100, there are people all over the world looking to get ahead who can, such as in India. 

Microloans are a way for average people to become lenders, which will permit them to make a fair interest rate - as opposed to less than 1% at the local bank - while also helping people get ahead. Rates of return have been found to be at or around 8%.

A Good Mattress

A government study found that sleeping poorly costs you a lot of money. This is why you need to consider not just saving for later, but putting it into something right now. 

A good mattress is the answer. Whether you sleep 4 hours a night or 14, the quality of sleep matters. By choosing to save hundreds on a mattress there could be thousands lost as a result.

Invest Time to Researching Grants

Grants are tax-free money from non-profits and the government. Just as kids should be researching and applying for scholarships when going to college, adults should look into opportunities for grants. 

Some towns will update old windows and doors for residents who qualify. Why? They received a "green" grant, and the funds are to be used in ways that are good for the environment, such as with structural updates. Some grants are cash. Others are services. Both are worth your time.

Collect Something

Most people don’t think of hobbies as investment opportunities, but there are a few different things you can begin collecting that can end up providing a significant value down the road. 

A good example of this is stamp collecting. This habit is dying out, but there are stamps out in the world that are worth quite a bit of money. Another good option that is still fairly popular among much of the world today is collecting coins and other currency. Some rare coins can be worth hundreds or even thousands of dollars. 

The best part is that they only appreciate in value as time goes on, so beginning to build a collection early can really pay off. Some companies like Rocky Mountain Coin and similar firms are experts at hunting down rare and valuable coins. Buying from someone like that can be a good way to get started.

The Wait & Lunge Strategy

Lastly, we'd be remiss if we didn't talk about how to make a lot of money. This is where we interviewed a financial expert, Christopher Pascale. Mr. Pascale has an MBA in Accounting, has been published in numerous tax and law journals, and was the CFO of Portfolios with Purpose from 2013-2015.

He said this: "I mostly invest through retirement accounts - a Roth IRA as well as a TSP. Plus property. But on the side I have a special account where I wait for special events to occur," he said. "One just happened, in fact. 

The Kroger (KR) Company had a huge fall in its stock price really for no good reason, going from $30 to $21 in two days. That's what I wait for, and when it happens I lunge if I have the cash. It might take 18 months for the stock to recover, but for a 50% gain or greater, I can wait."

Not everyone has a pool of cash just to make money with, but everyone can take advantage of these other opportunities, such as microloans, a good mattress, and putting time into online research and helping others.

By employing even one of them, you will be better off.

4 Questions to Ask Your Mechanic Before Agreeing to Engine Work

You’re driving down the highway, eyes on the road, when something appears in your peripheral vision. It’s the glowing orange “check engine” light that every driver fears and despises. You sigh. Suddenly your commute home from work or your weekend road trip isn’t so simple—you know it’s too risky to leave it unaddressed.

It’s time to find a reputable car repair shop—either through an internet search, or by asking around to find a solid recommendation from friends or family. You bring your car in, and after an appraisal, the mechanic approaches you. What do you say?

Here are four questions to ask your mechanic before agreeing to engine work. Remember: You’re no car expert, but you don’t have to just nod along and give the green light to anything the mechanic tells you.

Does this Diagnostic Trouble Code (DTC) require a repair?

The check engine light alerts you to a problem, but does not tell you what it is. Each time this light on your dashboard turns on, a Diagnostic Trouble Code is recorded. Your mechanic will base their recommendations and estimates on the DTC.

As one professional technician writes for HuffPost, it’s a well-kept industry secret that some DTCs don’t actually require repairs. Some issues won’t necessarily damage other systems or diminish your gas mileage. But you’ll never know unless you ask your mechanic what the code means and how it could affect your vehicle’s operation.

Can you explain and point out the problem?

Good mechanics know they establish trust when they walk you through the problem and explain their proposed solution. As Automatic Transmissions writes, “You wouldn’t let a doctor operate on you without looking at the x-rays first. So you shouldn’t let a mechanic work on your car without showing you what the problem is first.”

The more you know, the better chance you have of making an informed decision when it comes to repairs. 

Will you provide a written estimate?

Unless you and your mechanic have a close professional relationship spanning many years, it’s not enough to agree to a verbal quote. Get it in writing. Imagine how shocked and upset you’ll be if the final bill is twice the initial verbal estimate with no clear-cut explanation. 

You’ll kick yourself for not having it documented, but you won’t have a foot to stand on. It’ll be your word against the mechanic’s, and if you want to drive your car out of the repair garage, you’ll have to pony up the cash.

Your vehicle is a significant investment and part of your daily life. Think about it: When you buy a car, you ask for its specifications and the total price in writing before you sign on the dotted line. 

When you insure your vehicle, you compare car insurance rates online first so you can examine quotes in writing before picking the best policy. Similarly, before you get your car repaired, always ask for a written estimate up front. Doing so also gives you a basis for comparison if the quote seems unreasonably high. 

When will I be able to pick up my vehicle?

You might assume your repairs will be done within 24 to 48 hours, but always double check up front so you can plan for alternate transportation. After all, you don’t want to be calling the garage a week later begging for your car back so you can resume your daily travels.

Asking your mechanic these four questions before agreeing to engine work or other repairs will give you the confidence and power to make informed decisions at the auto shop, and will help you stay in the loop regarding your vehicle’s progress. When in doubt, don’t be afraid to ask!

When Two Thirds of Mortgages Aren't Paid Off, How Can You Pay Off Yours?

According to a recent article on FiveThirtyEight, only one in three home owners have their mortgage paid off. This means that two-thirds of those home owners are still having to pay their’s off. 

Perhaps you’re one of them. As you likely know, not having a mortgage payment has a number of advantages. If you’d like to pay off your mortgage but don’t know how to do it, here are four ideas to get your mortgage payoff started.

1. Refinance

If the interest rate on your mortgage is really high think about refinancing it to get a lower rate. The less you have to pay in interest translates into a mortgage that you can pay off faster. 

For example, if your current monthly payment is $2,376 with an interest rate of 7%, you could save over $1,100 per month if you refinanced your mortgage down to 4%. To find the best rates for refinancing take a look at local banks. like Premium Mortgage Corp, or see if you qualify for membership at your local credit union.

2. Rent It Out

Thirty-two percent of homes with mortgages are occupied by renters, according to the FiveThirtyEight. For someone wanting to pay down a mortgage on a second home renting is a good way to go. 

If you currently have a rental property think about raising the rent slightly. Once you do put that extra money toward the principle of your mortgage. It’ll get paid down faster that way.



If you don’t have a rental property, this plan can still work for you. Rent out any extra rooms you have in your home to make some extra cash to put toward your mortgage.

3. Get a Second Income

Some homeowners apply the debt snowball principle to their mortgage debt. This principle was made famous by financial guru Dave Ramsey in his book “The Total Money Makeover.” 

The debt snowball is a plan that asks people to put any extra money that they make toward their debt. To do this, Ramsey suggests that people get a second job.

Granted, working that much can make you feel burned out. In light of this, you’ll want to keep this in mind. Only work a second job for a predetermined amount of time. 

Once the time is up, go ahead and re-evaluate your ability to work the second job. If you can do it continue working. If you can’t take a break and then pick up another job at a later time.

4. Sell It and Resettle

Depending on where you’re at in your life, you may want to think about selling your home and moving to a cheaper area. This allows you to live in a home with a smaller mortgage. The money you make from the sale of your home can go toward the new home. 

This plan works very well for people who of retirement age or who are just starting out after graduating from school. Ideally, you’ll have enough equity in your home to pay off your new home completely or at least pay down your mortgage significantly when you buy it.

Getting out from under your mortgage would be a huge financial milestone for you. Having that extra money freed up gives you a lot of spending power. If you’re serious about paying off your mortgage, applying any (and all) of these steps will help you achieve that goal.

4 Strategies For Planning Your Family Finances This Summer

Summertime brings new challenges to stretching your family's budget. Expenses like buying groceries, paying for air conditioning costs, and saving cash to take a vacation can take a negative toll on your household's bottom line. 

Rather than barely get by, you can enjoy your summer break by using these four smart and simple strategies to plan your family's finances.

Cut The Cord

Cable TV subscriptions continue to become more expensive. Many families find themselves paying $100 or more each month for a bunch of channels that they do not watch.

Instead of shelling out big bucks for cable, you can safeguard your family's budget by cutting the proverbial cord. Cutting the cord has become an agenda embraced by many households that want to plan their finances better and save big money.

A recent study published by CNBC showed that 52 percent of respondents said that they canceled their cable TV services in favor of streaming services like Netflix and Hulu. 

By subscribing to online TV and movie streaming services rather than cable TV, you can keep cash in your budget and have more money with which to support your family this summer.

Take Advantage Of Travel And Vacation Specials

Your summertime vacation does not have to break your budget. When you have a limited amount of money to work with, you can still plan a trip that you and your family will enjoy by taking advantage of travel and vacation specials.


Oftentimes attractions near hotels will offer special or birthday party packages, like these kids birthday parties in Las Vegas.

Shop Discount And Dollar Stores

Dollar and discount stores are becoming more popular with American families. These stores have long shed their dubious reputations and have now stepped into mainstream awareness where they compete with big name retailers like Walmart and Target.

Dollar and discount shops offer clothing, groceries, and a wide array of household products for rock bottom prices. The quality of the inventory is on par with what you would find at department and big box stores. 

Some of these shops also take manufacturers' coupons, allowing you to get name brand necessities like laundry soap, shampoo, bread, and a host of other everyday items for pennies.

When you struggle to stretch your grocery dollars during the summertime, you may head to your local discount and dollar stores to check out their selections. You may find that you can get double the groceries for half the cost by shopping these stores instead of big name retailers.

Be Energy Efficient

Finally, you can lower your cooling costs and keep your home comfortable during the hottest of weather this season by using some common sense energy efficiency strategies. 

Simple measures like running your washer and dryer after the sun sets or keeping your window blinds and curtains closed can go a long way toward trimming dollars off your utility bills.

Likewise, you can keep the temperature on your AC steady by using an oscillating fan to circulate air in your home. These basic tips help you keep your house cool and your bills lower during a season in which many families struggle to pay their utility costs.

Summertime can be a season of increased expenses for which you might find yourself unprepared. Rather than run out of money before you get paid each week or month, you can better plan your family's finances with these four simple strategies. 

These tips help you enjoy your summer without the money worries you may normally experience each year.