Help Your College Graduate Decide - Work or Grad School

Graduate School of Education Diploma Ceremony (Photo credit: fordhamalumni)

Your son or daughter just graduated with their four year degree. You are relieved because the financial stress of paying college is over. Your happy that your child got a great education. Your planning and hard work has paid off and now you can use your money to do something to better your own life. Think again.

Dreams of grad school have been pervading the thoughts of your new graduate and they are thinking of continuing college to pursue a graduate degree. Maybe jobs are scarce and now would be the perfect time to get that masters degree.

I am about to face this decision in my own home. My daughter has one more year to go with college and she thinks her chances of being hired would increase if she went for a masters degree. In her field, there are jobs that a bachelors degree would be adequate. We have been discussing it for a while and no decision has been made yet. 

If you are experiencing this same dilemma I want to offer you a few things to think about before making a final decision.

1. Make sure the extra degree will payoff. Going to grad school is no cheap proposition. You can invest 10's of thousands of dollars pursuing an advanced degree. Be sure it's going to make a real difference. 

Seek out people who already have the degree and inquire if it really is necessary. Talk to hiring managers, ask them if the grad school degree is something they see as valuable. 

When considering grad school be careful not to rule out working for a while in your field in an entry level job. There could be jobs available. Sometimes we get caught up in the education process and put to much weight into the schooling and not working.

2. Consider going part-time.

The cost of grad school, according to Money Magazine, can average $22,000 a year for a public university. With a private university costing $34,000 a year. Why not cut down on these costs by attending part-time. This way you may not have to take student loans and you will be able to work. Depending on your employer, you may even be able to have your employer help pay for your education. You trade a future commitment at your job for a free education.

3. Government assistance.

If you are so determined to go to grad school you are still able to qualify for student loans. You need to fill out the FASFA form and go through the process but you will have the money needed to attend grad school.

4. Take all available tax breaks.

There are many tax breaks for returning students. If you make under $57,000 you can take advantage of the Lifetime Learning Credit. Even the use of 529 college savings plans are still available to you so you can shield earnings dedicated to funding education.

There is a continual controversy whether the parents should pay or the student should pay for post bachelor degree college. Some parents believe that a four year degree is their only obligation to their children and further studies is on the students dime.

If the parents have the means to pay the cost of grad school then why not pay. But if parents have been struggling all the while and maybe even under funding their own retirement isn't time to cut the cord and let the new grad stand on their own two feet. 

In my situation, grad school will be a cost my daughter will have to provide. Luckily for her and me she will be able to find a entry level job with her four year degree. She will be able to support herself and pay for her own grad school costs. 

Related articles

• Can a 529 Plan Pay for Grad School? (whatisa529plan.com)

How to Avoid These 7 Crucial Retirement-Planning Mistakes

Carla Carpenter Retirement Party (Photo credit: grantlairdjr)

When you are trying to plan financially for your retirement, it can be a very confusing time. This confusion causes so many people make critical mistakes when trying to work out their retirement plans. Below are seven of the most common mistakes that people make when planning for retirement and how to avoid them.

1. Signing Up
Believe it or not, so many people forget to sign up for their 401(k) and retirement benefits entitlement. That is one of the biggest mistakes a person can make. Even a 401(k) that is a bad one is much better than no entitlement at all. Most employers even offer to do a match on the amount of money you put in monthly, so by not signing up or refusing, you’re basically throwing retirement money down the drain.

2. Not Investing Enough
There is always an element of risk involved if you want to receive rewards. If you only invest a small amount into a retirement fund, you can miss out on big benefits. Take more of a risk so you can have more of a payout on your retirement fund.

3. Risking Too Much
If you have a 401(k) for retirement, some of it is probably stock invested. You have to be really careful with that as the stock market has been quite unpredictable. Don’t risk retirement funds on stocks that are iffy. Go with companies that are bigger and more established.

4. Borrowing On 401(k)
Don’t borrow money against your 401(k). These monies need to be used for their intended purpose. You need to look at your money here as an untouchable source until you officially retire.

5. Inflation
Think about inflation when you think of retiring. For example, if you retire on $5,000 a month, flash forward 15 years and you will see that you will have seen at least 3 percent inflation and will need far more than $5,000 a month to live. Don’t only invest your money on a fixed interest. Build your retirement portfolio with inflation in mind.

6. Life Spending Needs
Far too many people underestimate what their lifetime spending will really be. Back in the day, it was said that 60 to 75 percent of the money they saved pre-retirement for when they retire. This is not true. If that were the case you’d be stuck eating beans for lunch and dinner. Really think about what your life spending needs will be when you plan for retirement.

7. Years In Retirement
So many people underestimate the number of years they will be in retirement. It’s not like it was years ago when you retired at the age of 65 and were buried at 68. People today are living much longer into their 80s and 90s even. All these years are ones we have to have money to live on. Make sure your retirement plan has enough in it that will take you through all the years you live.

Your retirement should be years filled with fulfilling days and nights. It should be a rewarding journey without having to worry about finances or falling short of money to take you through the rest of your golden years.


Michelle Maltas writes about investment, finance & group health insurance.

Why Medical Insurance Does More Good Than Harm

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Medical insurance which is most commonly known as health insurance is a type of coverage that lessens or eliminates expenses incurred due to doctor visits or when individuals go to the emergency room for care. It is gotten through the buying of health plans that are customized depending on one’s needs. 

Once the individual decides what type of care they would like to receive, they sign a health insurance policy which can last for months or years. It may also be renewable after these periods of time. 

The United States is a wealthy nation but not all of its residents have access to health care and this is because it is too expensive and there is a lot of bureaucracy surrounding it. The government has intervened and has mandated that individuals and families buy medical coverage in order to lower the overall cost. There are many reasons why having a health insurance policy is advantageous.

Pros of Having Medical Insurance

• Hospital stays and doctor visits are already expensive as it is. It is almost impossible for one to go to these centers with the aim of getting care or treatment when they do not have any health insurance. For one, they will be given the run around until they get tired and go home without receiving any service that they had expected. Also, the care providers have deals with the insurance companies so that they bill only half as opposed to not having any coverage which means they bill the individual high so that they can be assured of at least collecting half the amount.
• If certain individuals have access to health care while others don't then it creates an unequal society and class levels. Because those who are in the upper stratum can afford to buy without feeling the pinch, the policy premiums would be high and would continue to rise each year as is the case in the US.

Cons

• Opponents of universal medical insurance feel that doctors and nurses would be overwhelmed by the sheer number of sick people going for treatment. This would mean the care would be substandard as they seek to meet the demands of the public.
• Because of the large numbers of people going to get care, medical malpractice insurance would be very high. This is because doctor and health care workers would be in a hurry to serve the patients and are more likely to be negligent. The high rate of premiums to be paid by the doctors would deter potential ones from entering the field. This has an effect of creating shortages of health providers when there is a dire need of their services.

To conclude, there are more benefits to having medical insurance than there are negatives. Getting access to treatment can save a life and can bring peace and happiness to a person's relatives. There are all sorts of government induced plans that low income persons and their families can use to get health insurance.

Author’s Bio: The articles of Mark Anderson have really met the needs of the users. He suggests them to visit Medicalinsurance.org for more information.

Related articles

• Advantages of Purchasing a Private Health plan (50plusfinance.com)

5 Remodeling Tips to Increase Your Homes Value

Modern kitchen (Photo credit: Wikipedia)

In today's economic climate every penny counts more, so saving money has never been so important. Nowhere is this more evident than in the realm of home improvement. The present real estate market is slowly on the rebound, but is growing at a much slower pace than the rest of the economy is. Many home owners have seen their greatest investment, their house, lose up to 40% of its value in the past few years. 

Many are enacting various home improvement projects in an attempt to shore up or increase the value of their home as a result. Many retirees want to scale down their home requirements to a more affordable amount. They want to sell their home but the depressed housing market means they will have to take a big cut in the price of the home. The result is they have decided to sit on the home till the market bounces back to a reasonable level.

While they're waiting the smart homeowners are fixing up their home to increase the sale price of their home. All homes could use a freshening up of the paint and landscaping. This period of time should be used to make your house more attractive to potential buyers. I have listed a few ideas that could help make your home the best home on the block and first to sell. Some improvements are more pricey than others so only do those improvements that fit well in your budget.

1. Painting

Painting is a cheap, easy way to remodel any room of your house or revamp the exterior. With many space-enhancing color schemes to choose from, it’s hard not to find a room that could do with a splash of new color and personality. Speaking of personality, stenciling is making a comeback during the recession, allowing for an expensive look with minimal overhead cost.

2. An Addition

Adding an extension to your house can add between 10 and 50% to its value, depending on where you put it and how well it’s built and finished. The key here is to find a need your home has and consider the addition to accommodate that need, such as expanding a tiny kitchen or adding a necessary bedroom for your growing family. Another idea is to add an outdoor room extension, giving you extra space for a playroom, home office, or whatever your heart desires.

3. Kitchen Remodel

Though it can be expensive, remodeling your kitchen can add 10% to your home’s value, essentially paying for itself. It is the first room potential buyers will look at that will make or break their interest in your home. It is also a room you’re likely to spend a lot of time in, and should be as comfortable, modern, and spacious as possible. Some easy and relatively inexpensive ways to improve your kitchen are:

• Add new lighting fixtures.
• Add a sun tunnel
• Add an island.
• Paint and revamp the cabinets.
• Install new counters.
• Replace the kitchen sink.
• Make a backsplash.

4. Re-insulate

Improving the insulation in your home is a basic cost cutting home improvement you can do in a weekend that can cut your utility bill by as much as one-quarter! And while rolling out the pink fiberglass in attics and basements is a great start, there are other areas where insulation is needed that many homeowners do not consider:

• Weather-strip doors and windows to prevent both heat loss and cold air invasion.
• A water heater insulation jacket prevents heat loss through the walls of your water heater.
• Insulating your connected garage will form an extra protective barrier between your home and the elements.
• Some homes have room for blown in insulation in between the siding and the frame of the house.

5. Bathroom

Although it may not seem an obvious choice, improving your bathroom is a great way to add value to your house in a room everybody will be visiting sooner or later. Adding new tile and a splash of light color to the walls can be enough to give the bathroom a completely different ambiance. Changing the lighting and the counter space can also change it into a completely new room.

As with anything in life, do not embark upon home improvement ideas without having a good plan and the proper tools and materials to execute them. Attending some classes at interior design schools is another great way to prepare yourself for the home improvement tasks that are placed before you.

Picking The Right Insurance Company

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A lot of times people make the mistake of looking for the wrong things in an insurance company. This leaves them stuck with insurance that is not as useful to them as they might have thought. These principles can apply to car insurance, health insurance, life insurance, and home owner's insurance. If one starts to look at the concept of an insurance company differently, then it will be easy to see what to look for. After all, we live in a society where there are so many insurance companies all claiming to be the best one for your insurance needs. It requires a lot of detail to sort through them all and pick the best one. 

Here are a few basic ideas to stick to:

• Pick an insurance company that has a highly rated customer service system.
• Choose the insurance company with a record of paying claims quickly.
• Always give preference to insurance companies that have been around for longer.
• Do NOT just select the insurance policy and company that has the cheapest premiums. 

The biggest mistake people make is just choosing the insurance company and/or policy that has the cheapest premiums. For example, if someone sees three insurance policies for car insurance with prices of $100, $120, and $130 a month, chances are they will pick the policy that costs $100 a month. Most probably, that is a huge mistake. This is because the cost of a policy is only a minor factor in choosing the right policy. Things like customer service, claims payment speed, overall reliability, and policy features are a lot more important.

Customer Service/Claims Payment Speed:

Choosing an insurance company with great customer service is the best thing someone could do. This is because if an insurance company responds quickly and thoroughly to any customer service request, chances are they will do the same when you make an insurance claim. On the other hand, if their customer service has known to be absent for days at a time, you will most likely encounter similar problems with getting your claims paid. What is the point of a cheap policy if it is useless when you need it the most? Always choose reliability over price.

Features Of An Insurance Policy:

It is always important to know just how much coverage you are getting and what additional terms and conditions come with your policy. For example, a car insurance policy may seem really cheap but if it does not give you 100% coverage when you get into an accident, then it is really not worth it. Similarly, a health insurance policy that ends up with you paying a lot of out of pocket expenses will cost you more money in the long run than a more expensive policy with greater coverage.

Always remember that price is simply the first thing you should notice about an insurance policy. This should be followed by in depth analysis into the company and its history of providing great claims service to customers. In addition, always read the fine print in a policy so you know how much coverage you get in certain situations. Do all of this and you will get the best out of your insurance policies.

Author’s Bio: Steven Brown is a renowned author who writes for Insurancecompanies.org . His articles have always been found useful by the readers.

Invest in the Right House Insurance

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When you purchase a new home, one of the most important options you need to go after once the sale is complete is housing insurance. There are different insurance options available to you, which is why it is so important for you to select the insurance policy that gives you the very best coverage. You don't want to end up experience problems with the house, only to find out your policy services do not cover the insurance. On top of it all, you also don't want to go about paying for insurance coverage that just isn't necessary for the area. So, by looking at the different insurance policies and options available to you, it shouldn't be very difficult for you to locate what works best for your home.

Fire/Natural Disaster Insurance

For starters, some of the biggest areas of insurance coverage you need is both fire and natural disaster. Fire insurance covers your home should the house ever catch fire (both internally and externally), so no matter how the house catches fire, you are covered. This is helpful, as you never know what may cause your home to burn down. Ranging from catching fire from a Christmas light to a spark from an electrical outlet, you really never know how this might happen, which is what makes it such a valuable option to you. In addition to this, you need to have natural disaster insurance. This usually also is an option and an addition to your insurance package. It's hard to tell when a tornado might rip through your home, not to mention a downed tree falls down and crashes through the roof of your house. Different areas of the country are susceptible to different kinds of damage, but as long as you are covered, you should be good to go.

Flooding

Flooding insurance is usually a different form of housing insurance that you need to pay extra for. You might not need flooding insurance, although it does depend on where in the country you live. Chances are, if you reside in Arizona, New Mexico, or areas of the country that just don't receive a large amount of rain, you are alright and shouldn't opt into the flood insurance. However, if you live on the cost where it rains a considerable amount, plus hurricanes are common, you probably want to opt into this kind of coverage. This last thing you want is to be left with a flooded house and no way to pay it off. This is just going to cost you thousands of dollars in possible repairs that come directly out of your pocket.

With so many different insurance policies out there, it is a good idea to look over the different policies and policy providers in order to locate what works best for you. Coverage in some areas isn't necessary, as there is no need for flood insurance out west. However, exploring your options in order to find the perfect insurance package is well worth your time.

Author’s Bio: Sharon Green's articles are very informative and impressive. She writes about house insurance to cater to the needs of her readers. If you want to know more visit Houseinsurance.com