So You Want to Be a Self-Taught Home Seller?

Summer is your best bet if you’re on the fence about when to sell something prospective buyers would have to travel to see - case in point: your house. It’s during these months that your open house will get the most foot traffic, more so than later in the year, so, yes, your vacation plans will have to wait. But you knew all that, seeing that you’re planning on going it alone and striking it big with the sell, right? In case you’re not sure whether this renegade free-agent path is the right fit for you, here are some pointers that can shed some light along the way to closing the deal and will ideally help make up your mind.

Make Sure You Crunch the Numbers

Putting your house on the market, being as important a decision as it is, also usually comes with huge, paralyzing jitters, which is why most people prefer to use a real-estate agent. Alternatively, some choose to take the road less traveled, which, if done right, might be more rewarding, financially speaking - at the end of the day you’ll be just as well pocketing the 6% from the sale that would have otherwise gone to the agent. To make the leap from wishing it so to actually getting your wish, the first thing you’ll need to do is zoom in on the exact sum you’re expecting to get from the sale.

• If you intend on using the money from the sale for the purchase of a new home, do your homework on what your current home should fetch you in order to achieve that switch. You can use online tools to calculate the mortgage rate on the house you have in your sights, then apply for a bridge loan, against the equity in your current dwelling, for the downpayment.
• In order to list your house on the Multiple Listing Service, you’ll need to come up with the right asking price, which you should set 1) in accordance with the price tags on some other houses in the area which you’ve previously checked, and 2) a tad higher than the sum you have in mind - this will leave some wiggle room for negotiations. Remember that, while not using an agent will definitely save you money, the buyer’s agent commission will still shave some off the final bounty. 

Roll Up Your Sleeves for Some Heavy Lifting

Aside from the legwork entailed by comparing and contrasting your house with others in the neighborhood, which will give you a better idea of what yours is worth, there are other small details to consider - and, all counted, these will demand some effort on your part.

• Advertise the right way - the For Sale sign is one of the best “weapons” at your disposal, as it’s putting out there the asking price and contact details, in plain sight for every prospective buyer or agent to lock on to. Buyer’s agents will also pounce on the opportunity of a commission if you hint at it with a well-worded, brief invitation on the sign. 
• Your arsenal should also include quality photos of both the exterior and the interior of your house - you can use these for your flyers and / or post them on real-estate websites. Instead of relying on old snapshots, take new ones, using a top-notch camera, and only show the best, most current version of your home. Before playing the shutterbug, get your house spick and span, with all the clutter either removed or relocated around the existing space for a better, more attractive use of it, with an eye to showing the place in just the right light.

All that’s left for you to do at this point is get ready for visits - but not before insuring your house, in case of any mishap - and brush up on your knowledge of the law, as, like with any purchase of this magnitude, you’ll be required to sign some papers that you won’t want to just leaf through. Take your time, get a handle on the situation and some understanding of the market, and you’ll not only reach your goal, but also that feeling of fulfillment that comes from knowing you made it happen yourself.

The Process For Acquiring Term Life Insurance

Life insurance can be one of the most important investments a person can make, especially those who have families that are at least half way financially dependent on them. Life insurance is often used to cover immediate costs for funerals and related processions, or to alleviate the burden of loss of income for a reasonable period of time until such income can be restored or adjusted to. The easiest and simplest type of life insurance is called “term” insurance. Many agencies offer flexible time, budget, and application options for term life insurance.

Why Choose Term Insurance?

The major benefit of choosing Term insurance lies in the fact that insurance premiums greatly increase as age increases and health decreases. Those who did not purchase insurance at a younger age will not be locked in at a reasonable rate. Term insurance is also very straightforward - a static rate pays for coverage, and that coverage remains static as well. Some prefer this over others which may start out low and slowly increase, or fluctuate up and down as markets do.

Step One: Research Companies

The first step in obtaining term life insurance is to find a company. Applicants should talk to several agents and visit many homepages. Compare rates, options, and reputations. Take the time to delve deeply into reviews and ratings on comparison websites, and if possible, try to find real customers to ask questions. Finally, determine the financial security of each company that is in consideration - they cannot provide coverage if they go bankrupt, after all.

Step Two: Decide The Term

Each insurance agency will differ in the time frame that they offer as a “term”, but most generally require a period of either ten, twenty, or thirty years of coverage. Choosing a term depends entirely on the needs of the applicant and will vary greatly in each case. Applicants should consider why they are acquiring the insurance, how long it is necessary, and which term fits their budget. The premium will not increase until the term is over - once this point has passed, it will increase every year.

Step Three: Choose A Type That Matches Your Term

There are various types of life insurance that provide different benefits. Some are offered in certain terms while others are not, and all agencies are different. One type is called a return of premium; the purchaser will pay the premium for the selected term, which increases every year regardless of the original term selected, and if he or she lives longer than the term the money is returned in full. If the purchaser chooses to extend the term, any premiums paid after the original term will not be reimbursed. Another type is a low budget, short term five year plan which is cheap to start and offers decent coverage, but the premium increases significantly. For this type, there is no “original term”.

Term life insurance is a great alternative to permanent insurance because it is cheap and simple. One should always fully investigate all available options when choosing any type of insurance and then choose the company and plan that fits their specific needs.

Author Bio
Terry Johnson practices bankruptcy law in Memphis, TN. He also blogs in his spare time and enjoys writing informative pieces about financial topics.

Do You Need Service Contracts for Home Repairs

Proper research before purchasing home appliances is typically the primary concern for most consumers. There are however, many more things to know about product purchases and one of them is the extended warranty or service contract. Although service contractors are regulated, getting an idea of what these contracts are is imperative. 

Generally, service contracts may be referred to as maintenance agreements bought separate from various dealers. The contracts serve the same purpose as insurance policies in that, they guarantee consumers to repair or replace their purchases. This outlines an investment that’s a fraction of the repair cost. Service contracts for home repairs were initially sold by respective product manufacturers or retailers although due to extended service plan complexities, most of them have switched to third-party specialists. The firms get paid by the retailers and manufacturers to manage service contracts and offer the needed assistance to consumers. 

Sometimes these companies don't cover all your appliances. Some may cover just your air conditioner and not your kitchen appliances. Find one that deals with all your appliances. It's easier to keep track, you have only one monthly bill to pay, and only one phone number to call when you need help. 

All companies are not alike, some have complaints about their customer service. The best place to look into their consumer relations is the Better Business Bureau. You can find an example what one looks like, for the service company Homeserve. The Homeserve BBB review gives a complete look at any consumer interactions and helps you get a better look at a company you may want to hire.

Service Contracts are mainly categorized into six types of covers, depending on a number of factors. Whenever a customer purchases a particular home appliance, they may decide also to pay for a Date of Purchase extended warranty which will begin on that same day. Otherwise, consumers also have the option of paying for a warranty extension plan which can go up to a year. Other plans include; primary protection plan (for major components), comprehensive plan, replacement plan or a deductible program.

All in all, it is important for people who are considering a service contract to know how to decide on prospective deal. It is apt to first ask for a reference to the contract before making any purchase. More so, consumer should be able to compare the available warranties in order to avoid duplicate covers. It is also recommended that they try and keep copies of the paperwork provided for proof.

Save Money by Living on Cash

We’ve all done it – gone out for the day and stopped in for a coffee, a sandwich, maybe a few things at the drugstore and used our credit cards for each purchase. Small charges add up and suddenly you’re drowning in debt.

A great solution is to step away from your reliance on credit cards by using cash for all your purchases. 

Credit equals irresponsibility

Of course, we all love using credit cards; they seem more convenient than cash and they offer enticing points and bonuses. But the reality of credit cards is that they’re too easy to use. This makes consumers feel as though they have unlimited amounts of money, but we don’t.

Some people become so in love with shopping that their families are forced to send them to addiction rehab centers. Thus, we need a worthwhile system to track our spending while sticking to a budget. The answer? Cash.

Choose where the money goes

Each week or month, create a budget that works for your needs. Take into account what you’ll need to spend on transportation, food, home or medical needs, childcare, entertainment and any other requirements. Then decide what portion of your weekly income should be assigned to each category.

Generally, you should put away 10% of your net income for savings and an emergency fund. Once the money for each expense has been allocated, simply hide the credit cards!

Keep yourself on track

You can’t spend what you don’t have, so try not to cheat. Some over-50 consumers rely on their friends or partner to ensure they don’t take from one category to fill another. Maintain a notebook or spreadsheet to write down all purchases made. This allows you to keep track, in real time, of where your money goes. 

Money-saving apps

These days, almost everyone has a smartphone or tablet computer. And while buying the latest technology can be a huge drain on your finances, there's a number of apps out there that actually help you save money by promoting day-to-day budgeting and make it easy to keep track of your spending.

Here are two of our favorites:

· Expenditure (iPhone): Expenditure gives you everything you need to budget effectively, and then some. Set a budget, log your daily expenses and track your progress over the month. The app also includes a number of handy features such as a built-in currency converter for international travelers.
· Moneywise (Android): Moneywise gives you a powerful suite of reporting and tracking features to manage your budget on an Android-powered smartphone or tablet. Create and adjust custom budgets on the fly and export graphs and tables for review on your home computer. 

Some final thoughts on cash budgeting

The great thing about the cash system is that it forces you to be aware of every penny. This consequently leads to great savings as you’re counting out those dimes and quarters at the cash register. Once you’ve implemented the cash system, you’ll immediately see the savings!

No more mindless shopping – now go out and save those dollar bills!

Old School Finance Tips That Work

English: Debit Card(Photo credit: Wikipedia)

There are all kinds of things people can learn from the Great Recession. However, the biggest lesson is that there’s no such thing as a guarantee. While some investments may be conservative, they’re still a gamble. Locked-in interest rates usually aren’t worth the trouble, considering you’re making a large set of funds unavailable for emergency situations. It’s safe to say more people are miss-managing their money (whether it’s a lot or a little) today than they were 100 years ago.

While you won’t get rich from old school investment and savings strategies, you will be relatively secure. How did our grandparents save, invest and manage their money? Maybe they knew a few things that today’s race for high ROIs leaves in the dust. After all, slow and steady has long been the mantra for many things in life, so why not money management?

Actually Budget

Everyone knows you “should” have a budget, but do you actually have one in place? A budget is a written down, line item document that itemizes every single expense and source of income. A budget is something you stick to even if you really want a new BBQ for the summer or if large garden desperately needs an expensive organic rabbit repellant (you should budget-in emergency funds). Despite this knowledge, most people don’t have one or fail to follow its guidelines.

However, most people also have a salary, work the same amount of hours, or get the same benefits each month. It’s no secret how much money you get, and it shouldn’t be a secret how much money you spend. Write down your fixed-costs, such as utilities and actually track how much you spend on everything else. You’ll quickly pinpoint some ways to save money and make sure you re-direct it to savings, emergency funds or retirement.

Use Cash and Precious Metals

It’s simply easier to spend on a debit or credit card than with cash. In an emergency situation, it’s always best to have cash on hand, and maybe even some precious metals bought when the prices were low. However, cash is also easy to steal and most burglars know exactly where to look. Invest in a fire-proof safe that’s bolted to the home and impossible to remove to store vital documents, cash and other precious belongings — that’s what our grandparents did.

Sadly, most banks don’t offer a good enough interest rate to make savings accounts worthwhile. You can easily get disheartened looking at monthly interests that never go beyond single figures. If you have trouble saving, choose an online account and opt out of getting debit cards and checks. You can still transfer funds to make them accessible, but it will take a few days so it stops impulse purchases. 

Reconsider Needs

A big problem many people have while budgeting is their undefined definition of necessities. Few people need a house as nice or as large as the one they live in, or the cars that they have in the garage. If you really want to be financially sound, keep in mind you’ll likely need more than your current income per year when you retire. Suddenly the urge to save is much stronger — and you find downsizing a little easier.

Start Early When Preparing for College Expenses

If you're the grandparent of a recent high school graduate, you're probably filled with many different emotions. Chances are that you feel excited for your grandchild's accomplishment but are also nervous about the future. The cost of college increases each year, and room, board, and rent aren't cheap, either. Add in the cost of textbooks, new clothes, and apartment belongings and the opportunity to go to college may seem slimmer than ever. There are, however, a few ways you can help your grandchild succeed should he decide that college is right for him.

First off, look at scholarships. Help your grandchild fill out his FAFSA to find out what sort of federal scholarships and grants he may qualify for, but also look at local scholarships. For example, many colleges offer private scholarships to students who choose a certain major or students with a certain background. A scholarship will help reduce the cost of attending college and can free up extra money that you would normally have spent on tuition.

It's also important to talk with your grandchild about financial responsibility. If he's ready, consider taking a trip to Lexington Law to meet with a financial adviser. A professional financial adviser will consult with you and your grandchild to talk about how to prepare for the future financially, how to make good financial decisions, how to avoid falling into debt, and how to resolve current debts if this is an issue. Additionally, your lawyer will be able to discuss different investing options for your grandchild to consider even while he is in college.

Finally, make sure you help your grandchild find an inexpensive, yet cheap place to stay. Remind him that it's more important to live within his means than to impress people by showing off how much money he has. It's easy for students to get caught up trying to show off to their friends and do things like buy a brand new car or charge an expensive sofa, but the truth is that these things are unimportant. A secondhand car or a secondhand couch work just as well as brand new items, yet don't mean going into debt to acquire. Remind your grandchild that what matters is his personal education and not making friends who need to be impressed.