3 Alternatives To Investing In A 401K

If you work for an employer that offers a 401K plan as part of your benefits package, this can be a great way for you to build up quite a nest egg while you are working.

In most situations, employers will match an employee's 401K contributions, allowing wealth to accumulate much faster. However, there are also plenty of alternatives to a 401K.

If you're wanting to explore additional ways to make your money grow, here are three alternatives to consider.

Roth IRA

One of the most popular investment tools available today, a Roth IRA can be a great alternative to a 401K. First, it allows your money to grow tax-free, which could save you thousands of dollars over the years. 

Also, when you retire, a Roth IRA lets you withdraw any or all of your money tax-free as well. If you want to use your contributions for qualifying expenses such as college tuition or to buy a home, you can do this with a Roth IRA. As for annual contribution limits, these range from $6,000 if you are under age 50 to $7,000 if you are age 50 or older. 

It is ideal to work with a financial advisor who can look at your needs and income to provide you with the right amount to invest for your goals. Additionally, they can help you look at your income and current debt to recommend that the right percent of your income should be put into the investment. 

Additionally, they can provide you with recommendations for what percent of your portfolio should be used in other types of investments, not just a Roth IRA.

Real Estate

Always considered to be one of the best and safest investment options by many in the industry, investing in real estate may put you well ahead of others who are relying on a 401K. 

When you invest in real estate, you can do so for either short-term cash flow or long-term appreciation, depending upon your financial needs. Once you own investment property, you can build equity in the property, sell it whenever you wish, or keep it and pass it on to your children or others when you die.

Invest in a Business

If you have an eye for business, you may want to take that money you would have put into a 401K and instead invest it in a startup business. 

Since new businesses are started every day, many entrepreneurs are always seeking financing to get started. Once you've looked over the business plan and have confidence it will be a success, invest your money. 

If all goes well, you could find yourself making more money at this investment than you ever thought possible.

While there is certainly nothing wrong with investing in a 401K, there's also nothing wrong with exploring other investment opportunities. 

Once you do so and learn more about a Roth IRA, real estate, or startup businesses, you may find the money you would have put into a 401K will grow more rapidly in these other options.

How to Adjust Your Home Loan When You Get a New Job

When you sign mortgage papers, you will likely fail to consider what will happen if you change jobs. However, if you find yourself making a career change that results in lower pay, you will need to have your home loan adjusted accordingly. 

Below are a few ways you can adjust your mortgage so that it better aligns with your current income.

Refinance

If you suddenly find that you cannot afford your mortgage payments after beginning a new job, refinancing may be an option. While lenders do not always want to refinance if you have just started a new job, it will depend on several factors. 

Many times, as long as you are still in the same profession, they will be happy to help. Other factors lenders take into consideration are payment history and credit score. 

Maintaining a solid credit score is essential when financing your home. You may even want to consider building your credit prior to starting a new career.

Loan Consolidation

Another option for adjusting your home loan after changing jobs is getting a consolidation loan. If you have other loans, you can find a lender who will consolidate them all into one monthly sum. 

They will typically work with you to give you a lower payment than you currently have. In addition, consolidating your loans will make it much easier for you to keep track of regular payments.

Loan Modification

Most people don't realize it, but it is possible to have your home loan modified if you change jobs. However, this is a difficult task without help because some banks may not be able to assist you. 

If you would like to modify your home loan, contact a loan modification lawyer. Loan modifications can lower your monthly payments and sometimes they can even lower the principal owed.

Chapter 13 Bankruptcy

If you are having problems paying more than just your mortgage after changing jobs, it may be time to consider filing for bankruptcy. Chapter 13 will allow you to keep your home and the equity you have in it. 

You will still be required to pay the mortgage, but other loans will be forgiven. This loan forgiveness could make it easier for you to make your mortgage payments.

There are a variety of reasons that people change jobs. Ideally, they would be switching to a higher-paying job, but that is not always the case. 

This is especially true now that the COVID-19 pandemic is wreaking havoc on the economy. If you are struggling to pay your home loan after getting a new job, don't get discouraged. 

There are steps you can take to adjust your payments. Speak with a financial specialist today to help you make the best decision for you and your family.

Do's and Don'ts of NFT Investing

Making money with NFTs has become a lucrative business for many opportunistic investors across the world. NFT investments can make you rich overnight, but your odds of success decrease substantially if you don't understand the do's and don'ts of NFT investing.

Below is a list of dos and don'ts you need to know before investing in non-fungible tokens (NFTs).

Do's for NFT Investments

1. Research extensively.

It is extremely important that you do proper research on every NFT project before buying. Researching on the NFT increases your odds of making a good ROI. Some of the things you should look into before investing in NFTs include:

• NFT creator's social profiles and status
• Community
• Intellectual property/brand name
• Contract terms (term dates, perks, and restrictions)
• Past projects, accomplishments, and failures

2. Get involved in Crypto communities.

If you want NFTs to be a profitable investment, you need to engage with the NFT community. The community is your support group; you can ask questions to understand the market and if you have something knowledgeable, share it with them. Interacting with the community helps ignite new ideas and friendships.

3. Be a skeptic.

A healthy dose of skepticism can prevent you from being a victim of an NFT scam. If the offer is too good to be true, it may not be true at all. So, ask people, research online, and investigate to seek out the authenticity of the offer and the company making the offer.

4. Understand your risk appetite.

NFTs are relatively new, and their market is extremely volatile. Before investing in NFTs, understand the risks and go ahead with them only if you have the financial bandwidth and the appetite to withstand the risks.

Don'ts for NFT Investments

1. Don't invest in something you do not understand.

It's important that you fully understand the asset you are purchasing. To guide you with the purchase, ask these questions: is the value of NFT based on demand? Scarcity? Utility? What can you do with the tokens? Research before investing in NFTs.

2. Don't share your wallet password or secret phrase.

You need to be extremely cautious about your crypto wallet. Never ever reveal your password or secret phrase to anybody regardless of the situation. 

Anybody asking you to reveal this information is possibly a scammer. Your confidential details in the wrong hands put you and your digital assets at extreme risk.

3. Don't sell too early.

It might be tempting to sell your NFT when you get a reasonable offer for it. But, it might not be the right time to sell; if you sell it too early, you might lose an opportunity for it to grow to its potential worth. If you think the value of your NFT is much higher than what's being offered, listen to your gut and don't sell it.

4. Don't let greed cloud your judgment.

If you are greedy to make a quick buck with NFTs, you could be attracting deals that are too good to be true. Spammers love to target greedy people because they are quick to take a bite. 

Greed can also instigate you to make wrong decisions, making you lose all your hard-earned money. Avoid being greedy; do your research and always invest your money with good intentions, and don't forget to do your bit to give back to the community.

NFT Investing is a lucrative opportunity to make money, but it's extremely important that you understand what you are getting into before making NFT investments. Let the above do's, and don'ts be a guide to you in making informed investment plans and decisions.

Author Bio: Akanksha Malik is a content creator & digital strategist at Mesha - India's largest investing club & online community where the world's best investors gather to share ideas, discover fellow investors, invest in NFTs & crypto, and compete in challenges for real money. She develops content to share her knowledge and insights helping her readers stay updated with the latest in fintech & investments, as well as cryptocurrency trends and upcoming NFT opportunities. Apart from being passionate about her work, Akanksha loves exploring architectural sites and different local dishes during her travels.

Is Your Home Getting Old? Types of Repairs to Budget For

The average lifespan of a home is about 25 years. Many homeowners are forced to upgrade their homes with changing family members, outgrowing rooms, and declining home values.

But when you’re not sure what to do with your house, it may feel like you’re doing nothing more than throwing money away. Even with a modest budget, “old” homes need some repairs. Whether your home is 10 years old or 100 years old, you can do a few things to keep it in good condition.

Here’s a look at the different home repairs you can make to help keep your house safe and in good repair.

Fix Leaky Faucets and Plumbing Problems

If you have a leaky sink, bathtub, or toilet that doesn’t seem to be stopping any longer, you could find trouble behind them. A leaking pipe underneath the bathroom floor might mean having to rip up your floor to fix the problem and start over. 

Leaks from the water lines outside might also leave your exterior paint job ugly. You probably don’t want to deal with either of those two options. 

Fortunately for you, you can hire an experienced plumber to check out the source of the leaks before they become bigger problems.

Keep Your Roof in Top Shape

Roofing can be expensive, both in terms of initial cost and ongoing maintenance. Asphalt shingles can last around 20 years if cared for properly, but even wood shakes or tile roofs will require upkeep. 

If your roof is older than 15 years, you should seal it against the elements using waterproofing materials and then apply new asphalt shingles every 5 to 7 years. Call in professionals who know how to work with existing conditions, not just put on a fresh coat of shingles.

Maintain the Air Conditioning System

It’s no surprise that keeping your AC running all year round smoothly takes lots of effort. It requires cleaning filters regularly, replacing fans, and lubricating the unit itself (which can often get clogged). Don’t worry: most HVAC experts can handle this sort of thing, as long as you schedule regular appointments with them.

Check the Foundation

Foundation issues aren’t always visible to the naked eye. They can manifest themselves as cracked concrete slabs, buckled walls, or shifting floors. Most cities offer free inspections of foundations. Ask the city inspection department whether your town does so too. 

This may involve climbing ladders or crawling under the home to check certain areas, depending on where you live. This type of inspection is generally recommended once every five years or so.

Repair Cracks in Interior Surfaces

Cracks in plasterboard and drywall inside the home don’t necessarily mean major damage is occurring; however, until these are repaired. 

Cracks in drywall tend to occur when people move into a newly-built home and then realize the previous occupants had wallpapered over the holes. 

These cracks develop because wallpaper shrinks slightly as it dries out. Once the new drywall goes up, the wallpaper gets pulled off again, and the process starts over.

Repairing your house can be overwhelming, especially if you don’t know where to begin. To simplify planning your DIY projects, try categorizing them according to type first. Then, go through each category and list your planned projects. 

Doing so will let you see which items are cheaper to replace versus fixing. While some repairs are easy and simple, others are time-consuming and complex. Take the time to plan accordingly.

How Much Do IR Night Vision Security Cameras Cost?

Night vision security cameras are excellent for added peace of mind. They are a fantastic way to monitor rental properties, safes, or your residence. 

However, there are a variety of different price ranges for these cameras. Make sure to consider your budget, the area you want to cover, and the priority of the surveillance before buying.

General Price Range

The general price range for infrared night vision security cameras is $100 to $400. In this price range, you can purchase a quality security camera with features for the average owner. 

If you are really on a budget, there are night vision security cameras for lower than $100, but these typically have very poor quality and lack many crucial features. For $100 to $400, you should expect a video quality of 1080p and audio recording. 

The general field of view capabilities for these cameras can go up to 160 degrees. Most of these security cameras could be installed by an owner with average technical skills.

Premium Price Range

If you have a higher budget and a long list of demands, consider the premium price range for IR night vision security cameras. These cameras will be in the $400 to $1,000 range. This higher price point should buy you a video quality of 4K and thermal night vision. 

Other premium features include facial recognition software and a 365-degree field of view. Another thing that pushes the price for these cameras up is that they often come as a set, so you are getting a system of multiple night vision security cameras. 

These require more extensive security camera system installation but will cover a much greater area. Additionally, premium cameras will have local storage up to several terabytes instead of cloud storage, which cheaper security cameras rely on because they typically have no local storage.

Cost of Installation

This cost will be variable. Security camera system installation will vary based on the system that you purchase. Some systems will require far more work to install, while others you could install yourself. 

The cost of security camera system installation also depends on how many cameras you have. However, the most essential factor in cost variation is if you are purchasing a wired or wireless security camera. Wired security cameras are far more expensive. 

Installing a wired security camera will cost $100 to $200 per camera. Please note that this is only the cost of the installation and not the price of the camera itself. Hard-wired systems are more expensive because the worker will need to drill holes to run connecting cables. 

If you want a cheaper option, it may be wise to buy a wireless camera because installation for that system ranges from $80 to $150 per camera.

Maintenance Costs

Finally, it’s vital to factor in the cost of maintenance for your security cameras. Luckily, this is the cheapest cost. If you choose the right set-up and pick a quality night vision camera, it should easily last a few years without damage. 

Most night vision security cameras do not need replacement often. Instead, costs of maintenance come from secure storage. As previously stated, cheaper night vision cameras do not have local storage. Instead, they upload all footage to the cloud. 

This cloud storage is pretty convenient because it makes it easy for the owner to review the footage without touching the camera itself. 

However, it does cost money to store copious amounts of footage. The rate for cloud storage should go no higher than $15 a month and is often as low as $2.99.

For people who only want a security camera for one specific area of the house, there are plenty of fantastic cameras in the $100 to $300 range. However, if you have a more intricate system in mind, consider more premium options.

How Your Post-Retirement Lifestyle Affects Your Insurance Needs

Once you retire and begin living a vastly different lifestyle than you had while going to work day after day, many changes will come along concerning your financial picture.

Specifically, you need to take a closer look at your insurance needs. Since no two individuals have the exact same circumstances upon retirement, it is vital your insurance needs are tailored to help you and your family as much as possible. 

To formulate the best plan, keep these tips in mind.

Keep Your Life Insurance

Though it may be tempting to toss aside that life insurance policy you had for years, keeping it and making some changes may be a better option. 

For many retirees, life insurance policies are popular options for wealth transfer. Therefore, if you want to transfer wealth to your children or perhaps a favorite charity, you can now do so.

Maintain Your Health Insurance

Even if you are age 65 or older and eligible for Medicare, seek advice from US Health Advisors and take a close look at your medical insurance once you retire. 

If you are like some retirees and decide to take on a new job, you may be eligible for health benefits through an employer plan. Since Medicare does not cover 100% of medical costs, it may benefit you to use your employer insurance in some cases. 

If you stay job-free, purchasing a Medicare supplemental plan may be necessary. Everyone’s situation is unique after retiring, so it’s important to consult an experienced professional for advice.

Changes to Your Home Insurance

First of all, always choose to maintain your homeowner's insurance once you retire. If you don't and then suffer a large loss, the money to overcome this will likely need to come from your savings. 

Also, think about increasing your liability limits, especially if you want to add a swimming pool or do more entertainment at home.

Will You Need Travel Insurance?

If like many retirees, you plan on traveling around the world, you may want to purchase travel insurance for added protection and peace of mind. 

If you purchase this specialized insurance, make sure it includes coverage for medical emergencies and evacuations, and also covers trip delays or cancellations.

Now that you are retired and ready to start enjoying life to its fullest, make it as easy as possible to do so by having the absolute best insurance coverage in place. 

From making sure your medical bills are covered to protecting yourself with extra liability limits in the event someone gets hurt while on your property, planning ahead will be a smart decision.