Investing in Bitcoin, or Ether for example, has allowed many investors to make good profits. To achieve this, it is essential to know precisely their course. The variations of each of the assets will allow you to bet up or down in order to achieve a capital gain. [Read more…]
Why Your Will Should Be Up To Date
With the Coronavirus making its way through countries and countless healthcare systems, it’s a good opportunity to check in with everyone about their will and general estate planning.
We’ve written a couple of posts about the finer details of estate planning, but one of the most important things you can do is make sure that you have an updated will.
Beneficiaries
A beneficiary is anyone that will receive an asset, or assets when you pass away. You will have beneficiaries listed on your retirement accounts and life insurance policies. They can also be added to brokerage accounts via a Transfer on Death (TOD) designation.
It’s important to note that beneficiary designations and TOD designations bypass probate. The assets that the deceased owned at the time of death do not need to go to court. They go directly to the beneficiary (beneficiaries) listed on the account.
So…why is it so important to keep your beneficiaries up to date? The obvious answer is because life changes all the time.
Life Changes
People get married, divorced, re-married, etc. People have kids or marry someone that already has kids. The more grim circumstance is when a beneficiary predeceases you. It’s unfortunate, but something that does happen.
When you assign beneficiaries, there is often a box you can check labeled “per stirpes”. This simply means that if one of your beneficiaries passes before you do, that beneficiaries portion would be received by their children instead.
Not only can changes take place with your beneficiaries, but they can also change with the people you’ve entrusted with your estate. Roles like the power of attorney and executor.
Again, people can pass away before you and/or relationships can fall out of favor.
When it comes to your assets, those change often too. Good or bad years in the stock market can see drastic fluctuations in portfolio value.
Moving will change your residence, but it can also change your net worth depending on the value of your new home and how much you owe on that home. Remember Finance 101? Net worth = assets – liabilities?
Consequences
There could also be consequences for not having an updated will. The wrong beneficiaries could receive assets. Your power of attorney could be your brother and not your sister.
You actually have a much higher net worth than you thought, so now your heirs will have to pay estate taxes. Had you known that, you could have taken advantage of the gift tax exclusion and shared your wealth in order to bring your net worth down to avoid taxes.
To sum things up, you need an updated will because the items within it are going to change…plain and simple.
Related Reading:
How Long Should You Keep Financial Records After Death?
Where Your Property Goes When You Die
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
The Exciting Future of Credit Cards: What Are We in Store For?
The future of credit cards is fast approaching.
Credit card usage is at an all-time high, with manufacturers changing the landscape of how credit used to be. Credit card companies are more competitive than ever.
With the rise of contactless payment, paperless statements, and electronic banking, technology plays a crucial role in finance. This advancement has quickly changed how we view our finances.
COVID-19 Concerns: How to Cover Healthcare Without Insurance
Getting proper healthcare is something that most people take for granted. After all, most people get sick at least once a year. No matter what your lifestyle is like, it’s hard to avoid at least coming down with the common cold.
So what should you do when you need to visit your doctor but you don’t insurance? You’ve come to the right place for answers.
How and What Affects Credit Rating Negatively
Credit rating is the evaluation scorecard assigned to a prospective borrower in relation to their credit risk. Borrowers can be individuals, companies, or state governments. This rating is used by lenders to predict the probability that a borrower is likely to pay or default the loan. Credit bureaus, and not the lenders, formulate the score. The analysts in these agencies use the information provided by the prospective borrower, information on the public profile, and other unspecified sources to qualitatively and quantitatively determine the creditworthiness of and individual, state, or company. [Read more…]
Hacks for Covid-Related Issues
Our daily lives have been disrupted. People are working from home, unable to go to the store, or have lost their job.
For those of us that are able to continue living our lives, relatively normal, with some minor inconveniences, we need to adjust.
We need to take advantage of the 21st-century technology available to us. This could be anything from grocery shopping apps, social media, or the apps of your favorite stores.
In this article, we’re going to dive into some of the tools and hacks you can use to help get through this period of quarantine and social distancing.
Grocery Shopping Hacks
There are several hacks you can use to make your trips to the grocery store more efficient and effective.
- Get what you need and get out. You HAVE to make a list and you NEED to stick to that list. This isn’t the time to browse or look for sales (more on that in a minute), buy the items on your list and leave.
- Plan your route – If there’s a particular store you frequently visit, use that store’s app to plan your route. Personally, I go to Walmart for almost everything. The first thing I do is make my list. Then I go onto the app and start searching for the items on my list. The location marked as “your store” will pinpoint which department, aisle, and shelf position for your item.
- Buy in bulk – with items that won’t go bad or if the time in which you need to use it by is several months or years in the future, buy it in bulk. Be careful, however. It is important to do the math. Figure out the “per unit” price and make sure buying in bulk is an economically beneficial decision.
- Look up recipes ahead of time that require only a few/minimal ingredients. Ideally, you’ll want to find recipes that require few ingredients that can also make a healthy amount of food. That way you have leftovers. The way I like to think about it is how much does each meal cost?
- That brings me to my next point…buy foods you can freeze, or make meals that you can freeze. This gives you food that you can use down the road and also gives you something easy to eat if you’re tired or aren’t feeling well.
- One more quick one – Use your knuckles and/or elbows when possible. We all want to stay healthy and avoid passing Covid onto others. Where it makes sense, try not to use your hands.
Grocery Shopping Apps
There are possibly hundreds of grocery shopping apps available, but in doing my research, I found five apps that I thought were extremely useful.
- Flipp – Matches coupons from your favorite brands with the weekly flyer from your favorite store.
- MealBoard – Manages your recipes, grocery list, and it also keeps track of what you do or don’t have in your pantry.
- Grocery Pal – Browse sales and coupons from the stores you frequent, and seamlessly add sale items to your grocery list.
- Out of milk – Lets you know what’s in your pantry and what you need to add to your shopping list.
- Big Oven – Kind of like a social network for groceries and recipes. Find out what your connections are buying to get inspiration for recipes. You can also type in the ingredients you do have and find some recipes you can make with those ingredients
Working from home
It’s no doubt that we are extremely fortunate to be able to work from home. With all of the technology available, a considerable amount of the workforce is able to tap in from a remote location and still get their stuff done.
As lucky as we may be, working from home comes with its own unique challenges. Here are some hacks for those working from home.
- Get dressed like you’re going to work – this is something that’ll help you psychologically. It’ll trick your brain into thinking you’re going to work. This helps you frame your mindset for work.
- Designate a work-space in your home – a psychological trick as well as a means to an end. You can’t work in front of the TV. You need a space where you can actually be productive.
- Keep a strict schedule (if you can) – Now this isn’t possible for everyone, especially if you have little kids at home that need constant attention. Just do your best. Lean on your family members to watch the kiddos for a little while so you can get some work done. Also, please remember to take breaks. Check-in with friends and colleagues. Try to make your day as normal as possible.
- Communicate everything – Almost to a fault. Send emails and texts. Make phone calls about anything and everything. We’re so familiar with communicating in person that we don’t realize how much we actually say.
Working together
My favorite part of this post. Writing about the human condition and how in times of crisis we always put our differences aside to help our neighbor.
During this pandemic, do what you can to help your fellow humans. Offer to pool resources together. Share recipes. Have a rotation of who goes to the grocery store.
If you have an elderly neighbor or family member, do everything you can to help them. Go to the store for them. Send letters to loved ones. Send letters to folks in nursing homes and assisted living facilities.
We’re not all scientists, healthcare professionals, retail employees, or other essential professions that are keeping the wheels turning, so we have to do our part in some form or fashion. Be nice.
Reading and Resources:
What are the Advantages and Disadvantages of Saving at a Bank
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
7 Common Mistakes People Make Regarding Debt Management
It isn’t unusual for many people within a single neighborhood to feel overwhelmed by debt. It’s so easy to slip into debt these days that just about every household has had some kind of struggle with repaying a loan, including emergency repairs to homes or autos, unexpected medical bills, or long-lasting student loans.
Does Health Insurance Affect Your Taxes?
Insurance and tax premiums have one thing in common. We love to hate paying both of them. However, as much as we hate paying these taxes and insurance, paying them is mandatory.
Health insurance is something most Americans can’t live without. Fortunately, there are so many types of health insurance, and the premiums for health insurance are relatively cheaper than other insurance covers.
Managing Student Loan Debt: How to Deal With Student Loans
The student loan debt in the United States currently stands at around $ 1.6 trillion. This crisis is made worse by the fact that only a small fraction of the 45 million borrowers have been diligent in their repayment plans.
Well, there are varying justifications as to why much of the national student debt loan is still unpaid. Most borrowers remain committed to paying their student loans. However, unemployment and the high cost of living top the list of constraining factors when it comes to adhering to repayment plans.
First-Time Home Buyer? Here’s Your Guide to the Home Loan Process
Buying your first home is one of the most exciting milestones you’ll ever experience!
It’s so exciting to picture how your life will change when you have your very own place; the holidays spent there, the projects, and the day-to-day memories.
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