SNYDERSVILLE — The Hamilton Township Planning Commission unanimously agreed to recommend a special use application without conditions for a Korean-based religious group to use the Pocono Dome as a church.That was among of the new revelations that came out of the first session of a special use hearing in front of the township’s zoning hearing board. The board must approve the church's use of the property, with or without additional conditions, before it can be considered [...]
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الخميس، 29 يونيو 2017
Special Delivery! USPS Has Job Openings All Throughout the Country
If “neither snow nor rain nor sleet nor gloom of night” would keep you from a good job, working for the U.S. Postal Service might be right for you.
July 1 is National Postal Worker Day, so we thought it would be a great opportunity to shed some light on USPS careers.
Though the US. Bureau of Labor Statistics says the job outlook for postal service workers is on the decline, hiring is still happening as current workers reach retirement age.
Even if you’re not up for delivering mail in any type of weather, USPS has corporate jobs in administrative support, communications and marketing, finance and accounting, IT, sales, logistics and more.
Job Openings at the U.S. Postal Service
Nearly a third of the postal service’s 640,000 workers are eligible for retirement, and recruiters are looking for new workers to fill their place, according to Marketplace.
Just this week, at least 100 new job openings were posted on the postal service’s career webpage, with a great deal of those jobs being for mail carriers and customer service associates. Check here to see if there’s a job opening near you and here for tips on applying online.
Pay and Benefits
The median pay for postal service workers is $27.30 per hour or $56,790 a year, according to the BLS. Depending on their position, employees can be eligible for benefits including health insurance, dental and vision insurance, long-term care insurance, life insurance, retirement programs and more.
Job Requirements
There is little barrier to entry for postal service workers, according to the BLS — just a high school diploma or equivalent and short-term on-the-job training.
However, job applicants may need to complete an assessment prior to getting hired.
Some basic job requirements for working for the post office are as follows:
- Must be 18 years old or 16 with a high school diploma
- Must be a U.S. citizen, citizen of a U.S. territory or a permanent resident
- Able to pass a criminal background check, drug screening and medical assessment
- Have a safe driving record, if relevant to the position
Good luck if you’re applying, and remember to thank a postal worker this Saturday!
Want to be the first to know about other fun and interesting jobs? Like The Penny Hoarder Jobs on Facebook to stay in the loop!
Nicole Dow is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Study: 63% of Hospital Bills are Under $500. And We Still Can’t Pay Them
Many American struggle to pay hospital bills.
Nope, this isn’t new. We’ve read about the number of Americans who can’t afford a surprise medical bill of $100 or more. (Hint: It’s 37% of us.)
And we’ve read about what happens when you don’t pay your medical bills, which includes about 43 million Americans with medical debt.
A new study from TransUnion Healthcare found similar conclusions. In 2016, 63% of hospital bills were $500 or less. Of that percentage, 68% of those bills were not paid in full.
This means that, depending on how the hospital treats patient debt, these bills could have gone to collections, which then hurts your credit score.
Here’s How to Prevent Surprise, Unpaid Hospital Bills
Establishing an emergency fund, also called a “rainy day fund,” is crucial in financially surviving this so-called crazy life.
Sure, starting one might prove difficult. The idea is that you squirrel away money — and don’t touch it, unless there’s an emergency.
Determining what qualifies as an “emergency” can get tricky, too.
Penny Hoarder Kelly Smith ran into that problem, but here are three questions you can ask yourself. More often than not, hospital bills will fall into the “must dip into the emergency fund” category.
But, let’s back up. You don’t have an emergency fund
First, determine how much you need to save. Many experts say six months’ worth of living expenses, which would easily cover that $500 hospital bill.
So where is this money going to come from?
It won’t magically appear, unfortunately. You’re going to need to create a budget. Find out where your money is, where it’s going and where you can scrape up the extra pennies. Some apps will even do this for you (keep reading).
Next, find a place to stash that money so you aren’t tempted to dig into it for any frivolous expenses. This is arguably the most important step.
3 Accounts Perfect for Your Fledgling Emergency Fund
If you’re like me, keeping extra money in your regular checking account isn’t going to work.
It’ll somehow disappear.
Here are a few ideas on where to house your emergency fund.
1. Open a Separate Checking Account (One That Gathers Interest)
A few months ago, I opened an Aspiration Summit Checking Account.
The big draw for me was the 1% interest, which was 100 percent more than I was earning with my previous checking account.
It’s also online-only, so I’m less likely to go to an ATM and funnel money out. (I mean, I can because it reimburses you for ATM fees, but I’m less apt to do this.)
I set the account up so a portion of my paycheck automatically gets deposited. This makes saving absolutely effortless. Plus, it’s a nice surprise when I check in and see I’m building an emergency fund and earning interest.
Read more about it here, and then join the waitlist. (It only took a few days to secure my card!)
2. Start Microinvesting
Another way to automatically tuck money away — and make it work for you — is to open a microinvesting account.
That might sound intimidating, but these come in the form of easy-to-use apps. You’ve actually probably heard of a few, like Stash or Acorns.
Stash allows you to start investing with just $5. Then, set up your account to suck out a certain amount per week. Even $5 will build up. Then, Stash automatically invests that money so you don’t need to worry about it. If you want the full overview, we’ve got it here.
Acorns is similar in that it’s a separate account you can set up to automatically make withdraws. Acorns will round up all your purchases and collect the change, which it then invests. It’ll add up faster than you might think!
Both of these options are easy. Plus, it’s kind of fun to watch your money grow.
3. Start Saving — On a Micro Level
If you’re not so keen on investing your emergency fund, there are plenty of apps that allow you to simply save.
One of my favorites is Qapital, which makes saving sorta, kinda fun. I managed to save almost $700 in five months.
You’ll set a goal — or two or three — then set your rules. For example, if I walk a certain amount of steps per day, it’ll trigger a $5 deposit into my Qapital savings. I also set it to round up my purchases and make a weekly deposit.
How much or how little you save is up to you. Honestly, the gamified savings app is a bit addicting.
So no more excuses, it’s time to start saving so if an emergency happens, you’re less likely to have to go into debt to cover it.
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. She’s finally established an emergency fund, and it feels oh-so good. Let’s just knock on wood she doesn’t have any clumsy incidents anytime soon.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Pa. picks medical marijuana program dispensaries
HARRISBURG (AP) — State regulators on Thursday announced the 27 entities that have been selected to operate dispensaries under Pennsylvania's medical marijuana law, a program expected to be up and running next year.The Health Department said not all of them are currently opting to run three locations, so for now there will be 52 dispensaries scattered around the state.The agency posted online the winners' applications and the locations where they will operate. [...]
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Want to Pay Less for Your Cell Phone Plan? Now’s the Time to Shop Around
We probably all use similar words to describe our mobile phones.
“Convenient.” “Fun.” Probably “essential.” Maybe something like “I hate that I love this thing so much.”
“Cheap?” Nah. Cell phones have never been cheap.
But that might be changing.
Long gone are the days when you’d wait until 7 p.m. — or worse, 9 p.m. — to flip open your phone, because that’s when it got dramatically less expensive to call your friends.
Now, smartphones with unlimited calls and texts paired with generous data plans are a must-have for many. And many of us are willing to pay whatever it costs.
But cellular providers are in stiff competition to win your business, and prices are going down. Way down.
Cellular Competition is Getting Crazy
Verizon brought back its unlimited data plan to compete with similar plans from Sprint and T-Mobile. AT&T offered a buy one, get one deal on iPhones. And the commercials for these megabrands? They make big promises and don’t mince words when calling out one another’s shortcomings.
But there’s a catch to all this competition. The Wall Street Journal explains cell phone service is “one of the nation’s most concentrated industries,” with just four major carriers and a merger between Sprint and T-Mobile looking more likely than ever.
Carriers are struggling to keep up with customer demands, and they’re losing profits. So once everyone’s done switching their cellular service to whoever gives them the best deal, and if the possible merger goes through, the discounts are probably going to slow down.
The best time to negotiate your bill or consider switching carriers? It’s right about now.
How to Get the Best Deal on Your Phone Bill
We have a list of phrases and questions you can use to make the process of negotiating your bills a lot easier.
Want to stick with your carrier but save on phone costs? Amazon offers exclusive unlocked phones at a discount, if you’re willing to see its screen ads on a regular basis.
If you can’t stand to be a part of the race to the bottom, there are always discount carriers like Republic Wireless and Twigby, and workarounds like Google’s Project Fi.
In this buyer’s market, you’re in control.
Lisa Rowan is a writer and producer at The Penny Hoarder. She is pretty sure her father has never forgiven her for a certain $900 cell phone bill she ran up when she was in college.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Splitting Dinner Checks is Awkward. Here’s the Classy Way to Do It Fairly
Etiquette is the most fun, isn’t it?
Figuring out which fork to use for your salad, on which side of the plate to place your wine glass, and when you are or are not supposed to wear a hat…
People take classes to learn this stuff.
Classes.
Maybe my millennial self is just too focused on bigotry in our lawmakers and unfair pay practices in the workplace to be concerned with the niceties of fork choice.
Or maybe I’m just irreverent.
Either way, when it comes to the question of whether it’s polite to talk about money, I err on the side of I need to protect my freakin’ wallet, so YEAH, I’m gonna bring it up.
Never is this issue more awkward than when you join friends for dinner.
Did the organizer imply they’d foot the bill? Can you afford anything at the restaurant someone else chose? Will you split it evenly… even if you don’t get an appetizer and two glasses of wine like Sheila?
(Seriously, Sheila, it’s noon on a Wednesday.)
To, ostensibly, make the situation less uncomfortable — and help you save money — “Food & Wine” magazine recently shared some advice for telling your friends you only want to pay for what you order.
I think the tips are just awful.
What Not to Say to Get Out of Splitting Checks at Restaurants
National etiquette expert Diane Gottsman suggests to “Food & Wine” readers, “Say, I’d love to join you, but I’m not the wine lover you are so I’m going to order separately.”
I don’t know, sounds a little judgey to me…
Another expert, Annette Harris makes a seemingly-reasonable suggestion: Let your friends know you’re on a tight budget before you order. But she follows up with the less reasonable assertion that you shouldn’t do this if you’re with your co-workers.
Because when it’s a work dinner, your bank account magically expands, right?
Certainly the worst piece of advice comes from Gottsman.
“If you want to be discreet, call the restaurant in advance and ask the hostess if she could ask your server to split the check with your co-diner or diners,” she suggests.
Oh my goodness.
That sound you just heard is the collective gasp — followed by fits of laughter — from every restaurant host and server ever.
(Followed by the tsks of those of us who can’t help but notice the gendered language… there’s my millennial showing.)
“Lastly, of course,” the magazine adds, “you have an option to be a straight-shooter.”
Lastly? Let’s kick that one up to the top of the list.
What You Should Say to Get Out of Splitting the Check
A quick Penny Hoarder counter to this advice: You’re responsible for what’s in your wallet. If you’re on a tight budget, spending time with friends, family or co-workers shouldn’t break you.
But I’ve been in your shoes.
Someone says, “We should get together!” You’re like, “Absolutely!” And they’re like, “How about that Italian place on 4th?”
And you’re like… *scrolls through Yelp and sees four dollar signs*. Gulp. “Um, sure?” Then you convince yourself the $8.95 side salad will be plenty of food.
Don’t settle for a side salad.
Here are a few tips to keep you from blowing your budget on a check split you never saw coming.
1. Pick the Restaurant Yourself
Take control of the situation up front, and suggest a restaurant you can afford. This will keep you from stressing about the check altogether and let you enjoy your meal — and your friends.
If you’re low on discretionary income for the month, suggest coffee or even a free activity like taking a walk instead.
2. Get Cash Back for Your Meal
If you’re determined to avoid a money conversation, try these tricks for getting money back after you pay.
- Download Ibotta, an app that gives you rebates for shopping in tons of categories, including restaurants and bars. Just choose your rebates in advance, and snap a picture of your receipt when you get home.
- Pay through the Subtotal app (for iOS or Android) to earn up to 10% cash back at more than 70 restaurants.
- Pay with a cash-back credit card. Offers vary, but these give you cash or rewards for the money you spend. For example, the Barclaycard CashForward™ World MasterCard® offers 1.5% cash back on every purchase.
3. Actually Be a Straight Shooter
Seriously, though, be honest with your friends, family or coworkers.
Everyone deals with money. While your situation might feel unique, they probably understand what it’s like to work within a budget.
Don’t insult their wine habit. Don’t pretend you can afford something you can’t. And, for the love of everything holy, do not ask the restaurant to accommodate your insecurities.
Simply inform your co-diners you want separate checks. Use the old standby: “Let’s go Dutch.”
You don’t owe anyone an explanation for your financial situation. If they ask, just tell them you took etiquette lessons from The Penny Hoarder.
Advertiser Disclosure: Many of the credit card offers that appear on this site are from credit card companies from which The Penny Hoarder receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). We do not feature all available credit card offers or all credit card issuers.
Dana Sitar (@danasitar) is a senior writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur.com, Writer’s Digest and more, attempting humor wherever it’s allowed (and sometimes where it’s not).
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Here’s How to Connect with Work Colleagues Online — Without It Being Weird
Starting a new job generally means a bunch of adjustments.
You’re not only settling into a new role and new responsibilities but also getting used to the company’s policies and procedures, the office culture and your work schedule.
There are also all the people to meet and get to know. And that’s where things can potentially get tricky, especially if you’re a little socially awkward like myself.
In today’s social media-friendly world, it’s easy to jump right on Facebook, Twitter, Instagram or other channels to connect.
But before you do, you may want to consider these tips from employment professionals.
1. Don’t Post Questionable Content
Bryan Chaney, director of employer brand at Indeed, said once you connect with a coworker or superior on social media channels, be aware of the fact that they can lurk and learn from what you post.
“Do think before posting your controversial opinions or the scantily-clad Instagram selfie,” he said.
Brie Reynolds, senior career specialist at FlexJobs, advises thinking long and hard about how you use a channel like Facebook or Instagram before accepting a friend request from a coworker or boss.
“If there’s even a slight chance they will see something offensive, inappropriate or questionable from you, don’t accept the request,” she said. “There are some topics that are best not brought up with colleagues or superiors over social media. Anything related to politics, sex, religion or other hot-button issues could be in the don’t-go-there zone.”
2. Consider the Company Culture
“Whether or not to friend your colleagues on social media is dependent on workplace culture,” said Ladan Hayes, senior career advisor at CareerBuilder. “Accepting colleagues’ friend requests can build rapport, but on the other hand, being Facebook friends with everyone in your office may make you feel like you’re constantly under surveillance.”
3. Keep Things Professional
Reynolds said individuals can take advantage of sites like Facebook, Twitter and Instagram as platforms to prominently showcase their professional sides and interact with others in their field, thus building their networks.
“Always remember to maintain a professional persona,” Hayes said. “Building a network throughout your career is important, and workers today often use their social media sites to keep in contact with past and current connections.”
4. Filter Who Sees What
Chaney said he tends to connect with just about everyone he’s ever worked with.
“This is because I know how to filter my posts and set up Facebook lists so I’m sharing specifically with the right groups of people,” he said.
5. Separate Work and Social
“You might consider using one social media channel for professional connections and others for casual or friendly connections,” Reynolds said. “For example, I use Twitter and LinkedIn almost exclusively for professional connections but Facebook mainly for friends and family.”
And to answer the ultimate question: Do you have to accept your boss’s friend request?
You absolutely shouldn’t feel obligated to do so, Chaney said.
“But watching her or his behavior on social has been a good cue for how best to respond and react to their personality in the workplace,” he said.
If you decline the request, Reynolds said it’s good to clarify why.
“It’s completely alright to explain to your boss or coworker why you didn’t accept their request — [for example] that you only use that channel to connect with close friends or relatives — so they know you aren’t blowing them off or being rude,” she said.
And if you do friend your supervisor?
“Don’t forget to block your boss on your (cough) sick day when posting pictures of yourself at the lake,” Chaney said.
Nicole Dow is a staff writer at The Penny Hoarder. She thinks social connections among work associates should feel organic, not forced.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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The Two Best Financial Services App on the Web? Personal Capital vs. Mint
Two of the most popular web-based financial service providers available are Personal Capital and Mint.
The two provide a lot of similar services, but each specializes in a few areas of your finances that the other doesn't.
And both offer a free service, though Personal Capital has an attractive premium service in which they will manage your investments for you.
Which is the best service for you?
Both do a few things well, and omit a few others, but which will work best for you will depend on what it is you want to do. Both services are highly ranked in my The 11 Best Personal Finance Software to Get Your Money Swag On post.
But let's do a summary review of each, to help you see which will fit your needs.
Personal Capital Summary
Since we essentially have to cover two services in this article, we're going to do summary reviews of each platform. I've also done a more detailed review of Personal Capital, if you'd rather read that.
Personal Capital is a financial aggregator, which is to say that you can have all of your financial accounts on one platform. That includes investments, savings, checking, credit cards and other loan accounts. It does handle investment management for you, but it goes well beyond that single function.
Personal Capital offers two versions, a free product and a premium version, which includes direct management of your investments.
With the free version, you are provided a personalized analysis of your financial situation. Personal Capital will analyze your current investment mix, and perform an assessment of the risks and opportunities that may be available to you. They will then make recommendations based on that analysis.
The free version also includes full use of the dashboard, the 401(k) analyzer, an investment check-up feature, and the retirement analyzer. You will also have access to the mobile app.
The paid version uses Personal Capital's Wealth Management program, in which the platform will take direct control of your investment portfolio. Your investments will then be actively managed by Personal Capital's investment advisors.
Personal Capital Fees.
Fees apply to the premium Wealth Management program, and currently look like this:
- 0.89% of the first $1 million,
- 0.79% of the first $3 million
- 0.69% of the next $2 million (up to $5 million)
- 0.59% of the next $5 million (up to $10 million)
- 0.49% on balances over $10 million
One of the more positive aspects of doing business with Personal Capital is that the fee structure is all-inclusive – there are no additional fees like commissions, account administration fees, or other investment fees. And the fee applies only to actual amount that you have under management. Accounts included on the platform – but not actively managed by Personal Capital – such as a 401(k) plan or investments held with other brokerage firms, are not subject to the fee.
Personal Capital Account Minimum.
Your minimum initial investment is $25,000, which applies only to the paid version.
Personal Capital Investment Strategy.
Personal Capital determines your risk tolerance, life's goals and personal preferences to determine how much growth (risk) they incorporate into your investment portfolio. Like many investment management firms, they use Modern Portfolio Theory, or MPT, to manage your portfolio. MPT holds that asset class selection is more important than individual security selection.
They generally use index funds, invested in six main asset classes – US stocks, US bonds, international stocks, international bonds, alternative investments (including commodities) and cash. But they don't limit investments to index funds alone. They will also include a mix of 70 to 100 individual US stocks that they will use for greater diversification as well as improved tax efficiency. Though index funds are used exclusively for clients who have less than $100,000 under management.
Since Personal Capital aggregates all of your investments, they do consider your other investments that are not under their direct management in building your portfolio.
- Personal financial advisor. Everyone who uses Personal Capital is assigned a personal financial advisor, whether you use the free or premium version of the program. You can contact this person when needed for advice.
- Personal Capital's Private Client Group. This service is available to investors who have at least $1 million to invest through the platform. It offers personalized investing and wealth planning, and gives you direct access to a certified financial planner and a whole team of licensed advisors. This service level also comes with private banking services and legacy planning that can help you establish trusts for your heirs.
- Tax optimization. This is another perk of the Wealth Management program, and it seeks to lower the tax bite of your investing activities. They do this through use of individual stocks, which are more easily bought and sold, and can readily be used for tax loss harvesting, or TLH. TLH is the process of selling losing stocks to offset gains on the sale of profitable stocks. It creates a backdoor tax deferral system, that enables your investments to grow with minimal negative impact from income taxes.
They also employ a tax allocation strategy, in which income-producing investments, like high-yield stocks and REITs are held in tax-deferred accounts, while investments that generate capital gains – like stocks and ETF's – are held in taxable accounts, so that tax loss harvesting can be used to lower capital gains taxes.
The Personal Capital Mobile App.
Personal Capital's mobile app is available for your Apple iPhone, iPad, Apple Watch and Android. The mobile version has everything that is available on the desktop platform, and it's absolutely free.
Other Personal Capital Features.
Personal Capital has a wide range of tools and features that provide real benefits to the users.
Some of those tools include:
- Retirement Planner. This tool helps you to know if you're on track to retire, and even allows you to make adjustments for major life changes, such as job/career/income changes, illness, childbirth or saving for college.
- 401(k) Fund Allocation. Even though Personal Capital can't manage your employer sponsored retirement plan, they can analyze the plan and make asset allocation suggestions based on all of the investment options available in the plan
- Net Worth Calculator. Track your assets and liabilities so that you can quickly find your net worth at any time. This tool will help you to really know if you're on track to reach your long-term financial goals.
- Cash Flow Analyzer. Use this tool to create a budget, where you can track your income and expenses whatever the sources. This will help you see where you're spending money, so that you can free up income for savings, investing, and debt payoff.
- Investment Checkup tool. This can provide a risk assessment of your portfolio, including your retirement plan. It will make suggestions to help you improve your asset allocation plan to make it consistent with your goals and personal preferences.
Personal Capital is an all-in-one financial management platform with a heavy emphasis on successful investment management. It's one of the very best services of its kind.
Mint Summary
One of the big advantages of Mint is that the service is completely free to use. The service is easy to sign up for, and simple. Much like Personal Capital, Mint is an aggregator for your entire financial life. That includes checking and savings accounts, credit cards, loans and investment accounts. The service claims to be able to connect with “almost every US financial institution connected to the internet”.
The service is valuable for creating a budget, but it also helps you to track your finances, and to monitor all of your financial accounts on the same platform.
Some of the features Mint has include:
Budgeting.
This is Mint's strong suit, and the primary reason you would use the service. Once you sync your accounts and transactions, they will be automatically sorted into the appropriate categories going forward. Updates then occur in real time. You can also set up sub-categories of certain expenses, to customize the presentation in a way that works best for you. Once you have your account set up, you'll be able to track, analyze and adjust expenses and spending habits as needed.
The site does enable you to make adjustments to your expenses even after they have been categorized. Once changes are made, Mint will automatically place similar transactions within the same expense categories.
Mint Bills.
Mint enables you to be able to connect an unlimited number of accounts which means you can add any and all bills you have, including credit cards and other loan payments. Not only does it provide you with alerts of upcoming due dates, but it also shows you your available cash and credit next to the upcoming bills. You can pay bills with either a bank account or credit card, and it even allows you to schedule payments. The feature is available on your personal computer and your mobile device.
Custom Tips and Savings.
Mint analyzes your accounts and then makes recommendations that will save you money based on your lifestyle and goals. In fact, they have an entire page dedicated to saving you money on credit cards (in the “Find Savings” tab at the top of the main page).
But since they analyze all of your financial accounts, they may also be able to find and recommend banks and investments where you can earn higher returns, the lowest insurance rates, plus more attractive cash back offers from credit cards.
Establishing Goals.
You can create goals within the Mint application. This can include saving money for specific purposes (college, retirement, vacation, etc.), paying off debt, or paying off your mortgage.
Mint Alerts.
By signing up for alerts, you will be notified by email or by smartphone when there are significant changes in your finances. Alerts will be sent when there is a large purchase, an upcoming bill payment, late fees, loan rate changes, and when you may be in danger of going over your budget.
Mint Mobile App.
The full Mint suite is also available on the Mint mobile app. This will provide you with all of the information and services that are on the website while you are on the go. Check into your finances anytime, anywhere. The mobile app works with Apple iPhone and iPad, and Google’s Android. And like Mint itself, all mobile apps are free.
Credit Score Monitoring.
Mint offers credit monitoring, and no credit card is required to participate. This makes it a truly free credit monitoring service. You can get your credit score in as little as two minutes, enjoy daily monitoring, and get credit alerts when Equifax (one of the three major credit bureaus) receive new information from your creditors. The service even shows you the factors that are impacting your credit score, and how to use them to improve your score.
Investing With Mint.
Mint doesn't actually manage your investments, but as an aggregator, they provide a complete picture of your investment portfolio, including charts and graphs. They do provide advice, tips and tools to help you better manage your investments, based on your own investment style. For example, Mint can provide an analysis of your retirement accounts and brokerage accounts to let you know about investment fees that may be buried in places you can't see them. They'll make you aware of these fees and suggest possible workarounds.
Mint may be the perfect service if you're looking for a budgeting program – with credit score monitoring – free of charge.
Personal Capital vs. Mint – Where They're the Similar
Both Personal Capital and Mint are financial account aggregators, which means that they each offer you the opportunity to keep and monitor your entire financial life on one platform. In addition, each offers its service free of charge.
Both services also offer mobile apps including valuable account alerts to keep you on track with your finances.
Personal Capital vs. Mint – Where They're Different
Where the two seriously part company is in regard to their primary missions. For example, Mint is first and foremost a budgeting program. In that regard, it is the superior platform if you are primarily looking to get control of your finances.
They not only help you to stay on track with your budget, but they also make suggestions as to how you can do that more efficiently. The free credit score monitoring feature is an added bonus, since so many people need both budgeting assistance and ongoing credit monitoring.
Where Personal Capital shines is with investing. While Mint offers supplemental investment assistance, Personal Capital offers professional investment management. This includes levels of investment help, from assisting you in your own efforts at do-it-yourself investing, all the way up to comprehensive wealth management.
And the Winner Is…It Depends
In most head-to-head comparisons, it's rare that any one service is better than another, and that's the case with Personal Capital and Mint. If your primary emphasis is on budgeting and monitoring your credit – which typically comes before you start investing – then Mint is the clear winner.
But if you’re looking primarily for investment expertise and management, then Personal Capital should get the nod. This is especially true for high net worth individuals, who may be particularly interested in wealth management, private banking services, tax optimization and estate planning.
As similar as these two services often appear on the surface, they each have specializations that make them very different platforms.
What are your thoughts on Personal Capital and Mint? Have you had experience with either?
The post The Two Best Financial Services App on the Web? Personal Capital vs. Mint appeared first on Good Financial Cents.
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Wanted: Company Seeks Hundreds of 3-5-Year-Old Kids for Paid Voiceover Work
Attention, parents! Do you have a child between the ages of 3 and 5?
Can your child speak?
(If your child is anything like mine, your child speaks a lot.)
If so, here’s an opportunity for you. It’s from a rapidly growing international company that you’ve probably never heard of.
Appen, a language technology firm that works with tech giants, is looking for 3-5-year-old American kids to do paid voiceover work. You can apply here.
Kids chosen for the gig will do voiceover recordings of 100 to 500 short phrases. They must be U.S. residents and native speakers of American-style English.
(You know, American English as opposed to British English. It’s the difference between saying “apartment” or “flat.” “French fries” or “chips.” “Line” or “queue.”)
The Australia-based company will pay participants $10AUD to $50AUD, depending on the total number of recordings they do. Based on the current exchange rate, that’s between $7.50 and $37.50 in American dollars.
Appen is looking for 1,000 kids in the 3-5 age group. You must have a PayPal or Skrill account to be compensated. (Skrill is like a British version of PayPal.)
Once a parent signs their child up, they’ll receive an email with instructions. The voiceover work can be done in a quiet room at home — all in one sitting, or over several shorter periods over three weeks.
Appen prefers that it be done on an Android phone or tablet, or a laptop.
What’s This For, Exactly?
You might wonder what your child’s beautiful, crystal-clear voiceovers will be used for, and that’s a good question!
You see, Appen works on speech recognition systems for high-tech products like Apple’s virtual assistant Siri, or Amazon’s virtual assistant Alexa.
These voice-based assistants must be able to answer your questions or obey your commands. (Think: “Siri, call Mom.”) To do that, they must be able to understand tone, regional accents and local idioms.
That’s where Appen comes in.
Founded by an Australian linguist, Appen works on speech recognition technology for the top global tech giants. Basically, it’s training machines to understand human speech to help powers technology like the voice control features in your car, or voice controlled personal assistants on your smartphone.
To do its job, Appen compiles a massive amount of voice data from a network of hundreds of thousands of freelancers.
Now that network of freelancers could include your kids — if you apply here.
Disclosure: This post contains affiliate links. May we all be a bit richer today.
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. His kids are chatty.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Summers are Brutal, but McAlister’s Will Keep You Cool With Free Iced Tea
Editor’s note: This post originally ran on June 1, 2017. It has been updated to reflect today’s deal.
It’s officially June, which means it’s hotter than heck outside.
So hot, in fact, you feel like this 99% of the time:
But don’t worry, Penny Hoarders. I’m here to save the day (and save you from feeling like a crusty sponge).
While summer days are marked by ice-cream cones and flip-flops, there’s one summer staple that seems to go overlooked: iced tea.
For those who may not know, June is National Iced Tea Month.
To celebrate, McAlister’s Deli had some hot deals for the first stretch of summer.
Today, it’s ending the month off with its Free Tea Day deal.
Ready to feel refreshed?
How to Score Free Iced Tea This Summer From McAlister’s Deli
McAlister’s Deli had a heck of a year. It opened its 400th location and expanded into its 29th state.
To thank its customers, it lined up some thirst-quenching deals.
On June 10, National Iced Tea Day, participating locations gave away free tumblers to the first 20 guests at each participating restaurant.
If you missed out on the free tumbler, don’t worry. There’s still one last deal for you.
On Thursday, June 29, McAlister’s will give away free tea, no purchase necessary. Guests can choose between 32 ounces of iced sweet or unsweet black or green tea.
For more information on these deals or to find a McAlister’s Deli near you, head to the restaurant’s website.
I don’t know about you, but it’s hot here in Florida — this is just what I needed to cool off.
Pinkies up!
Kelly Smith is a junior writer and engagement specialist at The Penny Hoarder. Catch her on Twitter at @keywordkelly.
This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.
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Check the coins in your pocket to see if you’ll strike gold
Coin‑collecting is one of the world’s oldest hobbies, but you need to do your research carefully. We round up the most valuable coins that could show up in your wallet.
Cash is still the most common form of payment, used for 15.4 billion transactions in 2016, according to Payments UK. But while you may be used to simply spending your money, there is a chance you could also make a mint from your spare change too.
Christopher Martin, chairman of the British Numismatic Trade Association (BNTA), the trade body for firms that buy and sell coins, medals and banknotes, says: “Collecting coins and banknotes can be a great hobby as you get to have ‘history in your hands’. But there is an additional advantage of carefully buying good value items in order to achieve an investment return. Coins and banknotes have proved a good investment.”
But don’t just raid your attic for old coins passed down from family members or pick up a metal detector in the hope of stumbling upon a Roman treasure trove. You should also check your pockets, wallets, and down the back of your sofa for new coins.
That’s because the issuing of commemorative coins in recent years – such as the 2012 London Olympics 50p coins released into circulation in 2011 and the 50p Beatrix Potter collection launched in 2016 – has spawned a flurry of interest in collecting and selling modern coins.
Lizzie Beckford, a numismatist at coin, bullion, and jewellery dealer Chard, says: “Over the past fi ve years, we’ve had a ten-fold increase in enquiries about modern coins – people are actually starting to look at their change.” With the new range of 50p Beatrix Potter coins in circulation this year featuring the familiar faces of characters Benjamin Bunny, Mr Jeremy Fisher, Peter Rabbit and Tom Kitten, Moneywise takes a look at whether you can make a pretty penny from your pennies.
What makes a coin valuable?
When collectors are looking to buy coins, there are several factors they’ll take into consideration when determining how much – if anything – a coin is worth.
Firstly, there’s the coin’s mintage – the number of coins that were produced. Mrs Beckford says: “Low mintage is important – the lower the mintage, the more collectible a coin is. Take the commemorative Kew Gardens 50p, which launched in 2009, for example. In 2017, we had it valued at around £3 for a circulation coin and £7 for an uncirculated coin still in its presentation pack. But when people realised the low mintage of it and the coin started to appear in the media, people paid a lot more. I’ve actually seen one sold for £299 on online auction site eBay.”
Condition is also important, as Mrs Beckford explains:
“If a coin has been worn and handled, that can affect the price. Serious collectors want coins that have had as little wear as possible.”
Richard Beale, who has worked as a valuer at Warwick & Warwick, an auctioneer of collectables for the past 30 years, adds: “If a coin looks nice, people will pay more for it. A large silver coin called a crown from the reign of George III, for example, can be bought for £15 to £20 in circulated condition, but in a nice condition it’s worth £280.”
Coins are graded in six categories, according to the BNTA. These are mint condition (FDC, fleur de coin), extremely fi ne (EF), very fi ne (VF), fi ne (F), fair, and poor.
The age of the coin will also have an impact. Mrs Beckford says: “Rarer coins are the older coins no longer in circulation.”
Mr Martin adds: “Modern coins retrieved from general circulation are only in very exceptional circumstances worth more than their face value.” Coins with anomalies can also grab the attention of collectors. A spokesperson for The Royal Mint, the UK’s coin supplier, says: “All UK coins are struck within very small tolerances and under rigorous quality control systems, and samples of everything we produce are independently checked and verified at the annual Trial of the Pyx.
“However, based on the sheer volumes we produce, it is impossible to check every coin. As such, the occasional one may display an anomaly.” Luke Hearn, marketing manager at modern coin collecting platform Change Checker, cites the following examples: “Very occasionally, there may be a minting error which leads to incredibly rare coins. Two of the most famous modern examples are a ‘silver 2p’ dated from 2015, which was found by charity collectors, and the ‘undated 20p’ from 2008 of which up to 250,000 were issued, which were both verified by the Royal Mint as genuine errors. These can command a lot of money when sold.”
Mrs Beckford also gives the examples of a misaligned £2 Britannia coin from 2015, which she estimates would be worth about £150 to a collector, and a 2007 £2 silver proof commemorative abolition of the slave trade coin with an incorrect ‘Act of Union’ inscription on it – making it worth about £1,000.
But while Mr Beale says these anomalies are interesting, you’re unlikely to have one in your wallet. “In our last auction, we had an undated penny from the 1954-1967 period with two heads on it, which we had at an expected price of £40 and actually got £140. People are really interested in these things. But millions upon millions of coins are struck, and errors aren’t as common as you might think.”
However, regardless of a coin’s mintage, age or condition, what you can get for a coin entirely depends on how much a collector is willing to pay. Mrs Beckford says: “Some people using online auction websites are charging a fortune for what they consider to be a rare £2 coin. Technically it is worth £2, but a collector will pay as much as they feel it’s worth.”
How to buy and sell coins
While you can buy coins directly from the Royal Mint, you can’t sell coins back to it. It recommends people looking to sell coins contact a BNTA-registered coin dealer – you can find a list of members on its website and you can also buy coins from its members.
The BNTA says all its members must go through a “stringent process” to join and companies wanting to become members can only apply if they’ve received a recommendation from a peer who is already a member. Once a member, firms must also meet a code of ethics. Warwick & Warwick, which we spoke to for this feature, is a member but Chard is not – although it says it has more than 50 years’ experience in this industry.
Before buying or selling coins, it’s vital to do your research. Mr Martin explains: “Research is the best form of verification – due diligence and research on the market and what is being sold.”
You can get a feel for prices by checking coin stockists, auctioneers, online auction websites, and by going along to coin fares, antique shops, and auctions. BNTA members will also often publish their own list of coins, so you can get an idea of what they’re worth.
Dealers may offer free valuations too – Warwick & Warwick, for example, can tell using a photograph if your coin is worth anything – if it believes it is, it will ask you to come to its office for a full valuation when it will either suggest a price for a private sale or it can sell items worth at least £100 at auction for you – in this scenario it takes a 15% commission plus VAT.
Mrs Beckford also recommends buying or borrowing a copy from your local library of what she dubs the “coin dealer’s bible”; Coins of England and the United Kingdom 52nd edition, issued in 2017 by collectables dealer, Spink. According to Spink, this is “the only reference work to feature every major British coin type from Celtic to the present day”.
For those looking to find modern coins currently in circulation, Change Checker has a free platform where collectors can swap coins.
You can also talk to fellow collectors on Twitter using the hashtag #CoinHunt.
The Moneywise verdict
Coin collecting is fascinating, but it should be viewed as a hobby that you could – but by no means certainly – make a little extra pocket money from. Coins are only valuable if you find the right coin and the right collector and, when it comes to modern coins and commemorative coins, The Royal Mint issues so many that the vast majority won’t be worth more than their face value. You’d be better off putting your money into the stock market for five years or more if you want to boost your income.
How to avoid fake coins
Lizzie Beckford gives her top tips for how to tell if a coin is the real deal:
• Listen to the sound of a coin falling on to a soft surface (don’t damage the coin by dropping it on to something hard!) – it sings to you by making a ringing noise.
• Check the alignment of the image and text – if it’s off, it’s probably a fake.
• Read the writing – sometimes the lettering isn’t quite right as scammers don’t have the dyes and expertise the Royal Mint has.
• Look at the coin’s surface with a magnifying glass – if you see tiny bubbles on it, like cellulite, it’s probably a fake as you won’t see this on struck coins.
The rarest coins currently in circulation
According to The Royal Mint, circulating coins are usually issued in the millions, but the rarest 50p, £1 and £2 coins in terms of low mintage figures currently in circulation are as follows:
50p: The 2009 Kew Gardens coin commemorating its 250th anniversary. Only 210,000 coins were issued, making this coin the rarest in circulation. The highest sold price Moneywise saw on eBay for this coin was £510.
£1: The 2011 Edinburgh city coin. It has a mintage of 935,000. The highest sold price Moneywise saw on eBay for this coin was £98 within a presentation pack.
£2: The 2002 Commonwealth Games commemorative coins featuring designs for England, Northern Ireland, Scotland, and Wales – with the Northern Irish design being the rarest. Only English designs, 588,500 Welsh designs and 485,000 Irish designs. Moneywise saw the Northern Irish version sold on eBay for £59.
Others: The Royal Mint also highlights the Aquatics 50p designed as part of 29 sporting 50ps for the London 2012 Olympics. The original coin that went into circulation in 2011 featured water ripples going over the swimmer’s face. But shortly after production commenced, the design was changed as it was decided the swimmer’s face would look better without these ripples. The Royal Mint says only a “limited number” of the original design were circulated although it doesn’t know exactly how many. Moneywise saw one of these coins sold on eBay for £1,380.
Jon’s story
Jon Bannister (pictured left), a company director from Chelmsford in Essex, was challenged by a couple of his friends who’ve been coin collecting for years to collect a set of the UK’s “rarest” 54 50p coins (as defined by Change Checker’s Scarcity Index, which combines mintage with collecting and swapping data – for more details visit Changechecker.org).
The 42-year-old set about his quest by withdrawing thousands of pounds from his current account in 50p pieces. He meticulously trawled through these for the rare coins, recorded them on his spreadsheet, and returned the rest to the bank.
In total, he’s withdrawn £6,250 worth of 50ps – that’s 12,500 coins. He’s found 1,060 coins thought to be of value – £530 worth – and is in the process of depositing the remaining £5,720 back into his account. His bank asks him to deposit these in bags of 20 coins so he says it can be a time-consuming process.
Jon also uses Change Checker to swap coins with fellow collectors, although he warns that you need to trust who you’re swapping with and make sure coins are posted safely.
But it has taken him just under a month to complete the set (pictured left) using this method and he’s now got the bug – planning to create more 50p sets with the coins he’s got left over and to start using the same method to collect £1 and £2 coins too.
“I’ve got friends who’ve been looking for years and who still don’t have the Kew Gardens or the Olympic football coins,” he says. Jon has one Kew Gardens coin and five off-side rule football coins – considered the two rarest 50ps using Change Checker’s Scarcity Index.
Jon has even got his nine-year-old son and 13-year-old daughter involved, citing it as being a “good way to get the kids off the computer or TV” – as well as being nice for them to have a collection to keep.
His plan is to eventually sell the coins on eBay. He’s looked at the sales prices for three coin retailers on the online auction website and estimated he could make around £300 per completed 50p set. He also has the Olympic sets and Beatrix Potter sets, which he says he has seen being sold on eBay for about £80 to £100 and £25 to £30, respectively.
Is he worried that after a while the craze for coins will die out? “No, looking back at the history of these coins, I believe their value is only increasing each year. So, I may even sit on the coins for a few years in the hope their value rises,” he says.
Of course, if you’re collecting coins, ensure you keep them in a safe place – such as in a safe – and check that they’ll be covered by your home insurance.
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The interest-only time bomb…and how to defuse it
These are worrying times for homeowners who have interest-only mortgages. Many will struggle to repay their debt at the end of the loan and face an uncertain future. Here, we look at how this issue has impacted on some of our readers and suggest four ways to soften the blow.
It has been described for years as a “ticking time bomb”, but the months are now counting down for some homeowners with interest-only mortgages.
A popular product in years gone by, interest-only mortgages are now posing a big problem for homeowners across the UK.
Moneywise has been contacted by concerned readers who have this type of loan and are struggling to cope financially. Many are in a situation where they have a large debt and little chance of paying it back at the end of the mortgage term.
These borrowers face an uphill struggle to reorganise their finances. In some cases, people will be forced to sell their home and move into rented accommodation, while others face delayed retirement and hugely extended mortgage terms.
So how did we get to this situation and what can be done to help struggling borrowers?
Why are so many borrowers facing shortfalls?
Today interest-only mortgages are seen as a niche product, with many lenders shying away from this part
of the market entirely. But that wasn’t always the case. In the years leading up to the financial crisis, these loans made up a significant portion of the UK mortgage market.
According to the Council of Mortgage Lenders (CML), almost four in 10 (40%) mortgages approved in 2007 were taken out on an interest-only basis.
The premise is simple. You take out a mortgage to buy a house and, instead of paying down the debt each month, you simply pay off the interest. This means monthly payments are much smaller than a repayment mortgage and you can use the surplus cash to save or invest.
When you reach the end of your term, you will still owe the initial value of your house and at this point you should have enough cash saved to pay it off.
Yet the reality is that many people are reaching the end of their mortgage term and are unable to repay the loan.
Andy Wilson, mortgage adviser at Andy Wilson Financial Services, says a “significant proportion” of interest-only borrowers he meets are struggling to repay their loans.
“Many of these loans were linked to the proceeds of long-since surrendered endowment policies, and those plans that do survive to maturity are likely to produce shortfalls from the amounts intended,” he says.
“Other borrowers will have assumed ‘trading down’ at maturity would be a possibility, but now in the harsh light of the impending end date of their mortgage they actually don’t want to move or in fact do not have enough remaining equity to buy anything half decent if they did.”
Interest-only mortgages are expected to mature in three peaks, according to research conducted by credit reference agency Experian. The first is occurring between now and 2020. These loans were typically sold alongside endowment mortgages in the 1990s and early 2000s, and many have not performed to expectations. These borrowers have the least time to fix their finances.
The next borrowers have loans maturing in the mid-2020s. According to Experian, many of these borrowers are less affluent and have borrowed many times their salaries.
The final peak will come in the early 2030s when those who took out an interest-only mortgage in the lead-up to the financial crisis will see their loans mature. These borrowers face an even bigger problem as many took out loans with high interest rates and have little equity in their property. Experian estimates 12% of all interest-only mortgages are currently in negative equity. The one saving grace is that time is on their side and there is still the chance to put their finances in order.
An exercise in paperwork
It was back in March 2012 that Martin Wheatley, managing director of the then regulator, the Financial Services Authority, described the interest-only market as a “ticking time bomb”. Five years on, and the problems are more severe than ever.
Today’s regulatory body, the Financial Conduct Authority (FCA), estimates there are 1.8 million interest-only mortgages outstanding. It says many of these homeowners do not have a repayment plan in place and pointed to particular concerns about loans maturing between now and 2020.
Moneywise has spoken to concerned borrowers who:
face losing their family home in their 70s;
- will take an extra 15 years to pay off their mortgage;
- are pursuing mis-selling complaints against the advisers who recommended the mortgage; or
- have remortgaged but are still drowning in debt.
Many have been critical of the way banks have acted.
The FCA instructed mortgage lenders to write to all interest-only customers in 2013 and ensure they were aware of their financial obligations and had a repayment plan in place. But both customers and mortgage advisers suggest this was largely an exercise in paperwork.
One interest-only borrower, John Murphy, (see case study on page 34) says: “They wrote to me in the past, but it was never pressed.”
Meanwhile, Mark Dyason, a director at mortgage broker Edinburgh Mortgage Advice, agrees: “It was just an exercise. I’m not aware of any lenders phoning up borrowers to ask how they plan to pay off their loan. There was no significant follow-up and the initial letters were in some cases merged into the mortgage statement, so it was difficult for consumers to notice them in the first place.
“Borrowers will understandably think that lenders aren’t too concerned if they received one or two letters and then nothing else. The lenders are supposed to be the experts after all.”
Data from the CML backs up this criticism. It shows that only one in five customers actually responded to this contact from lenders, although more than 80% of those did have some repayment plan in place. What of the four in five who didn’t respond?
Mr Wilson says: “Many borrowers will have assumed the problem has gone away. This unfortunate naivety will eventually cause both borrowers and their lenders problems in the future.”
Perhaps unsurprisingly, the FCA has announced another investigation into the interest-only market will take place this year, amid fears that customers are not being treated fairly.
At the mercy of your lender
Moneywise asked the UK’s 10 biggest lenders for their interest-only polices and found a wide variation in procedures.
Some, such as Nationwide, will not allow an extension of the mortgage on an interest-only basis under any circumstances, while others – such as Coventry Building Society, Lloyds Banking Group and Yorkshire Building Society – will consider extending the mortgage term on the same basis if the borrower needs extra time to repay.
The level of contact also varies between lenders. Some, such as the Royal Bank of Scotland, contact borrowers at set periods throughout the mortgage – with 20, 15, 10 and five years until maturity – to check the customer’s repayment plan. Others simply say they contact customers “regularly”, often as part of the annual mortgage statement.
This lack of standardisation represents a major issue for consumers who are unsure what, if any, help will be given by their lender.
Mr Dyason says: “It is difficult for borrowers to approach a lender. There should be guidelines for what borrowers can expect from each lender.”
Finding a solution
It is crucial that interest-only borrowers do not put their heads in the sand on this issue. The earlier the problem is addressed, then the easier it will be to fix.
Here are some options if you are a borrower who is struggling:
• Switch to a repayment mortgage and start to pay down some of the debt. This will cause your monthly repayments to rise, but with interest rates at historically low levels now is a good time to remortgage and lock in a low rate.
• Switch to a half-and-half mortgage. As the name suggests, this is a mortgage where half is on a repayment basis and the rest is on interest-only. This allows borrowers to pay down the debt, but with less of a fi nancial burden than moving to a full repayment deal. A mortgage broker will be able to offer advice on which lenders can help.
• Make overpayments. Even if you’re unable to switch your loan, in most instances you will be able to make overpayments on your current interest-only mortgage and reduce the debt.
• Consider equity release. For older borrowers it can be especially diffi cult to get a new loan with a high street lender, meaning many are turning to equity release or lifetime mortgages. These mortgages are designed for those in later life as the interest and capital is only paid off when the borrower dies or leaves the property permanently, for example for a move into long-term care.
Although they are available from age 55, your fi rst port of call should be a traditional mortgage as equity release is more suited to borrowers over age 70. Interest rates are far higher than those charged on normal mortgages and most mainstream lenders do not offer equity release. The Equity Release Council reports the average interest rate charged was 5.35% in May 2017. In many cases, this interest is ‘rolled up’ so, unlike a traditional mortgage, you will pay interest on your interest, which can significantly add to the cost.
A positive is that with Equity Release Council certified lenders your home will never be taken away and you will never owe more than the cost of your home.
“The interest rates charged are typically higher than those in the mainstream mortgage market offered by high street lenders, but they can be fixed for life and will never change,” says Mr Wilson. “This cannot be said of ‘normal’ mortgages when we start to see base interest rates rise again.
“But lifetime mortgages are not for everyone. Given that it is probably the last significant financial transaction most people will engage with, careful consideration needs to be given to the options available, the benefits and also the risks.”
Moneywise verdict:
Was it a lack of forethought that got consumers into trouble with their interest-only mortgage in the first place? Consumers must always be aware of their responsibilities when they agree to any financial transaction, let alone one as important as a mortgage. For lenders, it is important that borrowers are contacted regularly and given proper meaningful support – especially to customers who could fall through the cracks. It is no surprise that the regulator is investigating this ticking time bomb once again.
Moneywise readers explain why they are struggling with interest-only mortgages
“My husband and I have an interest-only mortgage and it is the worst decision we ever made. We have around 10 years left and then we have to repay £50,500. We do not have the funds to pay this amount. We will have to sell our home to pay off what we owe and won’t have enough money left to buy another suitable home. We worry about this all the time. My husband is 71 and I am 69 this year, and both retired, so getting another mortgage seems out of the question. The council also owns 20% of the property, so this makes equity release difficult.”
Margaret Harris*, Yorkshire
“I borrowed £175,000 using interest-only at 1.25% above base rate. My thinking was that I’d invest in shares and easily beat the interest charges. Unfortunately, I’ve made some very bad choices on investments. I invested in single stocks and currently the value is 40% less than when I started. I’m also a big spender, so any leftover cash gets spent each month. I don’t have the funds to pay back the original sum. I feel it has put me back 15 years.”
Rob Hobson, Wolverhampton
“Our interest-only mortgage is due to end in September 2017. So far, all we have been offered is an extension to the end of the year while we try to sell a buy-to-let property to pay the outstanding balance. Our home has been valued at £250,000 and our outstanding mortgage is £45,000. Despite this, our bank is refusing to give us a repayment mortgage and extend the term. If we extend the current mortgage, it will still be on its high standard variable rate.”
VJ Davies, East Sussex
*Name has been changed.
“I can’t retire because of my interest-only mortgage”
John Murphy, 57 (pictured right), is a specialist psychiatrist and owns a property in Windlesham, Surrey with his wife Sarah, 55. He took a 10-year interest-only £720,000 mortgage with NatWest at the end of 2008, which will mature next year.
He estimates he has around £520,000 outstanding on his mortgage and will be unable to pay this off by the end of next year. John’s original plan was to pay off this capital over the term, but he says other costs mean he hasn’t paid down as much as he wanted to.
“We took out a 10-year interest-only mortgage at a rate of 2.79%, which was a good rate at the time,” he says. “I knew there would be capital to pay off at the end, so I have invested some cash. But my boys have gone to university and I haven’t been able to pay off any capital.”
John says he has been sent a letter by his bank reminding him that his loan was due to expire, but he feels the bank could have done more to make sure he had a suitable repayment plan in place.
“I think we’re both at fault: I should have paid off more capital, but the bank should have made it easier and highlighted the issue more,” he says.
“I’m going to have a situation where I won’t be able to retire because I’ll need to get a new mortgage.
“I have some Isas, but I don’t want to use my pension to pay down the capital.”
David Hollingworth of L&C Mortgages says: “John had planned to pay off the mortgage on a more ad hoc basis, but has, unfortunately, not made the inroads that he had hoped for. NatWest will typically allow overpayments of up to 10% of the outstanding balance each year, which can help him reduce his debt.
“However, given there will be an outstanding balance all potential solutions will result in John having a mortgage for longer. Remortgaging would allow John to restructure the mortgage over a longer term and to move it to a repayment mortgage.
“Lenders will want to see that mortgage will be affordable not only now, but until the anticipated retirement age. If there is adequate income post-retirement, they can consider lending later – but many lenders have a maximum age of 70 or 75.
“The length of term will have a big bearing in terms of the monthly cost. For example, a £520,000 repayment mortgage at a rate of, say, 2.5% would cost £3,908 a month over a 13-year term and £2,992 a month over 18 years.”
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Halfway There: Nine Ways to Assess Your Year-Long Goals at the Midpoint
Many, many people set year-long goals for themselves. I do it myself – for me, this year is a year of downsizing in various ways. For others, the goals might be specific – I want to eliminate half of my debt in the coming year – or they might be vague – I want to get in better shape. No matter what your goal is, though, a key part of success with that goal is reassessment and accountability to yourself, and there is no better time to reassess a goal than at the midway point.
Right now, you’re halfway there (or very close to it). You’ve probably seen some successes and some setbacks. You also probably have a much more realistic understanding of the goal and what it takes – and will take – to get to where you want to be.
Here are nine strategies you can use at this halfway point to assess your big goals for the year. Take a few moments to pause in the next few days and go through these techniques with your big initiatives for the year. You very well might find that these strategies bring forth a renewed energy and new directions for your goals.
Strategy #1: Look at your overall progress
Most good goals are measurable goals, in that they offer some very clear way to count your progress going forward. It might be an account balance. It might be your weight. It might be your step count. It might be your total debt. It might be your net worth. However you measure your goal, step back for a moment and look at that measurement in three places.
Where did you start? Where are you now? Where do you hope to finish?
Ideally, of course, you should be somewhere around halfway to your goal at the midway point. It doesn’t have to be exactly halfway – you might be more than halfway or a little less and it’s all fine. As long as you’ve made some significant progress, you’re in good shape.
The thing to really note here is whether you’re actually tracking along for a realistic shot at achieving your goal by the end of the year. Do you need to step it up to make it? If you step it up, can you actually exceed your goal?
I find that I’m usually most successful with yearlong goals if I’m at about 40% of where I want to be at the halfway point, for several reasons. One, 40% is enough to show me that I’m making real progress and that the goal is achievable, but that I need to keep going forward. It also gives me a lot of incentive to step back and reassess my tactics, which is the real focus of the next few strategies.
Strategy #2: Assess which tactics worked the best
During the first half of the year, you likely tried a bunch of different tactics to achieve your goal. If your goal was debt repayment, for example, it’s very likely that you used a bunch of frugal tactics to cut your spending and maybe did a few things to earn some extra cash. The same is probably true for improving your net worth. If your goal was career oriented, you probably pushed yourself to make yourself more attractive to employers by taking on big projects and building skills.
Now is the time to step back and assess the individual tactics you tried. Which ones really seemed to take hold and provide great results for you? Don’t worry about the failures at the moment. Instead, look at what really worked the best.
For example, you may have found that buying store brand products worked really well because your grocery expenses dropped significantly without any real negative impact on your life. You might have done some energy improvements and you can really see the year-over-year difference in your energy bill. Maybe you found some success in selling off unwanted stuff on Craigslist and flipping some yard sale and thrift store finds.
Try to find five specific things that you did that were really successful in terms of providing positive results without a whole lot of negative impact. These are your big successes and they should be a big source of inspiration – and a source for ideas – in the coming months.
Strategy #3: Figure out ways to maximize those tactics going forward
Now, look at those five specific successful tactics. How many of them can you directly continue in the coming months? How many of them could you actually expand a little in the coming months? Those are ones you should really bear down on in the future.
Let’s say, for example, that you’ve found a ton of success in cutting food costs by making meals at home. Going forward, emphasize this even more. You’ve seen that it works, that you can do this, that you can produce great meals at home at a low cost. Double down on this line of attack. What can you do to prepare even more meals at home? Will bulk meal preparation help you?
What if you’ve found a lot of success selling stuff on Craigslist? Do you have anything else that you can sell on there? Maybe you can hit more thrift stores for things to flip onto Craigslist. Maybe you can hit more summer yard sales. Maybe there’s another closet or two you can pillage.
Maybe you’ve found success with improving energy efficiency. It’s likely that there are even more things you can do to improve energy efficiency at home. Are you running your ceiling fans in the right direction for the season? Is your home well insulated? Do you have weatherstripping?
The goal here is to get all of the value you can out of the strategies that really click with you, because that probably means (a) that tactic is successful and (b) you find it pleasant and repeatable. If it works, stick with it.
Strategy #4: Assess which tactics didn’t work
At the same time, you’ve probably thrown some tactics at this challenge that just didn’t work at all. Maybe you decided you would “spend less” on hobbies but your hobby spending hasn’t really declined. Maybe you decided to “cut down” on sweets but you’re still knocking back a bunch of sugary treats. Maybe you committed to walking 10,000 steps a day but are only averaging 4,000.
Right now is the time to look at your tactics and simply accept that some of them just aren’t working for some reason or another. It may be that you simply can’t follow through with what needs to be done with a specific tactic in its current form. It may be that other elements of your life are making it difficult for you to succeed, like a busy family that struggles to wean itself from ordering constant takeout.
Whatever it is, accept that at least a few of the things you’re doing right now aren’t working.
It can be really hard to accept that you’re pouring effort and time into tactics that simply aren’t producing results, especially when on the surface you believe that they should be producing results. The reality is that there probably is a way to find success with that particular tactic, but not in the way you’re approaching it.
In other words, you simply need to dump bad approaches. Wherever you’re investing time, effort, energy, focus, or money into progress toward a goal and you’re not seeing any significant progress, that’s a place where you need to accept that a new approach is needed and that your time, effort, energy, focus, and money can and should be used in a better way.
Strategy #5: Eliminate or refactor those tactics for the second half
These bad approaches, as well-intentioned as they might be, simply aren’t working. So drop them. Don’t keep throwing effort and energy and focus behind tactics that simply aren’t doing what you want them to do. It’s a waste of valuable energy, focus, and time, all of which could be used to find success with other tactics.
Dump those bad tactics and don’t lament that they didn’t work. Instead, be glad that you have given yourself permission to use your focus, energy, time, and effort in better ways that will produce more useful results.
That doesn’t mean that these experiences were useless. In examining your failed tactics with this kind of critical eye, you may see a new approach that might work much better for you. For example, if you’re finding it hard to hit a daily step goal of 10,000 steps and you’re not even coming close to it, perhaps resetting the goal to 5,000 steps might work. A simple readjustment of a daily or weekly goal into a range that’s actually achievable will produce positive results, even if it’s not the high threshold you once had. You’re better off pushing yourself to do a little more and succeeding than pushing yourself to do a lot more and failing.
At the same time, re-evaluation of a failed tactic might point you in a completely different direction for success. For example, you might realize that, although a particular class didn’t work for you as you try to earn a certification, you realized that hands-on learning really excites you, so seeking out hands-on learning opportunities could be a great tactic to use going forward in terms of bolstering your career. Alternately, you may find that, although you like cooking and eating homemade food, you don’t like having to do it in the evening after a ten hour day, so having a weekly “meal prep day” might be a really good strategy to try.
Dump bad tactics, but at the same time, try to learn from them. Adjust the tactics to match your reality, or use the ashes of a failed tactic to give birth to a new approach.
Strategy #6: Look for new tactics to try in the second half
Since you’re dropping some tactics, right now is a great time to look for some new tactics to replace them. Reworking your game plan doesn’t mean just dropping what doesn’t work and “doing more” of what does work. It means bringing new things online that may help the cause.
If you’re lining up for a promotion at work, take a fresh look at the job requirements of what you’re shooting for and start applying tactics to achieve all of those things. If you’re trying to spend less money, browse through some frugality strategies and pull out some new ones you haven’t tried before. If you’re trying to launch a side business, do some brainstorming of new directions to take on.
Just like the start of the year, some of these will work and some of these won’t. However, you’ve dumped a bunch of tactics that you know don’t work and you’re retaining a bunch that do work, so use that insight when collecting new tactics. You may be able to draw some general conclusions about things that will click and things that won’t click, and you can use that sense of what works to make smarter tactical choices.
In general, I find that thirty day challenges work really well for trying new tactics on the road to a big goal. Focus intensely on one tactic for thirty days and see what the true impact of that tactic is. Does it click? Does it give big results? If it does, keep it around. If not, drop it and move on to the next tactic.
Strategy #7: Look for unexpected problems that cropped up in the first half
No significant goal, and no significant stretch in life, is completely smooth. You’re not going to travel in a straight line from point A to point B if there’s any significant distance at all between the two. Unexpected events – things you can’t possibly see when you depart – are going to move you in unexpected ways and cause unexpected problems.
What unexpected problems happened for you in the first half of the year? Did you find yourself with a bunch of unexpected expensive travel? Did you find yourself in situations where you couldn’t count calories very easily? Did you get sick? Did you lose your job? Did you find yourself stretched way too thin in terms of time commitments?
Try to identify at least three problems that came up during the first half of the year that you didn’t expect that caused your progress toward the goal to be slowed or blocked in some way. What things happened unexpectedly in your life that caused you to not drift straight toward your goal?
Simply being aware that these problems exist can be an eye-opener, because it means that in the future you will plan for some unexpected events and you also have some idea of the impact they can have on even the best laid personal plans. However, you can also take direct advantage of what you now know and plot a better path going forward…
Strategy #8: Develop specific solutions to those new problems
If you followed the last strategy, you should have identified three problems that popped up unexpectedly as you marched toward your goal. Likely, you kludged together some sort of a quick solution for those problems and kept on marching. You paid for the travel with a credit card and a sigh. You nursed your broken ankle. You dropped all of your savings plans and started searching urgently for new work.
Now, with the benefit of hindsight, ask yourself what you could have been doing differently to minimize the negative impact of those unexpected events. What could you have done to be more prepared for a job loss? What could you have done to be more prepared for unexpected travel? What could you have done to be more prepared for unexpected interruptions to your workout routines?
These types of evaluations will often push you toward what I would describe as “transferable” life choices. In other words, when you start looking at how life has interfered with your goals and start looking at solutions to those different interferences, what you’re really doing is looking to make your overall life less susceptible to interference. It will actually help all of your goals.
For example, if you found that your debt repayment plan was slowed drastically by your car breaking down in March, you’ll quickly see that having an emergency fund in place would have done a great deal to keep that from happening, so you’ll make an emergency fund into a higher priority. However, an emergency fund is going to be helpful in terms of preventing interference with many different goals, not just your current one. It might keep you from having to miss a day or two of work to take care of a life problem, which can hurt your standing at work. It might enable you to take a trip to be with an ailing friend when you might not have been able to otherwise pull it off, which can help your social and spiritual life. Emergency funds are just helpful.
The same exact thing is true with almost every solution you implement to these problems. Efforts to improve your employability makes it easy to handle all kinds of unexpected career events and many personal events, all of which can impact both the flow of ordinary life and your progress toward a myriad of goals. Having a side gig improves your professional options and, eventually, improves your personal options, too.
Evaluating the unexpected problems in your life and coming up with lasting solutions for them is always a good strategy, but it’s particularly good at helping you keep marching toward big goals.
Strategy #9: Restate your goal as a six month goal
This is a strategy that works really well for me when it comes to big goals. At the halfway point, I actually cut the goal in half and restart.
So, let’s say my goal was to pay down $10,000 in debt this year. At the halfway point, I’ve dropped that debt down to $5,500. So, right now, my goal changes. I don’t worry about the “year long” goal any more. Instead, I have a six month goal – I need to pay off $5,500 in debt in the next six months.
I find this strategy to be very powerful because it makes that goal feel more immediate. It’s no longer a year long goal. It’s a six month goal. It’s coming right up and I have to get on it now. A year makes me feel I have more breathing room than six months does.
In truth, I tend to do quarterly reviews of all of my goals and I tend to refactor my goals in this way at each review. So, three months from now, this will become a three month goal and I’m going to have to hammer down even harder.
Basically, this is an excuse to feel like I’m starting from scratch with the goal, with two advantages. One, I learned a lot from the first half of the previous goal, which I can apply going forward. Second, the reduced time frame adds a strong sense of urgency.
Final Thoughts
The real purpose behind all of these strategies is to step back for a moment, look at your goal and your progress with a critical eye, and make some alterations to ensure that you finish out your goal with great success. You’re tossing out what doesn’t work, emphasizing what does work, bringing in a few new techniques, and shoring up your protections against unexpected events so you can shoot right to your destination.
These techniques all work for goals of almost any length. I tend to do a “quarterly review” of all of my goals and use these tools with each goal (and, yes, it does take a while, but it’s incredibly rewarding and has really improved my success with goals as of late).
This weekend, step back with your yearlong goals and use these strategies to re-evaluate them. See if you can streamline your tactics and put yourself in the best possible position to succeed, regardless of what your specific goal is.
Good luck!
The post Halfway There: Nine Ways to Assess Your Year-Long Goals at the Midpoint appeared first on The Simple Dollar.
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