Meaning of 'clean coal' mentioned by Trump unclear

President Donald Trump invoked "clean coal" at Tuesday night's rally in Phoenix, repeating a phrase that's used often by coal industry supporters to put a positive spin on the heavily polluting fuel — but one that remains ambiguous in its definition.The Republican president took credit for the opening of a coal mine in Pennsylvania, saying, "We've ended the war on beautiful, clean coal, and it's just been announced that a second, brand-new coal mine, where they're going to take [...]

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Pennsylvania to forgive $30M in loans to Cheyney University

HARRISBURG (AP) — Pennsylvania's state-owned university system has agreed to forgive $30 million in loans to a financially struggling historically black college if the school can maintain a balanced budget over the next four years.The chairwoman of the system's board of governors says the plan approved Tuesday gives Cheyney University a "path forward" as it tries to close a $7 million budget gap and preserve its accreditation. The school has until Sept. 1 to submit a plan [...]

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Google and Walmart Are Teaming Up to Bring You Even More Voice Shopping

It’s a classic tale of Amazon amnesia — a package arrives, and you open it to find a new appliance, knick-knack or tech toy you don’t remember ordering.

Amazon Alexa owners have probably learned this valuable lesson: Never voice-shop after a few glasses of wine.

With Google and Walmart announcing a new partnership Wednesday, Google Home users will have to learn it as well.

Here’s How to Use Your Beautiful Voice to Order Walmart Products

The partnership actually kicks off in September, but here’s a primer.

Through Google Home’s Google Assistant, you can use your wonderful voice to order items one at a time, or put together an online shopping list and buy the bundle later on using the Google Home app, Recode reported.

You can already order from PetSmart, Costco and other retailers through Google Express, but the “hundreds of thousands” of products Walmart will provide should bring the tech company closer to touching the behemoth Amazon’s voice-retailing capabilities.

And here’s something even better than shopping without moving anything more than your lips: If you sign up for Google Express right now, you get 20% off of your next purchase when Walmart arrives.

Google, order paper towels, because I just did spit my coffee all over the place.

Bonus: Check out these other little-known ways to save money at Walmart every time you shop.

Alex Mahadevan is a data journalist 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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Verizon Now Has 2 Unlimited Plans. We Read the Details So You Don’t Have To

There are few things worse than running out of data on your cell phone plan and having to pay overage charges because you watched too many get-ready-with-me makeup tutorials on YouTube.

Seriously: Learning to contour is hard, and we are not living in the Stone Age.

That’s probably why Verizon finally jumped on the bandwagon back in February and started offering unlimited plans after notably resisting for years.

After only a few months, the cell phone giant has split its single plan into two. There is the cheaper Go Unlimited plan and the pricier Beyond Unlimited. While those who already signed up for an unlimited plan can opt to stay on that plan, anyone who signs up now will have to choose between the two plans.

“With Go Unlimited, you get the Verizon network at an even better value,” the company wrote in a press release announcing the new plans. “Beyond Unlimited gives you the best of the best.”

If those Verizon commercials that brag about their RootMetrics wins somehow convinced you that they are worth the switch, here’s what you need to know about the plans.

Verizon Go Unlimited Vs. Beyond Unlimited: Price Showdown

Since we’re Penny Hoarders, the most important thing to mention is the price difference between the two plans so we don’t kill our budgets.

The price per line difference between the two plans varies between $5 and $10 depending on how many lines you have on your plan.

If you want to pay the advertised prices, you’re going to need at least four lines. With Go Unlimited, that would cost you $40 per line, and with Beyond Unlimited, it’s $50 per line. That means a family of four would pay $160 for Go Unlimited and $200 for Beyond Unlimited each month.

If you’re not pricing cell phone plans for the whole family, a single line costs $75 and $85 respectively.

We should note these prices include discounts for signing up for automatic payments and paperless billing. Don’t sign up for those options, and you will end up paying more each month.

Is Verizon Unlimited Actually ‘Unlimited’?

Look, one of these plans is obviously better than the other. And yes, it’s the more expensive plan.

Beyond Unlimited comes with faster data, better video quality and a faster mobile hotspot. It also includes calling, texting and data in Canada and Mexico so you don’t have to worry about extra costs if you need to use your phone on your next vacation.

Basically, while Go Unlimited is technically unlimited, you’re really just getting an endless amount of a lesser plan.

But it could still work for you if you are committed to stalking your co-workers’ Facebooks and watching your favorite Netflix shows on your laptop instead of your mobile apps. But if you can’t stop yourself from browsing the internet on your phone 24/7, it could be tough to work with the limitations of this plan.

There is some good news if you already had — and loved — your old Verizon Unlimited plan: You get to keep your plan, PLUS you get the upgraded video quality of the Beyond Unlimited plan.

Desiree Stennett (@desi_stennett) 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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11 Free Budget Motel Amenities That Always Make Us Feel Like Rock Stars

Luxury hotel amenities have apparently reached peak “Really?!”

A recent New York Times Travel Tip column highlights the top of the top-shelf amenities you can enjoy at luxury hotels. From complimentary happy hour to free fitness classes to a house car (a Bentley or Tesla please, thanks), these amenities seem a little… shall we say, ambitious.

“Most St. Regis hotels, for example, saber a bottle of Champagne every evening in their lobby bars and offer a glass to guests who are present for the ritual,” Shivani Vora writes.

“Your hotel’s gym is likely to offer free bottled water and fruit; some gyms even have free juices and trail mixes.”

I’m sorry, which hotel gyms are these New York Times readers frequenting? Why are they nicer than the gym I actually pay to use back home?

11 Budget Hotel Amenities to Savor

Just because you travel on a budget doesn’t mean you need to sacrifice amenities. After all, luxury is in the eye of the beholder, right?

Don’t forget about these amazing hotel amenities you can find at even the most modest of inns:

1. Use the toilet paper.

2. Catch up on your reading. Don’t thank your hotel; thank the Gideons.

3. Stop by for continental breakfast promptly when it begins at 6 a.m. Then visit again around 9:30 a.m. for a snack. Maybe even a snack to go, if you’re wearing cargo shorts. Oversized snap pockets: finally useful.

4. Sit on the fine upholstery in the lobby. Bounce around a little. Look like a regular. Heckle people checking in.

5. Take every last complimentary toiletry item home with you.

6. Turn on all the lamps in your room. The electricity is free!

7. Need some fresh air? Stand in the parking lot.

8. The “fitness center” is free, too; 27.5 laps around the hotel equals a mile.

9. Oh, your hotel doesn’t offer a complimentary happy hour? Well, you have an ice bucket. Fill it. Hit up the packie. Call your friends. Tell them it’s OK to use some of your toilet paper.

10. If your hotel doesn’t have a house car or bicycles, hop on the housekeeping cart and go for a ride. You might get all the way to the elevator!
11. If you didn’t get a choice between USA Today and The Wall Street Journal (sigh), stop by the front desk to ask if they got the newspaper. Any newspaper. Flip to the funnies. Rip out the crossword puzzle. Walk away. It’s your puzzle to conquer now.

If you need me, I’ll be waiting out front for my loaner Bentley.

Lisa Rowan is a writer and producer 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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Free College Tuition Is Becoming a Reality in More and More States

College is among the first major financial investments many young adults will face in their lives.

But the rising cost of college and the thought of taking on massive student loan debt have some potential co-eds and their families reconsidering that investment.

The good news: Several states — and cities — have implemented or are considering plans for free college programs for its residents.

We’ve written about this before (here, here and here), but more and more states are joining the bandwagon.

CNBC reports more than 20 states offer some form of free college for students.

“Based on the early evidence, there has been an enrollment boost,” Dustin Weeden, a senior policy specialist at the National Conference of State Legislatures, told CNBC. “That’s where the benefit is — bringing in students who would not have attended without the free college program.”

Free College Tuition Is Becoming a Reality in Many States

The Campaign for Free College Tuition believes public state schools should be tuition free. The nonprofit organization offers information about where free college programs are being implemented and why it’s important to have access to more affordable higher education.

“We believe that it is time for older Americans to provide younger generations with many of the same possibilities we enjoyed by fundamentally reforming our nation’s system for financing higher education,” the campaign’s About Us page reads. “The growing divide between family income and higher education cost increases have made the current system unworkable.

The following lists show which states offer free college and which are making moves toward that direction, according to the Campaign for Free College Tuition.

States That Have Statewide Scholarship Programs

• Arkansas

• Delaware

• Hawaii

• Indiana

• Kentucky

• Minnesota

• Nevada

• New York

• Oregon

• Rhode Island

• Tennessee

States With Extensive Scholarship Programs

• Florida

• Georgia

• Iowa  

• Louisiana

• Mississippi

• Missouri

• New Mexico

• Oklahoma

• West Virginia

• Wyoming

States With Introduced Legislation for Free College

• Alabama

• California

• Colorado

• Michigan

• Montana

• Washington

Offering tuition free of cost is a trend that’s spreading across the nation. As this movement grows, more students will be able to fulfill their dreams of earning a college degree — and hopefully entering the workforce with a greater advantage.

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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A Perfect 850 Credit Score Sure Feels Great, but it Won’t Change Your Life

Your credit score used to be a mystery. Now, it’s so easy to keep track of that it almost feels like a game.

“Americans may finally be approaching what could arguably be called peak credit score,” Bloomberg’s Suzanne Woolley writes in a fascinating examination of the ways some people obsess over their credit scores.

The Fair Isaac Corporation told Woolley that about 1.4% of American consumers have perfect 850 credit scores. A growing group of “super-prime” customers have scores higher than 800. And the national average credit score is even up to 700, after dipping during and after the Great Recession.

For some credit score elites, increasing their scores even further has become something more than a hobby.

Credit Scores: They’re Everywhere

Woolley points out that it’s easier than ever to access your credit score, which used to be held under lock and key. You could use the government’s annual free credit report program to check for discrepancies, but to get the actual number, you had to pay $20 or more.

Now, in the era of Credit Karma and Credit Sesame, Discover’s Credit Scorecard and just about every bank and credit card servicer inviting you to check your score for free, we’re surrounded by these numbers.

They’re all a little different thanks to the various scoring models and calculations of each credit bureau. Instead of simply helping you strive to be financially responsible, an easily available credit score gamifies the pursuit.

Getting a perfect credit score is a challenge akin to getting perfect attendance in junior high: No one will know unless you waive your achievement certificate around. That is, unless you’re thinking about financing a car, getting a mortgage or moving to a new apartment.

Your potential lender may see a score slightly different from the one you’ve grown comfortable with, but ultimately uses the same scale of 300 to 850 to determine your purchasing power.

You’re Probably Overthinking a Perfect Credit Score

Having a laser focus on your credit score may not be worth the time, experts say.

“There is no incremental value to having an 850 score over, say, a 760 or 780,” credit expert John Ulzheimer told Bloomberg.

Your score also fluctuates from month to month, which could leave you scratching your head, wondering what you did right or wrong — when it’s probably some algorithm making a miniscule adjustment.

Just for kicks, I checked my credit score every which way I knew how, just to see what would come up on this given day.

There’s a 17-point spread between my top and bottom scores. My two TransUnion VantageScore 3.0 numbers match, but I have two different FICO scores from two different banks.

In April, I wrote about the introduction of VantageScore 4.0, which will embrace adjustments to the National Consumer Assistance Plan, a cross-reporting fairness initiative. I’ve been waiting anxiously for my Credit Karma score, currently calculated using VantageScore 3.0, to switch over when 4.0 kicks in this fall.

What will the potential change by a few points mean for me? Probably nothing. I don’t plan on making a big purchase any time soon or asking for additional credit. I’m just curious.

And you know what they say about curiosity.

What to Worry About Instead of Your Credit Score

It’s not your credit score that counts so much as what’s inside it, much like a box of chocolates that comes without a map on the lid.

“The score isn’t what you should be concerned about,” Rod Griffin, director of public education at Experian, once told The Penny Hoarder writer Carson Kohler. “It’s managing the debts you already have and getting rid of that temptation to take on more debt when you can’t finance what you already have.”

Your credit report is the document you should actually examine on regular basis.

Your credit report shows the accounts you have, your limits and payment history for those accounts, and a whole lot of personal information about you. It’s not just about making sure it’s accurate. It’s also about making sure the entire report is as healthy as possible.

Factors like how old your accounts are, your payment history and how much of your available credit you’re using all go into the calculation of your credit score. But it may be better to spend time working on improving each of those factors rather than worrying about the final score.

Lisa Rowan is a writer and producer 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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These 4 Work-From-Home Jobs Have Sweet Benefits — and They’re Open!

While there are a lot of legitimate ways to make money at home, having a regular work-from-home job is sometimes the simplest way to ensure a steady income and a stable working environment.

And while everyone has their own reason for wanting to work from home, there’s no denying that the flexible schedule, lack of commute and the ability to earn a living from the comfort of your own home are reason enough.

(The whole no pants thing just sweetens the deal.)

4 Work-From-Home Jobs You Can Apply for Now

Today, we’ve got four work-from-home jobs that we think you might be interested in. And with a list of job titles ranging from writer to “Happiness Engineer,” there seems to be a little something for everyone.

And if you don’t see a job here that works for you, be sure to like our Jobs page on Facebook! We post awesome work-from-home opportunities there whenever we find them.

1. Travel Agent at Vail Resorts

Vail Resorts is a mountain resort company that specializes in luxury travel.

The company is currently looking for a full-time work-from-home seasonal travel agent to answer inbound calls and assist customers with booking customized vacation packages.

You should have a high school diploma or equivalent, at last six months’ experience working in sales or as a travel agent, excellent communication and active listening skills and proficiency with a computer.

Bonus points if you have an associate’s or bachelor’s degree, past experience working from home, knowledge of the ski and snowboard industry or vacation planning experience.

If you speak Spanish proficiently, you may be eligible for additional pay.

You must have a secure, wired internet connection, a landline telephone connection and a quiet home office space. The company will provide you with most of the technical equipment needed, including a headset, telephone and webcam.

This is a full-time, seasonal position lasting six to seven months. You should be available to work 40 hours per week, including evenings, weekends and holidays, and you may be asked to work additional hours during peak season.

You should be located near Salt Lake City, Utah, as you will be required to participate in on-site training for the first three weeks. After the initial three weeks, you’ll complete virtual training from home.

Pay includes an hourly base pay plus commission. The company says agents earn an average of $15 per hour.

Benefits include medical, dental and vision insurance and a 401(K) plan, among plenty of other perks. Plus, you’ll receive a complimentary season ski pass for you and your family, as well as discounts on retail, food, lodging and transportation at select Vail Resorts locations.

To apply for this job, go here.

2. Happiness Engineer at Automattic

Automattic is the company behind the software that powers sites like WordPress and WooCommerce.

The company is currently looking for a Happiness Engineer to provide customer and user support via live chat, tickets, forums and one-on-one screen sharing.    

You should, first and foremost, be passionate about making people happy. You should also be able to answer people’s questions efficiently and help customers understand how to get the most out of Automattic’s products.

You should have patience and compassion, excellent written and verbal communication skills and some basic technical knowledge including HTML and CSS.

While the nature of the job sometimes requires, evening, weekend and holiday hours, you may have the ability to craft your own schedule around your needs.

Pay and benefits are not listed, but we’ve reached out to the company and will update this post when we hear back.

Go here to apply for this job, but be sure to read all the way to the bottom so that you can answer all of the required questions.

3. Editorial Assistant at Student Loan Hero

Student Loan Hero is a platform that helps users manage and pay off their student loans.

The company is currently looking for an editorial assistant to help with every aspect of the publishing process across a variety of platforms, including the blog, columns, ebooks and email.

As an editorial assistant, you’ll be in charge of maintaining the editorial calendar, managing workflow, performing research and fact checking, creating posts, sourcing photos and publishing content, along with various other tasks.

You should have a bachelor’s degree (a focus in journalism, English or media studies is preferred), and one to two years of experience in an editorial or administrative support role including internships, school newspapers or other relevant college activities.

You should possess excellent reading, writing and communication skills, strong proofreading abilities, a solid handle on grammar, a strong attention to detail and excellent time management skills.

Hours are flexible, and the company encourages you to work when you’re most productive — and from anywhere in the world.

Pay will be based on experience and location. Benefits include unlimited vacation, new technology and a technology stipend, a remote workspace stipend, 100% paid health insurance premiums and some other awesome health care perks. You’ll also receive a continuing education stipend, a retirement account match and a student loan repayment match.

To apply for this job, go here.

4. Writer at Student Loan Hero

The same company is also looking for a writer to craft blog posts and create content about student loans and general finance related issues.

You’ll be in charge of identifying, pitching, researching and writing about various student loan related topics, conducting source interviews and turning around quick, breaking news pieces.

You should have at least two years of experience writing and publishing online (preferably in a blogging format) and a familiarity with blogging formatting, style and tone. You should also be familiar with WordPress and have experience conducting interviews for articles.

Bonus points if you have experience writing about financial topics and an understanding of SEO best practices.

You should be available to work full-time, but hours are flexible and the company encourages you to work whenever and wherever you’re most productive.

Pay will be based on experience and location. Benefits include unlimited vacation, new technology and a technology stipend, a remote workspace stipend, 100% paid health insurance premiums and some other awesome health care perks. You’ll also receive a continuing education stipend, a retirement account match and a student loan repayment match.

To apply for this job, go here.

Grace Schweizer is a junior 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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Want to Make $50K/Year Without Working? Set Up a Passive Income Stream Now

Can you imagine a life where you don’t have to work every day? Instead of needing to work, you could work because you wanted to, or you could just choose not to work.

Conventional wisdom tells you the path you’re supposed to live looks like this:

1. Go to college.

2. Get a good job.

3. Get married.

4. Take out a loan for school, your wedding, a car, furniture and a house.

5. Work hard for 30-plus years to pay off all the debt you accumulated.

6. Maybe you’ll have enough to retire, and then again, maybe not.

The truth is that there is another way to live. You don’t have to go the traditional route. After all, you’re the one in control of your life. You can do anything you want.

Isn’t that a freeing thought? To know you’re in the driver’s seat of your own life? For me, it is.

One thing that has been on my mind a lot, and that I have begun to work toward, is creating passive income so my limited time isn’t constantly being exchanged for money.

And because I’ve always had a fascination with passive income, I’ve been drilling down on it lately and not only learning more, but also taking action.

I think most people could happily live on $50,000 per year (provided they had no debt), so I thought it would be a good idea to explore some ways to make $50,000 per year without working.

How This Works: Front Load Your Life

Front loading your life is working hard now so you don’t have to work so hard later.

It’s kind of like making a snowball. At first, you’re packing the snow and rolling the ball around to make it bigger. After a little work, your ball starts to roll down a hill and gets bigger and bigger and bigger all on its own.

At this point, the snowball’s momentum starts to work in your favor.

That’s what front loading is all about. That, my friends, is exactly how you can earn $50,000 per year without working.

You have to work hard up front, and in anywhere from 10 to 30 years (depending on how much you invest and how smart you are about the way you invest), you could earn a good amount of passive income.

Here are just a few ideas for earning $50,000 per year without working.

Own 10 Rental Properties  

Net: $4,200 per month

Ten rental properties that provided you a net income of $4,200 per month — after figuring in things like vacancies, maintenance, repairs, property management, taxes and insurance — would bring in $50,400 per year.

Depending on the locations and types of properties you have, it may take more or fewer properties for you to reach that $50,000 per year mark.

One successful real estate investor I’ve enjoyed learning from is Paula Pant. Paula has a total of seven rental units that net her around $80,000 per year.

If you’re wondering what to look for in rental properties, here’s an excellent post from Paula on why she purchased one rental property. It includes how she evaluated the neighborhood and the math she uses to figure out whether a particular rental is a good investment.

If rental properties are something you’d like to get into, I’d highly suggest you start doing research now. Real estate is something that has always interested me, and from my research it seems like everyone has different goals and different criteria for how they choose their investments.

That means you’ll need to create your own path and consider your risk tolerance to reach your particular goals.

Invest $1.25 Million in Dividend Stocks

Net: $50,000 per year

This particular method appears, at first glance, a little harder to achieve than the rental property scenario, but stick with me, please. These methods are actually very similar. With both, you’re buying an asset that provides you cash flow.

Dividend stocks are great because, while they pay dividends, they can also appreciate (or depreciate) in value. This means you’ll still get to take advantage of compound interest on the value of the stock. Plus, you can reinvest your dividends until you reach your desired amount.

The cool thing about dividend stocks is when you need the dividend checks to live off of, you don’t have to touch the underlying assets. In other words, you don’t have to sell your stocks to get money. The value you have in stocks still has the chance to compound and grow without you ever adding anything else to it!

And because you get to take advantage of compound interest and can reinvest your dividends while growing your nest egg, you’re not actually contributing that full $1.25 million.

Build a Business, and Outsource the Work

Net: $4,200 a month

I don’t want to sound all “4-Hour Workweek” here, but outsourcing a business is possible.

My dad owns three businesses: two department stores and one greenhouse. He works at one of these businesses.

The other two are outsourced to different family members. There are also managers for different departments and, of course, employees.

There’s simply no way that he could run all three businesses by himself. Quite frankly, he doesn’t want to.

I’ve tried copying this method in my own online business, and so far am headed in the right direction.

For instance, there are a couple parts to my businesses. First, there’s freelancing. Freelancing is very much active and requires my direct involvement. I can’t hand this off to other people.

The other side is blogging. My own blog generates around $2,500 to $3,000 per month and I normally spend around five to seven hours a week on it.

I used to spend much more time on it, until I started to outsource. I hired out social media and brought on a writer to help with the workload. My expenses rarely exceed $500 per month.

This means I’m now netting around $2,000 to $2,500 per month from a blog I enjoy running while only spending 20 to 28 hours per month on it. That’s around $75 to $100 per hour.

While it’s not completely passive, it’s headed in the right direction and sure beats my old day job that paid $11.50 per hour.

It is completely possible for you to build a business in any area you enjoy and then outsource once you get systems in place. This doesn’t happen without a bunch of initial hard work, though — it’s all about front loading.

This post originally appeared on The College Investor. The College Investor helps millennials get out of student loan debt, earn more money, start investing and build real wealth.

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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A Sneaky Way to Talk Money on a First Date Without Making Things Awkward

When Krista and Danny met, Krista was living in Baltimore and working as a teacher’s aide. She didn’t make much money. She used food stamps to supplement her income, and she had not paid a penny toward her $40,000 in private and federal student loan debt in years.

Danny was working as a financial aid adviser. So it’s not surprising that their conversation eventually landed on her mountain of debt.

By the end of the date, Danny had already helped Krista work up the courage to call one of her lenders and make a payment over the phone.

“I just felt isolated, but then, having met Danny, I just didn’t feel that way anymore,” Krista told host Anna Sale in a recent episode of the podcast “Death, Sex & Money.” “It stopped becoming my identity, and it started just becoming something that… can be controlled but doesn’t control me, and that was a huge revelation.”

Yes, this was their first date. No, this is not weird. In fact, Sale called it “the most beautiful, sweet thing,” and I agree.

We’ve been trained to believe that if we want conversations to remain civil, we are supposed to steer clear of conversations about money.

And when it comes to first dates, we seem to double down on that rule.

But if you believe that, I can tell you right now that you probably don’t want to go on a date with me because that’s where I’m taking the conversation. (While we’re at it, we’ll probably discuss religion and politics, too.)

Backtracking on that crush you thought you had on me? It’s cool. Don’t ask me to dinner. But at least hear me out before you decide to disagree with me. I’ve got proof.

You and Your Boo May Not Be on the Same Page About Money

The Cashlorette, a blog run by Bankrate analyst Sarah Berger, conducted a survey about our views on money and dating last month.

On some things, men and women were pretty close. For example, men think a first date should cost $89.94 on average. Women thought it should cost a few dollars less at $83.97.

The survey showed that 85% of men thought it was their responsibility to foot the bill for the first date. That’s a good thing because only 8% of women said they expected to pay the full bill on a first date. (In our defense, 37% of women said they expected to split the check.)

Unfortunately, other disagreements over money can cause problems.

According to the survey, 51% of people who are married or have a live-in partner said they have gotten into a fight about money at some point in their relationship.

Of those who fought about money, 59% said the fighting started because one person in the relationship thought the other was either spending too much or was entirely too cheap.

Another 16% percent of couples who said they fought over money said it started because someone lied about their spending habits, while 14% said they got into arguments over how to divide up bills.

While it’s impossible to know everything about your new boo and their relationship with money in a single conversation on a single date, a few key questions might help you avoid partnering up for life with a cheapskate if you’re a big spender.

Don’t Ask ‘Are You Rich?’

I’m… blunt. When I’m not careful, as soon as thoughts enter my head, they come tumbling out of my mouth.

That happened a few days ago with a guy I met at a bar while out with a few friends. He went on and on about how he moved to Florida because he got a huge raise at his new job and how he made so much more money now than he did before.

He brought it up, so I asked the question everyone was thinking: “Are you rich?”

This wasn’t a date. This wasn’t someone I was trying to build a relationship with. But this was someone I just met. I shouldn’t have to say this, but if you’ve never talked about finances on the first date and you want to start, this is not the way to do it.

Instead, just work it into the conversation casually, and ask questions that allow you to make a few inferences about your date’s financial stability.

For example, ask your date if he likes to travel. If he does, look for specifics.

If he rattles off an endless list of countries and cities he has visited, you know that he likes to spend money on experiences, but that might not be enough to gauge his spending habits.

Follow up with questions and find out if these were work-related trips or just for fun. Ask where he stayed. Is he staying in hostels and spending $20 a night on backpacking trips? Or is he the type to drop $300 a night on the swanky hotels for 10-day excursions?

Just like that, a simple conversation about traveling can teach you about how your potential partner spends. And you can compare this information with your own spending habits to gauge whether you’d be among the 51% of couples who fight about money.

And that’s just one way to approach it. Is your date a music lover? Ask about concerts or music festivals. Did your date say he’s foodie? Find out if he likes to cook or if he just moved to your city but has somehow tried every restaurant in town.

As you go on more dates and get more comfortable, you can ask more direct questions to make sure you’re right about the first date inferences. Not only is it informative, it’s painless.

Desiree Stennett (@desi_stennett) is a staff writer at The Penny Hoarder. She’s also single, so it’s possible that she’s wrong about this. Anyway, she’ll see you on Tinder. Happy swiping.

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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This Company Is Hiring Entry-Level Transcriptionists to Work From Home

Transcription is a great field to get into if you’re looking for a work-from-home job with flexible hours.

The ability to make as much as $25 per hour is pretty sweet too!

It can be a competitive industry to break into if you’re just starting out and haven’t yet built up experience. That’s why these transcriptionist job openings at Allegis Transcription are so exciting.

One of the jobs even includes free training!

These are independent contractor positions with flexible schedules that allow you to set your own hours. You must be based in the United States.

A huge shout out to Work at Home Mom Revolution for first noticing this opportunity.

The job listings don’t include pay information, but I’ve reached out to them and will update when I know more.

And if these transcription jobs aren’t right for you, check out our Jobs page on Facebook. We post new opportunities there all the time.

Apply for These Entry-Level Transcriptionist Jobs

Allegis Transcription will train people to transcribe recorded audio files into written documents.

Job requirements include:

• Availability to train for two to three hours per day for two to three weeks, generally from 7:30 a.m. to 3:30 p.m. PST

• Minimum 75 WPM typing speed

• Excellent spelling, grammar and punctuation skills

• Good attention to detail

• PC with Windows and MS 2010 or higher

• Transcription foot pedal

Apply here for the Entry-Level Transcriptionist job.

Allegis Transcription Is Also Hiring Experienced Transcriptionists

Allegis Transcription is also hiring transcriptionists with a minimum of two years’ transcription experience.

Job requirements include:

• Ability to transcribe verbatim with 98% or higher accuracy

• Ability to learn and adhere to Allegis transcript formatting standards

• Ability to meet weekly production target amounts.

• Available to work with office team during business hours for onboarding/training/QA process

Preferred candidates will have:

• Experience with strict verbatim transcription

• Experience with insurance and/or legal transcription (or similar industry)

• Ability to produce an average of 100 or more transcript pages within eight to 10 hours

• Minimum 75 WPM typing speed

Apply here for the Experienced Transcriptionist job.

Lisa McGreevy is a staff writer at The Penny Hoarder. She loves telling readers about new job opportunities, so look her up on Twitter @lisah if you’ve got a tip to share.

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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Women Are Leaving the Workforce at a Staggering Rate — Here’s Why

It’s an exciting week for a data nerd like me — especially a data nerd who happens to work on articles about jobs and hiring.

On Monday, the Federal Reserve Bank of New York released a fresh labor market survey that shines a new light on how the job situation looks in the U.S. It’s got more than 200 variables collected from a survey of about 1,300 people with answers stretching back to 2014. (Cue the heavy breathing.)

But the new numbers are actually pretty depressing — especially for women.

More than 7% of women surveyed left their jobs between April and June — with no plans to find new ones, according to the Survey of Consumer Expectations Labor Market Survey. That’s the highest amount since the New York Fed started collecting data in 2014.

That reaffirms worries about women fleeing the labor market and the effects it could have on U.S. productivity. I mean, there are more than 51 million women over the age of 20 who aren’t interested in a job as of June.

Why Are So Many Women Leaving the Workforce?

Janet Yellen, chairwoman of the Federal Reserve, addressed the issue of women in the workforce in a May speech at Brown University.

“I have argued thus far that we, as a country, have reaped great benefits from the increasing role that women have played in the economy,” she said. “But evidence suggests that barriers to women’s continued progress remain.”

Sure, with an aging population, the entire workforce appears to be shrinking. But men’s labor force participation rate plateaued at 88% while the rate for women leveled off at around 75% in recent years, she explained.

Yellen argued that lack of opportunity for advancement and the struggle to balance home and work life are largely to blame.

And the data certainly doesn’t lie.

In that new survey I was salivating over earlier, only 41% of women said they were satisfied with promotion opportunities in their current line of work. That total is down more than 12% from the same timeframe last year and six points below how men answered the same question.

And if you want to find out how much childcare costs in your state, check out these numbers courtesy of the Economic Policy Institute. It can cost as much as $22,000 to raise a kid each year, and that means it just becomes a better option for some new moms to leave the workforce.

Sadly, most people are unprepared for the financial situation they’re getting into when they have a child.

Here Are Some Solutions to Help Women Hang on to Their Jobs

Right now, only five states offer guaranteed paid leave for workers.

That’s a problem, reports the International Business Times on the declining labor participation rate.

“Paid parental leave makes re-entry into the labor market easier, since workers are entitled to their old jobs back,” Cornell economist Lawrence Kahn told the IBT. “But it also actually encourages women to get into the labor market even before they have children, because it’s a benefit you can only qualify for you if you have a job. The benefit actually serves to bring people into the labor market so they can qualify for the benefit in the first place.”

If the U.S. were to enact a paid parental leave policy, it could pump up the lagging participation numbers. It would also bring the country in line with most of the world.

As for dealing with the lack of advancement, a LeanIn.org and McKinsey report on women in the workplace in 2016, recommends companies require a diverse slate of candidates for internal promotions. Last year, less than half of companies reported such a requirement.

One thing is for sure — something’s gotta give.

As Yellen said in that Brown speech, “If these obstacles persist, we will squander the potential of many of our citizens and incur a substantial loss to the productive capacity of our economy at a time when the aging of the population and weak productivity growth are already weighing on economic growth.”

Alex Mahadevan is a data journalist 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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7 Things We’re Doing Right This Second So We Won’t Fear Tax Time in 2018

No one wants to think about taxes.

But tax season will come again whether you are ready for it or not. Much like a dental cleaning, taxes can be much, much less painful if you tend to them throughout the year.

Summer is a great time to see whether your 2017 income taxes are on course so you can make necessary changes. Here are seven things to do now to avoid a tax disaster next spring.

1. Look at Last Year’s Tax Return

Before doing anything else, take out your 2016 taxes for a quick review. Here are a few things to look for:

• Did you file for an extension? If so, have you filed those taxes yet? As summer drifts into fall, your schedule will likely only get crazier, so quit procrastinating. Set aside the time you need to finish and submit those taxes.

• What things tripped you up? Were there tax credits you didn’t know about or documents you couldn’t find? Make notes so you don’t have the same issues this year.

• Can’t find last year’s taxes? That’s not good. You want to keep those records on hand. If you seriously cannot find them, get a copy of your prior year’s tax return from the IRS.

2. Re-evaluate Your Tax Withholdings

Unless you came up with a zero balance on your taxes, you may want to adjust your withholdings for 2017.

To Avoid Owing Money When You File Taxes

Paying after filing is no fun. It also means you didn’t properly assess your tax liability.

Look at the tax withholdings on your work pay stub, and do the math. Chances are, unless you have new deductions this year, you’ll want to bump them up.

You’ll be surprised how much $10 or $20 extra per paycheck can add up. Use a simple tax calculator to figure out how much you should be withholding.

Why You Don’t Want a Big Tax Refund

If you received a giant refund, congrats! Isn’t that fun?

Now, stop it.

Getting a big refund means you basically gave Uncle Sam an interest-free loan throughout the year. That’s money you could be investing or simply using to make your day-to-day life easier.

3. Major Life Changes? Brace for Tax Impacts

It’s time to reassess your life.

Whoa. Calm down. I’m not saying you need to prioritize all your values and accomplishments in life. We’re talking taxes here.

Take a mental snapshot of your life one year ago. Some things to consider:

• Has your housing situation changed? If you’ve purchased or sold a home, or even rented out your house, the tax implications are big.

• Did you have a baby? Or are you going to have a baby? Did your babies grow up and move out? These are all big life changes that will affect your next tax return.

• How about your job situation? If you changed jobs, you’ll want look at the implications. For example, if you got a raise, does it put you in a new tax bracket?

4. Don’t Forget Self-Employment Taxes

If you’re following your dream and have jumped into self-employment, you’ve entered a whole new world of tax fun.

Gone are the days of simple paycheck deductions to pay your taxes. You’re now looking at paying income tax plus self-employment tax. If you don’t do your due diligence, you’re in for a rude (and expensive) awakening next spring.

Take it from a former full-time freelance writer: You want to stay ahead of this game. Figure out what percentage of your income you need to set aside for taxes, and pay the IRS quarterly to avoid penalties.

You don’t have to be perfect, but do your best to estimate your taxes accurately to avoid nasty surprises next April.

If your self-employed gig is just part time — can you say side hustle? — you can help yourself by having an extra chunk taken out of your day job’s paycheck.

It’s a lot easier than trying to remember to set aside money from your part-time gig. However, if you’re making big money doing the second job, that extra money from your paycheck won’t be enough. You’ll need to set aside funds from your side gig income, as well.

5. Assess Your Retirement Accounts

You already know you should be saving for retirement, but are you maximizing your options to reduce your tax burden?

Retirement accounts and taxes go hand in hand. As you’re looking at your taxes, consider how much you are contributing toward your retirement. How long do you have before retirement? Are you saving enough? Have you received raises but not bumped up your contributions?

Essentially, any reason you can find to increase your contributions will help your tax situation, as well as your future. As long as you can afford to increase your contributions, it’s a win-win.

6. Save Receipts for Your Deductions

Every year, it’s a mad scramble to dig up those receipts you need for your taxes. Donation receipts. Business expenses. Home expenses. Next year, I’ll be more organized!

It’s next year already.

Even if you’ve done a terrible job of keeping track of the receipts you’ll need, just think how much easier it will be to pull it together halfway through the year instead of waiting until the end!

Once you get them together, create a simple system for keeping your receipts organized to smooth out the process moving forward.

7. Do You Need Professional Tax Help? Get it Now

Doing your own taxes is a great way to save some money… if your taxes are simple.

If your taxes are a bit more complicated because you own a business, rent out property or have other complicating factors, you may not want to tackle your taxes on your own. Like it or not, there is a reason tax professionals can charge the fees they do.

CPAs know what paperwork to fill out and keep up to date, along with all the latest changes in tax codes and deductions. They also can give you tips on what are legit and not legit claims, and what red flags the IRS looks for on your tax return. No one wants an audit — no one.

There’s a good chance using a tax pro can save you some headaches, as well as find enough deductions to more than pay for the fees they charge.

If your taxes are getting a little bit complicated and you think it may be time to bring in a pro, now is the time. Ask your friends and relatives in the area for a trusted recommendation. Check out online reviews on sites like Angie’s List and Yelp.

This time of year is their down time, so you’ll have a much easier time finding a CPA who’s willing to talk with you and help you out. Asking the right questions can be step one to building a mutually beneficial relationship.

Once the new year hits, tax professionals work like crazy for four and a half months. Get one while the getting is good.

A Tax Audit Now Can Save a Lot of Headaches Later

I know it’s a pain to start worrying about taxes now, but doing a midyear checkup can be a lifesaver next spring.

You’ll help yourself get organized and spot any tax errors you’re making before they become critical. Take a little time now to save yourself a lot of time (and headaches) later.

Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. Catch him on Twitter at @Tyomoth.

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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Celebrate the National Park Service’s Birthday With Free Admission Friday

Mountains and forests. Rivers, lakes and waterfalls. The Grand Canyon. All for free.

This year, the National Park Service is offering 10 “free days.” Those are the dates when all national parks, monuments and historical sites offer free admission.

The first free day of 2017 was in January, on Martin Luther King Jr. Day. The next one is on Friday, Aug. 25, for the National Park Service Birthday.

Conveniently, all of these free-admission days fall on or around a weekend, which is super-handy for planning a three-day trip. Here’s this year’s list:

• Monday, Jan. 16: Dr. Martin Luther King, Jr. Day
  

• Monday, Feb. 20: Presidents Day

• Saturday and Sunday, April 15-16, and April 22-23: Weekends of National Park Week

• Friday, Aug. 25: National Park Service Birthday

• Saturday, Sept. 30: National Public Lands Day

• Saturday and Sunday, Nov. 11-12: Veterans Day Weekend

Of the National Park Service’s 400 sites, more than 120 typically charge anywhere from $3 to $30 a day for admission. The big, legendary parks like Yellowstone and Yosemite cost the most money. Here’s a list of these parks, sorted by state.

Again, all entrance fees are waived on these free days. During your visit, you’ll still have to pay for things like concessions, tours and campsite reservations.

Your Other Options for Exploring National Parks

This is one of those cases where you’ll have to make a time-versus-money decision. It’s possible that some of these national parks may be a bit more crowded on free-admission days, and you’d have the park more to yourself on a different day.

Then again, the biggest driver of national park attendance is the time of year, with summer being by far the busiest time for many of the major parks.

Here are some options to consider:

• If you’re planning on hitting lots of national parks this year, you should go ahead and spring for an $80 annual pass.

• Annual passes are free for active-duty U.S. military and their families, and permanently disabled U.S. citizens.

• Seniors ages 62 and older pay only $10 for a lifetime pass. (Note: The price of the senior lifetime pass will rise to $80 on Aug. 28, so act fast. Annual senior passes will be available for $20.)

• If there’s a fourth-grader in your family, you should take advantage of the Every Kid in a Park initiative. Fourth-graders and their immediate families are eligible for a free annual pass good for every national park.

• For more information, Travel and Leisure has a good primer on how to use a national park pass.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He has yet to get to Yosemite National Park, but it’s a goal.

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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Score Back to School Deals With These Credit Cards

Attention, back to school shoppers: If you didn’t get to everything on your shopping list before the big sales ended, it might not be too late for a makeup exam. Find out if your credit card can help you save some money and earn some rewards points on school supplies and more.

Many school districts and colleges have already started the academic year, and almost all of the state tax-free holidays have ended (think fast, Connecticut). Don’t lose heart, though. Your credit card may have some back to school offers still standing.

Even better, you don’t have to fight traffic and crowds. Just check out your credit card’s online shopping portal for back to school deals on products including:

• Clothing
• Shoes
• Electronics
• Backpacks and duffel bags
• New and used textbooks
• Health and beauty
• Food and snacks
• Dorm furnishings
• Foreign language software
• General school supplies

Where the deals are

Here’s an example of how to search for back to school deals on your card’s online shopping portal.

If you have a Barclaycard, such as the , log on to Barclaycard RewardsBoost. Click on “Back To School” to check out deals from dozens of retailers and brands good for bonus points, discounts or both. Featured back to school offers from Barclaycard RewardsBoost include:

• Barnes & Noble (4 points per $1 spent)
• Kohl’s (2 points per $1 spent)
• Lenovo (2 points per $1 spent)
• Nike (4 points per $1 spent)
• Shoes.com (6 points per $1 spent)

You can use a similar process with other cards and that have online shopping portals. If you have a Chase offering like the , Chase Ultimate Rewards® has back to school deals on these and other brands:

• Bose (6 points per $1 spent)
• JC Penney (10 points per $1 spent)
• Staples (4 points per $1 spent)

What about other deals?

What if your card’s shopping portal doesn’t feature back to school specials? Just look for everyday deals and discounts on items that any student can use, such as clothing and electronics.

For example, cardholders (and those who own other Discover cards) can go to the Discover Deals portal and find deals from brands including:

• Apple (5% cash back bonus at Apple online)
• Dell ($150 off select PCs for Students at Dell)
• Under Armour (15% cash back bonus at Under Armour online)

Clock’s ticking, bell’s ringing

Depending on your card’s rewards program and the kind of purchases you’re making, the points bonuses could help you rack up some impressive rewards.

Look fast, though, and act fast. Many back to school deals expire soon.

The post Score Back to School Deals With These Credit Cards appeared first on The Simple Dollar.

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Taking Over Your Aging Parents’ Finances

In the year 2011, the Baby Boomer generation started turning 65. Over the next 13 years, 10,000 Boomers will reach retirement age every day.

For the adult children of the Baby Boomers, these are not abstract statistics but real-life turning points that can provoke uncertainty and anxiety. But consider the advice of certified financial planner and author Lise Andreana:

“There is no time like the present to begin preparing for your aging parents’ financial future. Being proactive can help minimize a great deal of stress and uncertainty down the road — for your parents, yourself, and your entire family.”

The Simple Dollar is here to help you begin the journey of guiding your parents through this stage of their lives. We’ll cover how to approach the conversation, documents you’ll need, costs to consider, and more. Let’s get started.

Table of contents

Broaching the subject
Power of attorney
Document checklist
Long-term care costs
The sibling situation
Glossary
Additional resources

The Talk: How to handle a sensitive subject

Every family is different, and yours may have its own quirks or hangups about money. Although no size fits all, here are some suggestions on having The Talk with your parents:

When is the right time?

Many senior care experts recommend following the 40/70 Rule. As you approach 40 and your parents approach 70, it can be the most opportune time to discuss financial issues, as well as long-term care, estate planning and other relevant topics.

It’s better to address the situation proactively than to wait for a crisis to unfold, which could force your family into making decisions on the fly.

Are my parents already having trouble?

Be on the lookout for warning signs that your parent may be struggling to manage his or her finances, which can include:

• Unpaid bills
• Bounced checks
• Calls from creditors
• Unusual or frivolous purchases

What’s the right approach?

To help prevent conflict with your parents when you talk about finances, consider the following.

• Keep the circle small.
  Discussions involving a few key people can be less intimidating than a full-blown family meeting that could leave your parents feeling like you’re ganging up on them.
• Focus on positives, not negatives.
  Don’t frame your concerns in terms of physical or mental decline. Keep the focus on a bright future for the entire family.
• Treat them as peers and equals.
  Help your parents understand that you’re trying to look out for them, not look after them. Invite them to join an ongoing conversation.
• Find an ally.
  Your parents might be more receptive if your family attorney or financial planner joins the discussion in the role of an objective third party.
• Make a show of solidarity.
  This subject presents an opportunity to do a thorough check of your own finances to see that everything’s in order. This way, your parents might not feel that you’re singling them out or passing judgment.
• Avoid fighting words.
  Certain words and phrases — including always, never and nothing — have a tendency to put people on the defensive and shut down communication. It can happen in any kind of personal relationship, including parent-child.

When in doubt, preserve your parents’ dignity. Be aware of the potential for wounded pride — speak respectfully and tread lightly.

Expert opinion

“Start the conversation early. Put in place a plan your family can follow when your parents can no longer make decisions on their own. … It’s important to ask questions and help your parent come to a decision on his or her own terms.”

Terri Rasp
Director of Sales, Analytics, and Training
StoneGate Senior Living, LLC

Power of attorney

A power of attorney, also called a POA, is a legal document that grants a person or organization (known as the agent or attorney-in-fact) the authority to act on behalf of someone (the principal) in specific financial, legal and health-related matters.

A POA with you as the agent and your parent or parents as principal could play an integral role in helping you protect their financial well-being. With a power of attorney in place, you will be able to act quickly if a parent suffers a medical emergency, for example, or experiences a steep decline in mental competence.

Should I use a lawyer for a POA?

The answer is, most likely, yes. You don’t necessarily have to go through an attorney, but it’s probably the wisest course of action. The power of attorney process can vary from state to state, and trying to go it on your own could result in a costly oversight.

Unless you’re an attorney or a financial adviser, you may not have the expertise to navigate these waters. Also important is the fact that a professional often brings some much-needed objectivity to a situation where emotions can cloud the issues.

Can I get a POA on my own?

Some legal advice websites let you download a printable version of your state’s POA form. However, bear in mind that you’re dealing with the complexities of legal documents and contracts. There’s no shame in seeking the advice of your family attorney, your financial adviser, or both to help you craft a POA that addresses your family’s specific needs.

What’s the best time to get a POA?

The key factor in a child-parent power of attorney is obtaining it proactively, before the parent loses the ability to manage their own affairs.

What kind of POA should I get?

A lot depends on the current status of the parents and when the family wants the POA to take effect. An attorney may recommend a durable power of attorney, which contains a durability provision to ensure it remains in effect if the principal’s condition changes. The change in status could be a sudden medical issue that leaves the parent debilitated or a deterioration in mental capacity.

A power of attorney covering financial affairs differs from a health care POA, which means you’ll need to address those issues separately.

What if my parent has dementia or Alzheimer’s?

Depending on the laws of your state, getting a POA for a parent who has dementia or Alzheimer’s disease may require a letter from a physician affirming that your parent understands what the POA means and can legally consent. If a parent is deemed unable to meet that standard, another option may be for the child to become an adult guardian or conservator instead — a process that would require a judge’s approval.

Is a power of attorney the same as a living will?

No, there’s a difference. A living will expresses the signer’s wishes regarding medical treatment in the event he or she loses the capacity to make decisions (for example, whether extraordinary measures should be taken to preserve their life or resuscitate them). This kind of document is sometimes called an advance health care directive.

As with a power of attorney, state-specific versions of living wills are available online. Still, it’s wise to consult an attorney about the specifics of your situation.

Obtaining power of attorney: 3 key steps

Expert opinion

“Prior to cognitive decline, I advise my clients to help their parents establish the proper paperwork. This includes the creation of a will, durable power of attorney, health care power of attorney, and advanced directives. The power of attorney forms are very powerful documents that should only be in the hands of somebody your parents trust. Whether that is a family member or a professional, it is up to them.”

Nate Byers
CPA/PFS, MBA
JBC Wealth Advisors, LLC

Financial document checklist

Here’s a list of important documents for reviewing a parent’s finances. These records will help you get a better idea of income and financial obligations. Double-check this list with your financial adviser to see if anything needs to be added.

_ Bank accounts
_ Credit card statements
_ Monthly bills (utilities, rent/mortgage, subscriptions, etc.)
_ List of loans and other debts
_ Social Security statements
_ Social Security benefit verification letter
_ Pension, 401k and annuity documents
_ Tax returns (for three to seven years)
_ Investment documents (savings bonds, stock certificates, brokerage accounts, etc.)
_ Insurance policies — life, health, and property
_ Vehicle titles
_ Property deeds
_ Dues-paying memberships (HOA, AARP, clubs, etc.)
_ Birth certificates and marriage licenses

Don’t forget …
_ List of their usernames and passwords for online customer portals
_ Combination/keys to their safety deposit boxes

Expert opinion

“The first thing that children should do is to start aggregating information on the parents’ financial information. Help your parents consolidate their holdings. Fewer bank accounts can save you tons of time.”

Scott W. Johnson
Owner, WholeVsTermLifeInsurance.com

Long-term care costs

When looking at long-term care solutions, be aware that private insurance and Medicare have some limitations. While Medicare and insurance do provide coverage for medical treatment and prescription drugs, custodial care such as long-term care facilities and home health care may be a different story. As a 2013 study points out, Medicare:

• Pays only for “medically necessary care in a skilled nursing facility” — which is not the same as an assisted living center.
• Pays for home health care “under very limited circumstances and for brief stretches of time.”

In some unfortunate cases, coverage gaps in Medicare and private insurance can lead to families exhausting financial resources (known as “spending down”) until their parents qualify for Medicaid. To help prevent this worst-case scenario, you may want to consult a financial planner about some proactive options such as:

Long-term care insurance (LTCI)

Expenses covered by long-term care insurance generally include assisted living, nursing home, adult day care, Alzheimer’s care facilities and hospice. The key is encouraging parents to buy coverage early, before they develop health problems.

Pros and cons include: LTCI can be pricey, although it could cover some expenses that Medicare or private insurance do not.

Long-term care benefit plan

This option involves converting a life insurance policy into funding specifically for long-term care. These insurance conversions are also called life care assurance, Medicaid life settlement, or life care funding. It’s commonly used as part of a spend-down strategy to receive Medicaid eligibility.

Pros and cons include: This strategy can provide an immediate source of funding. However, the family will lose the death benefit that an unconverted insurance policy would have provided.

Reverse mortgage

Some aging homeowners turn to reverse mortgages (also called home equity conversion mortgages) to turn their equity into cash while still retaining ownership.

Pros and cons include: Although it can provide a cash infusion, using a reverse mortgage to pay for senior care is a potentially risky, “last resort” type of move. Not everyone will qualify, and defaulting could lead to loss of ownership.

Medicaid

Unlike Medicare, Medicaid is jointly administered by the federal government and individual state governments. As a result, eligibility requirements and other rules vary from state to state.

In general, though, Medicaid recipients must have low incomes and assets with very low value. The program is intended to benefit the poorest Americans, so many middle-class families likely don’t qualify.

To get more information, check with the agency that manages Medicaid in your state. You can also contact an elder law attorney in your state or visit these websites:

• The National Academy of Elder Law Attorneys (NAELA)
• National Elder Law Foundation (NELF)

Claiming your parents on your tax return

To claim a parent as a dependent, your financial support for them must be substantial — at least 50% of the total cost for housing, food, medical care and other items. Also, the parent can’t earn more than the personal exemption for that tax year (which was $4,050 in 2016).

So, unless your parent has a very low income and you pay more than half the cost of keeping them cared for, they probably wouldn’t qualify as a dependent. If the parent does qualify, you could receive tax benefits such as the Dependent Care Tax Credit and reduced taxable income.

To get definitive answers, ask your tax preparer. You can also call the IRS or make an appointment at a local Taxpayer Assistance Center.

Expert opinion

“When budgeting for an aging parent, Medicare costs need to be factored in. They pay a monthly premium for Medicare Parts B and D for life and then also a Medigap or Medicare Advantage plan to pay for the things like deductibles and coinsurances that Medicare doesn’t cover.”

Danielle Kunkle
Co-founder, Boomer Benefits

The sibling situation

Among adult siblings, the care of aging parents has the potential to spark conflict like few other subjects. Handling parents’ finances is no exception.

It’s not uncommon for someone who takes the lead as caregiver to feel overburdened and resentful toward a sibling taking a less active role. Fortunately, a personal care contract or caregiver agreement can help ensure that the sibling who makes the most sacrifices is at least financially compensated.

Under this type of agreement, parents or other family members agree to reimburse the family member acting as caregiver. Compensation options include:

• Direct payments (the income will be taxable)
• An estate plan, or additional consideration in the parent’s will
• Transferring homeownership to the caregiver
• A life insurance policy with the caregiver as beneficiary

An elder law attorney can help you draw up a caregiver agreement. As for the form that compensation takes, families should think carefully about options that could lead to future conflicts between siblings (specifically, an estate plan or home transfer).

About those conflicts…

Even if you have a financial arrangement in place, don’t forget that sibling caregivers often have emotional needs in addition to financial ones. Expert tips on how to defuse conflict and increase support include:

• Stay in communication, even if it’s just a weekly call
• Arrange for someone else to step in every now and then so the caregiver can have time off
• Ask for outside help (family counselors, social workers, clergy, etc.) when conflict becomes unmanageable

Expert opinion

“Personal care agreements are valuable for two very different reasons. One is emotional, for the family caregiver to feel as though they have a ‘real’ job and have at least a written record of what they need to do. Many have to cut back on work or stop working during a period of caregiving. The agreements can also serve as a record of the work done for siblings.”

Michael Guerrero
Senior Benefits Adviser
Elder Care Resource Planning

Additional resources

eldercaredirectory.org

Medicare
Medicaid
State assistance agencies

agingcare.com

Benefits checkup

AARP.org

Public benefits

payingforseniorcare.com

Assisted living

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