Illinois Mutual Life Insurance Review

If you've ever shopped for any kind of insurance policy (and I'm sure you have), you know there are thousands of options out there.

When you're shopping around for insurance coverage, regardless of what type of plan you're looking for, it's vital you find a reputable company.

You need a carrier who is going to stand the test of time and has a reputation for paying out their policies promptly.

To help you on this journey of finding the perfect insurance provider, we are doing the dirty work.

If you haven't heard of Illinois Mutual, that's okay.

We are going to give you all the information you need about the company to make an educated decision.

History of Illinois Mutual Life Insurance Company

As you can probably guess, the company was founded in Illinois.

More specifically, they were established in Peoria, Illinois in 1910.

After over a 100 years, they are still headquartered in Peoria, Illinois.

Through the past 100 years, they’ve experienced a lot of growth. They’ve grown from the small Illinois insurance company they started as, into a company with over 1,000 independent agents.

Ratings and Finances

One way of determining the quality of a company is by looking at ratings from out-side ratings.

When you're talking insurance, the biggest third-party companies are A.M. Best, Moody's, and the BBB.

Recently, Illinois Mutual was upgraded to an A- rating from the A.M. Best.

From the BBB, they have an A+ rating. Just like in school, A+ is the best possible rating. If you were worried about the financial security of Illinois, fear no more.

Illinois is no small fish.

They had over $1,000,000,000 in total assets in 2016. One thing to be aware of is the states Illinois Mutual can service. Unlike other insurance carriers, they aren't licensed in every state.

They cannot sell any insurance in New York, D.C., Alaska, Montana, or California.

They have over 18,000 independent insurance agents across the country.

Life Products from Illinois Mutual

Let's start by outlining their life insurance policies. As a company, they started with life insurance plans, so we are going to start with their bread and butter.

They have four different life insurance plans to choose from:

• Path Protector Whole Life
• Path Protector Term Life
• Path Protector Return of Premium Term Life
• Path Protector Final Expense

To help you make the best decision, we are going to detail each of these options. You want to ensure your family will have the life insurance protection they need.

Path Protector Whole Life

Illinois whole life insurance policy is similar to most other companies plans.

It is effective for as long as you pay the premiums, or until you reach 121 years-old. They guarantee your premiums are never going to go up, and they also promise you won't ever lose the death benefit coverage.

As with most whole life plans, this policy builds cash value.

The money grows tax-deferred. You can use this money to pay for emergency expenses.

If you take out a loan on the cash value, that’s going to eat into the insurance payout.

Path Protector Term Life

If you don't want whole life coverage, you can buy their term insurance policy. These plans are available in a variety of lengths: 10, 15, 20, or 30 years.

Path Protector is a great choice for anyone who wants cheap coverage. You can buy a plan which fits your needs at an affordable price.

One of the advantages of buying a term plan through Illinois Mutual is you can convert your term policy to a whole life insurance plan without having to prove insurability.

They offer a few riders you can add to your policy. They have a child insurance rider, a disability waiver of premium rider, and a terminal illness accelerated death benefit rider.

Path Protector Return of Premium Term Life

This return of premium term life insurance policy offers much less protection than the standard term insurance plan. The ROP policy can give you anywhere from $25,000 – $250,000 in coverage.

What makes these plans different is if it expires, then you'll get 100% of the premiums refunded back to you.

One thing to note, if you add riders to the policy, you won't be refunded the amount for the additional coverage, just the main policy.

Path Protector Final Expense

Final expense plans (sometimes called burial insurance policies) are designed to cover any of the small bills and expenses your loved ones would have to pay. These plans are much lower than traditional plans.

These are a great option for an older applicant who no longer has a mortgage or massive debts, but wants to protect their loved ones against having to pay medical bills or funeral costs.

Disability Insurance from Illinois Mutual

Illinois not only wants to offer you life insurance coverage, but they also want to protect your salary.

If something awful were to happen to you while you were off the job, you could struggle to pay any monthly bills, like mortgage or food and Worker's Compensation won't help.

They have two types of disability insurance, Personal Paycheck Power, and Business Expense Power.

The Business Expenses Power policy is geared towards business owners who are looking to protect their business in case of a disability.

It's an excellent option, but we are going to be focusing on their traditional plan.

Their Personal PayCheck Power plan can give you long-term disability insurance coverage.

The plan is available to anyone from the ages of 18 – 60, and is renewable until age 65. The plan has benefit lengths of anywhere from 67 months to 10 years.

Worksite Insurance

Aside from disability insurance and life insurance, Illinois Mutual also sells worksite insurance.

These are voluntary benefits which a business owner can offer to his/her employees.

They have several benefits they sell:

• Accident insurance
• Critical illness insurance
• Short-term disability insurance
• Worksite term insurance

If you're a business owner, these can be excellent options to give your employees. Each of these can give your employees the protection they need for peace of mind.

Quicks Pros and Cons of Illinois Mutual

Just like with any other insurance company, there are pros and cons to Illinois Mutual.

One of the benefits is their rates for both life insurance and disability insurance are competitive with the other companies with similar plans.

One of the drawbacks of the carrier is their state restriction.

They have over a thousand independent insurance agents, but they can only sell in 46 states.

Compared to the other heavy hitters out there, this is extremely behind the curve. If you live in one of the states where they can't sell, you're out of luck.

How and Where to Get Insurance

Regardless if you're looking for life insurance or disability insurance, it's important you find the perfect plan for you and your family.

Because every company is different, it's important you do some bargain hunting before you buy a plan.

Shopping around before you make the decision can save you hundreds of dollars every year on your plan.

Luckily, we've spent the time to do all of the research for you. If you're looking for the best carrier, feel free to look at our other insurance company reviews.

The post Illinois Mutual Life Insurance Review appeared first on Good Financial Cents.

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Users of This Drug Might Be Eligible for Piece of $20M Class-Action Settlement

If you used Solodyn or a generic version of the drug in the past several years, you may be eligible for a class-action settlement.

Three pharmaceutical companies agreed to pay $20 million to settle a lawsuit that accused them of violating antitrust laws by agreeing not to compete on price and keeping generic versions of the drug off the market, according to a release. The companies denied the claims.

Solodyn is usually prescribed to treat acne and other skin conditions.

If you paid for Solodyn between July 23, 2009, and Feb. 25, 2018, you may be eligible for the settlement. People who paid flat copays for their prescriptions, whether brand-name or generic, are not eligible for the settlement. Medicaid recipients are also excluded.

When you file a claim, you’ll be asked how much you spent on Solodyn or its generic versions during the applicable time period. Documentation of the amount you spent is not required, but if you have receipts, an explanation of benefits documents or pharmacy records, you may upload or include them in your claim.

Complete your claim form online or by mail by July 31. The amount awarded to each person who files a claim will depend on the total number of people who submit.

For more details, including frequently asked questions, visit the settlement website.

Lisa Rowan is a senior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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This Report Could Help You Choose a College That Will Repay Your Investment

College is an investment.

Unless you’ve secured significant scholarship or grant money, you can expect to shell out tens of thousands of dollars — or more — for a four-year degree.

All college grads hope investing in a college education will help them land a satisfying, high-paying career.

PayScale, a website that collects information about salaries and job benefits, recently released its annual College Return on Investment Report. It essentially outlines which colleges give grads the most bang for their buck.

PayScale calculated return on investment by finding the difference between the median pay of bachelor’s degree graduates after 20 years and the median pay of high school graduates after 24 years and subtracting the four-year cost to attend the school.

Military colleges (that often come at no cost for enlisted soldiers) and tech schools (where grads go on to enjoy lucrative careers) dominate the top of PayScale’s College ROI list.

But the report can also be customized by state, school type, college major and career field for potential students to see how their preferred schools measure up. The report will even tell you which party schools provide grads with the most promising futures.

Since we’re Penny Hoarders, we decided to take a look at the return on investment from the 10 least expensive schools on PayScale’s list.

Disclaimer: The following list omits military colleges and other specialized schools and colleges outside the continental United States.

Return on Investment at 10 Low-Cost Colleges

Brigham Young University-Idaho

Location: Rexburg, Idaho

Type of school: Private

Cost to attend for four years: $48,200

ROI after 20 years: $468,000

Elizabeth City State University

Location: Elizabeth City, North Carolina

Type of school: Public

Cost to attend for four years (for in-state students): $53,900

ROI after 20 years: $26,000

East Central University

Location: Ada, Oklahoma

Type of school: Public

Cost to attend for four years (for in-state students): $57,900

ROI after 20 years: $183,000

Fayetteville State University

Location: Fayetteville, North Carolina

Type of school: Public

Cost to attend for four years (for in-state students): $59,800

ROI after 20 years: $29,500

Northwestern Oklahoma State University

Location: Alva, Oklahoma

Type of school: Public

Cost to attend for four years (for in-state students): $60,700

ROI after 20 years: $121,000

Cameron University

Location: Lawton, Oklahoma

Type of school: Public

Cost to attend for four years (for in-state students): $61,700

ROI after 20 years: $161,000

Northeastern State University

Location: Natchitoches, Louisiana

Type of school: Public

Cost to attend for four years (for in-state students): $62,200

ROI after 20 years: $162,000

Middle Georgia State University

Location: Macon, Georgia

Type of school: Public

Cost to attend for four years (for in-state students): $62,500

ROI after 20 years: $245,000

Rust College

Location: Holly Springs, Mississippi

Type of school: Private

Cost to attend for four years: $63,400

ROI after 20 years: -$97,100

(According to PayScale, attending this college does not provide a positive return on investment.)

Missouri Southern State University

Location: Joplin, Missouri

Type of school: Public

Cost to attend for four years (for in-state students): $63,600

ROI after 20 years: $161,000

Nicole Dow is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Here’s How Teachers and First Responders Can Buy a Home for Half Price

If you’re a law enforcement officer, pre-kindergarten through 12th-grade teacher, firefighter or emergency medical services technician, you may be eligible to get a 50% discount on the purchase of a new home.

Through the U.S. Department of Housing and Urban Development’s Good Neighbor Next Door Program, qualified candidates can buy a house for half off the list price as long as the buyer agrees to live there for 36 months.

The program is a great opportunity for teachers and first responders who want to live in the community where they work but can’t afford the available homes.

Eligible buyers are limited to purchasing homes in what HUD calls “designated revitalization neighborhoods.” These congressionally approved geographic areas are slated for rejuvenation in a variety of ways, including expanded homeownership opportunities.

Let’s take a look at the 2017 average yearly salaries of workers eligible for the Good Neighbor Next Door program:

• Law enforcement officer: $62,960
• Kindergarten and elementary school teachers: $56,900
• High school teachers: $59,170
• Firefighters: $49,080
• EMTs and Paramedics: $33,380

Yet, the median sales price for an existing home in March, 2018 was $250,400.

With a 20% down payment of $50,080 on a house at that price point, the monthly payment on a 30-year fixed mortgage loan at 5% interest clocks in at $1,469.

Buying a house at half price through the Good Neighbor Next Door program could have a significant impact on monthly mortgage payments and put a new home within reach for teachers and first responders across the country.

Here’s what you need to know about HUD’s Good Neighbor Next Door Program.

Qualified applicants must:

• Be a law enforcement officer, pre-kindergarten through 12th-grade teacher, firefighter, or emergency medical services technician.
• Live in the property for 36 months as your sole residence.
• Sign a second mortgage and note for the discounted amount.
• Use a real estate broker or agent to buy the home.
• Purchase a home located in a HUD designated Revitalization Area.

If you’re interested in purchasing a new home through this program, you’ll want to get all your pre-qualification paperwork together before you start shopping. Homes are available only for seven days.

To make an offer on a house, buyers are required to pay an earnest money deposit in an amount equal to one percent of the list price. If more than one eligible person is interested in the house, a selection will be made by random lottery. The chosen buyer’s earnest money will be credited to the purchaser at closing or returned if the offer is rejected.  

You can read the rest of the official rules and guidelines here.

Lisa McGreevy is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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This Great Outdoors Company Is Filling Work-From-Home Jobs in 29 States

Hear the call of the wild from the comfort of your own home.

Aspira, which connects outdoor adventurists with parks, campgrounds and conservation agencies across the country, wants to hire remote customer service call agents in 29 states: Alabama, Arkansas, Delaware, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin and Wyoming.

The company promises there’s no cold-calling or commissions. It will also send you all the equipment you need for the job, except for a computer monitor, which you’ll have to provide yourself.

Pay is hourly and varies based on where the applicant is located.

Not quite ready to take a walk on the wild side? No worries, you can find other jobs by checking our Jobs page on Facebook. We post new opportunities there all the time.

Customer Service Agents at Aspira

Responsibilities include:

• Fielding calls from customers, handling questions, requests and issues
• Satisfying customer requests by accessing company programs within the company’s database
  
• Follow company’s scripted material, policies, guidelines and procedures
• Attending initial and ongoing virtual training

Applicants for this position must have:

• Landline phone (no cell phones)
• Wired high-speed internet connection (no wireless)
• Quiet work environment

Benefits include:

• Bi-weekly paychecks
• Employee incentive program

Apply here for the customer service agent jobs at Aspira. Scroll through the list and look for positions listed as “Call Agent – Reservations – Licensing Sales – Remote” in your area.

Tiffany Wendeln Connors is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Synchrony Bank Review for 2018

Headquartered in Stamford, Connecticut, Synchrony Bank is an online bank which pays some of the highest interest rates on deposits available anywhere.

It’s part of the Synchrony Financial organization, which was founded in 2003, but traces its roots all the way back to 1932.

Synchrony Financial has over $90 billion in assets and is the largest provider of private label credit cards in the U.S.

But does that mean they are the right choice for you?

Synchrony Bank: A Full Review

Synchrony comprises 42% of the private label credit card market, partnering with such popular brands like:

• Amazon
• Walmart
• Lowe’s
• Guitar Center
• Gap
• BP
• Ashley Home Stores
• Discount Tire
• JC Penny

Though Synchrony Financial is primarily involved with credit cards and financing, the Synchrony Bank division is fast making a name for itself as one of the premier online banking institutions.

They pay super-high interest rates on their savings, money markets and certificates of deposit (CDs), all of which are fully insured by FDIC.

As an online banking platform, you can access your account every day, and any time of the day.

In addition to very high rates, Synchrony Bank also offers loyalty perks, based on the size of your account balance and/or the length of time that you have an account with them.

If you’re looking for high yields on risk-free investments, Synchrony Bank is where you’ll find them.

How to Open a Synchrony Bank Account

You can open regular savings-type accounts, as well as trust accounts and IRAs.

In order to open up an account with Synchrony Bank, you must be a U.S. person for federal income tax purposes and have a valid U.S. residence.

The following information will be required to open an account:

• U.S. Social Security number,
• U.S. driver’s license, state identification number or military ID,
• Your physical address (but you can add an alternate mailing address once the account is opened),
• Your occupation and employer, and
• The source of funds to open up your account.

In order to open the account, you can apply online, contact a banking representative who can open the account for you, or request that a paper application is sent to you.

The paper application can also be printed directly from the Synchrony Bank website Resource Center page, under Bank Forms.

You can set up your smartphone access just by logging in from your phone, using your customer login ID and password.

Synchrony Bank Features and Benefits

Synchrony Bank Perks. When you open an account with Synchrony Bank, you are automatically enrolled in the perks program.

Rewards are offered based on the balances that you keep as well as the length of time that you’re a customer.

This entitles you to get benefits and discounts without having to keep track of your points.

The Perks program has five different levels:

1. Basic
2. Silver
3. Gold
4. Platinum
5. Diamond

They entitle you to travel and leisure benefits, ATM fee reimbursements and more.

At the Diamond level, you’ll be entitled to a dedicated customer service phone number, access to the bank’s webinar series, three wire transfers per statement cycle, and unlimited ATM reimbursements.

The Perk schedule looks like this:

Account security. Synchrony Bank offers multifactor authentication.

This provides you with an extra layer of security by creating an additional way to verify your identity.

When you register for your account or any time you change your password, you will be required to provide a one-time passcode. A four-digit code will be sent to your smartphone in a text message, or to your phone by voice.

That will prevent an unwanted third-party from gaining access to your account.

Synchrony Bank also offers 24-hour network security monitoring, as well as secure firewalls to protect your account from unauthorized Internet traffic.

Full online and smartphone account access. You can access all features of the banking experience from your mobile device, including your account summary and activity, external accounts, transfer of funds, pending transfers, and loyalty perks.

You can also deposit checks with your smartphone, as well as access secure messaging and send emails to the bank.

Accessing your funds. Synchrony Bank does not offer a checking account.

However, you can request checks in order to access your Money Market account. You can also request a wire transfer to another bank by calling a bank representative during call-center hours.

You will need to register the external bank account through the Synchrony Bank online banking platform in order to create quick and easy electronic transfers.

However, be aware transfers and withdrawals are limited to six per statement cycle for both the Money Market and High Yield Savings accounts. (This is a typical requirement for both types of accounts throughout the banking industry.)

Transferring money to your Synchrony Bank account.You can move money into your Synchrony Bank account through electronic debit (ACH).

You can also write yourself a check from an external bank, or get a cashier’s check, and then mail the deposit to Synchrony Bank.

Finally, you can always wire funds from an external bank into your Synchrony Bank account.

Synchrony Bank also accommodates direct deposits from third parties or the use of mobile check deposits. You can make a deposit just by taking a picture of the check that you are depositing, using your smartphone device.

ATM Card (optional). This gives you access to cash and other basic banking transactions from both the High Yield Savings and Money Market accounts. You can use them at any ATMs displaying the Plus or Accel logos.

There are no ATM fees if you use a terminal within these networks.

ATM cash withdrawals are limited to $1,010 per day, while point-of-sale purchases are limited to $510 per day. Point-of-sale transactions count toward the per account limitation of no more than six transfers or withdrawals per statement cycle.

In addition, the ATM card cannot be used as a credit card (debit card only).

Customer service. You can access customer service by phone, Monday through Friday, 8:00 AM to 10:00 PM, Eastern Time.

They are also available on Saturdays, from 8:00 AM to 5:00 PM. But you can also access your account 24 hours a day, seven days a week, on your computer, tablet or smartphone.

All accounts are FDIC insured. That’s up to $250,000 per depositor.

Link your account to Mint.com. Mint.com allows integration with Synchrony Bank deposit accounts.

Once your Synchrony Bank account is registered, the account can be registered for integration with Mint.com.

Synchrony Bank IRAs. Synchrony Bank offers IRA accounts through both their Money Market Accounts and their CDs.

You can make a regular IRA contribution, or do a rollover to your IRA from an employer-sponsored plan. You can have either a traditional IRA or a Roth IRA.

Synchrony Financial. Credit cards are available through Synchrony Financial. Synchrony partners with more than 365,000 retailers and vendors to arrange retail credit card programs.

They also offer the healthcare credit card, Care Credit.

It is accepted by more than 200,000 healthcare provider locations nationwide, offering a revolving line of credit that can be used for health-related expenses.

This includes expenses that are not normally covered by health insurance, including dentistry, chiropractic, cosmetic treatments, LASIK surgery, eyeglasses, hearing aids, weight loss programs and pet care.

Synchrony Bank Savings Rates

High Yield Savings. Synchrony Bank is currently paying 1.20% average percentage yield (APY) on all high yield savings balance levels. Unlike many banks, however, you don’t have to have a high account minimum to get the advertised rate either.

It’s available for all balance levels.

Regular Money Market Funds and IRA Money Market Funds. Synchrony Bank is currently paying 0.85% APY on these accounts, which is many times higher than the 0.13% average being paid on money market accounts industrywide.

Regular Certificates of Deposit (CDs) and IRA CDs. You need a minimum of $2,000, and you can get CDs with maturities ranging from three months to 60 months. The current APYs look like this (as of 9/5/2017):

To put the yield on the 60-month CD into perspective, the five-year US Treasury Note pays only 1.65% as of the same date.

Synchrony Bank for Businesses

Synchrony Bank offers three basic services for businesses: Credit Services, Synchrony Connect and Care Credit for healthcare practices.

Synchrony Credit Services

Synchrony Financial is the largest provider of private label credit cards in the U.S. based on purchase volume and receivables. They tailor credit card programs to engage customers at point-of-sale, online, or through mobile devices.

They develop platforms that generate fast credit decisions, as well as easy online payments.

They also offer promotional financing for major consumer purchases, plus loyalty programs to generate repeat purchases and brand loyalty.

They offer the following credit services to businesses:

• Private label credit cards
• Dual cards and general-purpose cobranded credit cards
• Installment loans

Synchrony Bank works to create customized financing programs for different business niches, including regional and national retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers.

They even offer a business center that offers tools to help businesses with sales, marketing, sales training, and consumer research trends.

Synchrony Connect

This is a value-added program offered by Synchrony Financial that helps business partners in areas that do not involve credit specifically. They can provide information related to innovation, marketing, sales and relationship management.

They also offer organizational strategies and talent management.

The goal of the program is to improve operations, including customer service, risk management, information technology, financial planning and process management.

Services are offered on a one-on-one basis, including consulting projects, multiclient webinars, and access to Synchrony Financial’s online portal.

Care Credit

Just as Synchrony Financial offers bank customers Care Credit for healthcare expenses, it also makes the credit service available to healthcare practices for their patients.

It enables healthcare practices to offer qualified patients a flexible way to finance or budget for procedures that they need, or even those that are not covered by health insurance.

Care Credit is one of the largest providers of promotional financing in the healthcare industry. They have handled over 20 million accounts since the program was founded.

It offers a revolving line of credit and financing options so that patients can more easily afford the healthcare services that they need.

Once again, it can be used for dentistry, cosmetic treatments, LASIK surgery, eyeglasses, hearing aids, and pet care, among other services, all of which are usually not covered by health insurance.

Synchrony Bank Pros and Cons

Pros

• Synchrony Bank offers some of the very best interest rates available on their High Yield Savings and Money Market Accounts, as well as their range of CDs. This is the perfect bank if you’re seeking very high yielding – and completely safe – savings vehicles for your money.
• No monthly service charges on any accounts.
• ATM withdrawals available for both Money Market Accounts and High Yield Savings.
• There are no ATM fees if you use the Plus and Accel ATM networks.
• No minimum opening deposit amount or monthly balance requirements for the Money Market and High Yield Savings accounts.
• Through its Synchrony Financial arm, Synchrony can provide financing options for business owners for their customers. It also provides valuable business consulting services.

Cons

• No checking accounts are offered.
• No local branches to make ATM withdrawals from. This means that you may be subject to transaction fees at out-of-network ATMs. Synchrony Bank provides only limited reimbursement of these fees (up to $5 per statement cycle).
• There are serious limitations on ATM usage. That includes the amount of money that may be accessed using the card on a dollar basis. And since the card will be attached to either the Money Market or High Yield Savings account, use of the card for purchases will count toward the limit of six withdrawals or transfers per statement cycle, per account.
• High Yield Savings interest rates don’t increase on higher deposit amounts. CD rates increase only slightly (0.05%) on higher balances. Still, the interest rate paid is well above what you can get nearly anywhere else.
• No availability of unaffiliated credit cards. Synchrony Bank’s credit card offerings are retailer/vendor specific.

Should You Give Synchrony Bank a Try?

If your primary goal is to have a bank where you can get the very highest rates possible on completely safe investments, then Synchrony Bank is exactly what you’re looking for.

It’s also an outstanding platform for small business owners, who want to be able to offer financing options to their customers and clients.

But if you’re looking for a full-service banking platform, Synchrony Bank won’t fit the bill, nor is it meant to. It doesn’t offer many of the usual services that you will find in a full-service bank.

For example, it does not offer checking accounts, a network of local branches, or the types of lending programs (general-purpose credit cards, auto loans, and home mortgages) that are offered by typical full-service banks.

Synchrony Bank is best for someone who has a satisfactory banking arrangement and is looking either for higher returns on their savings, or the business credit services that are offered by Synchrony Financial.

Synchrony does both of those tasks extremely well, and it’s worth developing a relationship with them just for those services alone.

If you want more information, or you’re interested in opening up an account, check out the Synchrony Bank website. If you’re looking for the highest rates on savings available, you’ll have found the right bank.

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Here’s How a Grocery-Delivery Service Can Actually Save You Money

When Everything You Want – or Want to Do – Is Expensive

James wrote in with an interesting question:

If you had enough money to buy whatever you want, what would you do with it? Would you still be frugal?

For a while, I started making a list of things that I’d like to have that I can’t justify based on price.

I’d love to go on some international trips with my family – ideally, I’d like to visit an area or two on each continent in the next several years as they grew up.

I’d consider buying or building a home in the country with some timber behind it, because I grew up in such an area and one of the greatest joys of my childhood was wandering in the woods… and it was my wife’s childhood joy, too. I’d like to have a big barn/workshop.

There are some smaller items, too. I’d love to have a good electric pasta maker and a few other odds and ends.

In the end, though, I don’t want these things – at least not enough to spend the money on them. I prefer the other things I can do with that money, such as retiring early and the security that comes with having some savings. Those things, to me, are more valuable than the things and experiences I might buy.

However, I didn’t always feel this way – and I know that many others don’t feel that way, either.

Many people have big dreams filled with things they want to buy or experience, and often that longing can be a negative disruption to life. If you’re at a point where you feel like the only things you want are too expensive to afford, it can stick you in a pretty negative spiral, one that often ends with some financially destructive behavior.

I bumped up against credit limits quite often during my early professional days, and doing so filled me with negative emotions. What right did that bank have to tell me what I could or could not buy?

I often dreamed of really expensive things, like a huge house to live in and a brand new car to drive. I longed for those things and that longing – and the realization of my growing inability to have them – put me in a bit of a downward spiral regarding my life.

It’s not surprising that this happens to people (myself included), for several reasons.

We’re naturally wired to want things we don’t have. This is particularly true when we’re young, but it persists throughout life. We want things and experiences and relationships that we don’t already have. The hot new thing is desirable. The grass is always greener on the other side of the fence. “I wish that I had Jessie’s girl.” It’s a common theme in the experience of most people – we often want what we do not have.

Often, we don’t have the resources to have those things. The reason that we often accumulate those wants is that we simply don’t have the resources needed to add those things to our life. We don’t have the money, or the time, or the social skills, or the charisma, or whatever it would take to have that thing that we want. Money is often the real limiting factor, but not always.

Constantly sitting around with unrequited desire is pretty unpleasant. When you want something and you can’t have it, it’s not a joyful thing. The more your mind centers on the things that you want and cannot have, the more of a damper that it puts on your mood and your personal happiness. All of us have longed for something out of reach, and most of us know that the more we allow our minds to rest on those out of reach things, the less happy we are.

The experience of shopping and the anticipation of buying brings a certain level of joy. This provides a strange counterbalance to the unhappiness of unrequited desire. Once we’ve decided that, yes, we can afford this, that unhappiness flips right around and we start really enjoying the process that leads up to fulfilling a desire. Most of us enjoy shopping for something we really want – it’s the reason “retail therapy” is a thing – and the anticipation of deciding what to get and finding it at the right price can be really enjoyable, too. Anticipation is pleasurable.

However, the actual act of purchasing can be disappointing. I can’t tell you the number of times that I’ve purchased something and really been excited about it and then I’ve taken it home, used it once, and felt a strong twinge of sadness or disappointment. That negative feeling sometimes grows when I realize the expense of the item and the fact that the money can no longer be used for other things.

Objects wear out their welcome. Some call it “habituation.” Economists might call it “declining marginal utility.” The phenomenon is the same – things wear out over time. They either truly wear out, meaning they literally become less usable, or we simply grow used to them and tired of them, such as when a person wants to redecorate a room full of perfectly good items.

Together, these factors paint a difficult picture. We often find ourselves longing for things that we cannot afford. Even when we do acquire those things, there can be a hint of regret when we do. What’s the solution to all of this? How does one find contentment and even happiness when our desires run contrary to a healthy long term picture?

I’ve only really found one solution to the problem of having everything you want being out of reach.

The Best Solution I’ve Found – Inexpensive Experiences with Social Threads

Simply put, I consciously seek out low cost experiences that I can share with people in some way. That’s it. I constantly seek out these kinds of events and experiences, repeating ones that I really enjoyed and moving on to new things to replace ones that didn’t click.

Let’s break this down.

I seek out experiences. In other words, when I have free time, I consciously seek out things to do, even if it’s not something that initially seems exciting to me. If I don’t know of anything I’ve done before that seems exciting, I seek out something new to try.

The truth is that 99% of the time, this leads me to actively engaging in a hobby or something that I’ve done before. I pick up a book and read it. I play a board game. I head to the kitchen and cook something. This isn’t always true – sometimes I do want to do something different – but usually I end up going back to an experience I’ve loved many times before.

The twist, of course, is that I engage in a variation on that experience. I cook a new dish. I read a new book. I play a new game with the same people or a familiar game with new people.

The advantage of an experience is that it requires me to be doing something, and that means my focus is no longer on my desires but instead on the thing I happen to be doing. It cuts desires off at the roots and keeps them from growing into vines that will entangle my happiness.

Ideally, the experiences I choose are active ones, either in a physical sense or a mental sense (or both). I’m either up and about doing something, or I’m doing something sedentary that engages my mind (like reading a challenging book).

I seek out low cost experiences. My biggest filter for those experiences is that they simply have to be low cost. That really doesn’t restrict a lot of experiences – the biggest common thing that it sweeps off the table is shopping. Most of the things I might want to do in a given moment are low cost or free, and that gives me a wide variety of options.

Even as I sit here, I can think of a bunch of low-cost things I’d enjoy doing. I could make an interesting dinner. I could read a book. I could go to the park and go on a trail walk. I could work on mastering how to solve a Rubik’s puzzle (which is the big shared hobby/fad in our house right now). I could work on my taekwondo forms. I could work on an ongoing art project. I could play a solo board game. And those are just things I can do entirely by myself; when I consider others, even more options open up.

The key is to consider all of the things you might want to do, filter it a little by eliminating expensive options, and then choosing one of them. Even if it’s something simple.

I seek out low cost experiences with social threads. The real clincher here, though, is incorporating social threads into this decision making process. Almost every time, even the most mundane experiences are made memorable and enjoyable with social elements mixed in.

Want to go on a hike? Call a friend and see if they can go with you.

Want to make a meal? Call a friend and turn it into a meal prep and dinner party, or make it together with your family.

Want to watch a movie? Call a friend and have a movie night together tonight.

Don’t think your friend are always available for such serendipity? Plan ahead for some of it. Make a plan to do some of these things. That way, you get the pleasure of anticipation, too.

What about purely solo things reading? Even reading can be social, as much of what I read has a social context with what I read, whether I’m in a book club, reading a book recommended by a friend so we can talk about it, learning something that will be of use, or something I can directly apply in social situations. Even when I read things solely for personal pleasure or enrichment, I like having more books that I can comment on or share with others when I’m finished.

There are definitely times when I like to be alone to socially “unwind,” but I find that too much solo time often results in that spiral of unrequited desires that ends up causing me to spend more money than I should on stuff I don’t really need.

In the end, I get far more joy out of doing a relatively mundane thing with a friend or loved one than I ever do out of spending a bunch of money on something.

Getting Started

So, how do you incorporate this easily into your own life?

For me, the trick is to constantly push myself to try out and discover new low-cost things to do, ideally with a friend or a family member. I’m always asking friends to teach me their hobbies or to do something fairly ordinary together because I know that a lot of the magic happens in that shared experience. Even when I’m alone, I’m often trying to do things that I know I’ll be able to talk about and share with my friends later on.

One way to get started is to consciously commit to trying out one new low cost thing each week, ideally with a friend. Set aside a block of time to do this. As time passes, keep a big list of ideas of things you might like to try doing. Maybe you’d like to go on a hike. Maybe you’d like to read a philosophy book. Maybe you’d like to go to a free concert. Maybe you’d like to try out disc golf down at the park. Maybe you’d like to try out a hobby your friend dearly loves that you’ve never tried. Maybe you’d like to get involved for a season in the community theater. Just keep your eyes open for things to do that are low cost and are just simply new to you.

A key part here is to not pre-judge the things you learn about. Don’t decide that something will be un-fun. Give it a sincere try. If nothing else, you will know first hand what it’s really all about and can decide based on your own experience whether it’s something you want to dive into more often.

It is through this exact thing that I have added a ton of low cost things to my repertoire. I love things like disc golf, hunting in the woods for mushrooms, soccer, origami, chess, solving Rubik’s-style puzzles, and many other things. Every single one of them is something I enjoy not just as a solo activity, but usually as a social one, and even when I do enjoy them solo, they end up producing things I can talk about and share socially. I would likely have not tried some of these things completely on my own.

If you’re nervous about suggesting things like this, simply ask a friend to teach you their favorite hobby or ask someone else if there’s anything that they’ve always wanted to try that wasn’t too expensive, and just go along with it. Go for the ride and decide afterwards if this is something you’re into or not. If nothing else, it will be a shared experience you have with a friend.

If you’re alone, just dive into things you haven’t tried before and enjoy the experience. It will give you something to share socially in the future (or even to share right away, if you wish).

So, consciously select something low cost to do, even if it’s not something you’re excited about, and try to do it with a friend if possible. If you can’t do it socially, file the experience away in your back pocket as a social thing you can reference in the future, whether it’s a good or a bad experience.

You’ll find that if you do this consciously over time, you’ll find that you build up some strong social connections and have a great deal of fun without spending a lot of money. Even things that you wouldn’t normally enjoy becomes pleasurable because of the social aspect and the fact that it becomes an experience you can reflect on and share in the future.

Good luck!

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First 50 Funds Interview: iShares' Pollyanna Harper

Moneywise’s Helen Knapman gets the lowdown on iShares from head of iShares UK intermediary sales at BlackRock, Pollyanna Harper.

iShares manages three of Moneywise’s tracker (also known as passive) First 50 Funds for beginner investors. These are iShares 100 UK Equity Fund, iShares Overseas Corporate Bond Tracker Fund, and a new addition for 2018’s list, iShares Physical Gold ETC (exchange traded commodity).

What is iShares?

iShares is BlackRock’s ETF (exchange traded fund) business. We aim to help clients around the world – both institutional [organisations] and individuals – build portfolios.

iShares products fall into two broad categories – index mutual funds and ETFs.

Our first iShares ETF was launched in 2000 in the European market and the first UK ETF was also in 2000. In total, iShares has £1.5 trillion assets under management, over 800 ETF funds globally and 68 index funds in the mutual fund range for UK-based investors.

The iShares 100 UK Equity Fund and the iShares Overseas Corporate Bond Tracker Fund come under index mutual funds, while the iShares Physical Gold ETC is an ETF. Index mutual funds trade once a day and you don’t have access to underlying securities as with ETFs. But for individual investors, these different styles aren’t a huge concern because you won’t be day trading funds.

• Moneywise's First 50 Funds - 20 cheap tracker funds to use as core holdings

The other difference is that ETFs and ETCs can go more granular. For example, if you take emerging markets, with an ETF you can narrow it down and choose individual countries to invest in from an emerging markets universe.

How are these passive funds managed?

There’s a joke in the industry that passive managers press a button and then go out for lunch. But BlackRock managers manage these funds in incredible detail on an intra-daily basis.

Again, take emerging markets as an example, there are so many stocks [companies] within the benchmark [that the fund is aiming to track] that we have to take a view on which we can and can’t hold in our tracker funds, taking into account factors such as accessibility and price.

What is iShares’ view on passive versus active investing?

Our stance isn’t about active versus passive as we don’t think they’re mutually exclusive – you can use them interchangeably.

We often find that passive funds can be used as the core for a portfolio based on them being lower cost, and that on the periphery you can use actively managed funds to create outperformance.

In addition, the beauty and flexibility of ETFs is that you could use them for either the core or satellite elements of a portfolio based on your analysis of what they’ll do for you and whether they’ll meet your goals.

How can individual investors access iShares’ funds?

Individual investors need to use stockbrokers to access iShares funds. We’re also looking to partner with other businesses, such as wealth managers and robo-advisers as they help to bridge the advice gap. Currently, 16 million investors can’t afford advice and there are more who don’t want to pay for advice.

What’s your top tip for a beginner investor?

Education is massively important. Know what you’re investing in and do your own research.

Also assess your own situation and establish what your goal is; whether that’s to buy a house, cruise, car or start a family.

• Don't squander your pension investments

Then reassess all of that on an ongoing basis, as your circumstances, investment style and risk profi le may change.

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Moneywise readers: 'why we believe investing matters'

We asked you why you invest. What are your goals – greater returns, helping your kids… or having fun?

Whatever your goals, be it saving for your first home or money for retirement, investing has been proven time and time again to be the best way to build up a pot of money for the future.

Despite this, investing is often something that is easily put off for another day, as it can seem complicated and daunting at first. But if you take your time, do your research and have a little patience, it can reap fantastic rewards.

We asked Moneywise readers why they think investing is important. One reader tells us: “Investing matters because, just like gardening an allotment, you have to keep digging, keep an eye on the weeds and have patience.”

But that’s not always as easy as it sounds. Earlier this year, the stock market took a dip as nervousness around Brexit negotiations caused people to worry about the outlook for the UK economy. It’s easy to feel discouraged when the stock market falls, but Moneywise readers know that the best strategy is to hold your nerve and not panic.

One reader says: “I like investing in stocks and shares as it makes each day interesting – even if they’ve gone down.” The important thing when it comes to investing is to remain focused on the long term. Experts say the most successful investors are those who ignore short-term ups and downs in the stock market and stay invested for years.

A reader says: “Investing has become even more important as state pension values have fallen and life expectancy has increased. History has shown us that investing over a long period easily outpaces inflation and means you become wealthier in real terms if you have a well-diversified portfolio and don’t take on too much risk.”

Even professional investors don’t get it right all of the time, but having a well-diversified investment portfolio means you have money in a range of different assets – such as company shares, bonds and property – across a number of regions. The idea behind this strategy is that these disparate investments won’t all rise and fall at the same time, so if one takes a hit it should be compensated by the others.

One reader explains: “I was once told that the difference between the best and worst performing fund is only a year. You need to start investing early and just keep going. I wish I’d had someone nagging me to invest over the years – I would have been able to retire a lot earlier.”

Moneywise readers also told us that they see investing as being important as it beats keeping money in a bank account.

One reader says: “Leaving your hard-earned cash sitting doing nothing is not the best way to use it. Even low-risk, low-reward investments are better than leaving your money in a low-interest bank account.”

Another adds: “Investing is more fun than keeping your money under the mattress and it gives you the opportunity to generate returns, which can give you freedom to get off life’s treadmill.”

Generating greater returns is particularly important at a time when interest rates and wage growth are low, and inflation is pushing up the cost of living. Many readers say investing is the only way to generate so-called real returns, which keep up with the rate of inflation.

But investing is not just about today’s costs but those of the future.

• Lessons from an all-female investment club

One reader says: “At a time when money buys less and less, only investing for the future will cover your living expenses for the rest of your ever-longer life.”

While many Moneywise readers may be well-informed these days, some regret not having had the opportunity to learn more about money at school. Today, personal finance is part of the national curriculum and lots of parents and grandparents are doing their best to help get their kids into good money habits at an early age. But financial education isn’t taught in all schools and there’s always more that can be done, which is one of the reasons why Moneywise launched its Get Financial Education Working campaign.

One reader told us: “Children can be taught from an early age in a simple way how to invest money and these financial lessons will be with them for life. Savvy investing means they will be able to get on to the property ladder and know how to ride out any financial crises.”

• Give your kids a head start with a Junior Isa

Starting an investment Isa for your child, as well as being sure to talk to them about finance on a regular basis, can help teach them crucial lessons about the value of money. You can invest up to £4,260 into a Junior Isa in the current (2018/19) tax year, which is a great opportunity to get them interested in finance and picking funds before they can take control of the account at age 16.

Enlisting the help of technology, games and apps can also ensure good money habits; reader favourites include prepaid Visa debit card goHenry, virtual piggy bank app Jangle and Entreprenaws, a game designed to teach kids about running their own business.

As well as the good that investing can do for your own savings and those of your children and grandchildren, Moneywise readers are keeping in mind the other benefits it can bestow too. One says: “In its rawest sense, investing is the oldest form of helping other people. It can benefit businesses and give people opportunities they might otherwise not have had.”

• Get started with low-risk investing

Another agrees: “Investing enables individuals and societies to increase their wealth by producing goods and services, which are necessary for progress.”

Whether you are motivated philanthropically or simply trying to build a nest egg, investing matters.

One reader concludes: “Investing is about preparing for the future, whether it’s for a rainy day, a mortgage or a comfortable retirement – and it is never too late to start.”

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You Won’t Believe How Much I Saved on My Grocery Bill by Going Vegetarian

How to Make More Money With Affiliate Programs

By Holly Reisem Hanna Since the start of my blog, I've dabbled with affiliate marketing. But it wasn't until two years into my blogging journey, when I lost one of my income streams that I started to get serious about making more money with affiliate programs. If you'd like to make more money with your […]

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How an App Helped This Guy Save for 2 Vacations He Couldn’t Miss

To Catch a Scammer: Here’s How Credit Hackers Try to Steal Your Money and Identity

Debt makes people desperate, but you should never be desperate enough to click the e-mail address of one of the debt “hackers” promising quick credit score fixes in online comments fields.

My editors at The Simple Dollar do their best to moderate the comments fields and make sure that spammers and frauds aren’t preying upon you and trying to stealing your identity, money, and other valuables. However, that doesn’t stop shiftless cretins like “Eagle Eye Hack” from trying to sneak through.

Every so often, this individual (or someone purporting to praise his services) posts a comment in our fields claiming that he can fix anyone’s bad credit after just a quick e-mail conversation. Using the name James Todd and a fabricated e-mail address, we contacted “Eagle Eye” and asked for help. The first response read as follows:

I could repair and fix your credit permanently in 3 days and I’m gonna remove every negative/bad stuff on your credit report. All I need to get the hack done is your full name, SSN [Social Security number], and billing address. I am capable of breaking into the credit bureaus and can guarantee you a golden score higher than the 750 excellent grade. This service will cost you a little. Get back to me with the required info so we can get the hack started immediately

Adam Levin, founder of online security and credit-protection firm CyberScout and author of the book “Swiped: How to Protect Yourself in a World Full of Scammers, Phishers, and Identity Thieves,” says that e-mail alone is a giant warning sign. There are legitimate credit repair organizations that exist under the Federal Trade Commission’s Credit Repair Organization Act, but they typically won’t ask you for that level of information up front.

“Don’t go to some e-mail address that is connected to some murkily identified organization and never, ever provide information of a personal information by way of e-mail to anyone,” Levin says.

But not everyone obeys that warning. We dug a bit deeper and asked what “this service will cost you a little” meant. This was their response:

The hack is gonna cost $770 and you’ll be making a down payment of of $540. The down payment you’re making is for me to be able to get the required tools necessary to run the entire hack without the smallest trace and yeah it’s a one time fee.

That’s yet another bad sign. As Levin points out, a legitimate credit repair organization will never ask for money up front, nor will they ask for a “down payment” like a guy in a pool hall who just asked you to make the next game “interesting.” The minute someone asks you for an upfront fee for anything shy of an attorney’s retainer, Levin suggests running fast and far.

“You do not pay money in advance for services,” he says. “If you are solicited by somebody, do the investigation: Go online and research the name of the entity. If they don’t give you an name and only give you an e-mail address, you don’t want to deal with that company.”

The simplest failsafe when dealing with “credit hackers” or anyone else making these claims is to search their name on Google or any other search engine. Actual credit repair organizations have to identify themselves. Even if they have a website, check the formatting and even check the grammar on the site to make sure it isn’t wonky. Even if that all checks out, Levin suggests checking the company’s reviews on other sites. Don’t just look at the good reviews, either: Look at both the volume and content of bad reviews.

“In a world where security breaches are the third certainty in life now, you’re dealing persistent and creative people who count on the fact that we all have day jobs and aren’t focused,” Levin says. “When you deal with someone who is a scammer or identity thief, you are their day job. You’re facing off against somebody who’s pretty good at what they do.”

In the case of our spammer, they were willing to settle for a lesser down payment. However, they also wanted us to pay them electronically, which meant we’d be giving them our name, address, Social Security number, and credit card information all in one package. What made them think we’d do such a thing? The same reason that automated phone scammers call people and tell them they have the answer to their debt issues (whether they have debt or not): They know there’s a lot of debt out there.

The Federal Reserve Bank of New York put total household debt at $13.15 trillion at the end of 2017. That included $1.4 trillion in student loan debt (9.3% of it past due), $834 billion in credit card debt (4.6% of it past due), and $8.9 billion in mortgage debt (1.1% past due). According to credit firm Experian, more than 21% of U.S. consumers have “deep subprime” credit scores of 550 or less.

Scammers roll the dice and figure that even if most people don’t respond to their offers, enough people with debt will take them up on it to make it worthwhile. Even if they get less than $400 — as they would have from us had we gone though with the deal — they can find far more value in non-monetary transactions.

“When it comes to a hacker or scammer, every one of us is Kim Kardashian,” Levin says. “We have what they want: We either have money or data, and the data is the new currency.”

That’s why we can’t stress this enough: Don’t buy what they’re selling. If you see these scammers in comments fields, report them. If you see e-mail addresses in their pitches, ignore them. If curiosity gets the better of you, don’t part with any personal information.

We realize that times are tough out there, and that many folks struggling with finances can use all the help they can get. “Credit hackers” aren’t there to help you, they exist to help themselves to the resources and life you’ve built.

“People respond, because often people are desperate,” Levin says, and you don’t need good credit or finances to be a profitable mark for a scammer. “All they want to do is get their hands on your Social Security number, because they can combine that with information from other people, create a subfile and go off to the races.”

Related Reading:

• You Can Improve This Part of Your Credit Score Almost Immediately
• Don’t Fall for These Credit Repair Scams
• How to Raise Your Credit Score

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