What is Venmo?

Venmo has exploded in popularity in the past four years, steadily rising in the new frontier of free money-exchange apps.

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McDonalds' MacCoins will be good for free Big Macs

As McDonalds celebrates the 50th anniversary of its two all beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame seed bun, all you Big Mac lovers have some Western Pennsylvania ingenuity to thank.The iconic Big Mac was created in 1967 by early McDonald's franchisee Jim Delligatti, who served the "Big Mac Super Sandwich" in his Uniontown restaurant. The national chain shortened the name when it picked up Delligatti's masterpiece the following year.To [...]

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5 Steps To Take After (Finally) Paying Off Your Credit Cards: Avoid Falling Back into Debt

Have you managed to whittle down your sizable credit card debt to zero? Follow these five steps to keep rising credit card balances a thing of the past.

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How to Get Rid of Credit Card and Other Debt With the Debt Snowball Method

How do you even begin paying down a mountain of debt from tons of sources?

Two major schools of thought dominate the debt repayment sphere: debt snowball and debt avalanche.

One says pay off debts with the highest interest rate first. That’s the debt avalanche method.

The other says pay off your smallest balances first so you can enjoy quicker victories and build confidence. That’s called the debt snowball method. That’s what I’m talking about now.

What Is the Debt Snowball Method?

Pioneered by money guru Dave Ramsey, the debt snowball refers to paying off one credit card or loan balance at a time, starting with the smallest balance first. Perfect for instant gratification; not so good for interest long term.

Smart finance experts will tell you sitting on credit card debt with high interest is stupid. The longer it’s unpaid, the more it will cost you.

So why would you pay off smaller balances and let those interest mongers sit?

Because, dude, paying down debt is hard.

When you stare at your credit report and see a list of lenders and credit card companies staring back at you, it’s like that time you panicked during Red Rover in second grade, froze, wet your pants and ruined recess. (Oh, doesn’t everyone have that memory?)

It’s hard to take the first step. Especially when reaching your destination means a bully might clothesline you.

Why Use the Debt Snowball Method?

The debt snowball method helps you take the first step. And the next, and the one after that.

Wouldn’t Red Rover have been more pleasant if you’d gotten a few practice runs against a couple of the weakest kids in class before taking on the toughest? It’s kinda like that.

Pay down your smallest balance aggressively. Once it’s gone, you’re like, “Hey! I can do this.”

Then you focus on the next-smallest debt with more confidence. It’s paid off, and you’re like, “Oh my god, I’m a debt-slaying goddess.”

How to Use the Debt Snowball Method

To use the debt snowball method, start by listing all your debts. A spreadsheet is a good way to go, because it’s easy to sort. Think:

• Credit card debt.
• Student loans.
• Personal loans.
• Car loans.
• Mortgage.
• Unpaid medical bills.
• That stuff debt collectors are calling you about…

Then use that nifty “sort by column” feature to organize these from the smallest balance to the largest.

Each month, continue to make minimum required payments on all your debts, so you don’t incur late fees. Any extra money you can spare? Put it toward that debt with the smallest balance (at the top your spreadsheet list).

If you want help fitting your debt repayment into your budget, try a budgeting app. Dave Ramsey’s EveryDollar app includes a “debt” category, where you can list and rank your debts and track your progress toward paying them off.

Let’s try an example. Say you have:

• A Mastercard with a $7,000 balance and a $350 monthly payment.
• A Visa with a $2,000 balance and a $100 monthly payment.
• A car loan with an $8,000 balance and a $200 monthly payment.
• Student loans with a $10,000 balance and a $150 monthly payment.
• A total budget of $1,000 to put toward debt.

Your minimum payments add up to $800 a month, so budget for those first. Then you’ve got $200 extra. If you put it toward that Visa bill, you can pay that baby off in six and a half months and check it off your list.

Then you’re left with:

• A Mastercard with a $4,900 balance and a $245 monthly payment.
• A car loan with an $6,800 balance and a $200 monthly payment.
• Student loans with a $9,100 balance and a $150 monthly payment.
• A total budget of $1,000 to put toward debt.

That’s $595 in monthly minimums, and now you have $405 extra. (See how it snowballs?) Pay off that Mastercard, and you’ll free up another few hundred a month to pay toward your car loan, and then your student loans. Get it?

Months 1-6

Here’s how you’ll pay off the Visa in six and a half months:

Debt Account	Balance	Monthly Minimum	You Pay
Visa	$2,000	$100	$300
Mastercard	$7,000	$350	$350
Car loan	$8,000	$200	$200
Student loans	$10,000	$150	$150

Then you’ll pay off the Mastercard after another seven and a half months: 

Months 7-14

Debt Account	Balance	Monthly Minimum	You Pay
Mastercard	$4,900	$245	$650
Car loan	$6,800	$200	$200
Student loans	$9,100	$150	$150

Then you’ll pay off the car loan after six more months:

Months 8-20

Debt Account	Balance	Monthly Minimum	You Pay
Car loan	$5,400	$200	$850
Student loans	$8,050	$150	$150

And finally, you’ll pay off the student loans after another seven months — and be debt-free in a total of two years and three months!

Months 21-27

Debt Account	Balance	Monthly Minimum	You Pay
Student loans	$7,150	$150	$1,000

Here’s a caveat to that example above: I didn’t include interest. (Did you catch that?)Debt Snowball Method: Is It the Best Way out of Debt?

That’s the kicker with the debt snowball method. As you focus on one debt and putter along with minimum payments on the rest, they’ll accrue interest. High interest rates plus high balances equals more debt.

Compared with the debt avalanche method — in which you’ll tackle your highest-interest debt first — a debt snowball could mean you’ll pay more over time and maybe take longer to be debt-free.

So, why do it? It’s about motivation.

If you tackle debt with the avalanche method, you might be paying on that high-interest stuff for a while before you can knock it off your list. It can feel like you’ll never be done paying off debt.

The snowball method lets you see results more quickly — your list of debts gets shorter. If you have trouble staying focused, those wins can be a huge boost to keep going.

Debt Payoff Charts

Need even more motivation to keep at it?

Use this fun trick to keep your debt-payoff goals top of mind and celebrate your progress paying it off: Create debt art.

You know those thermometers you see around town to measure an organization’s fundraiser? They help the organization track and celebrate its progress toward its goal.

Debt art is like that.

You can create artwork that measures your debt as you pay it off. It’s prettier than those giant thermometers, but still helps you focus on your goal.

It’s like adult coloring pages, but with a purpose.

You’ll start with an image for each of your debt accounts, where each section is assigned a payment value. Color in a section as you make payments.

When the image is colored in, check that debt off your list!

Feel free to get creative and create your own — but, in case that’s not your thing, we created some debt art you can download and print for free.

Dana Sitar is a writer and editor at The Penny Hoarder. Say hi and tell her a good joke on Twitter @danasitar.

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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For One Glorious Day Only, Guacamole Is Free With Your Chipotle Entree

A visit to Chipotle is a familiar dance.

I’ll have a salad bowl to go, please. Skip the rice and beans. No vinaigrette. Extra veggies. Half chicken, half steak. Mild salsa. And can you add guac?

Yes, I know it’s extra. Yes, that’s OK.

My total: $10.01.

But for one day this week, that’s going to change. On Tuesday, July 31, Chipotle guac is free when you order an entree in honor of National Avocado Day.

The chain made the announcement via Twitter with a screenshot of the email approving the freebie.

If you want to take advantage of the deal, you have to place your order online or via the Chipotle app. Just add guac to your entree and enter coupon code AVOCADO at checkout, and the extra charge will disappear.

If you try to place your order in person, you’ll be denied.

Desiree Stennett (@desi_stennett) 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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Buy The Best Motorcycle Insurance For You

On two wheels or four, you have the same goal: to get where you’re going.

But, oh, what a difference between a car and a motorcycle!

On a bike you’re more than just a passive viewer behind a windshield, you’re part of the landscape.

Your motorcycle insurance should also be distinct even though it shares a common goal with your car insurance: to protect your property and provide some backup if the worst happens.

While your car insurer may do a great job insuring your car, it may not necessarily provide the best motorcycle coverage.

When you’re shopping for a motorcycle, take a few minutes to learn the basics of motorcycle insurance and how to get the best coverage at the best price.

If you’re already a seasoned biker, check the mechanics of your policy to make sure it’s clicking on all cylinders.  

1. The Packaged Deal
2. 9 Tips To Save
3. How Much Do You Need?
4. Best Companies

The Best Motorcycle Insurance: It’s a Packaged Deal

Like car insurance, motorcycle insurance comes as a packaged deal.

That is, you pay one premium which funds several different kinds of coverage:

• Liability — to pay for the other driver’s car repairs or car replacement, and to pay medical bills for the other driver and his or her passengers if you caused a wreck.
• Collision — to pay for your own bike repairs if you caused a wreck (meaning the other driver’s insurance wouldn’t be paying).
• Comprehensive — to cover other kinds of damages to your motorcycle. (Think hail damage, theft, etc.)
• Medical payments (MedPay) — can help pay your own medical expenses in an at-fault wreck.
• Uninsured/underinsured — could close the gap if someone who doesn’t have insurance or doesn’t have enough insurance collides with you.
• Add-ons — extra features to pay for towing or a rental while your bike is in the shop, for example.

In some cases, you can decide how much of each coverage to buy, and these decisions will directly impact your premium.

However, most states require a minimum liability coverage amount.

If you owe money on your bike, the bank may also require you to carry both comprehensive and collision.

Does Motorcycle Insurance Cost More than Auto Coverage?

Usually, an item worth more costs more to insure. Motorcycles cost less than cars, on average, so conventional wisdom may suggest lower insurance costs.

But insurance underwriters also consider the likelihood of a wreck, and motorcycles are more likely to be in wrecks. A lot more likely.

In fact, the National Highway Traffic Safety Administration’s most recent data says motorcycle riders are 28 times more likely than auto drivers to be in a fatal wreck.

This increased risk translates into higher premiums for motorcycle owners.

How Can I Find Cheaper Motorcycle Insurance Premiums?

Yes, motorcycles tend to cost more to insure, but you can still find ways to save money and have good coverage in place to protect your investment, yourself, and your financial security in case of an at-fault wreck.

Determine Your Actual Needs

It’s a simple equation:

The more coverage you have, the more you’ll pay in premiums.

You can control costs by carrying only the insurance you actually need (so long as you meet your state and/or bank’s minimum).

This doesn’t mean you should put yourself at risk by not buying enough coverage, even if you live in a state that does not require liability coverage for bikers. That’s not smart for several reasons.

But when you’re buying coverage or looking over the coverage you already have, make sure it matches the reality of your ride.

A bike worth $5,000, for example, won’t need $12,000 in comprehensive and collision coverage.

And decide whether you really need extra services such as roadside assistance or towing that your insurer may add to your policy.

We’ll go into more detail about customizing your coverage below.

Drive More Safely

This is the big one.

Like I mentioned above, the federal statistics on motorcycle deaths are staggering.

Part of this comes from the nature of the beast.

Without airbags, roll bars, and other auto safety features, a motorcycle rider has much less protection during a collision.

Which is why it’s even more important to drive defensively and obey traffic laws on your bike.

Decreasing your accident risk will prevent costly premium increases resulting from traffic violations and wrecks.

Since underwriters determine a driver’s likelihood of being in a wreck based partly on your driving record, careful drivers have access to lower premiums.

Buy a Smaller Bike

Motorcycles with smaller engines usually cost less to insure. Again, this is directly related to accident risk. Smaller engines offer less power and speed so they’re less likely to be involved in wrecks.

If you want a big bike’s power and maneuverability, this may not be your way to save on insurance.

But if you’re in the market for a bike and haven’t decided which one to buy, it’s something to keep in mind.

And it’s not all about size: Sportier bikes tend to cost more to insure, too.

Look for Discounts

Most insurers offer discounts. Many even let you stack discounts to maximize savings.

Your current insurance company may offer discounts you don’t even know about.

Common discounts include:

• Multiple policies: Have more than one kind of insurance with the same company? Ask about a bundled policy discount.
• Safe driving: Your insurer may reward you with lower rates if you’ve gone several years without a wreck or traffic citation.
• Low or no claims: If you’ve never needed to file a claim, your policy has cost less for your insurance company which may result in a discount.
• Training course: Have you taken a motorcycle safety course, let your insurer know. It may help lower your premiums some.

Who’s Riding Your Bike?

Statistics show younger people drive more recklessly than older people. Sure there are exceptions, but underwriters go with statistical norms, so younger drivers will likely pay more for insurance.

When you’re young, there’s nothing you can do about it. Enjoy your youth and work hard to pay those higher premiums.

If you’re a little older, though, and you’re thinking about adding a younger driver to your policy, talk to your insurance agency about ways you can keep costs down.

Finding some other mode of transportation for that younger driver and keeping him off your policy will save a lot.

Consider Your Deductible

Your deductible has a direct impact on your premiums.

The higher your deductible, the lower your premiums.

A higher deductible means you’ll have to pay more out of pocket after an accident or theft before your insurance coverage kicks in.

This can be a slippery slope.

While it’s tempting to raise that deductible and enjoy the month-to-month savings, raising it too much will make it harder to access your coverage if you needed it.

If there’s no way you could come up with, say, $2,000 in any given week, a $2,000 deductible may be too high. When you can afford a higher deductible, though, it will pay off in premium rates.

Your Credit History

Research has connected lower credit scores with higher claims, so if your credit score needs improvement, you could be paying higher premiums.

Almost all states allow insurance companies to consider your credit history when setting your premiums. (Hawaii, California and Massachusetts are the exceptions.)

You can fix this by working on your credit score: Pay your bills on time.

Monitor your score using an online tool like Credit Sesame or Credit Karma in case one of your credit accounts makes a reporting error.

When you start seeing an improvement in your credit score, make sure your insurance agent is re-running your credit before renewing your policy.

Shop Around

Thankfully, the days of making dozens of phone calls to find the best insurance rates have passed. You can find and compare quotes online and find insurance companies specializing in the kind of coverage you need.

We’ll look at eight of my favorite motorcycle insurers below.

This doesn’t mean you shouldn’t find in-person help when you need it.

An independent agent in your area can help you compare policies from many different insurers so you can find a company that meets your needs.

Look for Lay-up Coverage

Bikers who live in cold weather states may go months without riding each winter. When your bike is covered and stored, couldn’t you just cancel the policy?

Repeatedly canceling and re-starting coverage has some disadvantages, including a potential for unnecessary fees and hassle. Also, what if someone broke into your garage and stole your bike while you had no insurance?

Some insurers offer a nice in-between: Lay-up policies for motorcycles.

This kind of policy reduces your coverage in months when you’re not riding without doing away with your protection altogether.

Ask your insurance company or your independent agent about lay-up coverage. And if you do go this route, make sure you don’t go out riding during the lay-up period since you wouldn’t be protected out there.

How Much Motorcycle Coverage Do I Need?

Remember the story of Goldilocks and the Three Bears?

Goldilocks had a real gift for finding balance in her life: not too hot, not too cold, but just right.

Goldilocks would have made a great insurance shopper because finding coverage that’s “just right” can make all the difference.

Going without enough coverage, for example, puts your bike and your health at risk, along with the property and health of other drivers and passengers.

And, if you caused a wreck and your policy didn’t have enough coverage to make things right, you’d be personally responsible to pay. If you couldn’t pay, a court could seize your assets.

On the flip side, having too much coverage means you’re spending too much on premiums.

Given a choice, I’d say this is preferable to inadequate coverage, but you could be saving or investing that extra money or at least taking some pressure off your monthly budget.

The best solution, of course, is the “just right” approach.

Finding Just the Right Level of Coverage

If insurance were as simple as Goldilocks’ porridge you could tell right away whether you had coverage that fits your needs.

In reality, finding just right coverage takes a little more time and thought, but it is possible and worthwhile.

Going through the elements of a motorcycle insurance package one by one is the place to start:

Liability: We’ll start here because you may have less control over how much liability coverage to buy. Your state (unless you live in Florida or Washington State) will require a minimum coverage amount.

The question becomes: Is your state’s minimum requirement enough?

The Insurance Information Institute recommends at least $100,000 in bodily injury liability and $300,000 in total liability per accident. Many states’ minimum requirements come nowhere close to this standard.

You can save on premiums by sticking with your state’s minimum, but remember that you could be personally responsible for damages exceeding your coverage amount.

Finding the right balance will be up to you. A good general rule, though, is to have enough liability coverage to protect your financial assets such as savings, real estate investments, and so on, from seizure.

If your assets exceed the limits of a standard policy, ask your agent about an umbrella policy which can extend your liability coverage.

Collision: Your lien holder may require you to carry at least enough collision to pay back the loan in case your bike is damaged or destroyed.

If you’ve paid off your ride, collision coverage may be optional. Going without it can save a lot in monthly premiums, but it also puts your property at risk.

Unless you can afford to quickly and easily replace your bike, you probably need collision coverage to match the market value of your bike.

But you may not need collision coverage if:

• Your motorcycle isn’t worth very much: If your bike is old and not worth much on the market, collision insurance may not be worthwhile. Rather than paying premiums for collision, you could save that money for replacement costs.
• You’re an infrequent rider: If your motorcycle is paid off and you seldom ride it, paying for collision coverage will be less of a value. That being said, you’d still be taking a risk when you do ride.
• You wouldn’t replace it anyway: You could also skip the collision coverage on a bike you’d never replace or repair after an accident. This may be true for someone with an old bike in poor condition.

Again, it’s your decision. There’s a “just right” scenario for you somewhere on the spectrum between not enough and too much coverage.

Comprehensive: Your lien holder may have some minimum requirements here too.

Since this coverage protects your bike against theft, vandalism, or acts of nature, it’s usually a good value. With a collector’s bike or a classic, comprehensive may be a must.  

When you’re shopping for your coverage, be sure to find out whether your comprehensive (and your collision) would pay actual cash value or a stated value:

• Actual value: Pays up to the value of your bike. If you have an 8-year-old Triumph, insurance adjusters will base your claim on the value of an 8-year-old Triumph and not the original price of the bike.
• Stated value: When buying coverage you can state the value of your bike and use your stated value as a standard for claims. This is a helpful feature for someone who has restored a classic bike since the book value may not reflect the money and time invested. Expect higher premiums for higher stated values.

Just like with collision coverage, you’re protecting your own property with comprehensive coverage. It’s up to you to find the right balance.

Medical payments: Let’s not sugar-coat it. Riding a motorcycle is dangerous. Bikers fortunate enough to survive a bad wreck may leave the hospital with hundreds of thousands of dollars in medical bills.

Hopefully, your health insurance would be up to the job of protecting you from these astronomical expenses. If not, or if you’d like to have extra protection, medical payment (MedPay) coverage could help.

MedPay is optional in most states, but you know your own situation better than anyone else and should get coverage to fit your life.

Uninsured / Underinsured: Unfortunately not everyone follows insurance laws. Uninsured / Underinsured coverage can keep you from footing the entire bill if someone without insurance or without enough insurance hits you on the highway.

Check with your agent to see if your state requires this kind of coverage or if it requires insurers to offer it. Pay special attention to this coverage in states like Florida and Washington which do not require minimum liability coverage.

Add-ons: These bells and whistles vary among insurers and they can make your life easier.

Common add-ons include:

• Trip interruption: Anyone who has been stranded far from home after a wreck knows the frustration. Trip interruption coverage could reimburse you for unplanned hotel and restaurant bills resulting from an extended stay after an accident more than 100 miles from home.
• Rental fees: Tired of bumming rides or taking the bus while your bike gets fixed? This kind of coverage reimburses you for rental car fees after a wreck.
• Roadside assistance: This kind of coverage offers an alternative to joining a motorcycle or auto club. Some plans include fixing a flat along with towing or, when possible, simple roadside repairs.
• Passenger coverage: This is an essential option for people who regularly ride in tandem.
• Trailer coverage: Some companies offer extra coverage for pull-behind trailers (but probably not their contents).

Additions like these offer convenience but they also raise your premiums.

Someone looking for the lowest premiums should pass on these unless you have a specific and regular need for the extra coverage.

Top 8 Best Motorcycle Insurance Companies

1. Amica
2. Dairyland
3. Progressive
4. Markel
5. Geico
6. State Farm
7. Harley-Davidson
8. Allstate

You’ve looked at each area within a motorcycle insurance policy. You’ve gotten a good idea how much coverage to buy.

Now it’s time to look for a company that can provide what you need.

Hundreds of insurance companies offer coverage, so finding the right one could take months when you’re working alone.

To make things easier, I’d like to share eight of my personal favorites. Every company on my list has earned high ratings from independent ratings agencies, which means it should be a reliable partner down the road.

No list can include every solid insurance company, though. If another company has worked well for you and it has good ratings, stick with it.

When you’re looking for new coverage or trying to replace existing coverage, I think any of the companies below would be a great place to start if it offers coverage in your state:

Amica

Amica has topped a lot of insurance lists lately, even though many people still haven’t heard of the Rhode Island-based company.

Amica is among the industry’s leaders in customer service, especially during the claims process.

Like any insurance company, Amica has customers who have shared negative feedback.

But remember, happy customers are much less likely to share their experiences, and the vast majority of Amica’s customers seem to be satisfied with their coverage and their ability to access it when needed.

Be sure to ask about discounts for the safety features on your bike.  

Dairyland Auto & Cycle Insurance

Like Amica, Dairyland Auto & Cycle Insurance may not have the biggest national advertising budget, but it offers solid coverage and has many satisfied customers.

Unlike most insurers, this Wisconsin-based company with more than six decades in the business focuses specifically on vehicles.

Because of this specialization, Dairyland can offer uncommon attention to detail. For example, you can insure personal belongings on your bike, specify the amount of coverage for a passenger, and get special discounts for membership in motorcycle associations.

Since Dairyland does not offer home, life, health, or other kinds of coverage, you won’t have as many opportunities to bundle coverage.  

Progressive

We all know about Progressive from the company’s ads, but how does it stack up to unbiased scrutiny?

Quite well. The 80+-year-old company offers an uncommon combination of strength, stability, and flexibility.

Standard benefits even include full replacement costs without depreciation which makes Progressive a great choice for classic bike owners.

Progressive is also less likely to hike up premiums after an accident because it offers a more nuanced than usual accident forgiveness program. For example, a claim of $500 or less should not affect your premiums.

Markel

If you’ve never owned a motorcycle, you probably haven’t heard of Markel. This Wisconsin-based insurer covers only motorcycles (and similar vehicles). It’s hard to get more specialized than that.

Like Dairyland, Markel’s specific focus allows for some extra focus on the details. For example, you can easily set your own coverage amount and see the resulting premiums based on a per-$1,000-in-value scale.

You’ll also get more specific information about what your policy covers: saddle bags (but not their contents), pegs, windshields, a trailer, your helmet, custom paint, etc. It’s great to know exactly where you stand when you need to file a claim.

These folks know motorcycles, from the handlebars to the pavement.

GEICO

Here’s another nationally known insurer that more than holds its own when the rubber meets the road.

GEICO has been expanding its services and its name recognition for decades.

The company added motorcycle insurance to its stable in 1978, so it has four decades of experience partnering with bikers.

We especially like GEICO’s mature/responsible driver discount and its top ratings from both the independent rating agencies, who check on financial health and the Better Business Bureau, which gauges customer satisfaction.

State Farm

We recommend State Farm mainly because of its financial stability. The nearly century-old insurer has a huge share of the insurance marketplace and top ratings from independent analysts.

It’s easy to find lay-up coverage with State Farm if you go months without riding. The company also has a niche when it comes to sidecar coverage.

Customer service can be a problem depending on your local agent, however. Overall, the Better Business Bureau has given State Farm a B+.

Before buying coverage, we recommend meeting your local State Farm agent and finding out for sure how responsive he or she would be if you filed a claim.

Harley-Davidson

Yes, that’s right.

The iconic bike company also insures motorcycles through its finance arm. And from what we can tell, you’d get solid and dependable coverage.

Backed by Sentry, which gets high marks from independent ratings experts, the coverage offers the basics and some extras, including coverage for restored or custom bikes.

Sometimes third-party underwriting can slow down claims, but Harley-Davidson seems to have found a way to make the process more seamless. The Better Business Bureau gives Harley-Davidson’s customer service staff an A+.

Allstate

Allstate, the well-known national insurance giant, rounds out our list of eight.

The company is large and stable and it has local agents across the country.

Like State Farm, the customer service you receive from Allstate may vary based on your local agency.

We recommend Allstate for motorcycle coverage because they offer great options for classic and custom bikes.

You can also add trailer coverage quickly and easily.

Coverage That Gives You the Freedom to Roam Free

Owning a motorcycle should give you freedom, power, and more individuality, right? Reading page after page of policy details can make you forget those lofty ideals.

But that’s just the thing:

Finding the right coverage is key to enjoying the freedom and independence a motorcycle promises.

With the right coverage in place you can ride on without worrying so much about how you’d deal with the unexpected.

As you shop for coverage, remember these important questions:   

• Are you getting enough coverage?
• Does your insurance company have quality financial ratings?
• Have you tapped into available discounts?
• Will your insurance company be accessible when you file a claim?
• Can you change your policy in the future if needed?

Making these decisions now can pave the way for a smoother ride no matter what you discover around the next curve.

The post Buy The Best Motorcycle Insurance For You appeared first on Good Financial Cents.

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How Identity Theft Destroys Your Credit Score

Want to hear a shocking number? There were 16.7 million people impacted by identity theft in 2017. Close to 17 MILLION people!

Some cases of identity theft are pretty minor. Maybe you notice a couple transactions you didn’t make on your credit card statement, and a quick call to your bank about the fraud resolves the issue. But other forms of identity theft can be a nightmare to recover from and can wreck your credit score in the process. Here’s how it happens.

Personal Identifying Information Gets Into The Wrong Hands

In today’s world, there are so many ways for identity thieves to get hold of our personal identifying information. Each time we buy something online, fill out paperwork at a doctor’s office or even throw a financial document away in the trash, we are risking our identities.

Fraudsters can do all kinds of things with one or more pieces of identifying information, such as our name, date of birth, Social Security number, or PIN number. They can open bank accounts, apply for credit cards and other loans, sign up for cell phone service or another utility, rack up medical costs, or, worst of all, sell our info on the black market which multiplies the potential for damage.

This sounds terrifying, having your personal info for sell on the black market. Thankfully, there are some tools you can use to keep this from happening and protect yourself and its definitely the easiest way to see if you’re a victim is to use a free credit report.

How An ID Thief Can Wreck Your Credit Score

When someone else takes out a loan in your name, what’s their incentive to pay back the debt? That’s right, pretty much nil. They rack up debt in our names and leave us holding the bag. In fact, you may not even know an identity thief is working against you until you get a notice from a collection agency saying you owe money. By that point, you can bet that your credit score has already taken a nosedive.

Your Free Credit Report Will Reveal If You Are The Victim of Identity Theft >>>

Your credit score is the key to appearing like an upstanding, responsible citizen in the eyes of a lender. Your score is based on the information found in your credit report. An identity thief’s actions can add negative activity to your credit report, which in turn lowers your credit score, limiting your ability to qualify for new loans. Many a horror story exists in which an identity thief made it impossible for the victim to get a new, desperately needed loan.

Four ways an identity thief’s actions can show up on your credit report and lower your score:

• New credit inquiries:

  • Each time an ID thief applies for credit in your name, the lender is likely to check your credit report. These credit checks (also called “inquiries”) appear on your credit report and typically ding your credit score by a few points. Every time someone does a “hard pull” of your credit, it’s going to pop up on your report. Look for those pulls, if you didn’t request it, it’s a clear sign your identity has been stolen.

• New loans or credit cards:

  • New loans or credit card accounts taken out by an identity thief don’t necessarily hurt your credit by themselves. The problem starts when those accounts become delinquent because the ID thief isn’t paying the bill. Your credit score takes a hit each time a month of non-payment passes.

• Collections accounts:

  • After a certain period of time (usually six months to a year), lenders turn unpaid debt over to a collection agency. When this happens, a collection account appears on your credit report, and that has a very damaging effect on your credit score. Medical identity theft often results in a collection account: Thieves use your information to receive medical services or treatment, and when those debts go unpaid, the medical provider sends the debt to a collection agency.

• Unpaid cell phones or utilities:

  • When a thief opens a wireless plan or home utility using your personal information and doesn’t pay the bill, those providers are likely to report the default to the credit bureaus. This results in a negative account appearing on your credit report, which hurts your score.

What You Should Be Doing

Identity thieves are constantly changing their techniques. They are staying on top of new technology and avenues, but there are some ways you can ensure you don’t become a victim.

There are two very important things you should be doing to prevent and monitor for identity theft:

First, protect your identity as much as you can.

You don’t have to give every salesclerk or waitress the evil eye when you hand over your credit card to, but a healthy dose of caution can go a long way. Start by checking out these great tips for shopping safely online. Shield your PIN and Social Security number from lingering strangers. Shred your financial mail, and don’t leave bank statements, checks, or tax paperwork sitting in your mailbox. And don’t fall for phishing schemes! If someone calls or emails you asking for personal or account information, chances are they are trying to scam you.

If someone calls you asking for personal info, and you aren’t sure about the legitimacy of them, you can always ask for a phone number to call them back. Do your research on the company (the BBB is a trustworthy website) and then you can call them back.

In 99% of cases, if a company needs personal information, they probably aren’t going to call you. This is especially true for government agencies. Doing a little research can save you a lot of trouble.

Second, check your credit reports often.

Each major US credit bureau (Experian, Equifax, and TransUnion) maintains credit history for us. Under the Fair Credit Reporting Act, we are legally entitled to a credit report from each bureau once a year at absolutely no cost. Go to annualcreditreport.com, the government-run website, to get yours. Look for accounts and credit inquiries you don’t recognize as well as incorrect personal information. These could be signs of someone tampering with your credit.

If you don’t regularly check your credit, there’s no other way to know if someone is out there using your personal information to his advantage. If you do discover that you have fallen victim to fraud, you’ll need to file disputes with the credit bureaus, contact your bank(s) immediately, and possibly even file a police report. For more information on recovering from identity theft, download the free Identity Theft Recovery Guide from SpendOnLife.

This is a guest post by Carrie Davis who is a personal finance blogger at SpendOnLife.com, a site dedicated to giving readers true and accurate information about credit, debt, and identity theft. She is FCRA-certified and has a passion for educating others on how to achieve financial independence.

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With This New Service, Your Car Can Earn You Money When You’re Not Using It

You can rent out your home on Airbnb. Why not rent out your car?

General Motors is testing out a new peer-to-peer car sharing service for vehicle owners and leaseholders to make money off their cars when they’re not using them.

The service, dubbed Peer Cars, is reserved for those who own or lease a 2015 model GM or newer, USA Today reports. The service is integrated into Maven, a car-sharing app that lets users rent GM model vehicles.

GM is currently testing Peer Cars in three locations — Chicago, Detroit and Ann Arbor, Michigan — but there are plans to expand it to other cities in the fall. A GM spokesperson told USA Today that the test will help GM understand what owners need and how the app meets their needs.

Those who list their vehicles for others to rent earn 60% of the rental cost. Earnings potential vary, but one example Maven gives is that 2018 Chevrolet Cruze owners can earn $533 renting out their cars for seven days a month.

People can make money off Peer Cars by following three steps:

1. Fill out an application providing your vehicle identification number.
2. Allow a representative from Maven to take photos of your car and install the technology that allows renters to open the car with their phones. You never have to meet with the renter to hand over the keys.
3. Determine when you’ll list the car.

Cars can be listed for rent by the hour, day, week or month. If you want to make some money while you’re chained to a desk working a 9-to-5, you can rent your car out by the hour. If you’re going on vacation, you can rent your car out by the week instead of leaving it home or paying for long-term parking at the airport.

And while a stranger is driving your car around, you don’t have to worry about any damage that might happen. GM insures the vehicles through its $1 million insurance policy.

Nicole Dow 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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Fico 8 Credit Score – Credit Scoring Might Get Harder

Let’s start with the basics, your FICO score. It’s a number created by the Fair Isaac Corporation.  Your FICO score is a combined number which helps credit companies and lenders know how much risk you are and how well you’ve handled loans in the past.

FICO scores range anywhere from 300 to 850. Typically, any score above 650 is considered “great.” On the other hand, if your score is under 620, then you’re going to have problems getting good rates on loans.

Let’s talk about what goes into your FICO score. There are several parts, and each of them has a different weight. It’s made of the number of open accounts you have, how long you’ve had a credit history, new credit accounts you have, and if you make payments on time.

What Is The FICO 8 Credit Score?

Even though it was introduced in 2009, it has taken almost two years to really be adopted by lenders and other creditors. However, now the FICO 8 model is catching on more widely, and you can expect to see some changes in what is important to your credit score. The major credit bureaus have been using it, and now a number of banks, credit card issuers and others are using it. FICO 8 is picking up steam, and this means that you should be aware of what has changed.

According to myFICO.com, there are four main changes to the formula that can mean a change to your score:

1. Isolated Late Payments: One of the biggest impacts on your credit score is your payment history. A late payment can mean real damage to your FICO score. The new system, though, accounts for aberrations in what is normally a good payment history. If your other accounts are in good standing, the FICO 8 score will not be as negative as it might have been before.
2. High Credit Utilization: If you are close to your credit limit, it will hurt your FICO score more than it used to.
3. Collections Account with Small Balances: Instead of dinging you for small collections accounts, FICO 8 now ignores collections items that feature an original balance of less than $100.
4. Authorized User: Continues to look at authorized users on credit accounts. This helps students and spouses build a credit history through the shared management of a credit card account.  If one person has a great credit card with little usage they can pass some of that history off to their family member.

Lenders and other creditors (as well insurance companies) sometimes make their own tweaks to the scoring formula created by FICO. The FICO 8 score may used as a foundation, but if a lender has some items that are considered more important, they may be emphasized more.

Get Your Credit Report For Free >>>

What’s The Difference?

Unlike the original FICO score, the range is slightly different. The score ranges from 250- 900 (FICO is 300 – 850). According to several studies, both scores TEND to be pretty similar, but there are some cases when they can vary. Just because you have a poor FICO score doesn’t mean your FICO 8 score will be just as bad, but there is a high change.

As a consumer, this can be very beneficial. Back in the day, if you missed one credit card payment, it could put a serious dent in your FICO score, even if the rest of your record is spotless.

Pinpointing Consumer Behaviors

The point of FICO 8 is, of course, to better profile consumer credit behaviors. FICO 8 is designed to emphasize different behaviors more accurately than in the past, and it is also designed to take more information into account, supposedly building a more accurate picture of your consumer credit behaviors for use by lenders and others.

It is worth noting that FICO (and other credit scoring models) are constantly changing. Different tweaks are added regularly so that the vast amounts of information available about financial habits can be used to create a profile that can be reduced to a single three-digit number. In addition to having the FICO 8 scoring model in use now, there are additional credit scoring models. These include formulas aimed at mortgage borrowers, at bank deposit behaviors and even a score that takes into account that you might not use credit very much.

Be aware of what FICO 8 means for you, as well as what future changes to the FICO scoring model might mean. Even if you don’t pay close attention, there are some things you can do, in general, to help your credit score — whether the FICO 8 model is used or not. Make your payments on time and in full, pay down your credit card balances, and be careful about applying for additional credit.

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Will Credit Inquiries Hurt Your Credit Score?

Your credit score is more important than ever. You can’t get a loan, rent an apartment, or buy a car without your credit score comes into play.

There are several factors that go into deciding what your credit score is. Everything from your credit history too if you make payments on time. One factor which is included on your credit score is credit inquiries. It’s a simple factor, but it could be the difference in getting a lower interest rate.

You’ve probably heard that applying for a loan can affect your credit score.

Indeed, many realize that when a creditor looks into your credit in order to make a decision about a credit application, it can have a negative impact on your credit score. The fact that some inquiries into your credit can hurt your score has led to the myth that all credit inquiries can hurt your credit score. The truth is that there are two main types of credit inquiry: “Soft” and “hard.” Only the hard inquiry is damaging to your credit score.

It’s important you track your credit score. There are some free and easy ways to see your score.

See Which Credit Inquiries Are On Your Credit Report >>>

Soft Credit Inquiry

It is important to realize that when you check your own credit report, it will not negatively affect your credit score. Your own inquiry is known as a “soft pull.” It’s made in order for you to keep track of your credit activity, and check for accuracy. Since you aren’t applying for credit when you are just checking your own report, the credit bureaus and credit scoring models won’t hold it against you.

Another type of soft inquiry is that made when companies check your credit history in order to send you “pre-approved” offers. These types of inquiries are known as “involuntary,” since you didn’t ask to have your credit checked. So, even though a company might have viewed your credit history and/or score to determine whether or not to send you an offer, these inquiries will not negatively affect your credit score.

Another common type of soft pull is when you go through a background check, this will include employment verification. Even if you have to go through a dozen background checks, it won’t kill your score.  

Hard Credit Inquiry

On the other hand is the hard credit inquiry. Sometimes these are called “voluntary.” “Hard pulls” result when you are applying for credit or some services. Credit card issuers, mortgage brokers, and other lenders institute a credit request at your behest, and this is reported on your credit history, showing that you are looking to obtain new credit. Many cell phone providers, cable/satellite TV providers and others will perform a hard credit inquiry when you apply for these services.

A hard inquiry can hurt your credit score. However, the harm done is usually relatively small. While credit scoring formulas are kept mostly secret, it is estimated that credit inquiries make up no more than 10% of your credit score. The most important factors are your payment history and the amount of debt you have. However, some lenders become concerned when they look at your credit report and see several attempts to obtain new credit in a six-month period of time. (Although most understand if you have a cluster of inquiries over a few days as a result of shopping around for a low mortgage rate.)

Reading Soft and Hard Inquiries on Your Credit Report

The credit bureaus don’t label credit inquiries as “hard” or “soft” on your credit report. Different language is used:

• Experian: “Requests viewed by others” represents a hard pull. Creditors can see these when evaluating you for creditworthiness. “Requests viewed only by you” represents the soft inquiry. These are credit inquiries that are available for your information (so you can see which companies are checking your credit without your request), but aren’t visible to creditors evaluating your credit application.
• TransUnion: “Regular inquiries” are those that are equivalent to hard inquiries. They will remain on your TransUnion report for two years. “Account review inquiries” are the soft pulls made by you or by companies interested in sending you marketing materials.
• Equifax: “Inquiries in the last 12 months” are hard pulls that were performed at your request. “Inquiries that do not display to companies and do not impact your credit score” offers a pretty straightforward explanation of a soft pull. Equifax also has one more designation, unique to the credit bureau.: “Companies that requested your credit file.” This is a list of companies that asked for your file, so you can see who is interested in you. This information is also available to creditors looking to evaluate you, although its impact on your credit score is unknown.

For the most part, if you are responsible with your money and credit decisions, and make payments on time, and avoid applying for a great deal of debt, credit inquiries are unlikely to have a large impact on your credit score.

Should You Avoid Hard Pulls?

After hearing about the dangers of hard inquiries, some consumers are nervous about having their credit score pulled. There are a couple of ways you can minimize the damage as much as possible.

Let’s say you’re shopping around for the best rates on a mortgage loan. Each mortgage loan company might pull your credit. As long as all of those pulls are within a short time period (a couple of weeks), they won’t destroy your credit score.

Don’t let a credit pull keep you from shopping around for lower rates. Credit inquiries are not a large enough part of your overall score to keep you from shopping around.

This is a guest post Miranda Marquit is a journalistically trained freelance writer and professional blogger working from home. She is a contributor for Mainstreet.com, Personal Dividends and several other sites. Miranda is not affiliated or endorsed by LPL Financial. The opinions voiced in this material are for general information and are not intended to provide specific advice and/or recommendations for any individual.

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Should High Net Worth People Buy Life Insurance or Self-Insure?

It’s probably not unusual for people with high net worth to assume they don’t need life insurance.

After all, when you have a certain amount of money, you might consider yourself essentially self-insured.

But self-insurance is no insurance.

That can be true even for high net worth individuals.

People with high net worth usually also have high living expenses and high debts.

Even a large estate can be drained in surprisingly little time in the absence of a family’s primary income earner.

That’s why life insurance for people with high net worth is much more important than commonly assumed.

What are some of the reasons?

Let’s take a look.

To Pay Final Expenses and Uncovered Medical Expenses

The average funeral cost is more than $8,700.

But, for high net worth individuals, that figure could be several times higher.

That may be fairly easy to manage if you leave an estate with $1 million or more in financial assets.

But medical costs may be a different story.

Sure, health insurance policies have fixed deductibles and out-of-pocket maximums.

But a situation involving a prolonged terminal illness, one that goes on for a year or more, could result in much higher direct costs.

It’s not uncommon for experimental procedures and treatments to be administered to a terminal patient.

Then there’s the matter of extended nursing care.

Did you know the current cost of a nursing home exceeds $100,000, or over $8,000 per month?

With certain types of terminal illness, you could be in a nursing facility for a year or more.

That will result in a six-figure outlay that may be no better than partially covered by medical insurance.

Even with good health insurance or a long term care insurance plan, you can still end up with six figures in uncovered medical expenses, plus funeral costs.

If your financial assets are between $500,000 and, say, $2 million, that could leave your loved ones with substantially less money.

A life insurance policy would cover these costs, leaving your entire estate to your family.

To Pay Estate Taxes

Historically, estate taxes are one of the primary reasons high net worth people have life insurance.

Estate taxes can take a big chunk out of your assets, which would leave less to your heirs.

The federal estate tax threshold is high at $11.1million for 2018.

But just as the federal threshold can increase, it can also decrease.

That decrease can happen if the government is looking to increase tax revenues to plug a hole in future budget deficits.

It’s generally more politically popular – and less risky – to raise taxes on the rich than to enact increases that will affect the general population.

The federal estate tax isn’t the only one you have to be concerned with.

At least a dozen states have estate tax thresholds that are well below the federal limit.

For example, both Massachusetts and Oregon impose estate taxes on estates valued at more than $1 million.

There’s another catch when it comes to the estate tax, and it applies to both federal and state taxes.

For estate tax purposes, your estate is your entire asset base, not just financial assets like certificates of deposit, stocks, and brokerage accounts.

Other assets included in your estate are:

• Retirement savings
• Life insurance proceeds
• Personal residence
• Second homes and timeshares
• Investment property
• Business interests
• Intangible assets (patents, copyrights, etc.)
• Personal property, like furniture, entertainment equipment, jewelry, artwork, and antiques

These assets still may not push you into the range of the federal estate tax.

But millions of people are worth more than the $1 million or $2 million it will take to trigger the tax at the state level.

To Pay Off Personal Debts 

It’s not uncommon even for high net worth individuals to underestimate the amount of debt they have.

For example, if your gross estate value is $3 million but you owe $1.5 million in various loans, your loved ones could be forced to liquidate much of your estate to settle those debts.

The problem is once you’re gone, your estate may remain, but your income will go with you.

Though you may be able to comfortably afford your current debts, your family might not be able to do the same without your income.

What’s more, the inability to service those debts could result in your family liquidating assets at less than fair market value.

It’s the kind of thing that happens when bills are piling up and money is short.

Still another possibility is your family attempting to retain the assets securing those debts.

In an effort to do so, they may drain down liquid and financial assets.

As they do, their ability to sustain themselves, as well as to draw income from those assets, will gradually decline.

Eventually, they could be left broke – while still owning indebted physical assets they will no longer be able to carry.

This is often how even very large estates are lost forever.

To Pay Off Business Debts 

A lot of high net worth individuals have substantial business interests.

But along with business interests come business debts.

Once again, those debts might be easily serviced while you’re alive and running your business.

But your death may result in a decline in gross business income, which will leave less cash flow to pay debts.

And of course, just because you’re gone doesn’t mean the debts will go away.

One of the primary reasons why high net worth individuals have life insurance at all is because of business debt.

Often, the family isn’t connected with the business and won’t be able to maintain it after your death.

The debts will still be there, needing to be either serviced or paid off completely.

Enter life insurance, which can provide the coverage your family needs. 

Still another consideration is the possibility (or even the likelihood) that your business debts carry your personal guarantee.

That being the case, your business debts will extend to your personal estate.

Life insurance for the purpose of paying business debts may not enable your family to continue operating the business indefinitely.

But it will buy them time to sell the business or shut it down absent the need to pay off business-related debt.

To Provide for Loved Ones in the Manner to Which They’re Accustomed 

If you live to a ripe old age, when it’s just you and your spouse living off retirement income and the investment income from your financial assets, life insurance may not be that important.

Much or most of the income will continue flowing to your spouse even after your death.

But it’s different if you have a dependent family, particularly children, and a nonworking spouse.

Since you’re a high net worth individual, you probably also have a high income.

That money will certainly disappear upon your death.

But your family’s living expenses won’t.

For example, let’s say you currently earn $500,000 per year.

Now you may be a committed saver, saving $200,000 out of that salary each year.

But that means your family is living on $300,000 per year.

If that income disappears, they may have to live on a lot less.

Since that’s a less than desirable outcome, you’ll need a large amount of life insurance to support them.

College is an especially significant family expense.

It can cost several hundred thousand dollars to send a child to a high-quality school.

If you have several children, or if any one of them wants to pursue a career which requires an extended education, the total cost is even higher.

A large life insurance policy, even just for education, can make that happen after your death.

What’s the Best Type of Policy for People with High Net Worth?

Even if you’re a high net worth individual, you don’t want to pay too much for life insurance or have more of it than you need.

You can match coverage with specific needs.

In most cases, term life insurance will be the most cost-effective.

It’s much less expensive than whole life insurance and other investment type policies.

That not only keeps premium costs low, but it also allows you to buy more coverage.

In addition, it tends to match up better against specific expenses.

For example, let’s say your estate has a gross worth of $4 million, but you also have $2 million in debt.

If you expect all the debt to be fully paid within 20 years, you can take a 20-year term policy for $2 million to cover them in the meantime.

Once they’re fully paid, there will be no need for coverage and you can then let the policy expire.

The situation is similar to providing a college education for your children.

You may only need a policy until they complete their educations.

In each of the above situations, term life insurance is the best choice.

But you may need to look at some form of permanent insurance if you want to leave additional funds for your spouse.

Term policies eventually expire, and you won’t be able to replace them beyond a certain age.

On the other hand, a whole life policy will literally last until the end of your life.

Of course, that means it will cost more in annual premiums.

But if you’re a high net worth individual, it will be well worth your time to consider the best combination of coverage and cost.

As you shop for life insurance, take a look at my review of the top ten life insurance providers in the United States to ensure you get the best price and policy for your needs.

It’s the best way to ensure your loved ones will get the benefit of your entire estate upon your death.

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How To Detect And Report Financial Elder Abuse

One of the sad truths about our society is that there are those who financially prey on others. Among the most tragic of cases are those involving the financial abuse of the elderly.

It’s hard to deal with these situations because many seniors prefer to remain in charge of their finances throughout life.

As a result, as their faculties decline, they become easier marks from the unscrupulous who would get them to make outrageously expensive purchases, or involve them in investment fraud schemes.

While these acts of financial elder abuse are discouraging and you need to watch out for scammers from the outside, you also need to be on the watch for signs that caregivers and family members may be perpetrating some forms of financial elder abuse. The MetLife Mature Market Institute recently found that trusted caregivers/family members are involved in 55% of cases of financial elder abuse.

How do you know if you or someone you know has been victimized by financial abuse? There are a lot of free tools you can use. One of the easiest is to use your free credit report.

Check Credit Reports for Elder Financial Abuse >>>

Signs Of Financial Elder Abuse

It’s important that you be on the lookout for signs of financial elder abuse. First of all, realize that it can be difficult to pinpoint cases that seem rather innocuous. Some family members may not even think of what they are doing as financial abuse. They may take a valuable object (without permission) that they feel they “deserve” and that will come to them after a parent dies, or they might dip into a joint account a little too often in “emergency” situations and use some of the money that belongs to the senior.

Realize that these actions constitute elder abuse. Here are some of the signs that a senior you know may be a victim of elder abuse:

• Valuable objects disappear
• Someone new enters the picture and begins isolating the senior from friends and family
• Large credit transactions
• Suspicious new joint accounts opened
• Excitement over paperwork that promises increased Medicare or Social Security benefits once personal information is turned over to a representative (find out how this “representative” contacted the senior)
• Constant collect calls from overseas numbers (we had to change my grandparents’ number since they kept seeing charges for calls from Jamaica, Russia, and Southeast Asia)
• Large withdrawals of cash
• Checks made out to cash
• Increasing amount of small “subscriptions” being automatically deducted from the account
• Signature on checks looks different from before
• Signs that the senior is afraid of a caregiver

All of these are signs that someone might be abusing a senior financially. Additionally, watch for signs that the senior becomes defensive suddenly, and doesn’t want to talk about his or her financial situation. This can be a sign that he or she is aware — and embarrassed — that he or she fell victim to a scam. While it isn’t pleasant to go through your parents’ or grandparents’ finances and look for signs that something is wrong or watch for signs that someone is taking advantage of them, it needs to be done. You need to stop it as quickly as you can before it gets any worse.

Internet Scams

Sadly, the internet has opened up a million different avenues for crooks to scam elderly people.

Internet scams against the elderly can take a lot of forms, but a lot of them revolve around either health insurance or Medicare. There are millions of Americans on Medicare. Just about anyone over 65 is going to be apart of Medicare. That’s a lot of potential victims.

If any Medicare representative ever needs to contact the policyholder, they will never use email. Do not provide any personal Medicare information through email.

Another common scam is requesting seniors to update their tax or IRS information. These emails could request Social Security numbers claiming financial penalties if the information isn’t updated.

Another avenue scammers take is investments and savings account. They could claim to have “investment opportunities” or need bank information to access money.

Regardless of the claim or what the email says, nobody should ever send personal information through email. If you ever receive an email you are worried about, you can always call the BBB. Always do more research before sending financial info.

How To Report Financial Elder Abuse

Once you suspect that financial elder abuse is taking place, it’s time to consider your options. First of all, check with your city or state to find out how to contact Adult Protective Services. Report the abuse to Adult Protective Services, and then complain to the state attorney general’s office. You should also file a police report.

You might also need to check into local courts (probate or some sort of civil court) if someone is abusing power of attorney, or if a trustee is perpetrating the financial abuse. You might need to challenge someone’s role as conservator or guardian in order to get the abuse to stop; it might even be necessary to have a temporary restraining order issued so that the abuse stops while you gather the necessary evidence.

A good resource for understanding elder abuse, including financial abuse, is the National Center on Elder Abuse. You want to ensure that your loved ones are protected and that their money lasts long enough to properly meet their needs over time. As a result, it’s important that you watch for signs that someone is taking financial advantage of the seniors in your life, and take action if there is evidence of financial elder abuse.

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This Simple Trick Will Earn You a Free $10 on Back-to-School Shopping

As a student, I secretly loved back-to-school shopping.

Sharp pencils, smooth college-ruled paper, a fresh Trapper Keeper…

For my mom, however, it was less exciting — and more of a burden on her wallet.

Luckily, we found a simple way to save money on school supplies this year.

Save Money on Back-to-School Shopping — and Get a Free $10

Before toting the kids to the store, download Ibotta, a free app that’ll grant you cash back on qualifying purchases.

(You might’ve heard about Ibotta for groceries — but it’s much more than that!)

Once you’re in the app, here’s how it’ll work:

• Find your preferred store. Target and Walmart are both popular Ibotta stores.
• Peruse offers. At the time we wrote this, you could score 50 cents back on hand sanitizer and 25 cents back on any item — rainbow-colored cap erasers, anyone?
• After you shop, claim your cash back by scanning the items’ barcodes and taking a photo of your receipt.

After your first redemption, you’ll also score an easy $10 bonus.

Once you hit $20 in rewards, cash out and treat yourself while the kids are back in school.

Carson Kohler (carson@thepennyhoarder.com) is a staff writer. She’s earned an effortless $172 through Ibotta.

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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