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12 Strategies for Keeping Lifestyle Inflation in Check

One of the biggest challenges that people face when they have a leap forward in their careers is that of lifestyle inflation. It might not seem like a problem at first glance, but it’s incredibly pernicious.

Let’s back up for a minute. Lifestyle inflation simply means an increase in one’s spending as a result of an increase in one’s income. If you’re making $40,000 a year and spending all of that and then you’re suddenly making $60,000 a year thanks to a raise or a promotion, you’re engaging in lifestyle inflation if your spending goes up.

There are a couple of big problems with lifestyle inflation.

First of all, it’s very hard to undo. Lifestyle deflation is very difficult for most people. Once you’re accustomed to spending a certain amount, cutting back on that level can be quite hard. Thus, when you inflate your spending to match your new income level, you’re somewhat “locking in” to having that income level going forward. This restricts your career mobility greatly and makes the threat of losing your job much more frightening.

The other problem with lifestyle inflation is that it cuts into the money you’re contributing to lifelong goals, like retiring early or paying for your child’s education or starting a small business or making a radical career leap. If you inflate your lifestyle, suddenly you’re unable to save adequately for those goals because that money is going to “lifestyle expenses.”

A third problem – though a much more subtle one – is that many avenues of lifestyle inflation aren’t very fulfilling. It’s been found in study after study that income above roughly the average American household income doesn’t increase happiness. The reason? Once you have your basic life needs taken care of, happiness comes from within. You can’t buy happiness once you have your basic food, shelter, clothing, warmth, and security taken care of.

What can a person do to keep lifestyle inflation in check? I’ve found twelve strategies that genuinely work for me.

Strategy #1 – Clearly Define Your Life Goals and Your Idea of Success in Life

What do you want to do with your life? What genuinely makes you happy and brings you peace over a long period of time – not just a burst of joy from buying something, but lasting happiness?

Those are big questions, but they’re important ones. Without some idea of what you want from your life and from your future, it becomes incredibly easy to just wander through your days, accepting whatever may come, and lifestyle inflation becomes natural.

The problem with that is twofold. First of all, everyone experiences some degree of setback and decline as they age, and if you’re not prepared for those things, they can hit you very hard, rendering your future a very difficult place. Second, without some sort of vision for the future that you’re working toward, it becomes nearly impossible to free oneself completely from the need to earn a strong income, which inherently cuts off a lot of life’s possibilities.

The key to achieving both of those goals – protection against the unforeseen and the inevitable challenges of old ages, and the possibility of grand ambitions – is to spend significantly less than you earn and keep lifestyle inflation in check.

It starts with that vision of the future, though. It starts with envisioning the kind of life you’ve always wanted to lead – free from the demands of working for money with your health intact and all sorts of possibilities before you. That vision is a personal inspiration, one that you can constantly tap when motivation is needed.

My vision, the one I tap all the time when I’m struggling with this, is simple. I imagine Sarah and I in our fifties, traveling about America in a car and spending weeks camping at each national park, visiting our children and grandchildren along the way. I imagine writing a novel and doing it the way I want to do it, taking the time that needs, without any sort of financial or time pressure on my shoulders. I tap this vision all the time when I want inspiration, and particularly whenever I’m thinking about some form of lifestyle inflation.

What’s your vision? What would you like your future to be like? Hold onto that vision and make sure it doesn’t drown in forgotten expensive meals and a house bigger than you need.

Strategy #2 – Set Short-Term and Medium-Term Financial Goals in Line with Your Lifetime Goals

Once you have some long term goals established, start translating them into medium term and short term goals.

I wrote out my long term vision above. What can I do this year to make sure that it comes true? Then, what can I do this week to make sure that my year-long vision comes true? Then, what can I do today to make sure that my vision of the week comes true?

Keep asking yourself those questions, over and over again. What you’ll find, if you do that, is that you end up finding really worthwhile things to do with your money that are really in line with what you want most in life. The same is true for your time – you find really useful things to do with it.

Almost all of the time and money I spend feels purposeful at this point in my life. I’m not being facetious when I write this. However, I had to invest a lot of time thinking about what I wanted out of life and then I had to invest a lot of time thinking about how that translated into what I’m going to do today.

I want a great relationship with my wife and kids? I work on that today. I want financial independence before I’m too old to enjoy it? I work on that today by keeping my spending in check and not inflating my lifestyle. I want to be healthy and fit? I work on that today.

If you have a good grip on what you want out of life and how that translates to your actions today, you’ll find that there’s almost always something purposeful you can be doing with your money and your time. When that happens, you’ve elevated the value and temptation of doing things for the long term. The trick, then, is to put the short term temptations in check, which is what most of the rest of this article covers.

Strategy #3 – Automatically Transfer Your Raise Before You Can Touch It

If you get a raise at work, do something automatic with it. Increase your retirement contributions. Set up an automatic extra debt payment. Set up an automatic transfer into a savings account so that you have an emergency fund. Set up a 529 college savings plan for your kids and automatically transfer the raise into that.

The goal is to sweep the extra money you would take home into a lockbox for your future. The lockbox itself depends on what your goals are. Choose one that’s in line with your life goals and throw that money in there.

When you get your first paycheck after the raise, see how much it went up, then set up that automatic transfer so that the money is scooped out of checking automatically a few days after your paycheck arrives – or, even better, have it taken directly out of your paycheck so you never have a chance to spend it.

By doing this, not only are you funding your long term goals directly, you’re also ensuring that lifestyle inflation doesn’t happen because the actual money in your checking account doesn’t change.

In fact, this is a great tool to use if you get a very large raise. You can quickly go from a 0% savings rate to a 40% or 50% savings rate, and you can use that money to quickly decimate your debts, build an emergency fund, and start saving for financial independence at an incredibly fast rate.

Strategy #4 – Avoid Debt

Debt is a perfect example of living beyond one’s means. It means that you made a purchase that you could not afford. Afterwards, you have to use future income to pay for that purchase you made in the present. That is a prime example of lifestyle inflation, because debt virtually always means that you’re living beyond your income level.

Going forward, do all that you can to avoid debt. The only exception to this is a situation where a mortgage can result in little or no increase to your housing costs (while slowly building equity), a student loan that’s intended to put you in a position to rapidly increase your earnings, or a minimal car loan if that’s the only way you can get to work. Any debt beyond that is an example of lifestyle inflation.

The worst of all is credit card debt. Typically, credit card debt occurs when a person is either buying unnecessary things that he or she currently cannot afford – purely living beyond one’s means – or they’re buying necessary things because they’ve bought unnecessary things in the past. Credit cards also comes with a high interest rate, which further drains your financial resources. If you’re using a credit card as anything more than a tool of convenience where you pay off the balance in full each month, you’re living beyond your means.

Strategy #5 – Make Debt Payoff a Top Priority

What do you do if you have debt already? In that situation, when your pay goes up, you should make paying off that debt a top priority, especially if it is high interest debt (which I personally define as anything with an interest rate over 7%).

One solid approach to this problem is to use the “automatic withdrawal” strategy suggested earlier in this article. After your income goes up, figure out how much your paycheck has gone up and then make an extra payment in that amount each pay period on your debts.

When I was actively eliminating debt, I found it very useful to have a portion of my paycheck automatically transferred out of my checking account into savings, from which I regularly made extra debt payments as needed. I did not want to fully automate those debt payments to avoid over drafting and extra payments, but I also wanted that money out of my checking account so there was zero temptation to spend it on lifestyle inflation.

There are a multitude of advantages to paying off debt. The big one, obviously, is that your money is no longer being siphoned away from you in the form of interest. However, I consider the improvement in cash flow to be almost as important for most people.

When a debt is eliminated, you’re no longer responsible for that minimum payment each month, which means that your baseline of bills that you have to cover each month goes down. If your minimum amount that you have to spend each month goes down, you have even more financial flexibility – you can accelerate your savings for future goals and make that far-off dream a reality even sooner than before. Plus, if something does go wrong, having no debts means that it’s easier to make ends meet in a pinch.

Strategy #6 – Don’t Repeat Splurges with Any Frequency

One of the big traps of lifestyle inflation is the “repeated splurge.”

Let’s say there’s some particular treat that you like. Maybe you like to go to the bookstore to buy books. Maybe you like going to the coffee shop. Maybe you like going to the movies, or eating out.

Whatever it is, when your income is low, you can’t do it very often. It’s a splurge and thus it feels special. You enjoy it and look forward to it and thus the good feelings it brings multiply in your head.

When your income goes up, it’s very tempting to start indulging in that splurge more frequently. The problem is that as soon as a special splurge becomes a more regular thing, it stops being special and becomes completely ordinary. You adapt. Something you used to think was a great treat and something to really savor is now just the ordinary boring baseline of life… except now the ordinary baseline of life is far more expensive than it used to be. You’re not any happier – you’re just spending a lot more and you’ve lost something that used to be a treat.

Here’s the secret to solving that: don’t let a special treat become a regular routine. If there’s something you really enjoy and appreciate as an occasional splurge, leave it that way. Don’t increase the frequency just because you can afford to. Not only is that more expensive, but then that treat loses what makes it special and it just becomes a more expensive version of ordinary.

If you go to a coffee shop once a month as a treat, leave it that way, even if you’re making a lot more money. If you turn it into a twice a week thing, it’ll stop feeling nearly as special and you’ll pay out the nose for the opportunity for it to no longer feel special.

Strategy #7 – Create (and Stick With) a Splurge Budget

One really useful strategy I’ve found for keeping my splurges in check is that I have a “hobby/splurge budget” each month. I have a certain cap that I can spend on all of my hobby expenses and other splurges.

If I want to buy a board game, it comes out of that budget. If I want to buy a book, it comes out of that budget. If I want to buy a latte at the coffee shop, it comes out of that budget.

The thing is, even if my income goes up, that budget stays the same. It’s increased exactly once over the last decade, and that increase was just to keep pace with price inflation. Even as my income has changed, that budget amount has stayed the same.

This budgeting strategy makes it quite easy to avoid inflating one’s lifestyle through smaller expenses.

Strategy #8 – Kill the “Deserve” Question

One aspect of lifestyle inflation that can be tricky to overcome is the sense that you “deserve” some sort of perk or another.

I deserve this expensive car. I deserve this expensive trip. I deserve these expensive treats.

There are a number of things happening all at the same time here and none of them are good for your finances. One big element is that there’s often marketing at work. Advertisements often use that exact language to prey upon people’s sense of self worth in an attempt to tie it to a product.

The thing to keep in mind is that there are always going to be fruits from your hard work and effort and talent. The question is what do you want those rewards to be? Do you want freedom from any form of financial stress? Do you want the ability to completely chart your own professional path without financial worries forcing you into areas you don’t want to go? Or do you “deserve” a car that will be in bad shape in several years? Your money can go to one or the other.

The thing to remember is this: you might believe that you deserve some splurge, but you also deserve to have financial security and a more peaceful life and a professional life without stress and the opportunity to chart your own path. If you decide that you deserve the splurge more, you sacrifice the other things you deserve. Choose wisely.

Strategy #9 – Carefully Research All Significant Purchases

One sign that you might be undergoing lifestyle inflation is that you’re engaging in a sequence of expensive purchases. Maybe you’re replacing a car, going on an expensive trip, and doing some home improvement in short order while also eating out a lot more than you used to.

One solid approach for keeping the lifestyle inflation in check is to simply slow things down and adequately research each major purchase.

Rather than rushing to the car dealership to buy a car just because you feel like the time is right for a car replacement, spend some time carefully researching that car. What kind of car do you actually need? What features must it have? What makes and models are recommended for that type of car? What manufacturers have a good reputation? What model years meet your needs? Once you’ve done that homework, start looking at lots of local dealerships for automobiles that might match your requirements. Go there and play hardball – you know exactly what you want and what price you’re willing to pay for it and don’t be afraid to walk away if you don’t get it.

This process will take some time, but when you’re done, you’ll have the car you want that actually matches your needs at the price that you want.

Then, repeat the same thing from the beginning with each significant purchase. Do it with travel. Do it with appliances. Do it with home improvement projects. Do it with gadgets.

Start by identifying exactly what you need from this purchase and what features are important to you. Research lots of options and figure out what options actually match up well with your needs. Then start looking at various retailers and what they might be able to offer in terms of price and features.

Along the way, keep asking yourself if this potential purchase is really necessary and whether you’re buying a more expensive model than necessary to fulfill relatively minor wants and desires rather than genuine needs.

Strategy #10 – Bump Up Your Retirement Contributions

If you’ve done all of the other steps here, one final tool to always consider is simply bumping up your retirement contributions significantly. Rather than bringing home more pay, just increase your contributions to your workplace retirement plan or to your own Roth IRA by the amount of your raise.

Provided that your basic day to day living needs are met, you will virtually never regret saving for retirement. You will always be glad that there is money sitting there waiting for you at the end of your career path.

If you get a 10% raise, bump up your retirement savings by an equal amount and forget about it. If you were contributing 5%, make it 15%. This basically means that your take-home pay will remain virtually unchanged, but your retirement savings will take off like a rocket.

Strategy #11 – Don’t “Inflate” Your Friendships

When people start earning more money and feeling as though they should be spending it, they often start to subtly spend more time with their friends who spend more and spend less time with those friends who are a bit more careful with their money. After all, if you’re suddenly eating out frequently, it’s easier to do it if you have friends who do that, too.

Be mindful of this change. Often, we spend out of a desire to match up with the behavior we see from the people we spend the most time with. If we spend a lot of time with people who eat out a lot, we’ll probably eat out a lot.

I personally find it very useful to consciously choose to spend time with friends that exhibit the kinds of behaviors and values I want to have in my own life. I want a life of financial independence and strong relationships with people I trust and respect and whose company I enjoy. I keep that in mind when I consider who I’m going to spend time with, who I’m going to invite over to my home, which invitations I will accept, and so on.

Strategy #12 – Find and Maintain a Repertoire of Free and Low Cost Things You Deeply Enjoy

I love to read. I love to play tabletop games. I love to cook. I love to practice taekwondo. I love to go on hikes. I love to meditate. I love to go on long walks. I love to listen to audiobooks and podcasts while I do household chores. I love to play soccer with my kids.

Those things have been true for a very long time and they still hold true today. Those things all bring me joy in my life and none of them are particularly expensive to engage in. Thus, I make a conscious effort to keep those activities as a major part of my life. I fill my spare time with them as much as possible.

“But what about trying new things?” I try lots of new things, but because I have a strong repertoire of things I know I already enjoy and value in my life, I’m careful with the new things I add to my life. I generally don’t try to add things that are going to have an ongoing cost or require lots of equipment or require a payment for participation. There are infinite things to do in the world, so why not filter out the things that take my life in a direction that I do not want?

Final Thoughts

Sarah and I live a lifestyle that costs substantially less than what we bring in. This is a conscious decision – rather than having an expensive lifestyle, we want a lifestyle that eventually builds into full financial independence so that we can do some of the things we’ve always been dreaming of doing, like spending six months driving around the country camping in national parks.

If you want to erase your debts, achieve financial security and eventual financial independence, and live a life of low financial stress, one of the most effective things you can possibly do is keep your lifestyle inflation in check. These strategies will help you do just that.

Good luck!

The post 12 Strategies for Keeping Lifestyle Inflation in Check appeared first on The Simple Dollar.

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Six Personal Loan Myths Dispelled

While credit cards have been considered mainstream for as long as I can remember, personal loans don’t always receive the same respect. Many people think it’s totally normal to run up balances on credit cards, yet they balk at the prospect of taking out a personal loan. That’s crazy when you think about it, especially since the average credit card interest rate is now over 17%.

While borrowing money is never ideal, you can save a ton of money on interest if you do some research upfront and take time to compare your options. It’s true that credit cards are a smart solution in a lot of cases, but it’s also possible that a personal loan could leave you better off in the end.

Before you write off personal loans as a borrowing solution, it’s helpful to know what’s true about them — and what’s hearsay. Here are some rumors you may have heard about personal loans in the past — and why they’re wrong.

Myth #1: Interest rates on personal loans are high.

Maybe you’ve heard (or assumed) that interest rates on personal loans are high, but that’s often not the case — especially if you have good credit. Lenders like LightStream and SoFi frequently offer personal loan rates as low as 4% for individuals with excellent credit. That’s considerably more affordable than the average rate on a credit card!

If you need to borrow money and pay it back over time, your interest rate may matter a lot more than you think. The difference between paying 17% APR and 4% or 5% APR can be thousands of dollars in interest, depending on how much you borrow and how long it takes you to pay it all off. That’s money you can save if you choose a low-cost borrowing option instead.

Myth #2: You need to visit a brick-and-mortar bank.

While consumers took out personal loans from their neighborhood bank or credit union decades ago — and you certainly still can — most people shop for loans online these days. Doing so is advantageous for several different reasons, including the fact that shopping online gives you the best chance to compare rates and terms.

Shopping online is also considerably more convenient than visiting a bank across town and waiting your turn to speak to a banker. When you deal with online lenders, you can compare offers and apply for a personal loan from the comfort of your home.

Myth #3: A personal loan will hurt your credit score.

Another prevalent myth is that borrowing money is going to hurt your credit score. People always assume this, whether you’re using a credit card, a personal loan, a HELOC, or some other type of loan.

While borrowing too much money can absolutely hurt your credit score, since it will increase your credit utilization, but borrowing money can also help your credit score. Because a personal loan is repaid in fixed monthly installments, the balance doesn’t count against your overall utilization rate — so consolidating credit card balances with a personal loan can actually help your credit score.

Another way a personal loan can improve your credit score is by changing your credit mix, which makes up 10% of your FICO score; credit scoring models prefer installment debt to revolving credit card balances. And a personal loan could also give you the opportunity to build a track record of steady, on-time monthly payments, which makes up 35% of your FICO score.

The bottom line: A personal loan won’t necessarily hurt your credit score at all, and it could even boost your score in the right scenario.

Myth #4: Personal loans are hard to apply for.

A lot of people become entirely overwhelmed by the mere idea of taking out a loan. This is usually because they assume they’ll have to visit a bank, but it’s also because it’s easy to become stressed over the details.

In reality though, applying for a personal loan is a piece of cake. You can compare loan options online, including fees and long-term costs, and you can even read lender reviews. Once you’re ready, you can fill out a simple loan application on your computer, and you could even receive the funds in your bank account in a matter of days.

Myth #5: You need excellent credit to qualify.

Here’s another prevalent myth about personal loans — you need great credit to qualify. This isn’t true at all. You do need good or great credit to qualify for a personal loan with the lowest interest rate and best terms, but there are also personal loans geared toward consumers with less than stellar credit.

While we would never suggest borrowing money if it’s going to put you in financial peril, a personal loan could help your financial situation over the long run. Even at 10% or 12% APR, taking out a personal loan to consolidate higher-interest credit card debt, for example, could reduce your interest costs and help you pay off debt faster.

Myth #6: Personal loans have a lot of fees.

Another rumor you may have heard is that personal loans have a lot of fees. While some personal loans absolutely have fees (origination fees, application fees, etc.), the best personal loans on the market tend to be free of fees altogether.

With Earnest, for example, you can borrow up to $75,000 with no origination fees, no early payment fees, and no hidden fees.

Keep in mind, however, that personal loans for people with bad credit do tend to have more fees along with higher interest rates. For the most part, your credit score, income, and debt-to-income ratio will determine whether you can qualify for a personal loan with no fees — or whether you’ll have to choose among less generous options.

The Bottom Line

Borrowing money is never fun, but you can lessen the financial pain if you conduct due diligence and find a borrowing option with low fees and interest costs. Sometimes a 0% APR balance transfer card will do the trick, but other times a personal loan with a low interest rate is the best option available.

Do some research online, compare costs, and weigh the pros and cons of each option before you decide. Sometimes a personal loan really is the best deal available — no matter what anyone says.

Holly Johnson is an award-winning personal finance writer and the author of Zero Down Your Debt. Johnson shares her obsession with frugality, budgeting, and travel at ClubThrifty.com.

More by Holly Johnson:

• 11 Ways to Get Out of Debt Faster
• The Best Personal Loans
• When You Should (and Shouldn’t) Use a Personal Loan
• Should You Use a Personal Loan to Pay Off Credit Card Debt?

The post Six Personal Loan Myths Dispelled appeared first on The Simple Dollar.

Source The Simple Dollar http://bit.ly/2MGCKVK

Best Investment Apps

There are literally hundreds of investment apps available, and more rolling out all the time. That creates the obvious question: What are the best investment apps?

There’s no easy answer to that question, because it really depends on your own investment preferences. But we’ve waded into the search and have come up with what we believe to be the nine best investment apps available.

To make the list relevant to the largest number of investors, we’ve chosen investment apps in different categories. These include real estate, peer-to-peer (P2P) lending, wealth management services, robo-advisors, micro-savings and micro investing apps, and even a couple of apps that allow you to invest for free.

We hope you’ll find one or more that will work for you.

Our List of the Best Investment Apps

1. Fundrise
2. Lending Club
3. Betterment
4. M1 Finance
5. Personal Capital
6. Acorns
7. Stash
8. Robinhood
9. J.P. Morgan

Top 9 Apps for Investing

Fundrise

Fundrise enables you to invest in commercial real estate, but you can do it through the investment app. One of the big advantages Fundrise has is that you don’t need to be an accredited investor (high income and /or high net worth, which is required on most commercial real estate apps) to participate in the app. It’s open even to small investors.

Commercial real estate has traditionally been one of the best investments available. It includes investing in office buildings, retail space, and apartment buildings. But historically it’s been available only to the wealthy.

With Fundrise, you can add commercial real estate to your investment portfolio, even if you understand very little about it.

The company claims average annualized returns have been in double digits (12% to 14%). And since commercial real estate generally moves on a different path than stocks, they can represent a true diversification away from an all-stock portfolio. It may even enable you to continue earning positive returns during a downturn in the stock market.

Fundrise screens (“vets”) the deals, and you choose the ones you want to invest in. The minimum investment is between $500 and $5,000, depending on the level of investing you want to do immediately. There is an annual fee of approximately 1% taken from your investment, and once you invest in a deal, you must stay in it until it pays out. You can learn more in our Fundrise review.

Open an account with Fundrise today>>

Lending Club

Lending Club works similarly to Fundrise, except instead of investing in real estate, you’re investing in loans made to individual borrowers. This is commonly referred to as peer-to-peer (P2P) lending. It’s similar to banking, but without the banker. You serve as the lender, while platform customers are the borrowers.

The advantage to this type of investing is that the returns are much higher than what you can get on typical bank investments. In fact, the average return is between 5% and upwards of 9%. That certainly beats the 1% or 2% you’ll get with typical bank investments. One of the disadvantages with Lending Club is that they do have income requirements, and they’re based on your state of residence.

The minimum requirement for income is typically $70,000 per year, and it may even be higher in some states.

However, the income requirement is typically waived if you have a minimum net worth of at least $250,000. They also recommend you invest no more than 10% of your net worth through the app. The really good news is that you can invest on Lending Club with as little as $1,000. And that’s actually a lot more money than it sounds.

On the app, you invest in notes, which are small slivers of loans at just $25 each. That means a $1,000 investment can be spread across 40 different loans. That will give you diversification, and protection if a small number of loans default. And you can even set up a Lending Club IRA!

Sign up with Lending Club today>>

Betterment

Betterment is the largest and most popular independent robo-advisor, with $14.5 billion in assets under management. Your risk tolerance is determined by taking a brief questionnaire, that also considers your investment time horizon and other factors. From there, a portfolio of stock and bond ETFs is created and managed by the platform.

Each portfolio will consist of between 10 to 12 exchange traded funds, that will invest in the indexes of broad financial markets. That means your portfolio will hold literally thousands of individual securities within that small number of funds.

Betterment will periodically re-balance your portfolio to maintain desired asset allocations. They will also automatically reinvest dividends.

You can maintain either a taxable account or a retirement account. You can even choose to have a socially responsible investment portfolio, or take advantage of some more sophisticated investment portfolios.

If you’re ready to begin investing, but you lack either the time, the expertise, or the motivation, Betterment is the platform for you. You can turn your money over to the app, have it professionally managed, and free up the rest of your time do whatever it is you want to do with your life. Read more in our Betterment review here.

Open a Betterment account here>>

M1 Finance

What separates M1 Finance from other investment apps is that it has no fees. There’s no monthly management fee, and there are no trading fees. However, you don’t trade individual stocks in your M1 portfolio.

Instead, you create mini portfolios, referred to as pies. Each pie contains a mix of ETFs and stocks that are consistent with the particular investment theme of a given pie. M1 Finance offers more than 60 pie templates, based on certain investment themes.

Each pie will have a mix of investments that are consistent with that theme. You even have the option to create your own pies. For example, you can choose to build a pie around socially responsible investing, or you can even choose a pie comprised of specific stocks.

In a very real way, M1 Finance is a hybrid between a robo-advisor and self-directed investing.

They completely manage your portfolio for you, in the style of a robo-advisor. But it’s you who determines the specific investments that will be held in your portfolio. That will give you the ability to pick the specific investments, without having to concern yourself with managing the portfolio.

There is no minimum initial investment, but the app does recommend you have a minimum of $500 before creating your first pie. And since they allow the purchase of fractional shares, you can create a fully diversified portfolio even with a relatively small amount of money.

The app is available for taxable accounts, as well as retirement accounts. You can find out more in our full M1 Finance Review.

Sign up for an M1 Finance account>>

Personal Capital

Personal Capital is fast becoming one of the most popular investment apps available. This is in part because they have both a premium wealth management service, as well as free financial software that can benefit just about anybody.

The free financial software has budgeting capabilities, but its investment features may be what separates it from regular budgeting software. Some of the investment services they provide include:

• 401(k) Fee Analyzer. If you have a 401(k) plan, you’ll love this tool. It analyzes your plan to let you know exactly what you’re paying in fees. It then recommends alternative investments within your plan that charge lower fees. This can be a game-changer over the long term.
• Retirement Planner. This tool will help you determine if your retirement savings are on track to enable you to retire. It can help you to run what-if scenarios, based on spending goals and expected future income. That will give you a chance to make adjustments going forward.
• Investment Checkup. Once your risk profile has been determined, the tool will determine if your asset allocation is consistent with that profile. It will then recommend an allocation that will work for you.
• Asset Allocation Target. If you’re underweight in any asset categories, the tool will recommend making improvements to move your portfolio to where it needs to be.

You can read about all of the platform’s features in our Personal Capital review.

The Wealth Management side is the premium service. If you choose this plan, Personal Capital will directly manage your portfolio, similar to a robo-advisor. However, they will provide more financial advice than you’ll typically get from robo-advisors.

The fee for the service is 0.89% per year for most investors (with under $1 million under management). But it declines down to 0.49% for larger portfolios.

Start investing with Personal Capital>>

Acorns

Acorns is the perfect investment app if you’ve been having difficulty just getting started with investing. It uses the concept of “spare change” to enable you to build up an investment account, through your regular spending activity.

It’s a smart phone app that uses a strategy called Round Ups. It links to your primary bank account or credit card, and works every time you make a payment through that account.

For example, if you make a payment of $7.25 at a fast food restaurant, the app will automatically charge your account $8. It pays the restaurant, then allocates 75 cents for savings. Once the savings allocation reaches $5, it’s moved into your Acorns investment account.

The Acorns Investment Account is a robo-advisor that will create your portfolio and manage it for you. It’s just about the simplest way you can begin investing, since all you need to do is spend money the way you regularly do, with small slivers being added into your investment account along the way. Acorns then provides you with a fully diversified managed portfolio that will grow as you continue to spend.

Acorns even rolled out in IRA option, called Acorns Later, so you can have both regular and retirement investing on the same app. There’s no minimum initial investment, and the fee is just $1 per month. But the fee is waived for college students, so you can begin saving and investing for free before you even graduate.

Take a look at our Acorns Review for more details on how you can invest your spare change with the up and coming platform.

Sign up with Acorns today>>

Stash

Stash has only been around for three years, and they already have 2.7 million users. With participation like that, you know they’re doing something(s) right.

In some ways, it’s similar to Acorns. You can begin an account with as little as $5. But rather than using spare change to fund your account, you actually do so with flat amounts. You also have the option to contribute to your account on a regular basis using the Auto-Stash feature, which enables you to make automatic deposits on a weekly or monthly basis.

Stash doesn’t function as a robo advisor, however. Instead, they determine what type of investor you are – conservative, moderate or aggressive – then recommend a portfolio template for you.

They have more than 50 templates built around certain themes. Within each template are a mix of exchange traded funds and individual stocks. Since Stash allows trading fractional shares, you can build a fully diversified portfolio even with a small amount of money.

Stash charges a fee of just $1 per month for an account balance up to $5,000 – and the first month is managed free. Once you reach $5,000, the annual fee is 0.25%, which is comparable to the lower end of fees charged by robo-advisors.

Stash also offers Stash Retire for IRA accounts. The fee is $2 per month on an account balance up to $5,000, then it drops to 0.25% per year. But if you’re under 25, Stash Retire waives the management fee. 

Start investing with Stash>>

Robinhood

If you’re looking for an investment app that will enable you to trade stocks for free, look no further than Robinhood. The app enables you to trade more than 5,000 stocks and ETFs commission-free. And if you’re interested, they also enable you to trade cryptocurrencies, also commission-free.

What’s even better is that you can open an account with no money whatsoever. Robinhood has no account minimums, so it’s open to investors of all financial levels.

If you sign up with this app, be aware that it is for self-directed investors, and is not a robo advisor. It’s strictly an app to buy and sell stocks and ETFs.

In fact, there are certain securities you can’t trade on the app. Those include foreign stocks, select over-the-counter equities, preferred stocks, and securities purchased on foreign exchanges. There’s one other point about Robinhood that must be mentioned.

Despite the fact that it allows commission-free trades, they specifically prohibit day trading. They even have specific guidelines that could result in your account being suspended if you show day trading patterns.

The app is available on Google Play for all Android devices running 5.0 Lollipop and newer. Available on iOS devices (10.0 or later) on the App Store. It’s compatible with iPhone, iPad, iPod touch and Apple Watch.

Sign up with Robinhood to start investing today>>

You Invest by J.P. Morgan

If you’re already an experienced investor, You Invest by J.P. Morgan may be the go-to platform, particularly if you’re a very frequent trader. You Invest offers a very generous up front bonus offer, followed by just about the lowest trading fees in the industry.

You Invest was only rolled out by JPMorgan Chase in August of 2018. But as an introductory offer, you get over 100 commission-free online stock and ETF trades. It’s also perfect for new and small investors, since there is currently no minimum initial investment required.

Once you’ve used up your free trades, the regular fee is just $2.95 per trade, for both buying and selling.

Another very attractive offer by this app is that they plan to offer the commission-free promotion on an annual basis. That being the case, it’s possible you’ll be trading for free forever if you do less than 100 trades per year. However, there is a catch to the annual free trades offer. You must have a Chase Premier Plus checking account to qualify for the ongoing freebies.

The platform is brand new, so the details on this one are still rolling out. The website even indicates that they’re planning to roll out a managed option, like a robo-advisor, in the very near future. It looks like JPMorgan Chase is looking to enter the investment arena in a big way.

Final Thoughts on the Best Investment Apps

The combination of technology and the Internet has produced more investment options and apps than ever before. It’s just a matter of choosing the one (or several) that will work best for you. As you can see, there are investment apps to help a non-investor become an investor, to fully manage your portfolio, or to trade securities commission-free.

Pick at least one, and start investing today. If you’re not already investing, the biggest hurdle is usually getting started. But with one of these investment apps, that shouldn’t be a problem at all. You don’t even need any money to use some of these apps.

The post Best Investment Apps appeared first on Good Financial Cents®.

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Best Medical Alert Systems for 2019

Medical alert systems have embraced the digital age.

They now offer GPS, fall detection sensors, and smartphone integration.

Despite these important advances, the ultimate goal remains the same:

To give you, or the person you care about, freedom from worrying how to call for help in a medical emergency.

If you’re a senior who lives alone, a caregiver for an aging loved one, or anyone with a medical condition that could require immediate action, a medical alert system could make your life easier.

Getting to know the features of these systems, both new and old, will make your shopping process easier and help you get the right system for you.

Quick Navigation

1. What Are They
2. How to Choose
3. Shopping Tips
4. Best Medical Alert Systems
5. Other Options

The Best Medical Alert Systems This Year

How Medical Alert Systems Work

The original medical alert systems a few decades ago included two pieces:

1. a stationary base, and
2. a remote control the user could wear as a necklace or bracelet

They were fairly basic, and also easy to operate.

Pushing the remote’s button activated the base unit which called 911 or a private monitoring service.

This setup provided a simple and effective way to call for help if you couldn’t physically get to the phone, which back in those days wouldn’t exactly fit in your pocket.

My how things have changed!

Now you can easily carry your phone everywhere you go, which means you should be able to call for help if you have fallen or fall or have another medical emergency.

Benefits of Having a Medical Alert System

Medical alert systems have responded to the cell phone age by upping their game. As technology has evolved, so has the medical alert system industry.

All the best medical alert systems, like the ones featured in this list, have taken advantage of technological improvements and improved the efficiency and usability of their products.

Here are just a few ways medical alert systems have improved over the years:

• They’ve added new features and enhanced old features.
• They’ve made customer service a top priority.
• Recently many providers have stopped requiring long-term contracts.
• In most cases, you no longer have to buy your own equipment.

Today’s Medical Alert System Features

Don’t quite know what to expect with a medical alert system?

Here are a few specifics to consider if you’re not sure whether to invest in a medical alert system for yourself or an aging parent or other senior you care for:

• Waterproof remotes: A lot of falls and other medical emergencies happen when users are in or around the bath or shower. Even if your smartphone is just five feet away on the counter, it may be too far to reach after a fall. You could take a waterproof medical alert system remote into the shower.
• Fall detection: What if someone with a medical alert system falls and becomes unconscious? He or she couldn’t push the button to call for help. Thanks to GPS, medical alert systems can detect sudden movements, which means they can detect a likely fall. When they do, they can send help even if no one pushed a button.
• Speaking of GPS: GPS technology has also allowed medical alert systems to ditch the old two-piece hardware model and its limited range of operation. This is particularly helpful for a patient with dementia who may leave home without the knowledge of his or her caregivers or for active seniors who go out alone often.
• Custom monitoring: Medical alert systems can be programmed to reach out to a pre-programmed emergency contact (such as a relative or a neighbor) instead of calling 911 or a monitoring center. When the senior you care about needs a little assistance but doesn’t need an ambulance, this can be a great feature.
• Professional support: Some of the best modern systems include professional support such as routine equipment and battery testing to make sure the equipment will work when needed.

Finding the Right System for Your Needs

You and your aging or medically fragile family members may not need all of the features above.

For example, if the person who will use the system can’t leave home without help, you may not need to pay more for GPS.

Likewise, if you as a caregiver live in the home or nearby and plan to test and maintain the equipment on a regular basis, you may not need the company to provide these services.

To find the right system at the best price, find out what you need first.

Let’s check out a few scenarios:

You’re Far Away From Aging Loved Ones

Let’s say you visited your aging parent or other loved one recently and noticed a few things that worried you. Your mom tripped on that step into the garage or forgot to turn off the oven a couple times.

Your dad never once unplugged his cell phone from its charger beside the bed. Your parents are still pretty active. You aren’t ready to think about assisted living or in-home help.

But some kind of support would be nice, especially since you live a few hours away.

In situations like this, I’d consider getting most or all of the bells and whistles a modern medical alert system offers:

• Professional monitoring
• GPS-enabled features, and
• Equipment testing

Your Loved One is Physically Healthy But Has Dementia

A friend of mine has a grandmother in this situation: She’s in great shape physically. She’s always been active, even into her late 80s, and her heart is going strong.

Her mind, though, has the family a little worried.

They stopped leaving her home alone a couple years back and recently made the painful decision to take her car keys so she wouldn’t put herself and others in danger.

She responded by sneaking out like a teenager and walking along a busy highway. (She’d seen in the paper chicken breasts were on sale at Walmart and decided to walk the three miles to buy some.)

Everything worked out fine. They got her home safe.

But a GPS-enabled medical alert system would have saved the family a lot of worrying that day.

They could have found their loved one’s location either on a smartphone app or by calling the professional monitoring center.

Sure, you could also make sure your loved one carries a smartphone and skip the GPS-enabled medical alert system bill.

But as anyone who has cared for someone with dementia knows, that’s easier said than done. It’s much easier to use a necklace or bracelet monitor which needs less charging time and is less likely to be lost or forgotten.

You Live Across Town But Could Use a Little Support

If you live near your aging loved one but would still like the freedom to go to work, go shopping, or spend time with your own family without worrying as much, a more basic medical alert system may meet your needs.

You may just want a reliable way for your aging loved ones to reach you quickly and efficiently if they fall or need help in a hurry.

In this case, a classic, two-piece system may still fit the bill.

Even basic systems now come with great features such as battery backup in case the power goes out and cellular or WiFi backup in case the phone lines don’t work.

Seniors who are mobility challenged may also receive the support they need from a basic system like this.

You’re Active but Could Need Immediate Medical Help

Someone of any age with a diagnosis such as diabetes or heart disease could benefit from a modern medical alert system.

Even if you’re good at managing your medical condition and can prevent emergencies, it never hurts to have a little back-up, especially if you drive a lot or take care of young grandchildren.

In this case, I’d skip the classic models and go straight for the new, GPS-enabled one-piece systems you can wear as a watch, necklace, or bracelet.

You may do just fine calling for help on a cellphone, but the simplicity of hitting one button has its appeals depending on how debilitating a medical emergency you experience.  

Some Issues to Look Out For

What’s the Range of the Basic System?

If you’re getting a traditional, two-piece system without GPS, make sure the system’s in-home range can cover the entire house, garage, and yard if needed.

Just like the old-fashioned cordless phones you see on Friends or Seinfeld, these systems work only when the remote unit is close enough to the base unit to communicate.

If you’re using the system in a large house, you may need more than one base unit, just like some bigger houses need more than one WiFi router.

You can’t always believe the range specified in a company’s test data, especially if you see terms like “open air” in the testing description.

Few of us live in “open air” houses. In reality, pesky things like walls and ceilings can limit your range.

What Barriers Could Affect a GPS System?

A GPS-based system dodges traditional range issues because it usually includes only one piece, the remote.

But other issues can limit a GPS system:

• More frequent charges: Since the remote does all the work, its battery needs to be charged more often, probably every 24 hours.
• Actual GPS or not?: Some of the systems we looked at said they utilized GPS but they actually used a cell phone signal to extrapolate a client’s location. This method isn’t as efficient, and it requires a good cell signal which you may not have in a rural area or at the far end of a development. Systems that use cellular data and GPS simultaneously offer better results.
• Access to satellites: As anyone who’s used a Garmin or other GPS device knows, your connection to those satellites out there isn’t always constant. As a result, a GPS medical alert system could travel out of range. While this is an acceptable risk for most people, it’s not acceptable if your home is out of range because of trees or other buildings blocking the horizon. Most companies allow you to test a system before committing.

Who’s Doing the Monitoring?

Many medical alert system providers offer professional monitoring much like a home security system.

You’ll pay a monthly fee for this monitoring, and it provides peace of mind knowing someone is standing by waiting to help.

However, you shouldn’t rely on this service without first finding out where the monitoring system is, how well it is staffed, and whether it is available around the clock.

Also, find out how well call centers train their staff members. Some companies use a third party to monitor their systems, which means they don’t have as much control over the monitoring process.

Even with outsourced monitoring centers, look for certifications from Underwriters Laboratories and the Central Station Alarm Association which usually means you’re in good hands. The CSAA’s 5-diamond certification is its top rating.

Some companies have outsourced call responses to other countries. I suggest avoiding these companies since you know even less about the quality of monitoring.

How Will EMT’s or Other Responders Get Inside?

Traditionally, when you call 911 and responders can’t get inside to help, they will break a lock, if necessary, to save your life. Very few of us would complain about the damage.

However, many medical alert system providers now offer lock boxes so responders can access the home via electronic code, which your system’s responders can share with your local emergency responders.

Who Will Test Equipment?

Some of the best medical alert systems test your equipment on a regular basis to make sure everything works properly.

If your provider doesn’t test your gear, you can do it yourself, either deliberately or just by paying close attention:

• Battery life: If you notice a GPS-based unit doesn’t hold its charge all day, it may be time to get a new battery. Traditional two-piece systems tend to have longer battery lives since the remote is passive.
• Back-up batteries: With a traditional base-and-remote system, be sure to also change back-up batteries which kick in when the power goes out.
• Unusual lights: If you see different lights than usual on the base unit or GPS-enabled remote unit, be sure your system isn’t trying to tell you about a problem.
• Just try it out: Often the best way to test a service is to simply use it. Push the button and see what happens. Tell the responder right away you’re just testing things out.

If you’re responsible for maintaining a system for an aging loved one, you should test the equipment at least once a month.

I like to associate these kinds of routine tasks with something else routine, like paying the power bill or changing the HVAC filter.

Will I Pay a Monthly Fee?

A monitored system usually requires a monthly fee. Some companies still require contracts or else encourage longer commitments by offering lower rates.

If you’d rather avoid a monthly bill, look for a provider who allows self-monitoring.

Remember, of course, that self-monitored systems can not help your loved one unless you have someone reliable — yourself or a designee — standing by to help when called upon.

Some self-monitored systems can be programmed to call 911 directly, which is a good idea if you or another friend or family member can’t always be available.  

Is Your Loved One Visually or Hearing Impaired?

A medical alert system for someone with special requirements should address these needs.

• Visually impaired: It’s easy enough to find a system with large, easily distinguishable buttons. You could even put a sticker or other texture cue on the button to make sure your loved one knows how to call for help.
• Hearing impaired: This can be trickier since medical alert systems typically depend on two-way communication to assess emergencies. While shopping, be sure to ask service providers how they adapt their systems for the hearing impaired.
• Language barriers: Language barriers can also hinder responders. It should be easy enough to find a service that offers Spanish. It’ll be harder but not impossible to find accommodations for other languages. If this is a problem, a self-monitored service programmed to contact a family member may be a better option.

Top 6 Best Medical Alert Systems for 2019

Since you have a pretty good idea what kind of services you or your aging loved one needs, it’s time to compare service providers and systems.

There are a lot of great options out there in this growing industry. Here are my five favorite companies and systems for this year, all of which offer 24/7 monitoring:

1. Medical Guardian

This Philadelphia-based company checks the boxes I would look for in a medical alert service provider:

• Monitoring: In-house monitoring with 13 U.S.-based call centers and Underwriters Laboratories and Central Station Alarm Association certifications.
• Options: You’ll find a variety of hardware and service options, from the simplest base-remote systems to today’s more advanced GPS remote systems.
• No contracts: I like Medical Guardian’s month-to-month instead of contract-based payments and its lack of equipment fees for most services.
• Solid stuff: The simple base-remote system has 1,300 feet of range and a 32-hour backup battery. AT&T’s cellular network drives the GPS system. Medical Guardian backs its equipment with a lifetime warranty.

Medical Guardian covers the spectrum, from simple systems to the most advanced features including fall detection and waterproof devices which can be worn as pendants, bracelets or even watches.

As a result, you can build a system to meet your specific needs.

I like Medical Guardian’s new Family Guardian package, which allows you to connect your loved one’s monitor to a smartphone app so you can more easily check-in.

You can even connect more than one monitor to your account in case you have more than one senior in the home.

Medical Guardian also recently released its own smartwatch. It works as a medical alert system and also specializes in keeping track of other medical information.

Turn-offs could include AT&T’s cellular network if you happen to live in an area where the network isn’t as strong. AT&T has invested a lot in its wireless network over the past decade, though, so most people should be OK.

2. Bay Alarm Medical

Bay Alarm has provided medical alert systems for more than seven decades. The California-based company compares well with Medical Guardian in most areas.

Advantages include the option of using Verizon’s cellular network for mobile systems. You can also opt for AT&T’s network.

Bay Alarm’s GPS system also can work up to 72 hours without a charge, which is noticeably higher than most of its competitors.

And, the company has pioneered an in-car system for more active seniors or anyone who has a medical condition that could require attention quickly.

You could make a case for rating Bay Alarm ahead of Medical Guardian, but I still like Medical Guardian’s flexibility and adaptability.

I’m also just a tiny bit concerned about Bay Alarm’s outsourced response centers. The centers are U.S.-based and certified by UL and CSAA, so you shouldn’t be left out in the cold.

We just believe in-house monitoring gives customers the most reliable service.

Bay Alarm does offer a 14-day free trial period for its GPS system, which gives you a great way to try things out before making a commitment.

Speaking of commitments, Bay Alarm does not require a long-term contract but you do get a price break on the GPS system by committing to half a year or more.

3. MobileHelp

Florida-based MobileHelp also compares well with Medical Guardian and Bay Alarm, offering no-contract services and reasonable monthly rates.

MobileHelp specializes in fall detection and other GPS-equipped systems, so the company may not suit your needs if you’re shopping for a classic system.

In fact, the simplest service will not work on a landline, and its remote range is only 600 feet.

AT&T powers MobileHelp’s GPS equipment, and it seems to work well. Customers have reported satisfaction with the fall detection feature, for example.

A few people have even been concerned the fall detector is too sensitive, resulting in false alarms.

MobileHelp also outsources its alarm monitoring, seemingly with positive results:

The company boasts a 17-second response time, which is faster than most of its competitors which typically respond in 30 seconds or so.

Just like Bay Alarm, MobileHelp’s outsourced monitoring centers maintain UL and CSAA credentials which would let me worry less about the outsourced service.

You can try out the system for 30 days free of charge and pay month to month without a contract, though you will be charged $350 for the equipment if you don’t send it back after canceling.

4. LifeStation

New Jersey-based LifeStation has more than 40 years experience in the field. LifeStation staffs its own UL and CSAA-certified monitoring centers, which gives it the ability to check in weekly with customers.

If you live in a different town from the seniors you care for, this service can reduce your need to test equipment on a regular basis. In fact, LifeStation takes pride in equipment maintenance.

It even tests and replaces batteries at no charge.

Another great feature if you’re away from the home is LifeStation’s “Find My Loved One” option.

You can text the call center and immediately get your loved one’s location (assuming the senior you love is wearing the pendant or bracelet!).

LifeStation also trains its staff members for a variety of scenarios they may encounter when a customer calls for help. LifeStation doesn’t require a contract, but you’ll get a better rate if you commit to a longer term.

A lot of complaints about LifeStation relate to its billing practices. When you pay upfront to get a lower rate, for example, it can be hard to get a refund if you need to cancel the service.

The company advertises a 30-day money-back guarantee for any of its services.

5. Medical Alert

Medical Alert is the nation’s largest provider of medical alert equipment, in part because its parent company, Connect America, serves many hospitals and assisted living facilities.

Its in-home services hold up well compared to leading competitors. Medical Alert has its own solid network of call centers which have earned UL and CSAA certifications.

The company offers solid equipment at competitive prices.

You won’t need to sign a long-term contract, but you can get a price break by paying quarterly, semi-annually, or annually.

Medical Alert also offers modern features like fall detection and smartphone integration for caregivers. AT&T powers these services.

The company’s classic two-piece system has only 600 feet of range so placing it in a centrally located area of a home will be essential. The base unit’s backup battery should last about three days, which is longer than most competitors’ units.   

6. Philips Lifeline

Philips is a well-respected name in medical technology, and the Philips Lifeline medical alert system seems to live up.

The company pioneered the fall-detection devices most every company now offers. Philips lists a 95 percent success rate with its devices.The company also stands out because of its in-house monitoring which has built-in tiers of response levels.

If you push the call button but only need non-medical help, Philips Lifeline’s operators can contact a neighbor or a friend for you.

Of course, if you need medical help they will be able to respond appropriately.

The company’s systems and monthly fees tend to be higher compared to the other providers on this list, but customers tend to be satisfied with the product.

Philips Lifeline does not require a contract; only a 30-day cancelation notice.

Like most other services we’ve reviewed, AT&T powers Philips Lifeline’s mobile products.  

Other Options to Consider for Medical Alert Systems

Any of the six companies above should be able to provide the services you or your family members need.

They all have good ratings from the Better Business Bureau which means their customer service departments should be able to help resolve issues you may have.

Every year, more companies join the growing market for medical alert systems.

If you’re considering a company that’s not on this list, here’s a checklist to consider:

• Monitoring: Look for UL and/or CSAA certifications and in-house monitoring when possible. If a company outsources monitoring, make sure the monitoring service is still domestic and certified.
• Payments: You shouldn’t need to sign a long-term contract anymore, though you may want to take advantage of the lower rates companies offer when you pay annually or quarterly. Be careful, though. If you need to cancel the service it can be hard to get a refund when you’ve already paid a lump sum.
• Equipment fees: Be sure to ask how much you’re expected to pay, if any, for equipment. Some companies offer free equipment with an annual commitment or charge only for GPS equipment. Avoid surprises by finding out in advance.
• Online reviews: Online reviews can tell you a lot, but remember you aren’t getting the whole story since dissatisfied customers are a lot more likely to post reviews online. That being said, if you see the same issue being raised regularly, take notice.
• BBB ratings: The Better Business Bureau and services like TrustPilot give you a more tempered view of a company’s customer service since they include a company’s responses.
• Response times: I didn’t go into response times much in this post since the best companies tend to respond in the same general time frame of 20 to 30 seconds. When looking at other companies, though, be sure to ask about response times.
• Battery life: This isn’t a make-or-break issue but it’s still something you’ll want to know about in advance. If you have trouble keeping a smartphone charged, for example, you may want to shop for a GPS medical alert device with a longer battery life.

A Medical Alert System Should Fit the Way You Live

The issues we’ve discussed in this post will matter as you shop for a medical alert system for yourself or a loved one.

Ultimately, though, it’s up to you to make sure the features and capabilities of a system match your needs.

So look around, ask questions, test out the GPS and other features before committing to a system.

And follow up with routine testing to make sure the system you depend on will be dependable when you need its help.

The post Best Medical Alert Systems for 2019 appeared first on Good Financial Cents®.

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Here’s a Simple Trick to Snag 1% Cash Back on Anything (Without a Credit Card)

Remember that sweet surround sound system you bought a year ago? “Game of Thrones” never sounded so cool!

You even used your special credit card so you could earn some cash back on that baby. Well, that was the idea, anyway. Six months later, when you still had a balance on that card, you realized you paid a lot more in interest than what you earned in cash back.

The score? Credit card company: 1. You: 0

Believe it or not, you don’t have to use a credit card to enjoy the benefits of cash back. You can earn 1% cash back just for making your everyday debit card purchases — if you have an Empower banking account

You Can Get Cash Back — Without the Risk

You love cash back. Who doesn’t?

The problem is, your credit card offers you a small percentage of cash back, but it charges you an astronomical interest rate.

Why not just get cash back without the risk of paying crazy interest rates?

Here’s the trick: Don’t get a cash-back credit card — get a cash-back debit card with Empower.

When you open an Empower checking account, you can start earning cash 1% back on your everyday purchases with your debit card up to the first $1,000 spent each month. Refer your friends to this awesomeness, and you could boost that number up to 2%.

Your morning coffee stop? Cash back.

Lunch? Yep, cash back.

That weekly trip to stock up on groceries? You guessed it. Cash back.

Stop risking your money with credit cards just to get cash back. With Empower, you can get the rewards you love without risking big interest charges. Plus, there are no ATM fees, annual fees or overdraft fees.

Handle all of your finances right from your phone with Empower. Pay nothing and earn cash back just for using your debit card.

The score? Credit card company: 0. You: 1%.

Winner winner.

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

This was originally published on The Penny Hoarder, 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.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

source The Penny Hoarder http://bit.ly/2WwA1Tb

Trump Admin Pushes Back Against Grim Deficit Report: 'The Optimists Are Going to Be Right'

The US deficit is set to hit $897 billion this year, according to a new report from the Congressional Budget Office. The report also predicts a slowing economy, with growth at 2.3 percent. However, Larry Kudlow, Trump's top economic adviser, disagrees with the findings...

Source CBNNews.com http://bit.ly/2sSovnE

How to Create an Ecommerce Website in 9 Easy Steps

We’ve covered the high-level strategy of building an online store that makes real money here.

But how do we create the ecommerce website itself?

Below, you’ll find the 9 steps you need to take to create an ecommerce site.

In this guide, we cover:

1. The one and only ecommerce tool that we use to build our sites
2. The payment setting that can accidentally reduce your revenue by increasing refunds and chargebacks
3. The biggest myth of pricing and how real ecommerce website owners set their prices
4. What to put on your homepage to convert more customers
5. What an SSL certificate is and why you need one (also how to get one for free)

Quick note, I’m going to assume that you’re creating your ecommerce website from scratch. If you already have an ecommerce store and want to transfer that store to Shopify, we have a detailed guide for that here.

Step 1: Search for Your Domain

Before going any further, make sure your company name has a good domain you can grab.

I’ve started several stores in the past, had a company name picked out, and then had a terrible time trying to find my domain. Eventually, I went with a completely different name so I had to backtrack and change a bunch of settings, or even recreate my store from scratch.

The whole process goes much smoother if you make sure the domain you want is available from the beginning. Then you won’t have to redo anything.

My go-to resource for checking which domains are available is Namecheap, which also happens to be our recommended domain registrar. A domain registrar is just a fancy name for a company that registers domains on your behalf.

Not only is Namecheap our favorite domain registrar, they also have a wicked fast domain search. Even when I’m not planning on buying a domain, I always use them to search for available domains.

I recommend holding off on buying your domain for now.

Why? Shopify has the option of buying your domain for you. If you use Shopify to buy your domain, they also configure the entire domain too. There’s nothing you need to configure or set up, it’s super easy.

We use Namecheap as our domain registrar and to manage all our domains. We believe it’s the best out there. We do this is because we have a ton of sites and domains that we manage. Once you’re managing dozens of domains, keeping them all in one location helps a lot. It’s easier to keep them from expiring, update their settings, and sell them if you want.

But if you only plan on having a couple of domains for your ecommerce site, buying them through Shopify is the easiest option. So hold off on buying for now and just make sure your domain isn’t taken.

Step 2: Start Your Shopify Free Trial

Now that you’ve made sure that you won’t have any trouble grabbing the domain for your company, head over to Shopify and start your 14-day free trial.

Why Shopify? Aren’t there other ecommerce site builders?

Yes, there are other tools for building your ecommerce site. To be honest, none of them compare to Shopify, it’s not even close. Years ago, ecommerce sites used to be fairly difficult to manage and build. Then Shopify entered the category and completely changed the game. And in the last few years, they’ve added lots of advanced functionality so they’ll easily scale with you no matter how big your site gets.

Shopify completely outshines the competition in ease of use, feature depth, ability to scale, and price.

Whenever I build an ecommerce site these days, I immediately go to Shopify. I don’t give a second thought to any of the other options out there.

There’s no credit card required so you can get a good feel for how Shopify works without any risk on your end. The 14 days are also perfect for getting your site built. I recommend setting a goal to get your store live by the end of the trial period. Then you’ll be making money as soon as you start paying for Shopify.

The trial will ask you a few questions about your company name, your address, and other standard details.

Step 3: Get Your Domain

With your Shopify store created, it’s time to grab that domain you spotted earlier. The easiest option is to buy your domain within Shopify.

In Shopify, you’ll find a domains section that allows you to search for a domain.

Shopify sells .com domains for $14 per year. This is slightly higher than average. Most domain registrars will sell an available domain for $10 per year. If you’re creating your store from scratch and haven’t purchased your domain yet, I wouldn’t worry about trying to save $4 per year. Purchasing your domain directly from Shopify will save you the several extra steps you’d have to take to point your domain from your registrar to Shopify.

I also recommend that you purchase the .org and .net versions of your company name. So you should have three domains in total:

1. company.com
2. company.net
3. company.org

What if you want to manage your domains outside of Shopify? In that case, choose a domain registrar like Namecheap and buy the domain there.

Once you have your domain, you’ll need to configure a few domain settings to point the domain to Shopify. You’ll find detailed instructions on how to do this here.

If you’re pointing your domain to Shopify, do this as soon as possible. It can take a few hours for domain settings to go into effect so you’ll want to make the changes and confirm everything is working before you’re ready to launch your store.

Step 4: Choose Your Theme

Your Shopify theme determines how your store will look. It’s also how ecommerce stores are able to brand themselves using their site. You can also change the look and feel of your site without having to transfer off Shopify itself, simply by changing the theme.

There are three ways to get your theme in place.

Free Shopify Theme

Shopify has plenty of great-looking themes that are also completely free. They’ve gotten so good over the years that it’s often difficult to tell what’s a free theme and what’s paid.

Paid Shopify Theme

Shopify also has plenty of paid themes in its marketplace. Most of them sell for $180. They offer a more polished site and extra features than the free themes.

Custom Shopify Theme

Yes, it is possible to get a theme built from scratch. If you go this route, an ecommerce marketing agency can build your site however you want. It can be completely customized to match your brand.

The costs for a custom theme will vary widely. It depends a lot on how big of a business you have and your requirements. Pricing will range anywhere from a few thousand dollars to over a hundred thousand dollars for an enterprise ecommerce site.

Our Theme Recommendation

Unless you already have a thriving business, it’s best to use one of the standard Shopify themes. This gives you the ability to get started without having to spend much money. Then once your business has taken off and you have a good idea for how to evolve your site and brand, you can consider a customer Shopify theme.

When we look for themes, we go to the Shopify theme store and rank all themes by popularity.

Then we start at the top and scroll down until we find a few that could work.

Ideally, you’ll find one that has a good “feel” for the type of customers your store will target. If you’re targeting men that spend time outdoors, a more rugged feel is ideal. If you’re selling luxury products, a polished and refined feel would be better. Don’t worry about getting this perfect — you only need a theme that’s “good enough” at this stage.

We typically don’t worry about the free versus paid Shopify themes. We’re more focused on finding the theme that’s a good fit. If it happens to be free, even better. If it costs us $180, we consider that a small cost and don’t hesitate to purchase the theme. If you’re watching every dollar and would prefer to stick to a free theme, you’ll still find plenty to choose from.

Once you’ve found the theme you want, get it installed on your Shopify store. That’ll make the next few steps a lot easier.

Step 5: Create Your Product Pages

This is where you’ll want to spend the most time.

Product pages have a huge impact on how many of your website visitors end up converting to customers. And it’s one of the key parts of the business that you control. You can’t always control traffic. You can’t always control your suppliers. But you can control how much effort you put into making your product pages really high quality.

Let’s go through the key parts of a product page and how to make them amazing.

Product Name

Great product names have a huge impact on product sales. Just think of the legendary infomercial products like the Shamwow, Thighmaster, or OxiClean. Legendary product names are distinctive, instantly communicate the product benefit, and are easy to remember.

I’ve named my share of products and all I have to say is that this is a lot harder than it looks.

When I tried to name my first few products, it was really easy to fall into the trap of making the name too cute. There’s a fine line between a legendary name that resonates with your market and a cute name that everyone ignores.

This is why it’s generally better to focus on names that are clear instead of trying to be too creative. Until you have a lot of naming experience, it’s really easy to pick a name that falls flat.

A clear and boring name for a great product will still generate tons of revenue. A cute name will destroy it. So focus on clear names that your market will instantly understand.

Product Description

This is your one to two paragraph pitch for the product. Really spend time on this copy.

Here’s a good structure to use in a standard product description:

1. One or two sentences describing the problem that your product solves
2. One or two sentences painting the dream of what it will be like when the product is solved
3. Two to three sentences explaining how your product achieves that dream and the specific features that help accomplish that goal

This is a very common copywriting script that’s used for a lot of products, particularly any product that solves a distinct problem.

That said, not all products solve problems. Apparel is a great example. If I buy a trendy shirt, what problem am I trying to solve? None really. Instead, my purchase is aspirational. I’m aspiring to feel more confident, refine my identity, and change my look. In this case, it’s less about the product description itself and more about how the shirt looks and makes me feel. The product photos end up carrying more weight than the product description itself.

In other words, if the product description template above doesn’t work for your product because it doesn’t solve a distinct problem, don’t try to force it. Instead, use the photos to paint the dream your customers have the best you can.

Product Photos

Photography standards have gotten super high these days. Everyone has an amazing camera on their smartphone and great photography has become super prevalent with Instagram, so ecommerce websites have to take their product photos really seriously.

Don’t skimp here.

Set up a small area to take high quality photos for your products and use the highest quality camera that you can get your hands on. Also make sure to take photos from multiple angles. If possible, you should also take a few photos of the product in action. If you’re selling bed sheets, take a photo of the sheets on a real bed. If you’re selling hiking shoes, take a photo of somewhere wearing them on a hiking trail.

Use your photos to paint the dream as best you can.

Product Price

The biggest myth about pricing is how businesses set prices.

As consumers, we always assume that a business figures out how much something costs, adds a fair percentage to make some profit, and that’s how we get the final price.

In reality, it never works like that.

Consumers are willing to pay certain prices and if that price has a good margin, there’s a business. If there isn’t a good margin, the business model changes or there aren’t any good businesses in that category.

Mobile apps are the best example of this. Regardless of what it costs to develop an app, people are only willing to pay about $5 for it. The app could do incredible things and literally change lives but it doesn’t matter, the ceiling is about $5.

So how do consumers figure out what they’re willing to pay?

Price comparisons. As consumers, we only understand relative pricing. When we try to evaluate if a price is fair, we find the nearest comparison and judge based on that.

Why is it possible to only charge $5 for a mobile app? All the other apps are about $5.

Why is it okay to charge $5 for a latte? Starbucks charges about $5.

If you try to sell me a t-shirt, I’ll instantly compare your price to the standards I’ve come to know. Cheap, plain t-shirts are about $5, nicer t-shirts about $20, and luxury fashion brand t-shirts $70–100. Depending on what kind of apparel company you have, I’ll compare to those benchmarks.

The bottom line is that every business needs to factor in the comparative pricing. Yes, you can stretch it a bit if you’re delivering more value. For example, some mobile apps charge $10 and make it work. But there are limits.

Find the best comparison price to your product, nudge the price up or down depending on your value, then set your price.

And as a ecommerce website owner, it’ll be up to you to decide if your business works at that price.

Step 6: Create Your Company Pages

After your product pages are done, there are a few more pages you’ll need to create.

Homepage

The simplest and most effective way to approach your homepage on an ecommerce website is to feature your most popular products.

Take your most popular product of all time and include a giant photo of it along with a call to action to its product page above the fold. Then include the next 3–5 most popular products on the rest of the homepage. This ensures that new site visitors are exposed to your best products immediately, increasing the percentage of people who purchase.

Every six months or so, check your product popularity and rotate products as necessary.

Large ecommerce websites rotate their featured products at a much faster pace. As they should! They have a lot more customers and a product catalog that’s constantly changing. As you get larger yourself, you’ll also want to increase the pace that you change your homepage. Start doing quarterly changes, then monthly, then weekly, and so on.

About Page

A lot of visitors will go to your about page to figure out who you are and what you’re doing. This is a perfect opportunity to tell your story and inspire your customers to join you on your mission.

Here are some questions and topics that you’ll want to cover on your about page:

1. If there was a particular moment that changed your life and set you on your path to create this business, tell that story.
2. Include any values or principles you use to build or select your products.
3. If there’s a goal or milestone that you’re trying to achieve, share it.
4. If you’re committed to living a certain lifestyle, paint that dream.
5. Clearly define the type of person you’re offering products for.

Be authentic and write your copy as clearly as possible. The more that you can make this page resonate with your target market, the better.
Contact Page

This page is nice and easy. Keep it simple: include your phone number, address, and a contact form for people to reach out.

The most important thing is to make sure that the contact form goes to an email address that’s actively being monitored. If you’re the only person working on your website, have it go to your email at that domain. For example, if I had a site called Sprout Candles, I’d create an email for lars@sproutcandles.com and have my contact form send messages there. That way I can respond to any customer requests really fast.

Once you gain traction, one of the first areas of the business that you’ll want help on will be customer support. Lots of ecommerce websites hire folks part-time or for a few hours each day to go through all the customer messages for the day. At that point, send your contact form to a generic support email that can easily be managed by anyone on your team. If I reached that point with my hypothetical business, I’d change the email to support@sproutcandles.com.

An easy and low-cost way to get a phone set up for your business is Grasshopper. They give you a public phone number that can route to any phone number of your choosing. In the early days, you’ll have it redirect straight to your cell phone. That lets you respond to any phone calls directly without having to post your personal phone number publicly.

Step 7: Set Up Your Payments

One of the best parts of building your site on Shopify is how easy it is to set up payments. Shopify does just about everything for you — all you need to do is configure a few settings and tell Shopify when to send your money. It’s really that easy.

Those payment settings are under the Settings section in your Shopify account.

Go ahead and set up Shopify Payments:

Most of the info that’s required is pretty standard. It includes basic business info, some personal info, and your bank account so Shopify can transfer money to you.

There is one setting that you should pay close attention to for your payments: your customer billing statement.

Have you ever looked through your credit card statement, seen a charge, and thought to yourself, “What was that for? Did I get charged for something I didn’t buy?”

It happens to us all. With the number of online purchases we make these days, it’s easy to forget what we bought.

As an ecommerce store owner, the last thing you want is for your customers to get confused when they see your billing info on their card statements. If there’s any doubt or confusion, your refund and chargebacks will go up. The best way to avoid this is to make it as clear as possible which store the charge came from. Use the primary name your customers will recognize from your site. This will save you money and frustration later.

Also, we do recommend setting up PayPal on your site as well. Some customers prefer using PayPal since they don’t have to enter their credit card info all the time. Especially on mobile, it’s a lot easier to pay.

If you don’t have a PayPal account for your business already, they’re super easy to create. The only charge is the small percentage of each sale that PayPal will keep, which is standard across the industry. Go through the PayPal settings in Shopify and get it connected to your store and a PayPal option will appear in your checkout.

Step 8: Get Your SSL Certificate

SSL Certificates allow you to say that your site is extra secure. They’ve been around awhile and have become standard for any site that handles private information like email addresses and payment information.

In the last few years, Google has made SSL certificates more prominent in its Chrome Browser. Here’s what a site looks like with an SSL certificate:

Here’s what one looks like without it:

There’s a very clear trend that sites with SSL certificates are being highlighted while sites without them are getting subtle warnings. While SSL certificates used to a “nice-to-have” feature, these days they’re considered a requirement for any ecommerce site.

The last thing any ecommerce site owner wants is to make a customer hesitate because there isn’t an SSL certificate on the site.

We strongly recommend that you set up your SSL certificate when you create your site.

The best part?

Shopify gives you a free SSL certificate for your store. That’s right, it’s 100% included with your store.

Something to keep in mind for later on: there are different levels and types of SSL certificates. When getting a free SSL certificate, you’ll only get the basic options. More advanced SSL certificates come with extra monitoring, insurance, and extra security. Prices range from $150 to $2,000 per year depending on the exact package.

The only folks that should worry about the more advanced SSL certificate options are those that handle credit cards themselves (you’re not; Shopify is doing it for you) or run very large enterprise sites.

In other words, the free SSL certificate from Shopify is more than enough right now. If your ecommerce site gets super large, you can look at the other SSL certificate options later.

After you get your domain purchased or connected in Shopify, you’ll find an option to add an SSL certificate in your Domains area.

Step 9: Launch Your Store

The big day has arrived!

Everything is in place and now it’s time to launch your store.

Shopify stores are password protected by default, so no one has been able to see your store until now. If anyone tried to visit your store until this point, this is what they saw:

As soon as you remove the password protection, people will go straight to your real store without needing to enter a password.

Before Shopify will let you launch your store, they require you start one of its paid plans. You’ll still get full credit for your trial; the billing period won’t begin until after the trial ends. But you do need to get your paid account set up before you can open your store.

If you haven’t picked a paid plan yet, go ahead and do that now.

Then go into your store settings and look for the password section:

All you have to do is uncheck the “Enable password” box, save the settings, and your store will launch.

Congrats!

From here, it’s all about growing traffic to your ecommerce website, improving your products, and finding new products to offer. The better you get, the larger that your business will become.

Source Quick Sprout http://bit.ly/2Tu9Nic