My Personal Finance Journey

How to Reduce Your Business Energy Costs

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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The following guest post. Enjoy! 

How to Reduce Your Business Energy Costs

 

Energy bills are a massive overhead cost for every company. Aside from staff, they can amount to the biggest cash-outlay a company has, especially if the company is an industrial one. Businesses often don’t benefit from the best energy deals from the big companies. This might be because they are more worried about their public image than their image within the private sector. This can leave small and medium businesses out in the cold when it comes to savings where it matters.
 

Saving Money with Conservation

 
 
There are loads of changes small businesses can do to ensure they are spending as little as possible on their energy bills. There are all the usual advices to be adhered to, such as turning off all lights, computers, and monitors every night and making sure all staff are mindful of their own carbon foot print. Turning in to a more efficient, greener, and perhaps even paperless company can also do wonders for your energy bills as well as your stationery/printing costs.

 

Saving Money through Professional Consultation

 
There are still other avenues to save businesses money on their energy spending. Comparison companies are online companies who strive to give great service and advice in this area. They work with some of the country’s most famous suppliers yet never favour one over another. They take in all the information you would like to part with about your business and give you the best advice they can in terms of deals and offers.
 
Their energy savings are at an average of £88 million since its opening in 2007, and they always keep the small business owner I mind. There are many comparison sites out there for many different things, from flights to credit cards, and there are many that help the individual get the most of their electricity and gas deals. But, there is a distinct lack of companies that help the business space. This may be because energy companies see corporations as their biggest income, but in this, they forget about the struggling small businesses who are alienated as a result.
 
If you are looking to slice chunks off your business energy bills, make sure you go for a comparison company you can really trust. The best companies are those who offer a free phone number, a call back request, and who aim to get back to their customers within a minute of their calls. The last thing you want is to be on the phone for hours, spending more of your company’s funds. Going online is always the best option from the outset, but the option for a friendly phone call is also really helpful if you get lost.
 

How about you all? What techniques do you know of or that your business uses to save on utility bills?


Share your experiences by commenting below!

How To Improve Your Credit Score

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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The following is a guest post. Enjoy! 

How To Improve Your Credit Score

 

If you’re trying to improve your credit score, it can be difficult to figure out where to start.  It is important to remember that your credit score is a direct reflection of how you’ve handled your credit, so it reflects your actions around your credit.  The easiest way to improve your credit score is to be responsible with credit going forward.

 

Be On Time, Every Time

 

One of the biggest impacts on your credit score is your payment history.  This accounts for roughly 35% of your overall credit score, according to FICO.  Your payment history is a direct reflection of how often you’ve paid your bills on time and in full.  So, the easiest way to improve your credit score is to make every payment on time going forward.  After about 6 months, you should see improvement in your score.  You also need to make sure that you are making at least the minimum payment each time as well.

 

 

Have Different Types of Credit

 

New credit and types of credit each impact your score by about 10%.  This means that you should open different types of credit from time to time to diversify your score.  This could include money from credit cards, auto loans, mortgages, and small personal loans from the bank.  Basically, anyone who reports your credit to the credit bureaus can have a positive impact on your score, as long as you are on time with your payments, every time. Also, a word of caution – utility bill payments in your name go on your credit report as well. So, make sure you are current on those.

 

 

Always Pay It Back

 

Finally, you always have to pay back your debts.  The amount you owe makes up roughly 30% of your credit score, so the less you owe, the better your score.  However, you will need loans and credit, so don’t fret about debt.  However, just make sure that you always pay back the amount you borrow, and pay it back on time.

 

Length of Credit History

 

Finally, the length of your credit history plays a part as well.  It will take time to improve your credit score, since everything remains on your report for years. As a general rule of thumb, it reflects better of your credit score if you have accounts open longer. On the other hand, closing old small loans can sometimes decrease your credit score.  However, maintaining these tactics over a sustained period of time will help you get your score back!

 

How about you all? What habits do you practice to keep you credit score high? 


Share your experiences by commenting below!

***Photo courtesy of http://www.flickr.com/photos/alancleaver/4105755730/sizes/l/in/photostream/

The Hidden Impact of Your Credit Report

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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The following is a guest post. Enjoy! 

The Hidden Impact of Your Credit Report

You know that potential lenders and credit card companies check your credit history before approving you for new lines of credit. But, did you know that your credit report is run for far more obscure reasons? 

That’s why it is so crucial to use online tools such as credit monitoring to keep your credit report up to date.

 

Described below are a few surprising companies that keep track of your credit score that you may not have expected.

 

Insurance Companies

 

Insurance companies run your credit report when determining your home and auto insurance rates. Insurers claim that folks with higher credit scores are far less of a risk than those with lower scores. How does this affect you?

 

“Consumer Reports” notes that drivers with a poor driving record but great credit scores pay as much as 31% less on their auto insurance premiums, while those with clean driving records but bad credit scores pay up to 143% more. Fair or not, having bad credit makes you a bad driver in your insurance company’s view.

 

The good news is that while about 92% of insurance companies check your score when you apply for a policy the first time around, only about 14% check it for a renewal. If you’re having credit problems, consider sticking with your current insurer while you boost your score.

 

Employers

 

An increasing number of employers are checking the credit histories of job applicants. Some companies claim that a good credit score indicates how responsible an employee will be in their professional lives. Other organizations believe that your credit score reflects your level of trustworthiness. If you’re applying for a job with the government or a financial institution, you can bet those companies will run your credit report.

 

Individuals with poor credit histories won’t be hired because they are considered far more likely to steal company funds or accept bribes from competitors than employees with good credit scores. Your credit score might also affect your chances for promotion. Some companies will check your credit before offering you a higher position. If you have a substandard credit score, you will more than likely be passed over. In some cases, employers who need to lay off people will re-run the credit scores of all employees. Those with the lowest scores are the first to get the pink slip.

 

Banks

 

You undoubtedly know that financial institutions run your credit history whenever you apply for a loan. But, did you know that banks check your report whenever you apply to open a new savings or checking account?

 

The reasoning is that you could very well become overdrawn at some point or another. Your credit score indicates how likely it is that you’ll pay off those overdraft fees.

 

Utility Providers

 

Utility providers and cell phone companies commonly run your credit report before providing you with service. If you have credit issues, you could be required to put down a deposit, pay more in plan rates, or even be denied service.

 

Because of all the hidden impacts of your credit report, make boosting your credit score a number one priority. This could save you thousands of dollars over the course of your lifetime.

 

How about you all? Has your credit report been run by organizations or companies that you did not expect it from? 


Have you ever had any of the experiences described above (such as had your credit score affect your career opportunities at your employer or your insurance premiums)?


Share your experiences by commenting below!

***Photo courtesy of http://www.flickr.com/photos/amboo213/4020584983/sizes/o/in/photostream/

What You Need to Know About Mobile Payments

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Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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The following is a guest post. Enjoy!  

What You Need to Know About Mobile Payments


Mobile payments are quickly becoming a very popular way for retail stores and service providers to accept payments from their customers. Because mobile payment technology is so new to the market, however, few business owners really understand what options are available and how these options can help their business. 

Types of Mobile Payments

The best place to begin to learn about this technology is by learning about the different types of mobile payment systems that are available. Generally speaking, mobile payment processing is defined as any system that allows a customer or business to use a smartphone, tablet computer, or other mobile device to receive and process credit card transactions. The method is commonly referred to as phone credit card processing. In general, there are four common types of mobile payment processing.


Person to Person (P2P) Mobile Payments

One of the best known methods of mobile payments are P2P payments, also called person to person mobile payments. In order to use this method of payment, the two users (customer and business) must first download an app onto their respective mobile devices. These apps are designed to process payment data and transmit it to the other mobile device. In general, these apps are provided by so-called third-party services, like PayPal, and fees for these types of transaction can be high.

The main advantage to using P2P payments is that neither mobile device has to have a mobile card reader connected to it. Most of the apps that perform P2P payments store the customer’s credit card information after he or she manually enters it, so their actual credit card doesn’t have to be swiped.

Closed Loop Mobile Payments

Another type of mobile payment, closed loop mobile payments, were one of the first mobile payment systems made available to individuals and retailers. The method depends on the retailer to create and operate its own payment system. Typically, a store or service provide, creates, and offers an app to its customers. This app links the customer’s credit card or bank account information to the store or service provider. Then, customers place their orders and make payments through the company’s app. These systems are typically popular among large retailers who can afford to create and administer their own app.

Mobile Wallet

A much newer method of mobile payments is called mobile wallet. To use this payment method, a customer downloads a so-called “general payment app” on his or her mobile device. Then the customer pays a store or service provider by opening the app and telling it to send payment from his or her bank account or his or her credit card information to the store or service provider. While relatively new, many people see potential for this technology to make carrying a wallet obsolete.

Direct Billing


Finally, it’s important to know and consider direct billing. This method was one of the very first mobile payment methods introduced to the market. This method allows someone to purchase items or services directly through their mobile phone company. Common examples include in-app purchases. Customers see the charge on their phone bill.

How about you all? Do you use these (or other) mobile payment options very often? Do you pay merchants who swipe your credit card on their smart phone reader very often? Do you worry about security with these types of transactions at all?


Share your experiences by commenting below!

    ***Photo courtesy of http://www.flickr.com/photos/goldenswamp/2790584534/sizes/m/in/photostream/

    Buying vs. Renting a Home – Which is the Better Financial Move?

    The following is a guest post. Enjoy! 
    For many adults, owning a home is a long-fantasized about benchmark, signifying the moment life takes an extraordinary turn for the better. But, is it possible that owning a home is no longer financially fruitful? The age-old “renting versus buying” debate continues to weigh on the minds of those stuck in the mind-spinning predicament of determining whether to stick it out with a landlord, or take the matters of housing into your own hands.

    The best thing to keep in mind when deciding whether to take out a mortgage, is to throw away any prior “common sense” knowledge you’re perceived to have on the debate. Don’t assume that buying a home is always the most cost-efficient option, and try to view renting as something more than just throwing away your money every month to “the man.”

    Let’s break the argument down into three primary categories.

     

    • Money sent to the land of no return. The general myth and stigma surrounding renting, is that the money you put in never comes back out. While not entirely untrue, it is perhaps unfairly criticized in comparison to the realities of mortgage payments. In the first five years of paying mortgage payments, 80% of the money spent on a mortgage payment goes to interest, which means that – assuming property values and rent sums are in sync – it will not be until 20 years into paying a mortgage that you see less money being “thrown away” on this interest, even at a fixed rate. And while you may see your mortgage payment dip below that of rent payments (which tend to increase by 5% per year) after about five years, it is important to consider where your money is actually going when you write your routine check to the bank.
    • Monthly expenditures. One of the more obvious perks to renting as opposed to taking out a mortgage is the all-inclusive nature of most rental agreements. In many cases, utilities are included as part of the package, maintenance is largely your landlord’s problem, and property taxes are a relative non-issue. When buying a home, however, these expenditures – which had previously been your landlord’s issue to deal with – become your financial responsibility. Homeowner’s insurance, property taxes, and general maintenance can all accumulate to sums that cost almost as much as a rent payment itself. And while there are tax savings to be had from taking out a mortgage, the difference still has homeowner’s paying more in the long-term than they would be paying rent.
    • Building equity. The core of the renting versus buying debate, building equity is in fact a valuable long-term investment and inherent advantage to buying a home. However, equity comes with its own set of risks and costs – it means properly investing in and maintaining a home, relying on the strength of the housing market (which currently is only appreciating at a 4% rate in today’s market), and buying a home in an area that you are safely certain will not result in a depreciating home value. It is entirely possible to become wealthy off of buying a home, but it is also not any more profitable to buy and sell a home after hefty down payments and expenditures than it would be to simply invest that same money in the stock market, which by comparison, would offer a 7-10% return.

    Ultimately, there is no black and white answer to buying a home as opposed to renting, but there are factors to consider based on your lifestyle and financial means. Owning a home can be a wonderful thing, but it can also be a poison if investing in a home not intended to be permanent, making renting – at the very least – the short-term solution.

    How about you all? In general, do you think buying or renting is a better choice? What situations do you think renting makes more sense than buying and vice-versa?

    Share your experiences by commenting below!

    ***Photo courtesy of http://www.flickr.com/photos/jwthompson2/139445633/sizes/l/in/photostream/

    Business Law 101 for New Start-ups

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    Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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    The following is a guest post by Jeremy. Enjoy! 

    Business Law 101 for New Start-ups

    Most new business owners are excited to launch their own start-ups. With so much information on the Internet for entrepreneurs, it can be hard to know what steps you should take when starting a new business.

    Legal Business Structure

    Keep in mind that understanding business law will be absolutely essential to your success. Depending on the type of business you are starting, you may wish to contact a lawyer to assist you with paperwork or state and federal filings. The United States Small Business Administration provides a wealth of resources for new business owners. Take time to familiarize yourself with the agency’s website.

    Many new business owners hire a lawyer or contract with an experienced entrepreneur to gain guidance. While this is a great option, you may be eager to do as much as you can on your own. A variety of easy-to-use legal documents are available for small business owners. One of the first things that you should consider when launching your enterprise is what type of business you will be. Will you run a sole proprietorship? Are you going to have a partner, or do you prefer to adopt a corporate structure? Whatever structure you end up choosing, you will need to file papers in your state so that your business can operate.

    Considerations for Partnerships

    If you are starting a partnership, you’ll want to be sure that you have a solid contract between partners. This should detail what will happen if there are any substantial changes in the business. Clarify how profits will be shared and what duties each partner is responsible for. While you probably have a great relationship with your business partner, it’s important to be prepared for the future. Be sure that you have a clear plan outlined for how profits will be divided should you decide to take your company public.

    Employment Laws

    Every new business owner should also take time to familiarize himself or herself with employment laws and regulations. If you plan on having employees, you will need to follow both state and federal laws. If you fail to comply with such laws, you can face heavy legal fines and may lose your business license. Attending an employment law seminar is a great way to familiarize yourself with the applicable laws in your state.

    Tax Laws

    You should also be sure to understand the tax laws that are applicable to your type of business. While you can find plenty of information on the Internal Revenue Service website, you may wish to speak with an experienced business accountant. Keeping your business records in good order is essential. Familiarize yourself with record keeping guidelines and laws. Remember that every business has different legal needs. Time spent investigating particular legal concerns in your industry will be time well-spent.

    How about you all? What type of business structure do you have in place for your business – sole proprietorship, partnership, corporation, S-corp., or an LLC? Why did you chose the format that you did? Would you do it differently if you could go back in time and start all over?

    Do you hire a lawyer and/or accountant to help you with the tax and other legal issues surrounding your business, or do you handle everything yourself? Why?


    Share your experiences by commenting below!

      ***Photo courtesy of http://www.flickr.com/photos/walkn/3314689121/sizes/l/in/photostream/

      Long Term Life Insurance

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      Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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      The following is a guest post.

      Long Term Life Insurance
      Term life insurance is available in a variety of terms to suit the needs of different individuals. Some terms may be as short as 3 months, while others are more than 30 years. Although long term life insurance policies are temporary, they can cover the time when most individuals have the greatest need for life insurance, which is when children are dependent on parents’ income. A parent’s 20 or 30 year term life policy will provide financial protection for children from infancy to adulthood.
       

      Long Term Life Insurance Policy Rates

       
      Because term life insurance rates are largely based on the insured person’s age over the term of the policy, long term policies have higher rates than short term policies. A 20 year old will be 50 when a 30 year policy expires. 50 year olds pay higher life insurance rates than 20 year olds and the rates over the term of the policy are averaged to take this into account. During shorter policy terms, policyholders age less so the rates are lower.
       

      Long Term Life Insurance vs. Permanent Life Insurance

       
      Permanent life insurance policies, like whole and universal life, do not expire and guarantee payment of the death benefit, but the rates are substantially more than long term life insurance rates. If the insured person outlives the term of his or her policy, no benefits are paid, and the company keeps all the premiums. Since not every policyholder will collect benefits under his or her policy, it is possible to keep term life rates low while providing the same coverage as permanent life insurance, but for only a limited time.
       

      Return of Premium (ROP) Term Life Insurance

       
      Those who would like the cash value feature of whole or universal life insurance but find the premiums too high can consider a return of premium long term life insurance policy. If the insured person outlives the term of the policy, the company refunds all of the premiums plus interest in a lump sum. While this differs from cash value since the insured cannot take money from the policy while it is still in force, ROP long term coverage can be used in financial planning like whole or universal life.
       

      Why Choose Long Term Life Insurance?

       
      Life insurance rates are based on the age of the insured person over the term of the policy, and the older the policyholder is when the policy is purchased, the higher the rates will be. The cost of 3 – ten year term life policies will actually be more than the cost of a single 30 year term life policy. Once a long term life policy is issued, the rates are locked in for the entire term even if the cost of administering policies increases. If the need for life insurance protection is long term, then a long term policy offers the best value.
       

      Term Life Insurance Companies

       

       

       
      Virtually all life insurance companies offer term life insurance policies, but some companies specialize in term life. Term life insurance is temporary life coverage that expires at the end of a pre-agreed term. If the insured person does not die during the term, the policy expires, no benefits are paid and the term life insurance company keeps the premiums. There are two types of term life insurance companies, privately held and mutual companies.
       

      Mutual Life Insurance Companies

       
      Mutual term life insurance companies are owned by the policyholders. Management of these companies answers directly to their customers, because every customer is also an owner. Daily operations of mutual companies do not differ significantly from those of privately held companies, but profits made by the company are used to lower premiums or pay dividends to policyholders, not stock owners. Good management in mutual companies benefits the policyholders directly.
       

      Privately Held Term Life Insurance Companies

       
      Privately held life insurance companies issue stock which is purchased by investors. The investors may not have a life insurance policy with the company, but they own a percentage of the company through stock ownership. Privately held term life insurance companies have the advantage of being able to raise more cash from investors for acquisitions and growth than mutual companies. Management of privately held companies must answer to their stockholders and policyholders are customers for their product.
       

      Which Type of Life Insurance Company Is Better?

       
      From the standpoint of customer service and price, there is little difference between mutual and privately held companies. The daily operations of their service departments are identical and the real differences are only apparent on the upper management level. Privately held companies must hold stockholders meetings and investors vote on major management decisions. In mutual companies, policyholders may be notified of impending changes in the company structure.
       

      How To Get Information On A Company’s Reputation

       
      Since many term life insurance policies are long term contracts, smart consumers get information about insurance companies before making the purchase. Four major consumer agencies offer rankings for term life insurance companies including AM Best and JD Powers. To check the financial stability of a company, potential policyholders can ask for a copy of the company’s financial prospectus. The state department of insurance or Better Business Bureau can advise consumers of any customer complaints or litigation against a company.
       
      Most term life insurance companies are well established firms that offer a quality product. Whether an individual chooses a mutual or privately held company is a matter of personal preference since both types of companies offer excellent service and affordable prices. Consumers should check the reputation of any life insurance company before entering into a contract since it is important to choose a provider that will be there if a family needs them.
       

      Life Insurance Quotes

       
      Consumers can compare the rates of long term life insurance policies by requesting life insurance quotes online. The individual submits basic rating information like age, gender and occupation and chooses the type of life insurance and death benefit amount. The site provides long term life quotes from multiple top ranked insurance companies so consumers can compare costs and find the best policy at the best possible price.

      How about you all? Do you prefer term, whole, or universal life insurance plans? Why?


      Share your experiences by commenting below!

      Google Gmail and Calendar vs. Microsoft Outlook – Which Is Better For Productivity?

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      Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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      It’s pretty amazing to me to think about how much the world’s usage of technology and telecommunication has changed in such a short time since the year 2000. When I graduated high school in 2004, almost nothing related to school was accessed online. The teachers didn’t communicate with students via email, BlackBoard, Collab,  or other online document/course management systems. In fact, I think the only reason I ever used a computer back then was either a) to chat with my friends using AOL Instant Messenger or b) type up reports whenever it was absolutely required! In fact, AOL seemed like it was one of the only popular Internet and email providers.

      Now, it’s hard to find people with an AOL email address (I still have one, but all that it receives is about 20 messages of SPAM per day). Furthermore, the AOL service is now free, instead of paying $30 per month like we used to.

      My my how times have changed. When I graduated from college in 2008 from the University of Arkansas, I had four email accounts – 1 from college, a Gmail account, a Yahoo account, and my old AOL account. The professors communicated everything via email and online course management systems – from class notes to exam grades and coordinating meetings. I even had started and run an eBay selling business! However, at this time, I still was only checking my email maybe once or twice a day. Why? Because I didn’t seem to receive that many emails.

      After college in 2008, I started my first job as an engineer with a large publicly traded pharmaceutical company. It was then that the use of email become very widespread for me, with me having the temptation to constantly check it during the day. In fact, I found myself at times purposely ONLY checking it 2 times during a day in order to maximize productivity (see Getting Things Done by David Allen and The Hamster Revolution for more details on this)

      During this time, my eyes were opened to (a new tool for me at least) the Microsoft Outlook email/calendar/task management software. At the company I worked for, nearly everything was managed through Outlook: there was a handy dandy directory in Outlook that told you everyone’s contact info as well as their physical work addresses and supervisors, it was used to reserve rooms for meetings, and was used to manage email.

      Since my exposure to Microsoft Outlook 4 years ago now, I have been able to compare Google’s Gmail and Calendar features to Microsoft Outlook head-to-head. As such, the purpose of today’s post is to share some of my thoughts about these two products so that you can determine whether Gmail or Outlook is better for you. 

      Comparison of Calendar Capability – Google vs. Outlook

      In my opinion, Google’s calendar and Outlook’s calendar are fairly similar – probably because Google modeled their calendar after the features that were tried and testing in Outlook. Below is a summary of the similarities and differences:

      Similarities

      • Both allow you to create and schedule events (either one time or recurring), invite attendees, and program reminders as pop-ups on your screen. 
      • Both allow you to share calendars with others. 
      • Both allow you to view your calendar in multiple formats – daily, weekly, etc. 
      Differences
      • Google calendar allows you to program email reminders. Also, you can program reminders beyond the maximum 2 weeks allowed in Outlook. 
      • Google calendar also features a “search” capability, making you able to search all of your events.
      • Outlooks allows you to work “offline” more easily than Google does, in my opinion. However, Google does have offline browser apps for Gmail and Calendar now. 
      • Outlook allows you to drag and drop EMAILS directly from your mail to your calendar. This is very handy for me since it is easy to see what the email chain contained when an event pops up on my calendar. 
      • Next, Outlook’s Calendar content is stored on your computer, not online like Google is. This can be either a plus or minus, depending on how you look at it. 


      Verdict – In my opinion, both Google and Outlook’s calendars are good, so I recommend using both. 
      However, because I really like the Outlook drag and drop feature, I choose to mainly operate, add, and manage events through Outlook. But, you can easily take advantage of the features of Google’s Calendar by simply using the handy Sync function developed by Google to automatically copy all events between the two programs. 

      Comparison of Email Capability – Google vs. Outlook

      Overall, I think most would agree that Gmail and Outlook have a very different ‘feel’ when it comes to how each program handles email. On one hand, Gmail is very rapid, and allows for you to shoot off many emails within a minute, while Outlook requires a few more clicks with multiple reply screens needing to pop up, and then you have to click the Send/Receive button to send the email right away. Listed below are some of the similarities and differences between the two programs:

      Similarities

      • Of course, both enable the user to send and receive emails, mark the emails as read or unread, and create folders in which to place emails. 
      • Both seem to have good SPAM/Phishing controls, which prevents the automatic downloading of external new content that could potentially harm your computer. 
      • Both allow email notifications on your desktop, if you desire. However, I personally don’t recommend this because it can distract you from the current task you are working on in favor of checking your email. 
      • Both allow you to have a signature below every email you write. However, there are some differences here. See the Outlook section below.
      • Both have Out of Office Notification capability. 
      • Both allow you to send mail using other email addresses that you own/control.
      • Both are ‘searchable,’ meaning that you can search folders for specific words or email addresses. However, as you can imagine, Google is a little better/quicker at this search feature than Outlook I think.  

      Differences – Email Features Provided by Gmail

      • Has the Gchat feature, which is good for people wanting to communicate quickly with other people online. Webcam conferencing is also possible with Gmail, as well as calling people on the phone. 
      • Has the “Conversation View” feature, which appends conversations of the same topic within the same window. 
        • Personally, I hate this feature. I am never able to find WHERE in the window the newest email letter is, unless I search for it for about 3 minutes. 
        • The other option to this is to turn off the Conversation View, which is not any better because it doesn’t place old emails in the same chain within the same window, making you unable to view the progression. 
      • Gmail has an auto-forwarding feature, which allows you to automatically have any new messages sent to your account to another account. This is great for enabling you to maintain multiple email accounts, but only having to actually log in to one every day. 
      • With Gmail, all emails are backed up online, away from your local computer. This is a good thing for safety. You also have 10 GB of free storage space, in addition to your Google Document/Drive folder. 

      Differences – Email Features Provided by Outlook

      • Unlike Gmail, when you click “reply” on Outlook, it simply copies the text from your current email chain below the new message you are writing. There are no tricks to finding out what order the emails were sent. 
      • Signatures. 
        • Simply put – I love the signatures feature in Outlook. Not only do I have my contact information in my signature, but I also have about 15 common email responses pre-typed in these email signatures that save me loads of time/pain each week. 
        • Gmail does have a somewhat new “Canned Responses” feature that is similar to this in Outlook. However, when I tried it, the canned responses had to be entire previous emails, not just a specific copy/pasted text like in Outlook. I think that Google will eventually improve this, but for now, I found Outlook to be better for this purpose. 
      • Folders.
        • The folder capability in Outlook is extremely flexible and truly maximizes my organization abilities. 
        • First, you can create as many folders as you want, and unlike Gmail (where they are “hidden” and you have to click ‘view more’ through in indiscernably organized list), the folders are very easy to view on the sidebar of the screen. You can view an example of the folders I have set up in the picture below:
         
        • In addition, in each Outlook folder, you can either specify that you’d like to display the total number of items or the total number of unread items. This ‘total number of items’ display feature is especially useful for actionable folders (like the ones with the @ sign shown above) because even though I have already read all of these emails, they still need a response/follow up, so I don’t want to lose sight of them. 
        • Lastly, with Outlook folders, you can drag and drop emails from your inbox in to the proper folders. With Gmail, you have to click a drop down menu and select the destination folder from a somewhat long list. This takes up more time than is necessary in my opinion. 
      • Outlook can connect and download email from web-based email services, such as Gmail and Yahoo, using POP and/or IMAP protocols. 
      • Control How Often You Send/receive Email and Go Offline.
        • Another thing I like about Outlook is that you can specify how often (if ever) that your emails are automatically downloaded. This can be as much as every 30 seconds to every 30 minutes, or never, if you set Outlook as offline. 
        • For me, I only like to read my email several times throughout the day so that I don’t get distracted from being strategic about the order that I tackle things to do. 
        • So, what I do is set Outlook to stay “offline” and just manually send/receive my email when I am ready by pressing the F9 button.  
      • Change Arrangement of Screen Elements.
        • With Outlook, it is very easy to change the orientation of the email reading pane and folders. 
        • For example, I like to have my reading pane on the right side of the screen. However, you can also have it on the left or on the top. 
      • Mark Comments in An Email.
        • Another cool feature of Outlook is that it allows you to (if you desire) automatically mark comments in a previous email in a different color text. This is particularly useful if you are reviewing someone’s proposal or responding to a list of questions posed in a previous email.  

      Verdict – In my opinion, for maximizing productivity for folks that receive 50-200 emails per day (not uncommon in today’s working world), Microsoft Outlook is head and shoulders above Gmail because of the customization options available. In particular, the capability that Outlook provides with folders, signatures, and logically appending past email text is much better for people that are short on time.


      On the other hand, Google’s Gmail is slightly ‘quicker’ at sending individual emails, and as such, is well suited for people that receive only a couple emails every day and do not need all of the hierarchy of organization with folders, etc. 


      In fact, in order to have the benefits of both Gmail and Outlook (email and calendar), I would actually recommend doing what I do and have a Gmail email account/address, but operating all of your email and calendar activities on a day-to-day basis through Outlook. This is very easy to set up using the POP/IMAP downloading and Calendar Sync features discussed in the previous sections. By doing this, you can have the Gchat, auto-forwarding, and online backup of all emails (even ones sent through Outlook) while keeping the organization of Outlook.

      How about you all? Do you use Gmail (or another online email provider) or Outlook to manage your email and calendar on a day-to-day basis? Which do you think is better and why? 


      Share your experiences by commenting below!

        ***Photo courtesy of http://www.public-domain-image.com/cache/objects-public-domain-images-pictures/electronics-devices-public-domain-images-pictures/computer-components-pictures/black-computer-keyboard_w725_h483.jpg

        Saving Money on Your Health Insurance

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        Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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        The following is a guest post. Enjoy!

        Saving Money on Your Health Insurance
         
        Healthcare is an understandably divisive issue at the moment, with healthcare reform still causing controversy at the government level and the current financial crisis making it more and more difficult for people to afford their policies. One thing people can do regardless of their political affiliations or financial situation is find ways to save on the cost of healthcare, and here we take a look at a few ways to cut costs.
         

        Get Expert Advice

         
        Firstly, speak to an insurance agent. They understand the market and know what’s available and should be able to find you a policy that matches your needs. They occasionally will have access to certain plans from insurance companies which aren’t freely available, so they could save you money if it’s a good match.
         
        They can also discuss add-ons that many people neglect to consider, such as dental or vision cover and seeking out sites who can give you the best information on the different levels of cover such as basic, standard and comprehensive. While these won’t be necessary for everyone, they can be beneficial in the long run and could save you money in the future.
         

        Getting the Right Policy for Your Circumstances

         
        Choosing the right plan is vital if you’re looking to make substantial savings. The cheaper of the two main policies available in the USA is an HMO (Health Maintenance Organisation) policy, however if you’re looking to use a doctor that’s not in the insurers preferred treatment network, the costs can mount up. If the network provides quality facilities close to your home, then this is the type of plan you should consider, however if they’re not suitable or you’d prefer to see a certain doctor, then it might be worth looking at a PPO (Preferred Provider Organisation) plan.
         
        A PPO is a bit more expensive than an HMO, but it can be more cost effective if you insist on visiting an out-of-network facility. Customers who opt for this type of plan are also entitled to open a Health Savings Account, which can be used to save money tax-free to put towards any medical expenses which they may incur. Many people save a substantial amount of money each year using these accounts.
         
        The internet is a massive help when trying to source policies, with many sites now offering a comparison service to help compare the benefits and the price of various plans. While it may be tempting to go for the cheapest policy that the comparison engine highlights, it’s important to consider what’s covered and if the policy could end up being more expensive over time.
         

        Making the Most of Your Policy

         
        Once the policy is in place, it’s worth contacting the treatment providers in your network to get prices for various treatments. Hospitals will often compete on price, and if they are aware that a consumer is shopping around, they may be willing to be more flexible. Having the information on-hand will help save a lot of time and expense in the event you become unwell.
         
        The same is true of pharmacies, with many charging different prices for prescription medication. Some will encourage pill-splitting as a way of saving money on prescription costs, and although it’s not applicable to every kind of medication, it’s something worth enquiring about.
         

        Check Your Bills

         
        After you’ve received treatment at a medical facility, it’s important to check your invoice to ensure you were billed correctly. Human nature means mistakes will be made from time to time, so always double check bills from both the insurance company and the hospital to ensure they are correct.
         
        Of course ,the main way to save of medical bills is to stay as fit and healthy as possible by eating well and getting regular exercise. Taking preventative measures will mean fewer visits to the doctor, which in turn reduces the amount of medical bills you receive. If you can get healthy and stay healthy you’ll find you save a small fortune on medical bills every year. 
         

        How about you all? What techniques do you use to save money on health insurance other medical-related expenses?

        Share your experiences by commenting below!

        ***Photo courtesy of http://www.public-domain-image.com/cache/science-public-domain-images-pictures/medical-science-public-domain-images-pictures/medical-staff-working_w725_h482.jpg

        What is the Highest Expense Ratio You Pay On the Mutual Funds You Own? Plus a Comparison With the National Average

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        Welcome to My Personal Finance Journey! If you are new here, please read the “About” or “First-Time Visitor” pages to find out more about us. If you would like to receive free updates on articles like this by email, then sign up here or you can subscribe to the RSS feed. Also, check us out on Twitter or Facebook. Thanks for visiting! Keep on learning!
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        Click here to enter my free $76.18 giveaway for a chance to win 5% of My Personal Finance Journey blog income and give another 5% to a charity of your choosing! Deadline to enter is May 31st, 2012.

        Several months ago, I posted the following poll on the top left of the sidebar on My Personal Finance Journey for readers to respond to:

        What is the highest mutual fund expense fee/ratio you pay on the funds you own?


        There was a great response to this question, and it was very interesting to learn about you all’s fund-buying tendencies. Shown on the pie chart below is a break-down of the responses that were received broken down in to 7 expense ratio fee categories.

        Overall, it was great to see that the expense ratio category that received the largest number of responses was the 0.1% or less category. This is great news! This means that most of you all, like me, have chosen to resist active mutual fund management and instead invest the smart way (passive investing) by using index mutual funds or ETFs! In fact, almost 1/2 of all of the votes received indicated that people paid less than 0.5% as the highest expense ratio for their mutual funds. Wonderful!

        Comparison with the Rest of the United States – Average Mutual Fund Expense Ratios


        As I always like to do when I analyze the result of polls here on My Personal Finance Journey, I figured it would be interesting to see how the responses compare to the current mutual fund expense ratio averages seen in the United States. 
        According to the Investment Company Institute in a study published on April 23, 2012, the average mutual fund expense ratio paid by US investors in 2011 was 0.79%, or 79 basis points. 
        Taking this in to consideration, the pie chart below shows how the MPFJ reader responses compare to this 0.79% average. As you can see, 62% of the readers on MPFJ pay less than the national average. Again, this is great news! 

        However, there was 38% of the reader responses that indicated paying over this national average. What this indicates is that there is still a very significant opportunity for people to save money by selecting different mutual funds in order to minimize their costs.

        But, Isn’t Paying a Higher Mutual Fund Expense Ratio (Above 0.79%) Worth it if the Fund Has Outperformed the Market for the Last X Number of Years?

        In short, the answer to this question is unfortunately ‘no.’ 

        Higher expense ratios or front-end/back-end sales loads are often rationalized by actively managed mutual funds as being ‘worth it’ because the fund has outperformed the market in the last X number of years by X%.   Examples of this include the American Growth Mutual Fund and the CGM Focus Fund.

        While this train of logic sounds good (after all, in most other professions, if someone has performed well in the past, you’d expect good performance going forward), it has been proven time and time again in nearly every investing book I have read that this logic simply doesn’t work in the investing world because there are too many external variables that the fund manager cannot control.

        For more reading on this, I’d recommend reading A Random Walk Down Wall Street, What Wall Street Doesn’t Want You to Know, or Stocks for the Long Run by Burton Malkiel, Larry Swedroe, and Jeremy Siegel, respectively.

        But, the good news is that there is a simple way to avoid paying these high costs for mutual funds – using passively managed index mutual funds or ETFs. For example, the average expense ratio of all Vanguard mutual funds is only 0.20%, with Vanguard index funds having an average expense ratio of only 0.16%. By selecting any of these types of funds, you can save yourself and your family big money and allow your long-term savings to compound more quickly.

        How about you all? What is the highest mutual fund expense ratio you pay on the funds you own? Is it above or below the national US average expense ratio of 0.79%?


        Do you typically employ active management or passive management in your mutual fund selection? Why do you choose one or the other? 


        Share your experiences by commenting below!

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