My Personal Finance Journey

Getting an Online Masters Degree on a Budget

 

Today’s guest post comes to us from Bob Hartzell.Enjoy! 

If you’re past the age of thirty and looking around at a career landscape full of potholes, you may have come to the conclusion that you need a graduate degree of some sort today to get where a bachelor’s degree took you fifteen or twenty years ago.  The job market is full of energetic, bright college graduates who continue to hone their resume skills because they’re getting nowhere in the job search.
The personal finance blogosphere has more than its share of business school graduates who for one reason or another, have found their niche at the kitchen table with a laptop instead of in a highrise with a corporate logo away up there outside the thirtieth floor.  There’s been a tectonic shift in the job market at every level, in every profession.  So if you’ve hit the proverbial glass ceiling or brick wall in your career path, it might be time to give some thought to a master’s degree and if that sounds like it might make sense, here’s a couple of facts and a few suggestions to take into consideration.
Fact #1: Graduate school does not have to be an enormous commitment of borrowed resources applied over a couple of years of professional and personal disruption.  With just a simple budget, you can go through a master’s degree program part time, online, while you continue to work.
Fact #2: There are online graduate programs at hundreds of traditional universities, with more adding distance learning capability every year.  University administrators are doing the math and coming to understand that budget cuts from the state or losses in a private endowment can be partially made up with tuition fees from students who don’t take up classroom seats.  Online education has gone mainstream. The good news for students is that these online courses are taught by the same faculty that teaches on-campus classes, so they will not miss the high-level instruction that universities provide. In addition, their coursework is available around the clock, so they can fit it into their schedules, no matter how hectic they might be.
Fact #3: There is as much variety in quality among the for-profit schools as among traditional colleges.  Some are diploma mills; some are fully accredited universities with decent graduate programs.  You can get an accredited online master’s degree in nursing from Walden University that is fully acceptable for state licensure as a professional advanced practice nurse.  Some of these schools are the real deal.
Suggestion #1: Online graduate schools are all around you, so shop ‘em.  If you’re considering, for example, a Masters in Social Work you should start by seeing if one of your state universities has a program because in-state tuition for residents is a lot cheaper than for out of state students.  Florida State has an online MSW degree that is good for licensing in seven states.  In Georgia it’s Valdosta State University.  At Colorado State University there’s a blended program; in California you’ll have to settle for USC – not so cheap but a helluva pedigree.
Suggestion #2: Don’t discount part time graduate degree programs because they’ve become mainstream too. You’ll be amazed at how many online graduate adult degree programs are designed for working professionals. They make credit transfer something less than a nightmare and give you the flexibility to match your education to your personal life rather than the other way around.  The online MBA from the University of Maryland is for working professionals; if you have five years of managerial experience you may qualify for an accelerated Executive MBA program.
Suggestion #3: Look for a program that will help you get up to speed.  Many master’s degree programs online provide seminars in the undergraduate course you may lack.  You can get an online Masters in Software Engineering from the University of Maryland that will fold in the undergraduate courses you’ll need in math.   The online Master of Arts in Teaching at University of North Carolina will see to it that you have the undergraduate courses to specialize in the teaching field of your choice.
Finally, a statement of the obvious: a part time master’s degree program is an affordable option that may not require student loans.   You can find an online graduate degree option that meets your career needs, your expectations for quality, your professional requirements and your budget.  You just need to do your homework.

How about you all? Have you had any experience with online degree programs? What was your take? Please share your experiences by commenting below!

 

Group Buying Online – 4 Websites to Check Out

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Today’s guest post is contributed by Kate Willson, who writes on the topics of top online colleges.  She welcomes your comments at her email Id: katewillson2@gmail.com.


Group Buying Online: 4 Websites


Sure, lots of us still clip coupons from the local paper and are always quick to mail out our rebate forms to get our money back, but how many of us participate in online savings programs that send coupons for local businesses directly to our email accounts? How many of us are even aware that these programs exist?


Coupon and promotion sites have grown recently into the latest money-saving craze on the internet, giving rise to new terms like ‘group buying’ and ‘social network consuming.’ The founders of these sites are looking to leverage the power of social media in order to save consumers money, create sales revenue for businesses, and earn a profit via service fees for organizing the whole package. What this means for you? Huge-savings!


These sites are simple to use and offer many opportunities to save money while patronizing local and national businesses. Basically, they work something like this: you sign up at the site, and you get daily emails about local deals and coupons, which you can then decide to purchase if you’d like or pass up the deal for another one later on. They also have credit opportunities if you refer friends to use the service. Usually these sites will have a limited time span for the deal to go through, and if not enough people pledge to purchase the deal or coupon or rebate, the deal gets canceled. Of course, every site will have its own differences, so you’ll want to look out for what’s best for you. Before you sign up, feel free to do a little more research and make sure the one you choose supports businesses near you.


The sites benefit consumers and businesses because they not only allow people who buy things to save money while enjoying what they most often would usually buy anyway, but also protect businesses that might otherwise lose money with these sales if there was a low turnout of consumers willing to purchase the product. The idea is that in order to break even or make a little bit of profit with these deals, the business needs to attract a certain amount of sales traffic, so often these sites build in a kill switch that stops the deal if a certain amount of pledges haven’t been made. The site refunds the money, thus saving consumers and businesses from a bad transaction.


So, if you’re still interested, here are four online group buying websites to check out:


Groupon, of all the group buying web sites, has earned perhaps the most since opening up shop in 2008.


Jasmere allows you to access its discounts without signing up or joining an online club.


8coupons is based around the number eight: eight deals a day, prices around eight dollars for items, and so on.


Deals.Woot aggregates deals from across the internet, with a sponsored deals section and a community deals section that lists deals recommended by users.


How about you all? Have you ever used group buying websites? If so, which ones did you use? Please share your experiences by commenting below!


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Why It’s Frugal Being Green

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Today’s guest post comes to us from Maria Rainier. Maria is a freelance writer and blog junkie. She is currently a resident blogger at First in Education, researching various online degree programs and blogging about student life. In her spare time, she enjoys square-foot gardening, swimming, and avoiding her laptop.
Her post today is about a topic that is very interesting to me – whether or not green living makes economical sense (or cents, you want to be cute!). To see the past posts that I have written about this intriguing field, visit the following link – Previous posts about the economics of green living.

Why It’s Frugal Being Green

A Toyota Prius isn’t frugal (see previous post about whether purchasing a hybrid vehicle makes economic sense), at least not in the short-term (and what with manufacturing costs, transportation, and entailed CO2 emissions, it’s arguably not as green as most people think).  There are, however, small and remarkably easy steps to be friendlier to the planet that cost less than common non-green practices. Read below to find out more!
1.       Contact the companies sending you junk mail and catalogs and tell them to stop.  This saves trees and excess CO2 emissions for the planet and it also saves you the frustration of looking through a catalog of products you don’t need but can’t help but want when looking at them on glossy paper.
2.       Make your own household cleaners.  You get to choose what goes into your home (bleach is bad for both the environment and your health, even the health of your furry friends and children), and making your own cleaners isn’t as hard as you might think.  Distilled white vinegar, lemon juice, and baking soda are the basics, and you’ll need little else to clean basic stains and grime.
3.       Don’t buy paper towels.  They’re a huge waste of money and the earth’s resources.  Every paper towel you throw out ends up in a landfill for future generations to deal with—and suffer from.  Use, instead, cloth napkins and cut up old towels to make cleaning rags that you can throw in the washer after use.  If every six rolls of paper towels costs about $10 and the average family goes through that in one month, that’s $120 you’ll save a year.
4.       Print on both sides of paper when printing directions, online recipes, or other home references.
5.       Use your dishwasher, and don’t pre-rinse dishes.  It all depends on individual practice, but the average American will use more water hand-washing dishes than will modern dishwashers.  Just catch the dishwasher in time before it goes into the drying cycle and let the dishes air-dry.  If certain dishes are too dirty for the dishwasher alone to get, invest in a plastic bin that will fit in your sink and put extra-dirty dishes in there.  When you wash your hands at the sink, wash them over the dirty dishes so the bin catches the water and you don’t have to waste more water on active pre-rinsing.
6.       Buy secondhand.  It’s more planet-friendly and cost-effective alternative to fair trade purchases.  Keeping clothes in circulation keeps them out of landfills, where the thousands of toxic pesticides and chemicals used in producing and treating the average cotton t-shirt (a single drop of which, in the human blood stream, causes death) can leach into our soil, water source, and eventually our food.
7.       Utilize fresh air by opening windows in the spring, fall, and even in summer if it’s not too hot outside.  In winter, turn down your thermostat and wear a sweater.  There’s no sense in dressing in shorts during the holidays while going broke over the energy bill.  The holidays are expensive enough!

How about you all? What frugal, green living techniques do you use? Have you tried any of the ones listed above?

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Who Can Be A Life Insurance Beneficiary?

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Today’s guest post comes to us from Denise Manchini. Denise is a manager with AccuQuote.com, a leading Life Insurance Quotes company providing free term life insurance quotes from some of the top-rated insurance companies in the United States. To learn more about her website, please visit the link above.

Who Can Be A Life Insurance Beneficiary?




It is fairly obvious that your life insurance and long term care insurance policies should name a beneficiary since the sole purpose of a policy is to ensure that your loved ones will be financially supported after your death. Most life insurance policies bequeath their proceedings to their spouse or children, but how this is worded in your life insurance policy is crucial and could avoid disputes and disappointments after your death.

There are very few rules regarding who can be your beneficiary. If you are naming an individual as your beneficiary, some states only allow you to choose a relative. You should consider a few points when naming your beneficiary.

Spouse


Simply designating your life insurance benefits to your “wife” or “husband” may not suffice. Without a specific name, such words may entitle your ex-wife or your ex-husband to have rights to life insurance benefits after your death. It is always advisable to name your wife or husband and to review your life insurance policy after a divorce to make the necessary amendments.

There are special considerations to make if your spouse is a non-U.S. citizen. In such a case, death benefits may be subject to estate tax marital deduction. It may advisable to make a lifetime gift of the policy and make your spouse the owner. You should take the counsel of a professional life insurance advisor.

Children


Naming your children on your life insurance policy may leave out children that are born to you after the policy has been made. It is always advisable to make amendments to your policy after the birth of each child. You need to be very careful with the wordings. “Children of the insured, John Doe” may exclude children from your previous marriage from getting any benefits from your life insurance policy. If you say “Children born from the marriage between Jane and John Doe” it may exclude any adopted children from getting the proceeds of your life insurance benefits.

Not naming your grandchildren as beneficiaries, would exclude the children of any of your deceased children from getting any benefits from your life insurance policy.

Estate


Designating your “estate” as the beneficiary can subject the benefits to the probate process, which can turn out to be lengthy and costly. If your beneficiaries are named, the process of disseminating death benefits is faster.

Other Beneficiaries


You can also name a company as your beneficiary, a charitable organization or donate your proceedings to a “trust”.

Contingent beneficiaries


It is always good to name a second beneficiary or “contingent” in the event that your beneficiary may pre-decease you.

Review Your Life Insurance Policy Periodically

Since no one can tell when your time of death may come, it is always advisable to review your life insurance policy periodically, particularly after major life changes such as a divorce or a birth, to make amendments accordingly.

Most life insurers trust a format that comes with a life insurance application. However, getting professional advice before you make this important decision of designating a beneficiary is important. To avoid any disputes which could leave your loved ones disappointed, make sure your advisors are informed of any change in your beneficiaries that you make after the policy has been in effect.

While you update information on your life insurance policy, you may want to review the policy to check whether you are getting the best deal. In the competitive business of life insurance you may find a cheaper policy for the same amount of coverage which may even include a few free riders. Online life insurance quote providers can provide you with instant quotes to help you evaluate your current policy against what is currently available.

How about you all? Who do you have named as your beneficiary on your policy? If so, can you use any of the tips given above to make your plan more specific?
Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.

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Apps That Every Frugaholic iPhone User Needs to Download

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Today’s guest post comes to us from by Olivia Coleman, who writes on the topics of online colleges and universities.  She welcomes your comments at her email address: olivia.coleman33@gmail.com. 

Apps That Every Frugaholic-iPhone User Needs to Download 
They say admitting your condition is the first step. So here it goes: I’m a frugaholic. 
I cook every single day, haven’t stepped foot inside a mall in the past year, and I only rent $1 movies at the Red Box when I feel like catching a good flick—all in the hopes of saving money. So it came to a shock to me, especially to my friends, when I spent several hundred dollars buying a fancy iPhone. What can I say, my 4-year-old Razor broke and it was time for a major upgrade. But instead of suffering from shopper’s remorse, I’m learning how to turn my phone into a true investment. 
Here are some of the top iPhone applications that will not only help you save money, but will make you feel a little better about indulging in your expensive new toy. Most importantly, all the apps listed below are free. 
Save on Food
Economy Shopping Lite (EcoShop) This neat application for iPhone users is more or less an electronic grocery list which helps you stay organized—and in turn helps you save money. What makes this app so special is that it stores the price and the location that you purchased each item from, which gives you a heads-up on the best time and place to buy certain items like eggs and bread. It also gives you competitor prices. An extra perk is that this app also automatically sorts your shopping list by the ‘date of last purchase,’ so it reminds you when you are running low on an item. Lastly, it composes a chart of your monthly grocery bill, so you can see where you’re spending most of your money and in-turn where you should cut back.
Where do Kids Eat Free This iPhone app can save you tons of money by pin pointing what restaurants let your kids eat free and on what days. Simply type in your zip code and a list of restaurants will appear organized by days of the week. Since the app is user-managed, if a certain area does not list any locations, you can personally add some and share with other app users. 
Save on ATM Fees
We’ve all been in the situation before: You need fast cash, but the nearest ATM machine in view is not your bank. On average, people spend $2 per transaction withdrawing money from another bank’s ATM machine, according to the American Bankers Association. 
Instead of spending up to $100 a year to access your own money, ATM now will locate different ATM machines, helping you avoid pesky fees. Featured banks are Wells Fargo and Chase, just to name a few.
Save on Gas
Cheap Gas is an application that is designed to help you locate the cheapest gas in your area. All you have to do is enter your zip code and a list of close-proximity gas stations and their real-time fuel prices will appear. This app can be a huge money saver if you own a gas guzzler.

 

How about you all? Have you all used these (or other) apps before to save money? Share your experiences by commenting below!

Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.

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*Photo courtesy of http://mashable.com/2007/07/08/iphone-apps-2/

Quick, Cheap Meal Ideas for Students

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No time to eat? Think again, these meals are quick, cheap, and healthy.
Today’s guest post comes to us from Louise Baker. Louise is a freelance writer and blogger who usually does car insurance comparisons over at CarinsuranceComparison.Org. She recently wrote about finding cheap car insurance quotes. Enjoy this tasty post! The egg muffin pizza is a personal favorite for me! 🙂

Quick, Cheap Meal Ideas for Students
What is for supper? This age-old question is on everyone’s mind every day. When there is no time to cook and even less money to spend on food, quick, cheap meals are essential for students. The following meal ideas are quick, cheap, and easy to make.

Ham and Cheese Pasta

Ingredients
  • 2 cups uncooked pasta
  • 2 cups frozen broccoli
  • 2 cups ham (cut in cubes)
  • 1 jar cheesy pasta sauce
Preparation

Cook pasta according to package directions, adding in the broccoli for the last five minutes. Drain the pasta and broccoli; add ham, and pasta sauce. Heat over medium heat until sauce is warmed to your liking.

Tips

  • Substitute lunch meat ham
  • Cooks in one pot
  • Makes 2 servings

Chicken Salad Sandwich

Ingredients

  • 1 can of chicken
  • 2 stalks celery (cut up)
  • ½ cup mayonnaise
  • Whole wheat bread
  • 2 tbsp. butter (optional)
Preparation

Mix chicken, celery, and mayonnaise in a bowl and spread on bread. This quick and easy meal has protein, a vegetable, and a whole grain. Store in refrigerator.

Tips

  • May substitute canned tuna or salmon for the chicken.
  • Make it a hot meal by spreading butter on the outside of the bread, put sandwich spread in the middle and heat each side for two to three minutes.

Ravioli and Peas

Ingredients

  • 4 cups frozen ravioli
  • 2 cups frozen peas
  • 2 tbsp olive oil
  • Parmesan cheese
Preparation

Cook ravioli according to package directions, drain, add frozen peas, and olive oil. Cook over medium heat until peas are warm. Sprinkle with cheese to taste.

Tips

  • May use cheese or beef ravioli
  • Add some tomato sauce for extra flavor
  • May use any type of frozen vegetables that are available

Easy Omelet

Ingredients

  • 2 eggs
  • Salt and pepper
  • Whole wheat bread
  • 2 tbsp milk
  • 2 tbsp olive oil
Preparation

Mix eggs, milk, salt, and pepper. Dip bread into the egg mixture and cook over medium heat for three to four minutes on each side.

Tips

  • Add cut up onion to egg mixture
  • Experiment with different spices and seasonings

English Muffin Pizza

Ingredients

  • 1 English muffin
  • 2 tbsp tomato sauce or salsa
  • 2 tbsp shredded cheese
Preparation

Slice English muffin in two and top each half with tomato sauce or salsa. Sprinkle cheese on top and heat in the toaster oven or microwave until cheese is melted.

Tips

  • Add meat or other vegetables, whatever is available
  • Can substitute bagels for English muffins
These quick, cheap meal ideas are perfect for students, families, or anyone on a tight budget without much time to spend in the kitchen.

How about you all?

Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.

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**Photo courtesy of http://thefuntimesguide.com/2009/03/college_care_packages.php

Be Loaded at Christmas: How to Make it Happen

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Today’s guest post comes to us from Alban. Alban is a personal finance writer at Home Loan Finder, where he helps people to compare home loans online.  Enjoy!

Be Loaded at Christmas: How to Make it Happen
There is no mystical secret on par with the magic of Santa Claus to guarantee a more affordable Christmas – you either need to save more or spend less, or both. ‘Save more and spend less’ seems like an easy enough motto to follow for the holiday season, but the mechanics of how to actually make it happen will need to be implemented in a number of areas of your life, as far out from December as possible.
Therefore, consider these six savings strategies to help ensure you have more than enough money for the Christmas of your dreams.
1 – Start saving early
Even small contributions can add up to a jolly Christmas fund, and the earlier you start, the smaller your contributions will need to be to reach you goal – you won’t even notice that you are saving. To make your savings work hard while you’re not watching, deposit your contributions to a high interest savings account. This means your savings will grow through your own contributions and through interest earnings, and the longer the account is open, the more compounding interest opportunities you have – where you earn interest on your interest.
Plus, even if you reach your goal early, or you have set a goal budget, save more than you think you’ll need to cover any unexpected expenses, and maybe even a special holiday treat for all of your hard work.
2 – Start budgeting early
A successful Christmas budget includes all of your expenses, not just the gifts. This means budgeting for parties and the new clothes you need to buy for the party, decorations, food if the family are coming to your place, and of course decorations.
You won’t be out of cash at Christmas time if you know exactly how much you need, and if you budget for more than you think you’ll need. Emergency expenses can be greater during the holiday season, and unexpected costs can have more of an impact than they normally would because you’re not working, and you have more outgoing money already. Therefore, make sure your bank account is loaded for all of your planned expenses, and those unexpected surprises.
3 – Start shopping early
When you shop for presents and Christmas supplies early you can avoid the crowds, and save yourself time and therefore money on parking, lunches and pick-me-ups to get you through the battle of the shoppers. Plus, hitting the stores early means that Christmas items are not yet marked up in price, food and snacks are cheaper, as are red and green napkins, star shaped cookie cutters, plastic plates and garden lights – things which are in the stores all year around but which are very popular, and therefore very expensive, in December.
Of course plenty of stores have Christmas sales, but you don’t need to wait for these to nab a bargain. There are also mid-year sales, end of season sales and stocktake sales which offer generous discounts on Christmas presents and supplies. And in stocking up on food, most of this can be frozen so it’s fresh, and doesn’t get eaten early.
A successful Christmas shopping trip also means making a list, taking the list with you and sticking to the list. Impulse buys for Christmas can drain your budget quickly, and you end up buying items you don’t need, things you had already bought but forgot about, and things which you will forget about because they’re not on your list, and will therefore go unused.
4 – Plan time at home
While there are 12 days of Christmas, you don’t have to go out to celebrate every single one. You can instead stay at home with your partner or your children and play games, watch movies, bake or go for walks and save on food and drinks, snacks to entertain guests and fuel to drive all over town. Instead, you get to spend some time this Christmas with your family and you are able to return to work rested and relaxed, which can in turn make you more productive, and lead to more money to save for next year.
5 – Talk about your Christmas goals
It is easy for everyone – not just the kids – to get caught up in making a Christmas wish list for Santa. However, if you’re looking for ways to have a more affordable and in turn more meaningful Christmas why not take a look at exactly how much you have come to spend. Take the time to talk to your children about what to expect this Christmas, explaining that they can’t – and don’t need – hundreds of new toys. Speak with your family and friends so you can all set spending budgets, as this stops the inclination to overspend because you think someone will have spent more on you, than you did on them. And speak with your guests if you’re hosting Christmas dinner and have everyone bring something, chances are your guests will be happy to contribute to the day.
Plus, it is very likely that your friends and family will all be looking to save on Christmas spending too, and will be happy to set a budget this year.
6 – Declutter your life
In addition to saving for your Christmas budget, you can also raise money by selling items which you no longer want or need. These could be anything from old books you’ve read or video games you don’t play; old clothes which don’t fit or are out of style; that table tennis table which no one uses anymore; your child’s backyard swing set or cubby house; and even an old TV or computer.
When you look around your home you will find countless items which you can get rid, and which you really don’t need in your life. As a result you are able to focus on what is really important, and what you want for Christmas – as well as raising funds from the sales. You will be able to see what you really want and need, and you can now fit new items into your life without all the clutter – what you may even realise is that there is nothing you really want or need for Christmas at all.

Thanks for reading!

Alban is a personal finance writer at Home Loan Finder, which offers information on reverse mortgages.

How about you all? What techniques do you all use to save money at X mas time? Share your experiences by commenting below!

Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.

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*Photo courtesy of — http://www.sendmore.co.uk/acatalog/pop-up-christmas-cards.html 

Financial Freedom For All The Bravehearts

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Today’s guest post comes to us from Shelly. Shelly is an accomplished SEO (Search Engine Optimization) specialist and also the owner/creator of the personal finance blog, Finance Wand. Enjoy!



Financial Freedom For All The Bravehearts

Do you have to depend on somebody financially? Are you overburdened with the debt that you have? Do you feel that you want to be independent and do things your way? You can have the freedom to make your own choices by being financially independent.
 
What is financial freedom?
 
When you don’t have to depend on your spouse or parents for money related matters and when you don’t have to ask somebody before you take a financial decision, you have financial freedom. You no longer have to depend on anyone to do the things that you have always wanted to do. You can make investment decisions and plan your finances accordingly to get better returns than what you are already getting.
 
How can you achieve financial freedom?
 
It is neither too easy nor too difficult to achieve financial freedom. You need the right attitude and the right frame of mind to be able to achieve anything that you want.
 
Let us take a look at the top 4 tips on how to achieve financial freedom:
 
1. Plan: Everyone needs to be smart about their financial planning. This is the most important thing when you want such kind of independence. If you dream of being your own boss, plan now. Don’t think this is a silly thing to do. Only when you dream can you have a concrete plan to support your dreams.
 
2. Discover: Learn new things everyday. It could mean anything. You could educate yourself with any small financial subject every day – one new thing at a time. Reading could be very helpful at this stage. Learn money management and the art of investing right. You could take help from money management websites or visit a library for books on the subject.
 
3. Get rid of debts: You can never be financially free unless you get rid of your debts. Make sure you are debt free before you plan any kind of investment.
 
4. Make investments: You may need a little discipline in this matter. The next time you have the urge to buy, invest in an asset instead of just a commodity. An asset is meant to generate money in the long run. So, you could invest your money in buying real estate, or mutual funds, stocks, or online currency trading that would give you good returns when you need them to. You may also invest in further education, which you can utilize later to achieve more financial freedom. Before you buy anything, first check out if it will give you any return in the future.
 
You feel a lot relaxed when you are financially free. You no longer have to depend on others to fulfil a wish. You can do it yourself. Being financially free might require you to discipline your life a lot. You must value time and money as both are precious. Give yourself a little time and you will surely achieve the freedom that you have desired so long.

 

How about you all? Are you financially free? If so, what was the number one piece of advice you would give to others so that they too can achieve financial freedom?


Did you like this article? You can get the complete text of all the latest articles at My Personal Finance Journey in your email inbox each evening by clicking the link below and entering your email address. Your address will only be used for mailing you the articles, and each one will include a link so you can unsubscribe at any time.


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Non-Recourse Premium Financing

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Today’s guest post comes to us from Denise Manchini. Denise is a manager with AccuQuote.com, a leading life insurance quotes company providing free term life insurance quotes from some of the top-rated insurance companies in the United States. To learn more about her website, please visit the link above.

Non-Recourse Premium Financing

Did you know that if you’re old and wealthy, you can get additional life insurance coverage for free or at fairly low cost? Termed as non-recourse premium financing, this is currently one of the most popular products in the life insurance marketplace.

Non-recourse premium financing has become a popular concept with high net worth individuals who need the extra life coverage for estate planning. How it works is that premium financing firms extend a loan to older, affluent people to go out in the market and buy a large insurance on their life.

The life insurance policy bought by the borrower is the full and only collateral in this type of lending.

The loan is for a term of two to two-and-a-half years during which the borrower makes no payments on it. If the borrower passes on during the loan period, then his estate needs to repay the loan along with the fees and accrued interest. What’s left of the estate is transferred to the borrower’s legal beneficiaries or heirs.

However, if the borrower survives the term of the policy, he can take recourse to any one of the following:

  • Transfer the policy to the lender.
  • Sell the policy in the aftermarket and use the earnings thereof to repay the loan.
  • Retain the policy and pay off the loan along with the fees and accumulated interest.

Non-recourse premium financing is available to all U.S. citizens who are over 70 years of age and are bona fide accredited investors. The policy has to be purchased from a U.S. based insurance company and must have a face amount between $1,000,000 and $10,000,000. The loan amount extended to the borrower cannot be less than $100,000.

So, how does the borrower benefit from taking a loan to buy additional life insurance? Well, the biggest advantage of non-recourse premium financing is that it allows the borrower to buy a large insurance policy without having to make any expense out of his pocket. Traditionally, such as exercise would have meant that he uses either his savings or liquidates part of his estate to cover the cost of additional life insurance.

But just like anything else, this concept has as many critics as it has takers. The biggest criticism hurled at non-recourse premium financing is from purists who argue it dilutes the very purpose of life insurance by allowing third parties to treat it as an investment vehicle.

According to them, the reason for buying life insurance is to protect the financial stability of your family if and when you are no longer around to take care of them and it should not be left open to investor speculation.

Another major criticism of this type of financing is that a total stranger may stand to gain huge benefits from the policy holder’s death. This is especially true if the insured borrower decided to transfer the policy to the lender or sell it in the secondary market, which would mean that a third party totally unrelated to him would own the policy and collect all the death benefits when he dies.

Even insurance carriers are up in arms against this kind of transaction between financing companies and policy holders. They fear that if non-recourse premium financing is allowed to flourish, it would lead to an increase in the cost of life insurance making the premiums unaffordable for ordinary citizens.

Life insurance companies’ work on the premise that a significant number of policies lapse before the insured dies, which means their payouts are lesser making it possible for them to offer low premiums to policy holders. However, if investors were to buy a policy, it’s likely they will continue paying premiums until the insured dies so they can collect the benefits.

An increase in the number of payouts by insurance companies will impact their profitability and lead to higher premium rates.

The jury may still be out on the moral and financial implications of non-recourse premium financing, but a California federal judge giving it his approval in a case last year may calm some of the dissenting voices.



How about you all? Has any one had experience using this type of policy? Share your experiences by commenting below!

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**Photo courtesy of http://www.insureyourchildsfuture.com/

What You Should Know About Payday Loans

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Good Thursday morning everyone! Today’s guest post comes to us from Rita. In her article, she gives us some crucial information about payday loans, a topic of which I do not know that much about. Enjoy!

What You Should Know About Payday Loans 
They have been around for a few years now, but payday loans are still considered a minority form of lending, perhaps because of the lack of information about what these loans exactly entail.
In essence, payday loans are designed to fill the gap between pay days for those who find themselves short of money at any point.  They are intended as a short term borrowing solution being repayable between 14 and 31 days, although some lenders will lend for 100 days.  Loan amounts are small compared to traditional loans with most lenders offering loans from $100 to $1500, with some offering more in certain circumstances.  Applying is easy with the majority of lenders having websites and online application forms.  You can also apply for loans in person at various offices and outlets in your area.
Payday loans have come in for much criticism because of the high rates of interest applied.  Interest rates are typically around 2500% APR which many fear can lead borrowers into serious debt.  It is worth noting that this is the annual rate of interest which would be applied if you borrowed for a full 12 months.  Because payday loans are lent over a short time period the actual cost to you will only be a few dollars.  Do check out loan repayment calculators to find out exactly how much a loan will cost you.
Repaying your loan can mean sending a post dated check to the lender, setting up a standing order or authorizing the lender to debit your bank account on a certain date.  They are called payday loans because they are intended to be paid back when your next pay check clears.  As a borrower you need to be sure that having paid the loan back you will still have enough to meet your financial needs until the next payday.  These loans are not intended for long term borrowing needs and if you cannot afford to repay the loan on the agreed date then you should talk to the lender about extending the terms.
There has been much written about payday loan lenders freely lending to anyone who applies.  Whilst there maybe lenders who do this, most will have some criteria which applicants must fulfil before a loan will be approved.  Typically you should be over 18 years of age, in receipt of a regular pay check and a U.S resident with a valid bank account.  Some lenders may conduct a credit check but most do not meaning that even if you have a bad credit score you can still be approved.  Once you loan has been approved it can be transferred to your bank account within 24 hours to 2 working days.

Thanks for reading – Rita

How about you all? What’s your take on payday loans? Have you ever tried using them?

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*Payday loan picture courtest of http://mybiggestcomplaint.com/wp-content/uploads/2007/08/paydayloans.jpg

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