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How to Create a Financial Plan in 11 Steps
Structure is the key to growth. Without a solid foundation â and a road map for the future â itâs easy to spin your wheels and float through life without making any headway. Good planning allows you to prioritize your…
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The post How to Create a Financial Plan in 11 Steps appeared first on MintLife Blog.
Tagged All, Auto, Career, Fees, Financial GoalsStructure is the key to growth. Without a solid foundation â and a road map for the future â itâs easy to spin your wheels and float through life without making any headway. Good planning allows you to prioritize your time and measure the progress youâve made.
Thatâs especially true for your finances. A financial plan is a document that helps you track your monetary goals to measure your progress towards financial literacy. A good plan allows you to grow and improve your standing to focus on achieving your goals. As long as your plan is solid, your money can do the work for you.
Thankfully, a sound financial plan doesnât have to be complicated. Hereâs a step-by-step guide on how to create a financial plan.Â
What Is a Financial Plan?
Financial planning is a tangible way to organize your financial situation and goals by making a roadmap to achieve them. When determining where to start, you should consider what you currently possess, your long-term goals, and what opportunity costs youâre willing to take on to meet your money goals.
Financial planning is a great strategy for everyone â whether youâre a budding millionaire or still in college, creating a plan now can help you get ahead in the long run. If you want to make a roadmap to a successful future, hereâs how to create a financial plan in 11 steps.Â
1. Evaluate Where You Stand
Building your financial plan is similar to creating a fitness program. If you donât have exact steps to reach your goals, you could end up doing random exercises without making progress. To create a successful plan, you first need to understand where youâre starting so you can candidly address any weak points and create specific goals.Â
Determine Your Net Worth
One way to figure out your financial status is to determine your net worth. To do this, subtract your liabilities (what you owe) from your assets (what you own). Assets include things like the money in your accounts and your home and car equity, while liabilities can include any debt, loans, or mortgages. Hereâs how to calculate your net worth using your assets and liabilities.
Your ratio of assets to liabilities may change over time â especially if you pay off debt and put money into savings accounts. Generally, a positive net worth (your assets being greater than your liabilities) is a monetary health signal. You should regularly keep track of your net worth to monitor the trajectory of your financial plan.
Track Your Spending
Another way to evaluate your financial planning process is by measuring your cash flow, or how much you spend compared to how much you earn. Net worth is a great way to understand where you stand financially, but measuring cash flow is how you might ensure youâre heading in the right direction.
Negative cash flow means that youâre spending more than you make, leading to things like credit card debt and bankruptcy. Conversely, positive cash flow means youâre earning more than youâre spending â which is an excellent step towards achieving your money goals.Â
Now that you have an idea of your net worth and cash flow, itâs time to set your financial goals.Â
2. Set SMART Financial Goals
By setting SMART financial goals (specific, measurable, achievable, relevant, and time-bound), you can put your money to work towards your future. Think about what you ultimately want to do with your money â do you want to pay off loans? What about buying a rental property? Or are you aiming to retire before 50?
Start by putting together a list of your goals and dreams, from running a doggy daycare to living in Paris. Even if it feels outrageous, your financial plans should help you work towards your long-term goals.
SMART goals help you break down your more extensive financial planning process into actionable pieces. Remember that dream to move to Paris? Using SMART goals, you may make your dream to live on the Seine a reality. Hereâs how to get started creating your SMART goals:
Setting concrete goals may keep you motivated and accountable, so you spend less money and stick to your budget. Reminding yourself of your monetary goals may help you make smarter short-term decisions to invest in your long-term goals.Â
Itâs important to understand that your goals arenât static. When your life goals change, your financial plans should follow suit.
3. Update Your Budget
Creating a budget may help you determine how to create a financial plan and achieve your long-term monetary goals. When you create a budget and stick to it, you can understand what areas you might afford to spend and where you should be saving.Â
An excellent method of budgeting is the 50/30/20 rule, popularized by Senator Elizabeth Warren. To use this rule, you divide your after-tax income into three categories:Â
- Essentials (50 percent)
- Wants (30 percent)
- Savings (20 percent)
The 50/30/20 rule is a great and simple way to achieve your financial goals. With this rule, you can incorporate your goals into your budget to stay on track for monetary success.Â
No matter what financial goal youâre working towards, itâs essential to have an updated budget and plan to achieve it. For example, if youâre planning for a wedding, you might eat out less to reduce your grocery budget each month.
What to Include in Your Budget
If youâve ever tried to put together a budget, youâve likely considered the basics like rent, loans, and groceries. But what other expenses should you consider? Over time, those daily lattes may start to add up â which is why itâs crucial to think about the many different costs you could incur during the month. When updating your budget, here are some of the most common items to include:
- Rent
- Groceries
- Dining out
- Household maintenance
- Emergency fund
- Subscriptions and memberships
- Travel and transportation
- Prescriptions
- Bank account fees
- Car registration or lease
- Pet costs
- Entertainment
- Clothing
- Personal care
- Charity
So you know what you need to include in your budget. Now what? Check out our budgeting tips to get smart about creating your budget in line with your financial plan. If youâre ready to get the ball rolling on your future, try using a spreadsheet, a piece of paper, or a budgeting app to create your financial plan today.Â
4. Save for an Emergency
Did you know that four in 10 adults wouldnât be able to cover an unexpected $400 expense? With so many people living paycheck to paycheck without any savings, unexpected expenses might seriously throw off someoneâs life if they arenât prepared for the emergency.Â
Itâs important to save money during the good times to account for the bad ones. This rings especially true these days, where so many people are facing unexpected monetary challenges. Whether youâre just starting on your path to financial literacy or have been saving for years, itâs good practice to review your emergency finances to ensure they would adequately cover your current needs.Â
You already know you should be storing away money in case something goes wrong. But did you know that you should be saving for both a rainy day and emergency fund? Itâs important to have multiple backup funds to hold you over in case of an unexpected crisis.Â
5. Pay Down Your Debt
It can be frustrating to allocate your hard-earned money towards savings and paying off debt, but prioritizing these payments can set you up for success in the long run. With two significant methods of paying off debt, itâs essential to understand the difference between them so you can make the smartest decisions for your financial future.Â
No matter the debt repayment option you choose, the key to successfully paying down debt is to be disciplined with your budget. Skipping even one or two months of debt repayments may throw a wrench in your financial plans, so itâs essential to create a realistic budget that you can stick to.Â
6. Organize Your Investments
Investing may seem like a difficult topic to navigate, but you can put your money to work and passively grow your wealth when you understand the basics. To start investing, you should first figure out the initial amount you want to deposit. No matter if you invest $50 or $5,000, putting your money into investments now is a great way to plan for financial success later on.Â
When deciding how to create a financial plan, you should consider budgeting a set amount each month to go directly into your investment portfolio â this will be your contribution amount. Over time, those small bits of money may begin to grow into increasingly larger sums. However, itâs important to note that investing is a long game. If you want to see serious results, youâre going to have to wait for at least five or more years.Â
Ready to get started on your path towards long-term financial success? Check out our investment calculator to create goals, forecast metrics, and find opportunities to grow your wealth even further.Â
7. Prepare for Retirement
When thinking about how to create a financial plan, itâs crucial to consider your goals far in the future. Although retirement may feel a world away, planning for it now is the difference between a prosperous retirement income and just scraping by.Â
The earlier you can start saving for retirement, the better. If you start saving for retirement in your 20s, youâll have 30+ years of consistent contributions to your funds by the time you retire. Generally, the older you are, the more you should try to contribute to your retirement fund. However, a good rule of thumb is to save around 10â15 percent of your post-tax income annually in a retirement savings account.
Retirement Plan Types
There are several types of retirement savings, the most common being an IRA, a Roth IRA, and a 401(k):
- IRA: An IRA is an individual retirement account that you personally open and fund with no tie to an employer. The money you put into this type of retirement account is tax-deductible. Itâs important to note that this is tax-deferred, meaning you will be taxed at the time of withdrawal.
- Roth IRA: A Roth IRA is also an individual retirement account opened and funded by you. However, with a Roth IRA, you are taxed on the money you put in now â meaning that you wonât be taxed at the time of withdrawal.
- 401(k): A 401(k) is a retirement account offered by a company to its employees. Depending on your employer, with a 401(k), you can choose to make pre-tax or post-tax (Roth 401(k)) contributions.Â
8. Start Your Estate Planning
Thinking about estate planning isnât fun â but it is important. When figuring out how to create a financial plan, itâs crucial to start estate planning to outline what happens to your assets when youâre gone.Â
To create an estate plan, you should list your assets, write your will, and determine who will have access to the information. Estate taxes can run up to a steep 40 percent, so having a plan for how to set up your estate may ease the financial burden of your passing on your loved ones.Â
Using a Lawyer for Estate Planning
Using a lawyer for estate planning can solidify financial plans that you donât want to leave to chance. By clearly outlining your estate plan, you can protect against potential legal battles or missteps that could occur when sorting out your estate. If you plan to use a lawyer for estate planning, hereâs what you need to know:
- Find an estate planning specialist: Just like doctors, lawyers specialize in all different fields. You wouldnât expect a dermatologist to be performing knee surgery, so why would you expect a lawyer with a different specialty to create your estate plan?
- Clarify legal fees: Estate planning fees may vary dramatically depending on the lawyer and your specific needs. Some lawyers charge based on the complexity of the plan; others charge a flat or hourly fee. There is no right or wrong with estate planning fees, but you should have an upfront conversation with your lawyer to determine which method would work best for you.
- Find a lawyer you trust: Estate planning is a very personal matter, so you should find a lawyer with whom you feel comfortable sharing personal matters.Â
9. Insure Your Assets
As your wealth grows over time, you should start thinking about ways to protect it in case of an emergency. Although insurance may not be as exciting as investing, itâs just as important.Â
Insuring your assets is more of a defensive financial move than an offensive one. When determining how to create a financial plan, you want to have insurance to protect yourself from any unforeseen difficulties that could hinder your success.Â
Types of Insurance
There are several types of insurance you might get to protect your assets. Here are some of the most important ones to get when planning for your financial future.Â
- Life insurance: Life insurance goes hand in hand with estate planning to provide your beneficiaries with the necessary funds after your passing.
- Homeowners insurance: As a homeowner, itâs crucial to protect your home against disasters or crime. Many peopleâs homes are the most valuable asset they own, so it makes sense to pay a premium to ensure it is protected.
- Health insurance: Health insurance is protection for your most important asset: Your life. Health insurance covers your medical expenses for you to get the care you need.Â
- Auto insurance: Auto insurance protects you from costs incurred due to theft or damage to your car.
- Disability insurance: Disability insurance is a reimbursement of lost income due to an injury or illness that prevented you from working.Â
10. Plan for Taxes
Taxes can be a drag, but understanding how they work can make all the difference for your long-term financial goals. While taxes are a given, you might be able to reduce the burden by being efficient with your tax planning. When planning for taxes, itâs important to consider:
- How to reduce your taxable income: You can capitalize on tax savings investment options like a 401(k) or 403(b) to help you save money by reducing your taxable income (while putting more money away for your future).Â
- How to itemize your deductions: Tax deductions are a way to lower taxable income as a full- or part-time self-employed taxpayer. You can deduct incurred expenses from doing business to reduce your taxable income.Â
11. Review Your Plans Regularly
Figuring out how to create a financial plan isnât a one-time thing. Your goals (and your financial standing) arenât stagnant, so your plan shouldnât be either. Itâs essential to reevaluate your plan periodically and adjust your goals to continue setting yourself up for success.Â
As you progress in your career, you may want to take a more aggressive approach to your retirement plan or insurance. For example, a young 20-something in their first few years of work likely has less money to put into their retirement and savings accounts than a person in their mid-30s who has an established career.
Staying updated with your financial plan also ensures that you hold yourself accountable to your goals. Over time, it may become easy to skip one payment here or there, but having concrete metrics might give you the push you need for achieving a future of financial literacy.Â
After you figure out how to create a monetary plan, itâs good practice to review it around once a year. However, this is just a baseline metric, so checking it more often may be necessary if a significant life event occurs.Â
Itâs always a good idea to reevaluate your financial plan if you get married, have kids, or quit your job. Every few months or so, take some time to look at your progress and assess problem areas. Take the time to celebrate milestones â it may help motivate you going forward.
Ask for feedback on your financial plan from people who know you. Your best friend might point out some things youâd forgotten about, like your desire to get a dog or live in a downtown loft. You can also run it by a professional, who can provide some objective insight and professional wisdom on how to create a financial plan.
Itâs important to remember that the journey to financial success is a personal one, and should be taken at your own pace. However, the earlier you get started, the more prepared you may be for a strong financial future. Download Mint to get started taking control of your finances today.
Sources: CNBC | Federal Reserve | IRS | IRS
The post How to Create a Financial Plan in 11 Steps appeared first on MintLife Blog.
Source: mint.intuit.com

12 Ways to Maximize Your Social Security Checks


Source: moneytalksnews.com

6 Benefits of a Discover Online Savings Account
Start saving with a convenient, high-yield account that has no fees.*
The post 6 Benefits of a Discover Online Savings Account appeared first on Discover Bank – Banking Topics Blog.
Tagged All, Automatic Transfer, Banking, Banking 101, Emergency FundDan Stous works in financial planning and wealth management. Online savings accounts initially came on his radar when he saw their interest rates steadily rise.
“The whole reason I was looking for an online account was because deposit rates at traditional brick-and-mortar banks have continued to stay low despite rising interest rates,” says Stous, who is the director of financial planning at Flagstone Financial Management in Lincoln, Nebraska.
He and his wife opted for a Discover® Online Savings Account, named Best Savings Account by NerdWallet in 2020, and started making monthly transfers into it to help save for a car. They were pleased to find the funds growing quickly with the account’s high interest rate and annual percentage yield (APY).
Whether you’re saving for a new set of wheels like Stous and his wife, a home down payment, an emergency fund or [enter your next big financial goal here], an online savings account could be your ticket to success.
What are the benefits of a Discover Online Savings Account? Here are six things to know about a Discover Online Savings Account that will help you take your savings game to the next level:
1. You can grow your savings with a high interest rate
Regardless of your financial goal, you’ll want your savings to earn interest (and then you’ll want that interest to earn even more interest). One of the benefits of a Discover Online Savings Account is that you can grow your money with a savings account interest rate over 5x the National Savings Average.1
You earned it.
Now earn more with it.
Online savings with no minimum balance.
Start Saving


Savings
Discover Bank, Member FDIC
With online banks offering superior yields compared to traditional banks, Stous recommends online savings accounts to his clients as a financial strategy. “We have been steering people to online accounts because the rates have been so much better,” Stous says.
2. You can save yourself the hassle of fees
A bank account fee here and there can really add up. And who wants sneaky fees to eat into your hard-earned savings? One of the top benefits of a Discover Online Savings Account is that you won’t be charged an account fee.* Common fees that you won’t see with your Discover Online Savings Account include fees for:
- Monthly maintenance
- Official bank check (there’s also no fee if you need expedited delivery of your check)
- Deposited item returned
- Insufficient funds
- Stop payment order
- Account closure
Another thing to know about a Discover Online Savings Account is that the lack of maintenance or activity fees means you don’t have to stress about initiating certain account behavior (say, a regular direct deposit) to avoid a charge that could set your savings back.
.block-quote_5front { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/5front-730×500.jpg); } @media (min-width: 730px) { .block-quote_5front { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/5front-1600×600.jpg); } }
“The whole reason I was looking for an online account was because deposit rates at traditional brick-and-mortar banks have continued to stay low despite rising interest rates.”
– Dan Stous, director of financial planning at Flagstone Financial Management
3. There’s no balance requirement
When considering important things to know about a Discover Online Savings Account, add no minimum balance requirement to the list. If you are just getting started with your savings (way to go!), it can be challenging to set aside a large chunk of cash just to avoid a balance requirement fee. With the Discover Online Savings Account’s no minimum balance requirement, you can start small and continue to add to your savings as your budget allows.
Getting ready to make a big withdrawal for an exciting big purchase? No problem. If you’ve reached a goal and need to put your savings to work, go right ahead. You won’t need to stress about getting charged for the lower balance that remains in your Discover Online Savings Account, and you can start building up your funds again for the next big thing.
4. You can manage your account onlineâand on the go
Your life is online and on the goâso your savings account should be right there with you. You can open a Discover Online Savings Account from the comfort of your couch (or when commuting in your rideshare) in three easy steps:
- Enter the essentials (personal information like your address and Social Security number).
- Fund the account with a starting balance of your choosing (or come back and do it later if you prefer).
- Check your inbox for an email confirmation.
Once you are up and running, you can easily transfer funds between different accountsâDiscover accounts as well as external onesâand set up automatic transfers into your savings account so you can grow your funds on autopilot.
If you’re on the move, the account’s mobile app is control in your hands via your smartphone or tablet. Whether you’re in line for a coffee or waiting for your child’s extracurricular activity to wrap up, you can easily transfer money between your Discover Online Savings Account and other accounts, view your account activity and electronically deposit checks. Only have a second but want to check in? Quick View is a benefit of a Discover Online Savings Account that allows you to view your savings account balance without having to log in.
“The mobile app is very user friendly,” says Rick Vazza, financial planner and president of Driven Wealth Management. “It’s easy to use and easy to sync with a checking account. There’s a seamless flow.”
5. You can experience top-notch customer service
Customer service can be hard to evaluate, but the ability to quickly speak to a real person is certainly one sign of good customer relations.
“I’ve been seeing people particularly attracted to value-added services. The first being customer service,” Vazza explains.
Discover’s customer support is 100 percent U.S.-based and offers the ability to speak with a live person 24/7 without having to go through a bunch of automated prompts. Having knowledgeable and friendly customer service adds to the benefits of a Discover Online Savings Account.
“People like the fact that Discover is an all U.S.-based service,” Vazza adds.
.block-quote_1back { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/1back-730×500.jpg); } @media (min-width: 730px) { .block-quote_1back { background-image: url(https://865cd2fc18498405a75a-f8cbe8cb758c89f0cd738fe08520ecb9.ssl.cf5.rackcdn.com/online-banking/banking-topics/wp-content/uploads/2017/09/1back-1600×600.jpg); } }
“I’ve been seeing people particularly attracted to value-added services. The first being customer service. People like the fact that Discover is an all U.S.-based service.â
– Rick Vazza, financial planner and president of Driven Wealth Management
6. You can easily access your funds2
When and how you can withdraw money is important to know before you open a savings account. “How easy it is to get the money is a huge question, particularly with older generations,” Stous says. Having multiple ways to withdraw is a plus.
With a Discover Online Savings Account, your withdrawal options include:
- Setting up electronic transfers between your Discover Online Savings Account and other internal or external bank accounts.
- Requesting a no-fee official bank check.
- Initiating an outgoing wire transfer.*
On your mark, get setâsave!
Understanding the things to know about a Discover Online Savings Account could help you make the decision to open an easy-to-use and high-yield financial solution for storing your cash. Whether you’re saving up for something special or creating a savings safety net, it’s tending to these areas of your financial plan that will better prepare you for what comes next.
Learn more about a Discover Online Savings Account today.
* Outgoing wire transfers are subject to a service charge.
1 The Annual Percentage Yield (APY) for the Online Savings Account as of 01/01/2021 is more than five times the national average APY for interest-bearing savings accounts with balances of $500 as reported by Informa Research Services, Inc. as of 01/01/2021. Interest rates and APYs are subject to change at any time. Although the information provided by Informa Research Services has been obtained from the various institutions, accuracy cannot be guaranteed.
2 Federal law limits certain types of withdrawals and transfers from savings and money market accounts to a combined total of 6 per calendar month per account. There are no limits on ATM withdrawals or official checks mailed to you. To get an account with an unlimited number of transactions, consider opening a Discover Cashback Debit account. If you go over these limitations on more than an occasional basis, your account may be closed. See Section 11 of the Deposit Account Agreement for more details.
The post 6 Benefits of a Discover Online Savings Account appeared first on Discover Bank – Banking Topics Blog.
Source: discover.com

5 Online Learning Platforms to Help Bolster your Resume
Being a lifelong learner is one of the best ways to stay engaged in your job, whatever field youâre in. There are a lot of ways to exemplify curiosity and a penchant for learning new skills: meeting regularly with your boss, attending professional development days and taking classes to hone a professional skill. It has [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Tagged All, Career, evergreen, Financial Wize, FinancialWizeGoogle Skillshop provides learn-at-your-own-pace courses to help you become an expert in Google Ads, Google Analytics, Google Marketing Platform, Google My Business, Google Ad Manager, Google AdMob, Authorized Buyers, and Waze. All courses in the skillshop are free.
Udemy offers more than 130,000 classes (boasting the worldâs largest selection of courses) on topics like Python coding, piano playing and digital marketing.
Yale also makes numerous introductory classes accessible to anyone with an internet connection. Last year, Yale made one of its most famous courses, the Science of Well-Being, available for free on Coursera. This class dives into the meaning of happiness.
Be sure to use keywords on your resume so screening software doesnât pass you over.
Quirk advised putting the skills you gain from a course in the top part of your resume, but putting the actual course certifications lower down along with any other educational achievements.
One of the good things to come out of 2020 was the abundance of college courses made available for free online. While some universities have always offered a select few classes for no-cost online access, institutions like Yale and MIT expanded their libraries last year.
1. Coursera
Quirk noted that digital classes and certifications are some of the best ways to boost your resume and grow in your current position. Here are some of her topic picks for online learning platforms.
Being a lifelong learner is one of the best ways to stay engaged in your job, whatever field youâre in.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
2. Google Skillshop
Coursera is free to join and nearly all of its courses can be accessed at no cost. The catch here is that to take a course for free, youâll be using the âauditâ function, which means no grade and sometimes no official certificate is offered â but all the knowledge and coursework is. Some classes on Coursera are paid-only and will generally set you back about per month.
Julia Quirk, SPHR, a 10-year veteran of the HR industry and senior HR manager for TriSalus, recommends being practical and strategic about honing your professional talents.
LinkedIn Learning (formerly Lynda.com) offers a free one-month trial before charging a month as part of a larger LinkedIn Premium subscription.
3. LinkedIn Learning
Itâs important to note that very few of these courses offer an official completion certificate or degree, but theyâre still impressive to complete and are a strong addition to a resume. Other prestigious institutions like Harvard and Dartmouth also offer free online classes.
Stanford is another university offering public access to many of its courses for free. The university breaks down its offerings into four main categories: Health and Medicine, Education, Engineering and Arts and Humanities.
âLook at the skills needed for your industry and the jobs youâre interested in,â said Quirk. âI recommend starting by first doing some research about what will actually be impressive to people in your career field, and then seeking out professional education opportunities from there.â
4. Online College Courses
It has become more accessible and easier than ever to take courses to elevate your professional expertise. There are endless online resources to peruse, so it helps to be deliberate before diving in.
Hundreds of public libraries across the nation offer Udemy courses for no cost with just a library card. And if your public library doesnât have a connection with Udemy, you may be able to get a digital library card elsewhere and still take part in all that Udemy has to offer.
LinkedIn Learning provides thousands of programs covering topics such as marketing tactics, mobile app development and how to use Photoshop. The courses are generally self-paced, with a LinkedIn Learning certificate awarded on completion that you can display on your LinkedIn profile.
Coursera also gives you the opportunity to see how a particular course benefited other students, breaking down what percentage of past students either started a new career after taking a course or got a tangible career benefit from it.
And, with LinkedIn Learning, the classes are taught by top leaders from diverse backgrounds: Guy Kawasaki, Ben Long and David Rivers are just some of the highlights.
10/17/19 @ 9:00 PM
12/31/20 @ 1:55 PM
12/29/18 @ 8:07 PM
5. Udemy
There are a lot of ways to exemplify curiosity and a penchant for learning new skills: meeting regularly with your boss, attending professional development days and taking classes to hone a professional skill.
Quirk offered some final advice about positioning these certificates and course completions on your resume: âRecruiters skim really fast,â she said. âMake it as easy as possible for recruiters to see the skills you have so they can line them up with the job description.â
When a course is complete, the student receives a digital badge and certificate they can affix to their LinkedIn profile (and that should be included on their hardcopy resume, too).
Source: thepennyhoarder.com
Shine a Spotlight on Your New Skills
MIT offers free online programming not just on computer science, but also biology, race and ethics, accounting and more.
Most options are videos, slides and quick quizzes that build into a final assessment. A certificate is awarded to passing students and is usually valid for 12 months.
Coursera works with over 200 leading institutions and companies worldwide to provide courses on topics ranging from data science to personal improvement. Partners like Yale University, IBM and Google provide outlines for more than 3,900 courses.
Google Skillshop is one of the classic online learning platforms. The technology behind Google Ads, Google Analytics and more is powerful, and mastering it can benefit nearly any line of work.
Udemy is an online learning platform specifically designed to help you bolster your professional skills. Although Udemy courses can range from to 0, one resourceful way to access these classes is through your public library.

I Was Denied an Auto Loan. Now What?
Youâre in the market for a new car but youâve been denied an auto loan. Now what? Hereâs what you need to know about why you may have been denied and what to do to make sure it doesnât happen again. Why Do I Keep Getting Denied for Auto Loans? Unfortunately, there are many reasons… Read More
The post I Was Denied an Auto Loan. Now What? appeared first on Credit.com.
Tagged All, Auto, Auto Loans, car loan, credit scoreYouâre in the market for a new car but youâve been denied an auto loan. Now what? Hereâs what you need to know about why you may have been denied and what to do to make sure it doesnât happen again.
Why Do I Keep Getting Denied for Auto Loans?
Unfortunately, there are many reasons a bank might reject your application for a car loan. If your loan application has recently been denied or you keep getting denied, it might be due to one of these common reasons:
- Application errors. Sometimes, the application could be rejected because of an error you made when filling it out. A missed section, some incorrect information, a missing form or another mistake can mean your loan is ultimately denied.
- Bad credit. Bad credit is a common reason for auto loan denial. A score below 670 is usually considered a bad credit score, and this damages lenders’ trust in your ability to pay off a loan.
- Too much debt. A high debt-to-income ratio can make lenders leery. If you have a number of loans or credit cards with large amounts of debt, this raises your DTI and may lower your chance of getting approved for future loans, car loans included.
- No credit. Lenders look for proof of consistency in paying off past loans when reviewing your application. If you have no credit history, lenders may feel they donât have enough information about your ability to pay off a future loan.
What Can I Do If My Loan Application Is Denied?
You have a few options when you’ve been denied an auto loan, depending on the reason you were rejected.
Application Error
If you were rejected because of an application error on your part, you should contact the bank as soon as you can. Hopefully, the mix-up can be resolved and your request will be approved. If not, the lender will tell you when you can reapply.
Poor Credit
If you were rejected because of poor credit, check your credit report so you can determine what is negatively impacting your score. Depending on what your report says, look into ways to improve your credit so you can be approved next time. Pay your bills on time, and use your credit cards to make and then repay smaller purchases. Keep in mind that building or rebuilding your credit can take a while. Don’t be disappointed if it takes months or even a year or two to really get your score where you want it.
If you need a loan sooner, consider adding a cosigner to your application that can be your backup if you fail to pay the loan. Lenders feel more comfortable with this method, and it’s a good way to prove dependability.
Debt
If you were rejected because you already have too much debt, it’s important to reduce that amount in steady increments. Set a budget and stick to it, tackling the largest debts first. Avoid adding any debt to what you already have. Examine your credit card usage for any unnecessary expenses and cut back on those in the future.
No Credit
If you donât have a credit history, nowâs the time to start. There are a lot of ways to start building your credit: you might be able to become an authorized user on someone elseâs credit card or find a co-signer for your loan, for example. You also might want to apply for a secured credit card or credit card for no credit.
Find the right credit card for your needs. Learn more.
Does Getting Denied a Loan Hurt My Credit?
Getting denied for an auto loan doesn’t in itself hurt your credit score. The lender didn’t extend anything, so there’s nothing that can hurt your score. However, multiple denied applications at once could hurt your score.
A bank conducts a “hard inquiry” when you apply for a loan. This can cause a drop in your credit score slightlyâabout five to ten pointsâwhether you’re accepted or not. If you apply for too many loans, numerous hard inquiries on your credit can cause a larger drop.
What Are My Other Options?
If you donât have time to build or rebuild your credit, canât get a co-signer, and need a car fast, there are two options to be considered as a last resort.
âBuy Here Pay Hereâ Dealers
Stop by your neighborhood âBuy Here Pay Hereâ (BHPH) auto dealer, and one way or another, it will probably get you into a car. It won’t be a new car, and it will probably have lots of miles on it, but at least you’ll get a car you desperately need to get you to and fro.
The BHPH dealer won’t want to talk to you about interest rates. Your local BHPH will focus on your expected monthly payment and ask for a really big down payment. They mostly care about whether or not you have a current, steady income. Based on that, theyâll determine how much they are willing to lend and which car options are available to you. It’s not a great way to buy a car, but for millions of Americans, it is the only way they can make this significant a purchase.
Unfortunately, purchasing a car at a BHPH dealer isn’t a credit boost at all. They usually don’t report anything positive to credit reporting agencies, but they will report negative actions like a missed payment or repossession. Always ask about their late payment policies before making a decision.
Alternative Credit Bureaus
If your credit score is low or your credit history is light based on traditional credit trade lines (credit cards and loans), but you have a solid history of paying your everyday bills, you may be able to take advantage of alternative credit scoring methods. If you can prove your creditworthiness by having your everyday bills verified, some companies will work with alternative credit scoring methods to offer credit. Alternative credit generally doesnât carry the same weight as traditional credit lines, so interest rates likely will not be as competitive.
At this point, you can go to any dealer and buy the car you really want instead of being limited to the inventory on a BHPH lot. If you can afford the payments, you can buy a new car that’s under warranty and has no mileage on the odometer. If you can continue to work on your credit and improve your credit score, refinancing may even be available down the road.
However, many lenders still do not use alternative credit and don’t view it as proof of reliability. Most of these alternative credit companies also don’t report your findings to the major credit bureaus. So, while these alternative creditors may be a short-term option, building credit through traditional methods should be a priority.
Why Would I Get Rejected for a Car Refinance?
If you were denied for refinancing, it’s probably because of a poor credit score or a high DTI. Usually, these are the same as the reasons you might be denied an auto loan. Your score may have been satisfactory when you purchased the vehicle but taken a few hits since its purchase.
How to Get Approved Next Time
Before you reapply for an auto loan, make sure all your information is in order. Gather your records and make sure everything is ironed out and correct before you go to a lender. For a better shot at loan approval, your credit score should be in a comfortable range, and you shouldn’t have any large outstanding debts. Always check your credit score before you apply. If itâs not high enough for loan approval, work to improve your credit first. Then, make sure you’ve determined what type of payments and interest you can afford.
If you do get denied, don’t worry! By making sure you meet all of the income, credit and debt requirements for an auto loan, you can increase your chance of getting accepted the next time you apply.
The post I Was Denied an Auto Loan. Now What? appeared first on Credit.com.
Source: credit.com

A Guide to Rental Reimbursement Coverage
You’re involved in an accident, your car is wrecked, and your insurer has stepped in to cover the damages. All is well, and you only have the deductible to worry about, but what happens before the car is fixed? How do you continue to get to work every day and take the kids to school […]
A Guide to Rental Reimbursement Coverage is a post from Pocket Your Dollars.
Tagged All, Auto, Car Insurance, Financial Wize, FinancialWize
You’re involved in an accident, your car is wrecked, and your insurer has stepped in to cover the damages. All is well, and you only have the deductible to worry about, but what happens before the car is fixed? How do you continue to get to work every day and take the kids to school when your car is in the repair shop for the next few days or weeks?
That’s where rental car reimbursement coverage steps in. If you have this optional coverage on your car insurance policy, you won’t need to worry.
Keep reading to learn how this coverage option works.
Rental Car Reimbursement vs Rental Car Insurance
Before we go any further, it’s worth clarifying the potential confusion surrounding rental car coverage and rental car reimbursement coverage. The former includes damage waivers, property insurance, and liability coverage and protects you when you are driving a rental car.
You will be offered this type of insurance when you rent a car and can also get it through your current insurance policy or through your credit card, bank account or travel insurance.
As for rental car reimbursement, it is designed to cover the costs of renting a vehicle when your car is in the shop or has been stolen.
Rental car reimbursement only applies if your insurance company is paying for the repairs and those repairs are covered by your insurance policy. It is a coverage option that is typically only available to policyholders who have collision coverage or comprehensive coverage insurance.
What Does Rental Car Reimbursement Cover?
Rental car reimbursement is designed to cover the cost of a rental car, but there are limits. Most insurance companies will only cover you for 30 days and many also set a daily limit, often between $50 and $100. This means that you can’t claim for costs above this or for a rental period that extends beyond it.
In some states and in some situations, you may not even need to add rental reimbursement coverage to your policy as the at-fault driver could be responsible for your rental costs. In the event of a car accident caused by a fully-insured driver, their liability insurance may cover you for transportation costs, while also paying for the damage done to you and your vehicle.
However, there is a coverage limit that means they may not be liable for all the costs you pay to the rental car company. In such cases, having rental car reimbursement coverage on your policy will cover the difference and ensure you’re not out of pocket.
How Much Does it Cost?
The cost of rental reimbursement insurance differs from state to state and provider to provider. Your costs will also be higher if you are deemed to be a high-risk driver and have a history of at-fault accidents and insurance claims. Generally, however, you can expect to pay anywhere from $3 or $4 a month extra to $15 or $20 a month extra.
It’s not a huge amount because the cover provided is very limited. For instance, at $50 a day over 30 days, the insurer’s liability is just $1,500, which is a fraction of the amount they can expect to lose with other coverage options.
How Does the Process Work?
You’re involved in a minor accident and your car is taken to the body shop, now what? If you have rental coverage, you can do one of the following:
1. Pay for it Yourself
When you pay for the vehicle yourself, you have more choice about what car you rent and from where you rent it, and you can also get it as soon as you need it. If you choose this option, just make sure you keep a record of all the costs so you can report these to the insurer and get your money back.
By choosing this method, you have more control and providing you have cover, you shouldn’t encounter any issues when seeking reimbursement. Get the rental vehicle you want, drive it off the lot, and wait for your car to be fixed and your expenses to be covered.
2. Let Your Insurance Company Do It
The second option, and the best option, is to go through your insurance company. They will contact the rental company on your behalf and deal with all of the red tape, ensuring you only get a car that you are fully covered for and providing you with all the necessary details at the same time.
By going through your insurer, you can avoid the hassle and they may even help you to get a better deal.Â
It’s worth noting, however, that your insurer will not pay for additional rental car coverage like damage waivers. But as noted already, your auto policy may already provide you with the cover that you need.
Should You Get Additional Car Rental Reimbursement Coverage?
On average, you will use rental car coverage just once in a 10-year period, and you may only need it for a few days at a time. To determine whether this additional coverage option is right for you, simply calculate how much it will cost you on a monthly basis and then compare this to how much it is likely to offer you.
For instance, let’s assume that you are charged $10 a month for this additional option. This means you will pay $120 a year or $1,200 over ten years. Assuming you’re being offered a maximum of $50 per day for 30 days, this means the benefits are capped at $1,500.
If you’re paying $15 a month instead, that’s $180 a year, $1,800 a decade, and more than you will get back. And, in both cases, we’re assuming that you rent a car for the full 30 days at the maximum allowed price, which is somewhat rare. As a result, you can probably overlook this additional coverage option when those are the prices quoted.
Bottom Line: Choosing Insurance Coverage
From car rental coverage and rental car reimbursement to roadside assistance, new car replacement and more, there is no shortage of options for the average driver.Â
But as tempting as it is to add all of these options to your auto insurance policy in the knowledge that you’ll be fully covered, the costs can spiral out of control very quickly. You could find yourself spending an excessive amount of money unnecessarily, and at a time when everyone is watching their budgets, that’s never a good thing.
Think about rental car reimbursement carefully and reject it if you don’t need it, even if it is only $10 or $20 extra a month.Â
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A Guide to Rental Reimbursement Coverage is a post from Pocket Your Dollars.
Source: pocketyourdollars.com

How to Get Rid of Cigarette Smell
Cleaning, neutralizing odors and purifying the air can help remove that stale cigarette smell.
The post How to Get Rid of Cigarette Smell appeared first on Rent Blog.
Tagged All, Financial Wize, FinancialWize, rugsGetting rid of the cigarette smell in your apartment is a common question. But the smell is only the beginning of the problems that residual smoke can cause.
Smoking materials contain toxins like ammonia, arsenic, formaldehyde and acetone. American Cancer Society reveals that there are thousands of chemicals in tobacco smoke. More than 70 are carcinogenic and can potentially cause cancer. Several are radioactive. The chemicals in cigarettes contribute to heart disease, respiratory problems and stroke.
Even if you aren’t in the room with a smoker, the scent, the health risks and the toxins can linger in the air for hours. The exhaled chemicals create a sticky residue. The residue combines with other indoor pollutants, clings to surfaces and infiltrates carpets and air ducts. The chemicals can even contaminate dust.
The chemicals that linger on surfaces and absorbed into objects is thirdhand smoke. You can’t eliminate thirdhand smoke by opening a window or putting out an air freshener. Unless you scrub or replace every item in your home or seal thirdhand smoke in under a new coat of paint, it poses a lingering threat to your health.
Get rid of the cigarette smell before you even move in
The best time to deal with cleaning up thirdhand smoke is before you move in. A thorough check-in is an important part of the move-in checklist. So, if your new home smells smoky during your walkthrough, insist that your landlord or property manager resolve the issue right away.
If the smell is definitely emanating from your apartment (and not drifting in from neighbors who smoke) the property might shampoo the carpets, deep clean, scrub the walls and provide air purifiers. If the smell is very strong, replacing the carpet and repainting the walls may also be required.
Once thirdhand smoke has infiltrated an apartment it’s very difficult to get rid of. So, resist the urge to live with the smell or hope it goes away on its own. It won’t.
How to get rid of the cigarette smell in your apartment
If the smell is minor or if you’re cleaning up an apartment you already live in, there are several ways to banish that cigarette smell from your home. It isn’t enough to simply mask the odor. You have to clean every surface, absorb and neutralize the smell and purify the air.
1. Throw away the source of the smell
To get rid of the cigarette smell in your apartment, first, toss out all the smoking materials. Then clean out everything they’ve touched and anything you don’t want to keep.
- Put the contents of ashtrays into a garbage bag. Make sure you wet the remnants down first to eliminate fire risk.
- Tie up the garbage bag and remove it from the apartment.
- Throw away unsmoked cigarettes, cigars and pipe tobacco. If you just quit, you don’t need any additional temptation. And keeping extras on hand will just encourage guests to smoke forcing you to clean all over again.
- Toss out anything that’s too smoky to salvage or that you don’t want to commit time to clean. That can include furniture from a smoking area, ashtrays or porous items like magazines, newspapers and cardboard boxes that soak up the smell.
- Set aside garbage cans for cleaning.
2. Increase airflow
Still, stale air makes that smoky smell even more potent. So, get the air moving to help things smell fresh.
- Open windows to get the air flowing.
- Place portable fans in the windows of the smokiest rooms.
- Make sure the blades are blowing out, pulling the smell outdoors.
- Run the fans for a full day, if possible. If it’s too cold, try for an hour or two at a time.
3. Sprinkle and steam
If you can’t wash it by hand or throw it in a washing machine, try a sprinkle of baking soda and a steam cleaning. It’s simple but effective.
- Sprinkle a thin layer of baking soda (sodium bicarbonate) on rugs, carpets, mattresses and sofas and anything else that can’t easily be laundered. The molecules in it bind to odors, neutralizing them.
- Let it sit for several hours (or even a full day) when there’s no foot traffic.
- Vacuum up baking soda residue.
- Repeat the process if the smell persists.
- Then, steam clean carpets and upholstery if the label says it’s safe to do so. You can rent a cleaner or purchase your own at a big box store.
4. Wash what you can
A run through the washing machine is a quick and easy way to eliminate odors. Be sure to check labels to make sure everything is machine washable.
- Launder all clothing that’s been exposed to smoke.
- Then, move on to bedding.
- Don’t forget to remove decorative items like tablecloths, pillow covers and washable couch cushion covers.
- Dry items outdoors, if possible. The sun’s UV rays also break down odor-causing compounds, so a little sunshine will help.
5. Scrub all the hard surfaces
After you’ve cleaned or discarded clothing, textiles and other soft items, move on to hard surfaces. Pay particular attention to walls, counters and floors. Don’t forget about ceilings, windows, window sills and light switch covers. The smoke residue will be sticky, so you’ll have to scrub.
You can make your own natural cleaners or purchase heavy-duty cleaners at the local home improvement or hardware store. Leave options like sodium phosphate to your landlord or to the pros they hire, since it can damage paint, metal and wood finishes. Here are a few of the most popular natural options you can make at home.
Using vinegar to remove cigarette smoke smell
Vinegar is a very effective smoke residue remover. Fill a bucket or spray bottle with a solution made of two-thirds distilled white vinegar and one-third water. This will effectively clean most surfaces.
- Spray walls, floors and counters with the water and vinegar solution.
- Wipe clean with a sponge or soft, clean rag, rinsing frequently.
- For windows, use a 50-50 water and vinegar mix and wipe with a newspaper or lint-free cloth.
Using ammonia to remove cigarette smoke smell
For tougher stains and residue, try an ammonia solution. Just take care to make sure the mixture isn’t too concentrated. And never combine it with bleach or cleaners that contain bleach. It can result in toxic fumes that cause headaches and seizures.
- For counters and floors add a tablespoon of ammonia for every cup of water.
- Wear protective gloves and open the windows to additional ventilation.
- Test in an inconspicuous place before applying to surfaces.
- To protect painted walls, reduce the concentration to 1/4 cup of anomia per gallon of warm water.
- Let it sit on surfaces or walls for a few minutes, then wipe it off with a clean sponge or rag.
- Follow with a rinse of warm water.
6. Don’t forget the ventilation
To get rid of the cigarette smell in your apartment, you need to clean every space, no matter how small. That includes the spaces that move air through your home. Turn off the power before you start disassembling.
- Put in a maintenance request for a clean furnace filter.
- Vacuum out the ducts so polluted dust doesn’t move through the ducts into the rest of the apartment.
- Scrub the air vent covers and registers to remove dirt and grime.
- Wipe down the vents in air conditioning units.
- Clean all fan blades, fixtures and light bulbs on ceiling fans.
- Gently remove vent covers on the microwave and range top in the kitchen.
- Vacuum or dust inside.
- Wash the fan covers with soap and water.
- Put in a maintenance request to clean out exhaust fans in the bathroom, as well. This is a little more complicated, so your landlord may prefer you let the pros handle it.
7. Clean overlooked items
Once you’ve tackled the big items like furniture, carpets, walls and counters, it’s time to think small. Make sure you’ve scrubbed all surfaces, even the overlooked ones.
- Look high and low. The tops of kitchen counters and baseboards are dust magnets.
- Wipe down little things like lamp bases, towel racks and window blinds.
- Place un-washable items outdoors in the sun (or by the window) to let the UV rays neutralize the smell.
- Put a cup of baking soda in a garbage bag with any items you can’t wash, like books or important papers. Let them sit in a sealed bag for a day, then shake off the powder.
8. Neutralize odors
As we’ve already learned baking soda and vinegar can effectively get rid of cigarette smells. But activated charcoal works, too. Use all three to help neutralize odors in your apartment.
- Place bowls of baking soda around the room to absorb the smell in particularly pungent areas. The baking soda will eventually reach a saturation point, so you may have to rotate fresh bowls in.
- Boil a pot of vinegar on the stove for a few hours to neutralize the smell of stale cigarette smoke. (Don’t worry, the smell of vinegar will fade in time.)
- Purchase small bags of activated charcoal at home improvement and hardware stores and set them around the apartment.
9. Purify the air
Once you’ve removed or neutralized the odors and cleaned the surfaces as well as you can, turn your attention to the air itself. An air purifier that meets HEPA standards will filter out 99.97 of larger particulates like many of those found in cigarette smoke.
- Set up purifier with approved HEPA filters.
- The most effective options also have an activated charcoal filter to filter out smaller particles, as well.
- Change the filters as recommended.
Snuff out the smoke
These cleaning, deodorizing and air purifying tips can help you get rid of the cigarette smell in your apartment. They can help whether you’re moving into a new home or refreshing your existing space.
The post How to Get Rid of Cigarette Smell appeared first on Rent Blog.
Source: rent.com
Some small moves can go a long way to changing your money mindsetâand lead you to goal-setting success.
The post How to Set Financial Goalsâand Crush Them appeared first on Discover Bank – Banking Topics Blog.