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Auto Insurance: What’s Inside The Paperwork?

Your Auto Insurance has six main parts

Part A: Liability Coverage

Part B: Medical Payments Coverage

Part C: Uninsured Motorists Coverage

Part D: Coverage for Damage to Your Auto

Part E: Duties after an Accident or Loss

Part F: General Provisions

Woah, what? Let’s break it down.

Part A: Liability

This is how much the Insurer will pay out for any damage you as the insured become legally responsible for. Most of these have Split Limits, and Example of which would be 250/500/100

These three numbers show how much the insurance company pay for what damages.

The first number is bodily injury coverage per person maximum, the second is maximum amount coverage for bodily injuries per accident and the third is property damage.

For 250/500/100 that means $250,000 in coverage per person, up to $500,000 total per accident, and up to $100,000 in property damage; Remember that these are only for amounts you as the insured are liable for.

If you are on the policy, you are insured, plus your family, plus anyone you legally allow to use the vehicle. This is why it’s often beneficial to consider a temporary insurance policy on a vehicle for another to use it, so your insurance isn’t liable if they get in an accident.

Part B: Medical

Within 3 years of an accident, insurance companies promise to cover medical and funeral expenses caused by the accident. Surgery, Dental, X-Rays, etc, can be covered here. There are limits, some place a limit of $1000 per person, others could be $10,000. This coverage is specifically for the insured person being injured. This wouldn’t be like Coverage A, where the company is paying for your damages to others, this is for damage to you and your family.

This is regardless of fault, so even if you are found at fault, you will still get this coverage on your policy.

Part C: Uninsured/Underinsured Motorists Coverage

If you get hit by another vehicle, and it’s found to be their fault then you’re fine, right? What if they have no coverage. Remember that Coverage A only is your fault to others. The point of Uninsured Motorist Coverage is that if another person hits you without insurance, your insurance company will pay for your coverage. In some states, the percentage of drivers that are uninsured can be as high as 20! (Insurance Research Council, Recession Marked by Bump in Uninsured Motorists, News Release, April 21, 2011)

The maximum amount for these is frequently the same as your Part A coverage , but your policy can say differently.

Part D: Damages to your Auto

This is the part of your policy that says “Collision” and/or “Comprehensive” coverage.

Collision: This is when your car overturns on icy roads, or you find your car fender dented after a grocery trip. These are paid no matter who is at fault.

Comprehensive: Seperated from collision because some don’t want to pay for collision insurance, a comprehensive need is when there is a fire, theft, riot, or windstorm. Additionally this covers damages for riots, for a bird or animal breaking your car, flood and hail, or an earthquake damaging your vehicle.

Part E: Your Duties

This part in your insurance policy explains what you are required to do to obtain your coverages. There are some things you should do, like call an ambulance, the police, and get the other drivers information, but requirements from insurance companies may include: Not admitting fault, Notify your insurance company within a certain time limit, cooperating with their investigation, sending in legal paperwork in a timely manner, taking a physical exam, authorizing the insurer to obtain your medical records, and taking reasonable actions to protect your vehicle from further harm after the initial accident.

Basically, you need to cooperate with your insurance, or they aren’t required to cover your losses. That’s why a lot of online companies are harder to get coverage from, because they aren’t your personal advocate that you know or have met. It’s always nice to get auto insurance from someone you’re able to contact freely, and whom you honestly feel you can trust.

Part F: General Provisions

Provisions are details about your policy that include the ways you and your insurer can end your policy and also endorsements for your policy.

A policy has 4 ways of being ended.

  • Cancellation: simply return your policy and give a written notice that you’re done, the insurer can cancel a policy too within 60 days of giving it and giving you a 20 day notice. After 60 days they can cancel your policy if you haven’t paid, have had your license suspended or revoked, or you were deceitful in any way on your application.
  • Nonrenewal: at the end of your coverage period, the insurer can decide to not renew your policy.
  • Automatic: at the end of each insurance period, if the insurer renews, but you don’t accept the renewal, then your policy will automatically end.
  • State rules: many individual states have laws that change up the first 3, or extend time periods for renewals. It’s important to check your state laws for specific auto policy termination rules.

Endorsements are modifications to your policy. The most common being a motorcycle endorsement. Many companies adjust how much physical coverage they will have, or will have huge premiums they will only reduce when you remove or change certain coverages on a motorcycle.

To get your information simply call your auto insurer and request your coverage information. Tell them you want to see all the endorsements, riders, and Parts A-F of your insurance, and not just the fact sheet, though that can be simple and helpful too.

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Couple Money: Emotions, Numbers, and Unity

FG Ep 23

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Bio: Elle Martinez started Couple Money because she needed it. Her and her husband’s views on debt, savings, and investing were completely different.  Not finding the advice for couples they wanted they opened the conversation about money on their website Couple Money. As they shared their journey to dumping debt, other couples chime in on their wins, struggles, and advice. The mission of Couple Money is to help spouses stop fighting about money and start building a life they love together. Learn more and join them here: https://couplemoney.com/couple-money/

Show Description: Elle Martinez and I discuss how couples can build up a positive paradigm about money through meaningful conversations. We discuss honesty in starting conversations and setting priorities and demonstrating values to proactively create positive relationships.

ShowNotes:

1:00 – Meet Elle From Couple Money
2:30 – Judgment Free Zones
3:30 – Breaching The Money Topic
4:45 – Starting with Plans and Meanings
7:00 – Numbers Are Relative, Avoid Guilt, Teamwork, and Pace
8:48 – “What Do I Do First?”
10:15 – Money Dates?
14:00 – Hard Talks & Setting Norms For Communicating
18:00 – Spending Plan, Action Plan, Adjusting On The Fly
21:15 – $20 Date Challenge!
27:30 –Simplifying Life

Money Maxim

“Simplify Your Life Enough So You Are Happy”

Action Items

Talk with your significant other about your money

Set a regular meeting to go over spending and money goals with an accountability partner (Spouse if you’re married!)

Do a $20 date challenge! Find something fun and creative, see what each one of you can plan. Share a photo using #20Dollars or tag me Thefinancialginger and Elle Martinez of CoupleMoney

Contacts and Links from the Show

Personal Capital

Digit

Tiller (W/Google Docs) (Honestly this one is SUPER cool. and I’ll be tinkering with it myself.)

52 frugal and fun dates https://couplemoney.com/frugal-fun/52-frugal-and-fun-date-ideas/

Velour Concert Hall in Provo https://www.facebook.com/VelourLive

Elle @CoupleMoney Twitter and Facebook. Share on Instagram tag @CoupleMoney #20Dollars

CoupleMoney.com – Book for newly weds Jumpstart Your Marriage And Your Money

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An American Tradition: Family, Freedom, Future.

American Tradition Family Freedom Future

As the 4th of July rolls around and we celebrate America’s 242nd birthday, my mind contemplates my ancestors and the history of this country.

American since 1893

My family came over to the United States in 1880 to avoid being drafted into the army. James Johansen changed his name to James Johnson when he applied for citizenship September 8th, 1893 and received citizenship just 10 days later on September 18th, 1893. Johnsons were officially Americans. He applied because it was the day his son was born. James Roy Johnson. September 8th, 1893 was a pretty great day for the Johnsons. Now there’s over 200 of us, his descendants, living in Idaho, New York, Utah, California, and more.

Why We Do What We Do

Why do we run the round-about wheel of life? We work hard, we play hard, we sleep hard, we plan vacations and trips, and build up businesses, and buy clothes, and cook food, go to rock concerts, plow fields, grill steak, play football, enjoy days swimming in the river, learn to skateboard, visit grand canyons and skyscrapers.

Why? It’s all about family. We love them. Families create a sense of belonging- feeling needed and wanted for who we are without regards to what we do. Family is a source of unconditional love; and though we aren’t perfect, we know we are happiest when we are with our family. My father’s greatest ideal for happiness is grilling outdoors on a warm Sunday afternoon with the whole family and all our cousins around, just talking and laughing.

That’s it. That’s the ‘why’. All of us deep down are looking for our tribe, our calling, our people. A family is an ultimate tribe that lasts forever. That’s where my thoughts turned to the simple and sweet reality of how we spend both money and time.

Early Puritans and Calvinists used all their time and resources to escape England so their families could worship God the way they wanted. They wanted good things in the future for their families.

I mean, think of the early indentured servants that came to the US colonies. They would pay for their passage to the new world with 7 years of their life. If they were in a colony that allowed them to have their own possessions while indentured they would save up to buy their own freedom.

Settlers moved out west for the opportunity for their own land, so they could grow their own food and take care of their family. Their time and money aligned for family.

People start businesses so they can eventually have the flexibility to go to their son’s ball games and piano recitals, and so they can see their daughters perform in the play or play in the jazz band. I’ve seen my dad and mom sacrifice for me to be able to take dance lessons, and spend so much of their time on coaching me through debate teams, and which college I should attend, and what car I should buy. They love me, and I love them.

What’s Your ‘Why’?

You show me what your time and your money are spent on, and I’ll tell you exactly what you love.

Used with permission from Carl Richards, Copyright Behavior Gap© 2013“Knowledge is accumulation, Wisdom is elimination” – Dan Lok

Part of what I do as a financial planner is help people not only identify their ‘why’ but identify what’s next and create a game plan with them to prepare for their next best part. The best part of the process is eliminating the excess. Do you ever feel so cluttered with so many things you can do, so much stuff in life, and so many hows? Along the voyage for my family, it must have been easy to lose track. Why are we going to America and moving out west and planting our own fields and and and and and. The simple line at the top of the Johnson one-page plan was then and still is “Family, Freedom, Future”.

Planning is eliminating the extra and getting to your one-page plan. It becomes easy to identify what’s important and what’s not when the plan is simple.

So here’s a reminder to consider. What’s your ‘why’? Why do you spend your time as you do; why do you spend your money as you do? My family didn’t end up in America by a wish, or a dream, and you’ll only become what you plan. So, what are you becoming?

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How a Late 2017 Interest Rate Increase Might Impact Your Finances

interest rate impact

Guest Post: By Patty Moore, a blogger who writes about personal finance, careers, and family. You can follow Patty on Twitter @WorkMomLife.

In the United States, interest rates are controlled by the Federal Reserve Bank. It controls a key interest rate, the Fed Funds Rate, that banks charge each other to borrow money. Changes to the Fed Funds Rate ripple through the economy and can directly affect your finances. That’s why so much attention is paid to forecasting any upcoming changes to the Fed Funds Rate.

The Federal Reserve meets six times a year to consider the Fed Funds Rate, and the next meeting is in December. At the most recent meeting, in September, the Fed indicated that it will raise the Fed Funds Rate by one-quarter of 1 percent in December. It bases these decisions on various economic conditions. One is inflation – the general rise in prices across the economy. The Fed fights high inflation, and raising interest rates is an important tool. Note that the Fed anticipates inflation before it actually occurs to get an early jump on the fight against it.

Inflation and Interest

Inflation occurs when the economy overheats and shortages in materials and/or workers develop. Shortages force companies to bid up the amount they’ll pay to workers and suppliers in order to compete with each other. These increases show up in the prices of things you buy, and also in your take-home pay.

Raising interest rates will slow down inflation, because borrowers have to pay more interest when they borrow. That leaves less money left over to pay higher, inflated prices and therefore slows down the economy, which slows down inflation.

So, when the Federal Reserve see signs that the economy is threatening to overheat and raise the inflation rate, it boosts the Federal Funds Rate to slow everything down.

Impact on Borrowers

As we said, a change in the Fed Funds Rate ripples through the economy, because lenders have to pay more interest on the money they borrow in order to lend it out. Therefore, rates will increase on new credit cards, mortgages, car loans, personal loans. If you have borrowed money at a variable interest rate – that is, at a rate that can change over time – then you can expect to pay more interest charges. Most credit cards are variable rate, so a higher Fed Funds Rate should show up shortly on your credit cards’ monthly billing statements. More of your hard-earned money must then go to paying interest on any unpaid balances. You can avoid this effect by paying off your entire balance each month, but that’s often not possible for many of us.

Existing fixed-rate loans, such as those on cars and most mortgages, aren’t affected by changes to the Fed Funds Rate, but new ones will be issued at higher rates. Existing credit cards and adjustable-rate mortgages can see rates change shortly after a Fed rate hike. You can deflect changing interest rates by refinancing variable rate debt (ex. Credit cards) into fixed rate products, see example here. Some experts suggest moving variable rate credit card debt to a fixed rate term loan during rising interest rate environments.

Private student loans frequently charge a variable interest rate. Depending on your student loan agreement, you might see a higher interest rate on your loan right away, or you might not see it for up to a year. Eventually, the higher rate takes hold and your remaining private student loan debt will cost you more money each month. Most student loans in America are made by the federal government and have a fixed interest rate that protects you from rate hikes. However, the Department of Education sets new interest rates each spring that take effect on July 1, causing new loans to be more expensive during inflationary times.

If you have any adjustable rate loans or credit cards, try to replace them with fixed-interest-rate ones when rates are rising. Also, try to pay off your credit cards in full each month, so that you don’t have to pay any interest at all on credit card balances.

Impact on Savers

The flip side of interest rate hikes is that savers earn more interest on their savings. Fed Fund Rate hikes might not impact the amount of interest you earn right away, because banks and other savings institutions use a “sticky” interest strategy. This means that the banks raise interest money on loans right away, but take their time passing along higher interest rates to savers. That’s unfair, but it’s also a fact of life. Eventually, competition causes banks to pay more interest on savings accounts, certificates of deposit and money-market accounts. Investors who buy Treasury bills see interest rates rise quickly on new debt in response to Fed Funds Rate hikes.

Naturally, the effects of a lower Fed Funds Rates are the opposite – good for borrowers, bad for savers. When interest rates are very low, as they had been from 2009 to 2016, it’s hard for some retirees to earn enough interest on relatively safe savings accounts and might turn to riskier sources of income, such as stocks and junk bonds. That’s unfortunate, because retirees are the least able to absorb losses, since they are no longer earning a salary or wages.

Now What:

  • The Federal Reserve is increasing interest rates in 2018.
  • If you currently have variable rate debt (ex. credit cards), plan on your interest rate and monthly payment increasing in 2018. Let this be motivation to pay down debt!
  • Fixed interest rate debt will not be impacted. Consider refinancing variable rate debt to a fixed interest rate.
  • The interest rate you receive on your savings accounts, CD’s, and money-market accounts will increase! This is good news for savers!

About The Author

Patty Moore is a single mother to one beautiful daughter while working 40 hours a week. She writes about parenting, family finances, and creating a work life balance in her blog Working Mother Life. Her hope is to help other women in similar situations to hers become better and more balanced mothers.

 

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EP22: Dating and Money with Scott Trench of Bigger Pockets

Scott Trench Bigger Pockets MM

Episode #22 – Money and Dating with Scott Trench of Bigger Pockets



 

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Scott TrenchBio: Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Through a solid understanding of money management, calculated risks, and a lot of hard work, he has created financial freedom for himself as well as a successful real estate business in just three years after graduating college. He hopes to now share the knowledge he has acquired so that others will have the tools they need to repeat his results in just 3-5 years, giving them the option to go anywhere they want in the world, work any job, start any business, or finish out the journey to financial independence and retire young.

Show Description: Scott and I talk about important personal decisions to make financially before dating and relationships pop-up. Scott and I also talk about fun date ideas, financial personality bits, and other considerations to make in achieving your own financial goals while enjoying a healthy social life.

ShowNotes:Set_for_Life_Master_low_res_pdf__page_30_of_248_

0:32 – Edit: “Bigger Pockets” Not “Bigger Podcasts”
1:17 – Go USA Eagles Rugby! Rugby Tangent 😛
3:08 – Dating And Spending Habits (Jump To Here To Get To The Good Stuff 😉 )
3:20 – Fitting Dating Into Our Spending.
4:15 – Single Vs Dating Spending
5:10 – Some Nice Unwarranted Dating Advice 😉
6:40 – The Key: Be Reasonable
7:03 – Edit “Be Aware” – Not “Be Intelligent”
9:15 – The Importance Of Setting Aside Money For Dating
10:24 – From Dating To Relationships
10:40 – Financial Compatibility: A Key In Dating
16:00 – Some Awkward Moments: Recognizing Vital Differences
18:00 – Key: Find A Partner With Similar Money Values To You
18:50 – Open Your Bank Account, And I’ll Tell You What’s Important To You (The Extra Quote I mention at 22:05)
19:15 – Money Is Only One Little Part Of A Good Relationship
20:00 – Marriage and Money : A Few Thoughts
22:20 – Money Is Just A Tool
22:55 – A Great Financial Goal Every Recent Graduate Should Consider
23:45 – Changing Disposable Income Over Time
25:00 – Money Maxim, and Scott’s Book

Money Maxim

“Most people do not accumulate significant assets early in life. And if you don’t do it early in life you miss out on huge amounts of opportunities. The stakes are really high right out of college for accumulating lots of wealth and building passive income. If you don’t do it then it gets harder and harder as you age” – Scott Trench

Contacts and Links from the Show

https://www.biggerpockets.com/users/scotttrench
www.BiggerPockets.com/SetForLife

Bad Daddy’s Burger Bar

Governor’s Park Tavern

 

 

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EP21: Small Business and Tax – With Eric Estevez

Episode #21 – Small Business and Tax – With Estevez Tax Prep




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Eric-Estevez-1-e1498081204400-273x300[1]Bio: Eric Estevez has been in the tax & accounting field since 2008. His experience was gained while handling clients of all sizes, from mom & pop shops to billion-dollar institutions. His inspiration comes from books such as “Rich Dad, Poor Dad”, “Think & Grow Rich”, and “Awaken the Giant Within”. These books instilled a financial mindset of success from a young age. Eric is committed to spreading the message of financial literacy through Estevez Tax Preparation, LLC.

Show Description: Eric and I met at FinCon in 2016 and Have been in touch since then.  We talk about heaps of tax skills, notes, and ideas small businesses should incorporate into their behavior to minimize taxes and stay awesome.

ShowNotes:

1:55 – Eric’s Skill With Taxes Precedes Him
2:40 – Why People Don’t Learn Taxes For Their Business
3:30 – A Few Reasons For Professional Tax Services
4:40 – A Trait Of Successful People And Successful Small Business
6:15 – Why Everyone Needs A Book Keeper Now (Hint: The Job Market Is CHANGING)
6:45 – Most Common Tax Problems In Small Business
8:10 – A Rule Of Thumb For How Much To Save For Taxes When You Work For Yourself
9:10 – Business Write-Offs and Expense Tracking
11:00 – Commingling of Funds – The First Step In Business Expense Tracking
13:00 – How To Reduce Preparation Fees for Taxes and Balance Sheets
14:00 – The Value of Having a Monthly Accountant Instead of a Once A Year Tax Preparer
15:30 – Leveraging Your Money Wisely – The Importance of Monthly Statements
19:20 – 1099 VS W-2 : What?
23:40 – Minimizing Taxes
25:12 – Money Maxim from Eric and Contact Info

Money Maxim

Estevez Tax MM

“Know Your Numbers” – Budget, Net Worth, Income, Expenses
“If You Don’t Know Your Numbers, You Don’t Know Your Business”
Contacts and Links from the Show

www.EstevezTax.com – Eric Bookkeeping and Tax Prep Service

Estevez Tax’s core services are tax, bookkeeping, and payroll.  They also provide many other tax/accounting functions like estate, business valuations, etc.

1) Tax covers planning, estimated payments, preparation.

2) Bookkeeping services will provide monthly financials

3) Payroll

Drop FinancialGinger in your contact for a Discount!

www.JiuJitsuFinance.com – Eric’s Finance Blog

www.Saving-Sherpa.com – Look Up Justin’s Budget Worksheet

Some Book Recommendations from Eric Estevez
“Rich Dad, Poor Dad”,
“Think & Grow Rich”, and
“Awaken the Giant Within”

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What Recent Graduates Need to Know About Student Loan Repayment

Student Loan Repayment

Guest Post: from Dollar Diligence
For most college graduates, student loans are a fact of life.

Because the cost of a college degree has skyrocketed in recent years, student loans are necessary for a large number of students who would not otherwise be able to afford to obtain a degree.

Recent college graduates are nearing the end of what is known as the “grace period.” This is the six-month period of time after graduating or leaving school where a borrower does not have to make a payment on his or her student loans. After the grace period ends, a borrower will have to start making payments on his or her student loans.

That means that Class of 2017 graduates who received a diploma in April, May, or June, will soon receive their first student loan bills. It is critically important for these grads to understand the fundamentals of student loan repayment so they can be successful.

Learning more about student loans, including strategies for how to best pay off your loans, is vital to making informed decisions about your student loans moving forward.

Read on to learn the basics about what student loans are, your repayment options, and how you can take charge of your repayment schedule to pay them off more quickly.

 

Types of Student Loans

There are two types of student loans: federal student loans and private student loans. Federal student loans are offered by the government through the Department of Education. Private student loans are offered by private banks and lenders.

Federal student loans include both Direct Loans and Perkins Loans. With Direct Loans, the Department of Education is the lender. With Perkins Loans, the school is the lender.

There are three types of Direct federal student loans.

 

Direct Subsidized Loans

These are available to undergraduate students with a demonstrated financial need to help them pay for the cost of a degree at a college or career school. With subsidized loans, the government covers the cost of interest while the student is enrolled at least half-time in school, in a grace period, or during a period of deferment or forbearance.

 

Direct Unsubsidized Loans

Direct Unsubsidized Loans are available to undergraduate, graduate or professional students. They are similar to subsidized loans, except that students do not have to demonstrate financial need to be eligible, and students are responsible for interest on the loan.

 

Direct PLUS Loans

Direct PLUS Loans are available to graduate and professional students and to parents of dependent undergraduate students. Though the interest rates do not vary on these loans, the government will check to ensure that you do not have any serious adverse credit history before giving out the loan (such as bankruptcy).

All federal student loans have fixed interest rates, which means that the interest rate is the same for the life of the loan. The interest rate is the percentage that a bank or other lender charges you to loan you money. The higher the interest rate, the more money you will pay over time.  

 

Private Student Loans

There are two primary options with private student loans: those with fixed interest rates and those with variable interest rates. Variable interest rate loans tend to start out lower but can go up over time. Fixed interest rates are usually higher, but are more predictable.

Private student loans typically have higher interest rates and eligibility is based on creditworthiness. If a student does not have good credit or has no credit history at all, they can elect to add a cosigner to the loan who shares the responsibility of repayment.

It is always smart to max out federal student loans before taking out any private loans as they typically have fewer benefits and few options in the case of financial hardship.

 

Repayment Options

There are a number of options for repaying your student loans based on the type of student loan that you have (federal or private) and your current financial situation.

As mentioned, federal student loans are generally considered to be more favorable because they offer more generous repayment options, particularly for those struggling to meet their minimum monthly payments.

 

Income-Driven Repayment Plans

For borrowers with federal student loans, income-driven repayment plans are a good repayment option for anyone who does not currently have a high salary. This plan will cap your monthly student loan payment at a percentage of your monthly discretionary income, from 10 to 20 percent.

However, the standard federal student loan repayment term of 10 years will usually be extended around 20 to 25 years. At the end of that period, the remaining balance will be forgiven.

The benefit of an income-driven repayment plan is that it will immediately decrease the amount of money that you pay each month. However, because it extends the loan term, you will pay more in interest. You will also owe taxes on the amount that is forgiven.

 

Forbearance and Deferment

If your financial problems are temporary — for example, if you have been laid off or are suffering an illness — then you may be eligible for a forbearance or deferment of your federal or private student loans. Each of these options will put your student loans on “pause” while you cannot make payments.

For federal student loans, a deferment allows you to not make payments for up to three years. Forbearance for private student loans is available for up to 12 months. However, for both private student loans and unsubsidized federal loans, interest will continue to grow on your loan balance, which means that making this choice can result in owing more money on your student loans.

 

Student Loan Refinancing

For borrowers with multiple student loans, refinancing might be an option to help save money and reduce your interest rate. Refinancing your student loans is essentially applying for a new loan to pay off your private student loans, and if you choose, your federal student loans.

Borrowers can often obtain a lower, fixed interest rate by refinancing, which can help them save thousands of dollars in interest and pay off their loans more quickly. However, you should be aware that if you refinance your federal student loans along with your private student loans, you will lose the protections of the federal student loans, such as income-driven repayment plan options.

Refinancing requires that the borrower have a history of making on-time payments, a solid income and a credit score of at least 660.

 

Strategies for Repaying Student Loans

Paying off your student loans should be a top priority for recent college graduates, but it can be difficult to accomplish, particularly if you have a low starting salary. But by taking certain steps and working towards paying down your loans, you can achieve this goal.

Whenever possible, borrowers should pay extra money towards their student loans. This could be as little as $25 each month, or as much as $1,000. Each little bit can help to pay down the total amount owed on your student loans.  

Next, borrowers should take steps to reduce their interest rate. This can be accomplished through refinancing (described above), or often by signing up for automatic payments, or by making a certain number of on-time payments. Check with your lender to determine if they offer any incentives to reduce your interest rate.

Finally, borrowers should try to make extra payments whenever they can. A single extra payment each year can significantly reduce the total amount owed, and help you pay off your loan more quickly.

 

About The Author

Aside from his full-time job as a high school teacher, you can find Jacob blogging about personal finance, reading books about history, and figuring out which kind of puppy to get next. Follow him on Twitter to keep up with him! Or visit http://www.dollardiligence.com

 

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Ep20: TheGiftOfCollege – With Wayne Weber

Episode #20 TheGiftOfCollege – With Wayne Weber



Read more and listen more at www.FinancialGinger.com
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Wayne Weber Gift Of College

Bio: Wayne Weber is CEO and Founder of GiftofCollege.com, a company that revolutionizes college savings. He is passionate about providing families a simple and easy way to save for college tuition – bringing change to a complex process. Since 2008, Wayne has developed Gift of College into a social savings platform for parents, friends and communities with the aim of establishing the company as the leading gifting platform for college savings plans. Before founding GiftofCollege.com, Wayne led business development and sales efforts of software and hardware solutions for Fortune 500 companies including NCR Corporation and CDW. In 2007, Wayne founded Gimmepleez.com, a social savings platform that was the forerunner to his current company.

Show Description: Wayne and I talk about 529 College Savings Plans and ways pre-college, current college, and parents can help create a college fund both before and during and after college to pay for the cost of school.

ShowNotes:

0:58 – What is Gift Of College?
3:06 – How Gift Of College makes it easy to save for College
6:15 – 529’s What are those? (THIS IS IMPORTANT)
9:00 – Why 529’s are great for starting a child or teen’s saving account for school
10:20 – Additional benefits of college funds (Beyond money)
12:00 – How to create a 529 plan, or college fund
15:00 – Tax benefits for 529 College Plans!
16:45 – Ask your Employer to get involved
19:00 – Wayne’s Money Maxim
20:15 – Where to Find Gift Of College

Money Maxim

“Save Early, Save Often” – Wayne Weber

MM39 - GiftOfCollege

Contacts and Links from the Show

Give the Gift of College To Someone You Love from Nadine Perry on Vimeo.

Gift Of College’s Website

www.facebook.com/GiftOfCollege

www.Twitter.com/GiftOfCollege

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Ep19 – Dear Debt – Mental Health and Money with Melanie Lockert

Episode #19 – Dear Debt – Mental Health and Money with Melanie Lockert




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Bio: Melanie Lockert started Dear Debt in 2013 as an accountability project for her debt payoff process. It grew into a community of dreamers, hustlers, debt fighters, minimalists, and frugal lovin’ adventurers to share thoughts, company, and Dear Debt Letters. She is an inspiration to many facing depression and other obstacles in dealing with debt and putting it in its place.

Show Description: We all know depression and mental illness are very hard to deal with and can create limitations in how we feel, think, and act. Today Melanie and I talk about some of the actions to take, and ways to think and encourage ourselves in dealing with depression and still making progress financially.

ShowNotes:

  • 1:27 – Emotions and Role Models
  • 3:12 – Fighting depression while still making progress financially
  • 5:00 – Dear Debt Letters – What are they?
  • 7:38 – Power of Writing Things Down
  • 9:45 – Mental Buckets
  • 10:50 –  Mentors and Coaches and Therapists: Outside Help Is For EVERYONE
  • 15:31 – Melanie’s story, hard months and easy months and honesty
  • 18:00 – Debt Fatigue: Define yourself
  • 21:34 – Vulnerability is strength
  • 23:30 – Melanie’s Maxim, Blog, and Book

Money Maxim

“A Closed Mouth Does Not Get Fed” – Melanie Lockert

MoneyMaxim Melanie Lockert

“You are not your debt” – Melanie Lockert

“The Faintest Ink Is More Powerful Than The Strongest Mind” – Jacob (Ancient Chinese Proverb)

“It’s important to tell the people that you love what you’re going through” – Melanie Lockert

Action Items

Forgive yourself, and recognize that you are not your debt.

Write your Dear Debt Letter! Read some on Melanie’s Blog, get the emotions out!

Organize some of your emotions into Mental Buckets.

Get your therapist! College grad program, mentor, mastermind, psychologist, roommate. Have people you regularly discuss and get help from.

Pattern: Recognize issue, make a plan, get a partner, get a community, constant honesty.

Mentions

Carl Richards Behavior Gap

OrderOfMan Podcast

Contacts and Links from the Show

http://deardebt.com

Melanies Book: Dear Debt

Posted on

Episode 18: NewlyWed Finances – With Dave Jacobson of CoachConnections

Episode #18 –  Newlywed Finances & Money Coaches – With Dave Jacobson



 

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Dave Jacobson HeadshotBio: Dave Jacobson, certified financial coach, enhances lives by empowering others to make better decisions with money that lead them to a financially fit lifestyle.  He has helped hundreds of individuals find financial peace through personal coaching and financial wellness seminars that focus on building and implementing a practical financial plan.

Coach Dave was nationally recognized for his personal money management expertise by The Lampo Group (Dave Ramsey’s organization) and leads Counselor Connections, a best practices group of top financial coaches from across the nation.

Show Description: Dave and I talk about marriage, finances, and some important things to do before you say “I Do”. We avoid the budgets and the numbers and focus on the thinking, actions, and understanding your partner and helping them understand you. We also delve into the value of a coach regardless of who you are, and what your

ShowNotes:

  • 0:39 – Dave Shares his history in Financial Counseling and about his personal life
  • 3:55 – Marriage: No One Tool
  • 5:15 – Communication and Unification
  • 8:00 – A mediator and guide – What a Coach is for
  • 8:40 – Areas of a healthy NewlyWed financial discussion
  • 10:50 – A Unified Vision
  • 14:15 – Dave’s Money Maxim
  • 16:56 – Starting To Talk, “As You Create:
  • 19:11 – Money is Emotional
  • 20:09 – What a Financial Coach is, Why Everyone Can Utilize One
  • 24:19 – Connecting with Coach Connections.

Money Maxim

Dave Jacobson - MoneyMaxim

Your What will only be as strong as your Why.  (This means that their passion leads, not the numbers). -Dave Jacobson

 

Contacts and Links from the Show

Here is the link to the free Guide  Free Newlywed Checklist from Coach Connections.

Coach Connection

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Ep17: Money and Mental Illness – Abigail Perry

Episode #17: Frugality for Depressives – Managing Money When Dealing With Mental Illness – With Abigail Perry



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Abigail Perry HeadShotBio: After a rare neurological disease nearly killed her at 19, Abigail was left with chronic fatigue and depression. She shares her story and encourages others. Abigail believes that “Everyone has limitations, no matter what your health and income levels look like. Most of us have a near-infinite number of things we should do (or want to do), but an all-too-finite amount of time and energy. Every day we make mistakes or take shortcuts due to overcommitment, stress, health issues or simple exhaustion. That’s not a flaw or personal failing. It’s normal. It’s human. The sooner we can accept this, the sooner we can find peace and balance in our lives.”

Show Description: Abigail and I discuss the influence of depression and mental illness on finance, and some practical ways to cope with finances while not giving up completely. We discuss comfort spending, creating inertia, and automation in making finances easier. Many many more powerful skills and ideas are found in her book!

ShowNotes:

  • 0:53 – About Abigail
  • 2:10 – Budgets and Mental Illness
  • 5:15 – Finding What Works For You
  • 6:50 – Online Bloggers: Only Sharing Success. “Everyone has Foibles”
  • 7:40 – The Foibles: Breathing Room, and “The Dad Syndrome”
  • 11:11 – Comfort Spending: Making Room For Hard Moments (and Weeks)
  • 13:40 – Building Enjoyment: Planning and The Power of Anticipation
  • 17:21 – What You REALLY Want – A Reason For Spending Habits
  • 20:40 – A Flurry of Powerful Habits from Abigail for Depression and Finances
  • 23:10 – Abigail’s Money Maxim

Money Maxim

MM36 - Frugality

“Celebrate Every Win, Big or Small, It’s Still Progress” – Abigail Perry

Action Items

Plan fun events 3-4 weeks out. Plan a vacation next fall, or next summer. Having an exciting event to build up to can keep you focused, empowered, and committed to a fun thing you can talk about, invite friends to, and help fight depression with. Plans create excitement, and a goal to work towards.

Realize when you’re expecting too much. And question why. Who told you that that expectation is required? Is it yourself? Or someone else who’s appearing perfect?

Create Buffer room in your Budget! If your spending plan doesn’t have extra money, or “cash nuances” or “fun money” you’re doing it wrong!

Share Your Wins! Share on FinancialGinger or In the Comments Below!

Contacts and Links from the Show

Buy Frugality for Depressives from Abigail Perry on Amazon! or from Barnes & Noble
I Pick Up Pennies, Abigails Blog. Her Facebook Group, Pinterest, and Twitter

Gift card granny is an aggregate site so you can check who has the best discount for the card you want. You can earn Granny Points when buying from certain sites, and you can trade those in for gift cards.

Unfortunately, Gift Card Granny doesn’t show results for CardCash though, which I also highly recommend. Every couple of months it offers an extra 3-5% sitewide. I get 16% off Walgreens or CVS gift cards.