James C. Molet's Blog, page 6

4 Advantages Of Online Installment Loans In Canada

While it’s ideal to have a safety net of cash stashed in your savings account, this is not the reality for most Canadians. Life is full of the unexpected, but some situations can leave you wondering how you’ll be able to handle everything. When it becomes a struggle to manage bills, repairs, and other expenses, payday loans are a popular option.

While these loans may seem ideal, there is an alternative: installment loans. Installment loans can be done online and give you access to cash quickly when you need a bit of financial coverage. Before getting into the advantages of installment loans, let’s dive deeper into what an installment loan is.

What are Installment Loans?

Installment loans are loans for a specific amount that is paid back to a lender with interest through consistent payments. The terms of the loan will vary depending on the individual and depend on the loan type, income of the individual, and how often paychecks are received. 

Several types of loans are considered installment loans, including auto loans, so you may have an installment loan without knowing it. Home equity loans, mortgages, and student loans are also considered installment loans.

Higher Loan Amounts

Payday loans are a good way to get quick cash, but they aren’t ideal for large expenses and can leave you in need of additional financial assistance. Online installment loans in Canada are for a longer-term than, say, a payday loan. Installment loans from Friendly Lender can cover costly expenses, such as hospital bills, and can also be used to stay afloat in between paychecks.

In some cases, taking out higher loan amounts can be beneficial and eliminate the need to take out several loans from different lenders to cover expenses. By managing just one large loan, you can save money and stay on top of your expenses so that your debt is paid off in the allotted timeframe.

Applying is Simple

Getting an installment loan is much easier than procuring a traditional loan from a bank or other lenders. The process can take several weeks to be completed and it can be confusing if you’re not sure of how things work. In the event of an emergency, you may wait numerous weeks only to find out that you were denied for the loan you applied for.

Instead, installment loans make it simple to get access to the funds needed to handle any expenses you need assistance with. Online applications are short and there isn’t complicated language that needs to be deciphered before signing up. In a few minutes, you could know your approval status and be on your way to receiving an installment loan.

Flexible Credit Requirements

You don’t necessarily need to have good credit to get an installment loan. In fact, there are installment loans that individuals with bad credit can be approved for. Not every lender makes your credit score a key factor in your eligibility for a loan, so don’t be discouraged from applying if you’ve made sure the lender works with individuals within your credit range.

If you’re not sure whether you qualify for a loan or not, you can contact a representative to learn about your options. In some cases, all you need to be approved is proof of residency, age, and income, as well as an active bank account and source of income.

Convenience

In times where cash is needed quickly, you may not have time to wait for a traditional loan to be approved and distributed. When this happens, your best option could be an online installment loan from a lender you trust. Online applications are notoriously fast and easy, so you’ll know if you’ve been approved within minutes.

You might even be able to fill out applications on your cell phone or mobile device, so you can figure out a financial solution no matter where you are or what’s going on around you. Once you’re approved, your cash will be available in as little as one business day.

Now that you know more about installment loans, you can find a lender with confidence and get a loan that fits your needs and budget. Installment loans aren’t like payday loans or credit cards – you can may them off over a longer period of time, unlike payday loans, and they have a fixed interest rate, unlike credit cards. These loans are more manageable, a lot a higher amount of funds, provide coverage for large expenses and emergencies, and requirements are flexible.

If you’re considering an installment loan, be sure to understand your due dates and budget accordingly so that there is no negative effect on your credit score. Once you’ve gone over the details, you’ll be good to go.

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Veterans Financial Literacy: How To Prepare For Retirement

When politicians discuss veterans’ care, they are almost always referring to healthcare. But there’s another major problem many veterans face when they leave their military service: financial care.

Financial problems are an even larger factor for veterans than they are for civilians. A FINRA Investor Education Foundation study from a few years back found that vets are 9% more likely to have credit card problems and 40% more likely to be underwater on their home mortgages.

The BRS Didn’t Solve Everything

An even more recent study by the Government Accountability Office found that veterans are continuing to struggle with financial literacy, despite the introduction of the Blended Retirement System.

The BRS started on Jan. 1, 2018. Anyone who enlisted after that date was automatically enrolled. And anyone who enlisted between 2006 and 2018 had the option to remain with the legacy system or join the BRS.

Basically, this new system is a three-part strategy to helping with financial problems for veterans. It includes a Thrift Savings Plan (which is similar to a 401(k) retirement plan), an annuity, and a continuation pay bonus at the 12-year mark for those opting to stay in for an additional four. 

The problem, however, is that this new system isn’t always easy to understand. According to that GAO study, “service members will make more financial decisions that may impact their ability to successfully save for retirement under BRS than under the Legacy Retirement System, which makes providing effective financial literacy training to service members particularly important.”

According to veteran studies research fellow at the American Enterprise Institute Rebecca Burgess, this lack of financial literacy tools is an even greater stressor to vets than accessing mental health resources.

Solving For Debt and Savings

In this article, we broke down many of the obstacles veterans face financially when they leave military service. These can include everything from the cost and strain of frequently moving to being targets of fraud at higher rates than civilians. We went on to show how these problems can be overcome as veterans plan around retirement because the good news is that there are options available to serve veterans—they just need to know about them.

At the end of the day, however, the financial obstacles fall into two categories: debt and savings. Addressing each ahead of time is important in veterans overcoming this problem.  And then, knowing whom to reach out to and how to do so for help and information is crucial to planning a financially sound retirement.

Tackle Debt

Planning for retirement and saving for it is virtually impossible if you are also battling out-of-control debt. Unfortunately, veterans face more serious debt problems than civilians. 

According to that first FINRA study, credit cards and late mortgage payments top the list for veteran debt concerns. And while many vets have access to some kind of health care – either through the VA or a post-military employer-sponsored plan – medical debt can still wreak havoc on anyone’s financial picture.

Fortunately, there are tools at hand to help out here:

Free credit reports are rather easy and painless to get online. These are great tools to assess exactly where everything sits financially and what areas someone can work on improving. Checking once or twice a year can really offer a helpful perspective.
Budgeting tools are great at helping turn around someone’s cash flow situation. That’s as true for veterans as civilians. Intuit’s Mint is a great resource here.
Veteran-specific groups such as the NFCC, Debt.org, and Veterans Plus have programs tailored to addressing debt problems for vets. 

These tools are important in taking care of the first and largest problem when it comes to retirement planning. After all, you’ll never be able to adequately save for your golden years if you are still being crushed by debt.

Retirement Savings

Even if a veteran is debt-free, that doesn’t determine if they are set for retirement. No one can work forever; and so, saving for retirement is paramount in the planning process. 

As noted above, veterans have not always been given the best of tools when it comes to planning for retirement. Even the introduction of the BRS, which is an improvement, doesn’t solve all concerns. 

First of all, the annuity part isn’t enough to cover all expenses in retirement, even for the most cost-conscience veteran. The continuation bonus comes with a full 16 years of service, which might not be available to everyone. And finally, the Thrift Savings Plan is only helpful if you contribute to it throughout your years of service. On top of all of this, veterans who enlisted prior to 2006 didn’t even have the option of signing up for the BRS.

This still leaves many vets without proper savings or even plans to save for retirement. Fortunately, here too there are tools available to help out.  

One of the most important parts of retirement savings is finding the right plan. If you are a veteran with a post-military job, see if it has a 401(k) or other retirement savings plan on offer. Oftentimes, employees aren’t even aware of what options they have when it comes to saving.

Conclusion

Virtually all defined-contribution plans offer deferred taxes for savings or even tax exemptions on deductions in retirement. Many plans also come with employer-matching contributions. Find out if yours does and try to reach that contribution level to get the most matching you can.

Finally, veterans do have other sources of help and information civilians don’t. There are plenty of organizations like Foundation for Financial Planning and Veterans Advantage that has veteran-specific programs to help get vets started with their savings. 

As more and more studies come out showing the problems of veteran financial illiteracy, these kinds of tools are even more important. And with so many available to both help combat debt problems and to help set up a savings plan, veterans can overcome these problems.

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Is It Okay to Shop Around for a Personal Loan?

Have you ever needed something badly? Actually, these are times when individuals miss the concept between wrong and bad. I mean it is rather difficult to differentiate between the right and wrong things when you need something right now. It might seem ridiculous to be told that you need to stop and thing. Yet we always want to make the right decisions. That is why we are called rational beings.

The truth is, in whichever decision you need to make, you have to take time and think objectively. There are so many benefits to doing that. For instance, you are likely to have a wider perspective on matters. But there is a great need to always stop, think and make the prudent decision is while dealing with financial matters.

In case you need a mortgage or just a personal loan to help you address some financial issues, it is imperative not to neglect the significance of shopping around. Before striking a deal with any lender who readily offers you a financing option, you need to shop around and look for what other lenders offer, or rather the alternatives that you may have.

There are so many benefits to doing that. As a borrower, it should be your aim to end up with the cheapest loan if the main factor for consideration is interest rates. How can you get the best rate out there if you cannot take the time to shop around? In this blog, we are going to answer a simple question – is it okay to shop around for a personal loan? Well, the answer to this question is YES! But we need to look at the reasons why it is okay to do that. This question will help you to appreciate the need to always shop around. So, let us begin.

Uncommon Lenders Might Offer The Best Deal

We are always tempted to go by the option that we know we never we are looking for the next funding sources. This is understandable because we may have the best experiences with the previous lenders. Also, in case you opened an account with a certain lender and they are willing to offer you a personal loan, you might end up saving a lot of time by just a mere phone call asking the much they might be willing to lend you.

Nevertheless, you might be amazed at the number of little-known lenders out there. Such lenders are often willing to go beyond the limits to attract new clients. For this reason, you can get a lot of saving opportunities if you consider such lesser-known money lenders. Again, you should always aim at having the lowest possible interest rate in order to benefit more.

You Will Understand Some Unique Features

It is true that the interest rate charged on a loan or a credit card is an important factor for consideration. However, your comparison for lenders should not only be limited to the interest rate and the loan amount offered. If you keep evaluating your options, you will discover some added features that can be fundamental to safeguarding your financial health.

Let’s say some lenders might be willing to allow to pay to repay the loan in bulk without additional charges. This can be a good motivation in case you need to get out of debt. Still, other lenders might offer provisions to adjust your payment schedule in case you are plagued with an emergency while others may not. So, shop around and you will discover more features.

Shopping Around Will Help You Make A Sound Decision

Borrowers are perceived to be rational because they can make sound decisions. It is not good to make a decision you are not so certain about how it is going to affect you. If you compare different lenders, you will be able to acknowledge the uniqueness of each one of them and that can affect your decision to borrow.

For example, you might get a better understanding of what differentiates secured personal loans from the unsecured personal loan. You will know which option to exploit in your upcoming financial project. Still, lenders may advertise themselves positively to convince borrowers when on the ground things are different. If you compare them online, you might be able to see the experiences from their previous clients. You will tell the nature of customer service to expect and become more confident about the loan. You can always check Loan Advisor Top 10 Reviews when shopping around.

Shopping Around Helps To Reduce Risk

In this economic era, dealing with a lender and obtaining credit has become an integral part of life. Nonetheless, this does not mean there are no risks involved. You don’t want to sign a loan agreement and later discover that they are additional fees associated, such as early payment. If you take time before obtaining the loan, you will have space to evaluate your options and make an informed decision. It might even come clear whether you really need the loan or you can just source the funds you need elsewhere.

You Will Get A Better Understanding Of Matters

It is quite unfortunate that most of the lenders nowadays lack sufficient financial education. Most of them take loans without necessarily knowing whatever they are getting themselves into. They might not know their rights or what to do for protection. If you really want to lower your risk level, then you need to understand whatever you are getting yourself into, and the best way to do this is shopping around.

The Bottom Line

Is it okay to shop around for a personal loan? YES! Why? We have considered several reasons. But one thing that comes out clear is, you will be able to make the best decision if you shop around. You will be able to strike the best deal irrespective of the borrowing decision you will be making. It is not all about the interest rates and the amount that you will be allowed to borrow. Aim at lowering the risks to remain with more money in your account. Never underestimate the significance of shopping around!

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Why You Should Resolve To Have Life Goals During Retirement

When you retire, you may do so without a plan after retirement. We understand the reasoning. You’ve worked hard, and you want to spend some time resting and reflecting. However, not having some plan for your retired life may backfire on you.

The Health Benefits of Having a Goal or Purpose 

Some people, after retirement, end up doing nothing, and this can lead to an early decline in physical or mental health. Having a goal keeps your brain going and your body moving. For example, if you want to become more physically fit after retirement, this not only can improve your mind and body but also give you a purpose. 

Whether it’s to renovate your old home, invest in some land and rent a retirement home, or do something as simple as start a garden, always having a goal in mind is what you need to consider before retiring. Your retirement should be a period of thriving, not wasting away. 

If You Don’t Have a Purpose 

Some of us who are approaching retirement may not have a vision in mind. For 2020, why not think of a life purpose you can pursue during retirement? If you are still unsure, here are a few ways to get ideas. 

Speak to a Professional

Talking to a retirement coach, counselor, or therapist may help you find a goal in mind. With a retirement coach, they’ve worked with people who have been in your situation, and they may be able to help. A counselor is another person who works great for general advice. Then, there’s a therapist. If you have a mental or physical disability, a therapist may be able to help you accomplish your goals despite your disability. In addition, therapy can help you reflect on life and figure out your purpose much better than other methods could. 

Connect With Other Retirees 

Another way that you can find a purpose is to talk to other people who are retired and learn how they handled retirement. You can speak with people who have been in your situation, and learn how they handled it. You can learn some interesting stories, and possibly make some new friends along the way. 

You’re Not ‘Too Old’ To Accomplish Your Goals 

Some may have goals, but they feel they are “too old” to accomplish them. For example, if you ever wanted to learn a new language or learn how to play a guitar, you may think you’re too old and you can’t teach an old dog new tricks. That’s not true whatsoever. Some activities are harder to learn once you’re older, but they’re still possible. Plus, you have something the youth doesn’t have: time. 

Start your dream business. Go to a place you’ve always wanted to go to. As long as you’re physically capable, you can accomplish your goals. No one wants to be on a deathbed regretting that they never did something. Even if you don’t succeed, you tried, and that’s better than not trying at all. 

Also, don’t think you’re too old to get in shape. Exercise is vital in your older years to keep you physically and mentally fit. You can get much more out of life by working out, and we recommend anyone to try it at any age. 

Resting is Okay, Too 

With that said, if you want to spend some time resting, that’s fine as well. You may have had a job where you spent countless nights without sleep, and you finally want to play a game of catch-up with your Z’s. Or, you may be someone who wants to think a little bit before they decide what they want to do with their retirement. Again, that’s not a bad thing, either. 

However, you should strive for a purpose. In 2020, write down some goals. Maybe they’re recent goals, or perhaps they’re something you’ve always wanted to do. Either way, have some plans going into retirement. Being able to accomplish your goals can help you live a longer, happier, healthier life. Make sure that you reach your goals, and you’ll love life better for it. 

What are your goals? Do you have any? We’d love to hear them.

Marie Miguel has been a writing and research expert for nearly a decade, covering a variety of health- related topics. Currently, she is contributing to the expansion and growth of a free online mental health resource with BetterHelp.com. With an interest and dedication to addressing stigmas associated with mental health, she continues to specifically target subjects related to anxiety and depression.

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Getting Rid of Medical Bills through Bankruptcy

Burdened with insurmountable medical debt? You might think bankruptcy is just for credit card debt or to cure car loan or mortgage arrears, but filing bankruptcy can also help you with medical debt that you cannot pay. I spoke with busy Philadelphia bankruptcy attorney David Offen about this national epidemic.

Americans are Overburdened with Medical Debt

The United States is home to many great doctors and surgeons. Research hospitals all over our country successfully treat life-threatening conditions with advanced techniques that, only a few years ago, seemed like the stuff of science-fiction.

Obviously, this advanced medicine comes at a cost. Skilled surgeons will repair your broken limb and emergency departments will save your life—but then you will get the bill for whatever your health insurance refuses to cover.  Surgery alone can cost tens or hundreds of thousands of dollars, and your hospital stay can easily double that. 

Even if you have the most comprehensive insurance coverage and 100% of your medical bills are covered, anyone who has had even minor surgery will have to deal with lost wages while in the hospital or home recovering. Most people have decent insurance coverage and still end up owing thousands of dollars, plus the lost wages problem. And many cheaper health insurance plans have a small pool of approved care providers; if you are injured while on vacation or otherwise traveling in another state, you could be charged exorbitantly for “out of network” services. This in combination with lost wages could mean financial ruin.

A few hours in the OR and a week in recovery can cost more than most people’s homes are worth. At a time when the average American adult does not have enough savings to cover a mere $400 emergency, that is a terrifying prospect even if you have medical insurance; if you are underinsured or uninsured, a sudden medical emergency there is likely no way you can pay those medical bills.

Bankruptcy Can Both Protect You and Save You From Ruin
The Automatic Stay Freezes Collections and Lawsuits

Once the debt collectors start calling about your unpaid medical bills, they won’t stop. They will hound you, your family, and your employer to try to get paid.  If harassment fails., they will sue you and you could end up with a lien on your property, your wages being garnished, or your bank accounts levied upon. 

Collection phone calls and letters, lawsuits, and post-judgment collections are all halted by filing a bankruptcy petition through the legal power called the “automatic stay.” An automatic stay is a powerful tool that wards off predatory debt collectors and protects your remaining assets. 

Is your car about to be repossessed? Is your home slated for the Sheriff’s auction? Are collectors calling night and day? Once you have filed for bankruptcy protection and the automatic stay takes effect, you are shielded from all of this. If your creditors try to violate the automatic stay, they will face significant fines and damages. 

The automatic stay gives you time to figure out how you will move forward financially. With Chapter 7 filing, you can redeem your car, or, surrender a car or home you can no longer afford, and be free of those payments. With a Chapter 13 filing, you can cure arrears on your car lease or loan and on your mortgage.

You Can Be Discharged of Medical Debt in Bankruptcy

If your bankruptcy filing is successful, you will be discharged of your unsecured (medical) debt, meaning, you are no longer personally responsible for it. That’s right – as long as you did not incur that medical debt in contemplation of bankruptcy, that debt will be discharged. And who intentionally has a medical emergency? No one.

The Discharge Order and the Fair Debt Collection Practices Act (FDCPA)

Once you receive a discharge of your debt and your case closes, the automatic stay ends but you remain protected from creditor harassment by the Fair Debt Collection Practices Act.  Under both the FDCPA and the Bankruptcy Code, anyone who tries to collect discharged debts violates federal law. 

Your bankruptcy lawyer will be able to send cease and desist letters to any creditors contacting you after your bankruptcy case closes. Your attorney will also be able to litigate this for you if necessary. If a creditor tries to collect a debt after that debt was discharged and your bankruptcy case closes, they must pay a fine and your attorney fees!

Timing Your Medical Bill Bankruptcy Filing

Deciding when to file bankruptcy due to medical bills can be a challenge. If you have other debts, the usual recommendation would be to file your bankruptcy as soon as you can after all of your medical bills come in. And ideally, you would file bankruptcy before wage garnishments and bank account levies occur because while filing bankruptcy freezes collections, it does not undo what has already been paid, seized, or levied.

Timing a medical bill bankruptcy is a challenge for a few reasons. Medical bills are unpredictable; who knows when your doctor will order a new test or prescribe a new drug? Who knows when an accident will occur, leaving you injured? Not only that, but medical bills are often tied up in doctor or hospital billing departments or insurance company review for weeks or even months.

You can not discharge future bills in bankruptcy. In other words, if you file bankruptcy today and you get a bill for your MRI a month after you receive a discharge, you are likely stuck having to pay that bill. Think about it – if you know you have major surgery pending, it might make sense to file after you’ve recovered and received most of the treatments and therapy you need.

Also keep in mind that if you suffer from a chronic condition, you could get doctor and hospital bills any time. In this case, you need to weigh the debts you currently have against the possibility that you will incur a lot of debt again in a few months. Talk with your attorney about your options. 

Veronica Baxter is a writer, blogger and legal assistant operating out of the greater Philadelphia area. She writes on behalf of the Law Offices of David Offen, a Philadelphia Bankruptcy Attorney.

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Is The BTC to USD Exchange Rate The Same As Before?

If I can only choose one word to describe the state of Bitcoin in the past as internet currency, I would definitely use the word “volatile.” Just for the sole reason that it is.  Several years back, when BTC was first introduced to the world, this volatility can get pretty insane. It can escalate and plummet in a matter of days or even just hours. This gave people the impression that Bitcoin was a rather unstable type of currency.

However, this never stopped people from seeing the promising potential behind Bitcoin. 

If you really think about it, the only way this world will be moving is forward. This is probably the number one reason why many people are in support of online cryptocurrency systems. Not only is it convenient, but it’s also a straightforward way of advancing to futuristic methods of exchanges as well. Instead of being roundabout about online purchases (e.g. depositing money to a card just so you can purchase something online), why not use virtual money to transact virtually as well, right? 

At first, it was a hard thing to consider. After all, people feel more secure when they are holding tangible cash in their hands. When money is kept in cyberspace, some people just can’t shake off the feeling that it can disappear with the wind anytime soon. Like, everything can go up in smoke because someone somewhere might meddle with online security and rob everyone of their virtual assets. Well, I can understand such fears. However, these fears mostly root from ignorance. 

When people don’t understand something, they become afraid. That much is to be expected. In fact, we can all relate and understand that kind of feeling. However, these fears can be easily put to rest as soon as things are cleared up.

Most cryptocurrency platforms, including the ones that operate for trading, are stored in the Cloud – an online storage drive that can house a millions bytes of data. The security of Cloud is top-notch (read more). There is literally no force on earth that can meddle with it. It’s simply built that way. It is resilient, indestructible, and fail-proof. This is why you can be sure that your money stored online is kept safe 24/7. How is this possible?

Well, everything is made possible thanks to a method called “redundancy.” The Cloud is still run by physical hard drives. However, contrary to what many people assume, the Cloud is not just run by a one or two server farms (a term used to signify a collection of industrial hard drives, btw), it is run by hundreds of server farms scattered all over the globe. What happens is that the data of a single company is copied over and over across these server farms. This is to make sure that even if one server farm catches fire, gets hit by a meteorite, or bombed to oblivion, the data will still be available in other server farms. 

This, my friend, is how your money is kept safe despite being just raw data floating online.

Anyway, back to business.

How Is Bitcoin Doing These Days?

While Bitcoin may not be valued the same way as it was several years back (The hype made the exchange rates skyrocket at the time), it is still a substantial currency in the crypto market. In fact, it has never lost its place as one of the most popular cryptocurrencies ever introduced. Many people are still trading Bitcoin solely because they still have faith in its growth as an online currency. You can check out more on Rubix. 

If you are thinking of trying crypto trades, then Bitcoin should still definitely be in your list. 

What Is The Current BTC to USD Exchange Rate?

The current going rate is 1 Bitcoin equals 9,419.99 United States Dollar. That’s still pretty high up if you ask me. The good thing about BTC these days is that it is not as volatile as it was before. Yes, there are still occasional highs and lows but it is not as drastic as it was several years back. For traders, especially swing traders, this is good news.

To trade or not to trade, that is your decision to make. Other than trading, there are plenty of other things you can use Bitcoin on, like online transactions. Just give it a try!

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Is it Possible to Use a Retirement Home as a Rental Property?

Owning a second home is a luxury that not many people can afford. Even owning one home is a major success. But if you’re one of the lucky ones, investing in a second home is one of the best things you can do for your financial portfolio. In fact, purchasing a second home doesn’t just raise the chances of stability during retirement. It can also provide you with an income right now. 

Using a second home that is meant for your retirement has the potential to earn you a significant side income. You might even be able to earn this income passively if you hire a property manager to take the reigns on renting out the property. Depending on your location and the amount of effort you put into renting out the property, your second home can even earn you a liveable income. 

Consider Your Local Laws First and Foremost

It is important to keep in mind that not every second home or retirement property can be used to earn an income. It depends on where you live and the laws in your local jurisdiction. Take the city of Denver, Colorado as an example. The city recently passed very strict laws regarding Airbnb rentals. 

Many Airbnb hosts in Denver have been forced to shut down their homes to guests. This is mainly because the new laws state that short term rentals are only legal for property owners living in or attached to the rental property. The Airbnb laws in nearby Seattle, however, are entirely different. 

Consider renting out real estate the same way you would think about online gambling. In some areas of the world, online gambling is entirely legal. In others, it is not. Just as some local areas have access to skycity casino online and others do not, the same goes for renting out real estate to vacation guests. Just be sure to consider your local laws before renting out a second home. 

Tips for Successfully Renting Out a Retirement Property

If you are lucky enough to live in an area where short term rentals are allowed – and you’re lucky enough to have a property to rent out – it’s time to get started. Even if you have a full-time job elsewhere, a retirement home should not be left empty when the potential for making money is there. 

Hire a Professional Property Manager

The first helpful tip when it comes to successful property rental is to hire a professional. If you have time on your hands and a patient personality, renting a property out on your own is entirely possible. However, the best way to do it is to hire someone who knows exactly what needs to be done for generating a rental income. 

Most property managers are paid based on how much income the rental property generates. This fee depends on the specific profession as well as the services offered. Generally speaking, you’ll have to pay your rental property manager between 15 and 22% of the property’s income. This may seem like a lot, but if it means that you get to sit back and relax while making money, investing in a property manager is well worth it. 

Location Means Everything

If you’re in the market for a second home and haven’t actually purchased on yet, be sure to focus on location before anything else during the buying process. When it comes to rental properties, it’s all about location, location, location. 

Considering location isn’t just important if you plan on renting out a property. It can also affect the resale value if you choose to sell the house in the future. Ideally, your rental property will have a lot going for it in terms of location. This is the first consideration made by potential guests, no matter where in the world they’re traveling to. 

Rental Homes Are All About Personality

One of the main reasons that travelers are opting to stay in rental homes rather than hotels is for the “homey” atmosphere. Hotels are bland and generic, while rental homes act as a comfy home away from home. Not only is it OK for your personality as a property owner to shine through in the home, but it is also in your best interest. 

Although it is not recommended to have personal photos and items all around the home, it is completely OK to add your own personal style. If you feel that you don’t have any personal style when it comes to interior design, don’t be afraid to hire a professional. 

All in all, renting out a vacant retirement home is an amazing idea. Not only can it generate a solid income, renting out your second home is an amazing way to stay busy. It might even turn into a lifelong passive income opportunity. 

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What is the Statute of Limitations on Medical Debt?

Do you have medical debt? You might have heard of the statute of limitations – it’s a legal rule that prevents creditors from pursuing you for payment. Read this article to learn everything you need to know about the statute of limitations on medical debt.

What is a Statute of Limitations?

A “statute of limitations” refers to the amount of time that a creditor has available to take legal action against you for non-payment. When it comes to debts, once this period of time runs out, the creditor no longer has the right to take legal action against you. Understanding what a statute of limitations on medical bills is will be important in protecting yourself from these debts.

So for example, say you owe money to a healthcare provider, such as a hospital. The amount of time available for the hospital to sue you is going to depend on the statute of limitations for the state. This time period typically varies from state to state across the United States. The creditor may still attempt to chase you, and even bring lawsuits against you. However, you can use the statute of limitations against these creditors by bringing it up as a defense against them in court. 

Statistics

The Commonwealth Fund recently conducted a survey, which found that it is not uncommon for people to be struggling to pay their medical bills and that medical debt accumulates over time. 41% of Americans of working age—amounting to 72 million people—said that they were paying off medical debt or struggling with medical bill issues. This is a significant climb over 34% in 2005.

A recent report has also found that more than half of all working-age adults who learn less than $40,000 per year reported having problems paying their medical bills or reported that they are in debt due to medical expenses. Adults who lack insurance or who lack adequate insurance are at a greater risk of having medical debt than those who have adequate insurance coverage.

Statute of Limitations for Medical Debt

Is there a statute of limitation on medical bills? Yes, but there’s more to it.

The statute of limitation on medical bills is going to differ depending on which state you live in. It is important for you to keep in mind that most medical bills essentially represent a written contract. This contract exists between you and the medical provider. Medical providers typically choose to create a written document that is signed by both the borrower (you) and the lender (the medical provider). 

This is because they are legally binding and easier for the medical provider to enforce. This document forms the basis of the contract. Medical providers, such as doctors and hospitals, will require that new patient’s sign such a document. It is typically referred to as a new patient financial responsibility form. 

This document will serve as the written contract between the parties. Because the medical debt is contract-based, the statute of limitations is based on contract law as well. 

Statutes of limitations vary significantly from state to state. The lowest statute of limitations for medical debt contracts is in North Carolina at only three (3) years. The highest statute of limitations is Ohio at fifteen (15) years. The specific statute of limitations for your situation is based on the state where you live. 

How Do You Avoid Paying Until the Statute of Limitations Run Out?

Statutes of limitations can be restarted in several ways. Make sure to avoid restarting your statute of limitations in the following ways:

Any time that you acknowledge that you owe the debt.
Any time that you make or enter into a payment plan.
Any time that you make or enter into an agreement to pay.
Any time that you accept a settlement offer.

You will have to rely on your own records in keeping up with the statute of limitations for your debts. Make sure to keep track of your (1) payments, (2) dates of payments, and (3) communications with creditors. This information will help you track your statutes of limitations.

The statute of limitations pertaining to medical debt will not extinguish your obligation once it has expired, so you will still owe the money. A collection agency can attempt to collect a medical debt indefinitely. The medical debt will not go away unless it has been paid or discharged by way of bankruptcy.

After the statute of limitations has run, a collection agency can compel you to make a payment. It does this by reporting the amount you owe to the credit bureaus, which will negatively impact your credit score.

Any negative information present on your credit report will automatically expire. This happens seven years from the date of the first delinquency. A collection agency will begin contacting a consumer following the 30-day past due period to inquire about the account. Once it reaches the 60-day past due mark, the collection agency is likely to report the borrower as being delinquent. Once the account is past due beyond sixty (60) days, it is possible the collection agency may sell the debt to a third-party debt collector.

What are the Alternatives to Letting the Statute of Limitations Run Out?
File for Bankruptcy

Once you file for bankruptcy an automatic stay will go into effect. This will automatically stop all collection activities against you. 

However, there are consequences that come with going bankrupt. You will have to be prepared to go through these consequences. Your credit score will take a significant hit and it will take time and work to come back from it. 

Debt Settlement

If you have a lot of debt, debt settlement is an option for you. This will help you negotiate settlements through payments that are less than what you owe. 

However, it is important to know that debt settlement opportunities can do more harm than good. You may experience damage to your credit. Debt settlement companies may encourage you to stop making payments while arranging a lump sum payment which can create additional delinquencies. Try to avoid options that further harm your credit report.

Get Medical Insurance

Having adequate medical insurance in the first place will help you avoid owing too much. Proper medical insurance will help you reduce your medical costs. 

Urgent care centers typically handle problems that require immediate attention. These are ideal for non-life-threatening health issues. 

Retail health clinics are ideal for convenient, routine health care. Walk-in doctor’s offices can provide you will simple medical care quickly. 

Choosing the right type of care is essential. However, it begins with adequate medical insurance. 

Final thoughts

No one wants to bail on their obligations, but if you’re facing a mountain of medical debt then knowing what the statute of limitations is on the medical debt could just be a lifesaver. In summary, you’ll need to check what the specific rules are in your state – exactly how many years does it have to be before you’re in the clear? Working that out could give you more peace of mind.

In the meantime, make sure you don’t take any actions that will restart the clock on your statute of limitations. Remember, you also have other avenues of dealing with the debt like filing for bankruptcy, working out a settlement plan, etc. 

Do you have medical debt? Have you successfully avoided paying most of your medical debt? Share your experiences with us in the comments!

The post What is the Statute of Limitations on Medical Debt? appeared first on Retirement Savvy.

10 Common Problems Found in Old Homes

What is an Old Home?

Many consider any home that was built before the 1980s an old home. But there are certain characteristics of a house that can tell you it’s an old house. Old homes tend to have a charm about them.  

Having said that, if you are considering buying an old house take into account that you may need to renovate your new old home.

In this article, we are going to discuss common problems found in old homes and how you can fix them.

Common problems found in old homes

Boiler Inefficiency

An old boiler may not run as efficiently as a new one especially if the boiler is more than 10 years old. If the boiler is not warming up your home despite setting the thermostat at a high temperature, it means, you are dealing with a boiler that has seen better days.  

Roof Deterioration

Signs that your roof needs repairing include:

Damaged shingles – shingles are cracked, or have curling edges or seem dented.  
Clogged gutters – granules, shingle fragments and sludge inside the rain gutter  
Color change and algae growth – The color of your roof has changed and there are signs of algae growth.
Leaks – Sings of moisture on the interior walls and/or upper floors.  


A lack of insulation

Cold rooms, cold walls, cold floors and ceilings, fluctuating temperatures, cold drafts, high energy bills, these are all signs that your home is not properly insulated or it’s not insulated at all.

Mould

When you notice mould in your home, this could be due to excess moisture. The excess moisture can be caused by a leaking boiler or pipes, or a leaking roof. There may be other reasons that are causing the excess moisture causing the growth of mould.  

Leaking Heating Oil Tank

You can tell your heating oil tank is leaking if you notice there is a strong oil odor inside your home or near the tank. Also, when you notice that there is oil leakage on the ground that is an indication that the tank is damaged.

Plumbing Problems

Leaky pipes and dripping faucets indicate plumbing problems. This is a common problem with many old homes.

Unsafe Electronics

Loose connections such as electrical switches or outlets or damaged electrical wires and appliances can be dangerous. Assess your entire house to see if there are any loose wires or unsafe electronics.

Lead Paint

Lead paint that is chipping, peeling, or showing other signs of deterioration can be harmful. Exposure to lead paint can lead to serious health problems.

Drafty Windows

Old windows that show signs of wear and tear could be the reason why your house is chilly even when the heating system is set at high temperature. Drafty windows can make your home uncomfortably cold.  

Asbestos

A lot of old homes especially those that were built before the 80s contain asbestos. It can be found in ceiling tiles, insulation, roof shingles, floor tiles and parts of the house.

Asbestos is not considered harmful unless it releases dust into the air. If this contaminated air is inhaled, it can cause health problems. Long term exposure to asbestos can cause lung damage and chronic health conditions.  

What are the ways to fix them?

Boiler Inefficiency Solution

You may choose to fix or replace your old boiler. But consider replacing it instead of fixing. Old boilers tend to breakdown regularly, which means it may be costly to maintain the old boiler than to buy a new one.

Another issue wi timeworn boilers is that it can become hazardous in terms of carbon monoxide and carbon dioxide emissions being discharged into your home.

Roof Deterioration Solution

Fix problem areas by repairing them or by making partial replacements. If a huge section of the roof is badly damaged, consider replacing the entire roof.

A lack of insulation Solution

Insulate your entire home if the house is not insulated. If the house is not properly insulated, insulate those areas that bring in cold drafts like the windows

Mould Growth Solution

Repair any leaks and improve ventilation.  Once you have fixed the cause of the moisture, get rid of the mould. You can choose to do it yourself, or you may choose to get a professional to do it for you.

Leaking Heating Oil Tank Solution

When you realize that your heating oil tank is leaking, contact a reputable oil tank contractors immediately. Certas Energy is one of the most reputable companies that deal with oil tanks. They can help you remove damaged oil tanks safely as well as clean up the leakage. They will also help you install a new heating oil tank.  

Plumbing Problems Solution

Depending on the extent of the problem, you may choose to contact a plumber or choose to fix the problem yourself.

Unsafe Electronics Solution

If there is evidence of electrical hazards in your home, it is not advisable to fix the problem yourself unless you are an electrician by profession. It is better to contact an expert to help you fix the problem due to safety issues.   

Lead Paint Solution

Fix any lead hazards you may have in your new old home immediately to protect yourself and your family from lead poisoning. Avoid painting over the existing paint because you cannot be sure if it has lead or not. Contact a professional who can come and inspect the paint for lead and repaint your home for you.

Drafty Windows Solution

Depending on how damaged the windows are, you can either replace or repair them. If the damage is considerable, consider contracting an expert to replace the windows.

Asbestos Solution

Hire a professional who can come and examine your home for the presence of asbestos. Once they confirm that your home contains asbestos, they will be able to offer you a solution.

Advantages and Disadvantages of fixing an old home

Pros:

They cost less to repair than modern homes
Old homes have character
Old homes have strong structures

Cons:

An old home that requires a lot of fixes and repairs can be costly in terms of renovations.
Old homes tend to harbor toxins like asbestos and lead, which can cause health problems if they are inhaled or ingested.
Renovations can a lot of time to complete.  

Key Takeaway

Buying an older home may be cheaper than buying a modern home, but most old homes do require some amount of repair. So before move into your old home, contact an expert contractor to inspect your home for damages and toxins.

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Using a home warranty after your retirement

For most Americans, retirement isn’t the glamorous affair depicted in mutual fund commercials. According to a 2018 study commissioned by Northwestern Mutual, the average American nest egg is only worth a little over 84,000 USD. Even worse, 21% of Americans have no retirement savings at all. These stark facts mean most can expect to be on a fixed income when we retire.

If you find yourself in this situation, you find ways to make your monthly social security check last. From taking on a part-time job to taking advantage of early-bird specials, you manage to make it work.

However, home maintenance has been killing your budget lately. As your home has aged, its problems have multiplied. First, your 20-year old central air unit failed. Then, the oven died. That’s thousands more than you expected to take out of your life savings, just in one year. What will the future hold?

Thankfully, there is a better way. A home warranty can restore stability to your maintenance budget, and can even save you money in some cases. In this article, we’ll show you what to look for as you shop for the perfect plan.  

What is a home warranty?

Ever since you became a homeowner, you’ve had an insurance policy that protects it. If your home gets ransacked by thieves or a power surge fries all your electronics, you’re covered. However, it doesn’t protect you from wear & tear expenses. If your fridge kicks the bucket or your roof begins to leak, that’s on you.

As understandable as that may be, it doesn’t make the ensuing bills any cheaper. If your furnace quits and a replacement is needed, that could ding you for 5,000 USD. Running new wire after the old stuff shorts out can run between 3,500 to 8,000 USD – or more.

As someone on a fixed income, these expenses can be problematic. As a result, home warranties are becoming increasingly popular with Americans. Home warranties are firms that take care of the logistics and costs of home maintenance. In return, you pay a monthly/annual premium, plus a service fee for each call.

For this reason, some compare home warranty firms with insurance firms, despite differing business models. In both cases, you pay premiums monthly, plus a deductible when you claim.  

Home warranties are beneficial to retirees

With less money coming in each month than when you were working, retiree life can be financially challenging. As time goes by, you learn to scrutinize each expense, finding efficiencies wherever you can.

Do you live in an older home? If so, signing up for a home warranty may prove to be a financially astute decision. The ReviewHomeWarranties.com maintenance calculator projects the average cost for a 20-year old home to be 1,732 USD. For a 50-year old house, that figure jumps to 2,165 USD.

Meanwhile, home warranty expenses are lower in each instance. According to the calculator, the annual premium is 650 USD. Add in service fees (industry maximum of 100 USD x 5 visits), and you’ll pay no more than 1,150 USD per year.

However, even if you downsized into a smaller (but newer) space, home warranties may still make sense. The biggest perk of this arrangement – it takes the unpredictability of home-maintenance costs out of the equation.

Some years, you barely recall spending anything. In others, you blew through thousands of dollars. When your household had one/two incomes, the more expensive years were annoying but manageable. However, now that you’re retired, these same expenses could severely impact your quality of life.

When you have a home warranty, your annual maintenance costs are static (less service fees). As a result, you can live your best life without worrying so much about saving for a rainy day.

Buyer beware: why you should vet home warranty firms carefully

Home warranties sound swell – and they are. However, we won’t lie to you – this industry doesn’t have the best reputation. Great firms exist, but others look for any excuse to stiff their customers.

Take a recent customer’s experience with Home Warranty of America, for instance. Of the 700 USD they claimed on an air conditioning repair, they only got reimbursed for 120 USD. Even HMS National only gives you 1 day to submit claims.

A few companies go out of their way to limit and deny claims. To avoid headaches, always read the fine print. By reading, you’ll find caps, exclusions, and other legalese that might make a company unsuitable for your needs.

What should I watch for when shopping for home warranties?

So, you’ve decided to get a home warranty – great! As laid out above, some home warranty firms have prioritized profit over serving the customer. Fortunately, if you play your hand smartly, you’ll be able to find a legit firm that meets your needs.

Start by checking review sites online. Trustpilot stands out, as it has become a respected authority in gauging the reputation of online firms. Companies on this service encourage satisfied customers to review them. So, if you find nothing but poor reviews, you may wish to drop that firm from your list.

Once you’ve drafted a shortlist of home warranty companies, apply for a quote from each. Once you receive a draft deal, the real work begins. First, find what’s not covered. Some plans exclude conventional systems and appliances like cooktop fans, toilets, and septic tanks.

Next, identify coverage caps. If you’re opting for a cheaper plan, the coverage limit may be really low (e.g. 400 USD for air-con with Landmark Home Warranty).

Finally, comb through the proposed agreement, line-by-line. Within, you may find problematic terms, like high cancellation fees. If you find a language you don’t like, try to negotiate better terms. If they refuse, move on to another firm.     

Home warranties are useful (if you pick the right firm)

As in other sectors of our economy, some operators are only out to make a quick buck. By taking your time, you can find a home warranty that will make life easier and cheaper for you.

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