The Most Overlooked Free Financial Planning Tool

by | Jul 24, 2012

What did you do with that envelope that used to arrive once a year with estimates of your future Social Security benefits? You might have reviewed the information. You may have even filed the statement away as a reference. Now, this powerful financial planning tool is as close as the nearest computer.

“Often, people don’t think of their Social Security statement when thinking of their financial well-being,” says Rod Griffin, director of public education for Experian. “But your statement can be a valuable financial planning tool.”

Your SSA statement is now available online at www.socialsecurity.gov/mystatement.  It provides an estimate of the amount of Social Security benefits you could receive upon retiring, but it can also help you with retirement savings strategies, estate planning and making decisions about disability insurance.

Retirement Saving

Knowing how much your  Social Security payments will be can help you better understand how much you’ll need to save in other vehicles to fund your lifestyle during retirement. After reviewing your statement online, you may decide to adjust your 401(k) contributions, open an IRA or seek other avenues for funding your retirement.

The statement can also help you work with your current employer to ensure they’re withholding the appropriate amounts.

Estate Planning

Your online statement will also give you an estimate of how much your survivors might be eligible for if you die. This information covers both spouses and minor dependent children.

“This could be useful information when you’re planning how you will financially take care of your loved ones if you pass away,” Griffin says.

Estate planning often involves considering what sources of income will be available to survivors, and knowing how much Social Security benefits yours could be eligible for can help in the planning process.

Disability Decisions

According to the SSA, 62 is the earliest age people can collect a reduced Social Security retirement payment, and the full retirement age is 67 for people born after 1960. But a 20-year-old worker has a three in 10 chance of becoming disabled before reaching retirement age, and the average age of people receiving Social Security disability benefits is just 53 years old.

If you have a health problem that you know will lead to disability, knowing how much you could expect to receive from Social Security may help you make decisions about how much disability insurance you’ll need.

With the availability to access your Social Security earnings and benefit information online, it’s easier than ever to make use of this important financial planning tool. The SSA uses Experian’s fraud prevention services to securely authenticate and safeguard the identities of people accessing their earnings and benefits information online.

To access your statement, go to www.socialsecurity.gov/mystatement, create an account and provide the information as prompted. You’ll be able to access your benefit information and even see a history of your annual earnings for every year. For more information on how to live financially smart, go to www.livecreditsmart.com. (ARA)

Should Women Pay for The Date?

Should Women Pay for The Date?

by | Jul 24, 2012

Last night i watched an episode of Single Ladies. It’s one of my guilty pleasures. The show has added a single mom to the mix which i think is a clever move and makes things interesting.

The single mom rarely dates but she is at an event with her new friends and notices a man noticing her. She’s giving him the look smiling and sending all the signals that tells him to come over and say something. He never does and her girlfriends tell her it’s because there are too many women sitting there to make it safe to approach.
They give her pointers and she heads over to the area where he is standing. She uses more body language that looks more like yoga in a chair to entice him to speak but it does not invite a positive response or at least not what she wants to hear. Exasperated she asks him out to dinner because she is running out of time (she has to get home to her daughter) so she scribbles her name and number on a napkin and tells him to call her. I think it was a desperate move and would set her up for a challenging if not failed relationship.

I was skeptical that he would call but apparently he did because the next scene with her was them on a date. They laughed and talked, and then the check came. He gave some lame reason/excuse about usually being old fashioned and always paying but he was going to be nice and let her pay, and then slid the check over to her. She laughed it off after the shocked look then reached for her purse and paid. Later he asked her if she wanted to spend more time together while he moved in closer. She declined saying she had an early day coming. He persisted with asking again and kissed her. He was coming on strong and was basically trying to seduce her with the kiss.

I’ll stop right here and ask you if she should have asked him out in the first place? Would you have done that?

 

Should she have paid the bill? Would you have paid?

 

Should she have let him kiss her after she paid for the meal? Would you have let him kiss you? Do you kiss on the first date?

 

Do you carry “mad” or extra money just in case your date pull a stunt like this guy did? Do you expect the guy to pay every time?

 

I’d really like to hear your comments. Let’s have a discussion about who pays for dates and why you feel the way you do. This is all about finances because dates aren’t always free.

 

I’ll share my thoughts in part two but only if i get at least 10 comments on this article.

How to Turn Your Weekend Hobby Into a Profitable Side Hustle

How to Turn Your Weekend Hobby Into a Profitable Side Hustle

by | Jul 20, 2012

I’m a writer. That is my hobby and my livelihood. If I couldn’t write I would go crazy because that is how I express myself in the world. I’ve learned how to turn my writing into a profitable side hustle. It took quite a few years to get off the ground as a freelance writer because, frankly it’s much easier to work in a corporate job as a technical writer. But I’ve learned how to find writing jobs and make money.

You can do the same thing. You don’t have to be a writer but you can use your talents and skills; those hobbies you love and begin making a little extra money from them. It can be done over the weekend when you have blocks of free time (meaning time away from your 9-5).

If you make jewelry or paint you can turn your creations into money making product.

Turn Your Art into Products

Everyday I come across old and new websites that let you create products from your art and sell it in a marketplace.

I know of at least two places you can go to turn your art into t-shirts, mugs, keyring, and totebags. They include:

Cafepress.com

Zazzle.com

Sell Your Products in Art/Craft Marketplace

You may sell handmade items that can’t be put on a t-shirt or mug. That’s okay because you can still sell it online. There are several marketplaces that are just for artisans like you. Check out the following websites then sign up to begin selling:

Etsy.com

Yardsellr.com

Discover Other Ways to Make Money with Art

Maybe none of the ways above speak to you. You might have other ambitions or other artistic talents yet to be explored. If so you will want to check out my new guide for artists. It is called Side Hustles for the Artist Soul. It’s filled with 52 ways to make extra money on the side using your artistic talents. I’ve also included online business start-up tips to help you get the most out of the 52 ideas.

If this is something you want to do I encourage you to use this weekend to read the guide. By Monday you will have at least two ways to make extra money using your talents.

Side Hustles for the Artist Soul is only $9.99 and is available for immediate download.

Click here to instantly download Side Hustles for the Artist Soul

Back to School FYI: How to Cut College Tuition by 85%

Back to School FYI: How to Cut College Tuition by 85%

by | Jul 15, 2012

Credit by exam: the missing piece in the college puzzle helps students reduce expenses

If you are a 21st century student, you may be facing concerns over the rising cost of a college degree and the prospect of future college debt. You may be wondering, can I achieve my education goals and still find a way to contain costs? Meanwhile, President Obama is calling for increased degree completion as an element of workforce development.

For many college students, one solution may be a sleeping giant: credit by examination, a valid and cost-effective means of earning credit for college-level knowledge. For many years, the military has promoted credit-by-examination programs among service members pursuing higher education. For bright high school students taking advanced courses, related exams can help them get a head start on college credit. But college-level exams are widely available for any aspiring college student – not just for advanced high schoolers and military members.

Consider this: Based on a typical full-time academic year, the College Board’s data indicates that the cost for a three-credit, semester-long course at a four-year institution can range between $752 per credit at a public college and $2,730 per credit at private, nonprofit colleges. However, the cost of an examination covering the same subject area as a three-credit classroom course can cost as little as $95.

So what is credit by exam, and how do you earn it? Credit by exam measures your subject area knowledge gained through traditional classroom study, through independent study or on the job as part of your career and professional training. You can also use a variety of online academic resources to study for exams including high quality, university-level educational materials called open courseware. These subject matter tests are available through such programs as Excelsior College  Examinations (ECEs), UExcel, CLEP and DSST and, typically, each program offers corresponding study guides. The tests are administered at thousands of secure, proctored testing centers in the U.S. and around the world.

As a student consumer, it’s important to make sure the exam program you choose has been reviewed by the American Council on Education’s College Credit Recommendation Service (ACE CREDIT), which provides course equivalency information to facilitate college credit award decisions. ACE CREDIT is an important stamp of approval for exams and coursework taken outside of traditional degree programs. In addition, you may also want to become familiar with the differences among test programs: ECEs, for instance, are the only exams developed and administered by an accredited college, and ECE results are reported as a letter grade on a college transcript.

“Higher education costs are front and center in our national education discussions, and independent study leading to credit-by-exam is a lesser-known way of helping to address this issue,” says Dr. Patrick Jones, vice provost at Excelsior College. “Students who meet the exam challenge can also advance more quickly through their chosen degree program.”

A student who decides to tackle four examinations – over several months, several years or during summers – can trim a semester or more from his or her college career. For long-term planning purposes, that’s the equivalent of thousands of dollars neither spent nor borrowed.  It’s also evidence of your personal discipline and academic independence.

Credit-by-exam programs can benefit colleges and universities as well. Traditional institutions facing overcrowding or faculty shortages can use credit by examination as a tool to retain students and assist them in degree completion. Ultimately, such out-of-the-box solutions can benefit you, the student, and the institutions committed to your success. Now more than ever, credit-by-exam programs are increasingly important alongside traditional and online coursework as a valid means of demonstrating your college-level knowledge. (ARA)

Supplemental Guide to Going Back to School for Adults

Going back to college is a big step if you have been out for a few years. But you know that upgrading your skills is the key to bigger and better opportunities. If you or someone you know is thinking about going back to school, here is a guide to help you through the decision-making process.

Click the link below to get the Single Mom College Survival Guide now.

[purchase_link id=”22437″ style=”button” color=”green” text=”Download the Single Mom College Survival Guide Now” direct=”true”]

5 Easy Ways Every Mom Can Reduce Their Homeowners Insurance

5 Easy Ways Every Mom Can Reduce Their Homeowners Insurance

by | Jul 13, 2012

More than ever, people are looking to trim their budget wherever possible. As a mom, you’ve probably tackled the grocery budget, housekeeping budget, and maybe even the car payment. However, you might be missing a less obvious budget item that can be trimmed — your homeowner’s insurance payment. Try out these five tips and see how much your insurance payment drops:

1. Install a home security system.

A home security system, such as those found at wirelessalarmsystems.com, will not only cause your insurance premiums to drop, it will also help to ensure the safety of your family and all your belongings. You can’t put a price tag on that kind of security. Talk to your insurance broker to find out which discounts are available depending on the home security system you choose.

2. Combine your policies.

Are you purchasing your auto insurance and homeowners insurance from different companies? Contact both of these companies right away and find out how much you can save by combining policies. You could lower your premiums by 5 to 15 percent.

3. Improve your credit score.

In these times, it’s easy to let your credit score slide; however, if you do that, you could wind up paying some serious penalties, including higher premiums on your insurance policies. Most insurance companies today are pricing your premiums according to your credit score. Make sure that all your bills are paid on time — not just your insurance payments — and look for ways to pay down your credit cards. The effort you put into improving your credit score now will pay off huge dividends in the future.

4. Review the value of your possessions.

If you haven’t made any large purchases in a while, you might be paying too much to insure them. Your possessions, especially electronics, have probably depreciated over time, so make sure that your policy accurately reflects their current value.

5. Ask about additional discounts.

Many insurance companies offer a variety of discounts, but you often have to ask specifically about them. Call up your insurance broker and ask if you qualify for additional discounts. Many employers offer discounts on insurance to their employees. If you stay at home with the kids, you might also qualify for additional discounts since you are at home more often than someone who works outside the home, and your house is less likely to be burglarized.

Taking the time today to review your policy and look for additional discounts could save your family a good deal of extra money in the long run.