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Catastrophe insurance is something many people think about, but too many people pass up. Just ask those in Southern California who did not have fire insurance how they felt when they saw the wild fires ravaging their cities? The... See more » Catastrophe insurance is something many people think about, but too many people pass up. Just ask those in Southern California who did not have fire insurance how they felt when they saw the wild fires ravaging their cities? The fact of the matter is that the 10 most expensive natural disasters in U.S. history all have occurred in the last decade. These catastrophes have resulted in insurance companies having to cover losses averaging $10 billion each year since 1989, compared with just $2 billion yearly from 1980 to 1988. This means two things: one is that you probably need catastrophe insurance more now than you did in the past, and two, it is going to cost you more. The insurance industry is raising rates on catastrophe insurance, especially in high risk areas. They are basically saying to the homeowner, If you choose to live here, that's great, but you have to take on more of the risk. So what this means is that if you live where tornadoes, floods, hurricanes, and earthquakes are a regular occurrence, catastrophe insurance is going to cost you more, but will be worth it. Continue reading "What to know about catastrophe insurance" » Posted by DF at 07:07 AM | Permalink | Comments (0) | TrackBacks (0) Let's look at an example. A man and woman have no debt, and some money saved for their funeral expenses. They do not have life insurance. When they pass on, their children are able to pay for their funeral, however, they get hit with estate taxes for the large home, and other parts of the estate that they inherit. The huge burden of these taxes forces them to live in near poverty. These parents in this example thought they had things taken care of with their no debts and money for funeral expenses. What they forgot was that anything their family inherits is taxed. Estate taxes come due nine months after a death. This is not much time if your heirs need to settle a largely illiquid estate. They may owe taxes on a huge property that they can not sell. What then? Continue reading "Using life insurance as part of your estate planning" » Posted by DF at 07:06 AM | Permalink | Comments (0) | TrackBacks (0) If you track your spending for four weeks, and watch where every penny you spend goes, you will find yourself starting to spend smarter. Why? You will spend smarter because you will be able to see the ridiculous amounts of money you spend on silly things. So, what do you do? Continue reading "Tracking your spending to help you spend smarter" » Posted by DF at 07:05 AM | Permalink | Comments (0) | TrackBacks (0) A lot of times someone in your family might run into financial trouble, or need a loan for something big. Loaning money to your family is something many people look at as taboo, and the reason is that many times family members will take what was intended to be a loan and turn it into a gift. This simply does not have to be the case. Loaning money to family can be safe, but here's how to ensure that your loan stays a loan -- not a gift: Start by being very upfront with the person. If they ask for money, your first response needs to be "I will only give it to you if you pay me back!" This way they know that is a condition. Clearly indicating that you expect to be paid back is the first thing you have to do, but not the only. Continue reading "The right way to loan money to family" » Posted by DF at 07:04 AM | Permalink | Comments (0) | TrackBacks (0) The following are the pros and cons of a cash only budget: Pros: Cash makes you more conscious of your spending. Paying with cash whenever possible -- rather than with a card of any type -- forces you to be acutely aware of the amount of money leaving your hands. If you have $200 cash for groceries, and you see your grocery budget get slim, you are going to be less likely to spend $1.49 on a personal size soda when you could spend $99 on a larger one. With cash, you avoid credit card fees. A lot of people spend more because they make late payments, or they overdraw, go over their allotted balances, etc. With cash this is really not a concern. You can't go over your See less »

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From the list : Finance by jimcarbet47

Personal finance and money-related articles and tips to improve your life.

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