COVID-19 Scams

A man and woman chat in an office

As if fearing the health-related consequences of the COVID-19 coronavirus wasn’t enough, there’s also a fair amount of financial uncertainty related to recession and an unstable economy. People all across the United States are wondering how they’ll pay their bills and make ends meet as they file for unemployment and wait for a one-time stimulus check that may not cover the bills.

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Privacy Policy

It’s unfortunate, but some bad actors will always take advantage of situations like coronavirus. In addition to everything else, individuals also need to be on the lookout for COVID-19 scams that are cropping up. In fact, there are so many coronavirus scams out there right now that the FTC created an FTC Scam Bingo game to try and spread the word.

Read up on what COVID-19 scams to look out for and how you can protect yourself and your finances.

COVID-19 Stimulus Check Scams

Some scammers are tricking people into thinking they need to provide personal information to obtain their government relief check. Consumers do not need to sign up for the federal stimulus checks. The government plans to distribute them based on consumers’ 2018 or 2019 federal tax returns starting April 2020. Keep in mind that the IRS does not initiate contact by email, text, or social media.

How to Protect Yourself

Do not respond to any correspondence claiming to be the IRS or other branch of the government requesting personal information in exchange for access to your stimulus check. For accurate information about the federal relief checks and when you can expect yours, visit the IRS’s coronavirus resource.

Student Loan Scams

Americans owe over $1.64 trillion in student loan debt, so it’s no wonder that scammers are preying on this financially vulnerable population. Watch out for offers to forgive your student loan debt in its entirety or change your repayment plan for a fee, or requests for other personal information in order to suspend your payments in response to coronavirus. There is no such thing as instant student loan relief, and you should not need to pay a fee for help from your loan servicer. All federally backed loans have automatically suspended payments and set interest to 0%.

How to Protect Yourself

Do not accept unsolicited offers to help you with your
student loan payments and never give out your personal information. If you are
having trouble making payments because you’ve lost your job, reach out to your
loan servicer for options.

Social Security Scams

Social Security scams are common, but coronavirus has put a new twist on the scam. Now, in addition to watching out for scammers claiming that your Social Security number is about to be suspended, you also need to watch out for calls or letters claiming that your benefits will be canceled due to coronavirus-related office closures. Social Security offices are closed, but officers are still working, and your benefits will not be suspended. And your Social Security number will never be suspended.

How to Protect Yourself

If you are unsure if a call or email is from the Social Security Administration, reach out to them yourself for confirmation before sharing any personal information. If you have already given you Social Security number to a scammer, visit IdentityTheft.gov/SSA for steps on how to protect your credit and identity.

Medicare Scams

Because older individuals are particularly susceptible to COVID-19, scammers have been targeting them with Medicare scams. Be on the lookout for fraudulent Medicare representatives asking you to verify personal information, like your bank account, Social Security, or Medicare numbers. Medicare representatives will never call you to verify your account number, offer you free equipment or services, or try to sell you anything.

How to Protect Yourself

If you’re
not sure if a phone call is legitimate, hang up and call Medicare yourself.
That way you can confirm that you are talking to an actual Medicare
representative. To reach the Medicare office, call 1-800-633-4227.

Fraudulent Charities

Whether it’s a natural disaster or worldwide pandemic
like the coronavirus, legitimate charities work hard to aid people in need.
This can include providing food, funds, housing or other forms of assistance. Unfortunately,
fake charities can crop up too. They might use names that sound similar to real
charities and may even have emails, websites and phone numbers that seem
legitimate but aren’t.

How to Protect Yourself

Donate to charities that you are already familiar with. If you’re questioning the legitimacy of a charity, you can use third-party websites to check credentials. Options include Charity Navigator and Give.org, which is maintained by the Better Business Bureau.

Protect Yourself from COVID-19 Scams

As you continue to navigate the uncharted waters of a
worldwide pandemic, be on the lookout for COVID-19 scams. If you’re ever unsure
about something, you can consult trustworthy government resources or well-known
news outlets to verify information. Share this information about scams with
others so they know what to be on the lookout for as well.

More resources on scams:

  • Senior’s Guide to Avoiding Scams
  • Tax Season Scams
  • Student Loan Scams
  • Common Scams

The post COVID-19 Scams appeared first on Credit.com.

Source: credit.com

How Long Does It Take To Buy A House?

How long does it take to buy a house? The answer is: it depends. You can buy a house in a matter of weeks or it can take you anywhere from 4 to 6 months. The question is how ready are you? It can take a long time, and that’s just learning about various mortgage options or improving your credit score.

So understanding the various factors involved in buying a house can give you an estimate of how long it will take you to buy the house

Check out now: 5 Signs You Are Not Ready To Buy A House

How long does it take to buy a house? A step-by-step guide.

It can take a homebuyer a few weeks to several months to complete the home buying process. But when determining how long it will take you to buy a house, you first have to find out if you will be pre-approved for a mortgage. There is no sense of shopping for a house to then realize you can’t afford it.

If you are interested in comparing the best mortgage rates through LendingTree click here. It’s completely free.

I. How long does it take to get a pre-approved mortgage letter in order to buy a house?

If you’re serious about buying a house, it’s important to get pre-approved for a mortgage. So when it’s time to make an offer, the seller will know you’re serious. If you don’t have one handy, the seller will likely move to the next buyer.

Getting pre-approved for a mortgage in order to buy a house can take longer. That is because you have to make sure your financial situation is in shape. For example, your income-to-debt ratio, your down payment, and your credit score must be good. That’s exactly what a mortgage lender will look at.

Even when these things are in order, shopping and comparing mortgage rates and fees can take several weeks.

Let’s take a look on how long it will take you to get these things in shape before buying a house.

Click here to compare mortgage rates through LendingTree. It’s completely FREE.

A. How good is your credit score?

A low credit score can make buying a house take longer, because it can take months to a year to improve a bad credit score.

A conventional loan will usually require a 640+ credit score.

In fact, your credit score is the number 1 item mortgage lenders look at to decide whether to offer you a mortgage. And if it is not where it’s supposed to be, you might get rejected.

Luckily for you there are other ways to get a loan with much lower credit score: FHA loans.

FHA loans only require a credit score of 580 with 3.5% down payment. You may get qualified with a 500 credit score, but you’ll have to come with a 10% down payment.

So before you get into the fun part of shopping for a mortgage or visiting homes, it’s best to know what your credit score is and take steps to improve it.

You can get a free credit score at Credit Sesame.

B. Fix errors on your credit report.

Fixing errors on your credit report in order to get pre-approved for a loan in order to buy a house can take 30 days.

According to Transunion, “most investigations are completed within 2 weeks, but some may take up 30 days.”

Again, we recommend you get a free credit report at Credit Sesame. A credit report will give you a detail analysis of your credit history, how much debt you owe, and how creditworthy you are, etc. If there are any errors or inaccuracies, fix them immediately so there’s no surprise when you’re actually applying for a mortgage.

The best way to do that is by filing a Transunion dispute or Equifax dispute.

C. Do you have a down payment for the house?

How long it will take you to buy a house will also depend on whether or not you already have money saved up for a down payment.

Unless you’re going to buy the house with outright cash, you’ll need a down payment. And saving for a down payment can take a long time. Depending on your income and expenses, saving for a down payment on a house can take years.

Assuming, for example, you want to buy a house that will cost you $450,000, and you’re using a conventional loan to finance the house. With a 20% down payment, you will need to come up with $90,000.

Let’s say again, because of other monthly expenses, you can only save $1500 a month for the down payment.

You see how long it will take you to save for a down payment to buy the house? 5 years. And that doesn’t even take into account other upfront costs of buying a house, such as closing cost.

While it’s possible to get a mortgage with a down payment as low as 3.5% of the home purchase price, it’s advisable to put at least 20% down. The reason is because you will avoid paying private mortgage insurance (PMI), which protects the lenders in case you default on your mortgage.

Home buyers with a down payment below 20% are usually charged with PMI.

Another reason for a larger down payment is that it reduces the cost of the mortgage, grows equity much faster, and saves you on interest over the life of the loan.

As you can see, it can take you as much as 5 years from the time you’re thinking about buying the house to the time you’re actually ready to start the process.

But once you have taken care the things above, buying a house can go a lot faster.

II. How long does it take to find a real estate agent?

Average time: 1 day to a month

Once you have been pre-approved for a mortgage, the next step is to find an experienced real estate agent. Finding a good real estate agent can take a day to a month. Websites such as Zillow and Redfin list real estate agents you can use.

III. Shopping for a home.

Average time: a few weeks to a few months

With the help of a real estate agent and your own due diligence, finding a home can can go faster or take longer depending on available homes, the season and your desired location.

But experts say on average it can take a minimum of three weeks to a few months.

IV. Making an offer, negotiation, and inspection.

Average time: 1 to 10 days

Once you have found the home of your dream, the next step is to make an offer. You and the seller can go back and forth negotiating the price.

Once your offer has been accepted, you and the seller sign something called a purchase agreement. Then, the next step is to hire a professional to inspect the home for defects. Depending on your state, a home inspection must be completed within 10 days. And if the inspection finds some defects in the house, that could delay the process.

V. How long does it take to close on a house?

Average time: 30 to 45 days.

Once the inspection is done, your lender will need to officially approve you for the loan. And depending on the lender, it can also affect how long it takes to buy a house. You may need to provide additional documents. But the lender will need to assess the home for its value. And depending on the program (whether it’s conventional loan or FHA loan) it can take anywhere from 30 to 45 days to close on a home.

Bottom line

When asking yourself this question: “how long does it take to buy a house?” The answer is : it depends. If you have your credit score, your down payment, your other finances under control, you can buy your house in two months or less. But if you have to save for a down payment, fix errors on your credit report, raise your credit score, the whole home buying process can take years.

Click here to compare mortgage rates through LendingTree. It’s completely FREE

Still wondering how long it takes to buy a house? Read the following articles:

  • 5 Signs You’re Not Ready To Buy A House
  • 10 First Time Home Buyer Mistakes To Avoid
  • 3 Signs You’re Not Ready to Refinance Your Mortgage
  • The Biggest Mistakes Millennials Make When Buying a House
  • 7 Signs You’re Ready To Buy A House

Work with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). So, find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How Long Does It Take To Buy A House? appeared first on GrowthRapidly.

Source: growthrapidly.com

How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!)

Hello! Are you interested in starting a dog treat bakery business? Well, good news, this article will tell you what you need to know. Plus, you can sign up for this free training workshop that will teach you how to start your own side hustle baking and selling dog treats.

Hi! My name is Kristin Larsen, and I run Believe in a Budget, a blog about personal finance and my experience with various side hustles. (It feels like I’ve tried them all over the years!)dog treat bakery business

As I’ve written about before here on Making Sense of Cents, my favorite online side hustle is working as a Pinterest virtual assistant. Managing Pinterest accounts is a great way to earn an income entirely online.

But today, I’m here to talk about a completely different side hustle, one that can be run entirely offline if you want (or entirely online, or a combination!).

While I love being able to work from home (or anywhere) on my computer, there is something to be said about stepping away from the computer and doing work that doesn’t involve the ‘virtual world’ – work that requires you to move around a little instead of being planted in front of a screen all day long!

In the case of this side hustle, it involves moving around the kitchen baking up beautiful and delicious dog treats.

Yes, dog treats!

The side hustle I’m speaking of is starting a dog treat bakery and I’m so excited to share it with you today. As a successful dog treat baker myself, I know first-hand how in-demand and lucrative this business can be.

How do you start a dog bakery?

 

How I Took My Dog Treat Bakery from Passion to Side Hustle to Full-Time Job

My dog treat bakery story started over ten years ago when I was an interior architect and designer at my 9-5 job.

At the time, I was the proud dog mom of Bella, a sweet-but-very-high-maintenance pup. Her birthday was coming up and I wanted to give her a birthday treat that fit her ‘diva dog’ personality.

I went to the local pet store and perused the aisles, but all I could find were treats filled with ingredients I couldn’t pronounce that looked like they had been sitting on the shelves for years. After a disappointing visit, I walked out the door and decided that I was going to bake Bella a treat.

This was kind of laughable since baking was not something I had done much of in my life, but I was going to figure out a way to make it work.

I decided to do some research by going to a local bakery and spending a lot of time staring at the baked goods (awkward!), trying to figure out which one I could recreate for Bella. I finally decided on a pretty cupcake adorned with white icing.

I went home, researched dog-safe ingredients and got to work planning Bella’s birthday treat. After a quick trip to Target to buy a mini cupcake tin, I started baking.

About an hour later, her birthday cupcake was baked, iced and ready to serve. Despite its small size, it was a huge success she loved it!

As soon as I saw how much she loved her treat, you could say I became a little obsessed with making wholesome, healthy treats for her. Soon, I started gifting them to friends and family.

I went from developing a single cupcake recipe to developing over 20 different dog treat recipes everything from treat bones to cookies to brownies to cakes!

Pretty soon, the friends and family who were on the receiving end of my gifts were saying: ‘Kristin, our dog(s) LOVED your treats. Can we buy some to gift? Can my friends/family/co-workers/neighbors buy some?’

With those questions, Diva Dog Bakery™ was born!

My little ‘obsession’ quickly became a side hustle, first bringing in $100 to $200 a month, then over $500 a month, just selling through word-of-mouth. It was the easiest money I had ever made!

In a serendipitous turn of events, I ended up losing my 9-5 job a few months after I started Diva Dog Bakery™. It was during the Great Recession, so I couldn’t find a job in my industry anywhere. My unemployment checks weren’t enough and I was quickly going through my savings.

I was initially stuck in a ‘dog treat bakery = side hustle’ mindset,  so it didn’t immediately occur to me to try to turn my side hustle into a full-time business. But when my money was drying up, it finally clicked: I can turn this into a full-time business!

I went all-in on my bakery and hustled hard. I sold at multiple farmers markets every Saturday (shout-out to my parents who helped me ‘be’ in multiple locations at once!), started a successful Etsy shop and also sold products wholesale.

Pretty soon, I went from going broke to making a solid $3,000 to $4,000 per month… despite the economy being in the biggest downturn since the Great Depression. 

Needless to say, I was ecstatic!

The especially exciting thing about my earnings is this was nearly ten years ago when the dog treat industry wasn’t nearly as hot. These days, my efforts could easily bring in double that!

 

The Opportunities in the Dog Treat Industry (Why You Should Start a Dog Treat Bakery)

When I first started my dog treat bakery, the idea of buying homemade cupcakes or brownies or cookies for your dog was still considered a little ‘out there.’

These days, dog owners are much more tuned in to the idea of pampering their pooches and they’re willing to spend money to make it happen.

Here are a few interesting stats for you:

  • The dog treat market is incredibly hot right now and getting even hotter… to the tune of almost 7 BILLION dollars in sales in just 2020 alone! (source)
  • Over six out of ten dog owners are concerned about the safety of the dog treats they purchase. (source)
  • Dog owners are especially interested in purchasing dog treats with wholesome, easy-to-pronounce ingredients. (source)

It’s never been a better time to get started with a homemade dog treat bakery!

 

How Much You Can Earn Baking Dog Treats at Home

If you just want to run a fun-but-profitable hobby, you can easily earn $500 to $1,000 a month with a dog treat bakery as a side hustle.

At this level, you can do all of the work yourself in just a few hours a week. If you have kids, you can also have them pitch in. A dog treat bakery is a great family business!

If you want to turn your dog treat bakery into a full-time business, you can scale it into four figures a month, or even five figures a month.

If you want to scale your dog treat bakery into a full-time business, expect to work 30 to 35 hours a week yourself. If you want to have a heavy farmers market presence, you will probably need to bring on some help for a few hours each week so you can have a presence at multiple farmers markets at the same time. (The best ones are usually on Saturday mornings.)

If things get really busy, you can bring on baking help, marketing help, shipping help and more! You can make this business as big (or as small) as you’d like.

 

Where to Sell Your Dog Treats

As I mentioned at the beginning of this post, you can run your dog treat baking business in a way that suits your lifestyle. You can run it offline, online, or both!

There are so many ways and places to sell your treats, but here are a few ideas to get you started.

Offline:

  • Word-of-mouth sales (e.g., friends, family, co-workers, church)
  • Farmers markets
  • Wholesale to local businesses (e.g., pet stores, veterinarian offices, gift shops) 

Online:

  • Etsy shop
  • Social media for local sales
  • Social media for nationwide sales

 

How Much Does it Cost to Start a Dog Treat Bakery?

Like nearly all businesses, starting a dog treat bakery comes with a few start-up costs, but you will easily earn these back when sales start coming in, or you can even take pre-sale orders! (Have I mentioned that the profit margin on dog treats is amazing?!)

Typical start-up costs for homemade dog treat bakeries in the U.S.* include:

  • $20 to $50 for the initial ingredients, plus a few inexpensive baking tools if you don’t already have them in your kitchen
  • $0 to $75 for treat packaging costs
  • $25 to $50 for a business license
  • Between a $25 one-off fee to up to a $50 per-treat fee to register your treats with your state – this will depend on your state’s regulations

*Costs and laws outside of the U.S. will vary from what is listed here.

 

Are Dog Treat Bakeries Regulated?

Yes, but not nearly as much as ‘people food’ bakeries. (Good for would-be dog treat bakers, but a little sad for our furry friends!)

In the U.S., the exact regulations you will need to follow are decided by your state and sometimes your local area (e.g., county, city). This is easy information to find out by contacting the following agencies:

  • State department of agriculture or feed control office
  • State and local health departments

You can also contact your state’s business agency and tell them you want to start a pet treat bakery. Many states have information on file about pet treat bakeries that tell you everything you need to do.

Don’t be intimidated by this process – in most cases, all you have to do is fill out a few forms and pay a few small registration fees!

 

How to Get Started as a Dog Treat Baker

When I first started Diva Dog Bakery™, I honestly had no idea what I was doing.

Although I saw success pretty quickly, there was a lot of trial-and-error because I had no one to guide me. I didn’t know anyone who owned a bakery, let alone a dog treat bakery.

The one thing I definitely did right at the beginning – and what I recommend to you if you want to become a homemade dog treat baker – was to spend some time in the kitchen learning how to make treats.

Because I wasn’t much of a baker (and maybe you aren’t either), getting a little baking experience under my belt was very helpful.

I also tested out my treats on my dogs and the dogs of some of my friends and family. Dogs may not be able to talk, but you can tell pretty easily which treats they love eating and which treats they’ll turn their nose up at!

With this data, you can start to package up and sell the most-liked treats. You can scale it from there and start to build up your business.

If the idea of going it alone on a dog treat bakery business sounds a little intimidating, I’d like to welcome you to join the Diva Dog Bakery™ course where I’ll teach you exactly how to build a thriving dog treat bakery business!

Here’s what the course covers:

  • How to best make and store dog treats (this is where you’ll practice your baking techniques)
  • How to turn your hobby into a legal dog treat business 
  • How to package your treats beautifully without hours of effort (beautifully packaged treats command premium prices!)
  • How to price your dog treats so you maximize your revenue
  • Where to sell your dog treats: offline, online or both
  • The best methods for accepting payment
  • How to most efficiently and inexpensively ship and deliver your treats
  • The best ways to promote your business so you build up a following of raving fans and repeat customers!

You’ll also receive valuable bonuses, including:

  • My full dog treat recipe book, which includes the most popular and profitable recipes I used in my bakery
  • Guaranteed analysis/nutrition labels to use on your treats (required by certain states)
  • 30 days of free access to the Diva Dog Bakery™ Community so you can get all of your questions answered while you grow your business, including live training

It has been so exciting to help new dog treat bakers launch their businesses! Cheering on every baking success and every business success is truly the best part of my day.

 

Lessons Learned from a Cupcake… and a Phone Call

I like to say that Diva Dog Bakery™ started with a cupcake.

But it really, truly started when, after gifting treats to friends, one of those friends called me and said: ‘Kristin, can I buy a bag of your dog treats?’

Until that moment, I had no idea that anyone would actually want to pay for the treats I had been making as a labor of love.

I learned a valuable lesson that day: there is a market out there for so many different products and services. Whether it’s a product or service that we dream up on our own or that we learn from a course, there is probably someone who wants to buy it from us.

We just have to figure out a way to make that sale happen… and then make it happen again and again!

 

Dog Treat Bakeries are a Great Business to Start

If you’re interested in starting a business that’s ‘outside the box’ of the typical online businesses, then I highly recommend starting a dog treat bakery. 

The industry is booming, the work is enjoyable, the profit margin is fantastic and (maybe the best reason of all) you have the cutest customers!

To get started on your dog treat bakery journey, I’m offering a free dog treat bakery workshop! Check out the sales page here and sign up for the free workshop.

If you have any other questions about starting a dog treat bakery after watching the workshop, just email me and I’d be happy to answer them.

Are you interested in starting a dog treat bakery?

The post How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!) appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

5 Savvy Money Moves to Make This Year

A young couple sits in bed on a laptop discussing savvy money moves.

The following is a guest post from The Savvy Couple.

As much as we don’t like to admit it, money is a very important tool that can be used to better our lives.

So why don’t we take better care of managing it?

Luckily, there are some savvy money moves that you can make this year to improve your finances and feel more financial peace. This year can be a great one, and you can use your money to help make it happen.

We have narrowed down our top five money moves that you can make this year that will have a huge impact on your overall finance. The best part is they are not complicated and they won’t take a lot of time to implement. In fact, you can start to put them in place right after reading to the end of this article.

1. Create a Money Plan and Stick to it

It’s really important to create a plan, or budget, for your money. If you don’t, then you could find your money just escaping and not having a clue where it’s gone.

A lot of people think that a budget is strict, and something that you use for just your bills. But a good budget will be a plan for your money for the month and how it is going to be spent. Your budget should reflect the direction that you want your life to take.

It should enable you to spend more money on the things you love and cut wasteful spending on the things you don’t.

It doesn’t have to be super strict either—we advise “paying yourself first.” Meaning put your money where it’s most important first (investing, savings, fun money), and then using the rest of the money to pay your bills.

Think about what your goals are for your life and base your budget around that. You have a set amount of income, and you can decide where you want that money to go.

2. Cut Your Monthly Expenses

One step toward creating the money plan that you want can be cutting your monthly expenses. This doesn’t mean that you need to be drastic with the expenses that you are cutting out.

When it comes to creating your money plan, it’s important to look at what you are currently spending money on.

If you have never tracked your expenses before, you will likely be surprised to see where your money is going. We like to think that we have a good idea of what we are spending, but if you are not tracking your spending then you are most likely vastly underestimating your spending.

Go back through your spending and highlight any problem areas. The important thing here is to not beat yourself up for anything that you’ve spent.

When you have created the plan for your money, you may find that you have been spending on things that don’t fit in with that plan. These could be the ones that you choose to cut down on.

Cut down on your expenses slowly. Otherwise, you could find that it’s too much of a change and you want to go back to how you were spending before. Try picking one thing to cut down on, and do a bit of trial and error.

3. Stay Away from Debt

We’ve been talking about creating a money plan for your life, but there are some things that can throw your plan off track—debt being one of them.

Sometimes, debt is unavoidable. There are situations that we find ourselves in such as medical emergencies, car repairs, or any kind of emergency really!

The best thing to do is to prepare for these kinds of situations. We can’t fully plan, of course, but we can set aside some money to prepare. These are usually referred to as emergency funds. We recommend saving a $1,000 emergency fund as soon as possible, then slowing building that up to 3–6 months of living expenses after your debt is paid off.

Debt is so normalized in society, but debt doesn’t have to be! Making savvy money moves and trying to prepare for future emergencies will help tremendously in the long run.

4. Understand How Your Credit Score Works

Let’s be honest—a lot of us don’t pay much attention to our credit score. It’s one of those boring things that we don’t think about until we need it.

The last thing that you want to happen is to find that you need to take out credit but you can’t because of your credit score. Therefore, it’s a savvy money move to understand how your credit score works.

Credit scores are generally used by lenders when you want to take out a line of credit with them—for example, when you are getting a mortgage or car loan. If you have a high credit score then you will have access to better rates and terms for your loans.

Your credit score is largely determined by whether you pay your bills on time, as any missed payments will go against you. Your score is also determined by how much credit you have used compared to the amount that you have been lent.

It’s essential that you check your credit report as there can be errors on there which you can rectify—the sooner the better. The longer you wait to repair your credit, the harder it can become.

You can get your Experian VantageScore 3.0 for free from Credit.com when you sign up for the free Credit Report Card. And if you want more details on your credit score, sign up for ExtraCredit. You’ll get 28 FICO® scores and your credit reports from all three major credit bureaus.

Try ExtraCredit Today

5. Start an Online Side Hustle

We are huge fans of starting side hustles because at the end of the day you can only cut your expenses so much. But your income has unlimited potential.

Side hustles are great because you can create an income stream for your goals, or even use it to leave your day job.

The benefit of starting an online side hustle is that there are so many possibilities, you pretty much only need to have access to the internet.

It’s worth brainstorming some side hustle ideas that you have an interest in doing. It’s also worth thinking about ideas that will be free or have a very low cost to start up. The last thing that you want to do is spend a lot of money on something that’s not going to take off.

You can determine how much time and effort you want to put into your side hustle—it doesn’t have to be a brand-new business, but can be getting an extra job or something small.

Some of our favorite side hustle ideas include:

  • Starting a blog
  • Proofreading
  • Facebook advertising for businesses
  • Teaching English online
  • Freelance writing

Savvy Money Moves throughout the Year

If you want to make some good money moves this year, this is a good place to start. These are some simple things that anyone can do to improve their finances greatly.

What are your best savvy money moves? Let us know in the comments!


Kelan and Brittany Kline are the creators and co-founders of The Savvy Couple. They write about personal finance, budgeting, making money online, entrepreneurship, and more.

The post 5 Savvy Money Moves to Make This Year appeared first on Credit.com.

Source: credit.com

What Is “Accessible Income” on a Credit Card Application?

If you’re applying for a credit card, you might stumble upon this term “accessible income.” In fact, that’s the only situation in which you will come across the term: on a credit card application. So, you need to know what it is.

Accessible income is not just income you earn from your regular job. Rather, it includes much more than that. It includes income from a wide variety of sources, like retirement savings accounts, social security payments, trust funds, just to name a few.

Accessible income can work in your favor because not only you can list income from your job, but also all types of other money you receive in a given year. This in turn will increase your chance of getting approved for the credit card, simply because you can list a higher income.

It also can get you approved for a higher credit limit, which in turn can help your credit score and allow you more spending freedom. In this article, I will explain what accessible income is and the types of income you need to include in your credit card application. Before you start applying for too many credit cards, consult with a financial advisor who can help you develop a plan.

What is accessible income?

Accessible income means all of the money that you have accessed to if you are 21 years old or older. According to the Credit Card Accountability Responsibility and Disclosure Act, lenders are required to offer you credit if you are able to pay your bill. If you do not make enough money and do not receive enough income from other sources and cannot make payments, they can reject your application. That is why they ask for your accessible income.

If you are between the age of 18 and 20, your accessible income is limited to income for your job, scholarships, grants and money from your parents or other people.

However, if you are 21 and older, your accessible income involves way more than that. It includes income from the following sources:

  • Income paychecks
  • Tips
  • Bank checking accounts
  • Savings accounts
  • Income of a spouse
  • Grants, scholarships, and other forms of financial aid
  • Investments income
  • Retirement funds
  • Trust funds
  • Passive income
  • Checks from child support and spousal maintenance
  • Allowances from your parents or grandparents
  • Social security payments or SSI Disability payments

To report that accessible income, just add them all up to arrive at a total and submit it. The credit card companies will not ask you to provide the specific source of each income

What does not count as accessible income

Loans including personal loans, mortgage, auto loans do not count as accessible income simply because they are borrowed money. So, do not list them when submitting your credit card application.

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Accessible income on the credit card application

Accessible income is only associated with credit card applications. In other words, you’re only asked that when you’re applying for credit cards. When applying for a credit card, you should take advantage of all sources of income and not just the income from your job.

So, you should make sure to gather all of the money you have accessed to that year. Not doing so means that you’re leaving other income that is just as important. As mentioned above, you should not include loans or any borrowed money.

When reporting your accessible income, be as accurate and truthful as possible. While some credit card companies may take your word for it, others may ask you to verify your income. In that case, you will need to provide hard proof like pay stubs, bank statements, statement from your investments accounts, etc…

Why providing accessible income important?

Your credit score is the most important factor credit card companies rely on to decide whether to offer you a credit card. However, your income is also important. The higher your income, the better.

A high income means that you’re able to cover debt that you may accumulate on your credit card. And the higher your chance is that they will approve you. The opposite is true. If you have a low income, some credit card companies may not approve you even if you have a good credit score. So, in order to increase your chance, you should take advantage of accessible income.

The bottom line

The only situation where you will find “accessible income” is on a credit card application. Accessible income is all income you have access to in any given year. That includes much more than your paychecks from your regular jobs.

But it also includes all types of money including checks from child support or alimony, allowances from your parents or grandparents, money in your retirement and investment accounts, etc. So, you should take advantage of it when applying for a credit card.

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post What Is “Accessible Income” on a Credit Card Application? appeared first on GrowthRapidly.

Source: growthrapidly.com

Buying a Home for the First Time? Avoid These Mistakes

Buying a home, especially if you’re a first-time home buyer, can be daunting and nerve racking.

But it does not have to be. LendingTree’s online loan marketplace has got you covered – at least when it comes to getting a mortgage.

A 2016 study by the Office of Research of the Bureau of Consumer Financial Protection reveals that prospective buyers who shop for a mortgage when buying a home for the first time report “increases consumers’ knowledge of the mortgage market and increases consumers’ self confidence in their ability to deal with mortgage related issues.”

The importance of shopping for a mortgage as a first-time home buyer is that it saves you money in the long term and “reduces the cost of consumers’ mortgages,” the study found.

The home-buying process can be intimidating. So being aware of these mistakes when buying a home for the first time can help you save thousands and thousands of dollars in the long term.

Tips for Buying a Home
To guide you through a major financial decision like the purchase of a home, you may want to talk to a financial advisor.

Luckily, SmartAsset’s advisor matching tool can help you find a suitable financial advisor in your area to work with.

Get started now.

10 Mistakes to avoid when buying a home for the first time.

1. Not knowing your credit score.

We are all aware that the higher your credit score, the better.
Yet, despite this fact, many people fail to check their credit score before
buying their first home.

And a low credit score can lead to a high interest mortgage loan, or even worse, a loan rejection. Given the fact that your credit score is the number 1 item mortgage lender looks at, it pays off to know where you stand.

Credit Sesame will let you know what your credit score is for free and monitor it for you. It will also offer tips on how to raise your credit score and reduce your debt.

Just sign up for a free account – it only takes 90 seconds.

2. Not shopping and comparing mortgage rates.

Mortgage rates and fees vary across lenders. In other words, two applicants with the identical credentials can get different mortgage rates. Despite this, however, many fist-time homebuyers fail to shop and compare mortgage rates before buying their first home.

The study reveals that 30 percent first time homebuyers do not
compare and shop for their mortgages, and more than 75 percent reported
applying for a mortgage with only one mortgage lender.

The study further reveals that “failing to comparison shop for a
mortgage costs the average homebuyer approximately $300 per year and many thousands
of dollars over the life of the loan.”

An easy way to shop and compare for a mortgage is with LendingTree. Their simple and straightforward platform can help you find and apply for the right loan all in one place.

3. Sticking with the first mortgage lender you meet.

While it’s tempting to work with your local mortgage lender who’s
only a few blocks away from your home, this decision requires more time. Take
time to meet with at least three mortgage lenders before picking the best match
for you.

Fortunately, LendingTree free online platform, allows you to quickly browse several mortgage rates with several mortgage lenders without visiting a dozen bank branches.

4. Not knowing what loans are available to you.

If you’re buying a home for the first time, one thing you need to address is what types of loans are available to me. Sometimes the answer to this can be quite simple: conventional loan. This is because most people know about this type of loan.

But conventional loan requires at least 20% down payment. And the credit score needs to be in the 700. *Note: You can put less than 20% down payment, but you will have to pay for a private insurance mortgage (PMI).

Sometimes it’s not feasible to come up with that type of money as a first time home buyer. So knowing if other loans are available to you is very important.

FHA loan

One type of loan that is popular among first time home buyers is FHA loan. It is so popular because it’s easier to get qualified for it. And the down payment is very little comparing to that of a conventional loan.

For example, FHA loans require a 580 credit score and a down payment as low as 3.5% of the home purchase price. This makes it easier to qualify for a home loan when you’re on a low income.

VA loans

VA loans are another great option for first-time homebuyers. However, you have to be a veteran. Unlike a FHA or a conventional loan, VA loans require no down payment and no mortgage insurance. This can save you thousands of dollars per year.

So if you’re in market for a loan to buy your first home, you need to educate yourself about the different available loans.


Not All Mortgage Lenders Are Created Equally

When it comes to getting a mortgage, rates and fees vary. LendingTree allows you to view and compare multiple mortgage rates from multiple mortgage lenders all in one place and at the same time, so you can choose the best rates for your needs. LendingTree makes getting a loan faster, simpler, and better. Get started today >>>


5. Not getting pre-approved for a mortgage

One of the first time home buying mistakes you should avoid making is not getting a pre-approval letter. You can simply contact a lender and request it. The mortgage lender will pull your credit report to make sure you have the minimum credit score requirement.

They will also need your bank statements, W2s, recent income tax returns, pay-stubs to verify your employment and ability to afford the loan.

Why this is important? A pre-approval letter means that you’re a serious buyer. It signals that you’re able to commit to the house once an offer has been accepted. It also makes you more desirable than the other potential buyers.

Get a Pre-Approval for a Mortgage Today

6. Not knowing how much you can afford

Buying a home is probably going to be the biggest expenses you’ve ever made. But buying a house you cannot afford can lead to financial trouble along the road. Paying an expensive mortgage for 15 to 30 years on a low income can be hard.

So it pays to know how much house you can afford before you start searching for your home.

The best way to know how much house you can afford is to look at your budget. Take into account your expenses and income and other costs associated with owning a home.

7. Not knowing other upfront costs

If you think that the only cost to buying a home is a down payment, then think again. There are several upfront costs associated with owning a house. These upfront costs include private mortgage insurance, inspection costs, loan application fees, repair costs, moving costs, appraisal costs, earnest money, home association dues.

As a first time home buyer, this may come to you as a surprise. So, be ready to have enough money to cover these costs.

8. Failure to inspect your home.

Although some banks would prefer you inspect your home before they offer you a loan, it’s not mandatory. But that does not mean you shouldn’t do it. Not inspecting your home can cost you a lot. Inspection discovers defects that you may not know about. Inspection costs can be anywhere from $300 to $700.

Don’t be stingy with these costs. It’s better to find out about any hidden defects , like a faulty wiring and plumbing, than finding about them later. To avoid regretting your decision or having to spend thousand of dollars on repairs down the road, consider an inspector.

9. Failure to check out the neighborhood.

Just because the street or the neighborhood your potential house is located is quiet or is not run down doesn’t mean crime is not a problem. So before buying your home, you should check out the neighborhood. Take a trip at night to get a feeling of the environment. Talk to residents. Most importantly, check with the local police station – they can be a great resource when it comes to crime rates in a particular location. This is simply one of the first time home buying tips you shouldn’t ignore.

10. Searching for a mortgage on your own.

There are several mortgage lenders available to you. But choosing one that is right for you can be tough.

The LendingTree online platform makes it easy and simple for you to find the right home loan for you. Now you can get matched up to several mortgage lenders all in one place and at the same time. And the whole process just takes a few minutes.

Follow these steps to get matched with the right mortgage:

  1. Go to www.lendingtree.com;
  2. Answer a few questions regarding the type pf loan yo need and you’ll use it. Within a few seconds, you’ll see multiple, competing offers from several lenders;
  3. You then shop and compare offers side by side.

Ready to get started? Find your best loan!

The bottom line is when it comes to buying a home for the first time, you should not take any shortcut. Doing so can cost a lot of money down the road. So before buying your first home, make sure you get the right mortgage loan, inspect the home, and have enough money to cover some of the upfront and ongoing costs associated with owning a house.

Speak with the Right Financial Advisor

Still looking for first time home buying tips? You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post Buying a Home for the First Time? Avoid These Mistakes appeared first on GrowthRapidly.

Source: growthrapidly.com

How to Decide If Pet Insurance Is Worth the Cost

Woman deciding if pet insurance is worth the cost

Last fall, our greyhound Tivo refused his breakfast on a Friday morning. He didn’t eat or drink water all day, and we were worried. That night, we took him to the 24-hour emergency veterinarian and Tivo was diagnosed with a bacterial stomach bug and dehydration. We went home with antibiotics, a saline IV, and a $200 vet bill.

Thankfully, we could afford this bill for unexpected emergency care for Tivo. But if he were diagnosed with a chronic condition or needed a very costly intervention, we might find ourselves facing some heartbreaking financial decisions.

Pet insurance is often touted as a solution to these worries. With pet insurance covering some costs of veterinary care, you’re never forced to choose between your beloved pet and your finances. However, does this kind of coverage make sense for most pet-owners?

Here’s what you need to know about pet insurance so you can keep your fur babies bright-eyed and bushy-tailed for years to come.

Premium costs

As with human health insurance, pet insurance charges you a monthly premium for your pet’s coverage. According to Value Penguin, the average monthly cost for canine pet insurance is $47.20, and the average for feline insurance is $29.54 for accident and illness coverage.

Of course, this doesn’t tell the whole story of what to expect from premium costs. Many pet insurers increase premiums with the age of your pet. Which means the $47 per month you pay to keep your 4-year-old pup healthy could rise with his/her age, making the premiums harder to keep up with just as they’re more likely to need age-related medical intervention. In addition, different breeds can have different premium prices, since there are some hereditary conditions that various breeds may be more prone to.

However, even with these potential issues, there are some methods to keep premiums manageable. For instance, some tried and true insurance reduction strategies work just as well for your pet’s health insurance as they do for your own. These include increasing your deductible, reducing the percentage that the insurance reimburses, or limiting the annual payout rather than choosing unlimited coverage.

These strategies can keep your premiums affordable while still helping with big veterinary bills. But you need to be prepared to pay anything above and beyond the coverage limits you set up. (See also: 8 Ways to Lower Your Vet Bills) 

Coverage

It’s also important to note that pet insurance does not necessarily cover every kind of health cost for your pets. To start, unlike (some) human health insurance, most pet insurance will not cover preventive care and annual exams. So you will need to plan for these costs on top of your premiums.

Pet insurance policies generally come in two varieties: accident and illness policies, and accident-only policies. In general, accident-only policies do not raise their premiums as your pet ages, making this kind of insurance more affordable long-term. However, accident-only policies tend to be cheaper because your pet is less likely to get injured than fall ill. If you decide to invest in pet insurance, getting both accident and illness protection will likely offer you more protection.

That said, each insurer gets to decide which illnesses, conditions, and services it covers, and not all ailments are covered. Many insurers also do not cover the diagnostic exam for a particular illness, even if the treatments are covered. Make sure you pay attention to the details of what your potential insurer will cover before signing up for coverage.

As with many types of human health insurance, most pet insurance policies exclude preexisting conditions. Unfortunately, some insurers consider health problems to be "preexisting" if they crop up within a year of the purchase of your policy. Insuring your pet when they’re young is the best way to avert the preexisting condition coverage gap.

Finally, pet insurance coverage is usually handled via reimbursement. That means you’ll be on the hook to pay the vet bill at the time of service, and you’ll submit your receipts to your insurer to receive reimbursement. (See also: 7 Things You Need to Know About Pet Insurance)

Should you buy pet insurance?

With all the caveats, coverage gaps, and reimbursement requirements, pet insurance is not necessarily a slam dunk for everyone. In fact, many consumer advocates recommend that pet owners put aside an amount equal to the annual premium into a savings account each year. This will give you the same peace of mind that you can cover any potential health care needs for your pet while also allowing you to keep the money if you never need to use it.

However, if you struggle with financial discipline, this strategy will leave you in a difficult situation if your furry friend needs an expensive procedure. Pet insurance can provide you with the protection your pet needs even if you struggle with money. 

Show your love with an emergency fund

Whether or not you decide to purchase pet insurance, remember that you’ll have to pay upfront for any veterinary procedures. With insurance, you will get reimbursed for covered care, but you will still need to have access to funds to pay for Mittens’ kidney stone removal or Rex’s arthritis care at the time of care.

This means that one of the best ways you can protect your furry friends and avoid heartbreaking financial choices is to have an emergency fund. With or without pet insurance, set some money aside for the unexpected so you can enjoy your four-legged family members for years to come. (See also: 7 Easy Ways to Build an Emergency Fund From $0)

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With pet insurance covering some costs of veterinary care, you're never forced to choose between your beloved pet and your finances. Here's what you need to know about pet insurance. | #pets #petcare #insurance


Source: feeds.killeraces.com