If you want to know how to live your best financial life, you’ve come to the right place! Here, you’ll find everything from information on insurance, investments, and owning rental property to advice on savings and retirement.
When someone visiting your property gets injured, does your homeowners insurance cover their medical and other expenses? What if they sue you? What should you do if a person is injured on your property? Accidents happen When someone is injured on your property, the liability portion of your homeowner’s policy compensates the victim for all… Read more »
Nearly five million cats and dogs are covered by their owners with pet health care insurance, almost double the number of pets five years ago. Pet insurance is a godsend when your pet unexpectedly has an expensive ailment or accident, but the coverage isn’t cheap. So, is it worth it? Pet insurance by the numbers… Read more »
Today’s higher interest rates are squeezing would-be home buyers. Less than three years ago, rates were below 4 percent. Now they are above seven, and monthly payments have soared. This has driven home sales down and generated fresh interest in creative financing programs. If you’re in the market for a home, consider these alternatives to… Read more »
In recent years, short-term home rentals have soared thanks to online services such as Airbnb and VRBO. Renting your property to short-term guests can be easy to earn cash to build home equity. But there are six things you should consider before becoming a short-term rental host. Guests who damage property: yours and others You… Read more »
You may rent out a guest bedroom to short-term tenants through Airbnb or another home-sharing site. If so, it’s essential that you understand the tax rules for using your home to earn short-term rental income. Here’s a tutorial. Federal and local taxes The IRS has rules regarding the reporting of rental income. Municipalities may have… Read more »
If you own a house that you use as a vacation rental but also use the property yourself at times, you should know some important federal income tax rules. Here’s our guide. The number of days is key. The IRS treats situations differently depending on the number of days spent renting and using the property… Read more »
Home improvement projects are costly. Prices have soared over the last couple of years from materials to labor as we’ve suffered through worldwide shortages, supply chain issues and inflation. Check out this handy rebate finder before scaling back a project or shutting it down completely. In just a few minutes, you could wind up saving… Read more »
If you are a homeowner behind on your mortgage payments, you may be able to extend the term of your mortgage to 40 years under a federal program that began May 8, 2023. The Department of Housing and Urban Development (HUD) will allow homeowners who are behind on payments on their Federal Housing Administration (FHA)… Read more »
When your home’s roof is damaged, one of your first calls will likely be to your insurance company. But the best time to get acquainted with the ins and outs of your policy is before disaster strikes. Here’s what you need to know. Read your policy about roof damage Most homeowners insurance policies cover roof… Read more »
Moving is much more than packing boxes, hiring a mover or renting a truck. Here is a checklist of “must-do” tasks to ensure a smooth move. At least one week before the move File a new address notification with the U.S. Postal Service. Everything will forward to your new address for one year, except magazines… Read more »
Proper estate planning can be a dreaded task but think of it as a gift to your heirs. Two primary legal entities are used in estate planning: wills and trusts. This summary provides a general comparison. Please consult an estate-planning attorney and financial adviser on your specific situation. Basics of wills A will is a… Read more »
In its battle to tamp down inflation, the Federal Reserve has increased the interest rates banks charge each other, which ripples through other lending markets, including mortgages. Further increases are possible. Are you helpless in the face of these mortgage rate increases? Not necessarily if you maintain a good credit score. Here’s what you can… Read more »
Many Americans tune out coverage of climate change, thinking the risks it poses will affect them “someday.” But with dangerous storms, excessive heat and droughts becoming more frequent and extreme, consumers are already feeling the pinch from climate change when it comes time to pay their homeowners insurance premiums. From one extreme to the other… Read more »
Insurance provides financial protection against the possibility of loss. Over your lifetime, your obligations shift, and the types of losses you could suffer change. That’s why it’s crucial to make sure your insurance continues to meet your needs. Here’s our guide to your changing insurance needs. Life insurance Life insurance protects a surviving spouse, family… Read more »
You’ve finally bought your first home and have little money available to furnish it, or you’re a traveling medical professional who just signed a six-month lease on an apartment. You’ve looked at the cost of buying furniture, and your eyes are bugging at the price. Is renting furniture your best option? Maybe, but maybe not…. Read more »
Homeowners across the country are getting a shock when they open their 2022 property tax appraisal notices. These appraisals are often far higher than they were only a year ago. What will these higher appraisals mean for property taxes in the future? What can you do if you think your appraisal is too high? Lull… Read more »
Inflation has risen to levels not seen in the U.S. since the early 1980s. Interest rates are rising, too, and there are clear indications they will keep going. How do these factors affect today’s housing market? Current inflation conditions Home prices soared over the last couple of years. New construction prices skyrocketed when the cost… Read more »
You might wonder why someone would turn down an inheritance, but it happens and often for good reason. Refusing to accept an inherited asset is known as disclaiming. An heir might disclaim an inheritance in several situations. Here’s how you can disclaim an inheritance if you need to. Why would you disclaim an inheritance? An… Read more »
Several types of insurance can come into play if you own a home. One of them is mortgage protection insurance. What does this insurance cover? Should you buy it? Here’s what you need to know. Paying off the mortgage The purpose of mortgage protection insurance (MPI) is to pay off the homeowner’s mortgage should he… Read more »
If you run your business from home, you should know the IRS rules for claiming the home office tax deduction. Taking the deduction is a great way to save on your taxes, but you must follow these qualifying rules to avoid an audit. Who qualifies for a tax deduction? If you are a W-2 employee… Read more »
