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8 common mistakes people make with their 401(k) plan
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8 common mistakes people make with their 401(k) plan

A 401(k) is a phenomenally successful retirement plan offered by an employer that encourages employees to save a specific amount of their income from every paycheck. The employee can choose the amount to be saved, and the employer matches the amount. These amounts accumulate in the employee 401(k) retirement account. An employee can invest the amount, take a loan against it, or withdraw it before retirement—against conditions and penalties. Advantages of 401(k) for employees 401(k) plans allow employees to have financial security during retirement without worrying about managing their post-retirement life without income. They can now set a portion of their income to secure their post-retirement financial needs. The plan also offers tax savings, opportunities to invest the money accumulated in their 401(k) plan, and, under specific conditions, take a loan in case of a financial emergency. Common mistakes that can devalue a 401(k) If an employee uses the various provisions and benefits of 401(k) in terms of contributions and investment, it can be a solid fund with good savings, returns, and tax benefits. However, if an employee does not use the opportunity well, it can result in wasted savings. These mistakes happen mainly because the employee may lack information about the different investment options, the loss, the penalties associated with loans, or the disadvantages associated with early savings withdrawal.
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9 mistakes to avoid when choosing a financial advisor
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9 mistakes to avoid when choosing a financial advisor

Sometimes, individuals possess the knowledge to handle financial planning, investing, and tax preparation but do not have the time to do it all by themselves. Others might be well-versed in the documentation and process but still require the intervention of a financial or tax advisor to get the job done efficiently. When choosing a financial expert, one might make some common errors that could lead to improper selection of the professional. 1. Rushing a decision An individual might procrastinate when it comes to planning their finances and look for an advisor at the last minute. In such situations, one might rush decisions and hire the first associate on their search page. As a result, it could lead to signing up with an expert who isn’t well-versed in the area one expects or one that is too expensive. One should take time when selecting a financial or tax advisor. Moreover, one must set appointments with at least three professionals before deciding. The individual should also ask them the same questions and compare the answers to find the right fit. 2. Going for the lowest quote Signing up with the person who quotes the lowest price might seem the right choice to save on fees.
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A brief guide to credit card hardship programs
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A brief guide to credit card hardship programs

Emergencies like losing a job, sudden medical expenses, or financial setbacks can often cause or increase debt and also make it difficult to keep up with debt repayment. Credit cards are one of the most common sources of debt in the country. Fortunately, there are ways in which one can avoid defaulting on their credit cards, especially when dealing with sudden yet temporary financial difficulties. One such option is a credit card hardship program. What are credit card financial hardship programs? A credit card hardship program is an option offered by credit card issuers and banks to customers facing financial difficulties, providing them temporary relief. If, due to certain circumstances, the customers find themselves unable to make even minimum monthly credit card bill payments, they can seek assistance from their lender through these programs. The bank or lender can arrange for these cardholders to make reduced payments toward their existing credit card debt. Features A financial hardship program can help provide monetary relief in several ways, the exact benefit varying from lender to lender. But a credit card hardship program typically has one or more of the following features: 1. Reduction in the monthly payment amount One of the most common ways lenders offer financial relief to their customers is by temporarily reducing the minimum monthly payment on their credit cards.
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5 things to know before accepting a settlement amount
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5 things to know before accepting a settlement amount

Accidents and injuries can be life-altering. When caused by someone else’s negligence or fault, individuals can sue the other party to recover compensation and damages. This is known as a personal injury or accident lawsuit. Since most of these cases are settled out of court, individuals often have questions regarding when to settle. Unfortunately, there is no right answer to this question – it entirely depends on the circumstances and how one would like to proceed. Things to know before accepting a settlement amount 1. It is possible to reject an offer but still receive compensation Often, insurance companies rush victims to accept a settlement offer, giving them the impression that they will receive nothing in return if they reject it. Do not fall for this, as it is not true. Any experienced attorney will attest to the fact that a settlement offer is only the beginning of the process. Insurance companies push it as a now-or-never offer because they want to spend the least time and money on personal injury claims. However, going with this quick settlement often lies in the insurance company’s best interest and could lead to major losses for the victim. Upon receiving a settlement offer, victims can make a counteroffer or reject the claim.
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12 things one may not know about VA loans
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12 things one may not know about VA loans

The military, navy, and air force are indispensable in protecting the nation against external threats and ensuring citizens’ safety. VA loans are a way to help army veterans get their home loans approved at low interest rates. Applicable to veterans and service members and their spouses, VA loans are useful ways to support Army personnel and their families. Certain aspects of VA loans, which many may not know of, increase their benefits for veterans. One doesn’t have to make a down payment Unlike other house loans, which require a down payment of a certain amount at the outset, VA loans do not require down payments. As a result, veterans do not have to suffer a financial crunch and can easily manage their current financial responsibilities while investing in real estate. The closing costs are minimal VA loans involve closing costs like other home loans. However, the closing costs for VA loans are significantly lower than those for regular home loans. These costs generally cover the expenses related to mortgage design, underwriting, taxes, insurance, and real estate commissions. Since VA loans’ closing costs are minimal, the borrower’s average expenditure is significantly reduced. There is no PMI required Private mortgage insurance, or PMI, is a type of insurance borrowers may have to buy if they make a down payment of less than 20% of the property’s total value.
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8 ESG investment strategies to explore
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8 ESG investment strategies to explore

As concerns about the environment rise globally, many investors look for companies that address these concerns. Environmental, social, and governance (ESG) investing is still relatively new, and there are formal guidelines for incorporating it into investment decisions. So, asset managers must determine the approaches that most closely align with their objectives. When building an ESG portfolio, it is important to remember eight crucial investment approaches. ESG integration It positions companies with high material ESG ratings as investment-worthy to boost portfolio return. Instead of defining a fixed set of rules, like the negative and positive screening, this strategy embeds ESG considerations into the company’s prevailing investment process. It is one of the top ESG investment strategies to consider for favorable returns. However, please update the procedures to account for the ESG factors for implementing this strategy. For instance, employing the ESG risk scoring model, a fund comprises weighted shares for top-performing companies for various governance, social, and environmental criteria and financial performance across the broad spectrum. Corporate engagement and shareholder action It involves using the shareholder’s power to influence corporate behavior, including: Direct corporate engagement, meaning interacting with the board of companies or senior management Co-filing or filing shareholder procedures Proxy voting guided by comprehensive ESG guidelines Report how shareholder voting and engagement address ESG risks and clearly define the engagement goals.
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Whole Life Insurance – Why it may not be right for most people
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Whole Life Insurance – Why it may not be right for most people

Whole life insurance is permanent, lifelong coverage designed to cover individuals until their deaths. This type of insurance has a cash value feature that grows at a guaranteed rate every year. This implies that it can be used as savings by taking loans against the policy’s cash value or making withdrawals on retirement. It is a popular option for those who wish to secure their loved ones financially. However, it may not be ideal for everyone. Pros and cons of whole life insurance Before understanding why whole life insurance isn’t right for most people, one should know about its pros and cons: 1. Pros of whole life insurance Like any other type of insurance, whole life insurance has several advantages, including the following: Is lifelong One advantage of whole life insurance is that it lasts for the entire lifetime as long as premiums are paid. Has death benefits Whole life insurance provides a death benefit to the beneficiaries, irrespective of when a person passes away. This does not vary depending on the policy’s market investment; instead, it is guaranteed to pay out at least the face value of the policy. Comes with fixed premiums With whole life insurance, a person is aware of the premiums that have to be paid for life, unlike other types of insurance, where the premium cost may increase later.
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9 ways to get a personal loan with bad credit
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9 ways to get a personal loan with bad credit

The term “bad credit score” can be quantified in many ways. For example, as per FICO ratings, a score of below 670 is considered poor. Likewise, VantageScore has its threshold at 661. A bad credit score greatly reduces an individual’s chances of getting loans from banks and other financial institutions. Nevertheless, there are certain borrowing avenues and ways to get personal loans with bad credit scores. Some of those useful options include: Make soft-credit inquiries This avenue is known as seeking prequalified loans from banks. Several lenders allow customers to submit prequalification online to let them see their estimated loan offers without affecting their credit scores. Soft-credit inquiries are effective for receiving a pre-approved loan from banks and other financial institutions that lend money to individuals. This process involves discussions with several potential lenders to assess one’s loan options. One must avoid making hard credit inquiries (loan inquiries in which lenders request to review the loan seeker’s credit report, as opposed to soft-credit inquiries that only involve talks), as that can further lower one’s credit score. Keeping personal identification handy Before agreeing to sanction loans for individuals, banks need them to reproduce their personal documents, including their social security number ID, driver’s license, W-2 forms from the previous two years, two most recent bank statements from all accounts, recent utility bills, mortgage statements, pay stubs, federal tax returns of the last two years, and other documents that verify one’s residential address, personal loan information, and overall contact details.
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7 critical credit card usage mistakes to avoid in future
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7 critical credit card usage mistakes to avoid in future

Credit cards offer an innovative payment solution where you can purchase products and book services in real time while paying for them later. A total balance of all expenditures accrues at the end of the billing cycle, where you can pay a minimum balance for the times when you are short on cash. But you need to use credit cards wisely as they can rack up significant bills that become too expensive to pay off. Here are some common pitfalls you must avoid using credit cards. Making payment mistakes Having a credit card is tempting because you might not even notice the amount of debt that racks up with just a few swipes. But the bigger problem is not paying these debts on time. Yes, you do have the option of only paying the minimum balance so that the card doesn’t get canceled. But carrying over debt to the next payment cycle will only make it more difficult to ultimately pay the total dues. On top of it, you’ll end up paying interest on the unpaid portion. Even if there is a cash crunch, try paying off most of the bill so that no dues are pending. Also, missing your payment dates can greatly impact your credit score.
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6 common types of loans to know about
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6 common types of loans to know about

One may need money for various reasons, whether it is for funding further education costs, buying a new house, or starting up a new business. A steady income may cover most of one’s regular expenses, but major purchases or emergencies may require one to borrow funds. The banks and federal organizations offer many options for people to borrow money with varying interest rates and repayment schedules. Read on to understand the common types of loans. Personal loans Personal finance is a versatile option that can help fulfill various needs. It can be availed to cover expenses like emergency bills, vacation, medical treatment, relocation to a different city, home renovation, wedding, or buying expensive electronics like tablets, computers, washers, and refrigerators. Usually, the repayment period can range from a few months up to a couple of years and the interest rate can either be fixed or variable, depending on the preference of the borrower. One can apply for personal loans via a bank or an online lender. One can choose between a secured and unsecured personal loan . In case of a secured loan, the borrower needs to provide a collateral that can back it up. This collateral can be any valuable, such as a vehicle, savings account, life insurance policy, or gold, which acts as a type of security for the lender who can claim it if the borrower fails to repay the loan amount.
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5 smart ways of using tablet computers
Tablets

5 smart ways of using tablet computers

You see tablet computers everywhere. More and more people are now moving toward tablets in offices, coffee shops, homes, and even schools. This is because they offer more power and uses than a smartphone and better portability than a desktop or even a laptop. Tablets have many more uses than simply checking your emails or browsing social media. Here are some interesting ways to find more uses for your tablet computer: Second screen Some people like to work on two screens at a time due to the demand of their work. This also enhances productivity and cuts down on time. It is easy to mirror your Android to another Android or even a computer. To use your tablet as an extended display, you need to install an application on your computer and connect the tablet to it using a USB cable or Wi-Fi. Some of the best app options to do this include Spacedesk, Google Remote Desktop, iDisplay, Duet Display, etc. As a remote to control electronics Tablet computers can be easily used to control your electronics. A tablet is larger than a remote and much easier to find and operate with better features. You can control your PC and television with it. It can also dim your home lights, open your garage door, and operate your smart fridge and washing machine. For instance, if you have a Sony Smart TV, you can use the TV Sideview application for your Apple and Android systems. E-Reader If you are an avid reader and have an old tablet, you don’t need to purchase a new e-reader. Your tablet can easily be used as an e-reader to browse your favorite books, magazines, comic strips, and even news applications. Since tablet screens have more glare, we suggest getting an anti-glare film on the screen.
Ignore these 8 foods when diagnosed with hyperkalemia
health

Ignore these 8 foods when diagnosed with hyperkalemia

Potassium is an essential nutrient that allows your body to function optimally. A meal plan rich in potassium allows proper nerve function and regulates your heartbeat. However, certain conditions such as kidney diseases and consuming food rich in potassium excessively may increase its levels in your bloodstream leading to a condition known as hyperkalemia . Let’s look at foods you should limit to keep your potassium within normal levels. Bananas The first food that comes to mind when people think of potassium sources is bananas. One medium-sized banana contains almost 422 mg of potassium. Though it would take a lot of bananas to cause an overdose of potassium, if you are also eating other foods rich in potassium, it will lead to excessive potassium levels in your blood, which in turn, will trigger hyperkalemia . Tomato Sauce and Paste Raw tomatoes contain a decent amount of potassium. One medium tomato has about 292 mg of potassium. Concentrated forms of tomatoes, such as sauces, salsa, paste, puree, etc., contain even higher amounts of potassium. For instance, a small cup of tomato sauce contains almost 728 mg potassium. So, it is advised to skip tomato sauce and opt for alternatives such as basil or roasted red peppers. Milk If you have been advised a low potassium meal plan, you must avoid milk or at least its consumption needs to be reduced. A cup of whole milk contains around 350 mg of potassium. The lower the amount of fat in milk, the higher the potassium content. While you may have a small serving of milk daily, it should not exceed 300 ml. It means avoiding milk and dairy products such as buttermilk, yogurt, milk-based sweets, ice creams, and other desserts. Oranges and Orange Juice Oranges have a very high potassium content and are best avoided if diagnosed with hyperkalemia .
7 mistakes to avoid when buying a new computer
Tech

7 mistakes to avoid when buying a new computer

With all the options of computer brands available in the market today, you might think it is effortless to pick up one. However, with so many choices, it can get tricky as buying a computer is a hefty, long-term investment. That’s why you should be aware of some common buying mistakes people would make while purchasing this device. And so, here are a few things to avoid before you invest in a computer : Buying without knowing your needs Never buy a computer just because everyone is buying it or there’s a lot of hype around it. While you may want to prioritize aesthetics and popularity, you need to identify your need for a computer and its software . Make a list of all the features that you would need and get the computer configured accordingly. Unfamiliar with different software programs Not knowing the right software may cost you heavily. Purchasing expensive software with a long list of features may not be the best thing to do if half of these features don’t even apply to your work. Next, know how to install and use the software. You also need to know if the software is protected against bugs with an antivirus program and consider the after-sale service of the software. Not considering different operating systems There are four primary operating systems you should know – Microsoft, Apple, Google, and Linux. While technology has made it easier to switch between these operating systems, you may often find one or more applications not working on alternative systems. So, if you have an expensive software installed, check with your developer if it will be compatible with the OS you plan to get. Not accounting for other computer costs A common mistake made by many while purchasing a computer is not accounting for other costs that are part of the bundle.