Can we agree that health care is a costly proposition. It does not matter what generation you were raised when generation you’re living in the cost of healthcare is cost prohibitive for many people. While the government tries to figure out how they’re going to resolve that, or if they can resolve that, let’s take a look at some of the best options you can look at to get the best insurance for your money and get the help with insurance you need.

If you have a job that provides health care coverage, you are one of the fortunate ones. However, employer health care coverage often carries with it sizable deductibles and co-pays.

The best thing you can do to save costs is to know your health insurance policy coverage inside and out. This way you’re never guessing if a producer procedure for services covered, or whether there’s an extra deductible applied for it, or whether or not it should to the immersion is covered at all. Study your plan carefully, so that you know every detail. It’s only a matter of time before you have to did they whether or not they claim is paid with your insurance company. Armed with the knowledge of which are policy actually covers will help you.

You should review your coverage at least once a year. Most companies and corporations offer a choice of different companies yearly. Most people just assume that it would be best to stay with the company that they have, without looking into what other plans may offer. It is also important to check whether or not your doctors are still with the policy you intend to stay with. Doctors and healthcare professionals change their allegiance with health insurance companies frequently. These open enrollment season’s idea to check out his company thoroughly and make an informed decision.

You should think very carefully about a high deductible. Many employers now offer an option for high deductible plan. Use caution however as a big out-of-pocket expense might tempt you to skip a medical treatment when you really need it.

Everyone should take advantage of a flexible spending account if it’s available. He generally can put up to $5000 of your paying account every year, tax-free and you can spend it on a long list of health related expenses including deductibles, coinsurance, and co-pays. You may also spend from your flex account for dental care, contact lenses and eyeglasses.

If you know that you may be losing your job soon, be sure to fill out as many prescriptions as you can and consider getting a 90 day supply if that is possible. If you are planning any elective procedure schedule them as soon as possible.

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1. How Do Checking Accounts Work? Opening a Checking Account
2. Investing With No Money: Low Initial Investment Mutual Funds
3. Easiest Way To Buy Stocks: Investing Your Money Online

Investing for College Students

For a number of college graduates who have just entered the career or job markets, many of them are already strapped with debt from their 4 years they spent earning their degree. The average college graduate today launch their careers with literally no cash flow. This is due to a number of circumstances including the following:

• credit card debt
• no money saved while in college
• school loans which become due once you have graduated

Not only is this a widespread problem, it is a growing one. Additionally, during economic downturns like the current one we have been experiencing since the beginning of the 4th quarter in 2008, this makes finding a job and launching your career even more difficult.

Changing the current mentality is critical

It should be obvious that changing the above involves changing the overall mentality of those students who are entering college so that this process can be reversed. Although it is easier said than done, the only way to correct this is to save money while you are in college rather than spending your way through your education. Additionally, and if you do things right, you might be able to do some investing towards your own future in the process.

Flexibility is the key when you are starting out

What you want to remember where investing for a college student is concerned is that you need to be flexible with the different investments you decide to make. It’s a given that most college students today like flexibility where saving any money is concerned. This is especially the case because of the extreme cost levels of an education that currently exist. Fortunately, banks and other financial institutions have recognized the necessity of offering financial products that are flexible enough to accommodate a college student.

4 essential investment strategies for the college student

The following is a list of the 4 primary recommendations that we advise where college students and investing towards, their future is concerned:

Open a FREE interest-bearing checking account – this is by far the most flexible type of account you can open if you can qualify for one. It allows you to deposit or withdraw your funds any time you want so your account is readily accessible.

Open a savings account – despite the fact that most standard savings accounts today are only paying 1% to 3% interest, this is still a smart and very safe idea for what to do with your money. There is virtually no risk of losing your money and if you keep depositing money without ever withdrawing any, you will be surprised at how that small interest rate has increased the value of your investments.

Consider either a CD or a Money-Market account – although not every entry level college student has the financial means to do this, those who do have the means to do so should consider this. Just like with a standard savings account, if you can discipline yourself well enough so that you never touch these while you are pursuing your degree, you will be amazed at the rewards that will be waiting for you when you finish college.

© Investing for College Students

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1. Best Bank Accounts for Students: Student Checking Accounts
2. How Do Checking Accounts Work? Opening a Checking Account
3. How to Get Started Investing: Establishing An Investment Strategy

Welcome to the February 21, 2010 edition of best finance articles carnival. In this carnival we are featuring the best finance articles from some of the best money and finance blogs on the web. Without further adieu, here are the best of the week.

Matthew Paulson presents Homeowners Frustrated with Bank of America Loan Modifications posted at American Consumer News.

David de Souza presents Tax Rebate Forms ? Tips and Advice posted at UK Tax Blog, saying, “Some tips and advice for when you complete your tax rebate forms this year.”

BWL presents When Can You Withdraw From Your Traditional IRA? posted at Christian Personal Finance, saying, “A look at the rules from withdrawing from your IRA…”

The Investor presents Pros and cons of being wealthy posted at Monevator.com, saying, “We all think we’d like to be rich. Are we wrong?”

Mike Piper presents Index Funds: Are They Really Passive Investing? posted at The Oblivious Investor, saying, “Index funds are known as passive investment vehicles, but can you really just “set and forget” with them?”

FIRE Getters presents Want To Be A Millionaire? Follow the YAWN Philosophy posted at FIRE Finance.

Jason presents Introduction to Budgeting Personal Finance posted at Budgeting Personal Finance.

Patrick @ Cash Money Life presents Roth IRA Withdrawal Rules posted at Cash Money Life, saying, “Do you know what constitutes a qualified or non-qualified Roth IRA distribution? Find out how you can make tax and penalty free Roth IRA withdrawals.”

Patrick @ Military Money presents Why Military Members Should Open Roth IRAs posted at Military Finance Network, saying, “Military members have 3 distinct advantages when opening Roth IRAs, including possible tax free contributions, time extensions to contribute, and low current tax brackets.”

Thank you for everyone who submitted your articles, they were all excellent reads and we look forward to hosting more of these in the future. If you would like to host the Best Finance Articles Carnival please fill out the contact form or email jeff [at] beforeyouinvest [dot] com.

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2. Get Started Investing: Investment Advice For Beginners
3. Invest On Internet: The Best Online Investing Tools

How Do Checking Accounts Work? Opening a Checking Account

Checking accounts are a service which banks, credit unions, and other financial institutions offer individuals and businesses allowing them to deposit or withdraw their money from an account that is protected by FDIC insurance. Checking account terms typically vary from one financial institution to the next. However, they all have one convenience in common – the ability to write personal checks rather than paying cash for bills and other consumable items which is handy since you don’t exactly want to mail thousands of dollars in cash to pay off your mortgage. In most cases, credit and debit cards attached to your checking account may also be available but we are focusing on checking accounts right now.

Many banks and other financial institutions today offer numerous methods for monitoring their checking accounts as far as balancing and reconciling the account. You can receive monthly statements regarding your checking account or you can go the paperless route and conduct your banking activities online like I do. For reasons of convenience, online banking and checking accounts have become extremely popular with individuals and businesses as well, not to mention having less paper laying round.

Opening a Checking Account

Many individuals see checking accounts as being nothing more than a “high-tech wallet” however, checking accounts are just not that simple. If you are currently looking to open a checking account or have been considering switching your current checking account to another bank, here are a few critical questions to ask in order to make your final decision:

What are your specific checking account needs? Opening a checking account at the right bank is almost like trying to find the best fitting pair of jeans. The key to this part of the selection process involves beating the banks or financial institutions at their own game. And the best ways to do that are to do your homework before making your final decision on which bank to open a checking account at. It’s a matter or making a concise assessment of your specific checking account needs or requirements and doing some serious research. You want to compare the different accounts that are available as you move towards your decision.

How likely are you to bounce checks? Although this sounds laughable, after all nobody plans on bouncing a check, but this is an issue with many check writers and it can get very expensive for the habitual offender. Not only that but it can make opening a checking account extremely difficult. Statistics reveal that NSF (or non-sufficient fund) fees are the costliest of all. Here’s a suggestion. Even if you think you might never bounce a check (or only bounce one or two checks) each year, you should consider purchasing overdraft protection for your checking account. Otherwise, you will be subject to ridiculously high fees. You have enough expenses coming out of your checking account, don’t make fees another one.

Do you have an online checking account alternative? For many individuals today, the online checking accounts have been the best choice for having and maintaining a checking account. If you feel comfortable enough with exposing your banking and financial activities to the internet then it may be an option to consider opening a checking account at one of the many reputable online banks. This is especially true if you are looking for an interest bearing or money market checking account. Another benefit to consider about online checking accounts is that most tend to have lower balance requirements and charge lower fees.

Ultimately no matter where you choose to open a checking account be sure to take all of your personal circumstances in to consideration. If you traditionally have low checking balances then look in to overdraft protection, but if you tend to have high balances maybe a checking account that pays interest is a good option for you. If you’re a student you should also check out student checking account options where you can save on fees and get many other benefits. If you do your homework before opening a checking account you will find the best option for you and take an important step in your personal finances.

© How Do Checking Accounts Work? Opening a Checking Account

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1. Best Bank Accounts for Students: Student Checking Accounts
2. Investing for College Students
3. Online Investing for Beginners

How to Spend Less Money: Financial Budgeting

So you want to save more money? Well the solution is fairly self explanatory considering that all saving money really means that you are spending less money. Despite the fact that many of us will make the excuse that they “just can’t save any money” it’s mostly because they spend their money unnecessarily on things like entertainment, going out to dinner or buying stuff you simply don’t need. Do you have to purchase brand name clothing just because that is what everyone is wearing or that is what is always being advertised? Do you need that excessive cell phone plan even though you never burn up all your minutes? Do you need to have 500 channels with your cable or satellite TV account?

Believe it or not, many individuals today thrive on keeping up with the Joneses. They have to have the perfect house in the perfect neighborhood, drive the perfect automobile or SUV, have the perfect clothing, and so on. Whenever there is a financial crisis like the one we are coming out of we realize that most of our financial troubles could have been largely avoided just from spending less money and using some common sense and setting up a financial budget

Financial Budgeting

Unfortunately, most people today don’t have a clue about financial budgeting and living within their means. Additionally, they have been brainwashed to believe that unless they spend money to maintain a certain appearance or lifestyle, that they will be viewed in a poor light or not accepted by those people around them for budgeting and cutting back expenses. Actually, being frivolous with your money and having poor spending habits is what makes you look bad, not how much stuff you can accumulate.

Here is a tip for saving money as well as spending less and not experiencing a financial crisis because you’re always spending money foolishly. Set up a financial budget and cut the unnecessary spending. You want to take into consideration that which is necessary and you need to consider every expense you have… everything! When we are setting up financial budgets you need to first start with the certain critical life aspects such as keeping a roof over your head, keeping the air conditioning or heat running (depending on where you live and the time of the year) keeping the lights on, putting food on your table. After that you can focus your budgeting plan on paying all your regular monthly expenses that are less important.

When setting up a budget plan, look at what EVERY item spending money on that comes after your necessities listed above, then ask yourself the following questions:

• Do you need a cell phone plan that results in leftover minutes every month because you can’t possibly use them all?
• Do you need to have 500 cable or satellite channels when you never watch 80 to 90% of them anyway?
• Can’t you just walk to the corner market that is a block or two away instead of burning fuel by driving your vehicle?
• Is it necessary that you purchase some overpriced latte drink at some coffee shop like Starbucks every day of the week?

The bottom line is that you need to exhibit some common sense when it comes to saving money and you need to start taking steps toward saving money and paying off credit card debt and other unnecessary debt. Most importantly, if you haven’t started planning out your financial future, you better get started on a financial budget and get your financial life in order. No matter how much money you make and how many bills you have setting up a financial budget will put your mind at ease and help you focus on something better than saving money and paying bills.

© How to Spend Less Money: Financial Budgeting

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2. How To Retire Early: Preparing For Retirement
3. How to Get Started Investing: Establishing An Investment Strategy

ETF’s For Beginners: What are ETFs?

What are ETF’s and why are they a great solution for the individual investor? To begin to answer this question, it is important to know that ETF stands for exchange traded funds. It is somewhat similar to a mutual fund. However, exchange traded funds are handled much more like a traded stock. Many of these are index funds that are based on some of the different markets.

ETF’s for beginners getting involved in the market can be confusing but they are also a good investment for the right investor. It is very safe to say that there are not many people that can pick out winning individual stocks or handle an active mutual fund. By using an ETF, you do not have to determine individual stocks much you begin to become involved in the different indices and trying to match those indexes.

The bonus is that an ETF has many of the same characteristics of a mutual fund. It gives you the variety and the diversity of a portfolio that many people investing in the market are looking for. It will also have much less risk than picking individual stocks that may not perform. You can still invest in some of the areas that you are interested in, but by using the ETF you are investing in the areas index as opposed to the individual company. This will help to protect you if one particular company is not performing well, but this sector as a whole may be performing very well.

The ETF’s also have several other benefits over individual stock picking as well as mutual funds. Since you are only performing one transaction, you will not have some of the fees associated with performing a variety of transactions. This will not only save you some money, but it will also save you time as well. It is also considered that the ETF will have the ability to perform slightly better than mutual funds. You can also expect to not have to incur as many fees as a mutual fund will incur. A mutual fund that is actively managed may have more than 2% worth of fees. The ETF fees can be between .25% and .75%. As you can see, this will help to reduce the amount of fees that you have to pay.

Investing in ETF’s also allows many more people to participate (see: how to invest etf). There are normally not the same type of minimum requirements as with a mutual fund. Sometimes a mutual fund may require a minimum of $1000 or more. To become active in the ETF, you will not experience those kinds of minimum dollar amounts. Since the ETF does not have to be bought and sold as often as a mutual fund, you should expect to pay less in taxes. Mutual funds are traded a lot more frequently and are subject to more taxes.

ETFs have become a much more popular area to invest in. There are hundreds that you can choose from, and many investment firms will be able to help you get started. There are many online investment companies that offer ETF’s for you to invest in.

© ETFs For Beginners: What are ETFs?

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2. Investing With No Money: Low Initial Investment Mutual Funds
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How To Pay Off Credit Card Debt Fast: Credit Card Debt Help

Are you looking for some easy ways to get your credit cards paid off? If you are tired of watching your rates bounce off the ceiling, it may be time start taking some steps to pay off your credit card debt. There are few credit card payoff strategies that can really make this an easy process. Don’t worry, paying off credit cards really can be easy and stress free if you understand how to apply them correctly.

Credit Card Debt Help

Rule number one when it comes to paying off credit card dept is stop spending! Yes, this sounds like something that should be assumed right from the get go, but for many people cutting back on credit card purchases is harder than you would assume. If you are already in a hole quit digging. This is the very first step to getting your credit and it is without a doubt the most important. No matter what kind of payoff strategy you have, if you keep running up credit card balances you will never pay them off in full.

One of the most important credit card payoff advice that many people forget about is finding out what kind of fees and charges you are getting billed for and what high interest rates are on your credit cards. The only real research you need to do on this is to look through your credit card statements and develop a better understanding of why your monthly credit card payments are going up despite making payments every month…maybe the devil is in the details.

One of the benefits of this strategy is that sometimes you find mistakes or items that may have been charged incorrectly to your account that you may not otherwise have caught. You should definitely compare credit cards to see which have the higher and lower interest rates, and payoff the cards with the highest rates first. If you have multiple credit cards that need to be taken care of, comparing your statements and finding the one with the highest interest rate will let you know where your time will be most effective right off the bat.

Lastly, and this is a big one for me, develop YOUR OWN credit card payoff plan, don’t hire one of those TV and radio companies that offer you deals to substantially reduce your credit card debt through some deal only they can get through their relationship with the credit card companies. Sounds familiar right? Well if it sounds familiar it should also sound too good to be true. These credit card payoff companies usually cost about as much as they can save you in the first place. Don’t waste your hard earned money… use it to pay off your credit cards instead. If you must work with someone at least make sure that you have as much information as possible about them from a reliable source like the FTC before you give them any of your own money.

This brings us to our final way to pay off credit cards fast. Get on the phone and talk to your creditors yourself. Some people think that this will be a scary or stressful situation. Much to the contrary, when you approach the creditors, they are usually very happy to get a call and will be helpful when it comes to getting you back on track. Put yourself in their shoes… if someone calls you wanting to pay off their credit cards but might default without some help what would you choose?

You will want to let the credit company know that you need some credit card debt help and would like to know what type of options they can offer you to get your credit card dept settled once and for all. In most cases they will allow you to make a single lump sum payment that includes a reduced payoff rate. If that is not going work for you, they may allow you to take small amounts directly from your paycheck until you are paid off. This works great for some because it’s hard to miss money that never gets to your account. Plus you will never have to worry about making another late payment again!

© How To Pay Off Credit Card Debt Fast: Credit Card Debt Help

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3. How Do Checking Accounts Work? Opening a Checking Account

How Do Reverse Mortgages Work? Reverse Mortgage Explained

In today’s faltering economy, many people find themselves suddenly seeing their retirement income dashed, as they watch the financial security they spent years building evaporate. Enter reverse mortgages. After living on a tight budget, in order to pay off their home and enjoy a leisurely retirement, their savings may have been lost in one of the many financial debacles of the last decade, or they may simply realize that their estimated cash flow needs fall short of reality.

Fortunately, a relatively recent financial vehicle, the HECM or Home Equity Conversion Mortgage, can offer a means to salvage those plans, or to simply allow something better than a mere existence. Often known as a “Reverse Mortgage”, this is a way in which senior citizens, with substantial equity in their home, can receive payment from their lender, against that equity, for the entire time they live in that home.

Reverse Mortgage Explained

Typically, a reverse mortgage is structured so that the homeowners receive monthly payments, until such time as they all either die, move out or sell the home. The payments received, plus accrued interest, will be paid from the proceeds of the sale of the home at that time. Depending upon the jurisdiction, points, mortgage insurance, closing costs and other fees may also accrue. These can usually be rolled into the loan, to avoid out of pocket expenses for the homeowner.

Eligibility for a reverse mortgage is quite simple. All owners listed on the deed must be at least 62 years of age and the remaining loan debt must either be zero or nearly so. No credit history or income is required to qualify. Payments continue until such time as the last surviving homeowner ceases to own or live in the home. The property must be sold at that time, which means it cannot be bequeathed to family members.

The reverse mortgage loan value, which determines the amount of the monthly payments, is set by the FHA (Federal Housing Authority), in accordance with the homeowners’ ages and the home’s value. Any necessary repairs must typically be made, to bring the condition of the home up to an acceptable level. Under some circumstances, the payment may be received in the form of a line of credit, or a lump sum. In some states, it is even possible to purchase a new home with the proceeds of the HECM.

Reverse mortgages are a perfect solution for some qualifying homeowners, but not for all. You can get more information from HUD (Dept. of Housing and Urban Development). It costs nothing to investigate, and it could be the best move you ever made.

© How Do Reverse Mortgages Work? Reverse Mortgage Explained

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How to Get Started Investing: Establishing An Investment Strategy

One thing that can safely be said about investing either online investing or investing with a broker or brokerage is that you don’t have to be a millionaire, or inherit some huge sum of money to get started. You would be pleasantly surprised how investing with little money can amount to a decent retirement saving over the long haul as long as you start early and you have a plan that is tailored to an investment strategy that makes sense for your financial situation.

The primary reason that people procrastinate about investing (or saving for that matter) is because they feel that they do not have the money to stash away for “just in case” thinking they might need it down the line. Most individuals would be amazed at just how little money we actually need each month. Before you get started investing though, you just have to remember a few significant aspects about getting involved in the stock market.

First and foremost, never invest more than you can afford to lose. Additionally, you never want to use your day-to-day living money which enables you to maintain your current quality of life. Just remember that sometimes, common sense mandates walking away from what you think may be a viable opportunity if it might ultimately spell financial disaster for you and your family in the long run. Educate yourself first if you have no experience investing. I know I just made half of your cringe, but when it comes to investing there really is no better way to keep your money safe than to simply just do your homework. I know, I know we all want a hot stock tip that will make us rich for the rest of our lives but for most of us this will never happen. A critical rule of thumb is to trust no one until you have done your homework. Rely on your true instincts and intuition before you ever invest your hard earned cash.

Establish an Investment Strategy

I’m often asked for an investment strategy for beginners who have never invested so much as a dollar in the stock market. Well there is no one right investment strategy for everyone because it really all depends on you and your financial situation, risk factors, how close to retirement you are, etc. There are a number of approaches you can take where how to get started investing online is concerned. The following 3 steps will hopefully help you get started on the right path:

Establish your investment strategy – forget about getting rich overnight. That’s just not going to happen most of the time, especially if you are going to rely on investments for survival. The element of risk is extremely high with many investment vehicles so you need to remember what was discussed above about never investing more money than what you can afford to lose. Just like planning a budget – you need to develop an investment strategy and stick with it for the long term. Long term investment strategies are the only way to go in the stock market, if you’re looking to get rich quick buy a lotto ticket.

Set aside money specifically for investing – Most of us hate saving money, and believe me I’m no different, but I find that when I have money in my pocket I spend it and when I don’t I don’t spend it. If you can set aside money for investing every month or every paycheck do so, if you can’t trust yourself get it direct deposited in an account for investing only. I would recommend against borrowing money from family and especially against borrowing from a credit card. Understanding where your money is coming from is critical for your investment strategy, without it you can’t make any investment income right? What’s critical here is that you consider what amount of money your budget will bear and keep that investment money separate from your “living” money so you don’t spend it on something frivolous.

Monitor and manage your investments – this is critical to achieving your investment goals, regardless of what you are investing in. For those of you who know who Jim Cramer is, he always recommends “buy and homework” instead of “buy and hold” and he is absolutely right. This stage of the investment process is not a “invest in it and forget about it” process, you need to be vigilant in monitoring your portfolio and make sure all of your investments stick with your investment strategy. Your financial future and livelihood depends on intelligent decisions, and investing is no exception to that rule. Educate yourself every time you have the opportunity to do so where investing in the different options are concerned.

© How to Get Started Investing: Establishing An Investment Strategy

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Online Investing for Beginners

Online investing or internet investing is essentially self-directed investing from the comfort of your own home or office (for those of you who like to surf at work). In other words, you make the decisions to buy and sell stocks, mutual funds, bonds or whatever without a broker’s assistance. Since the onset of the internet, online investing has become extremely popular in the financial industry whether for the low commissions, online advice or you just don’t like your financial planner trying to sell you on an investment you don’t want. Whatever your reasons, more and more individuals are handling matters on their own without the assistance of an actual broker or brokerage. It has become so commonplace that now that even the big brokerages are offering an online investing and trading platform for their clients.

Unfortunately for the big brokers more and more investors are looking to the internet for their investment portfolio and the brokers that charge the super high commissions for offline trades are becoming a thing of the past. Before internet investing you would have to either meet your broker face to face at their office or contact them by phone in order to do any investing or trading. Suffice it to say, the internet has provided us with a major money-saving and time-saving convenience in the process.

Online Investing Tips

Is online investing right for you? Here are a few things to consider before investing online:

Consider your tax liabilities before you ever invest – a primary consideration is the amount of tax that you want to be liable for. Whenever you are considering any type of investing, you should contact your accountant or income tax preparer to hear their advice or suggestions about the matter.

Trust is everything – never believe everything that you read about an investment broker or brokerage, especially if you are considering online investing.

Keep bank accounts separate – you should always separate your investment accounts from your personal (or family) checking and savings accounts. It enables you to monitor those accounts much easier.

Use online payment processors – there are numerous options for paying for your investments online, but it is always recommended that you employ a payment processor for this. There are a number of trustworthy options that you can search out online.

Play with house money – in other words, once you have recouped your initial investment, you should withdraw the funds you invested initially and let the gains do their job compounding. The mentality here is that you are now investing what is referred to as OPM (Other People’s Money) and not your own. The worst case here is you break even right?

Don’t use your “living” money to invest online – the #1 rule of thumb with investing, whether through a broker or online is to never invest money that you cannot afford to lose. Although the temptation to use whatever funds are available, you should never interrupt the monthly cash flow necessary to maintain your lifestyle.

Be patient – patience has always been a virtue, especially where investing is concerned. No matter what your broker urges you to do, or what opportunity seems to be enticing, exhibit patience – especially if things go wrong or the market slows down. Remember not to panic when this happens. Sometimes those bumps in the road are only temporary and are not financially disastrous.

© Online Investing for Beginners

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