9 Money Goals Everyone Should Have

Rich or poor, working or retired, blue collar or white collar.  None of those things or any other will get around the simple fact that money is important.  As such, there are certain things that everybody should do with their money.  These don’t mean that everybody should approach money the same way.  It just means that in some fashion, each of the below items should be on everyone’s list of money goals.

Have A Rewarding Career

Don’t hate your job.  It’s just not worth it. You don’t have to love every minute of the day that you’re at work.  That’s just not reasonable.

But you should enjoy what you do.  You should feel that you’re making a difference.

Make Your Job About More Than Money

Money is great, but it’s not everything.  You want to have enough to pay the bills and enjoy life, but always look at the trade offs.  If you’re missing your kids grow up or losing your friends on account of your job, reconsider your priorities.

Money is a means to an end.  Treat your career accordingly.

Have A Fallback Plan For Your Income

Your job may seem like the most secure thing in the world.  It might not be tomorrow.  You might love your job more than anything.  That could change in an instant.

Always have an idea of what you could do next.

For some this could be another position or a contract job.  For others, maybe you have a side hustle that you could do full time.

Whatever the case, be prepared.

Save Money

Whether you’re just starting off and on an entry level salary or you’re rolling in it, save money.  It’s important.  Even if you’re paying off debt, save money.  It’s a cushion to fall back on that everybody needs.

Budget And Track Your Money

Do you know where your money goes? Do you know where you want it to go?  You should be able to say yes to both of these questions.

Now, you might not want to track down to the level of every dollar.  Or maybe you do.  Whatever your style is, you need to do both of these things for money success.

Understand Your Investments

If you invest on your own or through a 401(k), it’s important to know what you’re investments entail.  Even if you have an adviser, you need to know where they’re putting your money.

This won’t guarantee you will never lose money, but chances are, if you understand where your money is, you’ll end up with more of it than someone who doesn’t.

Be Well Insured

If you drive, you need auto insurance.  A homeowner? You need insurance on your property.  What if you rent?  You need insurance on your property.  If you have family that counts on your income, life insurance is key.

Understand the different types of insurance and know what you need.  Make sure it’s current.  Your needs today might be different than tomorrow.

Look over your policies and your needs at least once a year.  As part of that, bid out your insurance to see if you can find a better price.  This is one area that changes often.

Know Your Credit Like You Know Your Family

Your credit is the basis for almost anything you do with money.  You can’t get loans without good credit. You can’t pay your bills if you have too much credit.  Some employers won’t hire you if you have bad credit.

The bottom line is that you need to know your credit.  Know what you owe.   Know your score and what it means.  Keep track of such things regularly.

It’s one of the most important things you can do for your money.

Have Vision

What’s the use of money if you don’t have a plan for what to do with it?  Of course you have your needs today that must be accounted for.  But also know what it’s there for long term.  Plan.  Have a vision for what your money will be doing for you down the road.

These are some items I think are of utmost important for anybody that thinks money is important.  That’s you, right?

Readers, what do you think of this list?  What are some of your personal money goals that might not be on this list?  

Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.

Tips for Buying Long Term Care Insurance

As we age, we start to think about our future and what it will look like. How much do we want to have saved for retirement? Where do we plan to live and will we have family around for support? On top of that is the financial stress of making sure you can afford everything once you retire.

The price for living seems to go up year by year, making it difficult for some to cover all the costs. Throw in a serious illness or disability in which you can no longer care for yourself, and the costs are even higher.

Luckily there is long term care insurance that can help cover some of those costs. This type of insurance provides coverage for someone who needs services like assisted living, nursing homes or in-home care.

How do you know if you will need this type of insurance? Well, as for other forms of protection, like health and life insurance, you never really know if you will use it. However, if the time comes you do need it, you will be glad you have coverage.

If you have a retirement plan in place, or just starting one, it is a good idea to include long term care insurance. So here are a few tips for buying long term care insurance.

Consider the Company

You will be buying insurance from an insurance company, so make sure you are going to a reliable and reputable one. There are many long term care insurance companies to choose from, so don’t feel like you need to buy from the first company you see.

Consider the company ratings as this will tell you lots about the company’s performance and stability. Usually the higher the rating, the better the company, but that doesn’t mean they have the right policy for you. Shop around until you find a reliable company that can offer a flexible insurance plan that suits your needs.

Consider the Purpose of the Coverage

As with many insurance policies, you want to consider ahead of time the purpose of buying coverage. With long term care insurance, will you need the coverage for medical bills due to pre-existing medical conditions? Look at any possible hereditary conditions in which you have a chance of developing.

You also want to consider where you will be living. Do you have family close by that you can remain at home? Or will a nursing home be more suitable to provide any care you need? These are all factors that should be considered when you purchase long term care insurance.

Don’t Wait

If you are serious about getting a long term care insurance policy, don’t wait until you need it. Instead, the earlier you buy it, the more likely you will be accepted. Many companies have medical exams that include blood work and family health history checks. This can make buying insurance harder when you are older and more likely to have health issues.

So consider adding long term care insurance into your retirement plan.  Having your long term life planned out now will save you any headaches down the road in case the unexpected occurs.

Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.

How To Build Credit History And Why It’s Important

I remember a story from when I was kid about a great aunt of mine.  She and my late uncle had paid cash for everything in their lives.  When they needed a new car, they wrote a check for the full amount.  When it was time for a house, it was paid for.  This was very responsible, but there came a time when my aunt wanted to build credit and she couldn’t.  She was over 70 years old at the time and had no credit history!  Yikes.  Ever since then, I have understood that it’s important to build credit.  So how do you build credit history?  And why?  Here are a few simple answers.

The Importance of Credit

There are a few good reasons to make sure you have a credit history.

  1. Future Need.  My aunt had no real need for credit.  I’m not even sure what the circumstances where that led her to find out she had no credit history.  In truth, she probably didn’t need it.  But, you never know when you might.  It’s good to have a credit history for the times you might need one.  Even if you don’t foresee such circumstances, they very well could be out there.  So, be prepared.
  2. Opportunity.  At the time that this happened with my aunt, rewards cards really weren’t a thing. But now they are.  Nowadays having credit history might set you up for opportunities to save money.  Having these opportunities available is key for you never know when they’ll pop up.
  3. Owning Your History.  Identify theft is a huge thing nowadays.  What if my aunt had her credit stolen?  Without a credit history, she might never have known!  Take control of your own credit history and then it’s yours to build and track.

How To Build Credit History

Building credit history doesn’t have to be complicated.  It can be done in a few easy steps.

  1. Open a credit card.  This is pretty basic.  Open a card in your name.
  2. Set a small credit limit.  When you are starting off, make sure to get a small limit.  If you haven’t used credit cards before, don’t get overwhelmed.
  3. Use the card occasionally.  Having a card will start credit history, but using the card is even more important. That’s where you’ll start getting judged on how well you use your available credit.
  4. Pay immediately.  Use the card in place of cash.  Don’t make extra purchases with your card.  Instead, just make purchases you would have anyways.  All you need to change is how you pay for your purchase.  When you choose this method, pay the card immediately.  Using the card and paying it off will quickly build you to a great score.
  5. Track your credit.  Once you start building credit history, you’ll be able to track your credit.  Use one of the free annual checks.  Make sure that you are seeing only what you expect to see.

In the end, a solid credit history can only come after you take that first step toward building it.  A small step or two can go a long way toward building lifelong stability.

Readers, how did you start building credit?  What was your reason at the time to get started?  Any other tips?

Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.

Five Star Books I Read In 2017

I love to read.  I track my books read on Goodreads.  My goal is to read 52 books per year.  So far, for the last two years, I’ve exceeded this goal.  One thing I love about Goodreads is that I can track the books I read.  I can also track how I rated them.  This is great because I can look back at books I loved.  I can track authors that I’ve enjoyed reading and find their latest books.  Here are my five star books from last year.  These were the best of the best from my perspective.

Revelation – Carter Wilson

This was one of the first books I read on my Kindle during vacation, and I loved it.  Wilson is not a well known author.  The book only has 255 ratings on Goodreads.  Still, it’s a great book if you love dark reads.  A man wakes up trapped in a room with a typewriter, and instructions to write a story.  He knows his kidnapper, but he has to figure out how to write what the kidnapper is looking for.  It bounces back between the kidnapping and the prior couple of years.  It’s a very creepy and disturbing read but very intense and well written.

Setting Free The Kites – Alex George

This book was set in the 1970’s and tells the tale of two teenage boys who become friends among shared tragedy.  You really feel like you get to know both of them, and the events and experiences that bond them together are written so that you feel you’re really there.  Being able to visualize myself watching the story is a sign of a well written book.  I couldn’t stop reading this book once I started.  I think it only took me a couple of days.

A Thousand Acres – Jane Smiley

I had written a previous review on The Last Hundred Years trilogy.  While the final book in that series disappointed, I loved the first two.  This is one of her older books, that got her on the map, and I loved it.  It’s again set in the Iowa cornfields, but from the perspective of three sisters who are turned against each other when their father reveals his intention to his 1,000 acre farm to them.  It isn’t a peaceful transition by any means, and it’s fascinating to watch things unfold.  Smiley has a way of making you root both for and against characters at the same time.  I love this and loved reading this book.

Beartown – Fredrik Backman

This is a book about a hockey team.  This is a book about the players and coaches of the hockey team.  Also, this is a book about the town where the team plays.  Honestly, this book is about so many things but it’s just wonderfully written.  Characters are unfolded in layers.  You start hearing the story of any character, and you form a first impression.  As the stories are told throughout the book, your perspective will shift slightly.  Then it will change again and again.  This effect happens with a whole bunch of characters, and it’s done almost flawlessly.  This was probably my favorite book that I read all year.

Image courtesy of morguefile via beanworks

Little Fires Everywhere – Celeste Ng

As you can tell, I love books about characters, and this is a book that fits the bill perfectly.  It touches on a family and the dynamics that build and break bonds.  Understanding of how parents become who they are and how it impacts who their children become are major themes.  This isn’t a book full of twists and turns.  You see much of what’s coming.  But, how everybody gets there and the stories that go into that are what make this book great.

A Man Called Ove – Fredrik Backman

Since Beartown was such a great book, I wanted to read another Backman book.  And, it did not disappoint at all.  This is a book that is about an old man who hates the world.  Or does he?  As the book unfolds, he gets ripped out of his routine.  He isn’t happy about this and isn’t afraid to let everyone around him know about it.  Even so, it happens anyways, and his acceptance of change is the story here.  You want to pull your hair out as you read about Ove.  At the same time, you nod along as he describes some of his many frustrations.  This book has a lot of laugh out loud moments, many involving a character simply known as ‘the cat’.

That’s it.  Those are the books that stood out in 2017.  I’ll definitely be checking out more from these authors, both older books and future releases.

Readers, what books did you read that stuck with you recently?

Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.