People often need to hire a contractor to complete work on their homes. Some people think hiring an unlicensed contractor is a way to save money, but there are substantial risks involved.
Hiring an unlicensed contractor is usually illegal
Most homeowners need a professional to complete home repairs or improvements. Certain things should be done by a professional, such as building on a new room, adding a second floor or installing floor-to-ceiling windows. But contractors are expensive. Some people think that instead of taking out a home equity line of credit for a drastic renovation or a small personal loan for repairs, [...]
Not everybody is good at math. Many of us have been vexed by the complexity of those essential abstractions since school days. And yet, to negotiate financially as an adult, we need to understand the difference between simple and compound interest and how to calculate each. For those looking to invest, the same can be said of dividends. In an effort to help, Personal Money Network offers some simple formulas to help de-mystify these concepts.
Determine interest amount
The first step in calculating interest is to determine the entire amount subject to interest for each financial instrument. Then, referring to the specific [...]
Obama’s Jobs bill is a $447-billion combination of tax cuts and economic reform. One provision of the bill could be greatly helpful for aspiring entrepreneurs.
Extending the Self-Employment Assistance Program
The Self-Employment Assistance Program is an unemployment program currently in use in a few different states. The program provides two things: training and money. Unemployed individuals are offered small-business training, including market research and business plan writing. The biggest factor, however, is money. SEAP recipients receive additional money from their unemployment funds to start businesses. The money comes from the individuals’ unemployment funds; the program only changes the way the money is [...]
Webster Financial Corp. of Waterbury, Conn., is a beacon among banks, reports Bankrate. That’s because, unlike big banks, Webster is doing everything it can to help homeowners avoid foreclosure – and it does so in a manner that has allowed the bank to remain profitable.
Rolling the foreclosure clouds away
According to home foreclosure authority RealtyTrac, 1 in 611 U.S. housing units received a foreclosure filing in July, 2011. Of all homes purchased in the second quarter, 31 percent came from foreclosures, and up to 60 percent of all homebuyers are actively seeking such properties.
Webster Financial Corp. keeps the ideals of good [...]
Young people appear to have the right idea when it comes to credit card debt, reports Bankrate. In a report compiled by New York-based Auriemma Consulting Group, findings suggest that Millenials are approaching credit card debt with caution compared with their parents and grandparents. Only 1 in 4 claimed to carry a monthly balance.
Twenty percent fewer Millenials carry a balance
The high-water mark was 44 percent in 2007, but the 2011 survey of Millenials — born in the 1980s and 1990s — found that only 25 percent carry a monthly credit card balance, the lowest of all generations covered by the [...]
“Would you like to purchase an extended protection plan?” is something you will likely hear when making just about any major purchase. Extended warranties are like an insurance plan for expensive purchases and are often expensive. Many people do not realize, though, that extended warranties can sometimes be added for no additional charge.
Benefits of an extended warranty
There are several benefits to extended warranties. Electronics and other expensive purchases can break or get damaged, and a warranty can prevent an expensive replacement cost you hadn’t planned for. Extended warranties can often cover more than just breakage; the warranties can cover repairs [...]
The ideal for many American workers is to put a few decades into a career, then head off into retirement with a pension and a gold watch. A defined pension is rare in the private sector, and government pension plans are fast becoming a point of contention.
Military retirement plan could be casualty of deficits
Benefits of a U.S military career have always included a military pension after 20 years in the service and more recently health coverage under TriCare. The pension, a monthly stipend after retirement until death, according to Military.com, is an incentive for people to remain in the armed [...]
Millennials, Generation Y, 20-somethings, call them what you will, the newest adult generation is pessimistic about its financial future. According to a recent survey, most of those who came into adulthood during the Great Recession are already worrying about retirement.
Financial attitudes of a generation
The Financial Independence Survey, designed to identify the financial attitudes of Generation Y, was released Sept. 6 by The PNC Financial Services Group. It was conducted online in July amid a cross-section of 2,000 U.S. residents between the ages of 20 and 29. The findings of the survey point to a generation-wide pessimism.
Findings of the survey
According to [...]
According to a recent study by the Pew Charitable Trusts, the American middle class is one-third of the way to the grave. Witness this somber evidence of downward mobility: Nearly one in three Americans who grew up in middle-class families has slipped down the income ladder.
The slippery slope to economic disparity
The Pew study, which focuses on people who were teenagers in 1979 and between 39 and 44 years of age between 2004 and 2006, notes that middle-class individuals who experienced downward mobility are most commonly divorced and separated from their spouses. They most likely have not attended college, do not [...]
According to National Public Radio, immigrant families in the U.S. move up economically predominantly through the acquisition of real estate. Latinos and other minorities, who felt the full impact of the foreclosure crisis of the late 2000s, are now snatching up the low-cost properties that have flooded the market in its wake. Ironically, they may become a driving force in the recovery of the real estate industry.
Group hit hardest by foreclosure crisis
According to the The National Association of Hispanic Real Estate Professionals (NAHREP), a non-profit trade association dedicated to increasing the home ownership rate among Latinos, 48 percent of all [...]
In 2009, 37 percent of American workers took a summer vacation. In 2011, only 33 percent of American workers took a summer vacation. Economic costs were the most often-cited reason for giving up vacations, but there are ways to take a full vacation without the full cost.
The basics of a vacation rental
A vacation rental is renting space in another person’s home during your vacation. Vacation rentals are sometimes second properties intended for income for the owners and sometimes simply a home the owner rents out on occasion. Vacation homes can cost anywhere between $70 and $3,000 per night, depending on [...]
One of the most talked-about age groups in recent memory is the Baby Boomers, people born between the end of World War II and 1960. They have been equally praised and blamed for many things, but many of their heirs may be cursing them — most don’t plan on leaving an inheritance.
Boomers want to enjoy golden years
“Baby Boomers,” the group of Americans born between 1946 and 1964, depending on whom is asked, are a special group. They gave birth to “Flower Power,” made Elvis and the Beatles insanely popular and were central in struggles for civil rights. They have also [...]
In the hunt for online coupon deals, consumers return time and again to Groupon, the trend-setting heavyweight champion in its field. Now Groupon customers with a hankering for higher education can try out a grad school Groupon for an introduction to teaching course at the private, Chicago-based National-Louis University. As the Chicago Tribune notes, Groupon’s online coupon for a college class is the first of its kind.
Get your grad school Groupon beginning today
With the National-Louis University grad school Groupon, prospective graduate students can save 57 percent on the three-credit course Introduction to Teaching. According to the university’s Vice President of [...]