You Need an Emergency Fund Starting Today

If you don’t already have an emergency fund established for unexpected life events, you need to put one in place today. Unexpected things happen in life. Auto repairs, job loss, and health issues can arise at any time. Having an emergency fund in place not only allows you to take care of many sudden things that come up, but it can also keep you out of debt. 

What are the top reasons to have emergency money set aside?

This podcast episode talks about why it is important to have an emergency fund for unexpected expenses.

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Pay Off Debt or Save Money for Emergencies?

Should you pay off debt or save money for emergencies? This question often comes up about personal finance. The answer really isn’t just as simply one or the other as some supposed financial experts claim. There is a lot more that goes into deciding to pay off debt or saving for unexpected emergencies.

It’s essential to both save money for emergencies and pay off debt. Don’t just focus on one of these goals at a time. Both need to be achieved and finding a balance between saving money and paying debt is almost always the best solution financially.

This podcast episode talks about deciding to pay off debt or save for an emergency fund.

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What is the Student Loan Default Rate?

The student loan default rate is estimated on average at around 15% at any given time. This number should not come as a surprise with the higher education debt problem now at almost $1.6 trillion. Student loan debt has been on the rise as colleges have historically seen their tuition rates rise at about twice the rate of inflation.
 
Defaulting on student loan debt can result in serious consequences to a person’s financial life and well-being overall. Carrying a mountain of debt for higher education expenses for so many people is a stressful situation that leaves numerous borrowers choosing to default on their student loans. 

This podcast episode talks about the student loan default rate.

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Tuition Reimbursement: Your Employer Might Offer It but That Doesn’t Mean You Will Get It.

With the cost of higher education today, getting tuition reimbursement through an employer to pursue a college degree can certainly be beneficial. More than half of all employers are now estimated to offer some type of tuition reimbursement. However, just because a company offers the benefit of helping with college costs this doesn’t mean it is available to everyone.

If you are interested in tuition reimbursement from a potential or current employer, there are some important questions to ask in order to establish the chances of getting the support. There are no guarantees from companies that claim to provide tuition reimbursement and often it comes at their full discretion with several obstacles to overcome to get help with tuition costs.

This podcast episode talks about employer-provided tuition reimbursement and why it is not a guarantee.

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Should More People Buy Whole Life Insurance for the Savings Component?

Financial advisors licensed to sell whole life insurance often have a motivation to sell it to their clients. The reason results from the generous commissions insurance companies are willing to pay for a whole life policy that is sold. The payout from selling a whole life insurance policy can be as much as 70% of the first year’s premium for an insurance salesperson. A sale might also include 3% or more in further commissions each year a policy remains in force.

Whole life insurance policies are sometimes conveyed to save for retirement or to accumulate cash value. There are some rare instances it can make sense to purchase a whole life insurance policy. However, most people should never purchase whole life insurance strictly for the savings component and there are several reasons why.

This podcast episode talks about why whole life insurance should not generally be used for saving.

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Should You Buy Your Next Car Through an Auto Rental Company?

Popular auto rental companies selling their vehicles are nothing new. Some people would claim you can find a good deal on buying a car through a rental car company. However, I am not so sure. There are both pros and cons to buying a used car through a car rental company and the negatives often far outweigh any possible upside. 

This podcast episode talks about buying a car through a rental car company.

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Stimulus Checks Are Not Free Money

The stimulus checks sent out by the government were not just free money. There will be a price paid for all the money printing that has occurred. There is no question the pandemic with Covid created some real economic problems. However, stimulus checks are not going to solve most of the trouble with money for America.

This podcast episode talks about the government stimulus checks that were sent out as a result of the pandemic.

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Why Is a $15 an Hour Federal Minimum Wage a Terrible Idea?

The politicians in Washington that are proponents of a $15 minimum wage claim that it will raise the pay rate for people to one that is a livable wage. Although the Congressional Budget Office estimates a rise in the minimum wage to $15 would increase the income of around 7 million people, the increase in wages would also result in a loss of 1.3 million low-end jobs, according to the Department of Labor.

A $15 an hour minimum wage might sound like a good idea. This is particularly the case if you are currently earning a low wage. There is no argument that living on a low hourly pay rate is a challenge. However, raising the federal minimum wage to $15 will not likely have the outcome many people are hoping for.

This podcast episode talks about the problems with raising the federal minimum wage to $15.

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How Much Does Auto Insurance Cost for Teens?

If you have a teenager approaching the age to drive, you are likely starting to consider how much auto insurance costs for a teen driver. Most parents of teen drivers already expect their auto insurance rates will probably go up in cost. However, some are shocked when the price goes up much more than they expect.

There really isn’t an economy insurance rate for first-time drivers. Yet, there are some things you can do to try and save as much money as possible.

This podcast episode talks about the high costs of auto insurance for teenage drivers.

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Is Free College and Student Loan Forgiveness a Good Idea?

Free college and student loan debt forgiveness has become a popular topic. This is particularly the case with several politicians in Washington. The subject was also a hot issue in this last Presidential election. People being able to attend college without incurring any debt or having decades of current student loans forgiven seems like a good idea to some people. However, free college really doesn’t solve the ultimate problem with higher education which is the cost.

This podcast episode talks about why student loan forgiveness and free college are not a good idea.

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