- How Reward Points Became My Mini-Emergency Fund, Has something ever happened out of nowhere that made you think, "How am I supposed to pay for this?!" Savings accounts or lines of credit are potential options for a bailout if you happen to have ample funds, and in this case my credit card came in handy. But not the way you'd expect!, I use my credit card as if it were a revolving door., Out go the funds, then in come the payments. Not only monthly payments, but usually on a weekly basis or sometimes daily. Better than cash, better than my debit card , my credit card wins because I know, with every expense, I earn more of that amazing cyber-currency known as Rewards ! Generally, whenever I thought of credit card rewards , I always used to think of travel . No question, I was…, Man, I can't wait to use my rewards to travel again!, -JMS
- How I Paid for Two Years in Australia: Financial Prep for Study Abroad, So, you've decided to study abroad? How exciting! With dreams of the adventures that await, it can be tough to sit down and think logistics. If you take the time to map out your finances now, though, you'll not only leave yourself with less stress during your studies, but you'll be far more likely to recover afterward from the long list of unforeseen expenses. You'll be financially stable and…, What I didn't realize was how quickly that could change., Within months of starting my degree, the US dollar changed to parody, and by the end of my two-year stint in Australia, I was paying 1.5 times more than when I had initially set out! Take it from me: if you have the luxury to pay entirely upfront – do it. If not, educate yourself on the trends of the dollar and always expect the unexpected. Just like here in The States, you'll probably want to…, you could be looking at a hefty bill by the day you graduate., Speaking of loans... Borrowing money can be one of the trickiest parts of preparing to study abroad. By the time I realized that I didn't have enough savings left to pay tuition, it was already a dire situation. Loans accepted in the US are not always the same as those accepted abroad. It highly varies by country.The university I attended was so picky that they only accepted loans from one US…, You can easily avoid this situation by planning for the worst., Do your research and figure out what your options would be, even if you think you're all set. Take it a step further and contact the loan provider to get a clear picture of the interest rate for the loan as well. It's all about the prep work when it comes to studying abroad. Don't feel like you have to go about it alone, though. If you still have questions, we're here to help. Bon voyage! -ADJ
- Impacting Your Financial Future with Your Career, Most people realize that a job (or lack thereof) has a major impact on your financial future (as well as your current situation). Yet when we think, "What do I want to do when I grow up?" even if we have an opinion on the matter, most of us could never predict what our career path will eventually be. The best career advice anyone has ever given me was to: Always have an updated resume because you…, These are all great questions that may need some research., Look up, job descriptions, on listing sites like Indeed, LinkedIn, or your local department of labor. What do many employers require for what you are interested in? Don't expect to meet all the qualifications, but if you meet the required ones, you should apply and give it a try. Every application or interview is a chance for growth. If your career path requires certifications or higher education, explore the costs and…, research the company, . Search the internet. Explore their LinkedIn profile and employee culture. Review their website, articles, etc. What is the company's philosophy, vision, mission, and values? What do they seem to care about? Be sure to look for companies and roles that match your own vision and values and you'll be more likely to stay motivated to grow with that organization. For an example of what to look for…, Which benefits are important to you?, Which ones might become important to you as you look down the road? Research this information, too. Be sure that your prospective employer offers benefit programs or services that will meet your needs – because a great job without helpful benefits might not be a good move. Regardless of career path, receiving income through legitimate payroll is always more financially responsible than working "…
- Internships for Dummies (101), If you're reading this, I'm guessing you're a high school or college level student who's struggling to maneuver all the expectations around graduation., What, is, an internship, anyway?, Why do I even need one? How do I get one? These are just a few of the questions I asked myself three years ago while transitioning from high school to college. I didn't have anyone to guide me through that process, but lucky for you, here I am to alleviate some of your stress and frustration when it comes to the glorious world of internships. You've probably been told, "Hey, kid. You got an…, it is okay, ., Believe it or not, I was in your shoes not long ago. My senior year of high school, I had been working an awful retail job, so I knew it was crucial for me to start my search for something more professional. I had a goal to work part time through college, because I needed extra money for my car payments, auto insurance, and phone bill. So, as far as I was concerned, any unpaid job or internship…, What Do I Want Out of an Internship?, There are a few things you'll need to consider before applying for an internship. Do you want to take the internship as school credit, or would you rather be paid? Are you willing to relocate? Are you willing to take an unpaid, no-credit, offer? These are all important to think about before you make any sporadic decisions. Internships are designed to give you experience for your chosen career…, Paid vs Unpaid vs For-Credit Internships: You Decide, Do you want to be paid for your internship? Or would you consider unpaid positions, too? Unfortunately, many internships these days are unpaid, and they may overwork their employees. If you are willing to be unpaid, you'll need to make sure that it's worth having less free time and less time for schoolwork. Don't let this scare you, there are plenty of internships that would be willing to pay you…, Traveling for an Internship: Yay or Nay?, Another thing to keep in consideration is whether you will need to travel for your internship. Where I go to school, 80% of the internships that students receive are in big cities, like NYC, Chicago, and Dallas. If you're not looking to relocate for the winter or the summer, it's important to keep that in mind during your internship search. Some businesses may be willing to compensate you for…, Your College Career Platform: A Lifesaver, If you're currently a student, you can explore and apply to various internships on your school's career platform. There are also opportunities listed on LinkedIn, and sometimes even Indeed. If you're looking to apply to an internship with a well-known company, I recommend doing so through your school website. Recruiters are more likely to see your application and respond, as they're constantly…, Full Time Opportunities, If you happen to accept an internship, you may ultimately receive a job offer to start at the company part-time or full-time upon your program's completion. This opportunity isn't guaranteed, and some places may stress that it's an internship and only an internship, so make sure you don't get your hopes up too much. It's best to go into your internship with a positive mindset and no extra…, Good luck!, Emily E.
- Cats and Dogs: The Costs of Owning a Pet, So, you're thinking about getting a furry friend..., Owning a pet has many benefits, like a decrease in stress and depression, as well as having a best friend. While a cat or dog are great companions, it's important to keep in mind the costs of adopting and owning. Consider these costs before making the big decision to adopt or buy., Should I adopt or buy?, Adopting, : Generally, adopting is much cheaper than buying – averaging up to 90% cheaper from a shelter when compared to a breeder! Shelter to shelter, the cost will vary, but prices to adopt a cat range from $30 to $300, while dogs are more in the $100-$700 range. Dogs are more expensive to adopt, buy, and care for, because – contrary to the stereotypical image of cats being primped and spoiled – cats…, Buying, : The price to buy, however, puts you in a whole new ballpark. Depending on the breed, you should expect to pay anywhere from $1000-$3000 for a dog, and anywhere from $300-$1000 for a cat. Not only is buying expensive, but you generally should expect a higher maintenance pet – at least in the beginning. The breeder you're buying from might have taken care of the first round of shots for your pet…, Recurring costs vs. one-time costs, When getting a pet, expect to be responsible for dozens of expenses right away: food, toys, grooming, and vet visits among them. You'll have some costs that you'll only encounter once and other costs that you can expect to pay on a daily, weekly, monthly, or annual basis. Your one-time expenses might include things like: Obedience class Collar Tags Leash Harness Bed Cage Crate Food and water…, opportunity cost, when getting a pet. If you have a dog, for example, you'll need to ensure that they'll be taken on walks and properly attended for meals and potty breaks. As a result, if you're used to picking up extra shifts or working a second job for additional income, you may find that your new pet interrupts those opportunities or routines., Going on vacation? What about your fur baby?, This is something you need to consider. Are you planning a weeklong vacation? Well, where are you going to keep your pet? You can't leave your dog at home for an entire week unless you someone to pet-sit for you. You'll need a family member or friend helping to let your dog out and feed them at least twice per day! Your next best option is to investigate a kennel or doggy day care for a week.…
- College Expenses: How to Survive Tuition, I learned the hard way. I didn't quite realize what student loans entailed and learned so many things along the way that I wish I knew beforehand. I'm here to tell you all the things I wish I knew, so that hopefully you don't go through what I did. Planning to go to college? Face it – you'll probably have student loans... For you to pay for your college years, you'll need to receive scholarships…, student loans, . A student loan is designed to help you pay your way through school even though you may not have the money to do so right now. Maybe your state covers full tuition for undergrads at state schools. Well, in addition to tuition, a student loan could also cover the cost of books, supplies, room and board, and even school-related travel and study abroad . Student loans can range from a few thousand…, Step 1: Fill out a FAFSA, The very first thing you want to do is talk to the, financial aid advisor, at your school. You can do this by making an appointment and they will walk you through everything you need to know about your financial aid. Next, fill out a, FAFSA form – the Free Application for Federal Student Aid, . Assuming your parents are in the mix and helping, you'll need both your and their income and tax information for the last two or three years, which will determine how much financial aid you receive for the year. Depending on your parents' income, you may be quoted an estimated amount of aid you can receive for free, as federal grants, or you may only be approved for loans instead of grants.…, Step 2: Choosing Federal vs Private, It's important to learn the difference between federal loans and private ones., Federal loans, are usually awarded to you based on your FAFSA information and funded by the federal government. Federal loan payments are not due until after graduation, typically with a fixed interest rate. The best perk of a federal loan is that there's no credit check, so your credit won't be impacted when you apply for it., Private loans, , on the other hand, are a little trickier. Private student loans are not funded by the government but by – you guessed it – private institutions! To get a private student loan, you'll need to do your research and apply for them separately. They are not part of your FAFSA. Private loans typically have a variable interest rate, and some may require you to start making payments while you're still…, That's why many people try to stick with federal student loans., If these loans do not cover your whole expense, apply for a private student loan, but only apply for what you need. Calculate your expenses and only ask for that number, because you don't want to pay any additional interest. Think about your books, room and board, tuition, and even gas expenses driving to and from campus. You might even find some loan companies offer a line of credit , which you…, Step 3: Understanding your Loan, Once you apply for a loan, expect to hear back in a few days., If you're approved, the lender will send the funds to your college first, . Your school will put that money towards tuition and fees, and then refund you the rest of the money. Make sure to understand whether your loan disbursements are per semester or per year, so you can plan accordingly. On top of the principal you take out from each lender, you'll have to pay interest, too. Interest is attached to your loan sum and calculated as a percentage of the unpaid loan…, Step 4: Understanding Post-College, Depending on which loans you choose, you may be required to start making payments immediately after graduation or after (the quickest) six months (of your life), called the "grace period." Let's face it – it's scary!, Know the payment terms for your loan, because they're all different., You'll be given an amount that you're required to pay monthly at a certain interest rate. The terms will also tell you how much time you have to pay off the loan – usually depending on the depth of the loan. To make your life a little easier, I recommend setting up automatic payments, so you don't have to worry about remembering each month. If the payment seems to be too high or too much, you may…, income-based payment plans, , your monthly payment could be lower if you have a low income, so this may be an option worth exploring., Refinancing, is also available, where you can apply for a lower interest rate or debt consolidation to reduce your payments or extend the duration of your loans. Depending on your job and your loan, you may also be eligible for, loan forgiveness, . Your federal loans might qualify for this option if you work full time in a not for profit or public sector position for more than five years. However, there's a lot of political debate around loan forgiveness policies and financing higher education, so keep doing your research and don't overlook a great opportunity that may set you up for financial success! We'll all have different experiences…
- Designating a Trust as an IRA Beneficiary, An important part of estate planning is designating a beneficiary for your IRA. After all, what's key is making sure your loved ones are in good hands and that your wishes are being fulfilled. Not all families and beneficiaries are the same, though. It may be necessary to address the specific needs of a family member who will inherit the IRA – while controlling distributions to them over their…, Flex Inheritance Protection Trust, This account is for IRA owners who are concerned about an inexperienced or spendthrift beneficiary. As the trustee, the Trust Department is given discretion to make distributions for the beneficiary's health, education, maintenance, and support., Flex Special Needs Trust, Designed for IRA owners with disabled beneficiaries who currently – or who may in the future – qualify for government benefits. As the trustee of the trust, we would have the discretion to make distributions to supplement, not supplant government assistance, thereby preserving the beneficiary's eligibility for public benefits. This will help give you peace of mind that your loved ones are taken…, Flex Charitable Remainder Trust, Feeling philanthropic? This is for IRA owners who want to benefit both a family member and a charity. The beneficiary receives an annual payment with the remainder paid to the charity of the IRA owner's choice. Connect with us to learn more Above all, we want to help make sure your wishes are fulfilled and your loved ones are taken care of. If you would like additional information on a Flex IRA…
- Do I Need an Estate Plan?, Even if you don't create an estate plan, your state has a contingency – but you may not like it!, If you don't create an estate plan, your state will., The law of intestate succession is your state's default estate plan for those who fail to plan ahead. In the event of your death, a court will distribute your property according to the laws of your state. Generally, the property will be passed to a surviving spouse or other bloodline relatives. Unfortunately, you might disinherit an unmarried partner, friends, and charities by leaving your…, Your peace of mind is always on our mind., We're proud of the way we help our members plan ahead, even through unique circumstances. As trustee or co-trustee, we'll administer your trust according to your terms, communicate often with beneficiaries, collect, appraise, and distribute assets, file taxes, and more., We help those who..., Want to preserve family harmony Have a loved one with special needs Have children from a former marriage Have no relatives or only distant ones Want to plan ahead for incapacity If you would like us to help review your documents and assets – and see how they currently fit into your own estate plan – give us a call or email us to schedule a meeting. Connect with us to learn more Want to meet with…
- A Will is Not the Only Way, Today marks the largest intergenerational wealth transfer in history, with $30 trillion in assets projected to pass from baby boomers to their heirs in the United States alone. Yet 60% of American adults don't have an estate plan., Plan ahead for the possibility of incapacity with a Revocable Living Trust., We know that while you can't predict the future, you can prepare for it. Instead of only protecting your assets upon your death like a will does, a, Revocable Living Trust, is a legal document that does double duty by setting forth how you want your assets managed and distributed in the event of your incapacity. As a result, if you're ever unable to manage your own finances, a court wouldn't need to get involved to appoint someone to manage your financial affairs. If you are interested in seeing what our team can do for you, please reach out to us by calling 800.242…
- Powers of Attorney, An important document that everyone should consider as part of their estate planning is a, power of attorney, . This is a legal document that gives another adult person – or even a Trust Department like at Visions – the authority to act on your behalf and make decisions regarding your money or property. Most often used in the event of illness or incapacity, a power of attorney document avoids the possibility of a court ordered guardianship. However you choose a power of attorney, the agent or agents you…, agent, , and it's best practice to have a, successor, in place in the event that the initial agent cannot act. When it comes to multiple agents, you can designate whether you would like them to act separately or together. In most instances, it's best to allow them to act separately. For example, many institutions do not offer two signature checking accounts and therefore would not be able to accommodate agents who must act together. Remember that a…, personalized to your needs, . The authority can be very broad or limited – it's up to you – and that's why it's important to appoint someone you trust and who you know will act in your best interest. And, while powers of attorney are governed by specific state laws and should be prepared by an attorney, Visions can help you determine how it may fit into your estate planning. For information on Trust services at Visions,…
