10 Worst Money Mistakes You Can Make

10 Worst Money Mistakes You Can Make

RECBL - Real Estate News

Successful money managers share a simple strategy: spend less than you make over a long period of time and invest the difference.

The author of ESI Money, an online blog written by a reclusive "50-something retiree who has amassed a sizable net worth," suggests a list of the 10 worst things you can do to sabotage your financial independence:

 1. Not Having an Emergency Fund - Emergencies arise in every life, and not being prepared to cover them can throw you into debt. A rule of thumb is to sock away six months of living expenses.

 2. Not Having a Will - Money Magazine reports 57 percent of Americans don’t have a will, including 69 percent of parents with kids under 18. But without a will, the state decides what happens with your finances. Make a will and update it regularly as your life situation changes.

 3. Not Having Enough Insurance - Like an emergency fund, insurance can protect or replace your assets in the event of almost any misfortune. In addition to life insurance, you should have health, auto, homeowners or renters, long-term disability, and, arguably, long-term care insurance.

 4. Marrying the Wrong Person - Spouses should have similar financial goals and habits. If one is a spendthrift, you’re in trouble. It’s a good idea to discuss your financial objectives before you tie the knot.

 5. Not Saving - Putting money aside is essential if you are going to be able to invest. Experts suggest saving 10 percent of your salary.

 6. Buying Too Much House - It’s well-known that Warren Buffet lives in the same modest home he purchased many years ago. Don’t buy a home that requires a mortgage that is more than twice your households annual realized income.

 7. Waiting to Invest - The factors that determine how well your investments turn out are the amount you invest, the return rate, and how long you are invested. The longer you wait to invest, the more you are costing yourself.

 8. Being in Debt - Paying interest on debt can cost you big time over the years. Avoid it like the plague.

 9. Not Maximizing Your Career - Develop and execute a plan to make the most of your working life. Your earning potential is dependent on your good health and initiative.

10. Overspending - It’s tempting to splurge, but develop a budget and stick with it.

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NAR Calls for NFIP Extension Ahead of Expiration

NAR Calls for NFIP Extension Ahead of Expiration

RECBL - Real Estate News

The National Association of REALTORS(R) (NAR) is calling for a "short-term extension" of the National Flood Insurance Program (NFIP), which is set to expire September 30.

The extension will allow for continued work on the 21st Century Flood Reform Act.

"The country has been here before, and we know what happens if the National Flood Insurance Program expires," said NAR President Bill Brown in a statement.

"Home-buying activity grinds to a halt, to the tune of 40,000 lost or interrupted sales every month. Meanwhile, existing homeowners as well as commercial entities may find their largest asset unprotected if the Federal Emergency Management [Agency] can’t renew NFIP policies that expire.

"Consumers and homeowners alike deserve certainty," Brown said. "With Congress returning from August recess [this week], extending the NFIP to avoid a lapse should be a top priority. Doing so will afford Congress the time necessary to finish work reforming and reauthorizing the program.

The House Financial Services Committee has passed vital, long-term reauthorization legislation, which would strengthen the NFIP. These critical reforms are a long time coming, and we look forward to working with the House and Senate pass the 21st Century Flood Reform Act once the threat of a lapse has been addressed."

For more information, please visit www.nar.realtor.

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5 WAYS TO PROTECT YOUR FAMILY IN 2017

5 Ways To Protect Your Family

Cash Buyers Lists News​​

(Family Features)--Protecting your family and loved ones is one of your most important responsibilities. Many people think about protection in terms of physical acts, such as practicing safe driving, but there are many more aspects of your lifestyle and home that affect your loved ones' safety.

Protect your family's financial health

Although it can be painful to consider, your untimely death may leave your family reeling - not only emotionally, but financially, too.  Life insurance can help cover funeral costs, child care or act as income replacement. It can also help pay off any loans you've accrued, such as a home mortgage, car payment, credit card debt or student loans.

If you don't have life insurance, it's never too soon to explore your coverage options. You may be able to save on premiums and get more coverage for your dollar by completing a health exam as part of your application, which helps build a more accurate assessment of your health.

If you do have coverage, it's a good idea to regularly review your coverage to ensure it still meets your needs. Also check your beneficiaries to ensure your policies are updated with your current information, especially if your family has grown.

Ensure your family is breathing safe air:

One threat you may not be aware of is radon, a radioactive gas that occurs naturally in the environment but can create significant health consequences in anyone exposed to unsafe levels.

Radon is an odorless, colorless and tasteless gas that can go undetected in homes until it is too late. According to the U.S. Environmental Protection Agency, radon is the leading cause of lung cancer deaths among non-smokers in America, and claims the lives of nearly 21,000 Americans each year.

Know your own health status:

It is difficult to protect loved ones if you are not healthy yourself. Make sure you receive proper preventive care, such as regular health screenings and check-ups that are recommended for your gender and age.

Many employers and health plans offer health screenings. If you have applied for life insurance, many policies provide the laboratory results from your application that you can share with your physician. Find a checklist of important preventive screenings at CDC.gov/Prevention.

Protect the home of your loved ones:

​There are over 2 million burglaries annually in the United States, according to FBI statistics. Home security systems can help put your mind at ease, and having a security system can also decrease the premiums you pay for monthly homeowner's insurance. Studies have shown that homes with a security system see a 39 percent decrease in financial loss compared to homes with no security system.

Safeguard your family from fire hazards:

The National Fire Protection Association estimates that two-thirds of home fire deaths result from fires in homes with either no smoke alarms or non-working smoke alarms. Batteries wear out and may be taken out to cease persistent beeping then never replaced. Smoke alarms should be in every bedroom, outside every sleeping area and on each level of your home.  In addition to regularly checking alarms and batteries, it's a good idea to make a family escape plan in the event of a fire.

Source: MyExamOne.com.

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