Personal Finance Blog, Your Guide to Financial Fitness
| Get the FREE Money Crashers email newsletter and a chance to win an Apple iPad. |
  
|
Anthony Kirlew
Anthony Kirlew
I know, I know – you’ve been hearing for years that it’s a great time to buy real estate. When the bubble burst a few years ago, and people were losing money on their houses, it made investing in real estate, understandably, a scary proposition.
But thanks to the same recession that caused the real estate mess, there are loads of opportunities for those with the financial resources and means to buy real estate. Here are seven reasons why it’s currently a buyer’s market in 2011.
Anthony Kirlew
Plenty of life events can motivate you to get a second part-time job. Some families need the extra cash for important budget categories, and others simply like the supplemental income to help with the extras. It can also be your way of testing the waters before a career change, or a short-term method to boost savings before a large purchase like your first home.
Getting a traditional part-time job might not fit into your schedule. But several unconventional job options can give you the flexibility to choose your own hours and still make some decent side money. A career counselor might tell you to “think outside the box,” and then send you on your way.
Anthony Kirlew
Current estimates show that there are over 46 million uninsured Americans and about 25 million under-insured Americans. Sadly, this causes many people to go without much-needed medications leading to prolonged illness or worsening of disease. Often, it is the elderly, who statistically have lower incomes and higher prescription costs, that suffer.
As with many such issues, education is power. Below are 10 ways that people can get help in covering the costs of their much-needed medications:
Anthony Kirlew
In this current market, I believe that buying a foreclosure can be a great way to buy real estate at below market rate. In fact, if anyone is considering buying real estate (commercial or residential), I would recommend that they at least consider what kind of a deal they could get if they bought a foreclosure. Many people fear buying foreclosures because of the unknowns, and that is understandable. There are definitely pitfalls to avoid because you are not buying a property where you have a history or can talk to the previous owner. Usually you can’t even get a home inspection because the utilities are usually turned off so a home warranty is always recommended. That said, lets take a look at some great ways to buy foreclosures.
Anthony Kirlew
There are typically two types of home warranties that people will purchase for their home. The first is one that covers any major systems or repairs for the first year and the second is an annual renewal type contract which continues to keep the coverage active.
If you are buying a new home, they usually come with warranties from the builder, so there would not be a need to purchase one from a third party. If you are buying a home where you don’t know the history such as a short sale or a foreclosure, a home warranty is a good thing to consider. Considering that people who experience foreclosures and short sales are often in financial crisis, it is not unreasonable to think that they might have neglected some home maintenance or even major repairs.
Anthony Kirlew
If you have lost your job and your health insurance, you may be wondering what your options are. Your first option is COBRA, which is an option that allows you to keep the coverage that you have for 18 month following the loss of your job. The good news is that the government currently has a 65% subsidy for COBRA so it will cost a lot less than it has in the past (it is scheduled to end at some point in 2010). The caveat is that if you leave your job on your own accord, you do not qualify for the subsidy. If you have preexisting conditions, you might strongly consider keeping your coverage through COBRA as you may not be able to get insurance and if you do, you may pre-existing condition exclusions.
Anthony Kirlew
This is a very sensitive topic because it involves a decision that cannot be undone. I have personally “beat” bankruptcy, consulted with those contemplating bankruptcy, and helped those recover from bankruptcy. I am not a lawyer and I am not giving legal advice, but sharing my personal opinions of the topic.
In our current economic state, there are many people who have filed or are considering bankruptcy that have never had to in the past. Although I have never filed for bankruptcy myself, I suffered enough personal financial loss in the real estate crisis to justify it, however I never have a feeling of peace when I think about the topic.
Anthony Kirlew
Many financial experts talk about having an emergency fund; a liquid source of money in the event of an emergency. There is another type of emergency fund that is very easy to establish and can really come in handy. Let me explain.
Anthony Kirlew
OK, I stole that line from a Chris Rock movie, but it is a good question. Will your family know what to do if you were to die unexpectedly? Even worse, will they be allowed to? I am not a lawyer, but I do know that if you die without a will, it creates lots of problems for the family from both a personal and legal stand point. Sadly, I saw this with a family member who thought that they were taken care of by a will, and found out too late that it was not so. It became a big issue for the family and left people skeptical, hiring their own lawyers to investigate that happened, and in the end, they simply aren’t talking anymore. From a legal standpoint, my understanding is that the state can exercise control over one’s estate if they have not made it clear what to do. You lawyers out there can feel free to step in at any time.
Anthony Kirlew
Over the past several years, my wife and I have been on a mission to live frugally, reduce our debt load, and rebuild our net worth. This follows a downturn in the real estate market as well as massive medial bills due to a health crisis that my wife suffered.
Anthony Kirlew
Many people have lost homes as a results of the recent crash of the mortgage and real estate market. These losses occurred for many reasons including:
Anthony Kirlew
When people hear the word “Identity Theft”, most immediately think of someone compromising their credit profile and opening a credit account in their name. This is a very common form of ID Theft, but did you know there are several other types of ID Theft that can do serious damage to your good name?
1. Driving Records Identity Theft. What would you do if someone assumed your identity and committed a motor vehicle crime in your name such as DWI, DUI, or (worse yet) vehicular manslaughter? It’s real and it is happening. Here is some helpful information from Privacy Rights Clearinghouse on how to address this. Your local motor vehicle department should also have information to help you.
