Sum180 Lead Coach

Forum Replies Created

Viewing 15 posts - 1 through 15 (of 63 total)
  • #20631 Reply

    I agree, Neil. I’ve been amazed about how good that coverage can be. My hope is that everyone has the right info at the right time to get the basic AND supplemental plans. It’s not clear if everyone has access to that advice. Thanks!

    #7686 Reply

    Lately I’ve noticed more and more dissatisfaction in the industry with how the credit score rules are working, and what they are rewarding vs. penalizing. There’s a need for reform, and especially ways for those who are not “playing the game” perfectly to get access to the credit they need to thrive. So we’re watching this issue closely at Sum180, and love to hear people’s stories that show where the fault lines are.

    Specifically to your question, your intra-month balance is a factor, and those trying to improve their credit score can do so by making multiple payments during the month. So it’s not just the zero balance at month end any more. The lower the amount you use of the “available balance” you have across all types of credit being tracked, the better your score.

    #7683 Reply

    You are far from the only one, Josh. Congratulations on this effort! Like many other Sum180 users, you will be amazed at how much money you will save even in the short run by paying off your credit cards. Double and triple up on payments if you can. The key is also what happens next.: 1) go down to two credit cards and keep a zero balance every month; and 2) start socking the amounts you previously were using to pay the old cards in a separate savings account that totals 3-4 months of your monthly expenses. With that cushion, you’ll be able to avoid putting surprise expenses on credit cards in the future. Half the country keeps no balances on their credit cards so you can join that club from here on out.

    #5940 Reply

    Congratulations, Kayla. So happy for you! It’s a very special time. Keep your emergency fund stocked, as it will be needed for the urgent care visits, the ballet lessons, the soccer cleats and many more wonderful and challenging surprises in the coming years.

    #5937 Reply

    Hi Kelby, this is a tricky one. I tried to see what investments they allow, but their site is so oriented toward getting you to buy the gift card that I could not find much detail on that. Hopefully they have a “basket” of stocks you can invest in so that you are diversified. Or put the gift card in the back of your sock drawer and hope this start up becomes Amazon some day.

    #3801 Reply

    My guy’s co-worker does this and she learned very quickly that shipping costs is the variable that makes it worth it or not. Large big ticket items seem profitable until you have to incur the shipping costs. If it’s big ticket, and also big, she has learned to put it on Craig’s list locally.

    Here’s how retail arbitrage recently worked really well for us, Kelby. A friend called and said she had a friend who was selling inflatable paddle boards for $250. A quick e-bay search showed they sell for $500+ there (but remember the shipping costs!). My guy had us buy 4 ($1000), and then had his co-worker resell 2 of them ($500 each).

    Last month, it was extra fun to paddle board in Virginia Beach on our FREE paddle boards! Now I just have to figure out how people actually do yoga on their paddle board…

    #3800 Reply

    Thanks, Antoinette. That’s a question we get frequently here at Sum180, because the just when you think you know which option will protect your family, they give you another choice. And, Kelby, we agree wholeheartedly that term is the way to go because of costs.

    You need term life insurance for the period of time during which you want to protect your partner/family, before you’ve had a chance to build out your financial picture fully. When you first get married or have children, that is a 25-30 year policy ideally. Luckily, the premiums for term are pretty affordable for most people.

    #3659 Reply

    Great food for thought, Josh. I have 2-3 charities I am passionate about that I focus on at any given time and I feel that others understand when you say, “I’m giving to XX this year, but will keep you in mind.” That said, I’ve noticed over time that one will drop and another will make the list, and that this happens every few years.

    I like to combine my “donation” of time and talent, along with treasure, for those I’m committed to. Do others find they prefer to go deep rather than broad with charities they support?

    #3658 Reply

    That reminds me, Stacey, of the research we did that shows that you are supposed to spend no more than 1.5% of your take home income on the holidays. I say “holidays” and not “Christmas” because for me the spending starts at Thanksgiving and stops when I am finally disgusted with the endless outflow right around New Years. That might sound like a lot, but it isn’t if you have to travel. The key is to have a budget, which I never do but I AM GOING TO THIS YEAR based on your reminder. Thanks!

    #2996 Reply

    Throwing a little financial theory into the conversation. Here is the “best practice” decision waterfall list in priority order:

    1. Use all extra $$ to pay off high interest debt, where high is anything over 5%; then
    2. Split the use of all extra $$ by 50% to finishing the debt payoff of lower interest debts (0-5%) and 50% build up of emergency funds. (exclude your mortgage unless it is high interest or under water)

    #2995 Reply

    You inspired me to begin these discussions, Stacey, but they got off to a very slow start, which makes it even more impressive what you two came up with. We’re going to keep trying and hopefully have this kind of plan in the future. Congrats!

    #2924 Reply

    Haha, nothing’s really going to compete with Dunkin Donuts, for sure, Kayla. A few years ago, when I started making more meals at home, I started working harder to find and regularly get great ingredients – farm fresh eggs, homemade bread, Peet’s coffee by mail order, veggies from a CSA, fresh cuts directly from the local butcher, European butter, mint from the garden (for Mojitos) etc. We’re noticing the home-cooked and home-packed meals are starting to be better than what’s out there. It seems a lot cheaper but I really should do a comparison and not just take it for granted.

    #2826 Reply

    Your post explains so much about your financial acumen, Stacey. And wow, it brought my Dad’s voice into my brain vividly: “Money talks, power corrupts, and absolute power corrupts absolutely.” My Dad would rather go hungry and shoeless than be unethical or unfair in his dealings. He did not talk a lot about his business but he did take every opportunity to tell us how to be fair and honest in our dealings with people and money.

    #2811 Reply

    Our view is that it’s all about rates and fees, Suzanne. Ensure your banker gives you a detailed and completely comprehensive cost comparison of staying where you are and pursuing the new mortgage. The data will tell the story.

    We’ve found that the real hit on costs with refinancing of any kind of mortgage, assuming rates are comparable, are in the closing costs. Certain aspects of closing costs are negotiable – origination fees, title insurance, homeowner’s insurance, etc. These are things you shop around for or ask to be reduced. Others are pretty set in stone – appraisals and credit report fees, for example. Compare carefully and ask questions if something seems vague. Odds are, if its vague, its “padding.”

    #2750 Reply

    I think that recommendation was given, Suzanne, with the thought that your BEST chance of getting someone who puts your interests first as a client is someone who is 100% independent. We would agree with that, especially for those just getting started. However, it is possible that an adviser that is affiliated with a financial service firm will do that, but it isn’t a given.

Viewing 15 posts - 1 through 15 (of 63 total)