Ask the Readers: What Do You Do for Fun While You’re Stuck at Home?

It is strongly recommended (and in some places mandated) that we all stay home as much as possible to avoid unknowingly spreading COVID-19. If you like spending time out and about, whether socializing with friends or enjoying local attractions, being stuck at home can sound really boring…but it doesn’t have to be! Let’s share some ideas on fun things you can do right at home.

What do you do for fun while you’re stuck at home? Are there any resources that have been particularly helpful in finding things for you and your family to do? What free activities would you recommend to others?

Tell us what you’re doing for fun while you’re stuck at home and we’ll enter you in a drawing to win a $20 Amazon Gift Card!

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We’re doing three giveaways — here’s how you can win:

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Source: wisebread.com

Homie’s Denver Housing Market Update January 2021

With the start of a new year, we can’t help but look forward to watching how the market changes throughout 2021. So how did the Denver market start out the new year? We’ve got your update!

Data from ReColorado from January 1, 2021 to January 31, 2021.

Monthly Sales

It’s common for the volume of sales to shrink during the month of January, and this year has been no different. With a 38% decrease from December, January monthly sales landed at 3,164. This is a 6% decrease from January of the previous year.

Graph of Monthly Sales

Data retrieved from ReColorado.

New Listings

New listings also experienced a year-over-year decrease, landing at 4,285. While this is a 12% decrease from the previous year, it’s a 29.6% increase from the previous month.

Graph of List Prices

Data retrieved from ReColorado.

Sale Price

In contrast to new listings and monthly sales, sale prices saw a significant year-over-year increase. The average sale price for a Denver home in January was $550,165, a 16% increase from this time last year.

Sales Price

Data retrieved from ReColorado.

Days on Market (DOM)

Even though there were fewer sales in January than there were last January, those sales are happening at much faster speeds. The average number of days spent on the market for a Denver area home in January was 26, which is a 19-day decrease from last January.

Graph of Days on Market

Data retrieved from ReColorado.

Turn to a Homie

Whether you’re ready to buy or sell, Homie has experienced, local real estate agents who are ready to find you what you’re looking for. These agents understand all the ins and outs of the Denver market, and they’ll lend you their expertise while you buy or sell your home. Click to start selling or buying and to get in touch with your dedicated agent.

Learn more about Colorado Real Estate

How to Buy a Home in Denver
How to Sell a Home in Colorado
5 Tips to Help You Afford Your First Home

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Source: homie.com

8 Steps to Buying a Vacation Home

If you’re like many Americans, you dream of having a beach house, a desert escape, or a mountain hideaway. Perhaps you’re tired of staying at hotels and want the comforts of home at your fingertips.

You’re ready to make this dream a reality. Before you do, consider these steps.

How to Buy a Vacation Home

1. Choose a Home That Fits Your Needs

As you begin your search for a vacation home, carefully consider your goals and needs. Start with the location. Do you prefer an urban or rural area? Lots of property or a townhouse with just a small yard to care for?

Consider what amenities are important to be close to. Where is the nearest grocery store? Is a hospital accessible?

Consider your goals for the property. Is this a place that only you and your family will use? Do you plan to rent it out from time to time? Or maybe you plan to be there only a couple of weeks out of the year, using it as a rental property the rest of the time.

The answers to these questions will have a cascade effect on the other factors you’ll need to consider, from financing to taxes and other costs.

2. Figure Out Financing

Next, consider what kind of mortgage works best for you, if you’re not paying cash. You may want to engage a mortgage broker or direct lender to help with this process.

If you have a primary residence, you may be in the market for a second mortgage. The key question: Are you purchasing a second home or an investment property?

Second home. A second home is one that you, family members, or friends plan to live in for a certain period of time every year and not rent it out. Second-home loans have the same rates as primary residences. The down payment could be as low as 10%, though 20% is typical.

Investment property. If you plan on using your vacation home to generate rental income, expect a down payment of 25% or 30% and a higher rate for a non-owner- occupied loan. If you need the rental income in order to qualify for the additional home purchase, you may need to identify a renter and have a lease. A lender still may only consider a percentage of the rental income toward your qualifying income.

Some people may choose to tap equity in their primary home to buy the vacation home. One popular option is a cash-out refinance, in which you borrow more than you owe on your primary home and take the extra money as cash.

3. Consider Costs

While you consider the goals you’re hoping to accomplish by acquiring a vacation home, try to avoid home buying mistakes.

A mortgage lender can delineate the down payment, monthly mortgage payment, and closing costs. But remember that there are other costs to consider, including maintenance of the home and landscape, utilities, furnishings, insurance, property taxes, and travel to and from the home.

If you’re planning on renting out the house, determine frequency and expected rental income. Be prepared to take a financial hit if you are unable to rent the property out as much as you planned. For a full picture of cost, check out our home affordability calculator.

4. Learn About Taxes

Taxes will be an ongoing consideration if you buy a vacation home.

A second home qualifies for mortgage interest and property tax deductions as long as the home is for personal use. And if you rent out the home for 14 or fewer days during the year, you can pocket the rental income tax-free.

If you rent out the home for more than 14 days, you must report all rental income to the IRS. You also can deduct rental expenses.

The mortgage interest deduction is available on total mortgages up to $750,000. If you already have a mortgage equal to the amount you on primary residence, your second home will not qualify.

The bottom line: Tax rules vary greatly, depending on personal or rental use.

5. Research Alternatives

There are a number of options to owning a vacation home. For example, you may consider buying a home with friends or family members, or purchasing a timeshare. But before you pursue an option, carefully weigh the pros and cons.

If you’re considering purchasing a home with other people, beware the potential challenges. Owning a home together requires a lot of compromise and cooperation.

You also must decide what will happen if one party is having trouble paying the mortgage. Are the others willing to cover it?

In addition to second home and investment properties, you may be tempted by timeshares, vacation clubs, fractional ownership, and condo hotels. Be aware that it may be hard to resell these, and the property may not retain its value over time.

6. Make It Easy to Rent

If you do decide to use your vacation home as a rental property, you have to take other people’s concerns and desires into account. Be sure to consider the factors that will make it easy to rent. A home near tourist hot spots, amenities, and a beach or lake may be more desirable.

Consider, too, factors that will make the house less desirable. Is there planned construction nearby that will make it unpleasant to stay at the house?

How far the house is from your main residence takes on increased significance when you’re a rental property owner. Will you have to engage a property manager to maintain the house and address renters’ concerns? Doing so will increase your costs.

7. Pay Attention to Local Rules

Local laws or homeowners association rules may limit who you can rent to and when.

For example, a homeowners association might limit how often you can rent your vacation home, whether renters can have pets, where they can park, and how much noise they can make.

Be aware that these rules can be put in place after you’ve purchased your vacation home.

8. Tap Local Expertise

It’s a good idea to enlist the help of local real estate agents and lenders.

Vacation homes tend to exist in specialized markets, and these experts can help you navigate local taxes, transaction fees, zoning, and rental ordinances. They can also help you determine the best time to buy a house in the area you’re interested in.

Because they are familiar with the local market and comparable properties, they are also likely to be more comfortable with appraisals, especially in low-population areas where there may be fewer houses to compare.

The Takeaway

Buying a vacation home can be a ticket to relaxation or a rough trip. It’s imperative to know the rules governing a second home vs. a rental property, how to finance a vacation house, tax considerations, and more.

Ready to buy? SoFi offers mortgages for second homes and investment properties, including single-family homes, two-unit buildings, condos, and planned unit developments.

SoFi also offers a cash-out refinance, all at competitive rates.

Got two minutes to spare? That’s how long it takes to check your rate for a mortgage with SoFi.



SoFi Home Loans
Terms, conditions, and state restrictions apply. SoFi Home Loans are not available in all states. See SoFi.com/eligibility for more information.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Source: sofi.com

Long-Term Care Options and How to Plan for the Costs

Think for a minute about all the things you did when you woke up this morning. You probably got out of bed, walked to the bathroom, cleaned yourself up, brushed your teeth, got dressed, made yourself some breakfast, and headed out the door to go to work. These activities of daily living are so routine, you likely did them without even thinking about it.

Now imagine that you couldn’t do these things on your own. It could be because you’ve had an accident, you’re recovering from an operation, or you have an illness that limits your mobility. Whatever the reason, you now need help from another person to do many or even most of your basic daily activities — and you’ll continue to need it for weeks, months, or even years.

This kind of help is called long-term care, and there’s a good chance you or a close loved one will need it at some point in your life. According to the U.S. Department of Health and Human Services (HHS), a person who turned 65 today has almost a 70% chance of needing some form of long-term care in the future.

Needing long-term care isn’t just a physical burden; it’s a financial one too. According to the 2020 Cost of Care Survey by Genworth Financial, professional long-term care can cost anywhere from $1,603 to $8,821 per month. Most employer-sponsored health insurance plans don’t cover these costs, and even Medicare provides only limited coverage.

If you don’t want to risk being bankrupted by long-term care costs in the future, you need to do some planning now. Even if you don’t think you’ll need long-term care for many years to come — or at all — it’s better to think about it ahead of time than to take a chance on having to deal with both a health crisis and a financial crisis at once.

Options for Long-Term Care

When many people hear “long-term care,” they immediately picture a nursing home. However, it’s possible to receive long-term care in a variety of settings, which differ widely in terms of both comfort and cost.

The main forms of long-term care are:

1. In-Home Care From Relatives

Dealing with a long-term injury or illness can be a lot less stressful in your own home with familiar things and people around you. Thus, one common type of long-term care is to have a relative or friend tend to your needs at home.

While unpaid in-home care is easiest on the person receiving care, it can be difficult for the caregiver, both emotionally and financially. A 2018 Genworth study found that more than half of family caregivers had high levels of stress, and roughly one-third said their careers had suffered on account of their caregiving duties.

2. Home Health Aides

If you want to receive care at home without putting a burden on your relatives, you can hire someone to help you. A home health aide doesn’t provide medical care but can help with such daily tasks as bathing, dressing, and eating. The 2020 Genworth survey found that the median cost of a home health aide in 2020 was $24 per hour, or $4,756 per month.

3. Homemaker Services

Some people don’t need help with bathing or dressing, but they still need someone to handle daily chores they can’t manage on their own, such as cooking, cleaning, and running errands. For this, you can hire a homemaker service, which costs a bit less than a home health aide. Genworth put the median cost of homemaker services for 2020 at $23.50 per hour, or $4,481 per month.

4. Adult Day Care

Some older people can still get up and about, but they can’t be on their own for long periods of time. An adult day care program is a place where adults can go during the day and spend time with others, with a caregiver there to keep an eye on them. Adult day care programs can offer structured activities, meals, transportation, and sometimes health services. They’re cheaper than most long-term care options, at around $74 per day or $1,603 per month, according to Genworth.

5. Assisted Living

Home health aides can help with daily activities, but they can’t provide actual medical care. People who need regular medical supervision are better off moving to an assisted living facility. This is a place where people can live on their own in private apartments and have access to both personal care and medical care on site. The median cost for an assisted living facility was $4,300 per month in 2020, according to Genworth.

6. Nursing Home

Nursing homes provide the highest level of supervision and care. These all-inclusive facilities offer room and board, personal care, supervision, activities, medication, rehabilitation, and full-time nursing care. This level of care comes with a high price tag, however. Genworth found that in 2020, a semi-private room in a nursing home cost $7,756 per month, and a private room cost $8,821 per month.


Government Programs

Most Americans can’t afford to pay for professional long-term care out of their own pockets. A 2020 survey by The Ascent found that over half of Americans have less than $5,000 in savings. Roughly one-third have less than $1,000 — not enough to pay for even a single month of long-term care.

Government programs, including Medicare and Medicaid, can help you meet some of the costs. However, these programs offer only limited aid. Each one has specific rules about who qualifies for benefits, what services it covers, how long you can receive aid, and how much you must pay for on your own. If you need long-term care, it’s certainly a good idea to look at these programs first to see what they cover, but it’s a mistake to rely on them to pick up the whole tab.

Medicare

In most cases, Medicare does not include any long-term care benefits. However, there are several specific exceptions:

  • Skilled Nursing Facility (SNF) Care. If you come out of the hospital after a stay of at least three days, Medicare provides partial coverage for up to 100 days’ worth of medically necessary care while you recover. To receive this coverage, you must enter a Medicare-certified SNF or nursing home within 30 days after you leave the hospital. Medicare covers all of your treatment there for the first 20 days of your stay. Beginning on day 21, you must pay a daily copayment, which is set at $185.50 in 2021. Medicare covers any cost beyond this copayment up through day 100. If you still need care after that, you’re on your own.
  • Rehabilitation. If you have a condition that requires ongoing medical care to help you recover, Medicare provides partial coverage for a stay in an inpatient rehabilitation facility. It covers the cost of treatments such as physical therapy, meals, drugs, nursing services, and a semi-private room. However, you must pay an out-of-pocket cost for this care that depends on the length of your stay. For the first 60 days, you pay a $1,364 deductible. This cost is waived if you’ve already paid for a hospital stay for the same condition. For days 61 through 90, you pay $341 per day. After day 90, you start using up your “lifetime reserve days.” You have only 60 of these days over your lifetime, and each one costs you $682. If you still need care after your 60 days are used up, you must pay the full cost. Also, any extra costs during your stay — such as a private room, private duty nursing, or a phone or television in your room — are your own responsibility.
  • Home Health Services. You can also use Medicare to pay for in-home care for a specific illness or injury. This includes part-time or intermittent skilled nursing care, physical or occupational therapy, and speech-language pathology. To qualify as part-time, your care must cover less than eight hours per day, or less than seven days per week, over a total of three weeks or less. If you are receiving this type of in-home care, Medicare also pays for additional, basic care from a home health aide. Medicare does not cover care from a home health aide if that’s the only care you need, and it does not cover homemaker services under any circumstances.
  • Hospice Care. People who are terminally ill sometimes choose to spend their last days in hospice care. Hospice treatment focuses on relieving the patient’s pain, rather than trying to cure them. Medicare covers hospice care for patients who are terminally ill, are not seeking a cure, and do not expect to live more than six months. Patients can receive this kind of care in their own homes, a hospital, or another inpatient care facility.

For more details about what Medicare covers, see the Medicare website.

Medicaid

Unlike Medicare, Medicaid covers all types of long-term care. This includes both in-home care — such as a visiting nurse or a home health aide — and care in facilities such as nursing homes. You can get home health aide services from Medicaid even if you don’t need skilled care as well, and you can get care in a facility even if you aren’t recovering from a hospital visit.

However, Medicaid has strict limits on eligibility. You can’t receive Medicaid benefits if your income is above a certain level, which varies from state to state. Also, in some states, you cannot qualify unless you have dependent children. You can find the limits for your state through your state’s Medicaid website.

Veterans’ Benefits

The Department of Veterans Affairs (VA) covers the full cost of long-term care for veterans who have disabilities resulting from their military service. It also covers costs for veterans who can’t afford to pay for their own care. Other veterans receive some coverage, but they must pay a copayment. According to the VA site, the current copayments for long-term care are:

  • $97 per day for inpatient care, such as nursing home care
  • $15 per day for outpatient care, such as home health care or adult day care
  • $5 per day for domiciliary care in a special facility for homeless veterans

The VA site has more information about the health benefits available to veterans and how to qualify for them.

OAA Programs

Some states have their own separate programs to help provide care for adults over age 60. These programs get funding from the federal government under the OIder Americans Act (OAA). The OAA supports a wide network of state, local, and tribal agencies called the Aging Network. It works with tens of thousands of service providers and volunteers to deliver various types of care, including:

  • Meal delivery
  • Transportation
  • Home health services
  • Home health aide and homemaker services
  • Adult day care
  • “Respite care,” which gives family caregivers some time off from taking care of an older relative
  • Help using other government benefits

You can find programs in your area through Eldercare.gov.


Products to Help You Pay for Long-Term Care

Government programs don’t cover everybody, and the coverage they offer isn’t always enough to pay for the full cost of long-term care. To make up the difference, some people carry long-term care insurance, which provides coverage for this specific type of care. Others rely on other financial products designed for senior citizens, such as annuities and reverse mortgages, to cover their costs.

Long-Term Care Insurance

Long-term care insurance, or LTC insurance, works like other types of insurance. You pay a premium each month to the insurer, and if you ever need long-term care, it covers the cost. However, one big difference between this and most other types of insurance is that you have to qualify to buy a policy. If you’re already in poor health, there’s a chance you won’t be able to get a policy — and if you do, you’ll have to pay a steep price for it.

There are several ways to buy a long-term care insurance policy. The most common sources for policies are:

  • Insurance Specialists. You can buy LTC insurance through financial professionals such as insurance agents, brokers, and financial planners. To find insurance companies that offer LTC insurance, visit your state insurance department or do an Internet search for “long-term care insurance” plus the name of your state.
  • Employers. Although standard employer-sponsored health care plans don’t cover long-term care, many employers — including the federal government, many state governments, and some private companies — offer LTC insurance as an add-on that employees can purchase separately. To find out whether your employer offers this coverage, check with your pensions or benefits office.
  • Organizations. Some labor unions and other professional or trade organizations, such as the National Education Association, offer LTC insurance as a benefit to their workers. Membership organizations such as alumni associations or service clubs like the Lions and Elks can also take part in group plans.
  • State Partnerships. In some states, you can purchase LTC coverage through a State Partnership Program. These programs provide benefits partly through private long-term care insurers and partly through Medicaid. You can learn more details about these programs from the Department of Health and Human Services (HHS).

Although long-term care coverage can protect you from devastating long-term care costs, most Americans don’t carry it because of its high cost. According to the American Association for Long-Term Care Insurance (AALTCI), the typical annual premium for an LTC policy ranges from $1,400 to $3,100. This annual cost varies based on factors such as age, health, gender, location, and amount of coverage.

Financial planner David Demming, speaking with Policygenius, says LTC insurance is most likely to be a good deal for people aged 50 to 55 with a net worth between $1 million and $3 million. That’s enough money to afford the premiums, but not enough to cover the full cost of long-term care. To get a clearer idea of what LTC policy pricing could be for you, check out online calculators like this one from Genworth.

Annuities

Some people choose to fund their long-term care through an annuity, a financial product that pays out a fixed sum every year over a specific period. There are three kinds of annuities you can use for this purpose:

  • Immediate Annuities. With an immediate annuity, you pay a one-time premium, and in exchange the company pays you a fixed monthly benefit. This benefit can last for a specific period of time or the rest of your life. One advantage of an immediate annuity is that anyone can buy one, regardless of health status. This makes it a good option for people who no longer qualify for LTC insurance due to poor health. However, the fixed monthly sum you get might not be enough to meet your long-term care costs, and inflation can eat into its value.
  • Deferred Annuities. You can buy a deferred annuity with either a one-time payment, like an immediate annuity, or a series of regular payments. The money you pay into the annuity earns interest and grows tax-free. It doesn’t start paying out a monthly benefit until a specific date, such as your 65th birthday.
  • Long-Term Care Annuities. A long-term care annuity is a deferred annuity with a long-term care rider. This type of annuity doesn’t pay out until you need the money for long-term care costs. To collect the monthly payment, you must be diagnosed with a medical condition that requires long-term care, such as Alzheimer’s disease. According to HHS, this type of annuity is usually available only to people age 85 or younger who meet certain health requirements. However, according to SmartAsset, it’s sometimes easier to get approved for a long-term care annuity than for LTC insurance.

Depending on your situation, an annuity can be a cheaper way to cover long-term care costs than LTC insurance. However, it typically requires a large up-front payment, which is even higher if you already have health issues. Also, annuities can have a complicated effect on your taxes — HHS recommends consulting a tax professional before you buy one.

Reverse Mortgages

Another way to pay for long-term care services is with a reverse mortgage through LendingTree. This is a special type of home equity loan available only to homeowners age 62 and up, which allows you to get cash out of your home without giving up your title to it.

The house remains your property until you die. At that time, it goes to the bank unless your heirs choose to pay off the amount you’ve borrowed and keep the house. Otherwise, the bank sells the house and keeps the amount you owed at the time of your death. Any cash beyond that balance goes to your heirs.

There are several ways to get cash from a reverse mortgage. You can get one large lump-sum payment, a regular monthly payment, or a line of credit you can draw on as needed. The second two options are most useful for paying long-term care expenses. As long as you spend the payments in the same month you receive them, the money is not taxable income and doesn’t affect any government benefits, such as Social Security, Medicare, or Medicaid.


Long-Term Care Planning

Dealing with long-term care can be an emotional and financial burden, both for you and for your family. The best way to lighten that load is to plan ahead. By making your plans early, you’ll have plenty of time to do research, make decisions, and buy traditional long-term care insurance or any other products you need to cover the costs.

1. Research Your Options

Start by looking into the options for advanced care in your area. Check the phone book or do an online search to find out what choices you’re likely to have for assisted living and nursing homes, as well as home health aide and homemaking services. The Genworth Cost of Care Survey tool can help you estimate what these services cost now and what they’re likely to cost in the future. You can also check the costs for services in other areas to figure out whether relocating would save you money.

2. Talk to Your Family

Once you have some idea of available options, talk to your family members and get their input. Set aside a time when you can talk everything over in person without having to rush. Here are some points to discuss:

  • Your Lifestyle. Discuss the way you live now and how you expect to live in the future. For instance, if it’s important to you to stay at home and live independently, let your family know that. Tell them about your priorities, and find out what’s important to them, as well.
  • Your Care Options. Show your family the research you’ve done on care options in your area. Tell them how you’d prefer to receive care and whether you have a specific provider in mind. Also, find out how much of your care your loved ones are able and willing to take on themselves. If you have several relatives who could help you, talk about which specific responsibilities each of them could handle.
  • Your Finances. Once you’ve considered what kind of care you want, talk about what it’s likely to cost. Let your family know how much money you can set aside now toward your future care needs, and find out if any of them are willing to contribute.
  • Medical Care. Make sure your family knows your health history in detail so they can supply it to a doctor if they need to. Also, make sure they know how to contact all of your current medical providers.
  • Legal Issues. Decide who should be responsible for making medical decisions for you if you can’t make them yourself. Use this information to set up a durable power of attorney for the future. Also, talk to your loved ones about your wishes for end-of-life care. If you already have a living will, tell them what it says and where to find it; if you don’t have one, make plans to set one up.

3. Calculate the Cost

Now that you have some idea who will provide care for you when you need it, the next step is to figure out how much it will cost. Even if your family has offered to provide unpaid care for you when you need it, there could still be some cost involved. For instance, you could choose to hire a house cleaning service so your loved ones won’t be responsible for all the housekeeping chores in addition to your care.

If you’re planning to pay for professional long-term care services, think about how long you’re likely to need them. According to the HHS, people who require long-term care use it for an average of three years. This includes an average of two years of in-home care and one year in a long-term care facility. About one in five people need care for more than five years.

To figure out the total amount you’ll need for long-term care costs, multiply the cost by the expected length of care. For instance, suppose a home health aide costs $60,000 per year and assisted living costs $90,000 per year. If you expect to need two years of home health care and one year in assisted living, you must save up a total of $250,000.

If the total cost looks like more than you can possibly afford, look for ways to save on long-term care. This could include relying on family care, negotiating prices, getting help from government programs, or relocating to a cheaper area.

4. Make a Plan to Cover the Costs

Once you have an idea of how much money you’ll need for long-term care, you can start figuring out how to pay for it. If your income and assets are low enough, you can look to Medicaid for help when you need care. State government programs could also provide some help.

By contrast, if you have a lot of liquid assets — that is, cash, retirement savings, and other assets you can easily convert to cash — you might be able to pay for your care out of pocket. Financial planners interviewed by Policygenius say this is most practical for people with a net worth of at least $3 million.

If you’re somewhere in between those two extremes, you’ll need some other way to meet the costs of long-term care. That could mean buying long-term care insurance, investing in an annuity, or taking out a reverse mortgage. A financial planner can help you compare these options and decide which one is best for you.

5. Put Your Plan in Writing

After you’ve come up with a plan to meet your long-term care needs, the final step is to put it in writing. Having a written plan gives your family something to consult if there’s ever any confusion or uncertainty about your wishes.

If you’ve decided to make a living will or set up a durable power of attorney, these documents should be part of your written care plan. Consult a lawyer to help you set these up. Give a copy of the entire plan, including the legal documents, to any relatives it could affect.

Putting your plan in writing doesn’t mean it’s set in stone. If your health or financial situation changes in the future, your long-term plans might need to change too. Update your plan as needed, and make sure your relatives always have the latest version.


Final Word

If you’re young and healthy, you may feel like it’s too soon to start thinking about long-term care. Since you probably won’t need it for many years, you figure you can just wait and deal with it when the time comes.

However, there are several good reasons why now is exactly the right time to think about it. First of all, the future is unpredictable. Even young people can suffer injuries or develop illnesses that keep them off their feet for months.

Also, LTC insurance gets more expensive and harder to obtain as you age. If you decide to wait until you’re 65 before buying a policy, it could already be too late to qualify. And even if you can get one, you’ll pay a much steeper rate for it than you would if you’d bought it 10 years earlier. So it makes sense to start thinking about this type of insurance and decide whether it’s for you before you hit age 55.

Finally, if you put off thinking about long-term care until you actually need it, you’ll have to make a whole lot of important decisions in a hurry. You could end up making choices that aren’t best for you because you don’t have time to weigh the options. By avoiding procrastination and thinking it through now, you can ensure that when — or if — you finally need long-term care, it will be as easy as possible for you and your family.

Source: moneycrashers.com

Your Complete Midtown, Detroit Neighborhood Guide

When you get to the Midtown Detroit area, you’ll have no lack of things to do and enjoy.

Midtown boasts several cultural gems, a revitalized retail experience and several tourist attractions. This area has a lot to offer. So, let’s have a look at where we can stay, shop, enjoy food and enjoy ourselves when in this Detroit neighborhood.

Where is Midtown in Detroit?

The ZIP code for Midtown is 48202 and it’s located in the Greater Detroit Area. The community lies along the west and east sides of Woodward Avenue, between the New Center and Downtown Detroit.

It’s also bounded on the east, west, north and south by the Chrysler, Lodge, Edsel Ford and Fisher Freeways, respectively.

map of midtown detroit

Source: Rent.com

The neighborhood of Midtown Detroit has a lot to offer, perhaps even more so than any other neighborhood in this region. It boasts many of the leading medical facilities, urban learning institutes and museums in the country. This was also once the home of the Dodge Brothers and Charles Lindbergh.

There are also Midtown Detroit apartments as well as several other housing options available. Residents, tourists and visitors can rent brownstone houses, condos, mid-rise or low-rise Midtown Detroit apartments. Here’s a look at some of the average rents to expect:

  • One-bedroom average rent: $1,219
  • Two-bedroom average rent: $1,309

Living in Midtown

Large building on the campus of Wayne University against a blue sky with sun hitting the building and trees.

Midtown Detroit has a whole lot to offer. That’s true even if you’re a tourist or staying there for some time. You get that historic value as well as a modern, liberal atmosphere to balance it all out. Here’s a bit of information about the various sectors available in this district:

Demographics

The population in Midtown Detroit is around 7,408. There’s an urbanized feeling to the place, with most residents living in rental homes. A major chunk of the population is young professionals, most of whom have a liberal mindset.

Education

Midtown Detroit is a university town and also has its own medical campus. It’s got a high concentration of medical facilities and other higher learning institutes, while its local Wayne State University is steadily growing as one of the leading research institutions in the country. In addition to public schools, there’s also the College for Creative Studies for those pursuing careers in art, design, etc.

Safety

In the past, Midtown Detroit wasn’t really known for its safety. Some sources even gave it a poor grade in this department. However, things have now changed and Midtown is one of the safest areas within Detroit.

Wayne State itself, which is the academic core of Midtown, is among the 50 safest options amongst large university campuses within the U.S.

Recreation/Entertainment

Midtown Detroit has one of the best art collections in the country. Visit the Detroit Institute of arts to take a look. If you prefer something more contemporary, head on over to the Museum of Contemporary Art Detroit. The Midtown galleries are also open. You can always take a glance back with the Charles H. Wright Museum of African American History or the Detroit Historical Museum. Top off an active day with a relaxing read at the impressive Detroit Public Library.

There are also several places to eat out in Midtown Detroit. One can opt for a variety of cuisines and delicacies, as they have food options from all around the world

Transportation

Midtown Detroit is a walkable community so you can just take off on foot. However, there are several transit systems available in Detroit itself. That’s why getting to Midtown is not a problem for anyone.

There are airport shuttles near the airport, making transportation easy for visitors and tourists. People can also use the DDOT (Detroit Department of Transportation) bus system as well as the more updated version called the SMART system (Suburban Mobility Authority for Regional Transportation). Most of the SMART routes go down the Midtown cores which is convenient for the people there.

Shopping

Once you start exploring Midtown, you’ll get some unique options. There are many handmade or hand-picked items available, with creative vendors at the helm. For everyday essentials, all kinds of grocery stores and supermarkets are also available.

10 things to do in Midtown

midtown detroit

Midtown Detroit has a number of activities and attractions available throughout the year. Here’s a quick view of 10 things you can do while in the neighborhood:

  1. Attend a concert at the Detroit Symphony Orchestra.
  2. Visit What Pipeline, a gallery featuring contemporary art.
  3. Eat at Mario’s Restaurant, which has served traditional Italian cuisine in the area for decades.
  4. Treat yourself at Avalon Cafe & Bakery.
  5. Play at the Garden Bowl, the longest-running bowling alley in America.
  6. Visit the Detroit Institute of Arts, a museum with many jewels such as Van Gogh’s and Degas’s works.
  7. Sample women’s clothing at The Peacock Room.
  8. Have a staycation at the El Moore Lodge, a green-efficient and comfortable hotel.
  9. Consume modern American food at The Block.
  10. Visit the Motown History Museum, which offers an immersive experience into the music’s development.

Finding an apartment in Midtown

No matter what your interests are or what you came to Detroit for, there’s something for everyone in the Midtown area. If you want to rent an apartment, it’ll always be just a stone’s throw from art galleries, theatres and so much more. Since the population is young and young at heart, there’s a buzz of activity all around.

Whether you’re looking to rent something in the city or out in Farmington Hills, there’s excitement everywhere you go in Detroit.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of one-bedroom apartments. We pulled our data in February 2021, and it goes back for one year. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

19 Things You Should Never Buy at a Grocery Store

Surprised man shopping for groceries
Bodnar Taras / Shutterstock.com

Do you love your neighborhood grocery store and buy everything you need there?

If so, your local grocery store probably loves you, too. It loves that you’re willing to spend so much on items you could get for a whole lot less money elsewhere.

You can continue supporting your local grocery store, but skip buying these goods there because cheaper options are available.

1. Greeting cards

Woman with greeting card
Pressmaster / Shutterstock.com

Anyone who’s bought a grocery store greeting card has felt the sticker shock — $4.95 for a piece of cardstock with a pretty design? You can do better.

Go to the dollar store and pick up some equally nice options for a buck. Greeting cards are one of the “21 Things You Should Always Buy at a Dollar Store.”

If you don’t want to make a trip to another store, check out the options on Amazon. Or if you’re the crafty type, make your own.

2. Batteries

Couple in living room using remote control
Monkey Business Images / Shutterstock.com

Batteries are an essential part of life, whether you’re a parent on Christmas morning or someone who relies on the TV remote. However, there’s no reason to overpay.

Head to the warehouse club of your choice, where you can stock up on bulk packages that bring your per-battery cost down. Amazon also sells bulk packages of batteries, including its own AmazonBasics brand.

3. Magazines

Kinga / Shutterstock.com

A single issue of a magazine at the grocery store can set you back $3 or $4. Or more.

For many publications, you can subscribe to have them delivered to your home for the entire year for less than $20.

There are also plenty of ways to get discounted access to your favorite titles, as we detail in “4 Ways to Read Magazines for Free or Cheap.”

4. Diapers

Baby drinking a bottle of milk
Flashon Media / Shutterstock.com

Who knew it cost so much to cover your little one’s bottom? Well, experienced parents know, but it’s often a surprise to new moms and dads.

Using cloth diapers that you wash and reuse is always cheaper and more environmentally friendly. But for many people, disposables are the only way to go.

Buying them from a grocery store is easy, but you’ll pay a lot less per diaper using Amazon’s Subscribe & Save service. It gives Amazon Prime members up to 20% off diaper subscriptions (basically just recurring deliveries), depending on how many subscription deliveries you buy.

If you’re willing to watch and wait for sales to stock up, another option is drugstore-brand diapers. See “7 Things You Can Buy for Next to Nothing at the Drugstore.”

5. Alcoholic beverages

oneinchpunch / Shutterstock.com

Beer and wine are money makers for grocery stores. You can minimize the markup by shopping at a warehouse club instead.

You may not even need a membership, as we explain in “18 Best Buys at Warehouse Stores”:

“In some states, nonmembers can buy booze at a warehouse club due to state laws that regulate alcohol sales. So call your closest club and ask about its policy for selling alcohol to nonmembers.”

6. Toothbrushes

Mom and daughter brushing teeth together,
Creativa Image / Shutterstock.com

Are you really buying toothbrushes at the grocery store? Don’t you go to the dentist? If you do, you’ll find they have drawers full of them for the asking.

Yes, most people go to the dentist once every six months, and you should change your toothbrush more often than that. However, we’ll bet that, if you ask really nicely, your dentist will give you one or two extra to last until your next visit.

7. Special occasion cakes

Kzenon / Shutterstock.com

Getting a birthday cake at the grocery store is convenient, but it isn’t all that cheap, especially if you need to feed a crowd.

Instead, we’re going to send you back to your warehouse club, where you can get a giant decorated sheet cake for the same price many grocery stores charge for their small ones.

8. Pet food

woman kissing cat
garetsworkshop / Shutterstock.com

The grocery store isn’t the worst place to buy pet food, but you can do better.

These retailers are among those offering discounts when you set up automated shipments:

Some pet store chains also offer coupons and loyalty programs that can lower costs, as we detail in “8 Ways to Cut Your Pet Food Costs.”

9. Bottled water

Patramansky Oleg / Shutterstock.com

Unless you happen to live in a city where the water is unfit to drink, there is no reason to buy bottled water.

The water from your tap will hydrate you just fine. Invest in a couple of reusable water bottles, and fill them for cheap at home.

Does the local tap water taste iffy? Buy a water filter or a filtering pitcher, and keep it in the fridge for when you want a cold drink or need to refill those reusable bottles.

If you must have bottled water from a store, buy it at a lower price at your warehouse club.

10. Frozen pancakes

farbled / Shutterstock.com

It is a mystery why anyone buys frozen pancakes. Making pancakes at home is super easy. A basic recipe takes a few minutes to whip up, and slightly longer to cook. We know you can do it.

Cook up a big batch on the weekend and freeze the extras to eat throughout the week. Your cost will be pennies per pancake.

11. Basic baking mixes

antoniodiaz / Shutterstock.com

Let’s take it one step further and say you should banish buying all basic baking mixes from the grocery store. If you’re baking with Bisquick, you really aren’t saving any time if you think about how long it takes to mix together flour, sugar, salt and baking powder. All you’re doing is paying more.

The same can be said for basic cookie, cake and brownie mixes. These things aren’t hard to make from scratch. By skipping the mixes, you’ll save money and possibly be a little healthier, too, because of those mysterious added ingredients in processed foods that you don’t put in at home.

Need a recipe? See “10 Food Staples That Are Easy and Cheap to Make Yourself.”

12. Kitchenware

lenetstan / Shutterstock.com

Speaking of baking, the grocery store knows you might need some equipment to cook up all the delicious food you’re buying. That’s why many have a selection of pots, pans and even small kitchen appliances for purchase.

Resist the urge. You can probably find better prices and quality at big retailers stores like Walmart and Costco, or at Amazon.

13. Spices

Prostock-studio / Shutterstock.com

Herbs and spices can be another item leading to sticker shock in the grocery store. That tiny little bottle costs how much?!

If you have a bulk food store that sells spices, you can save a bundle. Not only could the per-ounce cost be less than at the grocery store, but you can also buy only as much as you need. No reason to get a whole jar when you only want a teaspoon for a recipe.

You can also find cheap spices at the dollar store, but the quality and freshness may be questionable.

14. Party supplies

Family Together Christmas Celebration diverse multi ethnic family
By Rawpixel.com / Shutterstock.com

Like greeting cards, party supplies are sold at the grocery store for a premium. Don’t make the mistake of getting your candles, tablecloths and colorful napkins there.

Swing by the dollar store and buy them on the cheap instead.

15. Coffee

TORWAISTUDIO / Shutterstock.com

It’s the elixir of life for many people, which is probably why it costs so much at the grocery store. To get cheaper coffee, you have a couple of options.

Your warehouse store — noticing a theme here? — is a good place to stock up on bulk packages of whole-bean, ground and K-cup coffee.

If you have a Keurig machine, you can also register it at Keuirg.com, where they send out the occasional good deal.

Perhaps most surprisingly, you can find low sale prices on coffee at office supply stores, like Staples, for instance. These shops also have online coupons and loyalty programs to help you save even more.

16. Toilet paper

Toilet paper
Gavran333 / Shutterstock.com

There may be no more essential product to family harmony than toilet paper. And it’s shocking how much tissue paper rolled around a tube can cost in the grocery store.

Head to your warehouse club or office supply store for discounted bulk purchases. Amazon’s Subscribe & Save service is also your friend here.

17. Light bulbs

Rido / Shutterstock.com

It can cost a lot of money to light up your house. Walk past that display in the grocery store if you want to save some cash.

You could go to a warehouse club for lower prices, but you may find the best selection at Amazon.

18. Individually wrapped snacks

Woman eating cookies with milk
Ivan Cheremisin / Shutterstock.com

You know you should buy the jumbo box of goldfish crackers and put them in baggies for school lunches, but that’s way too much work. OK, fine. Just don’t buy those individually wrapped snacks at the grocery store.

You can get a big box of them at a much cheaper price per serving if you go to a warehouse club. Or, see what your local dollar store has in stock.

19. Gift cards

Andrey_Popov / Shutterstock.com

Forgot to buy a gift? No problem. Grocery stores have set up convenient displays of all sorts of gift cards by the checkout lanes.

Now, for many of these, you might only pay face value. So, you’re probably wondering why we’re saying that you’re overpaying. That’s because you can go to a warehouse club and get, for example, $100 worth of gift cards to many restaurants for only $80. Different chains offer different options, as you can see by looking at:

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

5 Tips to Hedge Against Inflation

To achieve financial freedom and grow wealth over long periods of time, it’s vital to understand the concept of inflation.

Inflation refers to the ever-increasing price of goods and services as measured against a particular currency. The purchasing power of a currency depreciates as a result of rising prices. Put differently, a rising rate of inflation equates to a decreasing value of a currency.

Inflation is most commonly measured by the Consumer Price Index (CPI) , which averages the national cost of many consumer items such as food, housing, healthcare, and more.

The opposite of inflation is deflation, which happens when prices fall. During deflation, cash becomes the most valuable asset because it can buy more. During inflation, other assets become more valuable than cash because it takes more currency to purchase them.

The key question to examine is: What assets perform the best during inflationary times?

Federal Reserve try to control inflation through monetary policy. Sometimes their policies can create inflation in financial assets, like quantitative easing has been said to do.

5 Tips for Hedging Against Inflation

The concept of inflation seems simple enough. But what might be some of the best ways investors can protect themselves?

There are a number of different strategies investors use to hedge against inflation. The common denominators tend to be hard assets with a limited supply and financial assets that tend to see large capital inflows during times of currency devaluation and rising prices.

Here are five tips that may help investors hedge against inflation.

1. Real Estate Investment Trusts (REITs)

A Real Estate Investment Trust (REIT) is a company that deals in real estate, either through owning, financing, or operating a group of properties. Through buying shares of a REIT, investors can gain exposure to the assets that the company owns or manages.

REITs are income-producing assets, like dividend-yielding stocks. They pay a dividend to investors who hold shares. In fact, REITs are required by law to distribute 90% of their income to investors.

Holding REITs in a portfolio might make sense for some investors as a potential inflation hedge because they are tied to a hard asset—real estate. During times of high inflation, hard assets tend to rise in value against their local currencies because their supply is limited. There will be an ever-increasing number of dollars (or euros, or yen, etc.) chasing a fixed number of hard assets, so the price of those things will tend to go up.

Owning physical real estate—like a home, commercial complex, or rental property—also works as an inflation hedge. But most investors can’t afford to purchase or don’t care to manage such properties. Holding shares of a REIT provides a much easier way to get exposure to real estate.

2. Bonds and Equities

The recurring theme regarding inflation hedges is that the price of everything goes up. What investors are generally concerned with is choosing the assets that go up in price the fastest, with the greatest possible return.

In some cases, it might be that stocks and bonds very quickly rise very high in price. But in an economy that sees hyperinflation, those holding cash won’t see their investment, i.e., cash, have the purchasing power it may have once had.

In such a scenario, the specific securities aren’t as important as making sure that capital gets allocated to stocks or bonds in some amount, instead of holding all capital in cash.

3. Exchange-Traded Funds

An exchange-traded fund (ETF) that tracks a particular stock index or group of investment types is another way to get exposure to assets that are likely to increase in value during times of inflation and can also be a strategy to maximize diversification in an investor’s portfolio. ETFs are generally passive investments, which may make them a good fit for those who are new to investing or want to take a more hands-off approach to investing. Since they are considered a diversified investment, they may be a good hedge against inflation.

4. Gold and Gold Mining Stocks

For thousands of years, humans have used gold as a store of value. Although the price of gold can be somewhat volatile in the short term, few assets have maintained their purchasing power as well as gold in the long term. Like real estate, gold is a hard asset with limited supply.

Still, the question of “is gold a hedge against inflation?” has different answers depending on whom you ask. Some critics claim that because there are other variables involved and the price of gold doesn’t always track inflation exactly, that it is not a good inflation hedge. And there might be some circumstances under which this holds true.

During short periods of rapid inflation, however, there’s no question that the price of gold rises sharply. Consider the following:

•  During the time between 1970 and 1974, for example, the price of gold against the US dollar surged from $240 to more than $900 for a gain of 73%.
•  During and after the recession of 2007 to 2009, the price of gold doubled from less than $1,000 in November 2008, to $2,000 in August 2011.
•  In 2019 and 2020, gold has hit all-time record highs against many different fiat currencies.

Investors seeking to add gold to their portfolio have a variety of options. Physical gold coins and bars might be the most obvious example, although these are difficult to obtain and store safely.

5. Better Understanding Inflation in the Market

Ultimately, no assets are 100% protected from inflation, but some investments might be better than others for some investors. Understanding how inflation affects investments is the beginning of growing wealth over time and achieving financial goals. Still have questions about hedging investments against inflation? SoFi credentialed financial planners are available to answer questions about investments at no additional cost to members.

Downloading and using the stock trading app can be a helpful tool for investors who want to stay up to date with how their investments are doing or keeping an eye on the market in general.

Learn more about how the SoFi app can be a useful tool to reach your investment goals.



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