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If you want to buy term life insurance, you’ve got a few options. You could work with an agent in your area if you’d prefer a face-to-face interaction, or you can buy online if you prefer the convenience of an electronic process.
However, not all online life insurance agencies are created equal. If you’re shopping around for term life quotes, it’s important to understand what to look for to help you get the best value.
What to expect when you’re applying for coverage
Anyone who has gone through a life insurance application in the past could tell you that life insurance carriers are some of the most thorough and careful companies in the world. This is because life insurance policies are priced based on the applicant’s risk of death.
However, the process of applying has come a long way, and it’s actually gotten pretty simple – especially online. Nowadays, most of the heavy lifting is done behind the scenes.
If you add a good agency into the mix, applying for life insurance is practically painless, since it will handle almost everything that doesn’t require your signature or further clarification from you.
Generally, buying a life insurance policy will take between two and six weeks, and the process tends to follow a consistent format.
Step 1: Submit an application
When you find a price you like, you can choose a carrier to submit a formal application with. Choosing a carrier to apply with isn’t a binding decision, and you’re always free to back out of an application to go a different direction.
Step 2: Take a medical exam
Life insurance carriers will require you to take a medical exam see how healthy you are. This is free for you and the examiner will even come to your home or office to make things convenient.
Step 3: Wait for your medical records
The carrier will order a copy of your medical records from your doctor, which could take anywhere between hours and weeks, depending on how well-organized your doctor keeps their records.
Step 4: Tie up loose ends
After the exam is completed, medical records have been received, and any other questions the carrier needs answered are out of the way, your application will be reviewed. Once you get the final OK from the carrier, your policy will be approved, and you’ll be on your way to getting coverage!
Let’s look at each of these steps in a little more detail.
Submitting your application
Starting your life insurance journey will often begin with getting a quote, which will show you prospective prices based on a few key factors, like the amount of coverage you’d need, how long you want it to last, and a few health and lifestyle questions.
Interested? Check out a few prices. Quotacy has an online quoting tool you can use – no commitment required.
Taking the medical exam
After applying for coverage, the life insurance carrier will require you to take a quick medical exam in order to be approved for coverage. Because life insurance pricing is based on your mortality risk, the carrier needs to verify your current medical situation.
The medical exam is a free mini-physical performed by an examiner and scheduled by the carrier. It can happen anywhere, even in your home or office, whenever you can spare half an hour.
Typical exams consist of:
A few questions about your medical history
A list of any medications you’re taking
Height and weight measurements
Pulse and blood pressure check
A urine sample
A blood sample
Preparing for your exam
The measurements that are taken during the exam are extremely important, and being prepared is your best bet to ensure a good outcome. In the time before your exam, you should remember to:
Fast for 6-8 hours – this will reduce your blood sugar. Scheduling your exam in the morning can make this easy if you skip breakfast.
Don’t smoke for at least one hour prior – smoking temporarily raises your blood pressure.
Don’t drink coffee for at least one hour prior – caffeine can increase your blood pressure and raise your pulse.
Avoid alcohol for 8 hours prior – it’s high in calories, and can raise your blood sugar and blood pressure.
Avoid overly salty and sugary foods for one day beforehand – both salt and sugar raise your blood pressure.
Drink lots of water – this hydrates you to help make the blood draw a lot easier and less painful.
No strenuous exercise the night before or the day of your exam – as your body repairs from exercise, your blood pressure and pulse rise slightly.
No sexual activity for one day beforehand (for men, at least) – gettin’ freaky lowers the PSA levels in your blood, which is one of the ways that carriers evaluate your prostate health.
Get a good night’s sleep – being well-rested lowers blood pressure. As an added bonus, if you’re afraid of needles, having a full eight hours can help your body negate the physical effects of your phobia.
Waiting for your medical records
Before your life insurance application is approved, insurance carriers order copies of your medical and driving records to help them get a better idea of any insurability risks you might have. Just like with the medical exam, the carrier orders these records behind the scenes on their own dime.
Because the laws protecting a patient’s medical records are extremely strict, you will need to sign a form authorizing your doctor to release your records to the insurance company and agency you’re working with.
At this point, all you’ll need to do is sit and wait for the records to arrive. Depending on how efficient your doctor is at sending them along, waiting for this step to be completed can either happen overnight or take a few weeks.
Answeringadditional questions
In addition to everything else that happens during your application, the carrier will sometimes have follow-up questions for you which will help them get to know you a bit better. These questions can be about anything from medical conditions to your hobbies to your travel plans.
A lot of the time, the questions a carrier asks can be pretty scary to someone trying to protect their family. Many clients see a questionnaire about their sleep apnea, or their diabetes, or their battle with cancer, and assume that the carrier will decline them on the spot.
It’s important to keep in mind that even though there are many factors that can affect your rate during this time, you’ll likely be able to get coverage. The whole reason that insurance carriers have flexible prices is because they want to offer coverage to as many people as possible, regardless of the circumstances.
Here’s a quick list of example questions you could see during an application, depending on your circumstances.
If you have a medical condition:
How severe is it?
How is it being treated?
Is the treatment effective?
If you have a risky hobby, like hang gliding or rock climbing:
What level of experience or certification do you have?
How often do you participate in your hobby?
How much time have you dedicated to your hobby?
This isn’t a comprehensive list, by any means, but hopefully it will give you an idea of what the carrier is looking for.
Waiting for approval
Once the carrier has everything they need, your application will enter the approval process. This is when the carrier’s underwriters will review everything they’ve collected as a whole, and evaluate where the final price of your insurance policy should be set.
If you’re approved for coverage, you’ll be sent a packet containing your policy itself as well as a few documents that you’ll need to sign and return so the carrier can finalize your coverage. This step is also when the carrier will collect your payment information so that they can set up your billing on their end.
Depending on the carrier you apply with, you will either be sent digital forms or a physical policy booklet. Regardless of the format, you should store your policy securely and have a plan in place to help your family find it in the event of your death, so they can claim your death benefit.
After a bit more processing by the carrier to wrap up any loose ends, you’ll receive a notification that your policy is inforce. That means that everything’s in place on the carrier’s end of things, and your coverage has been activated! All that’s left for you to do is make your premium payments according to your payment plan, and your family will be covered.
Eric Lindholm is a writer for Quotacy, and he’spersonally guided hundreds of people through their own life insurance journeys since joining in 2016. Eric lives in the Twin Cities, Minnesota, where he’s busy paying off his student loans and making the most of his time as a 20-something. You can connect with him and see what he’s up to at EricLindholm.biz.
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Part 1 of 3: Life Insurance Buyers’ Common Q&As
This reader story come from SB, a regular reader and commenter on GRS. SB writes about personal finance and personal development topics at One Cent at a Time.
Some reader stories contain general advice; others are examples of how a GRS reader achieved financial success or failure. These stories feature folks with all levels of financial maturity and income.
This is my second guest post at this blog. I am grateful to J.D. and his team’s humble gesture in allowing me to do it. I hope to provide the same value regular writers of this blog provide to you.
My grandmother was nearly illiterate, born and reared in rural India during the British occupation of the country. At the age of 14, she was abducted by the British army (later released), which ultimately caused her to marry early at the age of 16. She couldn’t complete school beyond basic education. Still, she became a very wise woman and mastered many skills.
My aunt happened to write down some of my grandmother’s home-remedy techniques from her narration. Recently, my cousin forwarded me a soft copy of that compilation. I’ll mention a few common symptoms and their natural cures, all at a fraction of the cost of medicine. But before that, let me tell you why I find home-based cures so beneficial.
The Benefits of Home Remedies
Drugs contain unnatural substances and chemicals, which are foreign elements to our body. Natural remedies, on the other hand, are not synthetic molecules like drugs; they are made of living organisms which we eat anyway.
Some drugs act as a manipulator and force the brain to think differently — an example is an anti-depressant. The problem with this is, the moment you stop taking the drug, the symptoms often recur.
Natural remedies have fewer side effects compared to prescription drugs, as drugs tend to alter the chemical and hormonal balance of our body.
Natural remedies are available at a fraction of the cost of prescription drugs. Your grocery bill will cover them.
The Benefits of Prescription Drugs
It is important to remember that most drugs are developed by studying the natural cures and identifying ingredients which actually affect the symptoms. Still, prescription drugs are more useful under most circumstances. They work faster. We can’t afford to be bedridden for days and hope for natural cures to work someday. Life is tough and we must get well sooner.
We don’t have time to be sick. Prescription drugs provide the quickest recovery. They start fighting the bacteria and antibodies as soon as we take them. You may argue that we take chemically altered substances every day, be it the milk or the apple, or even the chicken. They have pesticides, growth hormones and God knows what.
An Introduction to Home Remedies
My grandmother was raised in a 100 percent organic environment. With near zero pollution, she ate healthy, farm-harvested food. Since childhood, I took medicines almost for any illness; rarely was I given a natural cure, except honey and basil leaves for a cold. Our bodies are used to chemicals anyway; therefore, natural remedies may not work the way they worked for our grandparents. Still, there is no harm in detoxifying our bodies to the extent we can, over time. My grandmother’s advice may help to accomplish that goal.
Here are some excerpts from the treasure I was handed recently.
Acidity: Acidity is caused by excess acid secretion from the gastric gland, the acid which is used for digestion.
Chew a piece of clove, and take some time to swallow. It provides instant relief.
Another immediate relief is to eat a small cup of yogurt.
For more sustainable relief, drink warm water every day early in the morning.
Drink coconut water regularly.
Mix a few drops of honey in water to drink.
If you know what a jaggery is, suck a small cube of it after lunch/dinner.
A glass of water with a teaspoon of soda can also provide immediate cure.
A couple of pieces of dates can also give you instant relief.
Backache: If you happen to work in a chair, you may have this symptom already. As a software professional, I have had backaches for the last few years. The natural cure is garlic. Eat a couple of cloves of garlic every day.
Prepare an ointment by frying a few cloves of garlic in olive oil, strain and let it cool. Apply to your back every day.
Indian masala tea can be a cure too — the one with cloves or ginger. Take it daily. (Two cups of masala tea can boost your energy as well, which is a low-cost replacement of Red Bull or 5-Hour Energy drinks.)
Eating oranges, lemons and berries can reduce the pain over time.
Drinking water with a tablespoon of honey can make your day pain-free as well.
Cough and cold: When allergens or viral infections cause an inflammation in the upper respiratory tract, we get cough and cold. Here is a less-costly alternative to Tylenol or Excedrin. (This is a remedy I learned in childhood: My mother used to give me a teaspoon of honey and a few basil leaves –Indian Tulsi — to chew. To get instant relief from congestion of nasal passages, she used to heat water with some cloves, cardamoms and cinnamon sticks and peppercorns.)
A soup with a lot of garlic in it can also bring relief.
Cut okra into small pieces and boil it, inhale the steam to get relief as well.
Take a hot-water bath when you catch a cold.
Migraine: This is caused by a contraction of blood vessels in the head. It can be caused by stress, lack of sleep, anxiety, nicotine and alcohol consumption.
Concentrated grape juice can bring relief.
For a more sustainable remedy, put tomatoes and cabbage into your daily salad.
A daily dose of garlic can treat this symptom as well.
Grind cabbage leaves and apply to the affected area for relief.
When migraines occur, excuse yourself from work. Find a dark room and lie down. Exposure to sunlight may cause the migraine to intensify.
Per my grandmother, even if the migraine is in the back of your head, applying sandalwood powder on the forehead can cause blood vessels to function properly. You may have seen Indian religious workers applying a patch of sandalwood powder on the forehead throughout the day. It’s an age-old practice.
Snoring: I am afflicted with this disease for sure. My wife says I am the worst offender and she can’t sleep because of my snoring, so I have started following these tactics already.
Stop smoking. Smoking causes more mucus formation around the throat.
Go to the gym. Weight loss can even end snoring.
Alcohol increases snoring. (When you drink, you’d better sleep in a separate room!)
Sleep side-wise rather than on your back.
Avoid heavy meals before going to bed.
Stop eating oily/spicy foods at dinner.
Maintain a regular sleep schedule, and don’t sleep during the day.
Wash the bed sheets and pillow covers frequently, and even change your pillow after a few months. The dust and allergens can accumulate on them, causing nasal passage blocks.
Stress: It’s amazing that stress was a concern even 60 years ago in a rural village. Here is her wisdom, which may reduce stress because you’re saving money. But more than the money saved, the main point here is reducing the dependence on synthetic drugs.
Chewing Indian basil (Tulsi) leaves every day is the best natural cure.
Yoga and Dhyana (meditation) can also cure this.
Milk and almonds in the morning keep you fresh and energetic.
Bad eating, oily foods, eating meals quickly, and drinking alcohol may cause depression over time. One of her tips to cure stress is to “love everybody and everything”!
Applying betel leaves on your forehead can ease your tension.
A few ingredients which are repeated here (and in the rest of the natural cures my grandmother used but which I don’t mention here) are mint, honey, water and garlic. Have sufficient supply of these items at your home, if you plan to follow the tips.
Also, another synergy I can see here is the morning drinking and eating habits. If you start your day the right way, the rest of your day should follow that lead and keep you upbeat.
Readers, even if you rely on these natural remedies, when the situation warrants it, there’s no alternative to a doctor and the prescription medicine. You need to know when to rely on home remedies and when to go to a doctor. Don’t ignore your doctor for a bit.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
We are going to under the cover and discover $14 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $14 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $14 an hour is how much a year. Also, we will break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive until the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want to do, then keep reading. You are in the right place.
$14 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $14 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $14 = $29,120
$29120 is the gross annual salary with a $14 per hour wage.
Breakdown of 14 Dollars an hour is how much a year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $14 times 2,080 working hours, and the result is $29,120.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $14 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $14 times 1,040 working hours, and the result is $14,560.
How Much is $14 Per Month?
On average, the monthly amount would average $2,426.
Annual Amount of $20120 ÷ 12 months = $2426 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1213.
How Much is $14 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $14 = $560 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $280.
How Much is $14 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $560 and double it.
$560 per week x 2 = $1120
Also, the other way to calculate this is:
40 hours x 2 weeks x $14 an hour = $1120
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $560.
How Much is $14 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $14 per hour = $112 per day.
If you work 10 hours a day for four days, then you would make $140 per day. (10 hours x $14 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $56.
$14 Per Hour is…
$14 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$29,120
Yearly Wage (50 weeks)
$28,000
Monthly Wage (173 hours)
$2.426
Weekly Wage (40 Hours)
$560
Bi-Weekly Wage (80 Hours)
$1120
Daily Wage (8 Hours)
$112
Net Estimated Monthly Income
$1,853
**These are assumptions based on simple scenarios.
Paid Time Off Earning 14 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $29120 per year.
This is the same as the example above for an annual salary making $14 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $14 times 2,000 working hours, and the result is $28,000.
40 hours x 50 weeks x $14 = $28000
You would average $112 per working day and nothing when you don’t work.
$14 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $29,120
Federal Taxes of 12%: $3,494
State Taxes of 4%: $1,165
Social Security and Medicare of 7.65%: $2,228
$14 an Hour per Year after Taxes: $22,233
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$22233 ÷ 2080 hours = $10.69 per hour
After estimated taxes and FICA, you are netting $10.69 an hour. That is $3.31 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$14 an Hour Budget – Example
You are probably wondering can I live on my own making 14 dollars an hour? How much rent can you afford at 14 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $14 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $14 an hour was $10.69 after taxes. That would average $1853 per month.
According to the Cents Plan Formula, here is the high level view of a $14 per hour budget:
Basic Expenses of 50% = $926
Save Money of 20% = $371
Give Money of 10% = $185
Fun Spending of 20% = $371
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $14 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $14 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$73
Savings
15-25%
$194
Housing
20-30%
$728
Utilities
4-7%
$121
Groceries
5-12%
$231
Clothing
1-4%
$24
Transportation
4-10%
$109
Medical
5-12%
$243
Life Insurance
1%
$21
Education
1-4%
$12
Personal
2-7%
$36
Recreation / Entertainment
3-8%
$61
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$574
Total Gross Income
$2427
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$14 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $14.01-14.99.
This is super helpful if you make $14.25, $14.50, or $14.75.
Living on $14 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark, they feel like they are in this constant cycle that they can never keep up with (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 14 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a frugal green minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $14 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $14.50 will add up over the year. Even better $15 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $14 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $14 an Hour
In this last section, grasp these tips on how to live on $14 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $14 an hour. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $14 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your home $14 an hour minus all the taxes, FICA, social security, and medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $14 an Hour
You can always find jobs that pay $14 per hour. Polish up that smile, fill out the application, and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Fast Food Restaurants workers
$14 Per Hour Annual Salary
In this post, we detailed 14 an hour is how much a year. Plus all of the variables can impact your net income. This is something that you can live off.
How much is 14 dollars an hour annually…
$29120
This is under $30000 per year and you need to make at least $43k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
When you start shopping for life insurance, you can be overwhelmed with the number of options that you have. There are hundreds and hundreds of life insurance companies on the market. How in the world are you supposed to decide which one is the best for you?
That’s why I’m here to help. I’ve reviewed dozens of different insurance companies to give you an idea of which one might work best for you.
Life insurance is one of the most important investments that you’ll ever make for your family, and it’s vital that you make the best decision for your family. One of the most important factors that you should consider is the type of life insurance policy that you are going to buy. There are several different kinds of coverage that you will need to review based on your needs.
In addition, it is also recommended that you review the background of the insurance company you are considering buying this type of coverage through. That is because you will want to ensure that the carrier is strong financially and that is has a good name in the industry for timely payment of its policy holder claims. One insurance carrier that meets these points is Erie Insurance Company.
The History of Erie Life Insurance Company
Erie Insurance Company has been in the business of offering coverage protection to its customers for nearly 100 years. The company was founded in the early 1920s when two employees of the Pennsylvania Indemnity Exchange decided to form their own insurance carrier.
In moving forward with their new company, H.O. Hirt and O.G. Crawford raised more than $30,000, and won over 90 stockholders – all from a hand written business plan. Then, in April of 1925, the Erie Insurance Exchange opened its doors.
Over the years, the company has grown and expanded exponentially, adding many different types of coverage, such as home owners, motorcycle, boat, life, business, and personal valuables coverage.
Erie Life Insurance Company Review
Today, Erie Insurance Company has more than 5,000 employees who serve its customers and policy holders. The company’s products are offered via approximately 12,000 independent insurance agents across the United States.
In addition to providing a variety of insurance coverage’s, Erie Insurance Company gives back to the communities in which it serves. For example, the company is involved in entities such as Meals on Wheels, coaching little league sports, and with helping people to rebuild following natural disasters and catastrophes.
Erie is considered to be a strong and stable life insurance company from a financial standpoint. The company has also been listed as number 411 on the 2016 Fortune 500 list. (The company made its initial debut on this list back in 2003).
Also, for the fifth year in a row, Erie Insurance was given the “Highest Satisfaction with the Auto Insurers Shopping Experience” award in the J.D. Power 2017 U.S. Insurance Shopping Study. Out of a possible score of 1,000 Erie obtained a score of 879.
BBB Grade and Ratings
Due to its strong financial foothold, Erie has received very high ratings from the insurer rating agencies. Here, the Erie Insurance Group has earned an A+ (Superior) rating from A.M. Best and Company, and the Erie Family Life Insurance Company has earned an A.M. Best grade of A (Excellent).
In addition to its high insurer ratings, Erie Insurance has also been given a grade of A+ (on a scale of A+ to F) from the Better Business Bureau (BBB). Although Erie Insurance is not an accredited member of the BBB, the company has closed out a total of 59 customer complaints over the past three years (of which 16 were closed out during the past 12 months).
Of the total 59 customer complaints that Erie has closed via the BBB, 39 had to do with problems with the company’s product and / or service, and 15 had to do with billing and / or collection issues. An additional two were in regard to advertising and / or sales issues, two had to do with delivery issues, and the remaining one was in regard to the company’s guarantee and / or warranty issues.
Life Insurance Coverage Offered by Erie Life Insurance Company
Erie Insurance offers a variety of different life insurance coverage options to choose from. These include both term and permanent policies. With a term life insurance policy, death benefit protection is offered, without any type of savings or cash value build up. Because of this, the premium that is charged for term life insurance is usually much lower than that of a comparable permanent plan.
With a term life insurance policy, coverage is purchased for a certain period of time, such as 10 years, 20 years, or even 30 years. Typically, these policies will have a fixed amount of death benefit, as well as a fixed premium charge for the life of the plan.
Erie Insurance offers level term life insurance protection, and policies can be chosen in time periods of 10, 15, 20, or 30 years. This coverage can be purchased starting at age 0, and in many instances, the policy holder will have the opportunity of converting the term policy over into a permanent life insurance policy – which can then provide coverage for the remainder of the insured’s lifetime.
With Erie, there is oftentimes no medical exam required on its term life policies of up to $90,000 in death benefit protection. All an applicant has to do is just simply answer a few health related questions. And, because there is no blood work or medical exam results to wait for, this coverage can usually be approved and issued within just days (or possibly even sooner).
The company also offers permanent life insurance coverage. With a permanent life insurance policy, there is death benefit protection, as well as cash value build up. The assets that are inside of the cash component of the policy can grow on a tax deferred basis. Essentially there is no tax due on the gain until these funds are withdrawn.
Erie Insurance offers both whole life and universal life for permanent life insurance coverage. With a whole life insurance policy, the insured will have guaranteed life insurance protection with a death benefit amount that will not decrease – even as he or she ages throughout the years.
These whole life plans also offer guaranteed cash value, as well as a set premium that will not be raised – even if the insured contracts an adverse health condition in the future. Plus, the insurance company cannot cancel the policy for any reason, if the premium is paid.
There are several different premium payment options that a whole life insurance policy holder can choose from – based on what suits their needs the best. There are also several different riders that may be added to the whole life insurance coverage – some at no additional charge.
Just like with the term insurance policies, whole life insurance plans through Erie offer a fast and easy application process. For those who wish to purchase coverage of up to $90,000, only a new medical questions need to be answered.
Whole life insurance protection from Erie can be purchased for adults and children (or other younger relatives, such as grandchildren and nieces / nephews). These plans can help the younger insureds to build up savings in a tax deferred manner, and to attain guaranteed insurability in the future.
Erie Insurance also offers universal life insurance. Universal life, or UL, is another form of permanent life insurance coverage. In many ways, UL is considered to be more flexible than whole life. This is because the policy holder – within certain guidelines – may choose how much of the premium will go towards the death benefit, and how much will go into the cash value portion of the policy. They may also be able to change the due date of the policy’s premium, based on their changing needs.
Universal life insurance can be advantageous for individuals and for business owners, as it offers guaranteed cash value, as well as the ability to get policy loans with tax free income potential.
These types of life insurance plans can also be ideal for a wide variety of coverage needs, such as:
College expense planning
Estate planning
Income replacement
Charitable giving
Wealth transfer
Inheritance
Mortgage balance payoff
Payoff of personal or other types of debt balances
Retirement income planning
Deferred compensation plans
Business continuation coverage
Key person coverage
While a universal life insurance policy offers both death benefit coverage and cash value, the premium on this type of coverage may be more affordable than that of a whole life insurance policy, depending on the insured’s specific parameters.
Burial Insurance
If you’re worried about leaving those you care about with funeral and final expenses, having a burial insurance policy can help. Today, the average cost of a funeral can be in the range of $8,500 to $10,000 – especially when factoring in items like the memorial service itself, along with flowers, transportation, and music, as well as a burial plot and a headstone.
Burial insurance – which is also oftentimes referred to as funeral insurance or final expense life insurance – is a type of coverage that will pay out a benefit quickly to your named beneficiary so that final expenses can be paid…and so that your survivors don’t have to dip into saving or use credit to pay these costs. With that in mind, having a burial insurance policy can be one of the greatest gifts you give to your family.
Before you purchase a burial insurance policy, though, it is important that you have a good idea of the type and the amount of coverage you’ll need. For example, you may want to only cover the anticipated cost of a funeral service. Or, alternatively, you may also want to add in some additional protection so that your loved ones can pay off other debts, such as final medical expenses and / or the cost of hospice care.
Other Products and / or Services Offered
In addition to just selling life insurance policies, Erie Insurance Company offers a long list of valuable products and services. These include the following:
Auto Insurance
Motorcycle Insurance Coverage
Insurance Coverage for Car Collectors, ATVs, and RVs
Insurance for Teen Drivers
Boat Insurance Coverage
Home Owners Insurance
Renters Insurance Coverage
Condo Insurance
Mobile Home Insurance
Personal Valuables Insurance
Flood Insurance
Retirement Solutions
Personal Catastrophe Liability Insurance
Identity Theft Recovery Coverage
Business Insurance
Erie also offers various industry insurance packages that can be fit to companies in a variety of different industries, such as auto services, contractors, hotels and hospitality, landlords and property owners, manufacturers, offices and professional services, restaurants, retail, and wholesaler-distributors.
Looking For The Best Premium Rates on Life Insurance Coverage from Erie Insurance?
If you are seeking the best premium rate on life insurance coverage from Erie Insurance Company – or from any insurer – it is recommended that you work together with an independent life insurance agency or broker. That way, you will be in a better position to compare, side-by-side, the coverage and the premium prices of numerous insurers – but in an impartial manner. You can then determine which will be best for you.
When you are ready to shop around, we can help you. How? We work with the best life insurance providers. We can provide you with the important details that you need for making a well-informed decision – and we can do this for you directly from your own computer. When you are ready to proceed, just simply fill out our short quote form.
We get that buying life insurance coverage is a big decision. There are many different parameters to keep in mind – and you want to be sure that you are going with the right type and amount of coverage through the best insurance company.
This process of purchasing life insurance protection can be made so much easier by working with an aid on your side who can guide you through the entire way, from beginning to end. So, contact us today – we’re here to help.
Save more, spend smarter, and make your money go further
It’s no small task to hire someone to work on your house.
Even if you have a starting point — say, a neighbor’s recommendation for a great electrician — you’ll still have to put in the time to fully vet the contractor before handing over the master key to your front door.
Hiring a pro is a big decision, so make sure your decision-making process is spot on the first time.
Here are the four stages of hiring the perfect pro to finish your home’s to-do list:
DIY or not.
Every homeowner has a decision to make: Do you try to go it alone, or do you call in a professional to do it right the first time?
So when something breaks in your house, evaluate the damage on a scale of DIY to Don’t.
Sure, a little Drano might take care of the clog in your shower, but do you feel the same level of proficiency for installing your recently purchased dishwasher? Or for fixing an outlet that produces an inconsistent current?
And there are other considerations as well: You might feel comfortable cleaning your own gutters, but what if you didn’t have the right size ladder?
Thinking through these details ensure that you’ll be confident in your decision to spend the money to bring a pro into your home.
Reputation: It matters.
No matter the scale of the work you need done in your house — be it a clogged sink or a full kitchen remodel — the contractor you choose will be in your most sacred of spaces: your home.
You need to hire someone you can trust. So before you put money down on any home-service pro, ask your neighbors if they’ve ever hired the pro you have in mind.
(It’s helpful to get your neighbors’ perspectives, as they might be able to recommend someone who’s done work on the other houses in the neighborhood.)
Double-check everything online; many pros with long service records will have the same on review sites, so you’ll be able to back up his or her work history with pictures and reviews from sites like Yelp.
Price shop.
Trying to get the best price on your home projects goes hand-in-hand with investigating the reputation of the pro you’re hiring to do the work.
Beware of any prices that sound too rock-bottom to be true. Pros who know their market and have the most experience in a certain specialty will charge you accordingly.
Aspiring contractors with little experience will seem like a comparative steal, but think about the long-term effects: You may end up investing more in the long term if you bring in someone at a lower price and an equally low level of experience.
On the flip side, though, a high price tag isn’t an acceptable substitute for knowing a pro’s experience, and you’re much more likely to feel price gouged if you don’t get a handful of quotes from nearby pros to get an idea of the high, low, and median for your project.
Negotiate and schedule.
Not the other way around.
Within these negotiations should be some guidelines set around the timing of your project — an easy thing to predict if you’ve got a small repair to make, but a much tougher thing to do if you’re staring down a remodel.
Cost and time are typically tied tightly to each other, and you’ll want to keep an eye on the time in order to lasso in the price tag for the project.
And the best way to do this? Get it in writing.
Have both your signature and the pro’s on a tidy document outlining the time frame of the work and the cost associated with the labor and materials.
Tip: A reputable pro won’t ask you for more than 15% of the cost up front, so be wary of any contractor who wants your payment before the work has begun.
The bottom line.
Sure, it’s a lot to consider, and the process of choosing one might take awhile, so it’s best to proactively work on projects before they become a hazard to your life.
But your home — arguably the largest investment you’ll ever make — is worth getting the right pro the first time.
This post was provided by RedBeacon, the best way to find trusted pros for your home. Find out how much home services cost using their free price estimator. Stop overpaying for home repairs today!
Save more, spend smarter, and make your money go further
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Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
Mortgage rates have been somewhat volatile in recent weeks, but they’ve trended down a bit over the past few days.
Rates are expected to drop further this year, in large part due to slowing inflation and a potential pause in hikes to the federal funds rate from the Federal Reserve.
However, this year’s homebuying season will likely remain challenging for hopeful buyers.
“While lower mortgage rates will help with affordability, they won’t solve for the lack of inventory on the market, particularly of existing homes,” Mortgage Bankers Association senior vice president and chief economist Mike Fratantoni said in a statement commenting on the Fed decision. “This lack of supply will continue to be the primary constraint on home sales through 2023.”
Buyers who aren’t finding affordability now may have more luck toward the end of the summer or even into the fall, as rates drop and competition for homes eases.
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Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates will affect your monthly and long-term payments.
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By plugging in different term lengths and interest rates, you’ll see how your monthly payment could change.
Mortgage Rate Projection for 2023
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.
But many forecasts expect rates to begin to fall later this year. In their latest forecast, Fannie Mae researchers predicted that 30-year fixed rates will trend down throughout 2023 and 2024.
But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.
In the last 12 months, the Consumer Price Index rose by 5%. Inflation has consistently been decelerating for several months now, which means that the Fed may soon be able to stop hiking rates. This means that mortgage rates aren’t likely to increase significantly any time soon, and they’ll likely continue to cool along with prices.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
When Will House Prices Come Down?
Home prices are starting to decline, but we likely won’t see huge drops, even if there’s a recession.
The S&P Case-Shiller Home Price Index shows that prices are still up year-over-year, though they’ve fallen on a monthly basis over the past few months. Fannie Mae researchers expect prices to decline 4.2% in 2023, while the Mortgage Bankers Association expects a 0.6% decrease in 2023 and a 1.4% decrease in 2024.
Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. But rates may start to drop next year, which would remove some of that pressure. The current supply of homes is also historically low, which will likely keep prices from dropping too far.
Fixed-Rate vs. Adjustable-Rate Mortgage Pros and Cons
Fixed-rate mortgages lock in your rate for the entire life of your loan. Adjustable-rate mortgages lock in your rate for the first few years, then your rate goes up or down periodically.
ARMs typically start with lower rates than fixed-rate mortgages, but ARM rates can go up once your initial introductory period is over. If you plan on moving or refinancing before the rate adjusts, an ARM could be a good deal. But keep in mind that a change in circumstances could prevent you from doing these things, so it’s a good idea to think about whether your budget could handle a higher monthly payment.
Fixed-rate mortgage are a good choice for borrowers who want stability, since your monthly principal and interest payments won’t change throughout the life of the loan (though your mortgage payment could increase if your taxes or insurance go up).
But in exchange for this stability, you’ll take on a higher rate. This might seem like a bad deal right now, but if rates increase further in a few years, you might be glad to have a rate locked in. And if rates trend down, you may be able to refinance to snag a lower rate
How Does an Adjustable-Rate Mortgage Work?
ARMs start with an introductory period where your rate will remain fixed for a certain period of time. Once that period is up, it will begin to adjust periodically — typically once per year or once every six months.
How much your rate will change depends on the index that the ARM uses and the margin set by the lender. Lenders choose the index that their ARMs use, and this rate can trend up or down depending on current market conditions.
The margin is the amount of interest a lender charges on top of the index. You should shop around with multiple lenders to see which one offers the lowest margin.
ARMs also come with limits on how much they can change and how high they can go. For example, an ARM might be limited to a 2% increase or decrease every time it adjusts, with a maximum rate of 8%.
We’re about to enter a new AI-visuals-driven era in home decorating
April 28, 2023
For the last few months, artificial intelligence (AI) has been making waves in a number of industries, and the interior design world is no exception. With AI-generated imagery causing a stir worldwide, it seems only fair to assume we’re about to enter a new, AI-visuals-driven era in home decorating.
By harnessing the power of AI tools like ChatGPT, Midjourney, DALL-E, and Stable Diffusion, we can now create stunning personalized visual designs, even if we don’t possess exceptional artistic skills ourselves. In fact, today you can produce material for an entire gallery of personalized framed prints or canvas prints in mere minutes. But how exactly does it work?
What is AI Art?
AI art refers to digital art created using algorithms and machine learning techniques. These techniques include generative adversarial networks (GANs), which involve pitting two neural networks against each other, and style transfer, which combines the visual style of one image with the content of another.
Today you can produce material for an entire gallery of personalized framed prints or canvas prints in mere minutes.
The most significant difference between AI art and traditional visual art is the level of human input. With AI art, human involvement is mostly limited to entering prompts – written commands that the AI bot uses to produce the desired imagery.
While the prospects of AI art are undeniably exciting, the increasing popularity of this art form has also raised concerns.
The Good and Bad of AI Art
AI art offers several advantages over traditional art. Customization options are virtually limitless, as AI algorithms can generate a wide range of styles, colours, and compositions.
The results are often truly stunning, ranging from spot-on imitations of popular art styles to breathtaking sci-fi-inspired landscapes and photo-realistic imaginings of pop culture characters.
Furthermore, AI-generated art is usually more affordable than traditional art – after all, you don’t need to buy any art supplies to create it – and this makes it accessible to a broader audience.
Nevertheless, while AI art certainly has its advantages, there are also several drawbacks. One of the most significant limitations of AI art is that most AI models still struggle to generate convincing depictions of humans. This becomes particularly obvious with visuals portraying human hands or human beings in motion.
This is because the AI models are only as good as the data they’re trained on, and creating convincing human models requires a vast amount of high-quality training data.
Another disadvantage of AI art is that the state-of-the-art tools required to create truly impressive pieces are often inaccessible to the general public.
While tools like Midjourney and DALL-E have made significant strides in advancing the field of AI art, they remain primarily in the hands of experts. And while AI algorithms can generate an array of styles and compositions, writing effective prompts already requires considerable skill and experience.
Last but not least, while AI art may be more accessible than traditional art, in its current state it mostly lacks the same emotional resonance and authenticity.
So, while AI art certainly has its benefits, it still has a long way to go before it can replace traditional art forms.
Using AI-Generated Art as Home Decor
When it comes to creating and displaying physical artwork, the best practices for AI-generated content are much the same as for traditional art.
For instance, you can make canvas prints using AI-generated art by uploading the generated images to an online custom-printing service, just as you would with traditional visual art.
OpenAI’s advancements in the field have significantly improved the quality of AI-generated art. To get a home decor print that does full justice to some of the amazing results being achieved, choosing a premium custom-printing service is the key.
One such service is bestcanvas.ca. Known for its product quality, reliability, and budget-friendly prices, BESTCANVAS.ca helps Canadians transform their homes with its unique, personalized wall art. Whether traditional or AI-generated, you can be sure the service will do complete justice to your artwork.
Future of Home Decorating
AI art has the potential to revolutionize home decorating, as it offers a novel approach to personalizing living spaces. More and more people are opting for unique, customizable pieces to decorate their homes. Meanwhile, the affordability, versatility, and novelty factor of AI-generated art make it an attractive option for those looking to personalize their living spaces.
However, many challenges and limitations remain. While AI-powered image generation tools can yield some truly breathtaking results, it’s essential to consider ethical and copyright issues when using AI tools to create new pieces.
As the technology behind AI art continues to evolve, we can expect to see even more impressive creations that push the boundaries of what’s possible. And as more people embrace this new wave of creative expression, we’re looking at a world where interior design and AI technology coexist harmoniously, transforming the way we decorate our homes.
Last Updated on February 25, 2022 by Mark Ferguson
Rehab Valuator is a real estate investing program that analyzes properties for flipping, wholesaling or renting. I had the opportunity to try it out and provide my own Rehab Valuator Review. The Rehab Valuator is a great tool and the lite version is absolutely free. It helps you estimate repairs, calculates financing costs, figure returns and profits. I am constantly writing about the costs involved in flipping because so many beginners underestimate them. The Rehab Valuator program does a great job of figuring all the costs for you and even figures the 70 percent rule, which many flippers go by.
I don’t review many products on InvestFourMore, because I only endorse products I believe in. I have tried out many products that I thought were lacking in substance or extremely overpriced and you don’t hear about those products, because I don’t feel they deserve any publicity. I have tried out more than a few real estate investing programs and most of them are not worth the money. This is one of the few products that I feel is worth the money.
How can Software help house flippers?
The Rehab Valuator Software is extremely easy to use. Daniil Kleyman created the program, who is an extremely experienced real estate investor. He has invested in many rentals, flips, and commercial projects. The program helps fix and flippers in a number of ways including determining financing costs, figuring repairs, determining closing costs and carrying costs. When I first tried out the program I was able to determine the potential profit on one of my flips in about five minutes.
The program is in an excel sheet that prompts you to enter the important data on a flip; loan terms, repair estimates, length of the rehab, purchase price, closing costs, selling costs and after repaired value. The form gives pre-populated values and percentages for common costs of these items and is very accurate in my experience. The program then tells you the potential profit, the cash needed and the return on your investment.
Financing costs
The program is great for flippers because they have many features built in for hard money loans. You can choose a loan amount based on the ARV, you can choose the points to be paid when you sell the house like you would with hard money. If you have other types of financing, then that can be entered into the program as well, but it is a little trickier. I could not find a way to enter a loan to value amount on the purchase price, but I could adjust the percentage of the ARV loan percentage until I reached my loan amount.
Repair costs
The program has a separate page just for repair costs on flips. The program does not give you common costs for repairs, which is understandable since costs can vary so much depending on the scope of work and your location. The form lists many repairs that would need to be done; you enter a dollar amount for the repairs, a time frame to complete them and the form computes the repairs and time frames into the entire equation.
Carrying costs and selling costs
Many investors forget about carrying costs when flipping homes. You have to account for insurance, taxes, utilities, and maintenance when you hold a property for months. The Rehab Valuator lets you input all the holding costs as a lump sum or enter each cost on a monthly basis. The program then calculates the costs based on the number of months you will hold the property. The program also lets you enter the selling costs as a percentage of the selling price. Those costs would include commission, title insurance, recording fees and a few more.
Profit
When you enter all the data into the program, it gives you a total profit number and return on your investment. I used numbers for a flip I am almost done with and my profit came out to $68,000 and a 78 percent return on my investment. I like those numbers and I will detail this flip in my fix and flip update articles. The great thing about the profit number is you can change financing terms or length of time you hold the property to instantly see how much your profit changes. The program even has a spot where you can enter a percentage of the profit to be split with the lender or an investor.
My Rehab Valuator review: Can it help wholesalers?
The Rehab Valuator has some great features for wholesalers as well. There is a very simple program to determine what price a wholesaler would have to buy a house to sell it to an investor who would flip the house. Enter the ARV, the repairs and the profit the wholesaler takes, and you get the price you can pay for the property. The only issue I saw with this calculator was you can enter carrying costs and closing costs, which decrease the offer price even more. In my experience, the 70 percent rule works without having to enter holding or carrying costs as additional expenses. You can also adjust the 70 percent value to be 65 percent, 75 percent or whatever value you want.
Another great part of the program is it generates detailed, professional reports that you can give to investors who may want to buy the wholesale deal. You plug in the numbers for the repairs and other costs and the Valuator generates the report that will make you look like it was created by a professional. The more information you can give to the investor, the more comfortable they will feel buying a house from you.
What about rental properties?
Rehab Valuator also has a program that calculates returns on rental properties. This program is similar to the flip program as far as the data you enter but gives different figures for returns, cash flow and lets you include information on refinancing.
Financing costs
When you enter the loan terms, you use the same form as when you entered loan terms for the flip. You can then enter terms for a refinance after you repair the property. This is a nice feature because it lets you see what your returns and costs would be if you use hard money to refinance into a conventional loan. The only problem with this form is I could not turn off the refinance feature, so if I wasn’t refinancing I have to change the numbers around on the refinance terms to match my original loan. I can change the numbers pretty easily to match my interest rate and loan amount to what the original loan would be.
Repair costs
You can enter the repair costs just as you would with the flip calculator and it will factor those into your repairs. The program also tells you exactly how much cash you will have invested in the rental property after down payments, repairs, and closing costs.
Cash Flow and Cash on Cash
The rental property program will take all the figures you plug into it and give you cash flow, cash on cash returns, cap rate, and even DCR. The DCR is the debt coverage ratio and is a tool many lenders use to evaluate how good of an investment your rental is. The program has more forms where you would input the monthly expenses including vacancies and maintenance to come up with the cash flow.
The rental property Valuator and the flip Valuator can both be seen on the same page to help you determine whether it is better to rent the house or flip it. I wish I could see the rental property numbers on their own without the flip Valuator, but that is not a feature yet. If you are using different types of financing on the rental versus the flip, you have to manually change all the financing numbers to see a comparison.
How Rehab Valuator can help you get private money funding
Rehab Valuator also has many reports that can be created to help find investors or private money. You can attach pictures, enter comparable property information and couple that with the flipping or rental property numbers to create a professional looking report. If you are trying to secure private money or a partner, they are going to want a lot of information. Those investors will not want that information scratched onto napkins or lose notebook paper. The more professional the package is the better chance you have getting investors to give you money.
How easy is the program to use?
The program is very simple to use and comes with video instructions if you have any problems. The program also has great customer support if you need personalized assistance to get it up and running. I was able to get started right away as it is very straightforward. Each number you enter into the program is on a numbered line and each number line has instructions on what the figure is and what it means to you. The tricky part comes in with some of the financing options if you are not using hard money with a flip or you are not refinancing a rental property. You can still work around those items and there may be a better way to enter information that I have not found yet.
Conclusion
I think the Rehab Valuator is a great tool for flippers, wholesalers or buy and hold investors. The Rehab Valuator lite version is available for free here. The lite version does not come with every feature I described here, but it gives you a great idea of the functionality of the program.
2014 was a very exciting year for me and I am looking forward to an even better year in 2015. I had a lot of big real estate goals for 2014, which I discussed in detail here. I did not accomplish all of those goals, but I did accomplish a lot and I know setting goals helped me achieve more than I would have without goals. For 2015 I am continuing to set big goals to push myself to achieve as much as I can. I love writing these articles because it helps me recount what I wanted to do, what I ended up doing and helps me plan the next year.
On the surface it looks like I fell way short on many goals, but when analyzing them it is not as bad as it seems.
My goal articles for other years
What real estate goals did I want to accomplish in 2014?
Here are the major goals I wanted to accomplish in 2014 and what I actually did in 2014.
I wanted to sell 15 fix and flips and I ended up selling 12.
I wanted to sell 300 houses as a team and we ended up selling 160
I wanted to buy 6 rentals and I only bought 3
I wanted InvestFourMore to reach 150,000 views a month and it reached 170,000 in October!
I wanted to buy a Lamborghini Diablo and I did!
As I mentioned I fell short on many goals, but I still sold 12 flips, sold 160 houses, bought 3 rentals and bought a Lamborghini. I think that was a pretty good year, even if it was not quite as good as I hoped.
Fix and flips in 2014
In 2014 I set a huge goal to flip 15 houses; I had previously flipped 10 houses in 2013. Flipping 15 houses takes a lot of work and a lot of planning. I assumed the biggest roadblock to that goal would be finding and buying that many houses to flip. I ended up buying enough houses to flip 15, but I could not find the contractors to do the work. I had to fire one contractor I had worked with for years and I ended up trying out at least four new contractors. I think one of those new contractors has worked out so far out of the four.
I learned a lot about flipping homes in 2014. I learned that having ten flips at one time is not a great way to do business unless you have the contractors to do the work. I will have held a few properties for almost a year and that is way too long on a flip. One of those properties did take about $60,000 in repairs and was an extremely long rehab. A before and after video is below.
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Fix and flip goals for 2015
For 2015 I am not going to be as ambitious on my flipping goals. There are a number of reasons I don’t want to flip 15 houses in 2015.
It takes too much babysitting of contractors and I would need to add at least a couple more.
It takes a lot of capital to fund all those flips and the repairs. I think all the flipping made it harder to buy rentals.
I can still buy as many properties, but instead of flip them myself, I could wholesale the properties.
My goal for 2015 is to flip 10 houses and wholesale 5 to 10 more. I have 8 flips right now so reaching ten should not be a problem, but I might sell a couple I have now as wholesale deals. If anyone is interested in some Northern Colorado deals, let me know!
Rental property goals in 2014
In 2014 I wanted to buy 6 rental properties to keep on track with my plan to purchase 100 rental properties. I only bought three rentals, which was disappointing, but better than not buying any! You can find the details on the properties below:
Rental property number nine
Rental property number ten
Rental property number eleven
These are all great properties and I will make a lot of money with them in the future. I have a total cash flow of about $6,000 a month coming in after I paid off rental property number one early in 2014. There are many reasons why I fell short on this goal as well.
I tied up much of my available capital in my flips
There were very few deals in the area for rentals
It is tough to focus on rental properties when I am also working on flips, my real estate team, and the blog. Plus I have a family that I spend as much time with as I can.
I want to shift much more focus on rental properties again, because they are such a great investment. The income from flipping is great, but I have to pay a lot of taxes on it and once I sell a house it stops making me any money. The rental property income keeps coming in every month with much less work and fewer headaches.
Rental property goals for 2015
For 2015 I want to get back on track buying as many rental properties as I can. I am going to flip fewer homes, which will give me more capital to buy rentals. I am also refining my direct marketing campaign, which should bring me more deals (I will have an upcoming article to discuss my direct marketing). I want to buy at least seven rentals in 2015 and that should put me closer to my goals of 100 rentals by 2023.
Real estate team goals for 2014
in 2014 I wanted to sell 300 homes as a team, but we sold about half that. I had sold over 200 houses in 2013 and 2012, but the market changed drastically. Prices increased, buyers increased and inventory decreased. For many agents, this was a good thing, but I focus on REO and HUD listings and that cut my listings down drastically. Our county went from 10 to 20 foreclosures a week in 2012 to 2-4 a week in 2014. Even though our sales went down drastically we accomplished a lot in 2014.
The team lost a couple of agents in 2014
The team added a couple of agents in 2014
The new agents are doing awesome and selling a lot of homes
Even though we sold less REO and HUD homes, we had many more traditional sales in 2014
The average price of our sales increased by 20%
We had a down year as far as houses sales, but the price per sale was up, our team is much stronger than it was and it is also more balanced. The best part is I have to do less work because I set my team up to be able to complete many of my tasks and sell houses on their own.
Real estate team goals for 2015
For 2015 I want to sell 200 houses, which is a big pullback from my previous goal. REOs and HUDs are even harder to find in 2015 than in 2014, which will decrease our sales. However, the new team members and training we implement should increase the number of sales from the other agents. I also want to add a couple more agents and my goal is to have every agent on my team make $100,000 a year.
InvestFourMore goals in 2014
2014 was a great year for the blog and thanks to setting up my team to handle much of the work I had more time to work on the blog. I wrote over 100 articles on the blog and the traffic peaked at 170,000 views in October. Traffic was down slightly in November and December due to the holidays and I stopped doing as much guest blogging on other sites.
I learned a lot about the internet, marketing, SEO and blogging in 2014. I continue to improve the site and I have met a lot of great people while blogging. The Complete Blueprint has been a great success and adding the conference calls has been very successful. If you missed it, I added CDs, a goals setting guide and a few more features recently. I am working on a system to help real estate agents as well that is almost complete and the REO kit has been very successful as well. My eBooks are doing well, which can be bought on Amazon.
InvestFourMore goals in 2015
In 2015 I want to increase traffic, increase my relationships with other investors and blogs and continue to improve my investing strategies by learning as much as possible. Here are some specific goals:
300,000 views a month by the end of 2015
Implement a new real estate agent success system
Borrow private money through the blog in 2015
Improve or create a new forum for InvestFourMore
Personal goals in 2014
In 2014 I accomplished a huge goal by purchasing a 1999 Lamborghini Diablo. I bought the car much sooner than I was planning on, but a great deal came up on a car that was the perfect color. I did not think I would be able to find that color again for a reasonable price for years so I jumped on it. I also thought Diablo prices were at a low point and I have already been offered $26,000 more than I bought the car for. I am not selling it anytime soon as it is awesome and a great marketing tool as well.
As for other goals I reached some, missed others, but had a great year. My wife and kids are doing great and we love the house we bought in 2013.
Personal goals for 2015
I don’t have any big goals for 2015 as far as car buying. I would love to buy an Aston Martin V8 or Lamborghini Countach at some point, but I don’t plan on doing it in 2015. I have personal income goals and a few more that I will keep private. I can’t share everything!
I hope everyone had a great 2014 and if not, then think of all the things you learned and don’t focus on how bad things went.
Has your credit suffered a hit or two? Before you start thinking rentals, read this.
What mortgage lenders are looking for
You know all about credit scores and that, across the three big credit reporting agencies, scores can really fluctuate. Mortgage brokers and lenders will look at your credit score, toss out the lowest and the highest and typically make decisions based on the score that’s smack in the middle.
But credit scores aren’t the only thing a mortgage lender considers. Other factors affecting loan qualification include:
Your income
Debt-to-income ratio
How long it’s been since you missed a payment
How long you’ve been in your job
Ratio of income and projected home payment
In other words, it’s a numbers game that goes way beyond your credit score.
And, if you’re buying with a partner, consider whether or not it’s best to have them on the loan.
If your co-buyer’s credit is crappy and yours is good, you may want to consider removing the co-buyer from the transaction. Realize, however, that the co-buyer’s salary won’t be factored in as income this way. Of course, the co-buyer is still welcome to live in the house with you.
Cleaning up your credit ASAP
Truthfully, there’s no way to change your credit score overnight. Cleaning up your credit, if it’s not too terrible, can take a few weeks at minimum. If it’s dreadful, expect to spend a few months (even up to a year) playing everything straight in order to get that number to inch a little higher. Fortunately, to purchase a home, you may not need to do either.
If your score is above 680, odds are good you’ll have no problem. If you’re looking at an FHA loan, 580 should do it (tip: you may get approved with a lower credit score for an FHA loan if you can put more than 3.5% down on your home). For comparison, the lowest possible credit score hovers around 300. FYI, if your score is in the 300s or 400s, you have work to do. Now is not the time to buy a home.
A lender will likely ask you to explain away all the dings on your credit report–for example, why you were late on a payment to your cable TV company (“I took the check to the post office but forgot to drop it in the mail and found it two months later, after disputing the past-due balance. It was paid in full on January 31.”), or why you failed to make a full payment to your car payment a few years back (“I had a large medical bill that I had to pay so I worked with my car loan company to move my February payment to the end of my loan instead.”) As long as you have a legitimate reason that shows why you paid late and that you didn’t walk away from the debt, this may be sufficient to clear up problems in order to obtain the mortgage. These don’t, however, change your credit score.
To really attack your credit score and give it a lift, start by getting a free credit report (yes, these are totally free and should not cost you anything–do NOT pay). You will not receive your credit score in these reports but you will see detailed information about what’s on your credit report. If you spot errors, work with the credit reporting agency directly to clear these up. This usually entails offering proof of some sort that you did pay the bill or that the debt is not yours. Once your dispute or proof is submitted, it usually takes 1-3 months for the score to be affected.
So what home buying options do you have when your credit is in the toilet?
Talk to Homie Loans about your situation and whether any of these options can help get you into a home loan and building equity.
Take on a co-signer/co-buyer: A parent may be willing to share the risk associated with your loan. The co-signer’s credit score will boost the likelihood you’ll obtain the loan, but if you default, the loan is on both of your shoulders.
Put more money into your down payment:When reviewing mortgage-worthiness, your lender will look at how much the home will cost relative to your income and other factors. If you put more money down on the home, your mortgage payment will be lower and can help offset a lower credit score. The same thing holds true for a lower-priced home.
Work with a mortgage broker, not directly with a lender: Whether your credit score is amazing, iffy or somewhere in between, working with a mortgage broker gives you access to more competitive options than mortgage lenders can provide. Mortgage brokers shop around to get the best overall costs/fees/interest scenario or their client’s budget. They’re not linked to a single financial institution, which can only offer that lender’s loan programs. Mortgage brokers frequently have access to wholesale mortgage rates and add their own “commissions” by inching up the interest rates slightly. Homies can tap into low costs and lower-rate loans through Homie Loans, which also accesses wholesale mortgage rates without the higher costs. To your wallet, the difference between Homie Loans and other brokers is frequently the lowest possible interest rate. As a bonus, Homie Loans also currently pays the price of the appraisal for all homes purchased through Homie.com. All in all, you may see both a a short-term reward and a long-term benefit amounting to considerable cash over the life of your loan with Homie Loans.
Extend your mortgage term: Aim for 30 years, the typical length of a first-time mortgage in the U.S., instead of a 15- or 20-year loan. Your payments will be lower, which can help you qualify for a loan more easily. Talk to your mortgage broker for more details.
Consider unique loan programs: Few of the truly odd or unique loans exist today (some of these probably helped usher in the mortgage crises), but checking with a mortgage broker before you start looking at homes can help you determine if you’re eligible for other programs like a VA loan that doesn’t factor in credit scores, a USDA/rural loan that requires no money down, or another unique home loan program.
Rent-to-own and owner financing: While you’ll still need to qualify, rent-to-own and owner-financing agreements can be great options for wanna-be homebuyers who can’t obtain a loan. Unfortunately they’re very hard to come by and you won’t be able to go through a mortgage broker or lender for either one. Your best bet is to luck into one of these, usually because you’re buying from family a close friend.
Should you sign a lease or buy a home if your credit is bad? It’s true that poor credit can affect where you live, regardless of whether you’re renting a home or buying one. Before you decide to rent again, check with a Homie Loans mortgage broker to see if you qualify for a home loan. If the answer is “yes” (and stats say it’s likely–a 2015 report indicated the average credit score in Utah was 677; nationwide, Millennials had a score of 625; older generations had higher scores), go month-to-month on your lease. Then start the process by getting pre-approved for a loan and start shopping for the home you really want to live in. Get pre-qualified.
Homie Loans is a Equal Housing Lender, NMLS# 1016597