On Monday I mentioned that it pays to shop around for the lowest price. This skill is specially important when making large money decisions. You should always shop around when purchasing a car, obtaining a mortage, or hiring a contractor. We’ve discussed getting the best deal on a car before. We’ve touched on mortgages, and are sure to discuss them more in the future. Today I want to share my approach to finding a contractor.
The New Roof We bought our first house in the spring of 1993. The roof was in bad shape and needed to be replaced before we could close the deal. Fortunately, we had a good working relationship with the seller: he offered to grant us a $2,000 credit if we would take care of finding a roofer.
I had never done anything like this before, nor had any of my friends. I looked in the phone book and found a local roofer. When I called, he could sense that I was confused, so he talked me through the process, asking about the size of the house, the slope of the roof, the material we wanted to use, the condition of the existing shingles. He gave me a quote of $2300.
I called two more places. One quoted $2500 and the other quoted $1800. But the last place couldn’t do the roof repair for three weeks. Three weeks!?! I needed it done by the following weekend. This was getting complicated.
I got out a sheet of paper and made a list.
Company
Cost
Lead Time
Notes
Johnny B. Goode
$2300
5 days
local guy
Golden Shingles
$2500
3 days
ABC Roofing
$1800
21 days
no weekends
I spent my lunch-breaks during the next two days calling roofing contractors. When I was finished, I had a list of twenty bids. The lowest quote was $1200; the highest was $4800. (I’ve never figured out why that bid was so out of range.)
I had created this list on a whim, but found it invaluable. After eliminating from consideration those contractors who couldn’t meet the time-frame and those that would not offer a strong enough guarantee, I had a list to six or seven potentials. The contractor I hired did not offer the lowest price, but he:
ran a family business like mine
was willing to answer my questions
offered a $500 reduction if I helped on the project (he was short-handed)
Though this contractor wasn’t the cheapest, the $1800 net cost was relatively low. A friend and I spent a long weekend ripping off old shingles and nailing down new ones. It was hard work. I learned something about roofing in the process, and for the decade we lived in that house, I was filled with a sense of pride whenever I had to climb on the roof to clean the gutters.
In the summer of 2006, we had to repair a section of the roof on our current home. We didn’t call twenty contractors this time, but we did call half a dozen. Again there was wide disparity in the bids: they ranged from a low of $300 to a high of $3000. We chose a company that quoted $800, but which seemed to understand what we wanted.
The Bathroom Remodel When we bought this house, we knew that the bathroom would have to be remodeled. It was a mess, filled with eighty years of shoddy add-ons:
The shower stall was huge, and dominated the room.
The plumbing and electrical work were not to code.
There was minimal lighting.
You could see through to the basement in one section of the floor.
We went to the Portland Home & Garden Show to get ideas. There we found a company whose work we loved, and invited them to bid. They gave us an estimate of $34,000. That was more than twice what we had planned to pay.
Kris found a web site that matched jobs with contractors, and it paired us with a fellow who gave us a bid of $15,000. That was exactly at our budget (probably because we had to tell the web site what our budget was), but we weren’t confident that this contractor was listening to what we wanted. He didn’t seem competent.
One of Kris’ co-workers recommended another contractor. We met with him, liked him immediately, felt he was playing fair with us, and were pleased that he could meet our timeline. He quoted us $18,000 — $21,000 if we did everything to code and got all the permits, etc. We chose the latter option.
In retrospect, we probably could have spent more time to find a lower bid. But we were pleased with the final results, and plan to hire this contractor again in the future.
Conclusion When you shop around for groceries, you can save maybe $1 on a loaf of bread. When you shop around for a plasma television, you might save $200. But when you shop around for big-ticket items, you can save thousands of dollars.
Some people feel guilty asking a company for a price quote and then not using them. Don’t. That’s how it works. The company isn’t offended. They quote similar jobs every day. Sometimes they get the work — sometimes they don’t. Your priority is finding a company that you can trust to do the work at a reasonable rate.
When comparing prices, be sure you match apples to apples. The deal from Rock Bottom Cabinets might not be so impressive if they don’t offer any sort of guaranty on their workmanship. Consider the following when making your decision:
Reputation — Ask for references. Check the references. Better yet, search the web. (Angie’s List is a good source for information on contractors.)
Reliability — Is the company licensed and bonded? Registered with the state contractors board? Do they offer a warranty?
Schedule — It’s no use taking the lowest bidder if the company is unable to complete the project on your timeline.
Quality — Try to get a sense of the quality of each contractor’s workmanship. Those who bid on our bathroom remodel brought photo albums to show us. The low bidder didn’t.
You can also save money by doing some of the work yourself, but that’s a subject for another day!
This is a guest-post from Chris Heiska, The Yardsale Queen.
Some people believe the myth that there’s only junk at yardsales and thrift stores. That is absolutely not true. Buying at yardsales doesn’t necessarily mean that you are buying someone’s used, dirty castoffs. I often find Christmas wrapping paper still attached to the box, or a wedding card tucked inside of a box that was probably a duplicate wedding gift (and now the present that probably cost $40 in the store is selling for $5 at a yardsale).
The nicer stuff does get snapped up quickly, so persistence is the key. I often stop by the thrift store in my town two or more times a week to see what “new” stuff has come in. Often the cashier says to me, “Oh, we just put this out today.”
I can’t say specifically that shopping at yardsales and thrift stores is totally responsible for us living a debt-free life, but I know it has definitely helped. (Our mortgage was paid off in April 2000.) For instance, I’m not spending $99 for a metal two-drawer filing cabinet at Staples and putting it on a credit card; instead, I bought a similar one for $4 at thrift store. I don’t have high credit card bills since if I know I need something, I just wait until I can find it cheap at a yardsale.
Shopping at yardsales has enhanced our lifestyle — our money goes a lot further than buying retail. My son is enjoying playing in a $50 camping tent from Target that we have set up in the backyard. I paid $5 (still new in the box) at a yardsale a few years back.
Here are a few tips when shopping at yardsales:
Be sure to look over stuff carefully since things are generally sold “as-is”.
It’s easier to shop when I am not lugging my huge heavy handbag around so I wear a fanny pack. It keeps my hands free to look over items and carry stuff.
If you are buying something in a box, make sure its what it says it is. My friend was disappointed when he bought a printer at a yardsale and opened the box at home to find the seller’s old printer in the box, not the one pictured on the box.
Carry lots of change and small bills — much quicker to pay for something with exact change than waiting for the seller to make change.
When buying electronics, ask to plug it in to test it.
When buying a big item (like a desk or set of drawers), if you have to come back later with a truck to pick it up, take a piece with you — like a single drawer. That way the seller won’t be tempted to sell it to someone else who comes by later and offers more money.
Clothes can be a real bargain at yardsales. The downfall is that you can’t try them on to see if they fit. Sometimes thrift stores have dressing rooms. Make sure all the buttons are there and the zipper zips. I also check the label for cleaning instructions (if it says Dry Clean Only, I tend to stay away since I want wash ‘n’ wear clothing). I also try to plan ahead for any special event clothing we may need. When I saw a classic conservative black dress ($5) that could be used for funerals or weddings (multipurpose!) I bought it since I knew it would come in handy.
When buying CDs, VHS, or DVDs, check to make sure the right item is in the right case. Check the backs of DVDs and Cds for excessive scratches.
If toys are electronics aren’t working, check the battery compartment to see if they have corroded batteries inside. I keep a multi-purpose tool in my fanny pack with a screwdriver to check.
Look toys over carefully before giving to your child. I found nails and thumbtacks thrown in a canister of TinkerToys. For baby items, you can usually call the manufacturer’s toll-free number to find out if an item has been recalled. The safety belt on my child’s baby swing (that I bought at a yardsale) had been recalled and they sent me a replacement safety belt.
In general, I would stay away from buying a used baby carseat at a yardsale or thrift unless of course I personally knew and trusted the seller.
If you buy glassware, gently run your fingers of the edges. Sometimes your fingers can catch imperfections easier than your eyes.
Note that not every thrift store is created equal — some are run by volunteers and others are run for profit by storeowners. To find some non-profit thrift stores in your area (or to check some out while on vacation), visit thethriftshopper.com.
And when you do decide to check out your local thrift stores, flea markets and yardsales, you never know who you may run into. Celebrities who have been seen buying secondhand include Kirstie Alley, Jodie Foster, Clint Eastwood and even Oprah to name a few. If buying secondhand is good enough for them, it’s good enough for me!
This is just the tip of the iceberg. Visit Chris at The Yardsale Queen for more ideas on how to save money at garage sales and thrift stores.
When choosing a life insurance beneficiary, it is very important to be clear in the designations of who is going to receive the benefits after the death of the insured.
Due to specifications regarding the wording of beneficiaries, certain members of the family may be left out, while others may be unintentionally included.
It becomes especially complicated when there is an ex-spouse involved, or adopted children.
Should the beneficiary die before the insured, then a contingent receives the benefits instead.
However, this can become complicated if the contingent is a minor and no guardian has been designated. The process of determining insurance beneficiaries can be complicated, especially given the changing family situations that happen with divorce and death.
When deciding on your insurance beneficiaries, make sure the beneficiaries are clearly distinguished, with varying levels of contingents.
Specifying Your Beneficiaries
When writing out who will receive life insurance benefits upon your death, simply putting one-word designations like “spouse”, “children”, or “grandchildren” isn’t enough anymore. If you put “spouse,” then former spouses may be included in the event of a divorce. In the case that children are the beneficiaries, then which children will be included must be specified.
Are they only children from your marriage, or do children born out of wedlock count?
Also, it must be specified if adopted children are included, or the children of a spouse which you may have adopted as well. The same applies for any grandchildren. Also, if the children are minors, it is generally recommended that a guardian be appointed, as benefits aren’t usually paid to minors.
The beneficiaries can be specific, or a class. Specific beneficiaries are identified by name and relationship to the insured, while a class is identified mainly by relationship, such as “children.” If a class is chosen as a beneficiary, who belongs to that class needs to be clearly identified, as legal complications can arise if the class isn’t distinguished.
Also, it is advisable to have several levels of contingencies. In the case that a beneficiary dies, the benefits will go to the contingent.
However, if the contingency dies as well as the beneficiary, the benefits may be left in limbo, or to be disputed by other family members. That is why several contingencies must be clearly identified, as many complications can arise considering the possibilities of a changing family structure.
How Much Life Insurance Will Your Beneficiaries Need?
As important as it is to find your right beneficiary, you have to make sure that person(s) is left with enough money to cover any financial obligations you will leave behind. So let’s take a look at some of the factors that help you decide how much coverage you need to buy.
You always need to calculate your current debt situation first. The main goal of your life insurance plan is to give your family the money needed to pay off all your bills and debts. The number you come up with should be the baseline for how much coverage you start looking for.
If it’s in your budget we also suggest adding a few years worth of salary to the final total as well. Your income has helped support the family for years and a sudden loss could bring on major lifestyle changes. To stave that quick change it’s best to up the value some to provide some breathing room as they cope with a drop in household income.
Another category to account for is the funeral expenses. While you may not realize it, funerals are expensive. Funerals can come in around $10,000, and is a big expense that some might not be ready to pay. Your coverage will give your family the money that they need to fulfill your family wishes.
Ads by Money. We may be compensated if you click this ad.Ad
Getting Affordable Life Insurance
In addition to choosing the right beneficiary, and ensuring that they will have enough money, it’s also important to get the most affordable life insurance plan available. A lot of applicants are surprised to see how cheap a life insurance plan can be, regardless of how much life insurance you need.
One of the easiest ways to get lower insurance rates is by cutting out tobacco. Users pose a much greater risk to have health problems like cancer or heart problems, which equals a greater risk to the insurance company. By mitigating that risk they’ll be charging you much more for your insurance coverage, and that charge could be twice the quoted amount.
The medical exam you’ll go through is going to show the carrier a snapshot of your overall health. If you’re overweight, then your premiums are going to be around 50% higher than a person that rates healthy. So when you know the date you want to apply its best to start living a healthier life a few months before. Eat a little cleaner, exercise a little more. These actions will keep your premiums down.
Another action is to lay off the gas pedal. When the insurance company is reviewing your application, they are going to pull your driving records. With a lengthy accident or ticket history, the carrier could see you as a high-risk applicant, which is going to translate into more expensive coverage. Slowing down on your way to work in the morning can save you hundreds of dollars every year, not to mention you won’t have to pay those expensive speeding tickets.
Our last tip is the easiest step for you. Compare, compare, compare. And you can make it even easier by working with us! We have years of experience working with quality insurance companies and we’ve helped all types of applicants get the perfect plan for you. Our status as independent agents allows us to gather as many quotes as fast as possible and present them to you in a simple form.
Explore all Possibilities with Life Insurance Beneficiaries
When deciding on life insurance beneficiaries, it is best to consider all possible situations. While it may become complex and it is grim to think of the future deaths of you or family members, all of these things do happen. Save your possible beneficiaries the trouble of having to dispute the distribution of benefits, and make sure to define the beneficiaries as specifically as possible.
Don’t use vague wording that may include or leave out people you don’t wish to.
You will want to make sure your benefits go to the intended recipients after your death. Try speaking with a life insurance advisor to determine how to properly designate your beneficiaries.
ANALYSIS: If your home loan has come to the end of its fixed term and you’re facing refixing from a rate about 2.5% to one more like 6.7%, it might sting a bit.
But spare a thought for those borrowers who are now facing much higher rates.
Here are some of the ways that people are facing interest rates near double-digits, in some cases.
Low-equity borrowers
If you bought a house recently using a small deposit, and its value has either fallen or not moved, you face a double blow.
In this situation, borrowers usually do not qualify for banks’ “special” home loan rates, and they are also often charged a low-equity fee or premium on top.
How that works depends on which bank you are with – some charge an upfront, one-off fee. Others apply a margin to the interest rate.
The extent of that depends on how small your deposit is. Someone with a 10% deposit could face an extra 75 basis points being applied to their home loan rate. At the moment, that would mean a standard interest rate of 7.39% for two years, plus 75 basis points of margin, taking them to a total rate of 8.14%.
Between January 2020 and October 2021, when the official cash rate started to lift, there was about $15 billion in home loan lending done via more than 31,000 loans to people with equity of less than 20%.
When house prices are rising quickly, buyers often plan to have their properties revalued in the future to have the margin removed and allow them to access better rates. But when the market turns, as it has since 2021, that strategy becomes less possible.
Mortgage adviser Hamish Patel, of Mortgages Online, said he had dealt with a few clients in that position.
He said, when the banks were competing hard for business, some had offered low-deposit borrowers their special rates, plus the margin. But then when they came to refix, the bank’s appetite to offer the special was gone and they had to settle for a standard rate.
He had one client who bought a townhouse in Auckland for $1.05 million. But when it was revalued recently, its value had dropped to $950,000. She had a loan of $900,000.
STUFF
Susan Edmunds speaks with four mortgage advisers what how best to prepare yourself financially when buying a home.
That left her with limited options, he said. People with 10% or 15% equity could change to a different bank because the loan-to-value rules allowed banks to refinance clients dollar-for-dollar without it counting towards the total low-deposit lending they were allowed to do. But when someone’s equity dropped to 5%, it was virtually impossible, he said.
“Theoretically, ANZ will do 95% but the low-equity fees are large so it makes no sense to do it.”
ANZ’s website notes that when someone has less than 10% equity, the low-equity premium applied is equal to 2% of the loan amount.
“There are people who kind of a year ago thought they might be paying 6% to 6.5% when they refixed – not up near 8% with a margin. That’s surprising.”
He said it was also tricky for those borrowers because shorter-term rates were more expensive than longer fixes, but many were reluctant to lock themselves in.
Another home loan adviser, Susan Templeton, agreed buyers who purchased houses at the peak of the market would be stuck with a low-equity margin longer than anticipated.
“First, ask your mortgage adviser for a desktop valuation to get a fix on where you stand. If that doesn’t fly, you can pay for a registered valuation and hope for the best. It’s worth having a conversation about your timing and current market trends. If you have the means, consider paying down your mortgage or upgrading your home to raise the value, or changing banks. Each option has potential consequences.”
She said borrowers should talk to a mortgage adviser who understood their financial position and goals.
Second-tier lenders
Glen McLeod, from Edge Mortgages, said he was also seeing people running into trouble with second-tier, non-bank lenders.
He said they were often used by buyers whose businesses were affected by Covid and did not have the financial history to get a traditional home loan.
“Fast forward to where we are now and sadly interest rates have increased and with the second-tier providers if they were on a fixed rate at the time they are coming off with interest rates being in the late 9%, early 10% range. This is indeed causing financial stress particularly if they are on principal and interest based lending.
“We have a number of cases been able to refinance the client back to the mainstream however there are cases where it is not possible. This is due to either the value of the property reducing or income to service not working because of the increase in the serviceability rates with the mainstream banks.
“In these cases what we’ve had to do is apply back to the existing provider to see if we can get an interest only payment regime put in place. This is to give a small reduction and payments over the next 12 to 24 months.”
Dusaan, an Indian homegrown marketplace that provides premium home decor at affordable prices, have 150+ brands, including 10+ international brands across 40+ categories under their umbrella and are only expanding further.
Simran Kohli, the Founder of Dusaan Retail Technologies, promotes Dusaan as a destination for affordable, premium home furnishings. She started her career at McKinsey and Company – working on coveted clients in finance and banking, private equity, and industrials. She later became an investor at Sequoia Capital and focused on early-stage consumer companies, and eventually started her own company.
Also read: The Art of Symmetry: European Classical Interiors
Her vision for Dusaan Retail Technologies is to make the user’s experience easy and smooth when shopping for their home, and for the marketplace to become the go-to destination for everything home. She aims at doing that by providing all home furnishings in one space.
It was co-founded with Moulshree Aggarwal, (both founders were ex VCs) after seeing a wave of opportunity in the home furnishings industry. Within six months of making the brand operational, they now have thousands of happy customers and more than 15,000 products listed on the marketplace. There are more than 150+ coveted brands listed on Dusaan, which includes top international names as well.
Simran Kohli, , the Founder of Dusaan Retail Technologies, speaks to Indulge about what make the e-commerce platform unique, inspiration behind the venture, future plans and more.
What makes Dusaan unique when compared to other e-commerce platforms?
Dusaan is a meticulously established and unique platform that deeply comprehends the special bond you share with your home. With us, you can explore a handpicked selection of top-notch brands from all over India, allowing you to bring home products that resonate with your style and preferences. Dusaan prides itself on its distinctive blend of convenience, rigorous quality checks, and thoughtful curation, setting it apart from the rest. Given that not everyone has home decor expertise, Dusaan helps customers design their classic living spaces entrancingly.
What was the inspiration behind this venture?
The home decor industry is a $10 billion industry and growing, yet 85% of it is still unorganised. More than just a place to live, a person’s home is also a blank canvas on which they can showcase their artistic flair. At Dusaan, we want to provide a one-stop destination for all things home. Curating a home should be a joyful experience, but it ends up being a hectic one. Thus, we aim to bring the best quality products to all homeowners at affordable prices while also spoiling them with amazing choices. It’s a truly personalised design journey that will make your space a true reflection of your taste and personality. It can be started by visiting the Dusaan website, where you will find an unrivalled selection of home furnishings and decor items.
Did you face any challenges?
There are unique challenges that come with being a novice in the field. Firstly, acquiring new customers for the platform and then converting them into loyal customers; secondly, bringing on reliable, high-calibre vendors. The home decor industry can be difficult because there are many well-established businesses and new competitors who are constantly vying for market share. However, keeping in mind the various expectations and preferences of customers in this field, we are willing to offer comprehensive solutions to these challenges and provide clients with the best products accessible.
In your opinion, what are the must-have features of a great e-commerce platform?
To provide your clients with a fantastic shopping experience, your e-commerce platform absolutely must possess the qualities listed below.
● Simplified navigation: Online shopping should be an easy experience, as the customer has shown interest and is spending time going through the platform. The homepage, catalogue, product page, etc. should be easy to navigate for customers to find exactly what they are looking for.
● Wide collection: A wide collection is essential for e-commerce because it caters to diverse preferences, meets customer expectations, enhances satisfaction, capitalises on trends, and provides a competitive advantage. It also offers cross-selling opportunities, addresses seasonal demand, and facilitates international reach while providing valuable data insights for informed decision-making.
What are some of the unique brands that are featured at your site?
● Joseph Joseph: Born in 2003 in England, Joseph Joseph has simple, brilliant, and thoughtful designs that make daily tasks faster and more efficient. From kitchen tools to kitchen organisation, one can unlock much superior performance by using them.
● Madehome: It’s a sustainable kitchenware brand that curates products with natural materials like neem wood. The brand aims to bring customers back to their roots and enjoy wholesome serveware.
● House of Banjara: The House of Banjara is the essence of Boho living with artisanal decor, creating a truly sophisticated and unique experience for your home. Their curated collection embodies the Bohemian spirit, blending intricate craftsmanship with contemporary aesthetics to offer a diverse range of sophisticated decor pieces.
● Ministry of Decor: The Ministry of Decor provides carefully crafted and manufactured home decor products through a team of experts in innovation, design, aesthetics, and quality. The brand was born with a vision to provide high-end boutique products that won’t burn your pocket.
Which e-commerce trend do you consider essential?
In our opinion, the most significant e-commerce trend that we consider essential is curation, which allows online retailers to tailor product offerings to individual customer preferences. With the overwhelming number of products available online, customers often face decision fatigue and information overload. Curation helps streamline the shopping process by presenting a thoughtfully selected collection of products, making it easier for customers to find what they are looking for quickly.
Also read: IKEA’s new collection MAVINN brings sustainable home decor and furnishings
Are you doing something special on handloom day?
We’ll put together a unique assortment of handloom goods, such as rugs, table runners, floor mats, etc. This collection will be prominently featured on our online storefronts. In addition to celebrating Handloom Day, we also want to show our consumers how much we value them and their choices and emphasise how important the handloom industry is to the socioeconomic development of the entire country. As a home decor company, we cherish and believe in the beauty of handloom textiles, and we want to pass this legacy on to future generations.
Vehicles are expensive. For many people, a car or truck is the biggest purchase they’ll ever make other than a home. And monthly car payments reflect that fact.
As the price of cars rises, those monthly payments are getting higher. In fact, around 15% of people who financed a new car — and 5% of people who financed a used car — in the latter part of 2022 are paying $1,000 or more per month on those loans. So, it’s no surprise some individuals are struggling to make their car loan payments every month.
Whether you ended up with a larger payment than you planned or a drop in income is making your vehicle loan hard to keep up with, you aren’t alone. And you do have options. Find out how you can shed the responsibility of a car payment by using the tips below to transfer the car loan to another person.
In This Piece
Can Someone Take Over My Car Payments?
It’s unlikely that someone can simply step in and take over your car payments as the new owner of a vehicle. In most cases, car loans aren’t transferable. That means you can’t simply sign the loan over to someone else and call it done.
In theory, you could let someone drive your car and make the payments. However, the car—and the responsibility for it—still belongs to you. You might need to keep insurance on it, and if the person doesn’t pay the loan payments as you agreed, the fallout happens on your credit report, not theirs. In potentially rare cases, your car loan might be transferable. Check your loan contract to find out if this is the case.
How to Transfer a Car Loan to Another Person
What happens in those cases where a car loan is transferable? If you want to pass your car and loan along to someone else, you must do so by working through your lender. The potential new loan holder must fill out an application with your lender and meet criteria before you sign your title over.
The steps to transfer a car loan to another person will vary slightly depending on the lender. However, you can expect a process similar to the one described below.
Determine whether your loan contract allows for the loan to be assumed by or transferred to someone else. Start with your contract, but you can also call your lender to find out.
Get next steps from your lender for the process, if it’s allowed. Ask about fees associated with a car loan transfer, and make sure you know exactly what the assumption criteria are for new loan holders.
Have the new loan holder follow the required steps to apply for a car loan with the lender. If the individual desires to take over the payments with similar rates and terms, they’ll need to meet the required creditworthiness for the loan.
After the new loan holder is approved, the title can be modified. Your lender may help with this process, or you may need to go to your state’s Department of Motor Vehicles to have the title transferred. Be sure to transfer the title as soon as possible to avoid the potential for future liability.
Don’t forget that the new loan holder will need to show proof of auto insurance.
How Does Transferring a Car Loan Affect Credit Scores?
When you transfer your car loan, you technically close that account. It gets reported to the credit bureaus as a closed account, which can impact your credit. Specifically, it changes both your credit mix and credit age—both factors in how your credit score is calculated. Because of this, you might see a temporary drop in your credit score when closing an account.
The impact can be even more serious if you fall behind on your car payments before you transfer the loan. Payment history is the biggest factor in your credit score. So, falling behind by a month or more on your auto loan can cause a substantial drop in your score.
Other Options Instead of Transferring a Car Loan
Transferring a car loan can be difficult and isn’t always possible. Whether you want to keep your vehicle or simply need a more practical way out of the loan, there are other options.
Refinancing
In some situations, it’s the loan and not the car that’s unaffordable. For example, say you originally applied for the car loan when you only had fair credit. Now you have good credit and might qualify for better rates and terms, which could lower your monthly payment.
Another way to shed the financial burden associated with your car or truck is to sell it. If you can sell the vehicle for more than you owe on it, you might even end up with some extra cash in your pocket.
Voluntary Repossession
If you fail to make your vehicle loan payments long enough, the bank will repossess the car. That means it takes the vehicle and sells it to try to recoup its losses. Before you get to this point, though, you have a series of late payments tanking your credit.
In cases where you know you’re unable to catch up on payments, you might talk to your lender proactively. You can voluntarily surrender the vehicle to avoid the unpleasant forced repossession process. However, this still shows up on your credit report as a serious negative mark. And if the lender can’t sell the vehicle for what you owe, you might have to pay the difference.
Refinance With a Cosigner
Another way to keep your car while also making the loan payments more affordable is to refinance the loan with a cosigner. If the cosigner has good or excellent credit, you might get a lower interest rate and/or longer terms—both of which can reduce your monthly payment.
Can a Cosigner Take Over a Car Loan?
If you don’t pay the loan as agreed, the lender looks to the cosigner to make good on the loan. However, the cosigner can’t just decide they want to be the primary borrower, take over the loan and take ownership of the car. They’d still have to go through proper processes with the lender to refinance or transfer the loan, and you’d need to be involved.
Bottom Line
You generally can’t slide your auto loan booklet over to a friend and assume the matter is handled. However, if you can’t pay your monthly car payment, you may have some options. Research those options and speak to your lender as soon as possible to avoid potential financial hardship.
Greg McDaniel earns $3,472 per hour cold calling real estate leads, and you can too! On today’s Real Estate Rockstars, Greg shares his cold-calling systems and scripts. Listen and learn how to instantly triple your productivity when prospecting. You’ll also get a pending-property script that any agent can use. Plus, Greg explains why real estate agents should celebrate their losses, how a strong social media presence wins listings, and what you can do right now to increase your conversion rate.
Get 10+ hours of mastermind-level content 100% FREE. Register at Carrot.com/Rockstar today!
Listen to today’s show and learn:
Greg McDaniel’s real estate career [4:24]
How social media can win you real estate listings [6:31]
The shift with cold calling [7:25]
A pending-property script that any agent can use [8:34]
How to triple your productivity with cold calling [13:49]
Ways to get your reps in with cold calling [17:08]
How to do video texts and emails [22:42]
A way to come up with real estate content [24:39]
Automated follow-up systems and advice on real estate CRMs [27:34]
Greg McDaniel’s cold-calling stats [30:29]
What getting one percent better can do for your annual earnings [34:01]
Why you should celebrate your losses [38:26]
What’s next for Greg McDaniel [43:31]
Where to find and follow Greg McDaniel [43:46]
Greg McDaniel
Greg McDaniel literally began his career in real estate at his father’s knee & it would not be an exaggeration to say that real estate is in his blood. Greg learned the real estate industry from his dad, Terry McDaniel, a 42 year real estate veteran – acting as his chauffeur and watching him negotiate real estate transactions.
As a partner in McDaniel/Callahan Real Estate, Greg works with a team of professionals dedicated to educating buyers & sellers about every aspect of the real estate process & providing the highest degree of service with the goal of providing every client with a seamless transaction that get RESULTS.
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Social media is great for real estate marketing, and it’s totally free! If you’re not sure where to start with social media, listen to the first episode of Let’s Get Social with Aaron Amuchastegui and Courtney Hatfield. On today’s podcast, we discuss the five types of social media content Realtors should post. We also cover client reviews, Instagram’s new feature (it’s a game changer), and how to balance personal and professional content.
Listen to today’s show and learn:
Real estate market shifts since early 2022 [1:49]
Zillow offerings differing between markets [5:29]
Social media and its role in FREE real estate marketing [8:07]
Advice on selecting a social media platform [12:13]
What Let’s Get Social is all about [13:42]
Today’s topic: What to post on social media [14:23]
How to get your audience to know, like, and trust you [15:07]
Finding a balance between personal and professional posts [16:43]
Educating potential clients with social media content [19:50]
The five types of content to post for your real estate business [24:02]
What to do with glowing client reviews and how to ask for them [24:15]
What Matt Amuchastegui does to leverage closings for content [25:58]
Ideas for entertaining social media content [26:41]
Ideas for personal social media content [28:20]
Ideas for inspirational social media content [29:16]
How to plan out your posts [30:32]
Instagram’s new feature: scheduling content [28:56]
Ways to repurpose social media content easily [32:58]
Tips on tailoring your social media page for more business [33:21]
How to find and follow Courtney Hatfield [34:38]
Courtney Hatfield
Courtney Hatfield fell into team leadership by happenstance but in their first year built one of the top 3% teams in NE, Ohio. Courtney did this by being authentic, consistent and selective. Authentic content, consistent in her routine, follow up & socials. She is selective about who she brings on the team because culture matters.
Related Links and Resources:
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Have you ever recognized benign habits that you wish you could give up, but they seem pretty harmless? You’re not alone. Many of us have compulsions, addictions, and unhealthy habits that can affect every aspect of our lives—and they’re often overlooked due to their subtle nature. From eating too much sugar or ice cream to checking one’s social media notifications several times a day, the need for instant gratification has taken its toll on society today, leading many people down an unhealthy path without even noticing it.
In this blog post, we’ll be exploring the top 13 addictions and habits that everyone should be aware. If you’ve been looking for ways to make positive changes in your life and reduce stress, then dive into this comprehensive list!
1. Checking the News
One Redditor shared, “NEWS addiction.”
Another replied, “People get addicted to the cortisol hit from getting outraged, so a lot of news outlets realize they just need to keep the cortisol flowing. Edit: Per comments, I changed ‘dopamine’ to ‘cortisol’.”
One commenter added, “It’s neurologically a very similar addiction to gambling. In both cases, it’s less about getting something positive and more about getting something negative and then feeling they have to cancel or counterbalance the negative with a positive… that always seems just out of reach but never seems to come. So they dig themselves a hole of negativity.”
Another user posted, “A few years ago, I realized it was taking a toll on me. The first thing I’d do when I got up was check the news, then periodically check it throughout the day, and it was frequently the last thing I did before falling asleep. So, I just decided I have to check it maybe once or twice to stay informed, but that’s it. I even hid political subreddits, so I won’t see them unless I actively go to them.
“There’s just no reason to be glued to the news all day long. That much anger or depression or whatever is no good for your mental well-being, and it’s very rare that something is going on in the world where you need hourly updates. I think most people would be a lot happier if they cut back on gorging on news and politics.”
“YES! Absolutely. Especially the doom-scrolling and sensationalized side of things. I’ve just written a much longer comment about this, but it creates a physical dopamine dependency and changes habits,” replied another user.
2. Justified Outrage
One user posted, “Outrage is an addiction. Some people seek it out, actively searching for a reason to hate their neighbors just so they can get their hit of dopamine. It feeds news addiction, tribalism, and eventually extremism. It’s the source of so much violence, so many divided houses and ruined lives, but we do nothing to curb it.”
“I remember my uncle, who had a history of domestic violence to my aunt before she passed of cancer, told the family he has an anger problem. My dad said, ‘But you’re able to keep it together every time a cop is around.’ The look on his face and the dead silence… An anger issue is not an excuse,” another replied.
One commenter added, “My Dad was always going on violent outbursts, literally every day. Remember a few times their doorbell would ring, and he’d flip to being charming in a split second. It’d be salespeople, charity collectors, and even Mormons. He was always extremely polite, and they probably saw him as one of the most pleasant people he encountered. Pure sociopathy.”
3. Shopping
“Shopping,” one user posted.
Another user replied, “I just got back this month after being in rehab for 2 months for weed, alcohol, and [other drugs], and at my therapy, they asked me if I noticed any cross addictions. I told my therapist I think I have a shopping addiction, and she told me it’s a common addiction that goes unnoticed way too many times.”
One user confirmed, “My hoarder mother 1000% has a shopping addiction.”
Another Redditor said, “My MIL is a hoarder, and it is ridiculous; she has 3 storage units (one she’s had for 20+ years), her home, and my husband’s grandmother’s garage full of her sh-t. We have tried to help clean out the garage, but MIL always has to be there when we try and has to go through every single box/bag/etc, and physically touch every single item. 9 years and the garage still has not been cleaned out.”
4. Video Games
One online user shared, “I always laughed at the idea of video game addiction. It sounded so overblown until I met a guy who honestly defined it for me. We used to chat and hang out weekly. He quit his job and now just lives at home with his mum, mooching off her to sit in his room and play games for close to 16 hours a day. After refusing to hang out long enough, I just gave up on him.”
Another user exclaimed, “FINALLY, I found someone who mentioned video games. I grew up gaming, I absolutely loved playing them throughout my entire childhood and into adulthood, but I have seen addiction to video games absolutely destroy people. Part of me is glad that I simply don’t have the time to play them much anymore. Maybe an hour or two a week. But I know adults in their 30s and 40s who are still obsessed, to the point of not wanting to do anything else.”
5. Addiction to Phones
“Phone addiction—no explanation needed,” one Redditor shared.
Another user added, “My stomach drops every time I see my daily average screen time. It’s hard to realize how much time you spend scrolling until you actually see the numbers.”
One commenter said, “That’s why I turned screen time off. I don’t need that type of negativity in my life, lmao.”
Another user added, “My phone addiction varies based on my mental health state. I’ve been in a depression that has apparently become a downward spiral, according to my therapist. I’m capable of doing the bare minimum to keep my kid alive, and then I live on my phone the rest of the time. I’m even on it at work. My therapist wants me to be an inpatient, but the idea of not having my phone for even the three-day minimum stay has me freaking out.”
6. Sleeping to Escape
One user shared, “When my depression is terrible, I’d say sleep. It’s a free, safe way to escape but ultimately feeds the depression, becoming a destructive cycle. It doesn’t sound that bad, but it’s consuming. Edit: Some people are confused, so I’ll clarify. It’s not because of a lack of rest. It’s not the sleep itself; it’s the dreaming (aka escape). A different ‘reality’ that feels very real and isn’t this one. Maybe I’m just not explaining it right, but yeah.”
Another user replied, “Thank you for saying this! I was labeled as a typical ‘lazy teenager,’ and it wasn’t till I was in my final year of uni that a friend asked if I was OK and explained oversleeping as a symptom of mental health issues.
“The truth was I was so miserable I just didn’t want to be conscious and experience it. Better to be asleep with a teeny tiny hope that I might feel a bit better when I woke up. I had virtually no awareness of mental health issues then and therefore had no vocabulary to articulate how I felt. I feel sad for that lost time, but at least I can recognize it now for what it was.
“Edit to add: this has, unfortunately, resonated with a few people. Keep your chin up; it can and does get better eventually. Get help from your support network of friends and family and professional help. I hope you feel better soon.”
“Well said. There are days I can sleep 4-5 hours, be productive and alert, and just kill it. Then there are days when I sleep at least 11+ hours and on my phone the other 13 while doing the BARE minimum to skate by, realizing that. Hey! You’re not eating better; the 50ish pounds you lost in 3 months is from depressively not eating. I hate being depressed and all the extra stuff it brings that makes life even harder than it is,” one user responded.
7. Workaholism
One Redditor posted, “Work Addiction—most people will say they dislike working extra, but the responsibility you feel towards your co-workers and the purpose work gives your life can make you work more than you should. Source: addicted to work.”
One added, “I worked for one manager who literally had an addiction to work so bad it was ruining her life. She was a recovering drug addict, and I guess staying busy helped her cope, but she just traded one addiction for another.
“We worked for a corporate retail chain; she would be the first one there and the last one to leave every day, and she never scheduled herself a day off. She would clock herself out when she hit her 40 hrs to avoid getting flak from her management, but she was easily working 110+ hours a week, and more than half of that was unpaid.
“Her family, her ex-husband, and her kids would come by periodically and try to get her to go home, and her entire staff, including me, constantly tried to get her just to go home, but she was afraid the place couldn’t run without her present for even a second. It was really sad because we could all see her obsession with being there was destroying her mentally and physically, as her sleep had to have been horrendously impacted since she was there 15-16 hours a day.
“I spoke with HR about it, and they said they had already been aware of it for some time and that they weren’t going to do anything about it. That incredible amount of incredulity and not giving a shit about the super illegal and dangerous fact that they were letting an employee work for free for 70+ hours a week were obviously huge red flags for me, so that was my last day.
“A couple of years later now, she still works there, and this is still happening.”
8. Addiction to Junk Food
One user shared, “Junk food. Sugar. Soda. I am addicted to these things and wish to break that habit.”
Another confirmed, “I quit smoking quite easily, but I cannot for the life of me quit sugar. So much harder, in.”
“I think I just swapped my after-dinner cigarette for after-dinner chocolate. Doesn’t matter how satisfying the meal was. I still crave some chocolate later,” one user replied.
Another user shared, “Apologies in advance for the unsolicited advice, but your comment hit a chord with me. Is it specifically chocolate you crave? ’cause I used to crave chocolate constantly. It got to the point where I’d buy the cheapest milk chocolate bars from my grocery store and eat a couple of pieces every day, trying to limit how much chocolate I was eating but also trying to stop the constant craving for it.
“Supposedly being low in magnesium can cause chocolate cravings. I figured more magnesium couldn’t hurt, so I started eating more food with magnesium, and the craving went away! I still have a massive sweet tooth, and I love chocolate, but that never-ending chocolate craving has stopped, thank goodness.
“Maybe something to try if it seems relevant to you? I know this is just a very unscientific anecdote; maybe it was something else going on with me that just naturally stopped. Maybe the slight changes in my diet I made solved it in some other way. Who knows!”
9. Social Media
“Social media addiction,” one user responded.
Another user replied, “Including Reddit. Source: Reddit addict.”
“Yup. I spend way too much time on this stupid app,” one user confirmed.
One user commented, “I tell myself I’m learning new stuff every day. Then my wife asks me to tell her something new and interesting I found on Reddit, and I can’t think of a single thing.”
10. Dermatillomania
One Redditor commented, “Skin picking, aka, dermatillomania. It’s so overlooked that our society has glorified it. We have a show called Dr. Pimple Popper! Wtf!”
Another user commented, “I wish I could replace that [terrible] habit somehow.”
One user replied, “Same. I don’t get the Dr. Pimple Popper thing. Mine is picking at any skin that is not smooth on my skin. On the scalp, around my nails, blemishes on my face, arms, and chest. If I have a scab, that will take forever to heal because I do it subconsciously on occasion and even do it at night when I’m asleep, no matter where it is on my ‘pick zones.’ Something in my mind says if I pick it, I may reveal healed areas beneath it… and then it starts all over again once it starts bleeding. Looking at it typed out is really disturbing, tbh. But I’m proud that I stopped picking at my lips!!!”
11. Tribalism
“Tribalism. People become indoctrinated and too engrossed to realize it. People become so addicted they choose to kill over sports, vehicle types, religion(s), politics, etc… and it’s by design. People act less intelligent when they’re a part of a group. (Mob mentality).
“Edited because syntax/grammar police attacked my auto-fill. Proofread everything, kids,” one user shared.
One Redditor replied, “Outrage is the addiction; tribalism is just one of the many crack pipes through which it is consumed. People are seeking Outrage. Tribalism gives a sense of legitimacy to the Outrage.”
12. Nasal Spray Addiction
A user posted, “Nasal spray. There are plenty of other, much worse things I could shove up my nose, but still. I can’t breathe through my nose without it, and I can’t stand that it’s like this.”
One user replied, “I’ve been there! It’s pretty fast to reverse the dependency, though—you can switch to saline or Neti pot for a couple of days to get you over the hump, but I’ve found my nose clears up after 2-3 days without it. 2-3 VERY uncomfortable sleepless days, mind you.”
The OP responded, “I’ll have to give that a shot! Thanks!!”
13. Addiction to the Gym
One of the online users shared, “Gym addiction. It’s the only thing keeping me sane these days. Started because I wanted to gain muscles, now the thought of taking a prolonged rest is quite dreadful.”
Another user replied, “The rest is so true. It’s so difficult to let yourself rest, even if it’s just for a week. Interestingly, sometimes you end up coming out of the rest week stronger than if you’d kept lifting through it, too!”
“This is something I learned while I was a soldier. I struggled at first with my PT tests, so I worked out all the time. Eventually, someone told me that rest and recovery were basically as important as working out and that I NEEDED to let my body rest and heal. Lo and behold, I was stronger and faster after rest breaks because my body was actually recovered and I could properly use the strength and speed I had been working on building in the gym,” one Redditor commented.
Do you agree with the things listed above? Share your thoughts in the comments!
Source: Reddit.
These are 10 Things That Completely Destroyed The Love in a Relationship
There’s no question that relationships can be confusing, but here are some of the top things to avoid if you want to keep your relationship healthy!
10 Actors and Actresses People Refuse to Watch Ever Again
We all have a favorite actor or actress, but most of us have a least-favorite as well. Check out this list of actors and actresses people never want to see performing again!
Top 10 Worst Human Inventions of All Time
Some inventions are world-changing, and some of them, well, they change the world in the wrong ways. Here are some of the worst inventions Redditors could think of.
10 Famous Celebrities Who Look Like They Smell Terrible
We’ve all had moments of hygiene faux pas—but these celebrities just look like they don’t take care of themselves at all.
10 Terrible Fads People Are Glad Died Out
Every fad has its time in the limelight, but some of them come and go faster than others; and some just need to die out right away. Check out this list of fads of which people were happy to see the last.
Chris Voss, Codie Sanchez, and a host of real estate rockstars joined us on the podcast in February. Listen in and learn what today’s top entrepreneurs are doing to succeed in—and out of—the real estate space. Guests also shared their strategies for goal setting, real estate investing, building new businesses, and more.
Listen to today’s show and learn:
Jason’s advice for new agents who want to sell commercial real estate [7:17]
Focus on market share, not dollars [8:56]
Shifting business strategy for the shifting market [11:05]
Wally’s advice on setting goals [17:33]
Tips on staying top of mind [21:21]
Building a real estate business that can withstand all market conditions [23:57]
How to avoid friction when negotiating deals [25:31]
Advice on becoming an expert negotiator [31:14]
Why motivation really matters [33:10]
Why cutting costs is only part of the financial-freedom equation [34:29]
Advice for people on leaving a W-2 job for a career in real estate [37:46]
Unlock your potential by surrounding yourself with the right peers [40:21]
Showing business owners the value in a no-money-down offer [42:38]
How to apply systems, processes, and technology to businesses formerly owned by Boomers [43:25]
The first business deal you should look for [46:43]
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.