Even the most talented people can be weighed down by a lack of luck. Mix and Match Studio / Shutterstock.com
If you have at least a few hundred thousand dollars, you probably feel at least a little bit smug about the robustness of your savings accounts. Well, wipe the smirk off your face. New research suggests that your success may have more to do with luck than your talents or even how much effort you have put into work. Let’s look at wealth and talent across the population.
Travel insurance could be a lifesaver if unexpected expenses arise on vacation. Check out how to know if it’s worth the investment this spring break. [[{“value”:”
Image source: Getty Images
Spring break is a great time for R&R, but it’s not always easy on the wallet. You might already be spending hundreds or even thousands of dollars on flights, and then there are all the expenses you’ll incur at your destination — hotels, food, rental cars, and entertainment, to name a few.
You might be reluctant to add yet another cost to your holiday travel, but travel insurance could be worth the investment. Below, we’ll take a closer look at what it covers and how to decide if it’s right for you.
Travel insurance helps reimburse travelers for expenses that arise from unforeseen issues on vacation. Every insurance policy covers different things, but most include at least the following:
Accidental death and dismemberment coverage: The policy pays out a benefit to the policyholder or their loved ones if the policyholder dies or loses a limb while traveling.Baggage loss/delay coverage: This reimburses travelers for the cost of clothing, toiletries, and other essential goods if their baggage is lost or delayed. Most policies only pay out these claims if the baggage is lost for a certain amount of time.Emergency medical evacuation coverage: This coverage kicks in if the policyholder is forced to return to their home state or country due to a medical emergency that can’t be effectively treated where they are.Missed connection coverage: Policyholders may be reimbursed under this coverage if an airline carrier’s delays force them to miss a connecting flight to their destination.Trip cancellation/interruption coverage: This reimburses travelers for nonrefundable costs if they’re unable to go on their trip or are forced to leave early due to a qualifying reason, like the illness or death of a family member or a natural disaster at the destination.Trip delay coverage: This pays the policyholder for any nonrefundable costs, like a guided tour, that result from unexpected airline delays as well as any other costs directly related to the delays. Typically, there’s a minimum length of time the policyholder must be delayed in order for this coverage to apply.
In addition to the above coverage, many travel insurance providers enable applicants to customize their policy with additional protections. For example, some companies have a Cancel for Any Reason rider that enables policyholders to receive refunds for trip expenses, even if they simply change their mind about going.
But travel insurance doesn’t cover everything. Some common omissions include:
Named storms, if the trip is booked after the storm appearsInjuries resulting from extreme sportsPregnancy-related costsElective medical proceduresInjuries resulting from drug or alcohol use
For this reason, it’s important to read through a sample travel insurance policy before purchasing one. The policy terms often reveal a lot of limitations that the provider’s website may not make immediately apparent. These rules could limit the utility of the coverage for some.
It’s important to have the trip mapped out prior to seeking travel insurance because the trip details affect the cost of the policy. Know the dates and location of the trip as well as the number of travelers and their ages.
Then, get quotes from several top travel insurance companies. Some popular options include:
AllianzNationwideTravel Guard by AIGTravelexTravelSafeWorld Nomads
Get online quotes and compare their coverage and costs. If a policy is too expensive, see if adjusting the limits or the deductible helps.
Those who already have travel credit cards may want to dig out their cardholder agreements to see what they things cover. Sometimes, they include some of the same protections as travel insurance. If this is the case, a separate travel insurance policy might not be worth the investment.
But for those that decide to buy travel insurance, it’s best to do it a little ahead of the trip. Some policy options, like coverage for preexisting health conditions or Cancel for Any Reason coverage, may only be available if purchased several weeks before the trip. If you have any questions about the coverage, reach out to the travel insurance provider for clarification.
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When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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Want to save money when buying a car? Try the Costco Auto Program. See why the special Costco members-only car discounts are worth pursuing. [[{“value”:”
Image source: Getty Images
Used car prices declined by about 7% in 2023, but the overall cost of car ownership can still be daunting. Even if you have great credit and can get a low-interest auto loan, saving money on your next car purchase is always a good move.
One of the best ways to save money on buying a car is the Costco Auto Program. If you’re a Costco member, you can get special deals on new and pre-owned car purchases. For people who expect to be in the market for a new (or “new to you”) car purchase in 2024, the Costco Auto Program could easily recoup the cost of your Costco membership.
Let’s look at a few reasons why the Costco Auto Program is worth a look when you’re ready to buy your next car.
Costco offers wonderful discounts on hot dogs, rotisserie chickens, and my all-time favorite dark chocolate and cherry trail mix. But it also offers discounts on cars! That’s right: with the Costco Auto Program, you can qualify for special members-only pricing on a new or used vehicle.
Here’s how the Costco Auto Program works:
Go to the Costco Auto Program website (costcoauto.com)Search for the vehicle that you want to buy (you can choose make/model, type of fuel — gasoline, EV, hybrid, etc.)When you see the vehicle you want, you can choose the trim or “Build vehicle” to choose the exact specificationsClick “Locate a Dealer”
At this point, the Costco Auto Program asks you for your contact information, and you will be put in touch with one of its approved dealers. The car dealership will then contact you, and you can talk to an authorized dealer contact who can show you the Costco members-only price sheet with the price of the vehicle. You are under no obligation to buy the vehicle. But this is how you get the Costco Auto discount.
Does this all sound kind of secretive, like joining an underground car-buying society? It is! You don’t get to see the actual sale price of the vehicle until you have a personal conversation with the authorized dealer contact. That’s because car dealerships that participate in the Costco Auto Program don’t want absolutely everyone knowing about it; they cannot offer these deals and discounts to everyone. So they keep the details close to the vest.
One of the biggest benefits of the Costco Auto Program is that it’s a no-haggle buying process. Costco has already built relationships with these dealerships, you can choose the make/model of vehicle that you want, and there’s a built-in discount ready to go when you arrive. If you dislike bargaining with car dealers, if you feel like every time you’ve purchased a car, your personal finances have gotten worse, if you just want to get the whole process over with as fast as possible and get on with your life…the Costco Auto Program might be right for you!
But if you are a savvy car shopper, if you’re not afraid to haggle, if you love doing your research and shopping around for price quotes from several dealerships in a multi-state area…then you might be able to get a better discount on your own.
The exact discounts you can get from the Costco Auto Program are not always clear. Remember the secretive process and the sacred parchment — er, the Costco members-only price sheet? Costco does not advertise or promise specific savings; it depends on the vehicle and the dealership.
But a previously published piece from The Ascent found that Costco has claimed a typical savings of $1,000 per vehicle. And along with the Costco member discount, you can also get special manufacturer incentives. The Costco Auto Program website (as of Feb. 8, 2024) is offering a $1,000 members-only incentive on select new Cadillac models (2023 and 2024 model year).
Back in October 2021, I got into the worst of a long series of car crashes, and my family’s second vehicle was totaled. We quickly realized that being a one-car family was not going to work for us, so we started shopping for a new car. Unfortunately, we were car-shopping during the global supply chain crisis and a nationwide car shortage. There were no cars anywhere. I picked a very bad time to total my car, because it was impossible to replace. (Let that be a lesson to the rest of you: in case you ever decide to total your vehicle, try not to do it during a global car shortage.)
So we tried the Costco Auto Program. The nearest participating dealership was in a neighboring state, a six-hour drive each way. We talked to the dealership by phone (this was during the pandemic; the in-person visit wasn’t required), and the dealership was very courteous and professional, but had no cars available. I can’t remember if I was told about a specific discount or not, but it was a moot point, because: no cars. We ended up getting on a waiting list for a new car with a local dealership, for MSRP with no haggling and no discounts, and were grateful to get that price.
I don’t love buying cars. I feel like no matter what you do when you buy a car, you lose money. Cars are expensive, they require insurance and maintenance, and they lose value fast. But if I have to buy a car again anytime soon, I’m going to try the Costco Auto Program. Unless you’re a master car haggler, the Costco Auto Program could be an easier, customer-friendly way to buy your next vehicle.
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When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
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Want to boost your savings at Costco? Read on to see how. [[{“value”:”
Image source: Getty Images
Costco is known for its ultra-low prices on a host of products. But if you want to eke out the most savings at Costco, you may need to get strategic. Here are some tactics you can employ to save more.
Costco stores are huge. And it’s conceivable that during a visit, you may not hit every single aisle in the building.
But the one area of Costco you pretty much have to hit is the front of the store because, well, it’s where you walk in. As such, Costco will often place new or sale items in that section strategically to lure customers into impulse buys. If you’re looking to save money with your Costco shopping this year, don’t stop in the front section unless it contains an item on your shopping list. Instead, keep walking.
Costco tends to stock seasonal inventory ahead of big holidays. In late summer through mid-fall, you’ll often find Halloween candy. In November and December, you’ll commonly find Christmas sweets and gift baskets.
Costco sometimes finds itself with excess seasonal inventory after all’s said and done. So a good bet is to walk the aisles of Costco shortly after a major holiday has wrapped up and keep an eye out for discounts. You may find certain items marked down below their already competitive prices.
Remember, Costco needs to clear out seasonal inventory pretty quickly to make room for new items. So there’s a limited window for snagging those post-holiday steals.
For example, if your goal is to snag discounted Christmas items, you may want to be on the lookout for them in early January. Wait until mid-January, and you may find that those items are all cleared out to make room for the store’s Valentine’s Day haul.
Costco.com is loaded with items your local store may not carry. But for items that are available both online and at stores, you’re better off going the latter route and scooping them up in person.
You’ll sometimes see items marked down on Costco.com due to limited-time sales. But often, those sales will run concurrently with in-store sales so that if you shop in person, you’ll end up coming out ahead financially.
Costco’s prices are often quite competitive. But that doesn’t mean you won’t buy something only to find it available at a lower price a few weeks later.
The good news is that Costco will adjust prices within 30 days of your purchase. For in-store purchases, simply head to customer service and request an adjustment. You don’t even need to bring the item in question with you, since a Costco employee can look up your purchases based on your membership number.
A basic Costco membership costs $60 a year, while an Executive membership costs $120. But with the Executive membership, you get 2% cash back on your Costco purchases. And in the course of a year, you may find that you’re able to save more with the more expensive membership.
Let’s say you shop at Costco 24 weeks out of the year and spend $150 each time. That’s $3,600 in total. And 2% back on $3,600 is $72. So if you pay $60 for the Executive membership upgrade, you’ll come out ahead to the tune of $12.
There are plenty of ways you can save extra money during your Costco shopping. Start with these tips and see what a difference they make.
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When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
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Save time with a free new feature from Google — even if you have an iPhone. Cornelius Krishna Tedjo / Shutterstock.com
Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Many of us have spent hours waiting on the phone — sometimes during a single call — for customer service to address an issue. But the days of listening to an endless loop of hold music and a promise to speak with “the next…
Your options for lower daycare costs include tax credits, co-ops, and more. Read on for budget-friendly child care solutions. [[{“value”:”
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Navigating the costly waters of daycare can often feel like trying to steer a ship in a fierce storm — daunting, challenging, but certainly not impossible. With child-care expenses frequently resembling a second mortgage (the average weekly daycare cost is $321, according to Care.com’s 2024 Cost of Care Report), many parents are in a relentless quest for strategies to mitigate these costs. These expenses are not just mere numbers; they represent a significant portion of a family’s budget, often causing sleepless nights and endless budgeting exercises.
Parents tirelessly search for ways to balance the scales of affordability and quality, seeking the best care for their little ones without breaking the bank. That’s why it’s crucial to explore every nook and cranny for potential savings. Here, we delve into some unexpected yet practical ways to save on daycare costs, shedding light on options that may not be immediately apparent but can offer substantial relief to a family’s personal finances.
The Dependent Care Flexible Spending Account (DCFSA) is a financial tool that often goes underutilized. This account allows you to allocate pre-tax dollars toward eligible dependent care expenses, which include daycare. Imagine filling up a piggy bank with money that hasn’t been taxed; that’s essentially what a DCFSA does.
This strategy reduces your taxable income, thereby lowering your overall tax burden. The key here is to plan ahead, as you need to decide how much to contribute to the account at the beginning of the plan year.
Another financial strategy is leveraging the Child and Dependent Care Credit. Unlike a direct reduction in daycare costs, this tax credit can substantially lower your annual tax bill based on your child-care expenses. It’s akin to receiving a year-end bonus — only this one helps offset your child-care costs.
The amount of credit you receive depends on your income and the amount you spend on eligible child-care expenses. The 2023 Child Tax Credit (for taxes filed in 2024) is worth $2,000 for each qualifying dependent child. So, when tax season comes knocking, this credit can be a welcome relief.
Co-op daycares are akin to a community garden — everyone contributes and reaps the benefits. Parents collaborate to provide care in this setup, often taking turns managing and running the daycare.
This collaborative approach reduces costs significantly and fosters a tight-knit community. You’re not just saving money but also building relationships and ensuring personalized care for your child. Co-op daycares often offer more than just financial savings; they provide a sense of belonging and mutual support.
In-home daycare is an option that combines affordability with a personalized touch. These providers offer child-care services in a home setting, usually catering to fewer children than a traditional daycare center. This means lower overhead costs and, often, more affordable rates for parents.
However, affordability doesn’t mean you compromise on quality. It’s crucial to thoroughly vet any in-home daycare provider, ensuring they meet all safety and quality standards.
Finally, let’s talk about flexible scheduling with your daycare provider. Some daycare centers offer part-time or drop-in care options. This can be a game-changer if your child-care needs are not consistent. Instead of paying for a full week of daycare, you might only pay for the days or hours you need. This flexibility is not just about saving money; it’s about paying for what you use, which can lead to substantial savings over time. It requires open communication with your provider and perhaps some schedule juggling, but the financial benefits can be significant.
While covering daycare costs can be daunting, there are various strategies to ease the burden. From using tax-advantaged accounts and credits to exploring alternative daycare arrangements and flexible scheduling, these approaches can make quality child care more accessible and affordable. It’s about being proactive, exploring your options, and finding the right balance that works for your family’s needs and budget.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*
They just revealed what they believe are the 10 best stocks for investors to buy right now…
*Stock Advisor returns as of February 20, 2024
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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