Money Management

There’s no sense in keeping an agent who isn’t doing much to help you find the right home. Keep reading to learn why you should cut them loose. 

Sometimes relationships just don’t work out, and it’s no one’s fault. Other times, you’re trying to buy a home and the real estate agent you’ve hired is falling down on the job. Buying a home is hard enough as it is these days — as of this writing, the average rate on a 30-year fixed-rate mortgage loan is 6.81%, per Freddie Mac. Couple that with lower housing inventory and you’ve got a recipe for a more-stressful-than-usual home-buying experience. Here are a few reasons you should absolutely fire your real estate agent if they’re not up to the task of helping you find and purchase your dream home.

1. A lack of communication

It is absolutely crucial that a real estate agent communicates with you — how else are you going to know about new homes on the market you might be interested in, or whether a seller has accepted your offer? When you’re initially looking for an agent, be sure to ask about communication styles to stave off the possibility of a mismatch. If you’re more of a texter and emailer and a prospective agent is old school and only does phone calls, that’s a sign they’re not the right fit for you.

Be sure to ask about check-in frequency too, as timing is even more important in this market with more wannabe buyers than homes to satisfy all of them. You don’t want to miss out on a great listing because your agent was out of pocket.

2. No experience with your preferred property or mortgage type

If you’re hoping to buy a condo but the agent you’re working with only has experience with single-family homes, they are likely to be of little help. Some agents specialize in commercial properties, rather than residential, so that would be another mismatch. If your agent has limited (or no) experience with the type of mortgage loan you’re hoping to use, that’s another reason to let them down easy. For example, some agents are unfamiliar with VA home loans and how buying with one works. If you’re hoping to use a less common mortgage type, it’s crucial you find the right agent.

3. Personality conflict

No, your real estate agent doesn’t have to be your new bestie. But you do at least need to have some personal compatibility, because you’ll be working together closely for weeks — or even potentially months in this market. Ideally, you’ll pick up on a mismatch like this when you’re first interviewing agents to find one to hire, but if it takes a while to determine you don’t get along with your agent, it’s okay to fire them for this. They might even be relieved to see you go.

4. Bad advice — or no ability to give advice

If your agent is woefully inexperienced, they might not be able to give you solid advice at all. But bad advice is also a sign you need a new agent. Ideally, you’ve run your budgetary figures through a mortgage calculator and have an idea of how much house you can afford.

If your agent is trying to get you to make offers that are above your price range, that’s a problem. If they can’t support any of what they tell you with price data for the neighborhood, you should consider finding someone more experienced and who has your best interests (especially financial ones) at heart.

5. Unethical behavior

If your agent is acting unethically, you should absolutely fire them. Some examples of unethical real estate agent behavior include:

Acting as a dual agent (working for both you as the buyer as well as the home seller) without telling you (and actually, dual agency isn’t allowed at all in some states).Revealing confidential client information (or using it to gain an upper hand in making a deal).Misrepresenting or concealing important information related to a property or a real estate transaction.

If anything feels fishy or seems off, trust your gut and fire that agent.

Communicate clearly before firing

You have nothing to gain by being rude or unprofessional in your dealings with a real estate agent (and if they’ve acted that way toward you, be the bigger person). So it’s worth talking to them calmly and explaining what the problem is before cutting them loose. Be specific — if the problem was a lack of communication, tell them. Your honesty in a potentially awkward situation (be brave!) could mean that future home buyers don’t have the same experience with this particular agent.

Your real estate agent is one of the most important people on your home-buying dream team. If they’re falling short, don’t be afraid to fire them and find a new agent who can truly be in your corner.

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Want to give your savings a lift? Read on for ways to do so at a time when you may also be grappling with having kids home for the summer. 

July can be an extremely challenging month for parents. The reason? There’s no school. And that means it’s up to you to keep your kids busy and entertained for hours on end each day.

As such, you might assume there’s no way you’ll be able to grow your savings in July. But if you make these moves, your balance might end up higher than it was at the start of the month.

1. Skip summer camp — even the cheaper programs

Last year, the average cost of summer camp was $178.49 a day. But your town might offer a much cheaper version of summer camp, especially if you don’t need full-day coverage.

That said, before you spend any money on summer camp, think about other ways to keep your kids busy. If your family is one of several in your neighborhood with children who are home for the summer, gather some neighbors and create your own rotating play group of sorts, where you each take a turn hosting a bunch of kids. This way, you get a break some days, but your children also get to socialize with their peers and have fun.

2. Load up on dollar store activities for your kids

There may be days when your kids are stuck at home — say, if the weather isn’t cooperative. Rather than turn to Target or Amazon for arts and craft kits, backyard toys, and more, see what your local dollar store has in stock. You may be able to stock up on supplies at a fraction of the cost.

Another option? Scour the neighborhood for yard sales. You might be able to scoop up some new toys for your kids on the cheap, and the novelty of that might keep them engaged for a good amount of time. And if there aren’t any yard sales happening, a simple toy swap with other families in the neighborhood might do the trick.

3. Start shopping at warehouse club stores

You might spend extra money on food in July by virtue of your kids being out of school and constantly wanting snacks (because that’s basically how kids tend to roll). You can save money not just over the summer, but in general, by doing more shopping at warehouse club stores, which allow you to purchase groceries and other household essentials in bulk.

As an example, Costco’s price online for a 64-count of Kirkland granola bars is $11.99. That’s around $0.19 per bar. And you might find an even cheaper price at your local Costco store. At Stop and Shop, you can buy an eight-count of similar granola bars for $3.99, which is $0.50 a bar.

This is just one example. But if you do your research, you may find that shopping at warehouse club stores like Costco and Sam’s Club results in a consistently lower credit card tab.

This holds true even when you account for the cost of an annual membership. A basic Costco membership costs $60, and it’ll run you $120 for an Executive membership that gives you cash back on your purchases. At Sam’s Club, a basic membership is $50 while a plus membership offering cash back is $110.

July can be a tough month on your personal finances, particularly if you’re a parent. But if you make these moves, you may be pleasantly surprised at how robust your savings balance looks at the end of the month.

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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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon.com and Target. The Motley Fool has positions in and recommends Amazon.com, Costco Wholesale, and Target. The Motley Fool has a disclosure policy.

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It’s important to be on the same page as your spouse when it comes to major financial choices. Read on to see why. 

Being married means having to make a lot of compromises, and also, having to learn to communicate well. This especially holds true in the context of money. In fact, if you don’t discuss major financial decisions with your spouse, but rather, attempt to make them on your own, you could not only put your financial well-being at risk, but also, put your marriage in jeopardy.

Financial disagreements could have consequences

It’s hardly a secret that money is a major source of conflict for married couples. It can also be a huge driver of divorce.

In fact, it’s estimated that financial problems contribute to 20% to 40% of all divorces, according to the Jimenez Law Firm. That’s a scary statistic. And if you don’t get on the same page with your spouse when it comes to huge financial matters, it could easily lead to not just near-term conflict, but long-term problems, too.

Let’s say you decide to buy a car costing $50,000 without consulting your spouse. You might think it’s not a problem if your income is such that you can afford your monthly auto loan payments and associated expenses like car insurance.

But in reality, a car is a major purchase, and it’s one you shouldn’t make without discussing it with your spouse first. Not only might your spouse get angry you made that purchase without them, but they might harbor resentment month after month when they see you driving your car around town.

Also, imagine that your monthly auto loan payments for your $50,000 car eat up so much of your joint income that it impedes your ability to do other things, like save for retirement or travel. That could lead to a series of ongoing arguments and eventually drive you and your spouse toward divorce.

Not getting in sync could lead you to debt

Another issue with not discussing major financial moves with your spouse? If you’re not in sync, you might land in debt. That could not only put a strain on your marriage, but wreck your finances for many years.

Let’s say you opt to finance some expensive furniture without asking your spouse, while they, days later, book an expensive vacation without consulting you. If your monthly loan payments and credit card bills are high in the months that follow, you might end up falling behind on your debt, destroying your credit, and suffering a host of unfavorable consequences.

Have those important discussions

If you and your spouse have made an active choice to not combine your finances, then it’s probably fine to make big decisions independently of one another. But if you have joint debts and cash in a savings account, then it’s best to talk big purchases through before moving forward.

This isn’t to say that you need to ask your spouse if they’re okay with you splurging on a $5 latte here and there. And you probably don’t need to talk about small purchases that are fairly run-of-the-mill, like replacing a pair of worn running shoes. But any purchase that requires an ongoing monthly payment is generally something worth talking through, so there are no hard feelings or negative financial consequences to deal with.

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Found great summer help? Read on to see if you should keep those workers around as non-seasonal staff. 

One of the biggest challenges you might face as a small business owner is being able to hire staff for your company. Last August, a good 49% of all small business owners reported having job openings they could not fill, according to the National Federation of Independent Business. And as workers increasingly venture into the gig economy due to the flexibility it’s known to offer, it could become even more difficult to find full-time hires.

That’s why it could be a good idea to think about extending a full-time offer to some of the employees you’ve hired on a temporary basis to deal with the summer rush. Here are a few signs that you’ve found temporary workers who are really worth hanging onto.

1. They’re consistently punctual

Showing up to work on time on a regular basis is something you might expect from your employees — but it isn’t a given. So if you have summertime workers who arrive on time every day, that alone is a reason to consider longer-term employment. You want people on your team who follow the rules you set and respect you as a boss. And showing up on time is an indication that they do just that.

2. They’re able to go with the flow

Just as small business owners are often forced to wear many different hats, sometimes, small business employees have to do the same. If you have temporary workers who seem amenable to jumping in on new tasks or who are adaptable to things like changes in work schedules, that’s a good reason to consider a long-term working relationship.

3. They seem eager to learn

Some summertime workers show up to their jobs and coast by, doing the bare minimum. In many cases, the only thing these workers are looking for is a paycheck they can put in the bank before they resume their regular lives. But if you have temporary workers on your team who really seem interested in learning the ins and outs of the business and developing different skills, then those are people worth keeping around.

4. They’re just plain good at what they do

You might end up hiring summertime workers who naturally excel at the roles they’re placed in. And if you spot natural talent, it’s important to do what you can to retain it. That could mean offering a sign-on bonus to workers who opt to stay past their summer stint. Or, you might offer other benefits, like tuition reimbursement for those workers who are still pursuing a degree, to entice them to stick with your company once the summer wraps up.

These days, it’s far from easy to find good workers. So if any of these factors apply to your summertime hires, you may want to consider making them a longer-term offer. That could mean adjusting your company’s budget to accommodate their full-time salaries. But if you can swing the cost, it could do a world of good for your business to have a solid team at your disposal.

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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 a disclosure policy.

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Hotel credit cards have their pros and cons. Find out why one credit card enthusiast changed his mind about this type of card. 

I’ve been a fan of travel rewards credit cards for a long time. I use them for practically all my bills, and then pay for as much travel as I can using my points. For anyone who travels regularly, credit cards like these can save you quite a bit of money.

There is one type of travel card that I was never that keen on, though. Hotel credit cards didn’t seem like they offered much value. With many of them, your points aren’t worth that much, so you need to accumulate a large amount to book award stays. And if that hotel chain isn’t available where you’re going, then your hotel card isn’t going to be all that useful.

After recently opening a hotel card with a $450 annual fee, I’m happy to admit that I was wrong. While I wouldn’t use one as my only travel card, they can provide lots of value for the right cardholder.

It’s all about the high-value benefits

The main reason I wasn’t sure about hotel cards is the rewards. I prefer more versatile travel points. Instead of points I need to use at a hotel, I like cards that let me transfer my rewards to many different airlines and hotels.

With the best hotel credit cards, it’s not really about the rewards. Sure, you can earn points to redeem for free stays. But the real value in these cards is all the other features, which can include:

Free night certificatesElite status in the hotel’s loyalty programProperty spending credits

Here’s a rundown of how these benefits work and why they’re so valuable.

Free night certificates can save you hundreds per year

Many hotel cards with annual fees offer a free night certificate every year. That makes it extremely easy to make your money back, and much more, with your card. As long as you stay at that hotel at least once per year, you’re probably going to get your money’s worth.

Let’s say that a hotel card has a $95 annual fee. If it also has a free night certificate you use at a $250 per night hotel, you come out ahead by over $150. Free night certificates from more expensive cards can often be used at even higher-end hotels, potentially saving you $500 to $1,000.

Elite status means more savings and a better hotel experience

Many hotel cards also include complimentary elite status in the hotel’s loyalty program. The membership tier depends on the card. Credit cards with higher annual fees tend to offer higher status tiers.

Exact benefits depend on the hotel and the status tier, but here are some of the most common:

Free breakfastEarly check-in*Late checkout*Room upgrades*Free wifi or premium internet

*When available

Benefits like these can also help you save. For example, meals are usually one of the biggest extra travel costs, after airfare and a place to stay. Free breakfast, especially when you’re traveling with someone else, could mean not spending $40 to $60 on breakfast every morning of your trip.

Premium hotel credit cards may offer spending credits

The most expensive hotel credit cards usually have spending credits you can use every year. These may include credits at that hotel’s resorts, other types of properties, or even credits on other travel expenses, such as airline fees.

Credits like these can make up for the cost of an annual fee. If you’re able to use all your card’s spending credits, you may even come out ahead — and that’s before taking into account all your card’s other benefits.

For hotel chains with large footprints, there are plenty of opportunities to use hotel card benefits

My other quibble with hotel credit cards was that you’re out of luck if the hotel doesn’t have any properties where you’re traveling. This is true, but with major hotel brands, it’s not much of an issue.

In my case, I have Hilton credit cards. Hilton has over 6,400 properties, so in most of the destinations I visit, there are at least a few Hilton hotels available. The same is true with brands like Marriott (over 7,300 hotels) and IHG (over 6,000).

A hotel credit card can be a fantastic pickup for frequent travelers

As I mentioned earlier, I wouldn’t use a hotel card as my only travel card. To have more flexibility, I still think it’s good to have a card with transferable rewards, like a card in any of these rewards programs:

Chase Ultimate RewardsAmerican Express Membership RewardsCapital One Venture Rewards

If you don’t mind carrying multiple travel credit cards, and you stay in hotels often, then a hotel card is well worth considering. All the benefits they offer can help you score some big savings and have a better time on every hotel stay.

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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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool recommends InterContinental Hotels Group Plc and Marriott International. The Motley Fool has a disclosure policy.

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A writer shares her plan to be recession-ready. Read on to see how she’s gearing up for a downturn. 

The Federal Reserve thinks the U.S. economy could enter into a recession at some point this year. That’s the bad news.

The good news is that the central bank expects that downturn to be mild. But the reality is that we just don’t know what a near-term recession will look like and how long it might drag on.

That’s why I’m taking the following steps to ensure I’m personally ready to handle a recession.

1. Adding to my savings — but only a little

The more savings you have ahead of a recession, the easier it becomes to cope with a period of unemployment. As such, I’m trying to add to my savings a little this summer and fall. But we’re talking a few thousand dollars and probably not much more.

The reason? I already have enough money in my savings account to cover about a year of essential expenses. And most financial experts agree that’s more than adequate. As such, I don’t want to tie up too much money in a savings account when I could be investing it instead.

Thankfully, though, savings accounts are paying pretty generously these days. So at least there’s an opportunity to earn a decent, risk-free return on my money.

But even so, many high-yield savings accounts are paying somewhere in the ballpark of 4%. The stock market, on the other hand, has delivered an average annual 10% return (before inflation) over the past 50 years, as measured by the S&P 500. Since I technically have a complete emergency fund, I’d rather pump more money into the stock market, even with a recession coming.

2. Rebalancing my portfolio

While I don’t intend to stop investing just because a recession may be on the way, I also want to make sure my portfolio is nice and diversified. So to this end, I plan to do a little rebalancing, because I happen to be a little more heavily invested in tech stocks than I feel I should be.

In fact, I recently sold some tech stocks after a rally boosted their value. I know there are tax implications to doing so — namely, that I’ll be liable for some capital gains taxes. But because the value of my tech holdings rose so much compared to that of my other investments, it created an imbalanced portfolio. That’s not something you want in general, but it’s especially not something you want ahead of a recession.

Another thing I may do ahead of a recession is put a little more money into broad market ETFs. That’s an easy way to diversify.

3. Rethinking larger purchases

My kids have spent the past number of years destroying my furniture — perhaps not intentionally, but that’s besides the point. I’ve been thinking about upgrading some of my furniture so my house looks, well, like less of a disaster zone. But at this point, I’m hesitant to make large purchases that aren’t absolutely necessary.

I happen to have savings I can tap on top of my emergency fund to pay for some furniture. And to be clear, I would never tap my emergency savings for something like a new couch. But I think I’d feel more comfortable not dipping into my savings at all right now, and instead seeing how things play out. Besides, my friends have all seen my ripped couch and beat-up kitchen table, and no one seems to be judging.

Making these moves ahead of a recession is giving me peace of mind. So if you’re worried about economic conditions declining, do what you can to gear up so you can sleep better at night.

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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 a disclosure policy.

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