It’s a bit easier on the lungs in these U.S. metropolitan areas Andrey_Popov / Shutterstock.com
There’s something in the air — more in some places than in others, apparently. In its 2023 State of the Air report, the American Lung Association identifies the cities in the United States with the cleanest and the most polluted air, using data from the U.S. Environmental Protection Agency. To reach its findings, the report analyzed cities based on measurements taken over a three-year period…
An advocacy group is calling out major companies for everything from cancer risks to child labor. Gorodenkoff / Shutterstock.com
Safety can be an issue in any workplace and is the reason workers compensation insurance exists. Accidents happen. But reasonable precautions are expected — for instance, not having children as workers or making people work around human waste. Those are two of the issues called out in the National Council for Occupational Safety and Health‘s latest annual list of “dirty dozen” employers.
You’ve probably heard of senior discounts, but did you know that your age might earn you an exemption from jury duty? Erickson Stock / Shutterstock.com
Few seniors would tell you that growing old is a complete bowl of cherries. But there are plenty of perks, starting with grandchildren, quitting full-time work (hopefully, eventually) and a handful of financial benefits, some of which might surprise you. You’ve probably heard of the senior discounts that await, for instance, but you may not expect such a wide array of them. Read on for many…
Living paycheck to paycheck with scant savings is a terrible position to be in. Keep reading to see how not having emergency savings can impact your life.
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Have you ever dangled over a financial cliff? If you don’t have an emergency fund and live paycheck to paycheck, you could be right now. But you might take some comfort in the fact that you’re sure not alone. A survey from SecureSave earlier this year found that a staggering 67% of Americans couldn’t afford to pay for a $400 emergency expense outright, and would instead need to find another way to cover it.
This was my own life for many years — in fact, it has only been in the last year that I’ve built up savings to turn to in an emergency. Before this point, I usually handled unplanned bills by going into debt on them. Here’s what life is like without emergency savings, and a few tips to build some up.
If you don’t have cash to turn to in an emergency or to satisfy a surprise expense (be it actual paper money, or money in your savings or checking account), your bills don’t just go away. One way or another, you’ve got to satisfy your obligations, or address a costly problem. But if you simply don’t have the extra money necessary (and aren’t in a position to borrow from another person, such as a friend or family member), you’ll have to take on debt to cover that unplanned bill. If your car needs to be fixed so you can use it to get to work and other important places, you’ll have to put the repair on a credit card.
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In some circumstances, and if you have decent credit, you might qualify for a personal loan, and can use the proceeds from that to pay a bill. Either way, you’ll be increasing the cost of that unplanned expense by going into debt on it. Credit card interest rates can be 20% or more, but if you already have a credit card with some available credit, it’s an easier and faster option than applying for a loan and hoping you get approved.
When you carry debt, it impacts your credit score. Your credit utilization ratio, in particular, will be affected. This is the amount of available credit you’re using. For example, if you have a credit card with a $10,000 limit, and you’re carrying a balance of $4,000 on it, you have a credit utilization ratio of 40%. Since it’s recommended that you keep this number below 30%, this could have a detrimental effect on your credit score.
I have actually never had a retirement account (and so couldn’t do this), but if you do, you might need to turn to the money you have saved (and ideally, invested) there to satisfy an unplanned bill if you have no emergency savings. If you’re part of your employer’s 401(k) plan, or you’ve opened an IRA account on your own, that money could come to the rescue in an emergency situation. It’s not an ideal solution, though, for a few reasons.
For one thing, you’ll face an early withdrawal penalty if you withdraw money early, and if you borrow money from the account and don’t pay it back, you’ll also be forced to pay income tax on the amount withdrawn. And ideally, your retirement savings are for your golden years. If you take $10,000 from your retirement account to pay off an unplanned bill (like a large home repair), you’ll not just be losing that $10,000, but also the growth that money could have had between the time you removed it and the time you retire.
Another result of living without emergency savings is that you might get really good at pretending all is well, just so you can avoid a big bill. You could decide to treat a minor illness or injury at home, when seeing a doctor would’ve meant spending money, but it also would have meant that you get well and feel better sooner.
You might decide that your car isn’t actually making a suspicious clunking noise, or that the “check engine” light on the dashboard is no big deal. And while you can’t afford a repair bill, you DEFINITELY can’t afford to replace the car if that seemingly minor problem turns out to be a major one. Having to ignore a problem because of its potential financial impact is a terrible position to be in — and I only wish I wasn’t speaking from experience here.
As you can tell, living without an emergency fund is awful for your credit, your mental health, and likely even your physical health. So how do you build the cash to keep in a savings account for a rainy day?
Increase your income: You can’t budget your way out of not earning enough. So consider taking on a side hustle, asking for a raise, or even changing jobs altogether.A budget might help, however: If you wonder where all your money goes every month, getting on a budget can show you where you can safely cut back.Shop around for your services: See if you can switch car insurance providers to save. Maybe you can find less costly internet service, or a cheaper cellphone plan.
Building an emergency fund is absolutely worth it. Take it from me. And saving any amount helps, even if you have to start small. The first time you can handle a surprise bill without going into debt, it’ll feel so good.
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Not every home improvement project will improve the value of your home. Read on to learn which projects you might want to avoid.
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Sinking cash into your ready-to-sell home may seem like a good idea — until you realize not every home improvement project will boost your home’s value by as much as you pay.
According to Remodeling Magazine’s 2023 “Cost vs. Value” report, if you want the best bang for your buck, then install an electric heat pump in place of a fossil-fuel-burning furnace. You might also recoup your installment costs by replacing your garage door and residing your home with stone veneer. These projects boost your curbside appeal and give your home that wow factor that makes buyers bid higher than your asking price.
As far as projects that don’t return your investment, the reports listed numerous popular projects that might surprise you. With that in mind, here are four renovation projects you might want to reconsider.
Cost: $154,483Resale value: $48,913Percentage recouped: 31.7%
Major kitchen renovations are likely not going to return the money you spend on them. While they can certainly appeal to buyers, certain big, lavish kitchen improvements — such as adding an imported ceramic backsplash and stone countertops — don’t guarantee a big boost in home value.
Instead, consider a minor kitchen renovation. In fact, a minor update, which includes replacing laminate countertops and updating stoves and refrigerators to energy-efficient models, would cost about $26,790 but would add roughly $22,963 in resale value (85.7% in costs recouped). You can still “wow” buyers with a new kitchen, albeit without overspending.
Cost: $76,827Resale value: $28,203Percentage recouped: 36.7%
In the same way that a major kitchen renovation doesn’t recoup value well, an upscale bathroom remodel also ranks low on the list. In this case, a major bathroom renovation would involve enclosing a neo-angle glass shower, adding stone countertops with two sinks, and compartmentalizing the toilet (with its own door).
A minor bathroom remodel, however, could help you recoup about 66.7% of what you spend. According to Remodeling Magazine, minor renovations would cost about $24,606, but could boost your resale value by $16,413.
Cost: $23,430Resale value: $9,325Percentage recouped: 39.8%
Adding a 16 x 20 foot deck with stairs, built-in planters, and a complete railing system would cost about $23,000, but boost your resale value by only $9,000. Installing a wood deck of the same dimensions, however, would help you recoup at least half of the project’s cost. A $17,000 project could give you about $8,550 in resale value, according to Remodeling Magazine.
Cost: $47,414Resale value: $23,163Percentage recouped: 48.9%
Metal roofs are durable, non-combustible, and reflect sunlight well. They’re also expensive to install and may not boost your selling price by as much as you pay. If you need to replace your roof — and you don’t want to overspend — try going with asphalt shingles. According to Remodeling Magazine, an asphalt roof replacement with shingles would cost about $29,136 but boost your home’s value by $17,807.
One caveat I’ll add: Remodeling Magazine’s “Cost vs. Value” report gives national averages and estimates and may not reflect what works in your market. For instance, if metal roofs are popular in your area, home buyers may be willing to take out a larger mortgage loan just to have one. If you’re unsure, I would talk to your real estate professional to see if they know which renovation projects will likely give your home’s value the biggest boost.
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Loading up on stocks in your IRA could leave you pretty wealthy. Read on to learn more.
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It’s important to save consistently for retirement so you’re not overly reliant on Social Security to pay your senior living costs. And to that end, it pays to save for your senior years in an account that will offer you a tax break along the way.
With a regular brokerage account, for example, there are no tax benefits to be reaped. The money you put into that account won’t serve as a tax break, and you’ll be liable for capital gains taxes each year you sell investments at a profit.
With a traditional IRA, the money you contribute toward retirement savings goes in tax free. So if you put $3,000 into an IRA this year, that’s $3,000 of income the IRS won’t tax you on.
Also, traditional IRAs get to enjoy tax-deferred gains. That means you don’t pay taxes on investment gains until you take withdrawals.
It’s a good idea to invest your IRA in stocks so your money gets an opportunity to grow nicely. Though there are risks involved, they’re generally worth taking on for the upside involved.
Some people worry about investing their retirement savings in stocks — namely because they don’t want to bear losses. Unfortunately, there’s no guarantee that you won’t lose money by investing your retirement savings in stocks. The stock market could crash repeatedly, leaving you in a real jam.
But if you give yourself a longer investment window, you’re less likely to end up losing money in stocks. That’s because the stock market has, historically, rewarded investors who have stuck with it for the long haul.
Case in point: Over the past 50 years, the stock market has delivered an average annual 10% return before inflation, as measured by the S&P 500 index. But don’t take that to mean that the stock market did well every single year during that time. There were several years when the index ended the year with a loss. Rather, that 10% accounts for the market’s overall performance.
With that in mind, let’s say you put $3,000 a year, or $250 a month, into your IRA over a 40-year period. If your investments leave you with an average yearly 10% return, you’ll end up with a savings balance of over $1.3 million. Now that could set the stage for a very nice retirement.
Investing in stocks is by no means risk free, whether you’re doing so for retirement or to meet another goal. But if you don’t invest your IRA in stocks, you’ll run another risk — not building up enough of a nest egg to meet your retirement goals. So it pays to push yourself outside of your comfort zone and rely on the stock market to grow your retirement nest egg.
In addition to giving yourself a lengthy investment window, you can mitigate your risks by diversifying your stock holdings within your IRA. That could mean owning stocks across a range of market sectors, loading up on S&P 500 ETFs, or a combination of both.
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