Here’s how to keep the whole family entertained on the cheap this summer. Serhii Bobyk / Shutterstock.com
During the summer, parents are always looking for ways to keep the kids entertained on a budget. And, on a hot day, there’s nothing better than an air-conditioned theater with a family-friendly flick on the big screen. Going to the movies can be an expensive adventure, so bargain hunters and frugal film fanatics are always on the lookout for discounted tickets. Fortunately…
Small businesses face the risk of lawsuits more often than you think. Read on to learn how liability insurance can help. [[{“value”:”
Image source: Getty Images
Adding another financial responsibility to an already long list of expenses as a small business owner may seem a wrong move at first glance. But forgoing liability insurance could be detrimental to your business.
Here’s why liability insurance is a must, as well as a few tips on how to get the right coverage for your business without paying too much on your business credit card.
Liability insurance helps protect a business’s finances when someone brings a lawsuit against it. If anyone sues your business (for various reasons), liability insurance can help you cover the financial burden.
For example, if someone trips and falls in your store and sues your business, liability insurance can help. Or if you have a small business that fixes a client’s antique furniture and you accidentally damage it and the client sues, liability coverage will come in handy.
Here are some of the most common types of liability insurance:
General liability: This type of insurance covers lawsuits involving bodily injury or property damage.Professional liability: This insurance is sometimes called “errors and omissions coverage.” It typically covers negligence, copyright infringement, and personal injury.Product liability: This type of liability insurance protects a business from lawsuits in which someone claims a loss or injury caused by a product you make or sell.
Without liability insurance, you may personally be financially responsible if your business is sued. This means you need liability insurance if your personal or business bank account can’t afford to weather a lawsuit.
If you think it’s doubtful that your business will face a lawsuit, think again. Here are some sobering statistics:
36% to 55% of small businesses are involved in some sort of business litigation annually75% of small businesses are underinsuredThe median cost of a liability suit is $54,000
While most states don’t require you to have liability insurance, the above statistics show just how important it can be to have it.
The best way to buy liability insurance for your business is to work directly with an independent insurance agent. Why? Because every business is different and there are many factors that determine your policy.
Each of the following may affect how much liability insurance you need:
Your business’s industryHow many employees you haveIf you’ve had past claimsThe size of your business’ propertyWhat deductible amount you wantWhere your business is located
The above factors will also determine how much you pay for liability coverage. General liability insurance for small businesses typically costs between $300 to $900 annually.
Like other insurance policies, it pays to shop around to find the policy coverage and price that’s right for your business. To get the best price, work with an independent insurance agent. Independent agents can sell you policies from competing insurers, making comparing policy quotes easier for your business.
Liability insurance may seem like just one more expense eating into your profits. But the risk of not having it is far worse than the monthly cost. If you own a small business, liability insurance will make sure your business is prepared for unexpected lawsuits.
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Budget pitfalls can impact your retirement. Read on to learn crucial money management tips for retirees. [[{“value”:”
Image source: Getty Images
Retirement should be a golden time filled with leisure, exploration, and freedom. However, personal finance struggles during these years can turn this hopeful period into one of stress and restriction. It’s much easier than you might think to get off track, especially if you’re not vigilant about your spending habits and financial planning.
Let’s dive into what exactly can go awry when you mismanage your budget in retirement.
One of the most immediate consequences of budget mismanagement is the rapid depletion of your savings. Many retirees underestimate the amount of money they will need in retirement. The general rule of thumb suggests aiming for about 70% to 80% of your pre-retirement income to maintain your standard of living. However, unexpected expenses such as medical bills, home repairs, or helping out family members can swiftly drain your resources.
For instance, if you start with a nest egg of $500,000 at retirement and withdraw $40,000 annually (8%) instead of a more sustainable rate of 4% ($20,000), you could run out of money in roughly 17 years. And it could be much sooner if market conditions are unfavorable or you have additional unexpected expenses. This scenario also doesn’t account for inflation, which can further erode your purchasing power.
As savings dwindle, many retirees turn to credit cards or loans to bridge the gap between their income and expenses. This can lead to a dangerous cycle of debt. According to research, over 60% of households headed by someone 65 or older had some form of debt. What’s worse, the interest on this debt can accumulate quickly, further straining your finances.
For example, carrying a credit card balance of $10,000 at an average interest rate of 18% would cost about $1,800 in interest per year. If you only make the minimum payments, this debt could linger well into your retirement years, eating away at your monthly budget.
Having budget issues could mean changing your lifestyle. This might mean cutting back on leisure activities, travel, and other joys that retirement is supposed to afford. In severe cases, it might even mean downsizing your home or moving to a less costly area far from friends and family, which can lead to feelings of isolation and decreased quality of life.
Moreover, the loss of financial independence can be psychologically challenging. Many retirees pride themselves on their ability to manage their affairs after years of self-sufficiency. Having to rely on others for financial support can lead to stress, anxiety, and depression.
Health care is one of the most significant and underestimated costs in retirement. Mismanaging your budget can mean not having enough funds to cover out-of-pocket expenses not covered by Medicare or other health insurance. In fact, the average couple will need approximately $285,000 saved (after tax) to cover health care expenses in retirement. If you have budgeting issues and these funds are not available, you might have to choose between essential medications or treatments and other basic needs.
Recovering from financial mismanagement gets increasingly difficult as you age. Re-entering the workforce can be challenging due to health issues or age discrimination. Investment options that might recover lost funds could be too risky at an advanced age, leaving few viable paths to regain financial stability.
Moreover, the impact of poor financial decisions early in retirement can compound over time, leaving you with fewer options as you age. For instance, withdrawing too much from your savings will not only deplete your principal balance but also reduce the compound interest you could have earned on those funds.
As you can see, proper budget management in retirement is critical. Work with a financial planner to set realistic spending goals and review them regularly. Keeping a keen eye on your expenses and adjusting your budget annually based on actual spending and inflation can also help safeguard your finances and ensure that your retirement years are truly golden.
Remember, it’s never too late to make budget adjustments that can significantly improve your financial health and retirement experience.
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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.
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Costco’s new CFO recently confirmed that the $1.50 hot dog combo price is staying put. Can the same be said for membership fees? Read on to find out. [[{“value”:”
Image source: Getty Images
Costco is known for its amazing prices. But if you’ve been to a store recently, you’ve probably noticed that the prices you’re seeing are higher than they were a few years ago.
Unfortunately, that’s part of a general trend. For the past three years or so, stubbornly high inflation has been driving the cost of living upward across the board. So you’re probably paying more now for everyday expenses like groceries and utilities than you were not so long ago. And frankly, that’s frustrating.
But one thing you won’t have to pay more for in the near term is Costco’s famous $1.50 hot dog and soda combo. Although some rumors emerged that Costco was looking to raise the price of that combo for the first time since introducing it in 1985, during the company’s most recent earnings call, Gary Millerchip, the new CFO, confirmed that the $1.50 price point customers love is here to stay.
However, there’s also been talk of membership fees rising. So you may be interested in what Millerchip had to say about those, too.
A CNN analysis found that if Costco were to adjust the price of its hot dog and soda combo to today’s dollars, it would run customers about $4.50. Instead, Costco has kept its $1.50 price in place for almost 40 years.
Costco’s intent is to not make money on its hot dog deal. If anything, it loses money there. But if that combo gets shoppers in the door, then ultimately, the company wins.
Think about it. Let’s say Costco could get away with charging you $4.50 for a hot dog and soda, but you’re able to snag it for $1.50. If you then go and spend $200 on store merchandise, Costco wins — so it’s willing to let you keep your $3 and pay less at the food court.
Recently, some rumors started to circulate about Costco raising the price of its hot dog deal. But Millerchip said on May 30, “To clear up some recent media speculation, I also want to confirm the $1.50 hotdog price is safe.”
Costco has historically raised the cost of a membership about every five years and change. At this point, we’re well beyond that point. The last time Costco increased membership fees was June 2017.
Since the cost of existing has gotten so out of hand, at this point, a Costco membership fee hike might push cash-strapped consumers over the edge. But the good news is that Costco has no immediate plans to increase its membership costs, which currently sit at $60 per year for a basic membership and $120 per year for an Executive membership that gives you 2% cash back on your purchases.
“We feel really good about membership renewal rates,” said Millerchip. “We feel really good about the test of are we delivering significantly more value to members than we were or have since we last increased the membership fee…But we’re still evaluating those considerations to determine what the right timing is and when we reach that point where we feel it is the right time, of course, we’ll be very open and direct and communicating that.”
In other words, Costco fee hikes are not off the table. But they’re clearly not happening anytime soon.
Just because the cost of a Costco membership isn’t rising doesn’t automatically mean you should keep paying your $60 or $120 annual fee. If you’ve noticed you’re visiting Costco less frequently or your circumstances have changed in a way that makes Costco less convenient (say, you’ve moved farther away or no longer own a car), then you may want to reconsider your membership.
But if you intend to keep shopping at Costco, you can rest assured that you’re not looking at paying more for a hot dog or your membership in the near future.
If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.
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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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Maximize your home sale with expert tips for a quick transaction. Learn how to get your home off the market now. [[{“value”:”
Image source: Getty Images
Timing is everything to sell a home. Whether you’re facing an unexpected job transfer, dealing with personal changes like a growing family, or simply eager to make a fresh start in a new environment, the challenge remains consistent: How can you sell your home quickly without sacrificing profit?
Achieving this balance requires a strategic approach that combines market insights, savvy staging, and effective communication. These five proven strategies can help accelerate the home-selling process, ensuring you can move on to your next adventure with both speed and satisfaction.
One of the most crucial factors in a quick home sale is setting the right price. It might be tempting to aim high and negotiate down, but this can backfire, leaving your house lingering on the market. Pricing your home slightly below market value can generate more interest from the start. This strategy often leads to multiple offers, including potentially higher bids than expected.
A well-priced home attracts attention. For example, properties listed at 5% to 10% below the market rate can speed up the sale process by enticing a larger pool of potential buyers, leading to quicker sales and sometimes even bidding wars that push the sale price above expectations.
Use market analysis and consider your local real estate climate to find that sweet spot. If you’re unsure, consulting with a knowledgeable real estate agent can provide valuable insights and help you set a competitive price that aligns with buyer expectations in your area.
Timing can significantly impact the speed of a sale. Generally, spring ushers in the most favorable time to list a home, as buyers are out in force with tax refund checks in hand, ready to make major life changes during the warmer months. However, don’t be discouraged if you need to sell during the “off” seasons. Listing your home during less busy times might mean less competition from other sellers, and your home can stand out more to serious buyers who are ready to move any time of the year.
Keep an eye on local market trends and consult with your agent to pick the best time to list your home. Sometimes, having your house on the market when fewer homes are available can work to your advantage.
Open houses are a time-tested method to generate interest in your home. They provide a no-pressure opportunity for potential buyers to envision themselves in the space. To make your open house successful, ensure your home is clean, decluttered, and staged appropriately. Good staging makes your home look bigger, brighter, and more inviting, which can significantly speed up the sale process.
Consider also having themed open houses or offering light refreshments, which can make the event more engaging and memorable for potential buyers.
Navigating mortgage options can be one of the more daunting aspects of buying a home for many potential buyers. To facilitate a quick sale, offer helpful information and resources about securing mortgages. This could include providing a list of recommended mortgage brokers or banks or even having mortgage calculators available during showings.
RELATED: Today’s Mortgage Rates
You can also market your home as being “pre-approved” for certain types of financing, like FHA or VA loans, which can attract more buyers. Simplifying the financing process for potential buyers can make your property more appealing and could speed up the closing process.
In today’s digital age, your home’s online listing is often the first, and possibly only, impression potential buyers will get. Adding high-quality photos, detailed floor plans, and engaging video tours can make a huge difference. Consider investing in professional photography and even a 3D tour, which allows prospective buyers to “walk through” your property virtually. This not only broadens your audience to those shopping online but also filters out less interested buyers, saving time for everyone involved.
Properties with professional photography can see up to 61% more views compared to those without. Adding a 3D virtual tour can further enhance the listing, leading to an 57% increase in saves on platforms like Zillow, as potential buyers can explore the property thoroughly before deciding to visit in person.
Make sure your listing is clear and concise and includes all necessary details about the home’s best features. Listings that are visually appealing and informative typically perform better and attract more serious buyers.
Selling your home quickly requires a blend of:
Strategic pricingTiming your sale rightMaking a strong impression both online and during showingsFacilitating the financing process for buyersWorking with the right people (perhaps the most important factor)
By following these steps, you’ll increase the likelihood of a quick sale and ensure a smoother and more enjoyable selling experience.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
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 Zillow Group. The Motley Fool has a disclosure policy.
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Flying first class is an experience in and of itself, but these airlines take it up a notch. See which airlines are worth the miles. [[{“value”:”
Image source: Upsplash/The Motley Fool
One of the reasons I like to collect credit card rewards is to redeem them for free flights. And not just any flights — first class flights. I enjoy flying first and business class both domestically and while traveling abroad.
Of course, some airlines offer a much classier first class experience than others. So let’s take a look at some of the best. (Keep in mind that your experience will vary a ton based on your route and plane type. For example, airlines tend to upgrade their fleets one plane at a time, so even the same route could offer different experiences depending on the aircraft.)
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Your typical domestic flight is in a two-cabin plane with a first class that offers larger seats (though not lie-flat), better meals, and free drinks.
My go-to airline for domestic first class is always Delta. The seats are updated and comfortable, my flights always include seatback screens with good onboard entertainment, the service is usually on point, and you really can’t beat all-you-can-eat Biscoff cookies.
I spent a lot of time flying last year, and one of my favorite experiences was United’s domestic first class. Even on my short flight, we were treated to an excellent meal — on real plates — and the service was great. United also has some of the largest seats (though the ones on my last flight could use a bit of an update).
Usually consisting of coast-to-coast flights, long-haul domestic flights can be five or six hours long. The best airlines for these flights offer many of the same amenities as international flights, including lie-flat seats and chef-curated meals.
One of the only planes with three cabins on a domestic flight is American Airlines A321T, which offers both business and first class seats. The first class cabin is luxurious, offering private lie-flat seats, a good meal, and high-speed wifi. And as an added bonus, first class passengers get lounge access before the flight.
JetBlue calls its long-haul domestic product “business class,” but it’s a first class experience all the way, starting with the lie-flat seats and top-notch service. You may enjoy your trip even more if you’re lucky enough to score a Mint Suite, which features even more room and a door you can close for extra privacy.
Most international flights have two cabins: main and business, with no first class. In this case, you can consider the business class to be first class in all but name, offering the amenities you’d expect — like generous lie-flat seats, excellent meals, and dedicated service.
Generally considered to set the standard for international business class, Qatar Airways QSuites offer exceptional privacy — each suite has a door that closes — luxurious bedding (including a quilted mattress), top-quality catering, and incredible service from the ground to the air.
If you’re lucky enough to fly aboard All Nippon’s Boeing 777s, you could experience The Room, the airline’s top business class product. The seat — or, you know, Room — itself is very spacious and private, offering the closable door that is standard in the top business class cabins. Travelers also rave about the quality of the food (a mix of Japanese and Western cuisines) and the exceptional service.
Given that business class already typically offers a top-notch product, airlines with three classes of service really need to work to make international first class stand out — and these airlines manage it with gusto. Short of chartering a private plane, these premium offerings are the most glamorous experiences you can have in the air.
If you’ve ever wanted to fly like royalty, then booking an Etihad Residence suite is the way to go. For one thing, you don’t just book a seat; you have three full rooms aboard an A380 aircraft, including a living room, bedroom, and shower room. And yes, we’re talking about a full-sized bed and fully equipped shower here. Oh, and let’s not forget your private butler who can arrange meals — and just about anything else you need.
Emirates was one of the first airlines to offer fully enclosed suites, and it does it right. Not only is there a door, but the suites are fully enclosed floor-to-ceiling, offering complete privacy and tranquility for your flight. The luxury experience also includes excellent food — caviar, anyone? — personal climate controls, and an onboard bar.
The La Premiere cabin in the 777 aircraft from Air France gives you that ooh la la feeling for sure. As you’d expect, you get your own suite, which nixes the doors for elegant curtains to give you the privacy you need. But the suite is only part of the experience. The on-board catering is impeccably French, offering food that is so far from airline fare, you’ll be hard-pressed to remember you’re in the air.
Arguably the best part of all of these flights is that you can find a way to book them with points and miles. While some will be exorbitant — think a million miles (or more), one way — your favorite travel rewards cards could help you enjoy the luxury flight experience of a lifetime.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
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.Brittney Myers 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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