Tag: security

Gratitude in a Difficult Year

by Phillip Warren

This year took so many twists and turns we haven’t been able to keep count– often leaving us in complete overwhelm with a whirlwind of thoughts and emotions. Grief, anxiety, and sheer disappointment are just a handful that comes to mind when we reflect on the endless amount of curveballs life has thrown over the past year. Tragedy and loss plagued the entire world, leaving us speechless day after day. Despite the darkness that loomed for what seems like an eternity there has been an outpour of positives that we can’t forget to remember. As 2020 quickly comes to a close, let’s take the time to decompress and reflect on the happier moments we were lucky enough to live through and witness. Even though Thanksgiving may look less traditional than previous years, we still can readily name some things that shift our hearts to a place of gratitude.

Family first

Let’s face it – the hustle and bustle of life impact our family and friends more than we’d like to admit. Competing schedules, conflicts, and not making enough time for those that matter are often reasons why we are unable to nurture the people we hold near and dear. Because of restrictions on travel and other entertainment, we were forced to become more creative with our time indoors; in turn, helping us to restore the meaning of family and work-life balance. Quite frankly, it allowed us to hit the pause button on everything that probably was unintentionally too high on the priority list in the past. Our families served as the safety net it’s supposed to be when the weight of the world (and social media) became overbearing with less than desirable news. We utilized technology to a new degree when scheduling virtual happy hours, catch up sessions with our loved ones, and birthday celebrations in other geographic areas. It made us truly appreciate the very thing we took for granted; all the people that make up our family tribe.  

Curating and developing passions

2020 generated a newfound level of introspection, leaving our minds to really consider what it is that we really cherish the most. Whether it be career-related or new passion projects, this year made room for some much-needed self-reflection, making us reassess where our fulfillment really comes from. Leveraging books, social media outlets, and various streams of consuming knowledge-based information sent us on a path of rediscovery. Remember that ‘other’ to-do list that’s filled with the things you really don’t want to do around the house? It even made that list appear fun-filled! Home improvement projects and DIY tasks were done with enjoyment while being budget-friendly. Adulthood can be full of things that aren’t as exciting, but mustering up the courage to take ideas from ideation to execution served as a second wind. New business ventures and side hustles were birthed with unmatched creativity, a place many of us haven’t been in quite some time. Existing businesses were able to thrive despite the unprecedented events occurring nationally. Funding was also provided to various business owners which granted many small businesses to increase their visibility while positively generating profit. 

The importance of sustainment

There are a countless number of families that were impacted by job loss and/or unexpected expenses. It doesn’t matter if things started off rocky financially – what matters most is you’re still standing. Getting caught up on bills, eliminating some debt and saving are all things to be very proud of. Temporary hardships don’t have to turn into permanent problems. Creating a plan of action and sticking to it no matter what arises will always be rewarding. Celebrating the small wins should never be overlooked. We’ve all handled this year in different ways – but what’s most important is discovering what works for you. Rule of thumb for those that are battling with the ‘not enough’ emotions: don’t believe the hype. While there is a multitude of people accomplishing great things, there are also many imposters. Social media is a highlight reel, a virtual platform where people can share whatever information they choose, at their discretion. People are more likely to share their highs versus their lows, so be sure to keep in mind you may only be getting a small piece of the overall story. Don’t look at someone else’s life and fail to recognize what you’ve done on your own. Financial progress, no matter how insignificant you may think it is – is still progress. We all make financial missteps and life has a way of making things very difficult that hit us where it really hurts. Keeping your head above water, remaining afloat, maintaining your health, and providing for your family should never be considered a small feat. Grant yourself some grace and reflect on the dedication it took for you to get (and stay) where you currently are.

Back to the basics

This year forced us to really hone in on what matters and prioritize accordingly. This applies to our lives, but most importantly our finances. Pulling back the curtain to really take a look and evaluate where money was going served as a constant reminder that we should be doing this more than the occasional once or twice a year. It’s never too late (or too early) to create new money habits! Financial stability is essential – and maybe the cushion we imagined should be enough proved itself to be untrue. Our willingness to make changes at a faster rate to ensure the financial security of our families felt less painful and so much more intentional. The uncertainty of everything occurring allowed us to complain less while redefining comfort levels with our contingency plans.

No matter what has transpired this year, what are you most thankful for? As things come to mind be sure to jot them down. Reference them when your days seem laborious or when your feelings try to force you to reflect on things that aren’t as positive. It’s clear we don’t know what the future holds, but we do know (and have been reintroduced) to the moments, things, and people that continually keep us hopeful and thankful – no matter what lies ahead.

The post Gratitude in a Difficult Year appeared first on MintLife Blog.


Source: mint.intuit.com

How To Become a Freelancer and Make a Full-Time Income

by Phillip Warren

Today, I have a fun interview to share with you that will show you how to become a freelancer.

I recently had the chance to interview Ben Taylor. Ben has been freelancing since 2004, and he has worked for dozens of companies.

Yes, this is a career path that you can learn!

As Ben will tell you in the interview below, a freelancer can be anything. You can be a freelance designer, personal trainer, nutrition coach, online teacher, virtual assistant, writer, and more.

If you are looking for a new business or even just a side hustle so that you can learn how to make extra money, learning how to become a freelancer may be something that you want to look into.

In this interview, you will learn:

  • What a freelancer is, who they work for, what they do, etc.
  • How much a new freelancer should expect to earn
  • How a person can find their first freelancing job
  • The steps needed to take to make money as a freelancer

And much more!

He also has an informative course called Freelance Kickstarter. This course takes you through the step by step process of creating your own freelance business.

Check out the interview below for more information.

How to become a freelancer.

 

1. Please give us a background on yourself and how you started as a freelancer.

I'm Ben, and I live by the sea in England with my wife and two young sons.

I started a career in tech back in 1998, and by 2004 was Head of IT for a government department. It didn't take long for me to tire of company politics, and the endless meetings that were more about displays of ego than really getting anything done.

I came from an entrepreneurial family and my parents both had businesses rather than jobs. The businesses weren't always successful, and there were definitely periods of “feast and famine.” However, I was well used to that and I think that branching out on my own was something I was destined to do.

My move into freelancing splits into a couple of clear phases:

Initially, in 2004, I quit my IT job, walking away from business class travel and a gold-plated pension with nothing more than a vague plan to begin to work as a freelancer!

I started to provide IT support and consultancy to both businesses and individuals. I do actually still do some of that work for a select group of long-term clients, but by 2009 I had managed to burn myself out with it. The business was going well, but I was working ridiculously long days and every holiday I tried to take was interrupted by constant phone calls and emails.

So phase two began when I sold off most of my client-base and moved to Portugal! That's when I really started to broaden my freelance horizons. I had to start from scratch, with an unclear intention to start writing for a living, and no real plan for how to do it.

I did lots of things, including wasting a LOT of time down fruitless blind alleys. I wrote for content mills, started blogs, found clients on freelance job boards, and – slowly and steadily – started to build my income back up. The difference was that I was doing it all completely on my terms with work I really enjoyed. 

I was also living in a dream destination whilst doing it.

 

2. Can you explain what exactly a freelancer is, who they work for, what they do, etc.?

This seems like a basic question, but it's very worthwhile. There's a considerable difference between freelancing and remote working that not everybody appreciates.

First off, a freelancer can be anything. For some reason many people immediately think of writing when they think about freelancing. But you can be a freelancer designer, personal trainer, nutrition coach, online teacher, virtual assistant, and dozens of other things.

It's also worth noting you don't only have to be one of those things. I AM a freelancer writer, but I also still dabble in IT consultancy, run my own blogs, provide coaching, and even build websites for people (if they ask nicely and the price is right!)

Regardless of what you do as a freelancer, the important thing to realise is that you are running your own business. The big plus of this is that you are in total charge. But the big negative is that you don't have any of the safety nets you have if you are employed by a single company. This means you're responsible for everything from your own insurance and healthcare to your own technical support!

Freelancers typically work for several different clients. There are myriad places to find those clients. It's quite common for freelancers to find clients within their existing professional networks, and not at all unusual for ex-employers to be among them. Then there are freelance job boards like Upwork and PeoplePerHour, which provide an endless stream of new opportunities.

 

3. How much should a new/beginner freelancer expect to earn?

This is an incredibly difficult question to answer! I can think of one freelancer I coached who's in a very specific writing niche. He went onto Upwork with an initial rate of $100 per hour and found lots of work. I started out in IT consultancy charging a similar rate and was quickly earning more than I did in my full-time job.   

However, at the other end of the scale there are people with limited experience or specialist skills who will need to pay their dues. This means building the foundations of a freelance career by proving yourself and taking low paying jobs to build up examples of work and positive feedback. My move into writing was much more like this!

I think “job replacement income” is a useful target for new freelancers to keep in mind. That can vary vastly from individual to individual. Obviously replacing and exceeding a corporate-level income takes much more than freelancing as an alternative to a part-time, entry-level job. That said, people with senior-level experience command much higher freelance rates.

Related content: 20 Of The Best Entry Level Work From Home Jobs

 

4. What do you like about being a freelancer?

Not having a boss!

The difference in lifestyle is massive when you work for yourself. This is always brought home to me when I'm making plans with friends and family, and people say “I'll see if I can get the time off.”

This makes me shudder, because it's SO alien to me now. The example I always use is that I never have to ask anybody before I can tell my children I'll be at their sports day or nativity play.

When you have what I call a “traditional job,” you DO have the security of healthcare, and perhaps things like holiday and sick pay. But you give up a tremendous amount of freedom in return. Freelancing is profoundly different, and it's rare to find people who've given it a go that would ever choose to go back to full-time employment.

So that's a huge thing for me, but there are other huge benefits too. I love the fact I can pivot into different things, which always allows me to keep things fresh.

About four times a year I reassess my priorities and lay out new goals for the short, medium and long term. They might involve starting a new blog, writing another book, learning a new marketable skill. For somebody like me who relishes variety, I love having total control of this.

 

5. How can a person find their first freelancing job?

There are SO many ways to find freelance jobs. I have an article listing 50 different options!

However, they broadly split into two categories that I call “real world” and “online world.”

It's always worth starting out by thinking of your real life networks. As I've said, many freelancers do their first self-employed work for people who already know them. I'd advise people to think about any contacts who've already seen the kind of work they're capable of. These are “warm leads” that are well worth perusing.

It makes sense to think about personal contacts as well as business contacts, too. Plenty of freelancers find clients who are their “wife's best friend's brother” or something like that!

Remaining in the “real world,” there are also options like local business groups and networking events – although they are obviously far less accessible at the present time.

Moving to the online world, the freelance job boards are the place to be. They can be intimidating places initially, and it's crucial to learn how to use them and how to avoid scammers and low paying clients. But there are plenty of great clients out there, including many household name companies who use those boards to hire freelancers.

Often, a quick one-off $50 job can evolve into a long and lucrative client relationship. My wife and I both have clients who we first met on the freelance boards years ago. We still work with them now.

There's no one-size-fits-all answer to where to find the first client, but there are options for everybody.

 

setting rates when learning how to become a freelancer

6. How does a freelancer decide what to set their rates at?

This is a question I'm asked a LOT! The answer leads to lots more questions, and I think many of my readers are disappointed when I don't just give them an answer of “$x per hour” or “$x per article!”

It's a subject I cover in my Freelance Kickstarter course, and I'm happy to share a slide from that particular lesson here. The factors to consider include tangible things like the “market rates” for specific types of work, and how each client's geographical location could impact how much they expect to pay.

But there's much more to consider beyond that: How much does the gig align with your long-term goals? Will the job produce a great example of work that will help you win more clients in the future? Is this a job that could lead to on-going, long-term work?

I guess a simpler answer is that your rate needs to be fair and competitive, and sufficient to make it worth your while to do the job. However, the rate for each job really needs to be assessed on a case-by-case basis.

The reality is that there are millions of freelancers out there charging vastly different rates, often for very similar services. There's a bit of an art to working out where you sit on the pricing spectrum, but it's an art you can learn, and it gets easier with experience.

 

7. What steps does a person need to take to make money as a freelancer?

The first and most important is working out what it is you actually want to do. That may seem obvious, but my inbox is full of emails from people asking what they should do, without telling me what they're capable of and what kind of work would make them happy.

I will attempt to lay it out in a fairly simple series of steps:

  1. Work out what skills you have and what market there is for them.
  2. Look at who else is providing those services, what they charge, and what you can provide that will make you stand out and appeal to clients.
  3. Identify any gaps in your knowledge and experience, and work to fill them. This could mean doing some training, or doing some voluntary jobs to bulk out your portfolio.
  4. Establish a personal brand. This isn't as big a deal as it sounds, but does mean having a solid resumé and LinkedIn profile, and sometimes some other ways to demonstrate your expertise.
  5. Learn how the freelance job boards work. Even if you have a rich personal network to draw on, it's wise to understand the wider world of freelancing.
  6. Put yourself out there, and start pitching and applying for things.
  7. Make sure you provide perfect work and delight your clients, so that they want to work with you again and recommend you to others.

Repeating and refining these steps is the essence of becoming a successful freelancer.

 

8. How much does it cost to start this type of business and how much on a monthly basis to maintain it?

Freelancing is generally a low-cost venture, but that's not to say it's free. Depending on what you do, you may need specialist equipment and / or software. And if you're switching from an employed position, you may have to buy things like this yourself for the first time.

A good computer is a must, as it's often the key tool of your trade. You may also need to budget for things like insurance, possibly including healthcare cover if you are somewhere like the US where this isn't covered by tax payments.

When it comes to monthly costs, the main things I pay for include software subscriptions and insurance policies. Thankfully these tend to build over time and no individual thing is particularly expensive. You can start out as an online freelancer without even having a personal website, and add things like that once you gain some momentum.

I also recommend budgeting for ongoing training and learning. Thankfully there are all kinds of ways to learn online inexpensively. Companies have training budgets, but when you're a freelancer, keeping your skills on point is on you.

 

9. What kind of training is needed to become a freelancer?

I'd say the training splits into two: learning about freelancing itself, and building skills around the specific work you want to do.

Courses like my own Freelance Kickstarter cover the first part. Freelancing is a skill in itself, and we've covered some of the important areas in this interview already. Stuff like setting rates isn't immediately obvious, so learning from those who have been there and done it already is very valuable.

When it comes to skills-specific training it depends what work you're doing. Let's say somebody wanted to work as a freelance social media manager. Not that long ago it would have been all about Twitter and Facebook. Nowadays Pinterest is a much bigger deal for many people, and TikTok is emerging as the latest trend.

So as that freelancer, you need to decide what you're going to focus on. Do you want to be the “go-to guru” for TikTok, or be more of a generalist with social media in general?

It's wonderful to have the choice.

 

10. Are there any other tips that you have for someone who wants to become a freelancer?

I have many!

The one I repeat over and over is that you have to eventually go for it and make the jump. I see a lot of people who never get past the “thinking about it” phase. Meanwhile the go-getters have taken the leap of faith and started to build success.

Moving to freelancing is one of those things where there may never be a perfect time to do it. Those who keep waiting for that time to arrive can easily find themselves looking back ten years later with the same commute and the same job.

Another thing I'm like a broken record about is the importance of “paying your dues.” There are often plenty of less-than-ideal gigs to finish successfully before you arrive at the amazing ones.

I wrote about some really dull topics in my early days of freelance writing, for example. But I had to wade through that stuff to build my reputation. It all felt thoroughly worth it a few years later when I was being well paid for travel articles and restaurant reviews!

You learn something from every job along the way: How to handle clients, renegotiate rates, refine your skills, and get work done more efficiently so that you're boosting the value of your time. Freelancing isn't supposed to be easy but it's almost always challenging, interesting and rewarding.

And let's face it, many people don't feel that way about their jobs.

 

11. What can a person learn from your course? Can you tell us about some of the people who have successfully taken your course?

OK, so Freelance Kickstarter expands on all of the topics I've touched on here, and many others. It's intended to remove confusion, and that feeling of overwhelm that often descends when researching this stuff online. It helps new freelancers make a clear plan for getting started. As the strapline goes, the idea is that people “stop wasting time, and start making money!”

I never intended to create a course, but after running the HomeWorkingClub website for several years, it became clear there was a space for something like this. I make it very clear that it's not some kind of “get rich quick” scheme.

To be brutally honest, I don't want students who are looking for shortcuts. There is real hard work involved in being a successful freelancer, but it's a more than viable option for those willing to do what's required.

The course starts with the basics of working out what you can do and want to do, and presents LOTS of different options. It then moves on to auditing your skills and experience, building your brand, and working out your own personal goals. I particularly like that section because it helps people learn the exact process I use myself every few months to keep things moving forward.

The next lessons cover finding clients, and there's a big module on learning how to use freelance job boards like Upwork. Once people have completed this, they will know how to uncover the good and genuine jobs, and how to side-step the time-drains and scams.

Students also learn about setting rates, and all the other practicalities of running a freelance business, from getting the tech right to taking undisturbed holidays! We also cover side gigs, and long-term slow-burn projects like blogs and self-published books.

I provide personal support on the course, and people can ask me all the questions they need as they go along. There are also regular exclusive podcasts with extra advice and news of industry developments and new opportunities.

In terms of people who have already taken the course, I recently published a case study from a lady called Lyn. She now has “more work than she can handle” as a freelance writer working via Upwork. Two things that have particularly pleased me about her situation is that she's cherry-picking projects that interest her, and that she's been able to do exactly what I suggest in increasing her rates as she builds experience and reputation.

I've also had great feedback from people at a much earlier stage. I've kept the course price low so that people can use it to help decide if freelancing is for them – just dipping their toes in for the first time.

As one student said, the course is “ideal if you are considering going freelance and don't know where or when to start, or even if freelancing is for you.”

Several of the testimonials so far have aligned perfectly with the original objective, which was – essentially – to help people see the wood for the trees in an environment than can seem very daunting to begin with.

I set out to create the course I wish I'd had! I've made more than my fair share of mistakes in over 16 years of freelancing. The people taking Freelance Kickstarter should hopefully be able to avoid the same ones!

Click here to learn more about Freelance Kickstarter.

 Are you interested in learning how to become a freelancer?

The post How To Become a Freelancer and Make a Full-Time Income appeared first on Making Sense Of Cents.


Source: makingsenseofcents.com

Can I Inherit Debt?

by Phillip Warren

Man trying to role a huge boulder labeled "DEBT" up a steep hillWhen someone passes away leaving debts behind, you might be wondering if you have any personal liability to pay them. If you have aging parents, for instance, you may be worried about having to assume responsibility for their mortgage payments, credit cards or other debts. If you’ve asked yourself, “Can I inherit debt?” the answer is typically no, even though those debts don’t automatically disappear. But there are situations in which you may have to deal with a loved one’s creditors after they’re gone.

How Debts Are Handled When Someone Passes Away

Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.

In terms of who is responsible for making sure the estate’s debts are paid, this is typically done by an executor. An executor performs a number of duties to wrap up a person’s estate after death, including:

  • Getting a copy of the deceased person’s will if they had one and filing it with the probate court
  • Notifying creditors and other entities of the person’s death (for example, the Social Security Administration would need to be notified so any Social Security benefits could be stopped)
  • Completing an inventory of the deceased person’s assets and their value
  • Liquidating those assets as needed to pay off any debts owed by the estate
  • Distributing the remaining assets to the people or organizations named in the deceased person’s will if they had one or according to inheritance laws if they did not

In terms of debt repayment, executors are required to give notice to creditors who may have a claim against the estate. Creditors are then giving a certain window of time, according to state laws, in which to make a financial claim against the estate’s assets for repayment of debts.

If a creditor doesn’t follow state guidelines for making a claim, then those debts won’t be paid from the estate’s assets. But if creditors are less than reputable, they may try to come after the deceased person’s spouse, children or other family members to collect what’s owed.

Not all assets in an estate may be used to repay debts owed by a deceased person. Any assets that already have a named beneficiary, such as a life insurance policy, a 401(k), individual retirement account, payable on death accounts or annuity, would be transferred to that beneficiary automatically.

Can I Inherit Debt From My Parents?

Pencil erasing the word "DEBT"

This is an important question to ask if your parents are carrying high amounts of debt and you’re worried about having to pay those bills when they pass away. Again, the short answer is usually no. You generally don’t inherit debts belonging to someone else the way you might inherit property or other assets from them. So even if a debt collector attempts to request payment from you, there’d be no legal obligation to pay.

The catch is that any debts left outstanding would be deducted from the estate’s assets. If your parents were substantially in debt when they passed away, repaying them from the estate may leave little or no assets for you to inherit.

But you should know that you can inherit debt that you were already legally responsible for while your parents were alive. For instance, if you cosigned a loan with them or opened a joint credit card account or line of credit, those debts are legally yours just as much as they are your parents. So, once they pass away, you’d be solely responsible for repaying them.

And it’s also important to understand what responsibility you may have for covering long-term care costs incurred by your parents while they were alive. Many states have filial responsibility laws that require children to cover nursing home bills, though they aren’t always enforced. Talking to your parents about long-term care planning can help you avoid situations where you may end up with an unexpected debt to pay.

Can I Inherit Debt From My Children?

The same rules that apply to inheriting debt from parents typically apply to inheriting debts from children. Any debts remaining would be paid using assets from their state.

Otherwise, unless you cosigned for the debt, then you wouldn’t be obligated to pay. On the other hand, if you cosigned private student loans, a car loan or a mortgage for your adult child who then passed away, as cosigner you’d technically have a legal responsibility to pay them. Federal student loans are an exception.

If your parents took out a PLUS loan to pay for your higher education costs and something happens to you, the Department of Education can discharge that debt due to death. And vice versa, if your parents pass away then any PLUS loans they took out on your behalf could also be discharged.

Can I Inherit Debts From My Spouse?

When marriage and money mix, the lines on inherited debt can get a little blurred. The same basic rule that applies to other situations applies here: if you cosigned or took out a joint loan or line of credit together, then you’re both equally responsible for the debt. If one of you passes away, the surviving spouse would still have to pay.

But what about debts that are in one spouse’s name only? That’s where it’s important to understand how living in a community property state can affect your liability for marital debts. If you live in a community property state, debts incurred after the marriage by one spouse can be treated as a shared financial obligation. So if your spouse opened up a credit card or took out a business loan, then passed away you could still be responsible for paying it. On the other hand, debts incurred by either party before the marriage wouldn’t be considered community debt.

Consider Getting Help If You Need It

If a parent, spouse, sibling or other family member passes away, it can be helpful to talk to an attorney if you’re being pressured by debt collectors to pay. An attorney who understands debt collection laws and estate planning can help you determine what your responsibilities are for repaying debts and how to handle creditors.

The Bottom Line

Son talks with his mother about her debtWhether or not you’ll inherit debt from your parents, child, spouse or anyone else largely hinges on whether you cosigned for that debt or live in a community property state in the case of married couples. If you’re concerned about inheriting debts, consider talking to your parents, children or spouse about how those financial obligations would be handled if they were to pass away. Likewise, you can also discuss what financial safety nets you have in place to clear any debts you may leave behind, such as life insurance.

Tips for Estate Planning
  • Consider talking to a financial advisor about how to manage and pay off debts you owe or any debts you might inherit from someone else. If you don’t have a financial advisor yet, finding one doesn’t have to be difficult. SmartAsset’s financial advisor matching tool can help you connect with an advisor in your local area. It takes just a few minutes to get your personalized advisor recommendations online. If you’re ready, get started now.
  • The Fair Debt Collection Practices Act caps the statute of limitations for unpaid debt collections at a maximum of six years, although most states specify a much shorter time frame. However, some debt collectors buy so-called zombie debts for pennies on the dollar and then – unscrupulously – try to collect on them. Here’s how to deal with such operators.

Photo credit: ©iStock.com/NiseriN, ©iStock.com/AndreyPopov, ©iStock.com/FatCamera

The post Can I Inherit Debt? appeared first on SmartAsset Blog.


Source: smartasset.com

How to File for Pandemic Unemployment Assistance in Every State

by Phillip Warren

Note: This article has been updated to reflect the new programs and provisions in the second stimulus package.

For the first time nationally, independent contractors and gig workers can receive unemployment benefits — through Pandemic Unemployment Assistance. Millions of Americans have relied on this program since it was created by the first stimulus package in March 2020.

Depending on your state, PUA effectively expired on Dec. 26 or 27. At the 11th hour, lawmakers rallied to pass a second stimulus package, extending the program for 11 weeks. However, some states had to pause making PUA payments as they implemented the new rules.

The Penny Hoarder looked at the application process in all 50 states, plus Washington, D.C. when the program was first created. We compiled the information into an interactive map that shows you how to file in each state, then updated the information based on new provisions laid out in the second stimulus package.

This guide will explain everything you need to know about Pandemic Unemployment Assistance.

What Is Pandemic Unemployment Assistance?

  • How the Second Stimulus Package Changes PUA
  • A 50-State Interactive Map to Help You Apply for PUA
  • Documents Needed to File for PUA
  • This $300 boost is known as Federal Pandemic Unemployment Compensation (FPUC).

    [Back to top ↑]

    How the Second Stimulus Package Changes PUA

    Initially, the CARES Act authorized PUA payments for a maximum of 39 weeks. The second stimulus package extended PUA to 50 weeks total — or 11 extra weeks.

    PUA now sunsets on March 14, 2021, unless extended by Congress and the Biden administration. Those who haven’t exhausted their PUA benefits as of March 14, 2021, may continue receiving benefits until April 5, 2021.

    One new and notable limitation: PUA used to be available retroactively as far back as January 2020. The new stimulus law tightens the window for retroactive PUA payments to Dec. 1, 2020, through March 14, 2021.

    All PUA recipients should be expecting to file more paperwork, too. To curb fraud, the second stimulus deal forces current and new PUA recipients to submit documents related to employment or self-employment, according to the DOL.

    The exact documents needed will be determined by your state agency, which is required to notify you. The deadline to file those documents is March 27, 2021. Defer to your state’s deadline if different.

    [Back to top ↑]

    How to File for Pandemic Unemployment Assistance, State by State

    Our interactive map includes PUA filing instructions for all 50 states and Washington, D.C.

    Based on The Penny Hoarder’s analysis, 35 states and D.C. process PUA applicants using the same application for general unemployment. Only 15 states have separate PUA applications.

    Here’s how we broke it down on the map.

    General Unemployment

    To determine PUA eligibility, most states funnel applicants through the Unemployment Insurance system first. Those states require you to file two applications: state unemployment first, then PUA.

    In such states, you must get denied Unemployment Insurance (UI) before applying for PUA. Only a handful of states have one streamlined, general unemployment application that determines your eligibility for both PUA or regular benefits.

    For simplicity — and because in both instances your first step is filing a general unemployment claim — both methods are categorized as “general unemployment (UI)” on the map, in dark  blue.

    To see if you need to file two applications or one streamlined version, click your state on the map for specific filing instructions.

    PUA

    States marked in light blue have a PUA application separate from the regular Unemployment Insurance system. If you are a resident of one of these states, you can file for PUA directly so long as you meet the eligibility criteria.

    [Back to top ↑]

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    Documents Needed to File for PUA

    If you’re ready to file for Pandemic Unemployment Assistance, you’ll need to gather several types of identification- and income-related documents.

    Your state may require a few additional documents, but here’s an overview:

    • State-issued ID card.
    • Social Security Number or Alien Registration Number.
    • Mailing and residential address (if different).
    • Bank account information for direct deposit, otherwise your benefits will arrive via a prepaid debit card or check.
    • Tax return: Form 1040, Schedule C, F and/or SE.
    • As many income statements as possible: bank receipts with deposit information, 1099 forms, W-2s, paycheck stubs, income summaries and business ledgers.

    Income statements and related documents are crucial to proving how and when the coronavirus affected your earnings. For freelancers and independent contractors, it may be difficult to compile everything. Include as much as possible.

    [Back to top ↑]

    Pro Tip

    Depending on which gig app you use and how much you earned, you may not have received any 1099 income forms in the mail. In that case, log on to the app and download your income statements.

    Expect Delays

    Due to new rules outlined in the second stimulus package, state labor departments are once again scrambling. Hiccups should be expected while applying for, asking about or submitting documents related to PUA. Many gig workers and independent contractors warn of website crashes, unavailable customer service, confusing questionnaires and more.

    Perseverance is key.

    Adam Hardy is a staff writer at The Penny Hoarder. He covers the gig economy, entrepreneurship and unique ways to make money. Read his ​latest articles here, or say hi on Twitter @hardyjournalism.

    This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.


    Source: thepennyhoarder.com

    How Long Does It Take To Get a Credit Card?

    by Phillip Warren

    Generally speaking, it takes seven to 10 business days to get a credit card once you’re approved. The specific amount of time can vary as many factors throughout the process affect how fast you receive your card. Getting approved can happen in a matter of seconds or days, depending on what kind of card you apply for. Whether you apply online or in person may also affect how fast you’ll receive your credit card in the mail.

    How Long Does It Take to Get My Card in the Mail?

    The longest step in getting a credit card is waiting for it to come in the mail. Shipping time frames can vary depending on which credit card you apply for. Here are the average time frames of many popular credit card companies today:

    • American Express: seven to 10 business days
    • Wells Fargo: seven to 10 business days
    • Discover: three to five business days
    • Capital One: seven to 10 business days
    • Bank of America: seven to 10 business days
    • Chase: three to 5 business days
    • Citi: seven to 10 business days

    Unfortunately, the time it takes for the credit card to go through the mail can be impacted by many factors out of your control. You may get your card sooner than stated above, or later if there are external mail carrier issues.

    How to Get a Credit Card Right Away

    Unfortunately, most credit cards aren’t made available to you the same day you apply. Even though you can get approved for a card almost instantly, you must still wait for the card to come in the mail. However, credit card companies sometimes offer options to help speed up the process.

    Most banks offer expedited shipping if you need your card delivered faster than usual. Depending on what type of card and bank you apply with, they may charge you an extra fee for this option. Some banks will make things easier for you by giving you your credit card number right after approval. This allows you to start making purchases while waiting for the physical card to arrive. American Express typically allows this with all of their cards to increase their user satisfaction.

    What to Do If You Haven’t Received Your Card Yet

    If you notice that you haven’t received your card after some time, reach out to your bank or credit card company. By reaching out, you minimize the risk of the card getting lost or stolen. Your bank may also be able to provide you with a temporary card while they sort everything out. Not all lenders, but if they do they may charge you an additional fee.

    How To Apply for a Credit Card

    To get a credit card, you must first apply either online or in person for approval. Receiving the credit card itself and waiting to be approved are two separate steps. Therefore, the time it takes to receive your card can vary from person to person.

    What Do Creditors Look for in Applications?

    Credit card applications typically ask for your personal information as well as your financial background. To determine your financial background, they’ll ask for your Social Security number and source of income.

    Your Social Security number will allow the creditors access to your credit report. After close evaluation, you’ll either be approved or declined for the card. When looking at your report, creditors typically pay close attention to data such as your debt-to-income ratio, hard inquiries, and any delinquent accounts you may have.

    What Do Creditors Look for In a Credit Report?

    Your debt-to-income ratio refers to how much of your card’s limit is spent. Consistently using too much of your limit may cause creditors to view you as more of a high-risk borrower. Similarly, too many hard inquiries can make you seem risky. Finally, a delinquent account is another red flag. This shows that you may not have been paying off your credit card bills on time. Lenders won’t be as willing to approve you for a credit card if you have a history of account delinquency, as it’s not a good sign for them that you’ll be a reliable borrower.

    Some credit card companies pre-approve users who they think may be a good fit based on a soft version of their credit report. A soft version of your report gives lenders a glimpse of your financial background, but won’t affect your credit score. When your report shows that you meet a few requirements, they’ll send a card in the mail for you to use if you apply. Receiving the card in the mail doesn’t mean that you are automatically approved. It just helps speed up the process of getting a credit card. Pre-approving users is a way companies market their cards to users, in hopes of them applying later on.

    How to Build Credit With a Credit Card

    When you use a credit card, you build credit simultaneously. The way you manage and use your card can have either a positive or negative effect on your credit score.

    How Long Does It Take to Build Credit?

    If this is your first time using a credit card, then you are most likely building credit from scratch. Building a credit score doesn’t happen overnight. It usually takes about six months or so to build enough credit to have a credit report. Beginning early can be of great benefit to you down the line. A major factor in the calculation of your credit score is the length of your credit history. The longer you’ve spent building your credit, the more of a positive impact it can have on your score.

    Ways to Keep Your Credit Score Healthy

    When using a credit card, it can pay off in the long run to follow some best practices. You can do this by having a good understanding of what exactly factors into your credit score. The following are good habits to establish for maintaining a healthy score:

    • Make on-time payments to avoid a delinquent account.
    • Aim to only use 30 percent of your credit limit at a time to show you can manage your card wisely.
    • Avoid applying to too many cards or loans in a short time, as it can result in a hard inquiry. Too many hard inquiries can be the reason you are getting declined for your financial requests.
    • Stay on top of monitoring your credit score and report, so you can identify any mistakes before it’s too late to fix.

    Buildig Credit Best Practices

    While the most common time frame for getting a credit card is seven to 10 days, it can vary from person to person. If this seems like a long time, try reaching out to your bank. They may be able to expedite shipping or give you access to your credit card number in advance. Each credit card lender is different, so it’s important to do your research before applying. Take a look at our guide on the best credit card offers to help start your search.

    The post How Long Does It Take To Get a Credit Card? appeared first on MintLife Blog.


    Source: mint.intuit.com

    What is Panic Selling & How Does it Work?

    by Phillip Warren
    woman covering eyes

    Panic selling is when enough investors want to sell their holdings at the same time that it creates a profound drop in prices. That drop scares other investors into selling, which causes prices to fall still further, which frightens more investors, and so on.

    The resulting panic can erase vast amounts of wealth. It can take weeks or even years for the markets to recover from a serious panic.

    markets can crash.

    Throughout the history of every kind of market, panic occasionally sets in. Sometimes it’s a major global event that sets it off, like what happened with the stock markets in March of 2020 as the global COVID-19 pandemic picked up speed and countries entered lockdown.

    Other times, it’s simply a matter of a given asset—like housing in 2008—being bid up to unrealistic levels, followed by the mass consensus of what it’s worth changing seemingly overnight.

    What Causes Panic Selling?

    While panic is a very human response to the prospect of major financial loss, there are also other factors that can trigger investors to start panic-selling stocks.

    Panic Selling and Margin Calls

    In the Great Crash of 1929, there were many investors who had borrowed heavily to invest in the stock market. When the markets dropped, they received something called a margin call, requiring that they pay back the loans they took out to invest. Those margin calls required that they sell potentially even more stock to pay back the loans, which caused the markets to fall even further.

    Panic Selling and Stop-loss Orders

    Similarly, there are trading programs that can throw fuel on the fire of a bout of panic selling. These can be as simple as a stop-loss order, a standing order to buy or sell a particular security if it ever reaches a predetermined price, which investors commonly use in their brokerage accounts.

    A stop-loss order can be a way to take advantage of price dips to buy a stock at a discount. But during a sudden drop in the markets, stop-loss orders often lead to automatic sales of stocks, as investors try to lock in their gains.
    These automatic sales—in large enough numbers, can accelerate the decline in a market, and contribute to the panic.

    Panic Selling and Algorithms

    There are algorithms employed by major financial institutions and professional investors that will automatically sell if the price of a given stock falls to a certain level. The crash of 1987 was caused in part by some of the first computerized trading programs. And in 2010, one trader who lost control of his highly sophisticated trading software was responsible for the “flash crash,” which caused roughly a trillion dollars of market capitalization to disappear in under an hour.

    The system-wide risk presented by these tools is one reason that most major stock exchanges have installed a series trading curbs and “circuit breakers” in place to slow down panic selling and give the traders who use these programs to recalibrate them before a full-fledged selling spree can run out of control.

    The Risks of Panic Selling

    When markets drop suddenly, it can be scary for investors. And one of the biggest risks may be to give into that fear, and join in the selling.

    But one thing to remember is that markets go up and down, but an investor only loses money when they sell their holdings. By pulling their money out of the stock market, an investor not only accepts a lower price, but also removes the chance of participating in any rebound.

    Loss is a big risk of panic selling. People who invest for goals that are years or decades away can likely weather a panic. But if a person is investing for retirement, a sudden panic just before they retire can create a major problem, especially if they were planning to live off those investments.

    The danger of sudden, panic-driven drops in the market is one reason it makes sense for investors to review their holdings on a regular basis, and adjust their holdings away from riskier assets like stocks, toward steadier assets like bonds, as they get nearer to retirement.

    That risk is also why most professionals recommend people keep 6-12 months of expenses in cash, in case of an emergency. That way, even if a financial crisis causes a person to lose their job, they can stay in the market. It’s a way to protect their long-term plans from being jeopardized by everyday expenses.

    Finding Opportunities in Panic Selling

    During a panic, there are typically enough scared people making irrational decisions to create valuable buying opportunities. The stock-market crashes in 1987 and in 2008, for instance, were each followed by a decade in which the S&P 500 rewarded investors with double-digit annual returns. (As always, however, past performance is no guarantee of future success.)

    The problem is that there’s no way to know when a panic has reached its end, and when the market has fallen to its bottom. Professional traders with complex mathematical models have had mixed results figuring out when a market will rebound. But for most investors—even savvy ones—it’s a guessing game at best.

    There are two ways an investor can try to take advantage of a bout of panic selling:

    1. The first is not to panic.
    2. The other is to keep investing when the market is down, while stocks are selling for much lower prices.

    Dollar Cost Averaging

    One way to take advantage of panic selling is with dollar cost averaging. With this long-term plan, an investor buys a fixed dollar amount of an investment on a regular basis—say, every month. It allows an investor to take advantage of lower purchase prices and limits the amount they invest at when valuations are higher. As such, it’s a strategy for all seasons—not just during a panic. Most investors already employ some form of dollar cost averaging in their 401(k) plan.

    The Takeaway

    SoFi Invest® offers an active investing solution that allows members to choose their own stocks, or take advantage of an automated investing solution that invests their money based on personal goals and risk tolerance.

    Find out how you can get started investing today with SoFi.


    SoFi Invest®
    The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . The umbrella term “SoFi Invest” refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
    1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
    2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
    3) Digital Assets—The Digital Assets platform is owned by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
    For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, http://www.sofi.com/legal.

    Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
    SOIN20283

    The post What is Panic Selling & How Does it Work? appeared first on SoFi.


    Source: sofi.com

    Money Moves to Make in Your 20s, 30s, and 40s

    by Phillip Warren

    Reaching your twenties is an exciting milestone for most as it means you’ve officially entered adulthood. Along with that milestone comes new responsibilities and worries that we didn’t picture when our teenage selves dreamed of turning 21. We imagined our college graduation, moving into our first apartment, and launching our new career. That vision didn’t include dealing with student loan debt, taking on a low paying entry-level job, or having to confront that despite spending 4 years in college, you’re still unsure how the world of personal finance actually works.

    It’s easy to dismiss it all because well you’re a 20 something, and you’ll have plenty of time to play catch up. The reality is that each decade plays an important role in our future financial health. Take the time now to learn about your money and follow the money moves outlined below to put yourself on a path of lifelong financial success and eventual freedom.

    Money Moves to Make in Your 20’s:

    Learn How To Budget

    Building a budget doesn’t have to be overly complicated or time-consuming. It’s actually the first step in putting yourself in control of your finances because it means you know where your money goes each month. The good news is that there are lots of apps and online tools that can make the process a breeze. Consider a system like Mint that will connect to your accounts and automatically categorize your spending for you. The right budgeting tool is simply the one you’ll stick with long term.

    Pay Off Debt

    Debt isn’t all bad. It may be the reason you were able to earn your degree, and a mortgage may help you one day buy a home. It can also quickly overrun your life if you aren’t careful. Now’s the perfect time before life gets more hectic with family commitments to buckle down and tackle any loans or credit card balances so you can be debt-free going into your 30’s.

    Build a Cash Cushion

    The financial downturn caused by the pandemic has reminded the whole world of the importance of having an emergency fund. We don’t know what life is going to throw at us and having a cushion can help you navigate the uncertain times. Though it’s not all about having a secret stash of cash to deal with the bad news of life (medical bills, car repair, layoff), it can also be about having the cash to seize an exciting opportunity. Having savings gives you the freedom and security to deal with whatever life brings your way – good or bad.

    Understand Credit

    Your credit score can dictate so much of your life. That little number can play a big role in the home you buy, the car you drive, and even the job you hold as some employers (especially in the finance world) will pull your credit. It’s important that you check your credit report and score (also available through Mint), learn how it’s calculated, and work to improve it.

    Money Moves to Make in Your 30’s:

    Invest For Retirement

    Now that you’ve spent your 20’s building the foundation for your financial life, it’s time to make sure you’re also tackling the big picture goals like saving and investing for retirement. I typically recommend that clients save 10% to 15% of their annual income towards retirement. That may seem like an insurmountable goal, but starting small by saving even 1 to 3% of your salary can make a big difference in the future. Also, make sure to take advantage of any matching contributions that your employer may provide in your retirement plan. If, for example, they offer to match contributions up to 6%, I would try hard to work towards contributing at least 6%.

    Buying Your First Home

    Buying your first home is a top goal for many, but it also seems to be getting increasingly more difficult especially if you live in a major city. The most important steps you can take is to improve your credit score, pay down high-interest debt, and be aggressive about saving for a down payment. Saving 20% down will help you qualify for the best loan terms and interest rate, but there are still home loans available even if you aren’t able to save that much. Just be realistic with your budget and what you can afford. Don’t let a lender or real estate agent determine what payment will fit into your budget.

    Be Covered Under These Must-Have Insurances

    You’ve spent the last several years building your savings and growing your family. It’s now crucial that you have the proper insurance coverage in place to protect your assets and your loved ones. Life and disability insurance are top of the list. Life insurance doesn’t have to be expensive or complex. Get a quote for term-life that will last a set number of years and protect your partner and children during those crucial years that they depend on you. Disability insurance protects your income if you become sick or injured and are unable to work. Your earning ability is one of your biggest assets during this time, and you should protect it. This coverage may be offered through your employer, or you can request a quote for an individual policy.

    Invest in Self-Care and Well Being

    Mental health is part of self-care and wealth. Most people don’t talk about how financial stress and worry affect their overall health. When you can take care of yourself on all levels, you will feel healthier and wealthier, and happier. But it is not easy. It takes work, effort, awareness, and consciousness to learn how to detach the value in your bank account or financial account from your self-worth and value as a human being. When you feel emotional about your money, investments, or the stock market, learn ways to process them and take care of yourself by hiring licensed professionals and experts to help you.

    Money Moves to Make in Your 40’s:

    Revisit Your College Savings Goal

    As your kids get older and prepare to enter their own journey into adulthood, paying for college is likely a major goal on your list. Consider opening a 529 plan (if you haven’t already) to save for their education. 529 plans offer tax advantages when it comes to saving for college. There are lots of online resources that can help you understand and pick the right plan for you. Visit https://www.savingforcollege.com. This is also a great time to make sure you’re talking to your kids about money. Give them the benefit of a financial education that you may not have had.

    Get Aggressive with Retirement Planning

    Your 40’s likely mark peak earning years. You’ll want to take advantage of your higher earnings to maximize your retirement savings especially if you weren’t able to save as much in your 20’s and 30’s. Revisit your retirement plan to crunch the numbers so you’ll be clear on what you need to save to reach your goal.

    Build More Wealth

    You’ve arrived at mid-life probably feeling younger than you are and wondering how the heck that big 4-0 got on your birthday cake. We typically associate being 20 with being free, but I think we’ve got it wrong. There is something incredibly freeing about the wisdom and self-assurance that comes with getting older. You’ve proved yourself. People see you as an adult. Your kids are getting older and your finances are more settled. Now’s the time to kick it up to the next level. Look for ways to build additional wealth. This may mean tapping into your entrepreneurial side to launch the business you’ve dreamed of or buying real estate to increase passive income. Now’s also a great time to find a trusted financial advisor who can help guide your next steps and help you plan the best ways to build your wealth.

    Revisit Your Insurance Coverage

    Insurance was crucial before, but it’s time to revisit your coverage and make sure you’re protected especially if you decide to launch a business or buy additional real estate. This is also where a financial advisor can help you analyze your coverage needs and find the policies that will work for you.

    Consider Estate Planning

    Estate planning (think wills, trusts, power of attorney) isn’t the most fun / exciting topic. It involves imagining your gone and creating a plan for the loved ones you leave behind. It is also often overlooked by adults in their younger years. It’s easy to assume estate planning is something the wealthy need to do. It really comes down to whether you want to decide how your life savings will be managed or if you want a court to decide. It’s also crucial for parents with children who are minors to select a guardian and have those uncomfortable conversations with their family members about who would care for the children if the worst were to happen. It’s also a good time to visit this topic with your own aging parents and make sure they have the proper documents and plans in place.

     

    Whether you’re in your 20’s, 30’s or 40’s, it can be easy to put off planning your finances especially in the middle of a pandemic. Most of us are busy, and it’s easy to tell yourself that you’ll have time to work on a goal in the future. Commit to setting aside one hour each week or even each month to have a money date and review your finances. Don’t let yourself reach a milestone birthday (30, 40) and regret not being farther ahead. Follow these money moves now to seize control of your financial future.

    The post Money Moves to Make in Your 20s, 30s, and 40s appeared first on MintLife Blog.


    Source: mint.intuit.com

    Airline, hotel loyalty programs extending perks for members through coronavirus

    by Phillip Warren

    While COVID-19 has affected all parts of daily life, the travel industry has certainly been put on hold as people have had to cancel plans and stay at home. Since most travelers plan many months in advance, this also leaves many holding tickets they can no longer use. Frequent flyers and hotel loyalty members are left wondering what recourse they have, if any, when it comes to their member status and points or miles.

    We researched the major players in the hotel and airline industry to find out how these companies plan to accommodate their valued members – by extending points, status levels and more – in the wake of the coronavirus pandemic.

    Coronavirus relief measures by loyalty or travel program

    • Hilton Honors
    • Marriott Bonvoy
    • IHG Rewards Club
    • World of Hyatt
    • Wyndham Rewards
    • Choice Privileges
    • United MileagePlus
    • Delta SkyMiles
    • American Airlines AAdvantage
    • JetBlue TrueBlue
    • Southwest Rapid Rewards
    • Virgin Atlantic
    • British Airways
    • CLEAR
    • TSA Precheck
    • Global Entry

    Hilton Honors

    In addition to donating up to one million rooms to medical professionals, Hilton has promised to compensate its Hilton Honors loyalty program members in a number of ways.

    Lower status requirements

    Hilton has cut status qualification requirements by half.

    Elite status Previous status requirements New status requirements
    Silver status 4 stays, 10 nights or 25,000 base points 2 stays, 5 nights or 12,500 base points
    Gold status 20 stays, 40 nights or 75,000 base points 10 stays, 30 nights or 37,500 base points
    Diamond status 30 stays, 60 nights or 120,000 base points 15 stays, 30 nights or 60,000 base points

    Status extension

    For any Silver, Gold or Diamond members that were due to downgrade in 2020 or 2021, statuses will be extended through March 31, 2022.

    Cardholder benefits

    Weekend night rewards on eligible Hilton credit cards that were not expired by May 1, 2020, will now be valid through August 31, 2021, and certificates issued from May 1 through Dec. 31, 2020, are valid for 24 months from the date of issuance. All free weekend night certificates issued in 2021 can be used any night of the week and expiration is extended until Dec. 31, 2022.

    Additionally, bonus points will continue to count as base points on eligible purchases through Dec. 31, 2021, and toward elite status tier qualification, including Lifetime Diamond Status.

    Other rewards

    All 2020 elite qualifying nights will be rolled over to the 2021 status year. This applies to all nights members have already completed or will complete this calendar year.

    On top of that, Hilton has lowered the requirements to earn Milestone Bonuses for 2021. Previously, you could earn 10,000 bonus points every 10 nights after completing 40 nights in a calendar year. Starting in January, that requirement has been changed to 20 nights stayed to align with the new Gold qualification level. However, 60 nights will still earn you 30,000 points.

    Diamond members will be able to gift Gold status for staying 30 nights in 2021 instead of 60 nights which was the previous requirement. The requirement to gift Diamond status is lowered to 60 nights instead of 100.

    To ensure member safety, Hilton is providing flexible cancellations and full points refunds for all Hilton Honors experiences booked through May 31, 2021.

    You can follow further updates for Hilton Honors members on the loyalty program website.

    Marriott Bonvoy

    Marriott plans to compensate its Marriott Bonvoy members, although benefits may vary depending on members’ location.

    See related: Marriott data breach involves 5.2 million hotel guests

    Status extension

    Bonvoy members who earned elite status for 2020 can now enjoy their benefits through February 2022.

    Points extension

    Points set to expire by February 2021 will be paused, and no points will expire until after that time period. 

    Other rewards

    Active free night awards (as part of Marriott credit cards or packages) set to expire beginning March 1, 2020, will be extended through Aug. 1, 2021. Additionally, more recent certificates set to expire before July 31, 2021, will be extended through that date as well. Suite night awards set to expire by Dec. 31, 2020, will be extended another year through Dec. 31, 2021.

    Additionally, Marriott will deposit Elite Night Credits into Bonvoy elite members’ accounts in the amount of 50% of the nights required for the status they earned in 2019. This can make it easier for the members to reach the next tier.

    Elite Night Credits deposit breakdown

    Elite status Annual tier requirements Extra elite night credits
    Ambassador Elite 100 Qualifying Nights and $20,000 stay spend 50 Elite Night Credits
    Titanium Elite 75 Qualifying Nights 38 Elite Night Credits
    Platinum Elite 50 Qualifying Nights 25 Elite Night Credits
    Gold Elite 25 Qualifying Nights 13 Elite Night Credits
    Silver Elite 10 Qualifying Nights 5 Elite Night Credits

    Stay up to date on relief measures for Bonvoy members on the company’s COVID-19 page.

    Coronavirus: What to do if you’re unemployed and have credit card debt

    Credit card issuers offer cardholders relief amid coronavirus fears

    How to manage your credit cards during the coronavirus outbreak

    IHG Rewards Club

    Due to travel constraints and shortened travel periods, IHG has lowered its requirements for elite status membership by 25% or more, as well as extended statuses and points for all members (since elite members’ points never expire). 

    Lower status requirements

    Status Previous qualification requirements New qualification requirements
    Gold
    • 10,000 qualifying points in a calendar year or
    • 10 qualifying nights in a calendar year
    • 7,000 qualifying points in a calendar year or
    • 7 qualifying nights in a calendar year
    Platinum
    • 40,000 qualifying points in a calendar year or
    • 40 qualifying nights in a calendar year
    • 30,000 qualifying points in a calendar year or
    • 30 qualifying nights in a calendar year
    Spire
    • 75,000 qualifying points in a calendar year or
    • 75 qualifying nights in a calendar year
    • 55,000 qualifying points in a calendar year or
    • 55 qualifying nights in a calendar year

    See related: The benefits of IHG Rewards Club elite status

    Status extension

    Program statuses will be extended through January 2022 for all members. Spire elite members will also retain their Choice benefit of 25,000 bonus points or gifting of Platinum Elite status to someone each year.

    Award certificates 

    Anniversary night certificates (U.S. and U.K. only) set to expire before March 1, 2020, will be extended through the end of the year. All 2020 certificates will be redeemable for 18 months, instead of the usual 12. Some members have also reported that free night certificates expiring before Dec. 31, 2020, will be extended until August 2021.

    Follow updates to IHG Rewards Club benefits on the program’s travel advisory page.

    World of Hyatt

    The World of Hyatt loyalty program will extend all statuses and rewards to compensate valued members.

    Status extension

    All active elite statuses, as of March 31, 2020, will be extended through Feb. 28, 2022. 

    Points extension

    Forfeiting points due to inactivity will be suspended through June 30, 2021. No points will expire until that date.

    Other rewards

    Any earned rewards, such as free nights or upgrades, set to expire between March 1 and Dec. 31, 2020, will be extended through Dec. 31, 2021.

    Check the updates to Hyatt relief measures on the program’s COVID-19 page.

    online.

    Keep an eye on Wyndham’s COVID-19 statement page for updates.

    Choice Privileges

    It took Choice some time to follow suit and join other hotel chains in extending elite statuses and offering other promotions amid the outbreak. On May 21, 2020, the company announced a series of offers to expand the benefits of its Choice Privileges loyalty program.

    “Even during this crisis, our members found a number of ways to engage with us and make a difference,” said Jamie Russo, vice president, loyalty programs and customer engagement, Choice Hotels. “Some of them are essential and frontline workers who chose to stay in our small-business hotels, and others showed their generosity by donating their Choice Privileges points to aid recovery efforts. Our latest loyalty program changes tell our members that we appreciate their continued support and our hotels are here to welcome them whenever they feel safe traveling again.”

    Status extension

    All members’ current elite statuses will be extended through Dec. 31, 2021.

    Lower status requirements

    Choice is also easing requirements to qualify for elite status in 2021.

    Elite status Previous status requirements 2021 status requirements
    Gold status 10 nights 7 nights
    Platinum status 20 nights 15 nights
    Diamond status 40 nights 25 nights

    Additionally, Choice is giving current elite members a limited-time upgrade to the next tier. Gold members will be upgraded to Platinum status and Platinum members will be upgraded to Diamond. Additionally, members who stayed at least five nights by Dec. 31, 2020, will be able to keep their upgraded tier through 2021.

    United MileagePlus

    United has said it would compensate their MileagePlus members by extending all annual memberships, subscriptions and checked bag benefits for six months. United also plans to make status membership requirements easier and will release information later in 2020.

    Status extension

    All MileagePlus Premier members will get to retain their 2020 status through Jan. 31, 2022.

    Lower status requirements

    MileagePlus Premier membership now has easier requirements, reduced 50% for each status level.

    2021 status Premier qualifying flights and PQP … or PQP
    Silver 6 2,000 2,500
    Gold 12 4,000 5,000
    Platinum 18 6,000 7,500
    1K 26 9,000 12,000

    Other rewards

    All valid travel certificates issued on or after April 1, 2020, will be extended to be valid for two years for booking, as well as up to an additional 11 months to travel. All redeposit fees for flights booked through May 31, 2020, will be waived, as well as all fees for members who cancel within at least 30 days of departure.

    Follow more updates to United MileagePlus on the program’s travel notice page.

    Delta SkyMiles

    Delta has stepped up to say they will compensate their Medallion members by extending their Member status.

    Status extension

    2020 Medallion Member status will be extended through Jan. 31, 2022, and this change should be reflected on the member’s SkyMiles account by Feb. 1, 2021. Additionally, all 2020 Medallion Qualification Miles will roll over into 2021.

    Follow updates to the Delta SkyMiles program on the coronavirus travel update page.

    American Airlines AAdvantage

    As AAdvantage members experience reduced travel opportunities due to the coronavirus, American Airlines is offering elite status extension, lowering elite status requirements and allowing eligible cardholders to earn miles toward Million Miler status with credit card spend.

    Status extension

    Members whose elite status expires on Jan. 31, 2021, will automatically get an extension until Jan. 31, 2022.

    Lower status requirements

    Members will be able to qualify for a higher elite status in 2021 with lower requirements, including Elite Qualifying Dollar (EQD), Elite Qualifying Mile (EQM) and Elite Qualifying Segment (EQS).

    Gold oneworld Ruby Platinum oneworld Sapphire Platinum Pro oneworld Sapphire Executive Platinum oneworld Emerald
    • $2,000 EQDs and 20,000 EQMs or
    • $2,000 EQDs and 20 EQSs
    • $4,500 EQDs and 40,000 EQMs or
    • $4,500 EQDs and 45 EQSs
    • $7,000 EQDs and 60,000 EQMs or
    • $7,000 EQDs and 70 EQSs
    • $12,000 EQDs and 80,000 EQMs or
    • $12,000 EQDs and 95 EQSs

    Cardholder benefits

    The CitiBusiness® / AAdvantage® Platinum Select® Mastercard® cardholders who hold a companion certificate expiring Dec. 31, 2020, will receive a six-month extension as well, bringing the expiration date to June 30, 2021.

    Learn more about AAdvantage program updates on aa.com.

    JetBlue TrueBlue

    JetBlue took a bit longer to join other airlines in taking measures to support loyal customers. On May 14, 2020, JetBlue announced it’s extending Mosaic elite statuses, as well as making it easier to earn one.

    Status extension

    All currently valid Mosaic elite statuses will be extended through Dec. 31, 2021.

    Lower status requirements

    JetBlue is reducing the qualifying thresholds for Mosaic status by 50% for 2021. To earn the status this year, you’ll need to earn 7,500 qualifying TrueBlue base points or 6,000 qualifying TrueBlue base points and 15 flight segments.

    Alternatively, you can get the elite status by spending $50,000 in annual net purchases on the JetBlue Plus card – this spending requirement hasn’t changed for 2020.

    Virgin Atlantic

    Virgin Atlantic has also made it easier for customers to earn and maintain elite status amid the pandemic.

    Status extension

    In March 2020, Virgin Atlantic extended status for Gold and Silver members, allowing them an additional six months to meet the requirements.

    On Aug. 20, 2020, the airline added another six months to the extension, making it one year in total.

    Other rewards

    Starting Sept. 1, 2020, the Flying Club program members will be able to earn tier points on award flights, meaning they’ll be able to earn elite-qualifying points on flights where they used Flying Club miles to redeem for travel.

    On top of that, Virgin Atlantic makes it easier for members to earn and redeem Companion Vouchers, Upgrade Vouchers and Clubhouse Vouchers.

    Members can now use Companion Vouchers with any ticket in any booking class, regardless of status. Gold and Silver members can book their companion into any cabin for zero miles, and Red members can book their companion into Economy and Premium for zero miles or upper class at a 50% discount.

    Upgrade Vouchers can also be used with any ticket in any booking class, excluding Economy Light, for a one-cabin upgrade on a return flight.

    Clubhouse Vouchers can be used for one entry to any clubhouse when booked on a Virgin flight or with Air France, Delta or KLM when flying internationally. Gold members will continue to receive two vouchers.

    Southwest Rapid Rewards

    On April 16, Southwest announced a status extension for A-List and A-List Preferred members and companion passes. The company is also giving a points “boost” to all Rapid Rewards members.

    “As we continue to navigate our way through this unprecedented time and deal with extraordinary challenges, we are committed to keeping you informed and updated on the steps we are taking to manage through the COVID-19 pandemic,” Southwest said in a message to Rapid Rewards members.

    Status extension

    Companion Pass Members who received an extension of their earned Companion Pass benefits through June 30, 2021, will have their benefits extended for another six months. Members will be able to keep their status through Dec. 31, 2021.

    Other rewards

    Southwest is giving all Rapid Rewards members with an account opened by Dec. 31, 2020, a “boost” of 25,000 Companion Pass qualifying points and 25 flight credits toward Companion Pass status, as well as 15,000 tier qualifying points and 10 qualifying flight credits toward A-List and A-List Preferred.

    Southwest cardholders can also spend their way all the way to A-List status, with no cap on tier qualifying points (TQPs) earned through card spend. Previously, cardholders could only earn up to 15,000 TQPs per year via card spend.

    Additionally, travel funds created or expiring between March 1, 2020, and Sep. 7, 2020, will now expire on Sep. 7, 2022. Alternatively, Rapid Rewards members can convert those funds into Rapid Rewards points. According to Southwest, the conversion ratio is “the same rate you would be able to purchase a ticket with points today.”

    British Airways

    On June 11, British Airways finally joined other airlines in extending the elite status for its members. Additionally, the carrier is reducing the number of tier points needed to reach a higher membership tier.

    Status extension

    British Airways is extending tier status by 12 months for members who have a tier point collection end date of July 2020, through to June 2021.

    Lower status requirements

    The carrier has also reduced the number of points needed to retain and upgrade a membership status by 25%.

    Here are the new tier qualification thresholds:

    • Bronze: 225 Tier Points or 18 eligible flights
    • Silver: 450 Tier Points or 37 eligible flights
    • Gold: 1125 Tier Points

    Cardholder benefits

    Members who have earned heir Gold Upgrade Vouchers, Companion Vouchers and Travel Together Tickets with a British Airways credit card will get a 6-month expiration extension to any current vouchers.

    CLEAR

    CLEAR is a program that makes it quicker for travelers to get through airport security lanes by using biometrics for ID verification. Since many people are currently avoiding traveling due to the coronavirus outbreak, a CLEAR membership might not be useful at the moment.

    Originally, CLEAR offered customers to pause their membership for three months. Now CLEAR is allowing members to request a three-month extension to their membership, which can be done by contacting the company directly. With customer service channels such as phone lines overloaded by requests, the fastest way to do so is via CLEAR’s online chat. However, some users have reported experiencing difficulties finding the chat box on the website. Alternatively, you can reach CLEAR by text, email or phone.

    TSA Precheck

    TSA Precheck is a five-year membership that provides expedited security checks at select domestic airports in the U.S. At this time, TSA is planning to keep enrollment centers open while working to determine if any temporary closures are required. Some centers have been closed or changed hours.

    If you’re planning to visit an enrollment center, it’s recommended that you schedule an appointment – as walk-ins may be deferred.

    Visit TSA’s enrollment questions page for more information.

    Global Entry

    Global Entry, a program run by U.S. Customs and Border Protection that allows travelers to get expedited clearance through automatic kiosks when arriving in the U.S, has reopened its enrollment centers on Sept. 8, 2020. After a six-month hiatus, the program will finally allow conditionally approved Global Entry applicants to complete in-person interviews at most Trusted Traveler Programs enrollment centers in the U.S. The interviews must be scheduled in advance online, and their availability will vary by location.

    Since the COVID-19 outbreak has also affected processing times for Global Entry renewals, CPB has increased the renewal grace period to 18 months. This means that if you apply for your Global Entry renewal before its expiration date, you’ll be able to use Global Entry for another 18 months.

    As the coronavirus situation is unprecedented and changing rapidly every day, hotels and airlines continue to make updates to their travel policies, including their loyalty programs. Travelers should continue to check airline and hotel websites as the situation evolves. If they cannot find the information they need online, they should contact their hotel, airline or travel agency’s customer service number.


    Source: creditcards.com

    What Is the Average Used Car Loan Rate?

    by Phillip Warren

    average-used-car-loan-rate

    Article originally published July 13th, 2016. Updated October 30th, 2018.

    More people are opting to lease their new set of wheels instead of purchasing them, according to Q2 2018 data from Experian.

    The number of auto loans grew to an all-time high, with leasing surpassed 30% of all new consumer vehicle sales. But the interest rates consumers are getting on these loans has stayed low, especially for used cars. In fact, Experian reported that average loan rates saw some increases, but still remain historically low.

    Loan rates for a new car in Q2 of 2018 were 5.76%, up from 5.20% a year prior. Franchise used rates are 8.28% (down from 7.88% in Q2 2017), while independently used rates are 11.87% (down only 0.17% from Q2 2018).

    The Experian Automotive scoring deems prime consumers as those with scores of 661 to 850, nonprime users with scores of 601 to 660, and subprime users as those with scores of 300 to 600. Consumers on all risk tiers are increasingly choosing to lease over purchasing cars, according to the report.

    The number of prime consumers choosing used vehicles increased from 55.61% in Q2 2016 to 55.79% in Q2 2018. The number of nonprime and subprime consumers also saw increases, from 21.75% to 22.05% and decreases of 25.71% to 25.05%, respectively.

    Experian reported that the increased number of prime consumers choosing used vehicles resulted in “score increases, greater percentages of used financing in the prime risk tier and lower average used rates.”

    Getting a Car Loan

    If you’re thinking about buying a used car and taking out an auto loan to do it, it’s a good idea to review your credit first. Having a good credit score can help you qualify for better terms and conditions on your financing. (To find out where your credit stands, you can see two of your credit scores for free, updated every 14 days, on Credit.com.)

    And when you’re figuring out how much you can afford, remember to consider not only how much your monthly car payment will be but also how much the loan will cost you in the end, by considering the interest rate and length of the loan term. (The longer the loan term, the more interest you will pay.)

    If you aren’t happy with what you see, don’t worry — you may be able to improve your credit scores by paying down any big credit card balances, disputing errors and limiting credit inquiries until your score has had time to rebound.

    Gather All Documentation

    When attempting to get a used car loan, you will want to gather all the necessary documentation including the following:

    • Your Driver’s License
    • Proof of all of your income- this can be a paycheck stub or even a tax return
    • A utility or phone bill to prove your residency
    • Your social security number so they can run your credit check

    These days, you can often apply for the used car loan right online or even by phone which makes it the process that much easier and accessible.

    Start With Your Own Banking Institution

    It is always a good idea to start with your own bank or credit union for financing because you have already established history and relationship with them. Typically, you will be able to find the absolute best rates and more favorable terms if you go through your own bank.

    They will also be able to advise you on all the options that are available to you as you begin the journey toward car ownership.

    Shop for the Best Rates

    You never want to settle on the first rate you are given; don’t be afraid to shop around to see if you can find something better than the typical auto loan rates. You will find the best auto loan rates if you have good credit. Additionally, if you apply for multiple loans within a 14 day period, it will only count as one hard inquiry so that you can find the best rate possible.

    What is the Average Used Car Loan Rate?

    Typically, you will find that the car loan rate on a used car is going to be a bit higher than the rates you would find with a newer car. For example, good credit car loans can see an interest rate as low as 3.9% for a newer model and a little more than 5% for its older version.

    Average Auto Loan Rates by Credit Score

    The following are the average rates you may find for a used car loan that carries a 60-month repayment term based on a range of different FICO Scores.

    With a credit score between 500 and 589, you may be looking at interest rates on the loan as high as 16%. A bad credit score also makes it a lot harder to get approved for the car loan initially as well.

    A credit score in between 590 and 619 will typically see the 15% mark, and the percentages get lower from here with the lowest coming in at 4.39% with a credit score between a 720 and 850.

    A longer loan term will usually mean you will have a lower monthly payment, but you will also accrue more in interest with a longer loan term.

    Bottom Line

    When determining the average used car loan rate and the amount of interest you may have to pay on a loan, you will want to check all three of your credit reports, examine your credit score and credit history and determine what steps you can take to improve your credit, so you can qualify for a lower interest rate.

    Again, if you bank with a credit union, always start there first because the lender will already be able to see if you are high risk or not. Car buyers should always take their time, do their research, and tackle the work of fixing their credit prior to obtaining a loan for a car. It is always best to shop smarter and save money in the long run.

    The post What Is the Average Used Car Loan Rate? appeared first on Credit.com.


    Source: credit.com

    Unlocking the Secret of Apartment Keys

    by Phillip Warren

    You signed the lease. You cut the check for the security deposit. And the truck with all your stuff just pulled in. The leasing agent welcomes you and hands you the keys to your brand new place. But the key looks like a weird piece of plastic. And you're not actually sure how it locks and unlocks doors. When did apartment keys get so complicated?!

    Different types of keys mean different types of security. And that makes it harder for just anyone to gain access to buildings and units.

    Many buildings now have electronic locks that log when a door was opened and whose card was used to open it. Others keep security by keeping close track of who has keys. Some use keycards and what the heck is RFID?

    The good news is any combination of any of these locks, when used correctly, is a tested, secure and effective way to protect you and your home. And each method of security brings with it its own set of guidelines.

    Metal keys

    metal keys

    Tried and true, metal keys will go through the wash and dry cycle and come out just fine. You can drop them, lose them, toss them and they'll never let you down. Metal keys are the reason we don't really think about them much. Cheap to make and as long as you can keep an eye on them, they'll last forever.

    But are they really your keys? Or are they the property of your landlord? You'll want to check your lease, especially if you want copies made. Are you even allowed to get copies of your keys made? Well, if you look closely on your key, and see the words DO NOT DUPLICATE, you think you'd have your answer. But the truth isn't that open and shut. (Open and shut. Get it? Because of doors? Never mind.)

    You may need to go through your leasing office or landlord before you make the trip to the hardware store. Your landlord may have spares for free. And what happens if you lock yourself out of your apartment? Can your building's superintendent come by and let you in? Or do you need to call a locksmith? As with all things for your apartment, check with your landlord.

    Key cards

    key cards

    Convenient, skinny jeans-friendly, inexpensive to replace, the keycards you use to get into your building are just like the ones you use to get into your office. The only thing missing is an embarrassing photo of you on your first day. But not all key cards are the same.

    Key cards are programmed by entering your information onto a card that's read when it's swiped or scanned. That information is either encoded on a magnetic strip on the back of the card or it's loaded onto what's known as a radio frequency identification (RFID) chip in the card.

    A small chip containing your information is inserted into a plastic card and is powered by an induction circuit. When the card comes close to the scanner, it converts the electromagnetic field emitted by the scanner into electricity. That electricity powers the chip, which is then read by the computers. RFIDs are more secure than magnetic strip cards because the strips can become damaged more easily.

    Key fobs

    key fob

    The key fob is just like an RFID keycard, only smaller. The fob is meant to be clipped onto your keyring so it's always with you. These are quickly becoming a popular option with many new construction buildings, not only for garage and mailroom access but also for individual units. The fobs are small and also use a tiny induction circuit, so there's never a need to change batteries or reprogram them.

    The downside is these little plastic doodads can be expensive to replace. And you have to remember to have your keys with you all the time. So, if you're the kind of person who frequently loses things and locks yourself out of your house, this may not be the option for you. And make sure you don't lose it! Replacing these things can be expensive. Your landlord could charge a few hundred bucks for a replacement.

    Key codes

    key access code

    Sometimes your apartment key might not be a key at all — but instead a code. Apartment communities have been using access codes for years for visitors to dial into your building. Some are using this same technology outside of your door.

    Simply punch in your code, just like you would at an ATM, to unlock your door and enter your unit. In most cases, you'll be able to select your own code. Just make sure it's one that you'll remember!

    Bluetooth-digital combination

    bluetooth phone key

    This is the high tech solution many landlords are now considering. Besides your keys, what's the one item everyone takes with them everywhere now? Your phone. In this case, your phone acts like a fob. Except instead of a small induction circuit powering it, it's simply your phone that connects to the door lock via Bluetooth. Digital locks like these often use a backup code to get inside if you ever accidentally lock yourself out.

    But as great as these digital locks sound, they aren't perfect. Digital lock scanners need to be hard-wired to the building's main electrical system in order to work. So, if the power goes out, that will be a problem.

    And if they're not connected to the main electrical system, they can also operate on small backup batteries built into the units. But there's no telling how often those batteries or replaced, so you could find yourself locked out.

    Safe home, happy home with apartment keys

    Whether your apartment keys are old school or new, they should help keep your home safe and secure — provided you use some basic common sense and good practices.

    The post Unlocking the Secret of Apartment Keys appeared first on Apartment Living Tips - Apartment Tips from ApartmentGuide.com.