Personal Finance

Flickr | http://bit.ly/18RE2WY The housing market has been on a roller coaster ride for several years. Houses are either taken back by the banks if it’s in state of foreclosure, or if it’s for sale, someone is always looking to buy. Whether if it’s a house that’s built from the ground up or a certified pre-owned house, the market is saturated with houses on the buying and selling block. If you’re in the market for selling your house, here are some ways you can make your house stand out from the rest and get a quicker sale. Hire an agent If you don’t have real estate experience, hire an agent to act as a liaison between you and the buyer. If you’re pressed to sell your house within a certain amount of time, you should be prepared to pay a price to a realtor to receive quicker results. The agents may be able to get your house listed in places that you may not necessarily have access to. You can also hire an agent who has real estate marketing experience where they promote you home online with photos or videos. Appearance Keep your house neat and clean at all times. Make sure the interior and exterior of the house looks presentable, even down to the mailbox. When showing the house to potential buyers make sure there’s no clutter — remove your belongings so the buyer can visualize their property in the home. Clean out all rooms and closets to create a sense of bigger space. The more clutter, the more the rooms or closets appear to be smaller. A fresh coat of paint inside and out, as well as keeping the lawn trimmed is a great way to make your house attractive prior to selling. Even after closing on the house make sure it looks as close to move-in condition as possible. Warranty Offer a warranty that may cover things such as fixing appliances that break; usually up to a year from the purchase date. This could be a good investment as a new owner will not want the hassle of shelling out money to fix up the house. Compare sale prices Always compare the houses in your community to yours to give you an idea of how much to sell the house for.  Even though your house may have been worth more money five years ago doesn’t necessarily make it so in the present housing market. Inspection Hire a professional to inspect the house inside and out. If there are any potential problems with the house before selling it, you can make the repairs so the buyer won’t have to. This could potentially open the door for the buyer asking for a reduction in the asking price. Make sure all housing codes are up to date. Don’t be intrusive When the house is being shown, try not to be in the forefront if at all possible. Let the realtor do all of the walking, talking and selling.  Let the buyer have some time to look around the house and if they have any specific questions, use that time to talk to them. The Best 5 Ways to Save for a Home Related Stories: Interview: Young Homebuyers Reveal Headaches & Feats How a Self-Employed Writer, Single Mom Bought a House Clever Ways to Safeguard Your Home While You’re Away 6 Ways to Sell Your House, Fast!

Summer heat and parties don’t always mix well. The combination can be a recipe for foodborne illness. Earlier this spring, the Centers for Disease Control reported a 43% increase in Vibrio cases during 2012, and a 14% increase in Campylobacter. The former often stems from eating raw oysters, the latter, from undercooked poultry and produce. Cases involving other common food contaminants, such as Listeria and Salmonella, saw no change — which the CDC reported showed a need for improved prevention. The USDA says food poisoning is more prevalent in the summer. Heat allows bacteria opportunity to thrive, and with parties and picnics aplenty, it’s all to easy for poor prep habits (like not washing hands, or using the same cutting board for meat and veggies) to cross-contaminate food in a way that will get all your guests sick. Take these 11 food-safety precautions for safer summer celebrations:  Cook food thoroughly Cooking food to a safe internal temperature is the best way to eliminate bacteria. That’s up to 165 degrees for most poultry; 145 degrees for fish: Food Safety.gov maintains a list by food type. “Use a food thermometer rather than relying solely on your senses to assure meat, poultry or fish is prepared to a safe temp,” says culinary nutritionist Jackie Newgent, author of “1,000 Low-Calorie Recipes.” Divide groceries Food safety group NSF International suggests keeping fresh meat, which is more likely to be contaminated, away from other groceries. Bag raw meat packages separately so juices don’t drip onto other foods. Wash hands “Proper hand washing is one of the best ways to prevent illness,” says Ron Simon a partner at Simon & Luke, a law firm that specializes in food poisoning cases. Before you start to cook, wash hands for at least 20 seconds using soap and warm water. Repeat each time you switch between handling raw and ready-to-eat foods. “If you are barbecuing away from home, such as in a park or at the beach, bring antibacterial soap with you in case the public restrooms are out,” he says. Double up on utensils. “Have at least two sets of tongs and other utensils, one to prepare food and the other to serve it,” says Simon. That keeps safely cooked from being re-contaminated. Shop the perimeter last Get your dry goods first, and then walk the store perimeter for produce, meat and dairy, advises the USDA. That way, foods in need of refrigeration will be exposed to the heat for less time. Drive straight home. Relocate the cooler Keep it in the air-conditioned car with you and your passengers, not in the hotter trunk, reports FightBac.org. Pack the cooler with plenty of ice, too. Cover food Covering food prevents flies from landing on it and transmitting bacteria. “Flies are one of the main channels of transmission for Salmonella,” Simon says. Monitor the buffet According to FightBac.org, perishable foods shouldn’t be left out for more than to hours. If it’s hotter than 90 degrees out, they shouldn’t be out for more than an hour. Serve kids well-done meat “E Coli is most dangerous in children, so no rare or medium rare burgers for the little ones,” Simon says. Defrost in the fridge Letting food defrost on the counter exposes the surface to room temperature air for longer than is safe, according to FoodSafety.gov. If you’re under time pressure, put the food under constant cold running water, in a container big enough to let the water flow around the food. Boil marinade “It’s only okay to reuse a marinade for meat, poultry, or fish when it’s boiled to destroy harmful bacteria,” says Newgent. Better yet, set some sauce aside at the outset, instead of using it all for marinating. Frugal Foodie is a journalist based in New York City who spends her days writing about personal finance and obsessing about what she’ll have for dinner. Chat with her on Twitter through @MintFoodie.

This article was originally published on Cash Money Life | Personal Finance, Investing, & Career at Traveling with Young Children.My wife and I just returned from an out of state vacation, our first with both of our children, ages 1.5 and four. Two years ago we traveled with our oldest daughter who was two at the time, and we stayed with my parents. That was a relatively easy trip, and we didn’t need to book a hotel, rent a car, or worry about too much. But this was our first overnight trip traveling with both of our daughters. We weren’t sure exactly what to expect, but in the end, the trip went surprisingly well. Traveling with young children can be an adventure. Hopefully these tips can help make your next trip a little easier! Flying vs. Driving We would have had a 20+ hour drive, which would have meant a two-day road trip down there and another two-day trip on the return leg. Or, we could drive an hour and a half to the airport, spend a couple hours in the terminal, and take a two and a half hour flight. Then of course, rent a car and drive to the hotel. Altogether, we were looking at two twelve hour days, or one seven hour day for each leg of the trip. We chose the latter, which cost more, but saved us an enormous amount of time and emotional energy. When are children are older, we may consider driving as we can take our time and turn the trip into part of the vacation. But when our children are both under age four, time and convenience are the most important factors for us! Flying with a Lap Child If you have a child under the age of two, you may be able to take your child on your lap during the flight. Airline travel is safer than driving, and easier than most people think. We decided to take our youngest on board as a lap child. There are pros and cons to this, but some of the deciding factors came down to traveling as a family, and saving money. We flew on Southwest Airlines, so we had three seats in row. If we had bought four seats, we would have had to split up (which we will likely need to do in the future). When flying with a lap child, you need to make sure you inform the airline in advance. For Southwest Airlines, you need to call and have the child’s name and DOB added to your itinerary. You also need to bring proper identification for your child, which includes a copy of a birth certificate, passport, or shot records. You also can’t print a lap child’s boarding pass from home, so you will need to check in at the airport to get a boarding pass for the child so he or she can get through security, and onto the plane. A bonus for traveling with Southwest Airlines is that they don’t charge you for up to two checked bags per person and you can check a car seat free, and it doesn’t count against your bag limit. We packed everything into two small suitcases. Hauling two suitcases, a full-size car seat and a booster seat, in addition to carry-on bags and two small children was an interesting experience! Renting a Car – and a Car Seat? When you are renting a car, be sure to get one that will meet all your size and safety needs, and be large enough to accommodate car seats if they are needed. We rented a small SUV, which was only a few dollars a day more expensive than an economy car. It didn’t get as good of gas mileage, but we were all more comfortable in the larger vehicle, and there was room to spare for the car seats. Speaking of car seats, many car rental agencies will rent car seats to you if you don’t want to take your when you travel. This can be a great convenience, but it comes at a cost. The company we used charges $15 per day to rent a car seat. We needed a car for 5 days, so that came out to $75, plus taxes and fees (and if you know anything about car rental taxes, they can approach 20% in some localities because cities *love* to tax hotels and car rentals!). We opted to travel with our own car seat to save the extra dough. The good news is most a

Although I was aware that a written contract was binding, I didn't realize that e-mail exchanges can also constitute a binding contract. Here's a summary of what I've read in articles. Courts have ruled that an e-mail can be contract if there is an "offer, acceptance and intent to be bound," meaning there is a "meeting of the minds." To avoid creating a contract, e-mails should contain language specifying the content is subject to further negotiation and does not constitute a binding contract. Based on what I've read, I will be careful not to let my e-mails become a binding contract. See E-mail Exchanges Can Create Binding Obligations and When An Email Becomes a Binding Contract for more details. For more on The Practice of Personal Finance, check back every Wednesday for a new segment. This is not financial or legal advice. Please consult a professional advisor. Copyright © 2013 Achievement Catalyst, LLC

The short answer is yes, a husband or a wife can apply and qualify for a mortgage without the other spouse being considered, if you live in a state where the law permits it. As with so many financial questions, the first thing to do is to check your state and local laws. One important law to look for is community property. If you live in one of the handful of states where community property laws exist, then it’s likely your spouse’s debt will be considered in the mortgage application, even if they are not part of that application. Much of the Southwest and Illinois are community property states, according to Wikipedia. The best thing to do is to check with a broker, banker, or real estate lawyer to see the best options for the type of loan you’re looking for. The question you might be asking is–why would anyone want to do this? While it didn’t even cross our minds when initially working out our house price “ceiling,” we quickly realized that applying separately would boost our changes of getting a mortgage and increase our purchasing power. Applying separately can be a great idea if you are in one of these situations: One spouse makes little to no income, but carries significant monthly debt payments (student loans, cars, other mortgages, credit cards, etc.). One spouse has a great credit score, while the other’s is significantly lower. One spouse can document regular income, while the other is self-employed. You want the future flexibility of only one spouse having a mortgage on their back, whether that means for purchasing other property, qualifying for other loans, or potentially for mitigating the effects of a foreclosure or short sale. In our case, we were essentially a single-income family, but my wife still carried student loans. Applying for a mortgage on a joint basis would have added no income to our financial picture, but would have increased our monthly debt payments. As a result, our debt-to-income ratio would be higher, and we would qualify for a smaller mortgage. As a second consideration, we plan to buy investment property in the future and/or build another home on our current property, so the flexibility of having my wife free and clear from a mortgage may help us down the road. Now, if you’re saying to yourself that this is “cheating the system” and setting ourselves up for financial strain, I would say that yes–this can be abused to the point where a family will struggle to make mortgage payments because of the non-mortgaged spouse’s obligations. If you pursue this strategy, you still have to be smart about your money. You have to be just as smart as when you’re approved for a $400,000 mortgage but know you can only afford $250,000. The underwriting process is only half the equation, and you’ll be well-served to run your own numbers to avoid the mess we’ve been in for the last 5 years with the real estate market. As for us, we knew we could still qualify to buy our home at the price we offered, even with my wife’s loan payments. But all other things being equal, I wanted the insurance policy of a little more breathing room in our payments for the mortgage underwriter to consider and approve the loan without any problems or delays. And that’s exactly what we got. When it came time to writing the actual title to the house, it was put in both of our names. This creates a clear path of ownership should one of us pass unexpectedly. Here’s the bottom line–the next time you buy a home, consider whether doing it together is really the best choice!

If you’ve ever used a computer in your life then you’ve heard someone ask, “You did have a backup right?” Ah yes, the all important backup. No matter what you use your computer for, whether it be work, school or play, you should know the importance of backing up any and all things you can’t replace or do without. Therefore, I present to you the Top Five Things to Backup on Your Computer.5. Bookmarks Most people don’t realize you can backup your bookmarks, but you can and should. I don’t know about you, but I have a ton of bookmarks and a lot of them are very important. Trust me when I say this, some of the pages saved on your bookmarks list are going to be very difficult/impossible to find again, so be certain to have a backup. Backing up bookmarks is really easy on most browsers and is well worth the 45 seconds it would take.4. Music FilesWith the birth of digital song downloading came the birth of humongous digital music collections. I know people who have paid hundreds and I’m sure some have paid thousands of dollars for their MP3 song collection. Not only will backing up this folder potentially save you a big headache, it could also save you big money.3. DocumentsIf anyone out there reading this is like me, then you save everything from pay stub copies to tax information as documents on your computer. I don’t know about you but when Mr. Taxman comes knocking, I want to be sure I’ve got all my info at the touch of a button. The My Documents folder is very simple to back up with a blank CD, USB stick or external hard drive.2. PicturesBefore digital cameras, everyone just went to their nearest supermarket or department store to have their photos developed. They would get multiple copies and share them with friends and family. Chances were if you lost a sentimental photo, a friend or relative would still have a copy. Now almost everyone stores their treasured family memories on their laptop or desktop and once they’re gone, there’s no way to get them back. You can’t go back in time and retake that picture of your dear grandmother as a teenager, so avoid the sorrow and keep multiple backups of all your photos.1. Your RegistryA computer cannot function without a clean registry. Nothing you ever do on your computer gets done without checking the registry first. It’s what keeps your computer operating as it should, so it’s a great idea to make consistent backups. That way your system can be returned to an earlier state of proper functioning in the LIKELY event you run into problems. I would advise you backup the registry before you make any big changes to your computer such as installing a large program, or changing any significant system settings.Please keep in mind that my top five list might not be the same as yours and that’s okay. Everyone uses their computer for different things and will therefore have different needs. If you only follow one of my suggestions though, I would recommend it be #1. Backup that Registry now, so you don’t regret it later.

When I went to graduate school at Syracuse University, I had a small scholarship, and federal student loans. However, even with these resources, I still didn’t have quite enough money to pay tuition for my Master’s program. So I turned to a private student loan to supply the deficiency. “After students have considered scholarships, grants and federal student loans, their next step is to find private student loans,” says Beatrice Schultz, a licensed College Planning Relief specialist and co-founder of Westface College Planning. “Private loans come from many sources, including public banks, private group, or individual lenders,” she continues. “All will require a co-signer, ideally with good credit.” Once you move into the realm of private student lending, your credit becomes more important. My private student loan was co-signed by my in-laws. I’m happy to say that they haven’t had cause to regret that decision. From banks to credit unions to P2P lenders set up to match students with interested lenders, it’s possible to find private student loans. Unfortunately, though, you need to be careful. The interest rates and repayment terms on private loans aren’t as generous as what you find with federal student loans. There are also networks that can help you find private student loans, if you are having trouble getting a loan through your bank or credit union. Schultz recommends SoFi (which connects students and alumni through a lending pool) and Private Student Loan Marketplace (which allows direct side-by-side comparisons of loan rates and terms). She also suggests that students consider student loans based in religious organizations. You can also get help through Slice Finance and TuitionU, which are both social-based student lending web sites. Crowdfunding is moving into the student loan space — and why not? It’s a trillion dollar business now. What to Look for in Private Student Loans Many financial planners and college planning experts insist that there is no such thing as a “good” private student loan. However, if you have to get a private loan to close your college funding gap, you should be careful and shop around. “When comparing loans, make sure to consider not only APR, interest rate, total cost, monthly payment, borrower benefits, fees and repayment options, but also co-signer requirements,” Schultz says. “Also find out how soon after the student starts paying the loan back a co-signer can be removed from the debt.” It’s important to keep in mind that your co-signer is on the hook if you default, so you need to be considerate to your co-signer. Bottom Line Private student loans should be your last resort. You should do what you can to plan ahead by saving up in a 529 plan, and then try for scholarships and grants. After those routes are exhausted, turn to federal student loans. You can also turn to family and friends to see if they can help you. Finally, if there is still a funding gap, private student loans can provide a bridge. Private student loans don’t come with the same protections and terms that you get from government resources, so it’s important to think long and hard before turning to them. Image: Rennett Stowe Where Can You Find Private Student Loans? from personal finance blog Bargaineering.com. The post Where Can You Find Private Student Loans? appeared first on Bargaineering.

If you were to guess who stays in their homes longer: first time home-buyers or experienced buyers, who would it be? You probably guessed right, buyers that are trading up stay in their homes for longer. First time buyers average about 11 years in their house while trade-ups are closer to 15 years (collectively, the average person stays in their home for 13 years). Now let’s flip it a little bit. Between the two groups, who has a greater likelihood of moving after the first year? That distinction belongs to the trade-ups. This is just one of the many interesting things we can learn from the National Association of Home Builders study about our home buying habits. As you can see from this chart, both first time buyers and trade-up buyers follow a pretty logical path for how long they stay in their homes. 1st time buyers are more likely to trade-up, but not by as much as one would think. In both cases, after about 30 years about 1/3 of homebuyers are still in their homes. This number shouldn’t surprise anyone, but you can’t help but wish it was higher. What is surprising is that after two years more than 10% of all homebuyers have moved. Even in stable housing market conditions that is not really enough time to make a home purchase worth it in the first place. Everyone has their own rule of thumb, but you typically want to stay in a home 5-7 years at least. The most notable revelation from this chart is the behavior of of the trade-up buyer. Trade-up buyers are both more likely to sell after 1, 2, and 3 years, and more likely to stay in their homes for longer than a first time buyer. One could extrapolate from this that there is a group of serial movers but that most people buying a trade-up home intend to stay for a while. This is how things are today. How do our homebuying habits compare to years past? This research dates back to the 1980s so we can get a decent picture our housing preferences have evolved over time. The reality is these numbers are remarkably stable. It’s no surprise that leading up the financial crisis we were moving more often, but if you go back to the 80s and 90s this curve looks pretty much the same as it does today. We keep our houses on average for 10 to 15 years, and after 30 years about 1/3 of us are still in the homes we purchased. There are observable patterns in the data though. After the financial crisis we stayed in our houses a bit longer than average. Just like leading up to it we were faster to sell. The rest question is whether the changing rules for mortgages, and the lessons we’ve learned about borrowing, will create a lasting change in our behavior towards homes. Probably not. Related posts: Stay Away From Selling In May Why Some People Don’t Respect Stay-At-Home Moms/Dads Homebuilders Will Keep On Building Related posts brought to you by Yet Another Related Posts Plugin.

My latest search for a tenant was not easy. After hosting six open houses over a one month period I’ve finally found the one who will hopefully stay for longer than one year, pay on time and take good care of the place. It’s a darn small world because her boss is a fellow tennis club member I see literally every week. He enthusiastically gave her a thumbs up so here’s hoping for the best! The average search duration during my previous three changeovers took half as long. I attribute two reasons for the duration difference: 1) Pricing and 2) Pickiness. Over the past 10 years I’ve seen my net worth grow just like most of you. As a result, I’ve become more picky in choosing “the ideal tenant” because my rental property is decreasing as a percentage of my overall net worth. With such a decline comes a reduction in time I want to spend tending to this asset. My first tenants were French citizens with no credit or rental history. I was a first time landlord back in 2005 who based my decision on gut and paystubs. They fortunately turned out to be terrific tenants who stayed for four years until they got married and decided to buy a place of their own. Perhaps I was lucky, or perhaps most tenants are simply honest to goodness people and being so thorough isn’t necessary. With each subsequent tenant I’ve scrutinized just a little more. A minimum of 40X monthly rent for annual income and credit scores of over 720 are non-negotiable criteria now. The average credit score for a rejected mortgage applicant is 729 so I’m not far off. The one thing landlords need to realize, however, is that you can’t always get what you want. After the fifth showing I almost gave in by lowering my price, but figured out a win-win pricing strategy just in time. MAXIMIZE YOUR RENTAL INCOME WHILE LOWERING TURNOVER I could ask for the moon and probably get some meteors if I priced my rental property low enough. The key is to figure out the current market for your rental property as well as understand your own tolerance for turnover. It’s safe to say that every single landlord wants high price, low turnover. My issue was that I priced at the absolute top of the range and couldn’t get the pick of the litter. Basic Marketing Steps Landlords Should Consider: * Search online to understand the market. Craigslist is the easiest and most efficient place to search for comparable properties. I have a two bedroom, two bathroom condo overlooking a park in a nice area in San Francisco. I first search for ALL two bedroom, two bathroom condos in my area. Then I narrow the list down to five listings that are as close to my unit as possible. Seldom will I find a perfect match, but I come close. Then I refine my search further by inputting an upper maximum price in the search 20% higher than the average of the five listings to make sure there isn’t anything I’m missing. The markets are relatively efficient within a +/- 10% pricing range, but you never know. * Make your listing beautiful. Now it’s time to list your property online. Of course you are going to write the most wonderful, detailed description about your place as possible. It’s important to include keywords to major parks, hospitals, grocery stores, restaurants, bars, main streets, and nice attractions as possible for search purposes. I’ve had numerous students from one graduate school contact me due to putting their school in my listing. The second crucial step is to upload as many pictures of as many rooms as possible. Craigslist allows for up to 8 pictures, so make them count with your best picture first. * Avoid pricing ending in $X.000. In other words, $3,499, $3,497, or $3,495 looks more attractive than $3,500. Pricing just below the hundreds figure also helps when prospects are searching online. The search engine might miss the whole figure, but the simple truth is that $3,495 sounds better than multiple l

By: Raven Utley Leaving the nest is one of the most used phrases ever when kids leave the safety of their home and their loving family they have had their entire life. Even though people...Read the Rest »