Happy Summary Sunday everybody. This week I have no theme – just some good posts to get you thinking. Enjoy!
Long Term Care Insurance – Does It Fit Into Your Financial Plan?
Wise Money Tips – October 7, 2017
Several of my readers have asked me about long term care insurance (LTIC). That topic is still on my “To Write” list, but in the meantime, here is a very thorough post from Wise Money Tips. It covers a lot of the commonly asked questions, like:
- How much LTIC do you need?
- Are there other options besides buying LTIC?
- What services does LTIC cover?
LTIC is by no means a requirement the way car insurance is, but it may be a smart choice for you and your family. Consider both your likelihood of needing LTIC and also whether it fits in with your financial planning.
The Problem With Your Problem With The “Get Out Of Debt Quick” Stories
Frugal Millennial – October 7, 2017
For every story that digs into the “personal” part of personal finance, there will be somebody (or a lot of somebodies) who claims it’s impossible.
I personally experienced this when the Retiring On An Enlisted Military Pension post went viral a few weeks ago. Despite the fact that I showed my math, people wrote that it was impossible.
“Maybe if he lives in a van down by the river.” (I accounted for paying rent on an apartment and all utilities)
“I retired from the military. There is no way I could have lived off just the pension.” (just because you wouldn’t be willing to do it doesn’t mean somebody else couldn’t do it)
“Interesting, but it’s unrealistic because the guy is single. How many people don’t have families?” (well, a lot if you believe the Census Bureau…but also that post mentions what would change if David got married/had kids and talks about future case studies of married members)
The point is, there are a lot of stories out there, but you will probably never find one that exactly matches your story. Frankly, if I found someone whose life mirrored mine I’d be creeped out. Read the stories with an open mind and a hope to learn something. It will be better for everybody’s blood pressure and wallet.
How To Read Your Credit Report
Fiscal Tiger – October 7, 2017
A lot of people are rightfully worried about their credit these days. Between stores getting hacked, phishing scams, card skimmers, and the Equifax hack, your credit history is under constant threat.
I credit (no pun intended) my vigilance with the fact that I have not (yet) had my credit stolen. I review my credit reports thoroughly three times each year, and check my scores regularly. Plus, I check my credit card and checking accounts each time I balance my budget. I also have account alerts set up on every financial account I have. If my credit is stolen, it won’t be long before I know about it.
This post runs through what each credit report looks like and how to review it. Make sure you are using AnnualCreditReport.com to receive your reports – it’s the official one explicitly directed by federal law to provide you one free credit report from each credit bureau every 12 months.
(I love how serious they are about making sure you use the right website. On their “About” page, it even says not to go to the Annual Credit Report site by clicking on links on other sites. I’ve provided the link so you can get to it easily and will never ever knowingly mislead you, but I love that they are suggesting the safest possible action. Feel free to NOT use that link. Personally, I always Google the address.)
If you aren’t already reviewing your credit reports every year, make sure you start. The Fiscal Tiger post will give you some good tips to help you understand what you are looking at.
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