February is the month of love. Millions of couples will get engaged on Valentine’s Day or get married this month, and couples spend an average of $260 on cards, flowers, jewelry and other gifts. Those gifts could include life insurance. It’s not the first gift you think of when you consider romance, but it’s a good way to express your love to the important people in your life. In fact, you could think of life insurance as love insurance. Seventy-five percent of life insurance purchasers buy a policy because of love. This February, show your love with a life insurance policy, too.
Life Insurance for Yourself
When you buy a life insurance policy for yourself, you give your loved ones financial security and peace of mind. While life insurance benefits don’t replace you, they are a small way you can continue to provide for your loved ones after you’re gone. Your beneficiaries can use the money for miscellaneous purposes, including daily living expenses, an emergency fund for the future, debt repayment, school tuition or retirement account funding.
Life Insurance for Your Fiancé or Spouse
Maybe you won’t give your fiancé a life insurance policy along with the engagement ring, and a policy is probably not the first thing you buy together as a newly married couple. However, life insurance is an expression of your love and care. Your partner can choose the beneficiary and provide financial assistance to children or aging parents. The policy payout could also repay your partner’s outstanding debts, fund a favorite charity, cover end of life expenses or boost your retirement savings.
Life Insurance for Your Children
Kids have their whole lives in front of them, but they aren’t immune to birth defects, accidents and diseases like cancer. You can’t protect your kids from everything, but you can give them life insurance. A child’s life insurance policy can pay for medical expenses, funeral expenses and other end of life arrangements. It can also be donated in your child memory to his or her favorite charity or be used for the educational costs of surviving siblings. Whole life insurance policies also grow with your child. When they turn 21, they take over the policy and keep the same coverage or purchase additional insurance for their future.
This February, purchase life Insurance for your loved ones. A policy can cost less per day than your daily coffee, and it provides peace of mind. It’s a loving gift that keeps on giving. Discuss available policies with your insurance agent today.
Although you might not be aware of it, there are far-reaching benefits to positive thinking that can improve your health and help you with stress management. According to the Mayo Clinic, studies show that the personality traits of optimism and pessimism can have a direct impact on your well-being.
The good news is that, even if you are a pessimist by nature, you can take steps to improve positive thinking techniques in your life, and reap the resulting health and well-being benefits. Health Benefits of Positive Thinking. Over time, researchers have explored the effects of optimistic thinking on health, and have found many correlations between well being and positive thought processes. These include:
- Longer life span
- Better resistance to the common cold
- Lower rates of depression
- Reduced rates of cardiovascular disease
- Improved coping skills during times of stress and hardship
- Better physical and psychological well-being
Get on the Road to Positive Thought Processes.
There are some simple steps to take to move away from negative thinking, and create a new habit of positive self-talk. Monitor yourself: During the day, stop and take note of your thoughts. If thoughts are mainly negative, make a conscious effort to put a positive spin on things.
Be open to good humor: Give yourself permission to be happy, to smile, and to laugh, even when the chips are down. Seek humor in everyday events.
Lead a healthy lifestyle: Follow a healthy diet and exercise at least three times per week. Eating right and exercising both have positive effects on mood and stress management.
Surround yourself with people who focus on the positive: Choose to spend time with family and friends who are cheerful, supportive, and offer helpful feedback. Avoid spending time with negative people who have a “glass half empty” attitude.
Practice positive self talk: Be gentle and encouraging with yourself, and never tell yourself something that you would not say to another person. If a negative thought enters your mind, try to think about it rationally, and follow up with positive affirmations about yourself and your circumstances.
Practice Every Day!
If you have had a past tendency to have a negative outlook on life, don’t despair. While you may not become an optimist overnight, with everyday practice, you will begin to replace negativity with productive, positive thoughts.
You may find that you become, not only less critical of yourself, but more accepting of the world around you. As your general attitude improves, you will begin to reap the physical and emotional benefits of a positive outlook on life!
Your small business expenses and personal expenses should stay separate. However, it’s easy to spend business funds for personal expenses, which can affect your personal credit. Understand the business credit mistakes that put your personal credit at risk.
Start or Fund Your Business With Personal Credit Cards
To get your business of the ground, you may use your personal credit cards. Whether you charge a few hundred or a few thousand dollars, this financing option could cost you.
Open a business credit card to get your business running. As an alternative, ask for trade credit where your suppliers agree to give you 30 days to pay off the balance of your bill. These steps separate your personal and business finances and can assist you in getting financing in the future with a favorable interest rate and terms.
Use Personal Guarantees
Business financing or credit is usually only available if you give a personal guarantee that you’ll repay the money. Those guarantees will show up on your personal credit reports, though, and could affect your credit score and your ability to get credit in the future.
Make an honest effort to never borrow more than you can repay. Don’t default on business loans, either. Wise financial management now assists you in obtaining future funding.
Make Late Payments
Sometimes, you can’t pay bills until your customers pay, and if they pay late, then you pay late. Other times, you may forget to make a payment. One late payment might not be a big deal, but two can negatively impact your personal credit.
Set aside enough money to pay several months of bills on time. Also, use automatic bill pay when possible and have the payment draft from your business bank account a few days before the due date. Stay current on all payments as you protect your credit.
Max Out Your Business Credit Cards
Certain business credit card providers will report your payment history to consumer credit agencies. Late payments and maxing out your credit card will have a negative effect on your credit score.
Always leave a cushion on your credit cards and resist the temptation to charge your full credit amount. Consider making early payments and paying twice a month as you lower your balance, too. You may also want to use a business credit card that does not report to personal consumer credit agencies.
Your small business can ruin your personal credit. Reduce your risk by separating your accounts. The way you structure your business can protect you, too. Talk to your financial advisor for more information on how to protect your personal credit as you build your small business.
10 months ago ·
by Erin Carlson ·
Men are less likely than women to visit the doctor, but men do face several serious health concerns. Learn the top 10 risks as you stay healthy this Father’s Day and all year.
- Accidents and Unintentional Injuries
Men tend to take more risks than women, and that increases their chances of being injured from accidents. Slow down while driving, don’t overestimate your abilities and think before you act as you avoid accidents and unintentional injuries.
- Heart Disease
More than one in three men suffers from a form of cardiovascular disease, according to the America Heart Association. Keep your blood pressure in check, eat a balanced diet, exercise regularly and get routine physicals as you keep your heart healthy.
- Respiratory Diseases
Smoking, asbestos exposure and environmental toxins can lead to respiratory diseases like emphysema, COPD and lung cancer. Stop smoking, eat a balanced diet and avoid environmental triggers as you reduce your risk.
- Liver Disease
The size of a football, your liver digests food, absorbs nutrients and gets rid of toxins. Protect it from cirrhosis and cancer when you avoid alcohol and smoking.
Anxiety, depression and sexual impotence result from high blood sugar. It can also cause nerve and kidney damage, vision problems and heart disease or stroke if it’s not treated. Exercise and eat a nutrition diet to combat this health risk.
- Prostate Cancer
One in six men develops prostate cancer. It’s not aggressive, but gets regular screenings as you protect yourself.
- Skin Cancer
Men over 50 face a high risk of developing skin cancer. Lower your risk when you wear long sleeves, pants, a hat and sunscreen while working or playing outside, and see your doctor about any suspicious spots.
- Flu and Pneumonia
Flu and pneumonia can affect any man, but it’s more common if you already have a compromised immune system. Get the flu shot and avoid anyone who’s sick as you stay healthy.
Drinking too much alcohol can lead to chronic illnesses like oral, liver and colon cancer. It also interferes with reproductive health and increases aggressive behavior. Never binge drink, cut down on your alcohol consumption and address any underlying issues like depression that cause you to overindulge.
As many as six million men suffer from depression, including suicidal thoughts, reports The National Institute of Mental Health. Stay connected to friends, exercise regularly, get enough sleep and seek professional help if you’re struggling with this health challenge.
This Father’s Day, give your loved ones the gift of health when you address the top 10 health risks for men. Visit your doctor for regular physicals, and discuss ways you can get and stay healthy.
12 months ago ·
by Erin Carlson ·
The craftsman’s motto, “measure twice, cut once” is a sort of microcosm of everything you need to know in order to bring projects in on time and under budget. Cutting corners, taking shortcuts, neglecting necessary expenses, that might help you save time and money in the short run, but best case scenario, it’s going to wind up costing you more in labor and budget to redo it later on. Worst case scenario, you build a faulty home that collapses in the first year, if it manages to pass inspection in the first place, and then nobody ever hires you again.
The first thing to go when people take shortcuts tends to be safety. A rush job makes for an unsafe work environment, and results in an unsafe living environment. No matter how much time and money you save on the job, it’s no good if you wind up paying it back in legal fees and time spent in the court room.
So how do you save time and money without taking dangerous shortcuts?
Be Pragmatic When Buying Tools And Materials
Simply put: there’s not much that a $200 hammer can do that a $10 hammer cannot. Don’t cut costs on quality, but shop around, and don’t overspend on fancy tools and materials that you don’t need.
Overestimate All Costs
If you promise your client that you’ll have the addition done in a week, and then a nasty thunderstorm hits on day seven, you’re going to wind up trying to finish up the roof in the middle of a heavy downpour. Promise a two week turnaround on the same project, and the client will be delighted to see the project finished six days early. Don’t make “best case scenario” promises. As they say, plan for the worst, hope for the best.
Pay A Little More For Experience When You Need To
A $12-a-hour lackey might be able to install a kitchen sink if you give him the whole weekend to do it. A $30-an-hour professional plumber might be able to get the same sink installed in an afternoon. Saving money often means spending a little more now so you can spend considerably less in the long run.
Don’t Over-commit Yourself
You’re going to burn through a lot of gas and a lot of daylight if you’re running three jobs at a time and driving all over town to get to them. If client #2 can’t wait a few days for you to finish up a job for client #1, they’re probably a pain in the neck to do business with anyways.
It all comes down to common sense, really: Pace yourself, set realistic goals, spend wisely, and always put safety first.
On Dec. 22, 2017, President Donald Trump signed into law the tax reform bill, called the Tax Cuts and Jobs Act, after it passed both the U.S. Senate and the U.S. House of Representatives.
This tax reform bill makes significant changes to the federal tax code. The bill does not impact the majority of the Affordable Care Act (ACA) tax provisions. However, it does reduce the ACA’s individual shared responsibility (or individual mandate) penalty to zero, effective beginning in 2019.
As a result, beginning in 2019, individuals will no longer be penalized for failing to obtain acceptable health insurance coverage.
?The ACA’s individual mandate penalty no longer applies, beginning in 2019. However, individuals will still need to certify on their 2018 tax return (filed in early 2019) whether they complied with the individual mandate for 2018.
In addition, a failure to obtain acceptable health coverage for 2018 may still result in a penalty for the individual for that year on their 2018 tax return (filed in early 2019).
The Individual Mandate
The ACA’s individual mandate, which took effect in 2014, requires most individuals to obtain acceptable health insurance coverage for themselves and their family members or pay a penalty. The mandate is enforced each year on individual federal tax returns. Starting in 2015, individuals filing a tax return for the previous tax year indicate, by checking a box on their returns, which members of their family (including themselves) had health insurance coverage for the year (or qualified for an exemption from the individual mandate). Based on this information, the IRS then assesses a penalty for each nonexempt family member without coverage.
Effect of the Tax Reform Bill
The tax reform bill reduces the ACA’s individual mandate penalty to zero, effective beginning with the 2019 tax year. This effectively eliminates the individual mandate penalty for the 2019 tax year and beyond. As a result, beginning with the 2019 tax year, individuals will no longer be penalized for failing to obtain acceptable health insurance coverage for themselves and their family members.
Impact on Years Prior to 2019
Although the tax reform bill eliminates the ACA’s individual mandate penalty, this repeal did not take effect until 2019. As a result, individuals were still required to comply with the mandate (or pay a penalty) for 2018. This means that individuals must still certify on their 2018 tax return (filed in early 2019) whether they complied with the individual mandate for 2018. Therefore, taxpayers should indicate on their 2018 tax returns whether they (and everyone in their family):
- Had health coverage for the year;
- Qualified for an exemption from the individual mandate; or
- Will pay an individual mandate penalty.
In addition, a failure to obtain acceptable health coverage for 2018 may still result in a penalty for the individual for that year. Individuals who are liable for a penalty for failing to obtain acceptable health coverage in 2018 will be required to pay that penalty when they file their federal income taxes in 2019. As a result, some individuals may be required to pay the individual mandate penalty in early 2019, based on their noncompliance for the 2018 tax year.
Effect on Other ACA Provisions
Despite the repeal of the individual mandate penalty, employers and individuals must continue to comply with all other ACA provisions. The tax reform bill does not impact any other ACA provisions, including the Cadillac tax on high-cost group health coverage, the PCORI fees and the health insurance providers fee. In addition, the employer shared responsibility (pay or play) rules and related Section 6055 and Section 6056 reporting requirements are still in place.