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How to Buy or Refinance Your Home (and Save Money, Too)

November 8, 2024

When the time is right, you may benefit from buying a new home or refinancing your current one. But even with mortgage rates on the downswing, you’ll need to consider your finances first. For homeowners, mortgage refinancing can save serious money by reducing the interest you’ll pay, shortening your loan’s term length and more. But there are no guarantees in the world of real estate. So, before you meet with a mortgage lender, ask these fundamental questions to determine if you’re refinance-ready. Does your refinance lower your interest rate? Check your credit report and score. If your credit score has increased since you first applied for your mortgage, your lender may offer you a loan with reduced interest rates. Does your refinance lower your monthly payments? Smaller monthly installments can make your loan more affordable. However, you’ll need to avoid mortgages that reduce your payments by extending your loan’s term. Does your refinance reduce the length of your loan? Shaving time off your loan can result in significant savings. Loans with shorter terms are often less expensive because borrowers pay less interest over time Can you afford any additional costs? Refinancing comes with plenty of extra costs, from appraisals and

Build Your Best Estate Plan Yet With Help From Best Money Moves

October 10, 2024

A 2024 survey conducted by Ameriprise Financial shows that over 50% of participating couples did not have an estate plan in place. And there’s a good chance you may have neglected your estate plan, too. You don’t have to let legal complexities and a pile of paperwork stand between you and a financial legacy you can be proud of. Best Money Moves is here to help you begin your estate planning journey. We’ll start by breaking down a core concept in estate planning: What’s the difference between wills and trusts? How they work: ● Wills name a third-party executor to file your estate’s taxes, settle your estate’s debts and distribute your assets to beneficiaries according to your instructions. ● Trusts appoint a third-party called a trustee to manage the trust’s assets and distribute them to beneficiaries according to its terms. When they take effect: ● Wills activate only after death. ● Trusts can be established while you’re still living. When they involve the probate court: ● Wills pass through a legal process known as probate. ● Trusts avoid the probate process altogether. Who may benefit: ● Wills benefit the majority of people, even those with simple, no-frills estates. ● Trusts

3 Ways To Help Younger Employees Cope With Money Worries

October 10, 2024

Recent data has revealed younger employees are more likely to be stressed about their finances compared to older generations. A study from the American Psychological Association found over 60% of Gen Z and Millennials feel overwhelmed by their financial woes, compared to 13% of Americans 65 and older. A Georgetown and Bank of America study found that, due to a lack of financial security, most Gen Z and Millennial employees (64%) don’t expect to retire at 65. More than 40% of these individuals also hold outstanding student loans or other consumer debt that may cause them to delay or even skip important milestones. Today, total debt from borrowers under 40 years old is more than 800 billion, per the Education Data Initiative. In fact, according to the Federal Reserve Bank of New York, the increase in missed payments from credit card delinquencies has been driven by Gen Z and Millennial employees. Organizations must take intentional steps to understand the financial challenges facing younger employees and then choose solutions with tangible results. These three strategies may be the key to getting started: 1. Provide resources for debt management. Debt management is a highly sought-after benefit among all employees, but younger people

Commercial Drivers and Identity Theft

October 10, 2024

For commercial truck drivers, identity theft can have significant implications for their Motor Vehicle Record (MVR), which is crucial for their careers. Here’s how identity theft specifically impacts truck drivers and their MVRs: MVR Overview The MVR is a record of a driver’s driving history, including traffic violations, accidents, and any suspensions or revocations of their driving privileges. It is often checked by employers and insurance companies. Impact of Identity Theft on MVR False Violations: If a thief obtains a truck driver’s personal information, they could potentially impersonate the driver and commit traffic violations or even serious offenses (like DUI). These violations could then appear on the original driver’s MVR, affecting their driving record. Accidents: Identity thieves could also cause accidents under the driver’s name, leading to further negative entries on the MVR. Increased Insurance Rates: A tarnished MVR due to fraudulent activities can result in higher insurance premiums for the truck driver, impacting their financial stability. Legal and Employment Consequences Employment Opportunities: Many trucking companies conduct background checks that include MVR reviews. A compromised record with false violations could jeopardize a driver’s employment opportunities or lead to termination. Legal Issues: If a driver is unaware that their identity has

Understanding Rising Insurance Premiums for Natural Disasters and How to Maximize Your Claims

October 10, 2024

In recent years, the frequency and intensity of natural disasters have increased, prompting a significant rise in insurance premiums. Homeowners, renters, and business owners alike are feeling the impact of these escalating costs. As insurance companies adjust their rates to account for the greater risk of claims from events such as hurricanes, floods, and wildfires, understanding how to navigate this landscape has never been more critical. Why are your insurance premiums higher than ever and how do you ensure your claim is paid timely and properly? Why Are Insurance Premiums on the Rise? 1. Increased Frequency of Natural Disasters Natural disasters have become more frequent due to climate change, leading to more claims filed by policyholders. According to the National Oceanic and Atmospheric Administration (NOAA), the United States has experienced an increase in severe weather events over the last few decades. This growing trend leads insurers to raise premiums to cover the increased risk. 2. Higher Cost of Repairs and Replacements The cost of materials and labor has risen significantly over the years. When disasters strike, the demand for construction materials and skilled labor surges, driving prices even higher. Insurance companies must account for these increased costs in their

Money & Stress: The Unique ROI Of Employee Financial Wellness

September 11, 2024

According to the 2023 Workplace Benefits Report by Bank of America, 96% of employers feel some level of responsibility for the financial well-being of their employees. The main obstacle preventing more companies from offering these benefits is misunderstanding their return on investment (ROI). Many employers believe that financial stress is a niche issue, only relevant to a handful of team members. However, in doing so, they overlook the widespread impact that financial stress can have on their employees and underestimate the power of basic financial wellness. Money issues impact workers of all ages, backgrounds, and income levels and can affect everything from productivity to your team’s physical health. As such, the true ROI of a financial wellness program will likely be measured by how it improves the quality of life for your entire workforce. Measuring the ROI of Financial Wellness: The 3 Key Outcomes to Look For Financial wellness improves employee productivity. Financial stress is a major concern for most Americans, regardless of their age or economic background. This level of stress has been shown to affect productivity in the workplace. When interviewed for PwC’s 2023 employee Financial Wellness Survey, 1 in 3 employees admitted feeling distracted or disengaged

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How to Buy or Refinance Your Home (and Save Money, Too)

Build Your Best Estate Plan Yet With Help From Best Money Moves

3 Ways To Help Younger Employees Cope With Money Worries

Commercial Drivers and Identity Theft

Understanding Rising Insurance Premiums for Natural Disasters and How to Maximize Your Claims

Money & Stress: The Unique ROI Of Employee Financial Wellness