Errors and omissions insurance—“E&O” for short—is a type of malpractice insurance coverage for real estate agents, brokers, and firms, so they can avoid having to pay legal costs out of pocket. It pays for claims that come about due to error, omission, or negligence related to an agent’s duties. What Is E&O Insurance? When an agent or a firm carries E&O, the insurer will step in to assist if a legal claim is filed against them....
Home equity loans and lines of credit have lower interest rates than unsecured loans such as credit cards. However, one of the biggest risks of this type of loan is that you’ll lose your home if you can’t pay back your debt and your house goes into foreclosure. It’s important to consider both the benefits and potential risks involved with home equity loans. Doing so can help you reason through financial circumstances when it may or may not be a sound idea to take on this additional debt....
What’s the Difference Between Roth IRA and After-Tax 401(k) Contributions? While both Roth IRA and after-tax 401(k) plan allow you to save for retirement using money you’ve already paid tax on, there are some key differences. Contribution Limits Designated Roth contributions to a 401(k) or after-tax 401(k) contributions are contributions made from compensation with dollars that have already been taxed. These contributions don’t reduce your income, so you can’t deduct them on your tax return....
Safe harbor provisions are found in environmental law and apply to insider information and hostile takeovers in securities law. They’re found in copyright laws—specifically the Digital Millennium Copyright Act—and even sex trafficking laws. What Is a Safe Harbor Law? A safe harbor law is something of a legal loophole. It effectively says, “Yes, I did that, but…” A safe harbor can reduce or eliminate liability if “good faith” is demonstrated....
What’s the Difference Between Savings Accounts and 529s? Education savings plan: Save and invest money for qualifying educational expensesPrepaid tuition plan: Purchase credits at in-state universities and colleges at the current rate to use in the future. Even if rates increase, you won’t pay the difference. A savings account at a bank or credit union is another option for saving for college, but you can also use a savings account for any purpose....
Maskot / Getty Images We’ll discuss the basics of what SBA loans are, SBA loan requirements, the different types of SBA loans available, and what you should know before applying. What Is an SBA Loan? The SBA is a federal agency created to support small businesses in the United States, and one of the ways it does this is by helping small businesses obtain loans. The SBA sets guidelines for the loans and makes it easier for lenders to access capital....
Sincerely, Brandon Dear Brandon, It seems that anyone interested in buying a home right now is stuck between a rock and a hard place: high home prices and rising mortgage rates. So you’re not alone in wondering if you should wait it out, or jump in now before mortgage rates go even higher. Unfortunately, I don’t have a crystal ball with a definitive answer to this question. But even without the ability to read the future, I do know that you shouldn’t count on the housing market to “crash” like it did more than a decade ago....
What exactly are these investment services? They are similar to those a financial planner or financial adviser would provide. Depending on your accounts and the bank’s policies, you may pay an hourly rate for these services. However, some financial advisers work on commission, so be sure to take that into consideration when they recommend products and services to you. Your bank may also offer these services to you without a fee, which means that the financial planner isn’t working on commission....
Self-directed IRAs may have additional fees that could make them more expensive compared to other traditional retirement plan options. But remember, cryptocurrencies can be extremely volatile, meaning they have the potential for big gains, but you can also face outsized losses. Putting your nest egg in an investment that can swing between those extremes, may not be a good idea. What Is a Bitcoin IRA? While you may see many references to bitcoin IRAs, there is no account specifically designed for cryptocurrencies....
But should every investor spread assets among multiple financial firms or is the decision made on a case-by-case basis? What are some good reasons for investing in more than one mutual fund company? When a Mutual Fund Company Goes Under When you hold mutual funds, they are typically held in trust on behalf of the investor and are not assets of the mutual fund company or brokerage firm itself. For this reason, investors should note that it is extremely unlikely that a mutual fund company or brokerage firm will fail and thus cause investors to lose money....
10'000 Hours/Getty Images But in the end, the roles remained empty, and—out of options—she was forced to join forces with a larger company. JB Financial Associates of Mount Laurel, New Jersey, had been around for eight years when the pandemic hit, forcing Kiriluk to furlough two of her seven employees. When business eventually picked up, one of them came back, but not for long—she soon left for a job at a bigger company that provided better benefits and pay....
Small Investments Add Up Albert Einstein purportedly said, “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it. Compound interest is the most powerful force in the universe.” That’s a strong statement from someone whose scientific findings made the atomic bomb possible. For long-term investors, the biggest impact on the growth of an investment portfolio is not just investment selection; it’s time and compound interest....
Panic begins to grow as family members carefully add up college costs, subtract financial aid and look at their personal savings accounts. If they don’t have a sufficient amount of money already saved in a 529 college savings plan, they are often shocked by the amount of money they have to borrow through federal and private student loans. That’s when some tough decisions might have to be made. Before hitting the panic button, consider using these tips to make smart decisions when financial aid just isn’t enough....
The estimated average Social Security benefit in 2022 will be $1,358 for a disabled worker with no children and $2,383 for a disabled worker with a spouse and one or more children. But you may be wondering if you’ll be entitled to more than that. Here’s how Social Security disability benefits are calculated to determine the maximum monthly disability benefit one can receive from Social Security, as well as who’s eligible to receive the maximum and how it changes year to year....
These types of sales taxes are typically levied on downloads of digital audio, video, ebooks, and ringtones, but this can vary considerably across state lines. Downloaded software or software updates are generally subject to separate, more complex rules. States That Tax Downloads Many states have passed laws that impose sales taxes on digital products, but “digital products” can be defined differently in each state. One state may include iTunes digital downloads, while another may tax only ebooks....
Existing law allows service members who have qualified for imminent danger or hostile fire pay to have the interest waived on certain federal student loans, as long as the debt was first disbursed on or after Oct. 1, 2008. While the benefit was little used before, the Education Department used a data-matching agreement with the Department of Defense to search personnel records and find tens of thousands of people eligible to have interest on their student loans waived retroactively, the department announced Friday....
Sales of existing homes rose 7% to their highest level since January, the National Association of Realtors said in its monthly housing report Thursday. That came as a surprise to economists who had been expecting high prices and low inventories to dampen sales more than they actually did. Low mortgage rates helped fuel the increase, economists said, as relatively cheap borrowing costs at least temporarily gained the upper hand in their tug-of-war against steadily rising home prices in the minds of buyers....
Should you consider a temp-to-perm job? Even though most job seekers would prefer a permanent position right off the bat, a temporary job is a way to help pay the bills and could lead to permanent employment with the company you’re temping at. A Good Option in Competitive Job Markets Temp jobs can be an excellent foot in the door for job seekers, particularly when the job market is very competitive....
The term “high-yield funds” most often refers to mutual funds or exchange-traded funds (ETFs), which hold stocks that pay above-average dividends, bonds with above-average interest payments, or both. While long-term investors often look for growth in their portfolios over time, many of those who seek high-yield funds may be retired and looking for additional income. Whether you’re investing in high-yield mutual funds or high-yield ETFs, it’s important to have a clear purpose in mind for buying these income-oriented investments....
A high-quality notebook lasts longer and helps increase creativity and productivity. When you’re looking for a journal to write down your ideas, pay attention to binding and paperweight. A twin ring or stitched and glued binding helps keep your notebook together longer while a paperweight of 70gsm or higher is usually thicker and more durable. Style-wise, most notebooks come with gridded, lined, dotted, or blank sheets. From a bullet journal to a reusable smart notebook, we’ve rounded up the best notebooks for work that’ll help you get organized and put your ideas into action....
