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The Verge highlights a number of different tools that facilitate budgeting and financial cash flow tracking, including:
Q. My emergency fund is tapped out, what's the best order for me to get more funds from my other savings?
A. If you are out of job or furloughed for a prolonged period of time or have big health care expenses, and you are cash strapped, you might be tempted to run up credit card debt, but here are other options you should explore first:
1. Home equity line of credit (HELOC)
With HELOC, you can borrow up to your limit whenever you need the money, and interest rates are low. However, with HELOC, lenders will look at your credit score, the amount of equity you have in your home, and your income. If you are unemployed, it's difficult to qualify for a loan.
2. Reverse Mortgage
If you are age 62 or older, you can turn your home equity into cash. But, unlike HELOC, you don't have to repay the loan as long as you live in your home. The most popular type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. You can take out a reverse mortgage as a lump sum, monthly payment, or a line of credit. The line of credit may offer the most flexibility, and if you don't use it, the untapped credit line will grow as if you were paying interest on the balance.
3. Roth IRA
Roth IRA is a low cost source of funds, because you can always withdraw the amount of your contributions tax and penalty free. The money comes out first.
4. Taxable Accounts
You don't have to pay any early withdrawal penalty when you take out money here.
If you or family members are diagnosed with COVID-19 or have suffered adverse financial consequences because of the pandemic, you can borrow up to $100,000 from your 401(k). The interest rate on 401(k) loan is low and you usually have 5 years to repay the loan. If you are unable to repay the loan within the repayment period, it will be treated as a distribution which means you will owe tax and if you are younger than 59.5, penalty on any unpaid balance.
6. Life Insurance Cash Value
A permanent life insurance policy has two components: the death benefit and cash value. Cash value is a tax-advantaged savings account funded by a portion of your premiums. You can withdraw your basis in cash value account tax free. You can also borrow against your policy, you will pay from 6% to 8%, depending on market rates and whether the loan is fixed or variable, if you don't repay the loan, or pay back only part of it, the balance will be deducted from your death benefit when you die.
7. Retirement Savings Account Withdrawal
Withdrawal from your 401(k) or Traditional IRA should be the last resort, because you must pay tax and early withdrawal penalty if you are younger than 59.5 (or 55 if you leave your job and take a withdrawal from your 401(k) account). The stimulus package in 2020 now allows you to withdraw money from your traditional IRA or employer-provided retirement plan without paying the 10% penalty. You will still owe tax on the money, but the law allows you to spread the tax bill over 3 years.
8. HSA Account
You can use money in your HSA for a variety of medical expenses that are not covered by insurance. If you lose your job, you can use money from HSA to pay premiums under COBRA.
9. 529 Account
The penalty for withdrawals from 529 plans are not as severe as they are for other tax-advantaged accounts. The earnings will be taxed, plus 10% penalty on the earings.
Q. What resources are out there if no money for mortgage or rent payment?
A. Assistance is out there, here is what you need to do -
Mortgage payment help
Contact your loan servicer right away if you think you can't make payment. Fannie Mae and Freddie Mac have already said they are suspending foreclosures on mortgages they guarantee for 60 days.
What exactly can you expect?
Rent payment help
Fannie Mae and Freddie Mac will offer multifamily property owners loan deferrals if they promise not to evict tenants.
Although various jurisdictions have temporarily halted evictions, you should call your landlord to explore your options. Keep in mind even if your landlord is able to get a forbearance for their mortgage, you will likely have to catch up on the missed rent payments later.
7 Best salary information websites
The most popular salary-specific job site, Salary.com lists every position in a field with free salary info. Their collection of data includes cost-of-living calculators, comparison tools, and lists of benefits, as well as negotiation tips.
Salary.com doubles as a career site, providing job listings and advice for those on the lookout. Overall, this is probably the best site for salary info.
Glassdoor is known for its extensive company reviews and employee feedback. A salary search provides data for specific jobs at specific companies, rather than a general estimation.
Employees share info on salaries, benefits, interview questions, and more—a great insider resource if you’re starting out at a new company.
A good resource for new grads, PayScale offers a free salary report based on experience, education, and other factors. Students should check out its College Salary Report for the lowdown on what various majors can expect to earn (and some negotiation tips). The career research section includes a Career Goal Tracker with salary data for the jobs you want.
The well-known job site aggregator has a salary search tool. Indeed lets you use keywords to search, in addition to job titles. Since Indeed users can access over 50 million job postings from unique sources, there’s a ton of salary data here.
All the data on SalaryList comes from official reporting by companies or the United States Department of Labor, so you know you’re getting accurate information. The site provides salary data records for existing jobs by title, company, and state.
6. Salary Expert
With data updated daily, Salary Expert offers not only free salary reports but cost of living analysis and career salary potential. You can also search for jobs by salary, if you’re thinking about switching fields.
7. Bureau of Labor Statistics
The most recent Occupational Outlook handbook from the Bureau of Labor Statistics (available online or in print) provides salary data for thousands of jobs, searchable by field.
It’s also a good idea to investigate any sites specific to your field or career for salary data. These sites may have more info on industry norms, particularly if your field’s a rarer one.
What factors should you consider?
Sites will often allow you to search based on job title, education and experience level, and location. But how does each factor affect the compensation you should ask for?
1. Job title
Titles reflect responsibility and experience. While some companies allow you a little latitude in naming your job, others won’t be so flexible. Make sure you’re clear on the responsibilities of the title offered (or the title you want).
2. Career field
Depending on the profit ratio of your industry, the same title can come with a different salary. Sales representatives, for instance, can work in multiple fields. But sales reps in high-demand fields, like pharmaceuticals, may be able to ask for more than those in other industries.
If you live in a location where housing, transit, food and other essentials cost more than the national average—like a large city, a coastal city, or a tourist destination—you should earn more. A Cost of Living Analysis (COLA) comparison, offered on many of the sites above, lets you know what to expect in your region.
Work experience in your field can increase your value and your salary. Internships may count in your favor, depending on your responsibilities there.
Having a degree, period—an associate’s, a bachelor’s, or an advanced degree—should boost your salary expectations. Having a degree in your field is even better.
6. Where you went to college can sometimes make a difference, too.
PayScale has a College ROI (Return on Investment) report that analyzes how degrees from different colleges can affect your salary.
If you didn’t go to the Ivy League or a “top” school, don’t count yourself out! Education’s one of many factors that employers consider when setting compensation, and the more experience you get, the less it typically matters.
7. Special skills
Whether it’s a software program, a type of design, or a foreign language, special skills can be lucrative in the job market. Try doing a keyword search for a unique skill, and see which employers are willing to pay more for it.
The key is supply and demand. Workers in more in-demand fields, like nursing or computer science, tend to have more negotiating room. But, as you can see, there are plenty of factors that determine the “right” compensation for your job. And there are variables you can’t control. Racial and gender wage gaps, for instance, still persist. Industries in decline, or going through a temporary financial slump, may not have as much money to offer.
Tips for the salary negotiation
The 3 websites below could help you find great values on airfares and hotels -
Scott's Cheap Flights
It will send out international deals to subscribers for free
Airfare Watch Dog
It will send out daily emails with a long list of fares from airports you choose. The emails will flag sales, including from Southwest which is normally absent from daily newsletters.
It provides instant alerts on flight deals that depart from cities across the U.S. to subscribers who download its app.
Q. What are the factors deciding my FICO score and what are their importance in deciding my FICO score?
A. At the high level, there are 5 factors deciding your FICO score, and their importances are shown in the chart below -
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