Give careful thought to how much life insurance you need.
Don't expect the rules of thumb, such as a multiple of your income, to tell you how much life insurance to buy. If this formula works, it's a lucky coincidence. Instead, use real life insurance calculators like those found on the "Choose to Save" website at www.ChooseToSave.org.
Consider buying long-term care insurance while you are still young.
If you buy long-term care insurance when you're in your forties instead of your sixties, you will not only pay a lower annual premium based on your age, but you'll eliminate twenty years of possible illness or injury that might make you uninsurable. You may also qualify for an entire classification of lower rates because your health is probably better now than it will be when you're older.
Try to get adequate uninsured and underinsured motorist coverage.
This kind of insurance covers pain and suffering, lost wages, medical bills, and other expenses that should be the responsibility of an uninsured, at-fault driver who rarely has money to cover legal liabilities in case of an accident. Coverage of this kind isn't available everywhereshop around if you're having trouble finding uninsured and underinsured motorist coverage.
Buy an umbrella liability policy to |
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Despite the media's constant harping about the evils of debt, borrowing (using other people's money) is an essential tool for achieving financial security. In our society, you can borrow to acquire just about anything, but there are very few things that are worth going into debt for. Here's the caveat in seven words: Never borrow to buy a depreciating asset. In other words, don't borrow for something that isn't going to provide you with lasting and ever-increasing benefits in the future. That pretty much leaves out most things that people borrow money for. Most people borrow to finance either current spending or to buy something that loses value over the years, like, dare I say, a car.
A home.
While the majority of homes in this country are owned free and clear, most of them didn't start out that way. A home is the perfect example of why borrowing can benefit you in the future. You borrow to buy a home, work assiduously to pay off the mortgage, and forever after enjoy owning a mortgage-free domicile. All the while (well, at least most of the time), the value of your home is appreciating. Anyway, this scenario works so long as you |
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The use of credit reports in making employment decisions has also come under fire as being discrimination. Brenda Matthews, an African-American, had her job offer from Johnson & Johnson rescinded after the company reviewed her credit report. Brenda Matthews's lawyers say that African-Americans have historically been discriminated against in the credit market and that this is reflected in their credit reports. The Equal Employment Opportunity Commission has previously ruled that in some circumstances failing to hire someone because of poor credit may be considered illegal discrimination, but that each case must be judged on its individual facts. According to the Federal Trade Commission, in order to justify a company policy of evaluating a job candidate through his or her credit report, the company must show that creditworthiness relates somehow to the job, as well as being consistent with business necessity. Proponents of using credit history for hiring purposes argue that an applicant with a great deal of debt is more likely to steal.
Your FICO score does not consider your age, your race, sex, marital status, job, or where you live. Your FICO score also does not consider the fact that you may be using the services of a credit counselor |
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