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Investing columnist Matthew Amster-Burton has been answering questions from the Mint.com Facebook page and Twitter. This week: questions about which funds to choose in your retirement plan.
Josh asks: I just received my 401(k) packet from my job; it has a lot of selections for my retirement. I don’t want to just pick any plan. Would my financial institution be able to sit down with me and instruct me on the best plan for my retirement?
Ah, what could be more fun than sitting by the fireplace with your significant other, a glass of wine, and a six-page printout of the mutual funds offered by your new 401(k)? Other than taking an icepick to your spleen, that is.
It’s hard to find intelligent, unbiased advice on how to choose investments for your retirement. Here’s why:
Most 401(k)s offer investment advice and, by law, the advice can’t be driven by what will make the advisor or your employer the most money. However, when I say “most” 401(k)s, I mean about 60% of them. Most workers don’t bother to take advantage of the advice, and who can blame them? There’s no reason to believe the advice will actually be unbiased or, more to the point, good.
Professional financial advisors charge professional-grade fees, typically a percentage of your assets or several hundred dollars an hour, depending on their fee model. Some advisors make money by selling commissioned products, but they’re not going to give you free 401(k) advice, because they can’t make any money on it. Instead, they’re going to encourage you to put less money into your 401(k) and more into their commissioned products.
I’m not bashing all financial advisors, by any means. If you’re looking to build a relationship with a trusted financial advisor, that’s fine–just be prepared to pay what they’re worth.
But if you just want some 401(k) help and most of the advice out there is bad, expensive, or both, where should you turn? Is it possible to get inexpensive, quality advice that will apply to your 401(k) and your financial goals? Yes.
First, go ahead and sign up for the 401(k) and direct your contributions to the money market or stable value fund while you decide what to do next. This is a low-risk and low-return fund, like a savings account—a good place to get the employer match and park your money while you get educated:
You can read a short book on investing that will help you get started. It’s called Elements of Investing, by Malkiel and Ellis. It’s inexpensive, jargon-free, and to the point. Your public library probably has it.
Your 401(k) might be supported by FutureAdvisor, a free investment advice service I wrote about recently. Their recommended portfolios are pretty good and they’re adding more 401(k) support all the time.
The smartest investors on the net hang out at a site called Bogleheads, named for Vanguard founder John C. Bogle. Post your 401(k) options on the “Help with Personal Investments” forum and you’ll get solid, unbiased recommendations, most likely within an hour.
Diego asks: I’m 29 and got my first job while finishing my PhD. I have a 401(k) but don’t know how to distribute my contributions.
With current low interest rates, low capital gains taxes, baby boomers retiring, and technology companies moving abroad, US stocks don’t seem a good option in the long run.
U.S. bonds are too safe, giving barely to enough gains to compensate for inflation and international stock options are all in Europe, which seems rather unstable. Should I just stop contributing?
Diego, I like your outlook. Not because I particularly agree or disagree, but because it reminds me of the famous 1979 Business Week cover story called, “The Death of Equities.”
In 1979, a lot of people argued that the U.S. economy was toast. Recession? Check. Inflation? Obscenely high. Regular investors were getting out of the market in disgust. It all added up to an obvious conclusion: the U.S. stock market was poised for years of disappointing returns—perhaps a permanent bear market.
Over the next twenty years, U.S. stocks had their biggest, longest sustained bull market ever. By 2000, it looked like you couldn’t possibly lose money in stocks. Oops.
My point is: your market analysis could be correct. But the fact that everything looks bleak doesn’t mean it’s a bad time to invest. It could turn out to be a terrific time—or not.
Nobody can predict future market returns, least of all me, but you can always find an excuse not to invest. There’s no good excuse for giving up the instant tax break you get by contributing to your 401(k).
Jon asks: Is it pointless to invest in two target date retirement funds (of the same target year) at the same time?
Hmm, those last two answers were pretty long-winded. Let me see if I can rein it in for Jon’s sake. Here goes:
It doesn’t provide any diversification benefit. But if you have a good (meaning “cheap”) target-date fund in your 401(k) and another good one in your IRA, it’s fine. Go for it.
Do you have a burning personal finance question for Matthew Amster-Burton? Visit the Mint.com Facebook fan page and ask away!
Matthew Amster-Burton is a personal finance columnist at Mint.com. Find him on Twitter @Mint_Mamster.
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Medicare coverage gives good health care coverage to any senior that is over the age of 65. The government program has allowed millions of Americans to get the health care that they wouldn’t be able to afford through a private insurance company.
The program with Medicare is that it doesn’t pay for everything. In fact, there are plenty of major health care expenses that the program won’t pay for, and those bills could drain your savings account. The two Parts of Medicare will pay for things like inpatient care, services from doctors, and preventative services, but there are dozens of gaps in the coverage, and that’s where Medicare Supplemental plans come in. These insurance policies give you additional coverage that could protect your retirement savings accounts.
What is a Medicare Supplement Plan?
There are several ways that you can protect yourself from expensive hospital bills, but a Medigap plan is one of the best ways to do that. These policies are sold by private insurance companies, and they fill in all of those holes that original Medicare doesn’t cover. When you’re shopping for additional health care, it’s vital that you make the best decision for your family.
There are ten different Medigap plans that you can choose from (depending on which state that you live in), and all of them are going to cover different expenses or a portion of expenses that Parts A and B don’t cover. Medigap plans will plug in the holes of Medicare. It can be confusing trying to decide between the ten available plans, but it’s vital that you get the perfect supplemental coverage for you and your loved ones.
These Medigap plans don’t replace your traditional Medicare coverage. You will still have to pay the premiums for your traditional coverage. These plans work in addition to your coverage, unlike Part C Medicare, which replaces your plan and you only pay one premium.
Medigap Plan A Explained
Now that we have discussed the basics, we can start looking at the specifics of Medicare Supplement Plan A. I know that shopping for insurance coverage can be a confusing and frustrating task, especially when you’re dealing with anything related to Medicare, but that’s why I am here to help.
Medigap Plan A is going to be the most basic of the options. Plan A is going to leave behind more coverage gaps than the other options available. One of the advantages of Plan A is that it’s going to be the most affordable plan. It gives less protection, but it keeps more money in your pocket.
With Plan A, you’ll get the basic supplemental coverage that every plan offers, like paying for Part A coinsurance and an additional 365 days of hospital costs after your original Medicare benefits have been used up. If you’ve ever had a stay in a hospital, you know that it can be a massive bill. In fact, having to stay in the hospital for a day or two can easily equal thousands and thousands of dollars. If you ever have an extended stay, you could easily rack up tens of thousands of medical bills.
Part A will also cover any Part B copayment or coinsurance fees that you would be responsible for. Some of the plans, like Plan K or L, will only pay for half or 75% of those coinsurance fees, but Plan A will cover all of them. In most cases, that will not be a huge expense, but it could add up to a dangerous bill the more that you use your Medicare Part B coverage. Similarly, Plan A will also pay for any Part B preventative care coinsurance bills that you would encounter. Medicare Part B pays for preventative care treatments, like depression screenings, HIV screenings, Diabetes screenings, and much more. If you have additional Medicare supplemental coverage, then you won’t’ be required to pay the copayments, those will be paid for you. In most cases, the copayments would only be around $20, but that’s, more money in your pocket.
The other coverage areas of Medigap Plan A are, the first 3 pints of blood and Part A hospice care coinsurance. All of the other gaps in Medicare won’t be covered by Plan A. As you can see, Plan A can be an excellent insurance plan to have, but there are plenty of services and treatments that you will still have to pay for out-of-pocket.
One of the most notable portions that Plan A doesn’t cover is Medicare part B excess charges. Whenever you go to the doctor and get any treatment or service, there is a pre-approved amount that Medicare will pay for. Legally, the doctor or hospital is allowed to charge 15% more than what Medicare has approved, and that rate above the approved amount is the excess charges. If you don’t have Medigap coverage, then you would be responsible for those bills. In most cases, excess charges are not going to be a huge financial strain., but you never know what treatment that you will need.
Choosing a Medigap Policy
Deciding between the ten plans can be difficult. You want to ensure that you have quality health care, but you don’t want to pay for additional coverage that you don’t need. There are several key categories that you will need to consider to ensure that you’re getting the best plan possible.
The first thing that you should look at is your finances and your budget. The goal of your Medigap policy is to ensure that your retirement savings aren’t drained by medical bills, but your supplemental insurance policy shouldn’t break your bank every month. Before you apply for any Medigap plan, you should take a long and hard look at your budget to determine how much you can afford every month.
The next thing that you should look at is your health and family history. The older that you get, the more money that you’re going to spend on health care and medical costs. Before you purchase any Medigap plan, you should look at your chances of having any severe health problems. If you have a family history of poor health or severe health problems, then you will should invest in a more comprehensive Medigap plan, like a Plan F. On the other hand, if you’re in decent health and you have a healthy family tree, then you can consider taking a risk by purchasing a small Medigap policy.
Enrolling in a Medicare Supplemental Insurance Plan
Once you’ve to decide when kind of policy that you want, enrolling is easy. All that you will need to do is contact a Medigap insurance agent, and they will walk you through the process. The WHEN you apply is going to be the most important factor.
It’s vital that you take advantage of the Medigap Open Enrollment period, which is a 6-month window that starts the month that you turn 65. During this period, the insurance company can’t reject your application, regardless of your health. During open enrollment, the plans are guaranteed acceptance. If you’re in poor health, this could be your only option to get supplemental coverage.
Another benefit of enrolling in the six months is that the insurance company can’t charge your more for your coverage. Typically, the insurance company is going to review your health and any conditions that you have, and depending on your health, they could charge you much higher premiums. During the Open Enrollment Period, you’ll get the lowest rates, regardless. Open enrollment can save you thousands of dollars every year.
If you’ve already missed that window, don’t worry, there is still an excellent chance that you can get affordable Medigap coverage. You can’t put a price on the peace of mind that supplemental coverage will give you.
Any Questions?
I know that navigating the Medicare waters can be difficult, especially because they keep changing. If you have any questions about Medigap Plan A or any of the other plans, you should check out my other posts. I have plenty of information about Medigap and supplemental coverage. It’s vital that you have all of the information that you need to make the best choice for your health care needs.
If you’re still confused, you can contact me or an experienced Medigap insurance agent. Those agents can answer any questions that you can or point you in the right direction.
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Summer is an extremely popular time to move. Many people avoid moving during the other months due to their kids being in school and not wanting to disrupt the school season. Once school’s out in May or June, then people start their journeys to their new homes and cities. Another reason people often move in the summer is that it’s much more pleasant than trying to move in the cold, rain, snow, or ice! Whether you are moving cross-town or across the country, here are a few tips to save money while moving.
Consider when you’re moving
As we mentioned, most people move during either the late spring, summer, and early fall. And based on the laws of supply and demand, it’s likely to cost more to move then vs. moving in the offseason, all other things remaining equal. If you have kids whose school schedules you don’t want to interrupt, you may not have a choice in what time of year you move.
Even if you’re moving during peak moving season, you might consider saving some money by not moving on the weekend. Again, weekends are when many people move, so many moving companies will charge more for a weekend move. If you have the flexibility to do so, consider moving during the week. If you’re using a professional moving company, ask them if they will give a discount if you move during the week.
Don’t move everything you have
Once you’ve figured out when you’re planning on moving, it’s time to figure out WHAT you’re moving. No matter how much stuff you think you have, you actually have way more. It’s amazing how much you accumulate over the years. Make sure you carefully measure the dimensions of your new home to figure out what will fit. Sell, donate or give away anything that won’t fit in. The earlier that you start the process, the better off you will be.
If you have the flexibility to start moving a few weeks or months before you need to move, you’ll have the time to be able to sell things you don’t want to take with you. If you’re not able to have a garage or yard sale yourself, you might have a friend or family member that is having one. See if they will let you sell some of your items at their sale either on a commission or for a fixed price. If you put it off until the last minute, you’re likely to find yourself giving things away for free or, worse, paying someone to haul it away.
Whether you are moving within your same city or to a new city will have an impact on how much you need to get rid of. When you move long-distance, you’re limited to whatever gets shipped or put on the truck. For shorter moves, you can make multiple trips. Whether you’re moving to a smaller or larger place plays a big part as well. In any case, it’s a good idea to try and downsize as much as possible.
Saving money on packing supplies
There are a few ways that you can save money on packing supplies like boxes. The best way to save money is to get boxes from someone who moved a week or two before you did. They’ll likely be happy for someone to take their boxes away. Unless you know someone that’s recently moved, there aren’t a lot of places to reliably get free moving boxes. One option can be Uhaul — while their boxes aren’t free, they will buy back any boxes that you don’t use. That way you don’t have to worry about overpaying for boxes.
Pack it (or move it) yourself
Another great way to save money while moving is to move things yourself. Now is a great time to call in those favors to get help from your friends, family and church. Of course, the feasibility of moving yourself will depend a lot on your specific situation. Where you’re moving, how much you have to move, and how many people you can call on will be major factors in whether moving things yourself is even possible.
Even if you are hiring a moving company, you can still save money by doing the packing yourself. Most moving companies will pack things for you, but it definitely drives up the cost. Remember that if you do pack things yourself, you may be responsible for any items that are damaged during the move.
The Bottom Line
Moving can be a stressful time, so it depends on your own specific situation how much you want to focus on saving money vs. saving your time. If you can be flexible, try to move during the week and/or during the offseason. The next most important thing to save money while moving is to start early and downsize your possessions as much as possible. The sooner you start, the more time you’ll have to sell the things you can’t take with you. If you can find someone who moved shortly before you, ask if they have any moving boxes you can use, and pack and move as much as you can yourself to save money while moving.
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Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Scroll through TikTok’s finance feed and you’ll come across viral videos on “infinite banking.” The concept is making a splash on social media, fueled by celebrities like rapper Waka Flocka Flame.
But infinite banking is nothing new. The term was coined by economist Nelson Nash in the 1980s and outlined in his 2000 book, “Becoming Your Own Banker: Unlock the Infinite Banking Concept.” The strategy involves tapping into the cash value of certain life insurance policies like whole life and treating it as a personal bank.
Nash promoted infinite banking as a path to financial freedom and wealth creation. But it’s a little more complicated than Waka Flocka Flame and TikTokkers claim.
How infinite banking works
Whole life insurance policies usually last your entire life and have a cash value component that grows at a guaranteed rate over time. This rate of return varies among insurers, but it’s typically around 5%, Barry Flagg, a chartered life underwriter in Tampa, Florida, and the founder of the life insurance research company Veralytic, said in an email.
Once your policy has accumulated enough cash value, you can begin to take out loans against the funds — and that’s where the concept of “banking on yourself” comes in.
When you pay your life insurance premium, a portion goes to the policy’s cash value component. Infinite banking takes it one step further: Policyholders pour extra money into the cash value to speed up growth. They then treat it as a personal line of credit and borrow against the policy’s cash value to pay for large purchases instead of relying on traditional lenders or dipping into savings.
But cash value life insurance can be complex and pricey, and infinite banking is a nuanced concept. For these reasons, it’s best suited to high net worth individuals with a high risk tolerance to match, Flagg says.
Turning your policy into a personal bank
This strategy has perks. For example, you don’t have to qualify for a cash value loan in the same way you do for traditional loans. The money within cash value policies is liquid, and there’s no requirement to repay the loan by a set date — or at all. If you don’t, though, your insurer will subtract the amount you borrowed from the policy’s death benefit, leaving your beneficiaries with a lower payout when you die.
Under infinite banking, the cash value is collateral for the loan and the life insurance policy is tied to it. This means you risk losing your coverage if you don’t watch the cash value closely. Insurers charge interest on cash value loans, too.
“If you were truly borrowing from yourself, you wouldn’t be paying yourself interest,” says Daphne Jordan, an Austin, Texas-based certified financial planner and wealth adviser at Pioneer Wealth Management Group.
What’s more, infinite banking is expensive. For example, a healthy 40-year-old man can expect to pay $7,028 per year on average for a $500,000 whole life policy, according to Quotacy, an online life insurance brokerage. In most cases, he’d pay premiums every year for the rest of his life.
The financial obligations don’t stop there. Infinite banking only works when policyholders overfund the cash value. For a 40-year-old man in good health, that means contributing money beyond the $7,028 paid in annual premiums. It’s common practice in infinite banking to allocate around 10% of your income to the cash value each month, which is no small commitment.
Another downside of infinite banking is time. It can take years or even decades to build the cash value you need to start taking out loans without penalty.
Think about your priorities
The primary purpose of life insurance is to leave money to your loved ones when you die, not build wealth.
For Jordan, wealth creation is a science, and it starts with taking care of the basics.
Think paying off debt like student loans and credit cards and building an emergency savings fund. Aim to open a high-yield savings account at a bank insured by the Federal Deposit Insurance Corp., or FDIC, or at a credit union backed by the National Credit Union Administration, or NCUA, and save enough money to cover three months of living expenses.
Focusing on your retirement comes next. Jordan recommends directing at least 10% of your income into a tax-advantaged retirement account, like a 401(k) or Roth IRA, before exploring something like infinite banking.
“When you’re on an airplane, they always tell you to put the oxygen mask on yourself before helping others,” Jordan says.
“The way you do that with building wealth is to get rolling on saving for the unexpected and saving for your future self.”
This article was written by NerdWallet and was originally published by The Associated Press.
Stone walls, crocodile-filled moats, Rottweilers — our ancestors found some pretty creative home security solutions!
Today’s home security systems feature a more tech-savvy approach, but the goal remains the same: to keep your family, your property, and your stuff safe from outsiders.
Recent innovations have fueled a new surge in home security sales.
As you shop around and compare systems, consider your home’s security challenges, your lifestyle, and your budget.
Chances are good you’ll find the system you need, whether you’re a new homeowner or just new to the home security market.
How Security Systems Have Changed Over Time and Recently
Believe it or not, tech-driven security systems have been around nearly two centuries. Augustus Russell Pope of Boston combined electricity, magnets, and a bell to create a burglar alarm in the 1850s.
Marketing the invention proved difficult, though, because people feared electricity as much as they feared intruders. As the decades passed, the world caught up with Pope’s idea.
By the early 20th century, electricity had grown safer and more common. The burglar alarm started to catch on.
By the 1970s, home security systems featured motion sensors. Off-site monitoring caught on in the 1980s.
Prices started to fall in the 1990s, making systems accessible for more homeowners. Now the internet has changed the industry again.
For a few hundred dollars in hardware and installation fees — or perhaps less if you install the system yourself — you can monitor your own home from your smartphone from work, school, your commute, or even while on vacation.
These new systems have drawbacks, too, so before you jump in, make sure you’re getting the security your family needs.
Monitored Vs Unmonitored Security Systems
This has become the first question to ask when shopping for home security: Should you pay more for a system with professional monitoring included?
For decades, monitoring fees prevented a lot of homeowners from getting a home security system.
Even the lowest fees can become cost-prohibitive when you pay them month after month and year after year for the indefinite future.
For those homeowners, unmonitored systems may offer the only way into the home security market. If you have a choice, though, give this question some thought.
Monitored systems come with some advantages you may like.
Advantages of Professionally Monitored Systems
Just like with cars, computers, and houses, you get what you pay for with a home security system.
A monitored system costs more, but consider these advantages:
More seamless responses: With an unmonitored system, it would be up to you to contact fire or law enforcement officials when you get an alert about an intruder. When you’re out of town, calling 911 probably won’t work as quickly since you’d have to be transferred between areas of jurisdiction. Someone monitoring your home should be able to contact officials more quickly.
Someone else deals with false alarms: When you’re at work or out shopping and you get a security alert from your unmonitored security system, it’s up to you to assess the risk. If the FedEx guy triggered the alarm by delivering this month’s dog food, you’d feel relieved. But when something like this happens several times a day, it starts to get distracting. A monitored system can take care of these distractions, saving your attention for when it really matters.
Equipment may be included: Customers who buy an unmonitored system tend to be responsible for maintaining and upgrading their own security equipment. A monitored system would more likely include the equipment and, naturally, its maintenance and upgrades. In a fast-changing industry, your gear can get outdated pretty quickly.
Protection isn’t dependent on cell service: Most of us always know where our phones are. But what happens when you’re in an area with poor service or when you lose your phone on the Slinky Dog ride at Disney’s Hollywood Studios? (I’m not judging!) You may not have access to your at-home security system alerts when most needed. A monitored service can contact authorities to protect your home even when you aren’t in the loop.
Advantages of Unmonitored Systems
Unmonitored, also known as self-monitored, home security systems have become the fastest growing segment of the market for a reason. Advantages include:
The cost, of course: Since you could use a self-monitored home security system without paying monthly fees, you can save a lot month to month and year to year. Even if you pay a professional to install the system’s panel or cameras, you can still avoid that monthly bill.
A perfect fit if you’re renting: The home security market has traditionally ignored renters since they don’t have the authority to install hardware or enter a long-term contract. An unmonitored system offers exactly what a renter needs: flexible service with no long-term commitment.
Having more control: When you’re making all the decisions about whether to call for help or whether it’s a false alarm, you’re automatically controlling the response level. Since you know better than anyone what’s normal at your home, this can prevent some confusion. For example, the monitoring service may not know your brother has a spare key but does not know the alarm code. Since you know this, you can automatically filter out the police response as a viable option (unless you really have it in for your brother).
Integrating additional home systems: Some of the best self-monitored systems are an extension of WiFi-enabled home automation. Along with feeling more secure, you can also lock or unlock doors, change your thermostat, turn certain lights on or off, and even control the garden sprinklers (and lawn mowers!), all from an app. (Traditional monitored services have started adding these features, too.)
Can You Get the Best of Both Worlds?
Wouldn’t it be nice if you could combine the best aspects of professionally monitored and self-monitored systems?
Well, the industry has been moving in that direction.
Here’s why: The rapid growth of self-monitored home security systems has grabbed the attention of the traditional home security companies.
The leading monitored services are compensating by adding modern conveniences such as app-based customer control and, in some cases, acquiring smaller, self-monitored home security companies.
And it’s not a one-way street: Some self-monitored services have added the option to have your home professionally monitored, but with a twist. You can get add-on monitoring for a fee only when you need it. That way you could still avoid the contracts and flat monthly fees.
As the market continues to evolve, I’d expect to see less separation between these two categories.
But full-time monitoring will continue to be a separator. It simply costs more money to have someone monitoring your home and responding to problems all day every day.
And in many cases, professional monitoring equals a more secure home.
Should You Buy a Monitored or Unmonitored Security System?
This gradual merging of monitored and unmonitored home security features could, ironically, make it harder to decide what kind of service to buy.
If you like the control an unmonitored system offers, you don’t necessarily have to opt for an unmonitored system anymore. You can find a monitored system with similar capabilities.
Or, if you want a monitored system because you’re out of town a lot, you no longer have to choose from only traditional security service providers. You may be able to find an unmonitored service with added-on monitoring periods without a contract.
If you can’t decide for sure, take a look at your home, your lifestyle, and your personal preferences. They can tell you a lot about your needs.
What Type of Home Do You Have?
The kind of home you’re protecting should help drive the kind of protection you buy.
Makes sense, right?
Well, it’s easy to forget such obvious things once you start comparing features, prices, contracts, apps, and customer reviews.
Take a look around your home. If you have two full floors full of windows and doors, along with a garage door and windows to consider, you’ll need a lot of equipment installed and maintained.
You’ll also have a lot more sensors to trigger false alarms. A monitored system could be worth the cost.
On the flip side, if you live in a 2-room apartment with just a few windows and only two doors, your up-front equipment investment will be less, and you’ll have fewer trigger points to keep an eye on as you monitor things while away. A self-monitored system could do the job.
How Connected Are You?
If a home security system sends an alert to your smartphone but no one is around to hear it, does it make a sound? We could debate that question for hours, and if your phone happens to be off, someone could be stealing your stuff as we contemplate.
With an unmonitored system, you’re on call around the clock via your smartphone. If you’re the kind of person who likes to unplug after work or while on vacation, you may want to lean toward a monitored security system.
If, however, you and your phone are inseparable — if you sleep with the phone beside you on the pillow — you’re likely set up well to monitor security alerts.
That said, I’d suggest using a different ringtone for home security alerts. You wouldn’t want to ignore a serious problem thinking it was just a reminder to pick up your sister’s cat from the vet tomorrow.
How Connected Is Your Home?
Most of us have WiFi at home now. Most does not mean all, though.
People without WiFi at home will have a hard time using all the features of a self-monitored home security system.
In that case, a landline-based, traditional system would be a better option.
If you have WiFi, the quality of your surveillance will depend a lot on the quality of your Internet connection.
As more devices and appliances get online — thermostats, washing machines, tablets, phones, TVs, refrigerators, lawn mowers — there’s more demand on your network. For many of us, a DSL connection just doesn’t cut it anymore.
If you have a gigabit-per-second coming across fiber into your home, your unmonitored security features should work just fine.
How Busy Are You?
A lot of us can add tasks to our regular schedules without a lot of stress. People in the gig economy or with a couple side hustles may have just the kind of schedule flexibility they need to assess threats from their smartphones.
Sure, you may have to re-arrange a few things or tell a client to hold on a second while you check the alert on your phone, but it’s still possible. People who teach school, run meetings, perform surgery, or preside over class-action lawsuits may not have time to check their phones every couple of hours.
Just like any other commitment you take on, consider the time demands of an unmonitored security system.
I’ve been in more than one meeting where someone had to check on a security alert. (Usually, something like leaves blowing onto the porch or a delivery from Amazon triggered the alert.)
Do You Own Your Home?
I referred to this earlier, but it bears repeating. Traditional home security firms more or less ignored renters for years since they didn’t have permission to install a system anyway.
With no wires to run behind walls, a tenant can usually install an unmonitored system without changing the property.
Mounting a camera in the corner is hardly different from hanging a picture, and it’s a whole lot simpler than installing a wall-mounted TV.
Plus, when you move on to a new home in a new city, you could take a lot of the system’s components with you to use at the new rental house. Of course, check your lease agreement to make sure you have permission to make the changes an unmonitored system would require.
And, by the way, if you’re a renter who would like a traditional monitored system, ask your landlord about it. He or she may be fine with the idea, especially since a system could reduce your landlord’s homeowners insurance rates.
Best Security System Providers For 2023
We’ve chewed on a lot of theoretical stuff, so let’s get into what really matters. How do systems compare to each other, and which one should you get?
A year or so ago I would have made two best security system lists: One for monitored security systems and one for self-monitored systems.
The features of these systems have blended so much I think one list will better serve shoppers. I’ll be sure to indicate whether you would need a contract to use each service.
While convenient features are important and worth weighing into the equation, the quality of the system itself still matters most.
So I’ll be giving the quality of your home security system first priority in these comparisons while giving conveniences and customer flexibility a little less importance.
Frontpoint
Contract required: Yes Professional monitoring: Yes Length of contract: At least one year
Remember earlier when I suggested the future of home security will likely blend the features of monitored and unmonitored systems?
I had Frontpoint in mind when I said that.
This company has led this confluence of features, offering professional monitoring plus the conveniences do-it-yourself systems introduced.
Yes, Frontpoint requires a contract and you’ll be paying for 24/7 professional monitoring. But you’ll also have a user-friendly app that can control your locks, lights, and thermostat.
With Frontpoint, you install the equipment yourself since it’s wireless, lightweight, and easy to position with included adhesive strips.
Essentially, Frontpoint offers the best features of monitored and unmonitored services in one package: professional monitoring, quality equipment, convenient features, and a do-it-yourself approach.
That’s why I’ve listed Frontpoint first.
I also like the 30-day, risk-free guarantee. If you’re unhappy with the service, Frontpoint won’t bill you and you can return all the hardware. You won’t be on the hook for the rest of the contract.
I also like the one-year contract. Most companies require a three-year commitment.
Frontpoint offers three price points. If you’d like to access recorded video surveillance from your property, you’ll need to go with the most expensive plan.
Best for: A homeowner who wants mobile control, full-time professional monitoring, and more contract flexibility than usual. Avoid if: You don’t want to enter at least a one-year contract.
ADT Pulse
Contract required: Yes Professional monitoring: Yes Length of contract: At least three years
ADT, a leader in home security for almost 150 years, has also started offering the conveniences of unmonitored security in its ADT Pulse system.
Like Frontpoint, ADT Pulse still bases its services on contracts, but it has bulked up its app to give customers more control over their security equipment. In fact, you can probably incorporate your own cameras and sensors into ADT’s system since it supports many third-party hardware brands.
Unlike Frontpoint, ADT Pulse includes professional installation (and a corresponding $99 set-up fee). The result is another best-of-both-worlds approach for the customer who is willing to enter into a contract.
In ADT’s case, the contract will last at least three years, and you’d be billed a hefty termination fee to get out of it.
ADT will let you out of the contract if you’re not happy with the service, but it’s not a no-questions-asked policy. ADT will try to resolve your issues, which is a good thing if home security is your priority.
Best for: A homeowner who wants a time-tested, trustworthy home security partner with professional installation plus modern mobile-based control. Avoid if: You’re not sure about entering a long-term contract.
ProtectAmerica
Contract required: Yes Professional monitoring: Yes Length of contract: At least three years
By now you’re sensing a trend: Traditional, contract-based home security companies that have adopted modern conveniences are dominating the top of this list.
And for good reason: Ultimately, a home security system should provide the best home security for you and your family, and professional monitoring tends to offer more security.
ProtectAmerica makes this list for those reasons and because of its flexible pricing options. The company has five price points.
I’d stay away from the company’s less expensive, landline-based options. They do not offer the control and integration you’d get from Frontpoint or ADT Pulse (unless you want a traditional, landline-based system).
ProtectAmerica’s broadband and cellular-based options deliver a lot. You can even integrate the system with your Amazon Alexa or Google Home smart device for voice control.
And when an alarm goes off, you can also get a voice prompt from the system telling you which sensor or camera triggered the alarm. When you’re half asleep, this simplicity can pay off! There’s also a panic button which will automatically call for help.
Best for: A homeowner or renter who wants the conveniences of tech-based security with fewer potential complications. Avoid if: You’re shy about a three-year contract.
Vivint Home Security
Contract required: No, unless you’re financing equipment Professional monitoring: Yes Length of contract: At least 42 months (but only when financing equipment)
If you’ve been looking for a no-contract home security solution that still delivers professional results, consider Vivint Home Security. Vivint offers monitoring for a monthly fee, but it doesn’t require its customers to commit to more than one month at a time.
However, if you cancel your account while you still owe money on your equipment, Vivint will bill you for the balance. So even though you wouldn’t have an official contract, you’d still be compelled to keep the service or pay a lump sum to end your connection to the company.
It’s not exactly a no-strings-attached situation, but customers do have more control month to month, especially if they pay up front for the equipment.
Vivint makes this list because of this potential flexibility and because of the flexibility of the company’s equipment.
You can essentially build your own home security and home automation package the way you want. Rather than choosing from a package, you can combine different kinds of surveillance equipment including outdoor monitoring, and different safety features such as smart lighting and thermostat control.
You can manage your system through a Google or Amazon smart speaker or you can use a more customized control panel.
Best for: A homeowner who wants to customize a security solution. Avoid if: You don’t want to pay up front for equipment. If you don’t pay up front, you’ll have a de facto contract.
Link Interactive
Contract required: No, unless you’re financing equipment Professional monitoring: Yes (by a third party monitoring center) Length of contract: N/A unless financing equipment
Link Interactive rounds out my top 5 because, once again, it blends traditional and unmonitored features to give customers the best of both worlds. Link Interactive stands out because it has embraced broadband and cellular networks more thorough than most other providers.
As a result, you can talk with a professional monitor through your control panel at home during an emergency. Sometimes just knowing what’s going on and finding out easily when help will arrive can alleviate stress.
But you should know that Link Interactive uses a third party, which doesn’t always equal a loss in quality, but it does mean the company has less control over the monitoring process.
Still, lots of Link Interactive customers have been satisfied with their service according to TrustPilot and Better Business Bureau reports, which tend to lean toward the negative for security systems.
Link Interactive lets you pay month to month instead of committing to one to three years. However, as with Vivint, if you owe money on your home security equipment, you’d have to pay the balance if you canceled service.
So unless you pay up front for the equipment or pay the balance down enough to make more affordable, you’d likely be sticking with the service for a while.
Essentially, it’s a contract by another name. Link Interactive does stand by its 30-day grace period. If you change your mind or don’t like the service, you can cancel without obligations.
Security matters most, and even though I’ve listed a couple concerns, Link Interactive has the experience (about 70 years’ worth) and the equipment to serve its customers well.
Best for: A homeowner who wants a reliable partner with the best modern conveniences. Avoid if: You don’t plan to stick with the company for at least until you’ve paid off the equipment.
Best Self-Monitored Home Security Services For 2023
I know — I listed my five top choices for home security, and not a single one offers a completely self-monitored system.
I alluded to the reason earlier but here it is again: Professionally monitored systems simply provide better security across the board, and we’re looking for the best home security systems.
In most cases, security tends to be better because you have a staff of monitors at the ready to respond to a crisis at your home.
Most, of course, doesn’t mean all. You may have just the right work-life balance to handle a self-monitored system. Or you might just prefer to self-monitor your home security, either to save money or because you like the control.
If so, you have a lot of choices.
Let’s take a look at a few of my favorites.
Ring Alarm
You’ve probably seen this one on TV. It looks simple, efficient, and affordable.
Overall, it lives up. For only $200 or so up front, you can get a pretty solid set-up and install it yourself. Pricier packages offer more components for larger homes.
You can opt for professional monitoring (for $10 a month or $100 a year) or for self-monitoring, which is free. Ring connects to Z-wave, which means you can incorporate a wide variety of home management and security equipment.
Amazon owns and sells Ring systems, so if you’re a frequent Amazon shopper you’ll know pretty much what to expect.
Best for: A low-cost but useful alternative with professional monitoring available.
Honeywell Smart Home Security
Honeywell, whose name you may have seen on thermostats somewhere along the line, has expanded its business into smart home connectivity, including home security.
You’ll pay more, over $1,000 most likely, to get your system going, but after that, you can do a lot, including arming and disarming the system with a key fob and even integrating facial recognition.
Honeywell’s system works seamlessly with Amazon Alexa, and the system should soon also offer Google Assistant and Apple HomeKit integration.
Honeywell also syncs with Z-wave, which means you can use all sorts of wireless equipment to manage and monitor your home.
Best for: A do-it-yourself alternative that still has top-notch gear and accessibility specializing in self-monitoring.
SimpliSafe
SimpliSafe has grown in name recognition and market share. The company offers a lot of options. About 16 to be precise. They all vary slightly in the number of components and price.
Set-up fees range from about $290 to about $550 depending on how much equipment your home needs. The equipment is easy to install and use. You can go without professional monitoring and keep using the security equipment.
It tends to be harder to incorporate third-party equipment, though. So if you get SimpliSafe don’t assume you can use existing gear from previous systems.
Best for: An all-in-one system for homeowners new to security systems.
Nest Secure
If you use Google products — Google Assistant and the Android operating system, for example — Nest Secure could offer a sensible extension for your home automation and security needs.
Naturally, the service integrates nicely with Google Assistant and your Android phone or tablet. You can spend up to $500 or so getting the equipment set-up.
You can add professional monitoring on a contract or month-to-month basis.
Best for: Customers who already use Nest home automation products. Nest is part of Alphabet, Google’s parent company.
Going Cheap? Create Your Own System And Go Full DIY!
Even though the home security market has changed a lot with the success of self-monitoring systems, customers still have two basic choices:
Enter a contract of some sort to get professional monitoring and pay less up front.
Buy a do-it-yourself system, spending $300 to $1,500 up front, and have the freedom to self-monitor and avoid the contract.
Some customers wonder why they can’t just buy some cameras and door sensors and connect the gear to their smartphone. That may be possible, and if that’s your thing, you could save compared to buying a pre-packaged deal.
But, for the majority of consumers, I do not recommend this approach for a few reasons:
It depends upon your ability to connect and maintain the equipment.
You couldn’t add professional monitoring if you wanted to.
It’s more difficult to self-monitor without an app to centralize the camera feeds and sensor data.
Regional Security Firms May Offer a Lot
I tried to limit this post to companies offering nationwide service. Some regional companies offer great equipment and great service, too.
If you’re considering a regional firm in your area, make sure to check on the following issues:
Who monitors the company’s security systems? Is it local or third party? If third party, try to find out response times for the monitoring service.
Are you as the customer responsible for maintaining the equipment or will the company keep it up to date? If you’re responsible, work that into what you’ll be paying.
Does the system’s control panel have a battery backup during loss of electricity? What about backup for the WiFi connection? If not, the system could leave you vulnerable.
If you have the ability to self-monitor, can you integrate components you already own via Z-wave or another similar service?
What do local law enforcement officials think about the firm? Cops know a lot about home security. They may know the value of a local or regional home security outfit.
Need Proof of Results? Ask Your Insurance Agent
Our homes are personal. Having a stranger violate, steal, or destroy our homes, our property feels like a personal attack even if we’re not home and deal only with the aftermath.
People who have experienced that feeling know it can change the way you look at the world for a while.
It makes sense for homeowners (and renters) to seek some kind of protection against this danger. No system can guarantee your safety and the safety of your family.
But home security systems do get results. For proof, just ask your homeowners insurance company.
Many insurers will give you a discount on your home insurance premiums if you have a professionally monitored home security system. Insurers give this discount because they know a quality home security service will likely reduce the likelihood of a personal property insurance claim.
As you compare systems, consider what kind of security you need and whether what you’re buying fits your home.
Security is personal. It’s up to you to make sure you’re getting a system to match your life.
Few things go better with the desert weather and aesthetic than the luxury spa treatment.
It doesn’t matter if you work over 40 hours a week or 40 minutes a month. Everyone needs time to unwind. From work stress to tough workouts and beyond, the pressures of daily life add up if they aren’t handled properly.
The apartments featured on this list all have one thing in common: They hold some of the best spas in Phoenix. Amenities that provide residents with options to unplug, resources to recharge and everything they need to make the most of every day. From resort-style pool and spa setups to yoga rooms and saunas, these Phoenix apartments have what you need to stay sane and healthy right at home.
Source: Rent. / Optima Kierland Apartments
Optima Kierland Apartments aims to be more than an apartment community. The goal of this complex is to feel more like a world-class spa destination than it does a tower of apartments. Residents here are able to enjoy the stunning natural landscape from the sprawling rooftop deck and sit out by one of the many water features on-site to let the stresses of the day slip away.
This Kierland apartment complex also boasts a stunning infinity edge pool and a separate shaded jacuzzi area complete with two tubs. It also has a stunning poolside sauna complete with mountain views. There’s a reason why Optima Kierland Apartments sets the standard for spa-style amenities in Phoenix. Swing by for a tour and see for yourself.
Source: Rent. / Vela on Camelback
Undeniably boasting one of the best spas in Phoenix, the wood-floored, light-filled yoga studio at Vela on Camelback is a serene place to stretch out the demons or sit and meditate on all life’s twists and turns. Equipped with everything you need to complete a particularly difficult yoga flow or just sit and let some time pass in peace and quiet, Vela on Camelback has what you’re looking for.
Vela on Camelback also boasts one of the best outdoor pool and spa areas in the desert. With their choices of towel service, ledge loungers and an outdoor games area, residents here always enjoy the freedom of choice when they decide to unwind. Good luck finding a better apartment complex in North Phoenix to unplug.
Source: Rent. / The Logan at Deer Valley
With a stunning pool and spa area as the central meeting spot for the community, The Logan at Deer Valley has a long list of spa-like amenities to offer its residents. Crystal-clear waters surrounded by lounge chairs sitting atop turf, this desert oasis is an undeniably cool spot to chill out, beat the heat and recharge for the next work week.
The calming pool area at this Foothills North apartment complex is also surrounded by large cabanas that house multiple chairs and loungers and provide ample shade for anyone that needs a break from the pool and the sun.
Source: Rent. / The Met
With a large oval-shaped pool and a sizable squared-off hot tub, the outdoor spa area at The Met is undoubtedly one of the most relaxing places in Downtown Phoenix to be. With picnic tables and loungers under umbrellas, full-grown palm trees and mood lighting embedded under the surface of the water, this uniquely relaxing outdoor area is the ideal desert hangout.
The Met also boasts a tropical-themed workout room with a stretching area. While working out may not be the best way to relax, everyone could use a good stretch at least once a week to work out the knots and reflect on the day.
Source: Rent. / 56 North Phase II
Boasting a long turf lawn peppered with loungers and conveniently located right next to the resort-style pool, the courtyard area at 56 North Phase II is a serene place to spend a lazy day. Whether you want to soak up the sun, soak away aches and pains or simply sit and think about life, there’s a place for you here.
Located in scenic North Phoenix, this peaceful paradise is perfect for busy nine-to-fivers, laid-back work from homers and everyone in between. Kick back and watch the day go by from the comfort of a covered cabana or get to know your neighbors poolside, the choice is yours at 56 North Phase II.
Source: Rent. / Quays at Encanto
It’s not every day that you encounter a mid-century modern apartment complex. Quays at Encanto is a boutique apartment community located near Phoenix College. With only 26 units, this small community was thoughtfully designed to help residents relax when they’re at home and live their best lives.
That starts with the apartment decor itself. The bathrooms in this beautiful complex are absolutely beautiful. Artisan fixtures, custom tilework and top-of-the-line appliances all combine to provide a potent spa vibe. This complex also boasts a rectangular courtyard pool — perfect for when the desert temperatures soar well into the triple digits. Plus, you’ll also see turf landscaping throughout for whenever you want to take a load off and soak up the sun.
Source: Rent. / The Logan at Osborn
Designed to look and feel like a five-star resort, the pool and spa area at The Logan at Osborn is simply stunning. A large rectangular pool surrounded by loungers backs right up to the crystal-clear jacuzzi creating an undeniably calming environment. With plenty of shade and more than enough room in the pool, this is one of the most relaxing places in the Phoenix College area to unwind.
The Logan at Osborn also boasts a number of well-manicured community courtyards. These lush green areas are ideal for anyone looking to get away from the hustle with a little alone time. Great for leisurely walks and breathwork, stress relief is always just steps away when you live at The Logan at Osborn
Source: Rent. / Acero at Algodon Center
Located in nearby Glendale, the Acero at Algodon Center apartments are spacious, modern and undeniably homey. Along with an elevated apartment standard comes an updated list of amenities, including an absolutely amazing outdoor pool and spa area. A large jacuzzi and rectangular pool sit in the center of the complex lined by palm trees and complete with loungers and a shaded outdoor clubhouse. It’s tough to stay stressed with a setup like this.
Acero at Algodon Center also boasts a beautiful community garden. If you’re the type that finds comfort in getting your hands dirty, the community garden is a great place to meet neighbors, reconnect with Mother Nature and recharge for another week in the real world.
Source: Rent. / Camden North End
It doesn’t get more zen than an ivy wall and a couple of statues of people in tree pose. Camden North End provides residents with two fitness centers, an indoor spin area and yoga studio and an outdoor stretching area. With so many other places to work out, the stretching and yoga areas are almost always quiet and perfect for a half hour of stretching, meditation or spacing out.
Camden North End also boasts not one, but two seasonally heated pools. These pools are surrounded by sundecks and peppered with loungers so there’s always a place for everyone at these Desert Ridge digs.
Source: Rent. / Circa Central Avenue
Circa Central Avenue may not have a traditional spa, but it does offer residents a long list of amenities that are designed to facilitate relaxation. Amenities like the outdoor poolside lounge. This enchanting outdoor oasis has tipi-style cabanas under string lights and a fire table to boot. Good luck finding a better place to relax and recharge.
The pool area at this Los Olivos apartment complex is nothing to scoff at, either. Falling water acts as the soundtrack thanks to the fountains lining the perimeter of the pool making it one seriously relaxing place to unplug.
Find your desert oasis in the best spas in Phoenix
Looking for an apartment that provides the resources you need to relax and unwind? You’re in luck. Phoenix is full of beautiful apartments with unique amenities that prioritize wellness, mindfulness and the best of a leisurely lifestyle. Find the spa-like place that fits your style and fill out an application today.
Featured image source: Rent. / Optima Kierland Apartments
isolate a pinhole leak in the fuel filler neck and hose assembly
maintain and/or replace an evaporator canister
recognize the term “evaporator canister”.
“Evaporator canister” does return only 457 Google hits, leading one to question whether such a component even exists. (cf. “skyhook”, “snipe hunt”, and “key to the batter’s box.”)
The vehicle in question, a 2008 Ford Explorer, has 52,340 miles on it. The check engine light came on, a crisis that created an opportunity to do two things:
save a little money
spend a lot of money.
You can read about what to do regarding vehicle maintenance in the book (available now at Amazon, Barnes & Noble and other fine bookstores). Rule 1 is Don’t Go To The Dealer. More specifically, don’t begin at the dealer. You might have no choice if you need a specific original-equipment part for body work, but for repairs not restricted to a certain make and model of vehicle, start elsewhere.
There is a caveat, the exception that reinforces the rule. It’s OK to begin at the dealer if you’re willing to stay a few minutes with your vehicle and confirm that you don’t want this to turn into a full-on service appointment. If your vehicle’s clearly in the warranty period, it shouldn’t be a problem. If it’s on the fence, stand your ground and ensure that the dealer’s service department won’t charge you.
“On the fence” means you aren’t sure whether a certain component is still in the coverage period or not, which is definitely possible. Here are some examples from the warranty for said Explorer:
catalytic converter (8 years or 80,000 miles, whichever comes first)
idle air bypass valve (5 years or 50,000 miles, unless you’re driving something other than a heavy duty vehicle, which is a truck from 8,500–19,500 pounds)
intake manifold (7 years/70,000 miles, if you have the long-term defects warranty, but only if your engine is at least 4 liters)
any other emissions-related part (15 years/150,000 miles, but only if you’re in California, the special state that might as well be an independent country for its refusal to accept the laws the rest of us seem to have little trouble crafting.)
So yeah, you might not know what’s covered until the dealer’s already in your pocket. Beware, especially since check engine lights are similar to dental cavities: ignoring them is never an effective way of getting the underlying problem to disappear.
It’s astonishing how many people will take steps to reduce their water bills by .35¢ a month, or shop around to save $5 on groceries, but won’t expend a little effort to save hundreds on automotive repair.
The dealership will tell you that only it can diagnose the check engine light and identify the code that arises. They’ll also charge you $90 for the privilege of determining what’s wrong with something they sold you in the first place. (Read that sentence again.) This is the same dealership that likely told you the $1100 desert protection package option is a vital add-on that all the smart drivers are getting this year, even though you live on Kaua’i.
In other words, a lie. If you don’t have a scanner of your own, find a lube shop that does and an employee who knows how to use it. Depending on what state you live in, you need to do this surreptitiously. The bureaucrats in some state governments, peons of the automotive-industrial cabal, prohibit everyone but dealers from using scanners legally. Which is not only counterproductive and immoral, it’s expensive.
Nor are state transportation department employees above going to a lube shop, asking for a diagnosis, then levying a fine. (The 1930s are alive and well in some industries.) So be careful. If you’re already comfortable at a particular lube shop, and they know you, or you can prove that you’ve taken your vehicle there before, ask if you can get someone to check the code on your vehicle. Obviously, you shouldn’t do this in front of anyone but a single technician. At the very least, they might be able to recommend someone who can help you. Be explicit about how you’re not there to jeopardize anyone’s livelihood.
With a diagnosis from a lube shop, which takes less than a minute, you’ve already saved the $90 service fee a dealer would charge. (At this point you’re welcome to tip the technician.) Yes, the dealer will refund the $90 if the work is covered under warranty, but why wager $90 to take that chance? Better to walk in armed with at least the results from the code reader.
The Explorer had an evaporation leak, which the tech classified as a small one. Small, by definition, means .004-.006”. (Anything smaller is hard to detect.) The initial course of treatment was a “smoke test”, in which a tech literally blows smoke up your vehicle to determine the genesis of the leak.
Lube shops don’t do this, so the next stop was a non-affiliated service center, which quoted close to $90 for a smoke test. However, the dealer charges about the same, but also tells you if the work is under warranty. Thus in this case it is time to head to the dealer, for a rare justifiable visit. A few hours later, the verdict: repair the leak in the fuel filler neck and hose assembly, and replace that mysterious evaporator canister. $1531.
Fortunately, a small evaporation leak isn’t enough to render the vehicle un-drivable, at least not for a few days. So off we go to comparison shop, after a tactical lie to the dealership’s service writer (“I’m broke until my next paycheck. I’ll take it home and hopefully have enough to come back and let you fix it next week.”)
Then to the service center. Their quote?
$818, at least ¾ of which is parts. Same guaranteed work, none of which voids the warranty. That’s more than a $600 savings, and no one had to turn off the faucet while brushing to accomplish it.
Only go to the dealer if you absolutely have to. In a situation like this one, doing so gets you the best of both worlds: as inexpensive a diagnosis as possible, plus a quote, which you can then use to shop around with and get a better price. Thus selling a liability, and leaving you more funds to buy assets with.
Greg McFarlane is an advertising copywriter who lives in Las Vegas and Lahaina – testament to the power of entrepreneurship. He recently wrote Control Your Cash: Making Money Make Sense, a financial primer for people in their 20s and 30s who know nothing about money. Buy the book here (physical) or here (Kindle) and reach Greg at [email protected].
I haven’t set up my own blog yet, I’m stuck on a decision I have to make before I can really begin. How do I figure out what topic I should blog about? There seem to be blogs on pretty much every topic imaginable, so I know I could write about any topic, but how do I figure out what kinds of topics people would be interested in reading about? -Christopher
This is such a great question, Christopher, and one that many people have. Here’s my encouragement to you and anyone else who is considering starting a blog and wondering what topic would be good for them to choose as their focus:
Take out a sheet of paper or open up a blank page on your computer screen and answer these questions. There are no right or wrong answers. Just write exactly what comes to mind in answer to these — anything and everything you think of.
What do you love?
What are your interests?
What are your hobbies?
What words come to mind to describe you?
What unique life perspective do you have?
What could you talk about for hours and not get tired of?
After you’ve done this exercise, then wait a few days and take out another sheet of people or start a new page on your computer and ask a few close friends and/or family members to go through the questions with you giving their answers and input.
At the end of all of this, you should see some themes emerging and this should give you some direction for where to go with your blog.
One important note: I believe that the most successful bloggers are people who solve a problem, provide hope, and/or meet a need. When you are considering what you should focus on when you blog, make sure that you are seeking to do at least one of these things through your writing. If not, I encourage you to go back to the drawing board.
Here are a few things to consider:
1. You don’t have to pick just one topic.
While there is definitely a place for a very niche blog, I think it’s much easier to choose a focus for your blog that encompasses at least a few different topics.
This not only makes your blog more appealing to a wider audience, but it also provides you with more blogging options and it makes it less likely for you to run out of post ideas within a few months!
2. The best way to learn is to just start writing.
I’m a big fan of just jumping in and learning as you go. Yes, it’s good to have an idea in mind of where you’re headed for the first few months. And no, I don’t recommend publicly announcing your blog when you haven’t even written one post. However, don’t sit around and spend hours agonizing over a topic; just jump in and start writing posts.
Here’s the thing: it’s hard to really know what works best until you just get out there and try it. I would have never guessed that I would love writing on some of the topics I’m passionate about today. And I certainly would have never guessed that so many people would have been so wildly interested in certain topics. Had I sat and planned and brainstormed and mapped out and goal-set and analyzed and never just DONE SOMETHING, I wouldn’t have figured out what I loved to write about or what the market wanted.
So truly, just go for it. Start writing posts. Try different kinds of styles of posts. Experiment with different topic angles. Keep learning, keep tweaking, keep observing what’s hitting a nerve and what’s not. And then keep doing what works and let go of the things that don’t work.
3. It’s perfectly acceptable to change your focus down the road.
When I started my first blog, I would have never dreamed that I would someday be writing about intentional finance, intentional family, and intentional business. At the time, we were just trying to make ends meet financially, I had just had my first child, and I was trying to figure out how I could make enough money from home to keep our family afloat financially while allowing me to still be a stay-at-home mom.
I was not in a position to be blogging about intentional finances, family, or business because I had little to no life experience in those areas. In the beginning, I tried out a LOT of different topics. In fact, my blog was so eclectic that I really couldn’t tell you what the focus of it was.
I had a lot of learning to do and a lot of life to live. But honing and sharpening my writing and thinking skills by blogging about whatever I was passionate about that day was one of the best exercises for a budding blogger. Not only did I quickly discover how little I knew, I also discovered there were a lot of topics I shouldn’t be blogging on — because I had no life experience to bring to the table.
As I continued to experiment, I slowly learned things that worked, learned areas I was qualified to write on, and developed a better understanding of what kind of blogging focus was a good fit for me. It took me a few years, though, and lots of writing and trial and error to find that happy medium.
Pick some topics you think will be a good fit for you, jump out there and start writing about them, and keep learning and tweaking as you go. I’m cheering for your success!
What advice do the rest of you have for Christopher? If you’re a blogger, how did you choose the focus of your blog? I’d love to hear!
Thinking Of Starting a Blog?
Over the years, I’ve received many requests from folks asking for help and information on how to start a blog and how to make money blogging. I’ve written about this in past years, but I wanted to let you know that I recently put together a comprehensive page on How to Make Money Blogging with updated information and links. I encourage you to check it out here if you’re interested in how to make money blogging.
I fix and flip a lot of houses (over 200 to this point), and I have bought 30 + rentals. One of the most often-asked questions I hear is how long does it take to fix up a house. This is a hard question to answer because every house and situation is different.
A small remodel job could take a couple of weeks, while a big job could take 6 months or more. The contractor you use can also affect the timeline. If you decide to do the work yourself (like I have), that also can change the timeline a lot. There are no set guidelines on how long it takes to remodel a house, but hopefully I can give you an idea of what to expect.
Who is fixing up the house?
I remodeled a house myself about ten years ago. I replaced the windows, doors, kitchens, baths, flooring, fixtures, and even took out a wall. I thought doing all the work myself would be a great way to save money. In the end, I lost money because it took me so much longer than it would have taken a contractor. It took me three times as long to do the work, and I did not do the best work because I was learning on the job. In fact, it took me over 6 months, and I was working on it nonstop. I had my worst year ever as an agent and investor because I decided to do that work myself.
When you do a remodel yourself, count on it taking at least three times as long as you think it will. I hire contractors and subcontractors for every project now. It can still take time to repair a house, but it is much better than doing the work myself. On a typical job, it takes my contractors from 1 to 3 months to complete a remodel. That time varies based on the number of people on a crew, the work needed, and how many subcontractors I use. Some contractors are also much faster than others, and using a general contractor can slow down or speed up the process depending on many factors.
The video below shows me walking through two of my current flips and giving timelines for what it takes to repair them.
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How does a general contractor change how long does it take to fix up a house?
A general contractor (GC) manages remodel jobs by hiring subcontractors or using his own crew. A GC will schedule, figure out, and budget for all the work to be done. There are pros and cons to using a general contractor.
Pros:
They can save time if the homeowner does not want to manage the project.
They have contacts for subcontractors to help with various parts of the project.
They have experience budgeting and estimating the time it will take to do a job.
They have experience handling any problems that come up on a job site.
Cons:
It costs more money to hire a GC because they charge for their oversight.
It can take longer to use a GC if they want to use their own crew for all of the work.
The more experienced a GC is, the more they can charge.
Some people can claim to be a GC when they have no actual experience remodeling houses.
In my experience, using a general contractor can be a good idea for people who have never dealt with repairing houses. A GC can handle the entire process, but they will charge for it. I do not use general contractors because I can manage the project myself, and I have my own sub contractors I can use on the job. I also can get my remodeling jobs done more quickly by managing them myself. One of the biggest problems I have run into with general contractors is that they want their crew to do all the work because they make more money that way. If one crew is doing all the work, it can take longer than if you have subcontractors or specialists who work on:
Roofs.
Windows.
Flooring.
Painting.
Plumbing.
Electrical.
HVAC.
Foundations.
Landscaping.
While I have contractors working on installing kitchens, baths, doors, etc. I can have my sub contractors working on other items, which speeds up the process.
How to find a great contractor.
How long does it take me to remodel my flips or rentals?
The time it takes me to remodel my houses depends on the house and the crew working on them. I have some contracting crews with four guys on them, and other crews that just have one guy. I will contract out work, and I also have my own employees who do work for me. The time it takes to complete the jobs depends on many factors, but here are some examples of how long it has taken:
On a recent flip, I replaced the kitchen, one bath, flooring, paint, backyard, fixtures, tore down a shed, replaced some trim, patched some holes, and made some other minor repairs. The crew had three guys on it, and it took them about 2 months. I would have hoped the work could be done in one month, but there were delays getting flooring in and a kitchen cabinet.
I was able to complete another flip in 2 weeks, but it only needed paint, some flooring, a couple of windows replaced, kitchen counters, appliances, and a new furnace.
On a bigger job, it can easily take 3 months or longer because problems always seem to pop up. I fixed up a manufactured house in the country recently that took 3 months to complete when we re-sided it, put on a new roof, replaced the HVAC, put in new doors, a new kitchen, new baths, new flooring, textured walls, worked on the garage, regraded a road, and did a lot of minor work too.
I have also had jobs take 6 months or longer because the contractor quit on me or messed something up. A complete gut-job remodel took almost a year because my bookkeeper accidentally paid the contractor before he was done; it took three months to get him to finish the job because he had already been paid.
The number of people on the contracting crew, how well you can manage the subcontractors, and the project size all affect how long it takes to complete a remodel job.
How can you save time remodeling a house?
I have 21 flips going at the moment, and I also have a couple of rental properties we are working on. It takes a lot of time and management to get all of these properties repaired in a timely manner. I have a full-time project manager who helps me with everything. But if you are only doing one or two projects at a time, there are many things you can do to speed up the repair process:
Never pay a subcontractor or contractor the full amount until all the work is done.
Stop by the project frequently (once or twice per week) to make sure work is being done and being done right.
Line up contractors and sub contractors well before the work needs to be done. Many people are very busy and cannot start work for weeks.
Try not to take on a huge project when first starting out.
Take your time hiring the right contractors.
The more subcontractors you can use, the more money and time you will save.
Problems will always pop up. I always expect things to take longer than I think they will. If I think a job should take one month, I will count on six weeks. New issues pop up, contractors don’t work as fast as you think they will, or you may even have to fire a contractor.
Conclusion
Figuring out how long it takes to remodel a house can be tough. It is even tough for general contractors to estimate how long it will take, and that is their job. It all depends on the quality of the workers, the project, who is managing the project, and what problems pop up. If you are flipping houses, remodeling it is only part of the process.
Published: by MSM Team on December 18, 2014 | This post may contain affiliate links. Read my disclosure policy here.
Traci emailed in this reader tip:
I had been planning a yard sale for months but this summer I decided I didn’t have enough or valuable enough things to make it worthwhile.
About this time, I joined a handful of Yard Sale groups on Facebook and bought a few things through them. After purchasing a few things from others and realizing how easy it was to post things for sale also, I decided to list a few items around the house.
Within minutes — even seconds, sometimes — I had people interested!
I started cleaning out closets and found so many other things that I wanted to get rid of. It felt great to purge and makes some money, too. Items that I have sold so far have been: adult and children’s clothing, toys, kitchen items, furniture, books, and movies.
Money is tight this Christmas, but by selling items on the Facebook Yard Sale Groups, I was able to pay cash for Christmas for my entire Christmas for my family and even had some extra money leftover! The best advice that I have for selling on local Facebook Yard Sale groups would be consider the time and gas you are spending to buy or sell an item. If you have to travel far, this could be eating your profit or savings.
Post that others need to pick up in your city. I like to try to arrange pickups or drop-offs either in the morning or evening as to not interrupt my daily work, school, and family routine.
I also don’t have strangers come to my home. Remember safety first and it is best to meet in a public place like a shopping center or, even better, the local police department parking lot.
Also remember that people have busy lives and things happen that they have to reschedule a transaction sometimes. With that said, if someone is not being respectful of your time or you are not comfortable with something, don’t meet with them.
I am not stressing about Christmas this year and have not put one thing on a credit card that I will regret having to pay for later! -Traci