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Trinity Public Utilities District’s power lines snake through the lower reaches of the Cascade Range, a rugged, remote and densely forested terrain in Northern California that has some of the highest wildfire risk in the country. But for several years, the company has been without insurance to protect it from such a threat.

Trinity’s equipment was blamed for causing a 2017 wildfire that destroyed 72 homes and three years later its insurer, a California public agency called the Special District Risk Management Authority, told the utility that it would no longer cover it for fires started by its electrical lines. Trinity could find no other takers. 

The utility’s exposure comes as wildfires are already flaring up across the U.S. West in what could be a dangerous and prolonged fire season. 

READ MORE: Homeownership’s hidden costs rise 26% in four years

“If a fire were to start now that involved one of our power lines, it would likely bankrupt the utility,” said Paul Hauser, general manager of the local government-owned utility that serves about 13,000 rural customers in Trinity County, 200 miles (322 kilometers) north of Sacramento. That’s because without insurance, a lawsuit could put the utility on the hook to pay for damages to private homes and businesses, which could easily top the utility’s annual revenue of about $16 million.  

Western utilities and beyond are finding it prohibitively expensive, if not impossible, to insure against potential fire-related claims. The trouble comes after power companies from Hawaii to Texas have collectively faced tens of billions of dollars in damages from wind-driven wildfires linked to their equipment. The issue will become more pressing as climate change makes droughts more intense and frequent, heightening the chances of more destructive infernos.

“Wildfire risk is the number one issue for utilities,” said Michael Kolodner, the practice leader for the U.S. power and renewables industry at Marsh & McLennan Companies Inc., a US insurance broker. “This is impacting every single utility in North America.” 

READ MORE: Treat home insurance costs like a 1-year ARM, climate risk experts say

The insurance companies set up by the utilities are now limiting how much coverage they will provide to power companies exposed to wildfire risk, leaving them at the whim of the commercial marketplace where premiums are rising.

Overall, commercial wildfire insurance rates have gone up as much as 30% this year with premiums also increasing the past several years, according to Marsh. Portland General Electric, based in Oregon, said their fire insurance premiums doubled.

The insurance challenges are now making it more expensive and difficult for some utilities to attract the capital required to harden their grids against climate risks and build out the infrastructure needed to meet President Joe Biden’s goal of a carbon-free grid by 2035.

“If utilities can’t get insurance or if the insurance is really expensive, it’s harder for them to construct new facilities they need to build like transmission lines and distribution lines,” said Michael Wara, an expert on utility wildfire risks who serves as director of the Climate and Energy Policy Program at Stanford University. The problem is akin to potential homeowner being unable to secure a mortgage to buy a house because they can’t get property insurance, Wara said.

Randy Howard, general manager of the Northern California Power Agency, which has 16 public power utility members including Trinity, says the lack of commercial insurance is making it hard for some his utilities to attract financing to build high-voltage transmission lines that the state wants to connect to renewable energy projects.

“It’s impacting investors’ willingness to invest in these projects that we need to build,” Howard said.

READ MORE: Home insurance woes threaten mortgage lending, experts warn

The utility industry is openly discussing the need to set up a federal program that could provide a type of insurance backstop for smaller power companies that have limited financial resources. Such a fund would cover claims for utilities that have agreed to meet certain fire risk reduction standards. The fund could be modeled after one set by California after PG&E Corp. filed for bankruptcy in 2019 in the wake of starting some of the worst wildfires in state history. 

As it stands now, utilities have become the “insurer of last resort” when it comes to damage claims from wildfires tied to their equipment, said Emily Fisher, general counsel at the Edison Electric Institute, an investor-owned utility trade group. The industry has become difficult to insure because there isn’t a limit to their potential wildfire liabilities, Fisher added. 

Power companies also need to spend billions of dollars to make their infrastructure less prone to start fires, funding fixes such as installing weather monitoring equipment, burying power lines and replacing old poles. “It’s not a sustainable regime,” Fisher said.

 Warren Buffett agrees. In the billionaire investor’s recent annual letter to Berkshire Hathaway shareholders, Buffett said he’s reconsidering his utility investments due to the heightened wildfire risk in the West. Berkshire’s PacifiCorp utility, which operates in six Western states, was found liable in 2023 for destruction caused by the 2020 Labor Day fires in Oregon. PacifiCorp is appealing the decision. The utility faces wildfire claims estimated to be as much as $8 billion, according to a regulatory filing. 

“We are basically in the position of being the insurer of last resort because we cannot get enough commercial insurance,” PacifiCorp Chief Executive Officer Cindy Crane said at a S&P power markets conference in April. “We had a pretty good volume of wildfire insurance and we blew through that.”

PacifiCorp has obtained wildfire insurance, but its premiums have increased more than 400% from 2019 through 2022, a spokeswoman said. 

Utilities also have been turning to state governments for help. PacifiCorp backed legislation passed earlier this year in Utah that sets up a catastrophic fire insurance fund for utilities and caps non-economic damage claims arising from utility-linked fires.

In 2019, California set up a $21 billion wildfire insurance fund to prevent additional investor-owned utility bankruptcies after PG&E was driven into Chapter 11 for sparking fires in 2017 and 2018 that killed more than 100 people and destroyed thousands of homes.

California investor-owned utilities, which contributed to half of the fund, can qualify for the coverage if they meet certain fire safety standards. The fund covers claims above $1 billion, with the utilities having to find insurance up to that amount.

Even that has proven to be difficult. PG&E decided to self-insure against wildfire risk in 2023 after the utility saw its cost for commercial wildfire insurance as a percentage of coverage jump from 4.6% in 2015 to nearly 80% in 2022, when the utility paid about $746 million for $940 million in coverage, according to regulatory filings.

PG&E estimates its self-insurance program, which works by putting aside money collected from bills for possible claims, will save customers up to $1.8 billion over the next four years compared to commercial insurance coverage. Southern California Edison has also opted to self-insure after seeing its commercial coverage rates skyrocket.

However, publicly owned, government-run utilities like Trinity aren’t part of California’s wildfire insurance fund, leaving them entirely exposed. The state’s legal regime holds utilities responsible for damage claims from fires started by their equipment — whether they were negligent or not. (While the liability standard is looser in other states, it hasn’t gotten utilities off the hook in places like Oregon).

Trinity Public Utilities District is stuck in a problematic cycle where it can’t do the work required to make its own property safer from fire. The utility wants to widen the clearing around its existing lines on federal land from 20 feet to up to 130 feet to reduce fire risk, but it cannot start that work without a new federal permit. And it cannot get a new permit unless it has wildfire insurance.

“We are kind of the poster child for this issue,” Hauser, the general manager, said. “No one will insure us.”       

Source: nationalmortgagenews.com

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Inside: The decision on where you live is a big life choice. Learn how an HCOL vs LCOL area will impact you financially. Plus find the cost of living city that fits for you.

HCOL. LOCL. MCOL. What do these acronyms mean and why should I care?

Back when I was trying to decide where to live, there wasn’t a big discussion about the high cost of living or low cost of living areas.

You just picked a city close to family or branched out to a new area. Were you drawn to the big city or not? Plain and simple.

Today, there are many tools at our disposal to try and figure out what is the best city to live in based on income, expenses, and the lifestyle that you desire.

In this post, you will see how to analyze what type of city you want to live in and see if it makes financial sense for you.

Why such the price difference between HCOL and LCOL?

In a low cost of living city, you can buy a house for $50,000. In contrast, a median home price in a high cost of living city can cost $1.5 million. This is a correlation between supply and demand in the market.

The more people who want to live in a certain area that has less available space will naturally drive up prices. Whereas most low cost of living areas, the supply is abundant since there is plenty of space to spread out and find your own neck of the woods for much less.

Here’s a quick comparison of HCOL vs LCOL vs MCOL.

New York City has the highest cost of living at 100, followed by Los Angeles and San Francisco. This graph highlights the difference in cost of living in these example cities.

HCOL
Seattle, WA		 MCOL
Las Vegas, NV		 LCOL
Knoxville, TN
Cost of Living Index 85.57 69.33 63.26
2 Bed Apartment Rent $2,724 $1,176 $788
Median Home Price $826,200 $441,771 $256,188
Median Income $92,263  $56,354 $33,229
Data from Nerdwallet, Census.Gov, and Numbeo

What is HCOL area Mean?

Simply put, HCOL means a high cost of living.

This type of acronym is to describe certain areas or cities where expenses that impact your budget the most, such as housing, food, and transportation, are more expensive than other areas.

When defining an HCOL area, it is a comparison of the cost of living based on other areas around other cities, states, and countries.

There is no hard line to define high cost of living since it is compared to the other cities.

Is it possible to live in a high cost of living area? Absolutely, it all depends on how you choose to live, the income you make, your lifestyle choices, and your savings percentage.

VHCOL are VERY high cost of living areas, such as Manhattan, Honolulu, San Francisco, Singapore, or Hong Kong.

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Pros and Cons of HCOL

Just because an area is labeled HCOL does not mean that you shouldn’t call the city home and stay away from these areas.

There are plenty of advantages and disadvantages of living in a high cost city.

There are always drawbacks to living in a high cost of living area and you have to decide whether or not what works for you.

In order to make a solid decision on where the best place is for you to live, you need to know this information.

Advantages of HCOL City

  • Job Market is Solid

First of all, in HCOL cities, the job market is stronger, there are more jobs available, and typically those jobs have a higher paying threshold than other areas.

That is why many companies are attracted to these areas because they know the talent pool of potential employees is much stronger in high cost of living area versus other areas where there are not as many skilled workers.

  • Income is Higher

Since companies know they must pay their employees a fair wage living in a high cost of living area, incomes are higher to support the increased expenses.

This helps those municipalities collect more taxes, which feed back into the system to provide more for their residents.

  • More Opportunities

More opportunities abound in a high cost of living cities.

Not only in the job market but there is access to public amenities and conveniences. Some examples include museums, sporting events, transit, best medical services, endless entertainment options, quality restaurants, high-end shopping, and quick access to international airports.

Even better, you can find free entertainment each and every day that does not cost a penny. Here is a list of 101 things to do with no money.

There are many benefits of living in a high cost of living area just because their opportunities are endless. You will always find something to do and there is always stuff going on.

  • Better Schools

Typically, in your high cost of living cities, that is where you will find the better schools. This is in direct correlation to the job market and skilled workers.

These skilled workers tend to have a higher instance of college graduates and they tend to want the best for their children. As a result, the schools tend to be much better than you would find in other areas.

  • Higher Chance of Home Equity

Another advantage of big cities is the variety of neighborhoods you can find in a bigger city. You can find the type of house you want to live in and the diversity you crave.

While home costs are much higher, there is also a greater chance of income increasing your home equity much faster than other areas.

For example, in Michigan, you could pay $100,000 for the exact same house in 5-10 years since appreciation will not happen at the same rate as other cities. Whereas, if you look at some of the hot markets, like Denver, Phoenix, or Austin, the home prices have been skyrocketing.

Thus, if you live in those quickly appreciating housing areas, there is a higher chance to increase the value of your house.

Disadvantages Of HCOL Cities

  • Higher Basic Cost of Living – Specifically Housing

First, housing costs can break the bank. It is the biggest expense for any
household.

If you were unable to secure a salary to justify the housing cost, it makes it nearly impossible to be able to afford to live in a high cost of living area.

This is where you would have to get creative and look for housing subsidies or
other means to stretch your housing budget.

  • Harder to Find Houses

Another con of a high cost of living areas is it is much harder to find housing! House and rent prices are higher, jobs are tougher to find where there’s opportunities abound, and you may feel like you are searching for a needle in a haystack.

You need to have the right opportunity to find the proper house for you. If you are looking at buying, you need things to line up properly and in your favor.

  • Stretch Yourself Too Far Financially

Since incomes tend to be much higher, many people find the urge to spend more discretionary income.

In many cases, this means that the average household may stretch themselves a little bit further by keeping up with the Joneses. They tend to spend more frivolously and not live as frugal.

This is a trap to be aware of if you are in a high cost of living area. You can be savvy with your money and save, but you have to be cognizant of how you spend your hard-earned salary.

HCOL Cities…

These are the HCOL areas. Do you need to avoid them? No, but going into those areas, you must realize the cost of living will be higher.

Here’s a list of all of the cities that are the top 20 cities that are high cost of living areas according to Kiplinger:

1. Manhattan, New York  (145.7% above U.S. average)
2. San Francisco, California (94.7% above U.S. average)
3. Honolulu, Hawaii (97.6% above U.S. average)
4. Brooklyn, New York (80.5% above U.S. average)
5. Washington, D.C. (60.7% above U.S. average)
6. Seattle, Washington (56.7% above U.S. average)
7. Oakland, California (53.9% above U.S. average)
8. Arlington, Virginia (50.5% above U.S. average)
9. Orange County, California (50.2% above U.S. average)
10. Boston, Massachusetts (48.8% above U.S. average)
11. Queens, New York (47.8% above U.S. average)
12. Los Angeles, California (46.6% above U.S. average)
13. Bethesda, Maryland (45.5% above U.S. average)
14. San Diego, California (41.4% above U.S. average)
15. Alexandria, Virginia (40.0% above U.S. average)
16. Stamford, Connecticut (36.4% above U.S. average)
17. Portland, Oregon (34.3% above U.S. average)
18. Fairbanks, Alaska (27.9% above U.S. average)
19. Bergen County & Passaic County, NJ (26.6% above U.S. average)
20. Anchorage, Alaska (24.4% above U.S. average)
Source: Kiplinger

What Is LCOL Area Mean?

LCOL stands for lower cost of living.

These cities have a lower average cost of living versus the average.

Simply put…your ability to stretch your income goes much further in a low cost area compared to a high cost of living area. This is where you can get a bigger bang for your buck.

Pros and Cons of LCOL

The differences in the area where you can live can be vastly different. Thus, providing benefits or drawbacks of choosing to live there.

The cons are typically the reasons that most people want to stay away from these cities.

This is where personal preference tends to play the biggest reason for choosing one location over another.

Just like with a high cost of living area, you need to weigh the pros and cons of
living somewhere where expenses are not quite as high.

Advantages of LCOL –

  • Slower Pace of Life

One of the biggest benefits is a slower pace of living in low cost of living area.

Life doesn’t move as fast.

There is more time to breathe, there is more time to step back and take a bigger picture. It is not go, go, go, go 24/7. Time to enjoy the fresh air and slower pace.

  • Cheaper Housing

This is why people choose to live in a low cost of living area. Period.

You are able to afford much more house for much less.

That right there, over the long term can make or break somebody financially.

  • Lower Taxes

Many of the lower cost of living cities also benefit from lower taxes as well. They have lower income taxes, and even possibly, lower property taxes. So, this is something to take into consideration when looking at a low cost of living area.

Check what the difference would be from where you’re currently at to where you are considering moving.

  • Remote Work

This is the bread and butter spot! When you can take in a higher pay and still live in a LCOL city.

After 2020, remote work is becoming more and more popular. In addition, it is an added benefit companies are including to attract skilled employees.

This is one scenario where you can get the best of both worlds.

Disadvantages Of LCOL Cities

  • Less Opportunities

First of all, there are fewer opportunities. There are fewer things to do, there are less things going on. The airport is a further drive away.

In a big city, you can always find events happening. It may not be the same in other cities. However, some cities have created programs to draw in residents with the big city feel like Bellefontaine, Ohio.

  • Income Potential is Lower

The job market doesn’t have the high-paying jobs that you would find in the bigger cities. The income potential in one of these cities does not compare.

Let’s face it… a good majority of your working years are about built around making an income. With a lower cost of living city, the income limitations can be cumbersome and it takes longer to be able to reach your financial goals.

LCOL States and Countries with LCOL

Geographic arbitrage can give you great value for your money.

Arbitrage is the spread of differing prices for the same thing like rent, food, or transportation.

This means you can save more money by living in LCOL state or spend less of your nest egg by living in a LCOL countries.

These are the areas you can find the lower cost of living. There are many LCOL cities to be found as well.

LCOL States:

1. Mississippi (84.10% of U.S. average)
2. Kansas (86.67% of U.S. average)
3. Oklahoma (88.09% of U.S. average)
4. Alabama (88.80% of U.S. average)
5. Arkansas (89.16% of U.S.average)
6. Georgia (89.30% of U.S. average)
7. Tennessee (89.49% of U.S. average)
8. Missouri (89.75% of U.S. average)
9. Michigan (90.54% of U.S. average)
10. Indiana (90.57% of U.S. average)
Source: US News

LCOL Countries:

Listed in alphabetical order because there are many to chose from based on your personal preferences.

  • Brazil
  • Bulgaria
  • Columbia
  • Ecuador
  • Guatemala
  • India
  • Indonesia
  • Malaysia
  • Mexico
  • Morocco
  • Paraguay
  • Peru
  • Poland
  • Portugal
  • Romania
  • South Africa
  • Thailand
  • Turkey
  • Ukraine
  • Vietnam

Source: https://www.expatistan.com/cost-of-living/country/comparison

What Is MCOL Area Mean?

The definition of MCOL is any area that just has an medium cost of living.

There is not one extreme or another. These cities are just plain average. Maybe slightly above or below the median cost of living.

This can be a sweet spot of reaching your financial goals while enjoying a higher quality of life.

Benefits of MCOL Area

As you can read on Reddit personal finance threads, there are plenty of reasons to live in an MCOL area.

Mostly because these types of cities you can get the best bang for your buck, and still have the pros of living in a high cost of living area, as well as the pros of living in a low cost of living area.

This is where the job market may be very stable with good wages but the cost of living is not going to cost you a fortune.

Also, you can find tons of cities that meet the criteria of a MCOL city.

Cost of Living Varies within Cities

Regardless of whether you choose, HCOL, LCOL, or MCOL areas, the cost of living will be dramatically different between these cities.

Whether you are looking at the downtown area, the outlying suburbs, or maybe even the cities that have popped up around near the main city.

Just because the city is HCOL or LCOL, there will be neighborhoods that will be the outliers to the main part of the city.

So, when you are looking at cost of living, you must know the things that are most important to you and what type of neighborhood that you would want to live in because they can be found.

That is what I call hidden gems.

It is possible to find a cheaper house in a low cost of living or high cost of living area, you just have to do your homework and know what you’re looking for.

Vice versa, it is very possible to find a neighborhood in a low cost of living area that is much higher than the surrounding areas.

How can I buy a house in a high cost of living?

It is possible to be a homeowner in a in a high cost of living area. You just have to be able to afford the down payment on the house to make being a homeowner justifiable, if possible.

Before you decide to buy a house, here are some factors you need to take into consideration..

1. Does it make sense?

First, you have to make sure that it makes logical sense to buy a house. Especially in a high cost of living area because the house prices may not match up to what the income that you are bringing in.

Will you still be able to reach your money goals by purchasing a house? Or will you be house poor?

2. Compare rent to potential mortgage

Will it be cheaper to rent? Or cheaper to have a mortgage?

To figure this out, take what the average rent is in your neighborhood. Then, use a mortgage calculator to figure out the maximum amount you can afford.

Since those calculators will leave you house poor. Decide what you are able to justify in spending on a mortgage and figure out what the mortgage payment is.

Is the mortgage payment less than average rent in the area?

For example, it may cost in a high cost of living area, like San Diego, it may cost $3,000 a month to rent a house. Whereas you might be able to buy a similar home in the same neighborhood and have your mortgage payment of $2,259.

Thus, making buying makes more financial sense than continuing to rent.

3. Expand your horizons

Another tip to afford your dream house – do not be set on that one specific neighborhood in a high cost of living area.

Many times you can find an up-and-coming neighborhood that is much less than the trendier and hip current neighborhoods that you want to live in.

Thus, you can typically save a good chunk of money. Plus in the long run, you greatly increase the potential for home equity.

4. New Homebuyer Programs

If this is the first time you are buying a house, then look into first-time homebuyer programs and grants. (Hint… this is like free money!)

There are many out there because cities want their residents to buy in their neighborhood and their cities because that means they are going to be there for a longer-term.

Also, there are programs for the military, teachers, nurses, single moms, minorities, graduate students. You just have to look.

5. Save for Down Payment

When you are looking at buying a house, this is the time to become serious about saving for a down payment.

You may have to find ways to save more money each month.

This could include things like downsizing your lifestyle to make it possible. Living with friends or family while you save up more money. Or just spending less for a certain period of time until you reach your downpayment goal.

6. House Hacking

The last step is one of the best ways to reach financial independence in a high cost of living city. Plus the concept works well in any city… house hack.

Find a multi-family housing property that you were able to buy. For example, plan to live on one side of the duplex and rent out the other. This will help you pay for your mortgage, by using the rent collected from your renters.

Thus, lowing your overall housing cost, which is your biggest expense.

Where Does Your Income Go the Furthest?

This is a comparison that you may be surprised by the outcome. Thus, proving why you need to do cost comparisons to see what financially makes the most sense when deciding to move from one to the other area.

comparison of income, expenses, taxes, and potential savings!!!!!!!!!!!

Once again, this is personal to your situation. So, take a moment and use the cost of living calculator yourself.

Paying taxes is one option to increase what you take home in each paycheck.

No Income States

These are the states that don’t pay state income taxes on wages:

  • Alaska
  • Florida
  • Nevada
  • New Hampshire
  • South Dakota
  • Tennessee
  • Texas
  • Washington
  • Wyoming

For most people, that is an instant decrease in overall taxes!

Higher Taxed States

Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area.

The higher taxes income tax states include:

  • California
  • Hawaii
  • New Jersey
  • Oregon
  • Minnesota
  • The District of Columbia
  • New York
  • Vermont
  • Iowa
  • Wisconsin

These states tax income somewhere between 7.65% – 13.3%.

Property Taxes

Property taxes vary from state to state.

In some states with large property taxes, it may even out with no income taxes. While other states, like Illinois, where property taxes are high and income taxes are above the national average as well.

Moving From HCOL to LCOL

The reason that most people move from HCOL to LCOL area is to save money. They want to decrease their expenses – that is the primary driver. Other times, it may be that they’re looking for a different type of lifestyle.

But as you can read on Reddit, everybody has a different personal experience.

It may have been beneficial and may have been bad timing. It may have been the best choice. It may have been the worst decision.

Make sure to factor in the costs associated with the move. Also, any ongoing expenses like travel if you are moving away from family.

How to Choose HCOL or LCOL?

Deciding where you live is one of the most personal decisions that you can make. Nobody can make it for you. You know what you want in life, how you want to live, and where you would feel more comfortable.

So, let’s look primarily at the financial side of making this decision of what is best.

1. Lifestyle You Desire

There are massive differences between HCOL and LCOL cities!! In big cities, life moves at a faster pace. While most cheaper cities areas move at a slower pace, so you have to make the decision of what type of lifestyle.

Do you want you want the big city? Do you want suburbia? Or do you prefer more of a country lifestyle?

When looking at this first factor, your answer should not include money. This is where your heart is. This is where your home. This is the life that you plan on living. This doesn’t include the financial sense.

This includes what makes your heart happy.

2. Your Money Goals

One of the things that discussed the most on this site is the 10 Money Bliss Steps to Financial Freedom. That is where most of our readers find their current money goal. And for good reason, you must build a strong foundation with money one step at a time.

In order to achieve long term financial success, the decision on housing is critical as it is the biggest expense in any budget. And that is can have the greatest impact on your budget!

On the flip side, the amount of income you are capable of making can also make the biggest impact on what you can afford to spend.

You must decide on your current money goal as well as the longer term money vision. Maybe you are looking at wanting to retire early? Love to live a slower life in the future?

It is possible to live in HCOL area where you are able to live extremely frugally and save more money. This is what my friend did over at Tuppennys FIREplace. For them, it was a smarter decision. On the flip side, maybe you are happier living a slower pace of life. Income is not the primary driver and you just want to enjoy life more.

At the end of the day, you must prioritize what you want, how your budget and your expenses correlate, and how your saving rate is impacted in various cities.

3. Season of Life

For those in their younger years may not understand this as much, but as you go through seasons of life, you will realize that you have different goals, objectives, and desires along the way.

When deciding where to live, your current season of life will probably have a very high impact on what you are looking for.

If you have young kids, you probably want to find a neighborhood where you have other families nearby that your kids can interact with.

If you are close to retirement, you may look decide to move out of the good school district because you do not need to pay the premium of living here. You may choose to move to a lower cost of living area, so you have the freedom to travel and help my kids and grandkids.

4. Potential Income & Career Opportunities

The greatest benefit of a high cost of living area is the income potential and the career opportunities. Both are much greater in the bigger cities than you would find in the smaller cities.

If your primary goal is increasing your income and advancing your career, then looking at high cost of living areas an absolute must. Plus you might be able to find something on the outskirts of expensive neighborhoods, that would make the most financial sense.

Then, living in HCOL is justified and necessary and the income can justify the higher costs associated.

On the flip side, there is plenty of income potential as a small business owner in a low cost of living area. You just have to know the market, what your skills are in, and what the needs are in your area.

4. Fixed Expenses

Fixed expenses can be dramatically different in each area.

Write out a list of your top fixed expenses and make sure to compare those as well.

For example, child care costs and tuition are going to be much more expensive in a big city than in the suburbs. Maybe in certain neighborhoods, a car would not be needed; thus, eliminating another big cost and associated maintenance.

While some fixed expenses seem meniscal, over time, they can add up significantly. Thus, helping or hurting your financial picture.

Unspoken Price Tag to Live Somewhere

As we covered in this post, there is a lot to consider when deciding between HCOL, LCOL, or MCOL areas.

It is a highly personal decision that you must take the time to make the best decision for you!

Not someone else, but for you.

One thing to watch out for when looking at where to live is what I call the “price tag” of a beautiful city.

Many times, employers know that the city that people want to live in their city for whatever reason. Thus, you will experience what I like to call the “income hit” to living there.

For example, Fort Collins, Boulder, and Austin are highly desirable areas for postgraduates to live in because they fall in love with the town and they want to stay here for the long term. Thus, employers know that this!

As a result, income for jobs maybe 10 to 15% less than they could make in any other type of market or city. So, that is something just to be aware of when wanting to stay in the city that they have grown to love.

In conclusion, when you’re looking at a high cost of living area versus a low cost of living area, there are two sides to the coin.

One – what makes financial sense. Two – your home is where your heart is.

Consequently, you have to make the decision on what makes sense for you.

While it makes financial sense to move to a lower cost city, at the same time, it may move you away from your family and your support system, and everything that you enjoy, and you may not be as happy in the long run.

Enjoy weighing the alternatives between all of the options available.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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Extended term insurance is a way to use the cash value of a permanent life insurance policy to buy a term policy that lasts for a set number of years and has the same death benefit

. It can be useful if you can no longer afford your life insurance premiums but you still need the coverage.

Most permanent life insurance policies, like whole life insurance, charge higher premiums than term life and use part of this money to build cash value over time. These policies typically contain a “nonforfeiture” clause, which means you won’t lose the cash value that’s accumulated if you cancel the policy or allow it to lapse.

Extended term insurance is a nonforfeiture option that lets you keep your life insurance coverage for some amount of time, even though your permanent policy ends. It replaces your permanent policy with a term policy, typically of the same face amount, paid for by your accumulated cash value.

The length of the term depends on how much cash value the policy has, as well as your age when you stopped making payments. If you have an outstanding policy loan, your insurance company will deduct the amount from its cash value first. The insurer will use the remaining amount to determine how much term life insurance you qualify for

.

Pros and cons of extended term life insurance

The advantage of extended term insurance is that you can stop paying premiums and keep some coverage in place. If you die during the policy’s term, your loved ones will still receive a death benefit, which is the payout from a life insurance policy.

The downside is that you’re replacing permanent life coverage — which is typically meant to last your entire lifetime or until an advanced age — with short-term coverage. If you outlive the policy’s term, the policy will expire and your survivors won’t get a payout when you die.

If you decide you no longer need coverage or you can no longer afford premiums on a permanent policy, you’ll also typically have the option of trading in the policy for its cash surrender value.

Learn more about permanent life insurance

Source: nerdwallet.com

Apache is functioning normally

Film director, producer, and screenwriter Nancy Meyers made Father of the Bride, Something’s Gotta Give, It’s Complicated, The Holiday, and many more iconic flicks. But beyond making some classic and beloved films, Meyers also established a signature interior design aesthetic. 

If you’re envisioning spending summer at the beach and entering your coastal grandmother era (like me), here are a few tips and tricks for a Nancy Meyers coastal summer at home.

Evie’s product selections are curated by the editorial team. If you buy something through our links, we may earn an affiliate commission, at no cost to you. We only recommend products we genuinely love.

Lots of Rattan

In Meyers’ films, rattan and woven items tucked throughout the rooms give them a coastal feel: baskets, area rugs, even blinds. These are great pieces for not only the summer season but can be used throughout the year! 

Target Threshold Large Natural Woven Round Basket, $30

Target Threshold Round Decorative Basket Natural, $40

Target Nuloom Alanis Jute Area Rug, $69

Target Threshold Woven Runner Rug, $100

To keep things organized and convenient, you might want to invest in this adorable wicker tray from Target. Light and easy to carry, this item will be the perfect accessory for all those summer evenings with guests. 

Target Threshold Rattan Tray Light Brown, $15

Meyers must have a soft spot for dogs, as they appear in a few of her films! If you’re in need of a new bed for the family puppy, IKEA offers this extremely sweet rattan dog bed.

IKEA UTSADD Rattan Dog Bed, $89

You can’t have a coastal inspired summer without a rattan or wicker chair. Meyers clearly loves them too, as you can find these chairs situated all over her sets. The fun thing about rattan or wicker chairs is they’re extremely versatile. Perfect for the porch in summer to soak in the hydrangeas or as a cozy office chair in the winter for reading books. 

Target Threshold x Studio McGee Woven Barrel Back Chair & Cushion, $280

IKEA also has an excellent selection of rattan chairs under $250. This adorable IKEA Wing chair reminds me of the rattan chairs my own grandmother had when I was small. 

IKEA Risholmen Wing Chair, $239

IKEA Holmsta Armchair, $219

IKEA Agen Armchair, $99

Summer is for entertaining on the patio or near the pool, and that may mean you are in need of a rattan bar cart! (There can never be too many woven or rattan textures, in my opinion.) 

Target Threshold Exmore Serving Cart Rattan, $250

Pops of Blue

Meyers is known for designing her coastal sets by mixing patterns, textures, and colors. She allows the homes to have a neutral base while simultaneously adding in patterns and bold pieces (in a way that isn’t overwhelming) to provide contrast and color. The go-to color for coastal style is blue, of course. 

In Something’s Gotta Give, Nancy and her set decorator, Beth Rubino, placed floral accent pillows in Erica’s living room, as well as on the pool deck, giving the space a fresh summer feel. In the dining area, the blue and white flower chair covers add a vintage feel. If florals aren’t your thing though, an indigo stripe or a solid blue linen pillow cover might be the perfect fit.

Oxford Light Indigo Blue Organic Cotton Pillow Sham, $59

Blue Organic Laundered Linen Throw Pillow With Insert, $69

Hydrangeas

On the East Coast, the beloved hydrangea is seen all around gardens and in vases throughout the home. In Meyers’ films, she made sure to include these charming flowers. If you’re not lucky enough to have these beauties growing in your garden out back, Hobby Lobby carries a variety of colorful faux flowers! My favorite is the noted blue, but another option is the green hydrangea or the classic white. The best part is you can re-use them each summer.

Hobby Lobby Hydrangea Stem Blue, $20

Hobby Lobby Hydrangea Stem Apple Green, $11

Hobby Lobby Hydrangea Bush White, $20

The Nancy Meyers Kitchen

I love how Nancy Meyers started a trend 15 plus years ago, and it’s still going strong. Who knew she would be the one to create the desired white kitchen look and have women begging their interior designers to give their kitchen the Nancy Meyers makeover? 

Marble countertops are featured throughout her films. If you don’t have any marble within your home, then there are a variety of ways to bring it into your space. In It’s Complicated, a beautiful marble tray is featured in the bathroom holding Jane’s favorite products. Another option is to add a marble canister for toothbrushes, or a marble utensil holder in your kitchen.

Pottery Barn Frost Marble Tray, $39

Target Threshold Utensil Holder, $25

Target Threshold Marble Canister, $15

Finding character pieces from a thrift shop or an antique sale can bring in a classical touch to a space as well. I always think of the way Meyers adds in copper pots or accessories to her kitchens. They’re usually hanging or situated on the stove at the ready. She also adds in various vintage decorative vessels or brass candlestick holders.

Crate And Barrel Emmett Antique Brass Candle Holder Set, $104

The Food Nanny Copper Ladle, $50

Books

Nancy Meyers knows the power of books. The large, white, built-in bookcases she adds to her movie sets or the way she tucks a bookshelf into the kitchen island like on Something’s Gotta Give creates a cozy atmosphere time and time again.

One place I find decorative books is at Goodwill. I choose hardcover books within my color palette, but I also pay attention to the topic, the aesthetic, and the photography. I prefer books on interior design, cooking, and, of course, coastal living. I also love switching out the featured books, depending on the season. All the ones I have out now are full of flowers, light summer meals, and photos that remind me of the coast.

Al Fresco: Inspired Ideas For Outdoor Living, $15

The Brooklyn Home: Modern Havens In The City, $22

Closing Thoughts

We may not all get to live on the East Coast enjoying hydrangeas in the garden or an evening walk on the beach, but these are some simple (and affordable) ways to bring the Nancy Meyers coastal feel to your own space, creating warmth and giving you the ultimate summer escape at home.

Support our cause and help women reclaim their femininity by subscribing today.

Source: eviemagazine.com

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Want to know where to sell Beanie Babies for the most money? Here’s how you can find out how much your Beanie Babies are worth as well as the best places to sell your Beanie Babies. Back in the 1990s, Beanie Babies were all the rage. These small stuffed animals filled with plastic pellets were…

Want to know where to sell Beanie Babies for the most money? Here’s how you can find out how much your Beanie Babies are worth as well as the best places to sell your Beanie Babies.

Back in the 1990s, Beanie Babies were all the rage. These small stuffed animals filled with plastic pellets were created by Ty Warner and became a huge craze in the mid-90s. If you have Beanie Babies lying in a box somewhere, you may wonder if you can make extra income with them.

In this post you’ll learn:

  • Best places to sell beanie babies
  • How to find out how much your beanie babies are worth
  • What are some of the most valuable beanie babies
  • The best way to sell beanie babies

Now, at one point many years ago, there were many valuable Beanie Babies. However, that isn’t really the case anymore. Most Beanie Babies aren’t worth anything, but it couldn’t hurt to check just in case you have something of high value (we can all dream, right?!).

10

This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.

Where To Sell Beanie Babies For Cash

Here are the 10 best places to sell beanie babies.

1. eBay

The best place to sell your Beanie Babies is eBay. This is because eBay has a large customer base, a collectors’ market, and an auction option. You can also see what Beanie Babies have sold for in the past through past listings.

eBay also has policies in place to protect sellers in case of disputes or issues with buyers. This can give you peace of mind that other online marketplaces may not provide. eBay also makes it easy to calculate shipping costs with various shipping carriers, and you can even print shipping labels directly from the platform.

Before you publish your Beanie Baby listings on eBay, take high-quality photos from multiple angles and provide a description of everything to know about the Beanie Baby, including name, any errors if any, condition, and rarity.

2. Sell2BBNovelties

Sell2BBNovelties is an online platform that buys your stuff, including Beanie Babies. Once you’re on their site, you can do a quick search for Beanie Babies and see what they are buying and for how much.

When I do a quick search on Sell2BBNoveltities, I see they’re buying Beanie Babies like:

  • TY Beanie Baby #1 Bear (only given to employees, signed and numbered) for $1,500
  • TY Beanie Baby Chef Robuchon the Bear for $3,000
  • TY Beanie Baby Coral Casino the Bear for $1,000
  • TY Beanie Baby Billionaire Bear #2 for $600

Selling2BBNovelties works by finding an item they want to buy from you. After they confirm your sell order via email, you’ll ship your items to Selling2BBNovelties for evaluation. Then, they’ll confirm and pay you within 1 week of receipt.

3. Craigslist

Selling Beanie Babies on Craigslist is a good idea as Collectors frequent the site for items. To get started selling your Beanie Babies on Craigslist, take the following steps:

  1. Write a detailed listing including condition, information about the tags, price, if you’re open to offers, and any other notable features.
  2. Research the current market value price by checking online platforms like eBay.
  3. Put your listing under the categories collectibles or toys.
  4. Once you find a buyer, choose a safe place to meet like a police station parking lot, coffee shop, or public parking lot.

To successfully sell anything on Craigslist, it’s important to be honest and transparent.

4. Facebook Marketplace

Facebook Marketplace is a great spot to sell Beanie Babies because you have access to people locally and from around the country.

When creating your listing, make it clear if you’re looking to sell locally or willing to ship your Beanie Babies. Facebook Marketplace also has certain seller protections in place that provide an added layer of security for sellers by facilitating safe and traceable transactions.

You can also get more interest in your Beanie Babies by joining Beanie Baby Facebook groups that allow posting of Beanie Babies you’re looking to sell. You can also join these groups to get an idea of what your Beanie Babies currently sell for. It’s also handy to use keywords like “collector’s item”, “retired Beanie Babies” or anything else you think people may be looking for when searching for Beanie Babies to buy.

5. Etsy

Etsy is a popular online marketplace for unique, vintage, and collectible items. This makes Etsy a great platform for Beanie Babies.

If you have multiple Beanie Babies to sell, this is a great platform to sell on, especially if you already have a profile set up with 5-star reviews. People are more likely to buy from your Etsy store if you have good reviews in place already.

To get started selling on Etsy, you’ll need to have an account and create a compelling listing. A great title idea would be something like, “Vintage Retired Beanie Babie with tags intact” and a description that includes the condition, rarity of the item, and any special features.

6. OfferUp 

OfferUp is a user-friendly mobile app that connects sellers and buyers to sell things locally.

This method of selling your Beanie Babies is different from the other options listed because most of the selling is done through the mobile app and encourages in-person transactions, as well as certain safety features like verified identities.

The app OfferUp also allows sellers and buyers to leave reviews based on their experiences. Positive reviews make it easier to sell things since people are more trustworthy of someone with good reviews.

7. Mercari

Mercari is similar to OfferUp as it specializes in selling and buying items through a mobile app. The app is incredibly user-friendly and easy to use making it very simple to create a listing and get started selling. Mercari also helps with nationwide shipping by providing shipping labels.

The app also has a messaging system in place so you can easily message people who are interested in your items. Buyers can also make offers on items and negotiate prices. Mercari has a secure payment processing system and also occasionally has promotions and discounts to increase buying and selling on the app.

8. Flea market

You may want to try selling your Beanie Babies at a local flea market to reach local buyers.

You’ll need to get a table or booth space at a flea market where you can display your Beanie Babies. If you have a lot of Beanie Babies to choose from, it’s a good idea to organize by type, series, or theme to make it easier for buyers to go through.

It’s important to be friendly and approachable at flea markets as people are more likely to visit your booth or table if they feel welcomed. You can also try having deals or discounts if people buy Beanie Babies in bulk. Be prepared to accept cash at flea markets but also consider payment options like Zelle, Venmo, PayPal, or credit and debit cards.

9. Antique shops

If you have antique shops in your area, it’s worth it to give them a call to see if they’re interested in carrying Beanie Babies. If so, ask if they are interested in purchasing or cosigning the Beanie Babies. Be prepared to give the antique shop information about your Beanie Babies, including names, condition, rarity, if tags are intact, and any other special features.

You’ll also need to discuss price and terms with the antique shop. You need to research the value of your Beanie Babies before giving them away. Once you meet with the antique shop owner, they’ll want to agree to terms on the selling price, commission percentage, payment schedule, and duration of the consignment period.

I have personally seen Beanie Babies for sale at antique shops, but they usually are not rare and are not worth much. But, if you have a lot for sale, you may be able to see if you can put them all up for sale in one place in a local antique shop near you.

10. Yard sale

Selling Beanie Babies at a yard sale is a great way to de-clutter and get rid of Beanie Babies right away. Keep in mind you likely won’t get top prices for your Beanie Babies since you’re reaching a small local crowd (probably around a dollar or less per stuffed animal).

Here are some tips to have a successful yard sale.

  • Choose a weekend with good weather
  • Put up signage around town in areas where people will see the address and date clearly
  • Post in local Facebook groups that share the date and address of your garage sale
  • Make customers feel more comfortable by playing music and having refreshments

Frequently Asked Questions About Where To Sell Beanie Babies

Below are answers to common questions about where to sell beanie babies for cash.

How do I find out what my Beanie Babies are worth?

Finding out how much your beanie babies are worth is easy. Here’s an easy step-by-step guide to get a rough estimate:

  1. Check out sites like eBay and Etsy to get an idea of the current market prices of your Beanie Baby. 
  2. Look up completed listings on eBay to see what similar Beanie Babies sold for.
  3. Wear and tear or damage can significantly reduce the value (For example, is the item dirty or in mint condition? Are there any odors or stains? Do you still have the hang tag intact?)
  4. Join Beanie Baby collector groups on Facebook and get insight on the value of your Beanie Baby there. You could even make a post in one of these groups and ask people what they think it’s worth.

It’s important to keep in mind the value of Beanie Babies fluctuates over time based on market demand and trends. 

When did Beanie Babies lose their value?

Beanie Babies started losing their values in the late 90’s. This is due to many things such as:

  • Overproduction of Beanie Babies, making them less rare and valuable
  • Collectors were buying Beanie Babies in large quantities, and it eventually became clear the market was saturated.
  • As trends came and went, interest in Beanie Babies decreased as new toys came on the market.

What are some valuable beanie babies?

Most Beanie Babies are no longer worth much, but a few of the rarest Beanie Babies can still make good cash among collectors. Here are some examples:

  • Peanut the Royal Blue Elephant
  • Valentino and Valentina Bears
  • Princess the Bear
  • Claude the Crab
  • Peace Bear
  • Humphrey the Camel
  • Lefty the Donkey and Righty the Elephant

Are any Beanie Babies from the 90s worth anything?

Some Beanie Babies from the 90s are worth money. The factors that can make Beanie Babies valuable include:

  • Rare or limited edition Beanie Babies like Valentino, Princess, or Peace Bear
  • Design or tags with manufacturing errors
  • Beanie Babies with first-generation tags
  • Unusual colors due to manufacturing variations 
  • Limited distribution Beanie Babies
  • Beanie Babies were highly popular in the 90s, including certain animal designs or themed releases. 

Is it worth selling Beanie Babies? 

If you have Beanie Babies at home and they are sitting around getting dusty or dirty, it might be worth it to sell them especially if they’re worth some money. If your Beanie Babies are in good condition and have high market demand, they may be worthy of selling.

However, you also need to think about the effort vs. return when selling your Beanie Babies. This process can take a lot of time and effort so you need to think about the potential profit with your time and resources. 

If your Beanie Babies hold a lot of sentimental value for you or your family, you may prefer to keep them rather than sell them.

Which Beanie Babies are collectors looking for?

Collectors often look for rare, limited edition, or unique feature Beanie Babies. The market has declined A LOT since the 1990s, but some Beanie Babies still hold their value. Some Beanie Babies collectors are looking for include:

  • Early generation Beanie Babies with first-generation tags
  • Limited edition Beanie Babies that were produced in limited quantities
  • Special edition Beanie Babies that were part of a holiday release or collaboration with an organization or event
  • Beanie Babies produced with rare colors or variations
  • Beanie Babies with tag errors including misspellings or unique tag variations
  • Retired Beanie Babies that were retired from production early in their lifespan
  • Themed collections or Beanie Babies with historical significance

Best Places To Sell Beanie Babies – Summary

I hope you enjoyed this article on the best places to sell beanie babies for cash.

Selling your Beanie Babies is a great idea if they’re worth money and have no sentimental value to you. Certain Beanie Babies can sell for money on sites like eBay and Etsy, so it’s important to research and see what you can make for your Beanie Babies.

TY products can sometimes be of value, especially if there is no dirt or smoke smell on them, to potential buyers for specific beanie babies.

I loved Beanie Babies as a kid, but I didn’t save a single one. I do sometimes wonder if I could have made some money with them.

Good luck and I hope you have something of high value!

Do you have beanie babies you want to sell?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

This year’s Atlantic hurricane season might be one for the books. The National Oceanic and Atmospheric Administration (NOAA) forecasts up to 13 hurricanes between June 1 and Nov. 30, with as many as seven reaching at least Category 3 status. If the prediction is accurate, this year will be one of the most active Atlantic hurricane seasons on record.

For coastal homeowners, this could mean home damage — even if they live inland.

“You can still see wind damage, even if you’re not experiencing those maximum winds,” says Sarah Dillingham, senior meteorologist at the Insurance Institute for Business and Home Safety, which researches structure safety. With slower-moving storms, homeowners who live farther inland might have roof and soffit damage or lose some trees, Dillingham says.

Many homeowners who live in hurricane zones tend to wait until a storm is tracking toward them to get ready, but that can cause expensive mistakes.

“Being well-prepared for hurricane season is a process that takes time and thought,” says Mellanee Roberts, deputy emergency management coordinator for the City of Pearland in Texas, by email.

Here are seven tips to put you ahead of the weather.

1. Trim or remove trees near your home

“Homeowners should be sure to trim away any tree branches and landscaping that would hit the house in heavy wind,” Roberts said.

According to NOAA, a Category 1 hurricane (the weakest category) is strong enough to break large tree branches. When combined with rain-saturated soil, the winds can also uproot entire trees.

Branches that are weak or dead are the most vulnerable to high winds and can take out your roof or guttering on their way down.

Signs that a tree is in bad shape may include cracking in the trunk, loss of leaves before the appropriate season, abnormally soft roots or a hollow sound when knocking on the trunk.

If you need help removing large branches or taking down an entire tree, Dillingham says, consider calling a licensed arborist.

2. Look for loose or damaged fence boards

Winds over 39 mph are enough to turn items into projectiles, according to the National Weather Service. That means loose or damaged fence boards will be more susceptible to high winds than their secured counterparts.

To give your fence its best chance, fix or replace pieces that won’t stay attached or that show signs of damage.

Securing your fence can also protect your home. If fencing comes loose during a hurricane, the boards can become projectiles that hit your house. By ensuring your fence is prepared for high winds, you are also reducing the chance that storm debris will damage your home.

3. Inspect your roof for loose or damaged shingles

Your roof takes the brunt of hurricane winds, which can exceed 157 mph, according to the National Weather Service. That can lead to missing shingles or tiles, holes from debris and damage where the wind rips away solar panels, satellite dishes or other attachments.

If you see sections of your roof that are discolored after rain, loose or damaged shingles, loose or bent flashing that connects your chimney to the shingles, or cracked vents, it might be time to call in a professional.

Leaks in your attic after a heavy storm are also a sign that your roof could use some professional attention.

4. Clean out your gutters

Slow-moving hurricanes that sit over areas for a long time can dump several inches of rain an hour, as Hurricane Harvey did in Texas in 2017. That means gutters need to be ready to divert the water.

“Making sure that that water can easily be transported off your roof and away from your home — that’s going to be helpful,” Dillingham says.

Removing debris from your gutters will allow water to drain quickly from your roof, and clearing out downspouts will help it flow away from your home, Dillingham says. Also look for signs of damage, such as cracks or loose sections, and call a gutter company for a repair if you notice any potential problems.

5. Check your windows and doors

Hurricane-force winds can drive rain into your home through small gaps in windows and doors.

“If you’ve got a vulnerable opening, your water’s going to try to find a way in,” Dillingham says.

For windows and doors, check that the flashing — a strip of special material installed around the exterior of the openings — isn’t damaged or pulling away from the house. Look for spots where sunlight is coming through and close them with weatherstripping. Add caulking to fill spots along the windowsill that have worn away, Dillingham says.

Dillingham also recommends paying special attention to access points that open inward, such as French doors, which can fail more easily in high winds.

6. Clean out space in your garage

Although bringing loose items indoors is essential before a hurricane arrives — think of all the YouTube videos of trampolines going airborne, Dillingham says — many homeowners don’t think of this step until a storm is on its way.

To get a head start, set aside space now in your garage or shed to store patio furniture, yard decor and kids’ toys so you can quickly clear your property.

Not only does this make things easier when a hurricane is on its way, but also you’ll have space to store items during other weather events, such as strong thunderstorms (and you won’t have to buy another trampoline).

7. Don’t forget the insurance

Learn about the flood risks in your area, even if you don’t think you’re in a floodplain. Make sure you have sufficient insurance coverage to cover hurricane damage.

“Homeowners insurance is not going to cover any losses from storm surge or inland flooding due to rainfall,” Dillingham says. Also, don’t count on a home warranty to help with repairs after a hurricane. Most plans don’t cover any damage related to wind, rain, floods or fire. That includes roof damage from strong winds.

If you need flood or wind insurance, make sure you buy it in time. Most insurers stop issuing insurance policies once a storm is imminent, Roberts said.

Source: nerdwallet.com