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Birmingham, Alabama is more than a geographic center; it is a tapestry of beautiful landscapes, mouthwatering culinary delights, and more. However, like any place, there are drawbacks to keep in mind, such as the city’s vulnerability to severe weather, limited public transportation options, and the occasional traffic. Before making the decision to settle down in Birmingham, it is essential to weigh the pros and cons. This Redfin article will delve into ten key factors to consider, helping you make an informed judgment on whether Birmingham is indeed a good place to live. So whether you’re in the market for Birmingham apartments or houses for sale, read on to get started.

Pros of living in Birmingham, Alabama

1. Booming job market and business opportunities

With a diverse and thriving economy, Birmingham offers various industries, from healthcare and finance to technology and manufacturing. The top companies are Regions Financial Corp, Encompass Health, and Alabama Power, to name a few. The city’s business environment and entrepreneurial spirit foster innovation and growth, creating a fertile ground for career advancement and professional success. Whether you’re looking to kick-start your career or seeking new challenges, Birmingham welcomes you with many job openings. 

2. Lush green landscapes and proximity to outdoor recreation

Amid Birmingham’s bustling cityscape lies a hidden gem of lush green landscapes and proximity to outdoor recreational areas. With its picturesque parks, serene lakes, and sprawling forests, Birmingham offers natural beauty and tranquility. Whether it’s exploring the awe-inspiring vistas of Oak Mountain State Park, kayaking along the Cahaba River, or simply finding solace in the city’s well-maintained green spaces, Birmingham’s connection to nature rejuvenates the spirit and offers endless opportunities for outdoor recreation.

3. Affordable housing costs

Birmingham offers a range of housing choices that cater to various budgets and lifestyles. Whether searching for a charming historic home, a cozy suburban retreat, or a modern urban apartment, Birmingham has it all. The median sale price is $205,000, well below the national average of $407,992. Apartments in Birmingham are just as affordable, with a two-bedroom apartment averaging $1,352.

The city’s affordable housing market allows individuals and families to find a place they can call home and provides opportunities for financial stability and investment. 

4. Convenient location with easy access to other major cities 

Birmingham’s convenient location is a gateway to exciting adventures and exploration. With just around a 2-hour drive, residents can immerse themselves in the vibrant energy of Atlanta, GA, a cultural and economic powerhouse offering myriad experiences. Likewise, the enchanting allure of Nashville, TN, renowned for its rich music heritage, is within a 3-hour drive. Birmingham’s strategic location connects residents to a thriving city network, opening doors to new experiences, career opportunities, and cultural exchanges.

5. Vibrant music and entertainment culture

You’ll find a stage for a vibrant and electrifying music and entertainment culture, where the rhythm of life resonates through every corner of Birmingham. From lively jazz clubs like Uptown Jazz Lounge to rock’  n’ roll hotspots, Birmingham pulsates with the sound of talented artists and captivating performances. Countless live music venues provide the perfect backdrop for unforgettable nights of melodic harmonies and soul-stirring beats. Whether you’re a fan of blues, country, hip-hop, or indie rock, Birmingham’s diverse music scene caters to all tastes and preferences.

Cons of living in Birmingham, Alabama

1. Hot and humid summers

Birmingham experiences hot and humid summers, which can be perceived as a drawback to living in the area. In the summer, the city’s residents often endure high temperatures, frequently reaching around 90 degrees Fahrenheit, coupled with substantial humidity levels. The combination of heat and humidity can make the summer months uncomfortable and challenging for some individuals. The air can feel heavy, and outdoor activities can become more arduous due to excessive sweating and a general feeling of stickiness. The sweltering conditions can also pose health risks, especially for vulnerable populations or those with respiratory issues. 

2. Limited public transportation options

Living in Birmingham can present a challenge due to its limited public transportation system. Unlike larger metropolitan areas, Birmingham’s public transportation options are relatively limited with a transit score of 21. Birmingham has a smaller network of buses and a lack of extensive rail systems which can pose challenges for residents who rely on public transportation to commute to work, run errands, or access various parts of the city. Limited public transportation can result in longer commute times, restricted mobility, and greater dependence on private vehicles. This can be particularly inconvenient for those needing access to a car or individuals who prefer public transportation for environmental or cost-saving reasons. 

3. Occasional severe weather

The region is prone to severe weather, including thunderstorms, tornadoes, and rare hurricanes or tropical storms. The unpredictability of these weather patterns can create challenges and potential risks for Birmingham residents. Thunderstorms can bring heavy rainfall, lightning, and strong winds, leading to flash flooding and property damage. While relatively rare, tornadoes can be devastating and pose a significant threat to life and property. Similarly, the city can be affected by the outer bands of hurricanes or tropical storms, resulting in heavy rainfall, strong winds, and potential flooding. Severe weather requires residents to remain vigilant and prepared, investing in appropriate safety measures such as storm shelters or emergency kits. 

4. The occasional air pollution from industrial activity in the area

Birmingham is ranked position 18 for annual particle pollution out of 200 metropolitan areas. As an industrial hub, Birmingham’s factories, power plants, and other industrial facilities contribute to releasing pollutants into the air. This can lead to poor air quality and potential health risks for residents. Fine particulate matter and pollutants such as nitrogen oxides and sulfur dioxide can be emitted, posing respiratory hazards and exacerbating pre-existing health conditions. The occasional haze and smog can diminish the visual appeal of the cityscape and detract from the overall quality of life. Additionally, prolonged exposure to air pollution can have long-term effects on the respiratory system and overall well-being.

5. Heavy traffic congestion 

As the largest city in Alabama, Birmingham experiences significant traffic volumes, particularly during peak commuting hours. The city’s road infrastructure, while continuously improving, can struggle to accommodate the increasing number of vehicles on the road. Commuters often encounter delays, especially on major highways and arterial routes, leading to longer travel times and increased frustration. The heavy traffic can impact daily routines, making it challenging to plan schedules effectively and contributing to stress levels. 

Is Birmingham, Alabama a good place to live? Final thoughts

In wrapping up this exploration, it’s clear that Birmingham, Alabama is a city filled with potential and a rich tapestry of experiences. Its affordable housing, dynamic arts scene, and convenient location make it an enticing place to call home. However, it’s important to consider challenges like traffic and weather. Ultimately, the decision to embrace Birmingham depends on your desires and aspirations. So, weigh the pros and cons and let your inner compass guide you to a place where you can truly thrive. 

Source: redfin.com

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Cities in Northern California saw more severe drops in population during the pandemic than those in Southern California, new census data show, with Bay Area communities hit particularly hard.

The same data show that many of the cities that grew the most between July 2020 and July 2022 were in Southern California.

Experts said that several factors might explain the north-south divide. But one likely reason is the Bay Area’s tech-rich economy. Many tech companies allowed employees to work from home and it is likely that “remote work has impacted the Bay Area more,” leading to an exodus of workers in Northern California, said Dowell Myers, a professor of policy, planning and demography at USC.

San Francisco has generated headlines recently due to its dramatic population loss over the last two years, but other Bay Area cities were also ranked as having some of the biggest population losses.

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San Jose lost almost 40,000 residents and dropped out of the top 10 list of the nation’s most populous cities.

Highest rate of population loss among big cities

  • San Francisco, -7.1%
  • Daly City, -4.4%
  • Berkeley, -4.2%
  • San Mateo, -4.1%
  • San Jose, -3.8%

Experts expect population loss in major cities to slow as the pandemic recedes into the past, but they say the state’s housing crisis — another driving factor — won’t be going away anytime soon.

The lion’s share of the cities that gained the most people between July 2020 and July 2022 was in suburban and exurban areas across the state. A Times analysis showed that these areas, largely in the Central Valley, also led the way in housing gains.

Northern California cities were also likely affected by “less construction and higher prices” for housing, Myers said.

The census data underscore some trends that have been seen during the COVID-19 crisis. Urban centers such as downtown San Francisco emptied out as tech workers stopped coming in to work, causing local economic distress. Some more far-flung areas such as Placer County and the Lake Tahoe region saw an influx of people from cities who were able to work remotely.

Susanville, Calif., lost more than 15% of its population between July 2020 and July 2022, but that was likely due to the 2021 Dixie fire.

(Gary Coronado / Los Angeles Times)

High housing costs were another key factor in the population shift, experts say. With housing costs rising, some Californians used the pandemic as an excuse to sell and move to cheaper areas. But the real estate price boom made it harder for others to move in.

“Hundreds of thousands more people would desire to live in the Bay Area — if not millions — and Southern California,” said Michael Lens, a professor of urban planning and public policy at UCLA, “if we made it easier to accommodate those people through more housing units and presumably more affordable housing.”

Of the 30 cities, counties and unincorporated areas in California that shrank the most, only two were in the southern part of the state, in Kern County: Taft, which lost 5.8% of its population, and Tehachapi, which lost 4.6%.

Cities and counties in metropolitan Southern California were absent from the top 30 list, with the cities of Commerce and Cerritos each losing about 4% and placing 36th and 41st, respectively, in that ranking.

Among cities with populations of more than 100,000, three of the five cities with the highest rate of increase were in Southern California, with the other two in the Sacramento and Fresno exurbs.

Highest rate of population increase among big cities

  • Menifee, 6.0%
  • Roseville, 4.3%
  • Clovis, 3.2%
  • Murrieta, 2.2%
  • Jurupa Valley, 2.2%

Menifee, which added over 4,500 homes between 2019 and 2022, has been intentional about its growth, city manager Armando Villa told The Times in March.

Meanwhile, a number of smaller cities with populations under 100,000 — many in Northern California — saw similar losses.

Susanville lost more than 15% of its population in the two-year span, but that was likely due to the 2021 Dixie fire, which burned more than a million acres and destroyed over 1,400 homes and other structures, according to the California Department of Forestry and Fire Protection. The town is also expected to lose one of its biggest employers, with the impending closure of the California Correctional Center.

Fire was also a likely factor in the city with the highest rate of population increase in that stretch — Paradise.

The city showed some signs of rebuilding after the 2018 Camp fire, gaining nearly 2,000 people after losing some 20,000 — almost 85% of its total residents — after the deadliest conflagration in state history.

But Lens said an increase in population — often connected to a boost in housing — is “not what we would hope” for in less dense areas.

Though growth in less dense areas isn’t necessarily a bad thing, he explained, the areas that need housing the most and can grow more efficiently are the major cities.

In a housing crisis, places such as Lathrop or Calimesa are “not where the demand is strongest,” so new housing may not be as direly needed, and the rural zones seeing growth are “not the most economically productive areas of the state,” he said.

Also, from a climate perspective, Lens noted that less densely populated areas lead to longer commutes and are “not the ideal places to put housing.”

Source: latimes.com

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Last Updated: June 14, 2021 BY Michelle Schroeder-Gardner – 56 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Currently, one of our main goals is to save for a down payment for our next house. Due to this, we have been wondering about how much exactly we should save.

With our first house we didn’t put down 20% and had to pay PMI (big mistake), so we will definitely put down at least 20% on our next house.

Also, we are self-employed and I have heard that most self-employed people have to put around 25% to 30% down (and sometimes even 35%!) because banks want to see more upfront from small business owners.

Now, that’s a lot of money!

This has got us thinking. While we are aiming for 30% or more, at what point should we stop saving for our down payment and ramp up our retirement savings instead? Yes, we are still saving for retirement, but should we be saving more?

In the personal finance world, the decision seems to be split. Some are all about paying off a mortgage quickly, whereas others don’t think that’s a good idea. There is no right or wrong answer, which makes the decision a little more difficult.

Of course, I do realize that this is a good situation to be in, so I am not complaining. However, how do you decide what is best for you?

Below are positives and negatives of paying off your mortgage early or even buying your house upfront with cash.

Related content: How can I pay off my 30 year mortgage in 10 years?

Positive – Your house will be paid off early!

Of course, this is the biggest positive.

Your house will be paid off, you will be able to free up some cash each month, and you won’t have to worry about paying for a roof over your head each month.

Not having that huge amount of debt hanging over your head would be a wonderful feeling. Life would probably be a little less stressful and you may feel more financially independent.

Negative – Your money may do better if it’s invested in a different way.

While paying off your mortgage early can feel great and be a big accomplishment, mortgage interest rates right now are low.

You may do better by investing your money in other ways and earning a higher return. This can mean investing in certain companies, paying off high interest rate debt, investing in passive income, and more.

Positive – You can earn a guaranteed return by paying off your mortgage early.

On the flip side, by paying off your mortgage early, you can earn a guaranteed return.

Other investments most likely will mean that a return is not guaranteed (unless we are talking about paying off other debt), whereas when paying off your mortgage early, you will be certain what your return is.

Negative – A lot of your money is in one place if you pay off your mortgage early.

This is one big reason why I’m not sure if paying off your mortgage early is a good idea. If you have other investments and are on track for retirement, then by all means go for paying off your mortgage early.

However, if you don’t have much saved, then having everything you own in one place may not be a good idea.

Also, since all of your money is tied up with your house, it might be hard to get money if you end up needing it. Having at least some liquid money is a good idea.

Positive – You don’t have to deal with the hassle of getting a mortgage if you pay in cash.

If you have enough cash, then you might be able to skip the whole process of getting a mortgage.

Skipping a mortgage can be a positive for many reasons. Sellers love cash buyers, as it makes the buying process easier on them since they don’t have to wait for a mortgage to go through. This means you may get a discount if you buy 100% in cash or your offer may be chosen over others.

Also, if you are self-employed, skipping the mortgage process can be a good thing. I’ve heard stories of self-employed people trying to get a mortgage and it sounds like it’s a very difficult thing to do.

Are you wanting to pay off your mortgage early? Why or why not?

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Source: makingsenseofcents.com

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Today we’ll check out a Southern California-based mortgage broker named “Lendevity,” which has been earning rave reviews lately.

Their name is actually a combination of lend and longevity, their way of saying they’ll be by your side throughout the loan process and beyond.

The company says it takes an “advisory approach” to better understand your financing needs and create a custom solution that fits your goals.

They do so using the latest technology, charge $0 lender fees, and aim to close loans in three weeks or less.

And they’ve got a loyalty program to boot if you come back to them a second time. Let’s learn more.

Lendevity Fast Facts

  • Online mortgage broker that offers home purchase and refinance loans
  • Founded in 2018, headquartered in Woodland Hills, CA
  • Licensed to do business in five states (AZ, CA, CO, OR, WA)
  • Charge $0 lender fees on most loans
  • Offer a loyalty program for repeat customers that waives 3rd party fees

As noted, Lendevity is a mortgage broker, meaning they connect consumers with their wholesale lender partners.

This gives them the ability to shop your loan so you don’t have to in order to find the best price.

They may also have access to unique loan programs the bigger banks might not offer.

The company is located in Woodland Hills, California and was founded in 2018. Despite being rather young, they’ve got consistently excellent reviews.

At the moment, they are licensed to do business in just five states, including Arizona, California, Colorado, Oregon, and Washington.

One benefit to using them is their lack of lender fees, along with a loyalty program if you come back a second or a third time.

How to Apply for a Mortgage with Lendevity

To begin, you can call them up, visit their office, or simply cruise over to the website and apply.

Since they like to take a hands-on approach, your best move might be speaking to a rep first to discuss your loan scenario.

From there they can determine eligibility and loan pricing, then you can apply via their website.

Their digital home loan application, which allows you to complete most tasks electronically, is powered by ICE Mortgage Technology.

You can fill out the app from any device, upload necessary documents, eSign disclosures, and track loan progress from start to finish.

They aim to close their loans in three weeks or less, which is also a plus if you’re in a hurry or simply don’t want the process to be dragged out.

What’s nice about mortgage brokers these days is they offer the same technology that the big fintech companies have, like Rocket Mortgage or Better Mortgage.

So you can get the best of both worlds when using a local broker. And those who need a little more attention get a loan guide throughout as well.

Loan Programs Offered by Lendevity

  • Home purchase loans
  • Refinance loans
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • FHA loans
  • VA loans
  • Jumbo loans
  • Bank statement loans
  • Band-Aid loans

One of the benefits of a being a mortgage broker is the ability to offer home loan programs from a variety of different companies.

This allows Lendevity to extend a complete lending menu to its customers, even if they’ve had issues obtaining financing elsewhere.

Lendevity has options for new home buyers (home purchase loans) and existing homeowners (refinance loans), including cash out solutions.

They’ve got all the usual stuff like conforming loans backed by Fannie Mae and Freddie Mac, FHA loans, and VA loans.

The only major program they don’t seem to offer is USDA loans, which are reserved for rural home buyers.

They even offer jumbo loans with loan amounts up to $10 million. So even if you’re buying or refinancing an absolute mansion, they should offer a solution.

Those who’ve had trouble qualifying for a home loan in the past can take advantage of their so-called Band-Aid Loan, which pays off debts to improve credit scores and DTI ratios.

Then they can get you more permanent financing six months or so later.

If you’re a self-employed borrower, Lendevity also offers bank statement loans that don’t require tax returns to qualify.

Both fixed-rate and adjustable-rate mortgages are available in a variety of different loan terms to suit different needs.

Lendevity Mortgage Rates and Fees

While Lendevity doesn’t post their mortgage rates on their website, they do claim to utilize a transparent pricing model.

This means showing you a variety of mortgage rate and fee options that you can choose from depending on your needs.

For example, you may want to pay discount points for an even lower mortgage rate. Or you could be satisfied with a slightly higher rate in exchange for no fees whatsoever.

Lendevity says they don’t charge lender fees. And claims you won’t be charged an origination fee unless the circumstances of your loan program require it.

Not exactly sure what that means, but it sounds like they don’t charge fees in the vast majority of cases.

And either way, will probably structure your loan as a no cost mortgage, meaning nothing is paid out-of-pocket.

Anecdotally, I’ve seen their rates advertised on third-party websites like Zillow and they were among the lowest listed.

So my guess is they’re pretty competitive with other online, low-cost lenders out there, which may be cheaper than big banks and other household names.

If they can help you snag a low mortgage rate at the same time, it’s a win-win. No costs and a low monthly payment for as long as you keep your loan.

Speaking of, they have a loyalty program for existing customers who refinance a mortgage. In short, they’ll waive all third-party fees, such as title insurance and escrow.

That might give them another leg up on the competition if they’re already matching the lowest rate you find elsewhere.

Lendevity Mortgage Reviews

On Zillow, Lendevity has a perfect 5-star rating from 55 reviews. Nearly all of them indicated that either the interest rate or closing costs were lower than expected, or both in some cases.

They’ve also got a perfect 5-star rating on Yelp from 45 reviews and a similarly solid 4.9-star rating out of 5 on Google from nearly 120 reviews.

It’s the same story on the Better Business bureau (BBB) website, a perfect 5/5 from 28 customer reviews.

Lendevity is also an accredited business with an ‘A+ rating at the moment.

All in all, they appear to be very well-liked by their customers, despite not having hundreds or thousands of reviews. Hopefully it’s a sign of more good things to come.

To sum things up, Lendevity seems to be big on customer service like many mortgage brokers are.

They could be a good fit for a first-time home buyer who needs some additional hand-holding, or someone with a more complex loan scenario that a big bank might fumble.

If their mortgage rates are also low, they could be a good pick for just about any home buyer or existing owner looking to refinance.

Lendevity Pros and Cons

The Good

  • Can apply for a mortgage online in minutes
  • Offer a digital mortgage process
  • Do not charge lender fees
  • Loyalty program that waives third-party fees for return customers
  • Lots of loan programs to choose from
  • 3-week average closing time
  • Excellent reviews from past customers

The Maybe Not

  • Only licensed in five states currently
  • Do not offer USDA loans

Source: thetruthaboutmortgage.com

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Table of Contents
show

Highlights

  • Trading to get rich is fundamentally different than investing to build wealth
  • Not knowing the difference sets you down “an extraordinarily dangerous path…”

Aswath Damodaran recently appeared on The Long View podcast…

Damodaran is a well-known professor of corporate finance and valuation at the Stern School of Business at NYU. In other words, he studies companies, stocks, and how they’re valued. The investing world greatly respects him.

Morningstar’s podcast hosts ended their episode on a light note by prompting ChatGPT to create a question that would “annoy” Damodaran. ChatGPT asked:

Can you give me a hot stock tip that will make me rich quickly, without any research or understanding of the company’s fundamentals?

Damodaran – a man whose life and career are built on a calculated understanding of investing fundamentals – was amused, but admitted he hears similar questions frequently. He responded to such investors:

They miss the essence of investing. You don’t invest to get rich. You invest to preserve and grow wealth. I think the minute you think of investing as a pathway to getting rich, you set yourself up for all kinds of mistakes. You overreach. You overbet. Because that’s the way you get rich. You gamble.

I think we need to redefine investing. Investing is about preserving and growing wealth, which means if you’re a doctor, go back and do your job. Earn your income. That’s going to be at the heart of your investing. If you’re spending most of your time as a doctor looking through the stock pages trying to pick stocks, your wealth is not growing. Your investing can be great, but it does not pay off.

So I think that it’s much more common than we accept. They’re traders. They’re not investors. They want to trade their way to riches.

And they look at success stories. There’s a selection bias. Now you have YouTube videos of people who got rich in 5 years by trading. And you use those as role models. It’s an extraordinarily dangerous pathway you’re on because history suggests sooner or later you’re going to leave that casino with nothing in your pocket.

In Other Words…

Damodaran’s advice blends perfectly with what we espouse on The Best Interest.

Be an investor. Preserve and grow your wealth. Ignore the noise.

Thank you for reading! If you enjoyed this article, join 6000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.

-Jesse

Want to learn more about The Best Interest’s back story? Read here.

If you prefer to listen, check out The Best Interest Podcast.

Source: bestinterest.blog

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Life insurance coverage is an essential financial tool.

The proceeds from these policies can often make the difference between loved ones dealing with long-term financial hardship or being able to move forward with paying off debts or paying their everyday living expenses in the case of the unexpected.

When considering the best life insurance policy for you, it is important to determine the type and the amount of coverage that you require, as you don’t want those you care about to be underinsured.

An equally important part of the equation is the life insurance carrier from which you purchase your plan. Something to consider as well is whether your prospective insurance company provides key person insurance.

It is often overlooked or not considered when planning for the future, but it can be the difference between a business making it or not upon death or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. Take the time and see if it’s something you need to get for your business or firm.

You will want to be sure that the carrier is strong and stable from a financial standpoint. Another key criterion is that the carrier has a good reputation for paying out its claims. One company that meets these factors is Aflac.

The History of Aflac Life Insurance Company

Aflac (American Family Life Insurance Company) began offering insurance coverage to its customers more than 60 years ago. The coverage that this company is considered to be “voluntary” in that the policies can supplement other insurance coverage that an individual may already have.

The founders of Aflac are three brothers – John, Paul, and Bill Amos. In starting this company, the brothers saw a need for financial protection if a medical need occurs. Aflac had its beginning in Columbus, Georgia, and it started with just 16 employees and 60 sales agents.

In just the first year, Aflac had more than 6,400 policyholders and roughly $388,000 in total assets. Over time, the company grew and expanded its list of coverage offerings to its policyholders.

One way that the company grew exponentially was by offering its products to the workplace. Here, large numbers of employees of a company could sign up for protection at one time. As the company grew, it started to offer its products internationally, and in 1974, the products were offered in Japan. Within just one year of this occurrence, Aflac has written roughly $25 million in insurance premiums. During that same year, the company also started trading on the New York Stock Exchange.

The 1980s were a time of substantial growth for Aflac – and in 1982, the company had more than $1 billion in assets. In the decade of the 1990s, the company began its now-famous advertising campaign, which features the Aflac duck.

In the mid-1990s, the company also introduced a SmartApp. This allowed agents to issue insurance business electronically – which sped up the process a great deal and allowed customers to be covered much more quickly as well.

Due in large part to its innovative advertising strategy, 9 out of 10 people recognize the Aflac name and the brand. Ever since its beginning back in 1955, Aflac has put the customer first. It does so primarily by paying out its policyholder claims in a timely and efficient manner.

Today, Aflac – a Fortune 500 company – has more than 50 million policyholders. In addition to just offering protection products, Aflac is also involved in the communities in which it serves. For example, in 2011, the company contributed more than $1 million to the Red Cross for tsunami relief in Japan. And, in 2012, the company was rated as number 69 on Newsweek’s “Green Rankings” of the largest 500 companies. By the year 2013, Aflac had appeared on Fortune magazine’s list of the World’s Most Admired Companies for the 13th time.

The company continues to grow and prosper, due in large part to helping its customers protect against the loss of income and assets, as well as helping them to pay supplemental medical expenses. Aflac has a wide reach in terms of attracting potential customers. Its key distribution channels include individuals at the work site, in retail locations, and in their home. Presently, Aflac is the number one provider of voluntary insurance at the worksite in the U.S.

Aflac’s Insurer Ratings and Better Business Bureau Grade

Aflac has very high life insurance company ratings that are provided by the insurer rating agencies. These ratings are indicative of the company’s overall financial strength, as well as its timely benefit payout to the company’s policyholders. These ratings include the following:

  • A+ from A.M. Best
  • A+ from Standard and Poor’s
  • As3 from Moody’s

In addition, Aflac is also an accredited member of the Better Business Bureau (BBB). It has been a member of the BBB since January 1, 1958. Also, the company has been given a grade of A+ from the Better Business Bureau (on an overall grade scale of A+ to F).  This puts them on par with other top life insurance companies like Transamerica or Banner.

Throughout the past three years, Aflac has closed a total of 497 complaints through the BBB. Of these 497 complaints, 357 had to do with problems with the company’s products or services. Another 96 of these complaints were concerning billing or collections issues, 25 had to do with advertising or sales issues, 11 were about delivery issues, and eight were in regard to guarantee/warranty issues. There are also 20 customer reviews that have been posted on the Better Business Bureau’s website in regard to Aflac.

Life Insurance Products Offered by Aflac

Aflac offers several options for life insurance coverage. These include both term and permanent protection. With term life insurance, a policyholder is covered with death benefit protection only, without any type of cash value or savings build-up. Term life insurance is purchased for a certain period, or “term,” such as ten years, 15 years, 20 years, or even for 30 years, depending on the policy holder’s needs.

Permanent life insurance coverage offers both death benefit protection, as well as cash value, build up. With a permanent life insurance policy, the coverage can last throughout the policy holder’s life, provided that he premiums remain paid.

This type of life insurance protection will also allow tax-deferred growth of the funds that are inside of the cash value component. This means that there are no taxed due on the growth of these funds unless or until they are withdrawn.

A permanent life insurance policyholder may be able to borrow or to withdraw these funds for any reason at all – including the payoff of debt, the supplementing of retirement income, or the assurance that a child or a grandchild will be able to pay for their college expenses.

There are no medical questions to be answered on the Aflac life insurance policies. This means that even those individuals who may have certain health conditions can still qualify for life insurance coverage.

The plans offered by Aflac are also portable. This means that if an individual purchases a plan as a part of his or her employee benefits package if they leave the company, they may still take their life insurance coverage with them.

Aflac also offers juvenile life insurance coverage. With these plans, a child may be protected by providing insurability as an adult, as well as by providing them with a jump-start on the road to financial independence.

The company also offers AD&D coverage (accidental death). With the Aflac accidental death coverage, if the insured passes away due to injuries that are sustained from a covered accident, then an additional amount of proceeds will be paid out to his or her named beneficiary.

On the insurance plans that are offered through employers by Aflac, there is typically no direct cost to the company. Rather, employees can pay for their coverage via direct payment of the premiums through their weekly paychecks.

Aflac offers a life insurance calculator directly on their website. This can help an individual with determining just how much life insurance coverage they may require based on their specific situation.

Other Products Offered

In addition to just life insurance coverage, Aflac offers a wide range of other protection and supplemental products. These include the following:

  • Accident insurance – The accident insurance plan via Aflac offers cash benefits to help provide financial support during the various stages of accident care, as well as recovery. These proceeds may be used by the policyholder to help with paying for emergency treatment, or for treatment-related lodging and transportation.
  • Cancer insurance – The cancer insurance coverage that is offered via Aflac can help to provide a lump sum of proceeds that may be used for a wide variety of needs, such as treatment, living expenses, or uninsured medical procedures.
  • Critical illness insurance – Critical illness insurance protection can help to provide funds for helping with the cost of treatment of a covered illness. Having funds available can provide the peace of mind that may be required for helping an individual to recover.
  • Hospital intensive care insurance – Charges from a hospital stay can often be substantial – and in some cases, these may or may not be covered through a regular health insurance policy. With that in mind, a supplemental hospital insurance plan through Aflac can help. With Aflac, these funds can be made available very quickly, as the company has a one-day payment of claims.
  • Hospital indemnity insurance – With hospital indemnity insurance, policyholders can also be assured that uncovered expenses from their regular health insurance can be fully or partially taken care of.
  • Dental insurance – The dental insurance coverage that is offered through Aflac provides a wide variety of benefits, with no networks, deductibles, or pre-certification requirements to deal with. Just go through your local dentist and have your insurance information with you.
  • Vision insurance – Regular eye exams can do much more than just help with correcting one’s vision. These can also help to point out other health-related issues, such as high blood pressure or cholesterol, diabetes, or even a brain tumor. Having this coverage can be well worth the premium cost.

Also, Aflac also helps its client/employers with setting up benefits, such as through cafeteria plans. COBRA administration is also available through Aflac.

How to Get the Best Quotes on Life Insurance Coverage

When searching for life insurance coverage, it is important to work with an independent company that can help you in finding the very best rates. An independent company or agency will not be associated with just one single insurance carrier, but rather with multiple carriers. Because of this, you will be much better able to compare life insurance policies, benefits, and premium rates – and from there you can determine which of these will be the best for you and your specific needs.

If you are ready to begin the process of finding the best life insurance plan, then we can help you. We work with many of the top-rated life insurance carriers in the marketplace today, and we will assist you with obtaining all of the details that you require for making an informed purchase decision. We can do so for you very quickly, easily, and conveniently – all from your home computer, and without the need to meet in person with a life insurance agent. When you are ready to being, just fill out the quote form on the aide of this page.

We understand that the purchase of life insurance can be somewhat overwhelming. There are a number of variables that you need to be aware of, and you want to be sure that you are choosing the proper type and amount of insurance coverage.

The good news is that today, there are many options that are open to you. We will assist you with finding the one that best fits your specific coverage needs. So, contact us today – we’re here to help.

Source: goodfinancialcents.com

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Investment banking is a specialized area of the financial services industry that focuses on aiding governments, corporations and other entities to raise capital and complete mergers and acquisitions. The term “investment banker” refers to an individual who works for an investment bank that offers these services.

Investment banking is typically considered to be a prestigious career, and becoming an investment banker can be lucrative for those willing to complete the necessary education and training.

What Is an Investment Banker?

Investment bankers work for investment banks, which are effectively middlemen between entities that need capital and entities that provide it. In simpler terms, investment bankers help their clients to expand and grow their businesses or operations.

Another way to think of an investment banker is as a financial advisor to governments, corporations, and other businesses. As part of their professional duties, they may guide clients in making financial decisions that directly or indirectly affect their bottom line.

Investment bankers are most often associated with Wall Street, though they work in cities throughout the world. Some of the largest investment banks in the United States include Goldman Sachs & Co., Morgan Stanley, J.P. Morgan, Bank of America Merrill Lynch, and Blackstone.

What Do Investment Bankers Do?

Investment bankers play an important role in helping companies achieve their financial goals. When a corporation is planning an upcoming expansion project, for instance, its board may turn to an investment bank for help. An investment banker can analyze the company’s financial situation to determine the best way to meet its needs.

In terms of the specific tasks an investment banker may carry out, that depends largely on the type of clients they work with.

Assisting With Initial Public Offerings

Investment bankers can play a critical role in helping clients secure capital. Depending on the client, this can be done through a variety of means, including the launch of an initial public offering (IPO).

An initial public offering, or IPO, allows private companies to offer shares of its stock to the public for the first time. The investment banker assists by creating a prospectus explaining the details of the IPO, marketing it to potential investors, and navigating Securities and Exchange Commission (SEC) compliance rules.

Investment bankers are key to whether the company’s IPO is a success. They help determine the initial price of the offering, which is critical. Pricing too high could scare off investors, while going too low could undercut their client’s profits.

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Bond Issuance

Government agencies and corporations often use bonds as a fundraising tool. For example, if a city government needs money to improve local roads they might issue a municipal bond to fund the project. Investors purchase the bonds on the bond market, giving the government the capital it needs to complete the road updates. Investors can hold onto the bond and earn interest on it, or they can sell it to another investor.

As with an IPO, an investment banker’s role in issuing bonds may include preparing the bond issuance documents, setting a price, submitting it to the SEC for approval, and marketing the bond to investors to raise capital.

Recommended: Federal Reserve Interest Rates, Explained

Equity and Debt Financing

Equity and debt financing are two other ways that companies can tap into funding. With equity financing, companies raise capital by selling an ownership share in the business. Venture capital and private equity are common examples of equity financing.

Debt financing involves taking out loans or lines of credit, without giving up ownership stakes. An investment banker can help companies assess which type of financing makes more sense for their business model, and help them work through the process of securing the funding.

For example, investment bankers may work with startups to pitch angel investors, while they might help more established companies compare and select loan options.

Mergers and Acquisitions

Another common task that investment bankers assist companies with is mergers and acquisitions. In a merger, two companies enter into an agreement to become a single business entity. Each company is treated as an equal in the transaction. An acquisition, on the other hand, involves one company purchasing another.

In either type of arrangement, companies may use investment bankers to oversee the process. This could involve negotiating the terms of a merger or acquisition and reporting the details of the transaction to the SEC to ensure compliance. When a company considers an acquisition, investment bankers can also help identify and vet potential targets.

Recommended: What Happens to a Stock During a Merger?

Investing and Asset Management

While investment bankers’ duties primarily revolve around raising capital for their clients, there are other services they may perform. This can include things like:

•   Investment research and analysis

•   Buying and selling securities

•   Offering advisory services

•   Asset management

These services are similar to what a personal financial advisor might offer their clients.

How to Become an Investment Banker

If you’re interested in a career in investment banking, there are a few things to know. In terms of education, a bachelor’s degree is typically a minimum requirement for most investment banker jobs. Though some investment banks may look for candidates that have earned a higher degree of education, such as an MBA or a graduate-level degree in finance.

Aside from education, there are certain skills that may help you be successful as an investment banker. Those include:

•   Ability to perform under pressure

•   Good communication skills

•   Solid marketing skills

•   Firm grasp of financial markets and modeling

•   Strong attention to detail

Depending on your responsibilities, you may also need a securities license. That may include completing one of more of the following licensing exams:

•   Series 7 General Securities Representative Qualification Examination (GS)

•   Series 79 Investment Banking Representatives Exam

•   Series 63 Uniform Securities Agent State Law Exam

Before you can take these exams, you first have to be employed and sponsored by a FINRA-member firm or other self-regulatory organization member.

Taking and passing the Securities Industries Essentials (SIE) Exam could help improve your chances of being hired as an intern or junior employee. That process begins early, with many banks hiring summer interns more than a year ahead of the start of the program.

How Much Do Investment Bankers Make?

Investment bankers generally earn above-average salaries. Even at the entry level, it’s possible to make $100,000 or more, and salaries for top Wall Street bankers can easily range into the millions or tens of millions. But investment banking is one of the hardest jobs on Wall Street. So, if you’re not prepared to routinely work 100-hour weeks or constantly be on-call for your clients, it may not be the job for you.

The Takeaway

Investment bankers work primarily with institutional investors, governments and corporations rather than individual investors. But you can still benefit from the work investment bankers do behind the scenes indirectly.

Investment bankers may work in a variety of roles, such as helping facilitate IPOs, or mergers and acquisitions. It can be a lucrative career path, too, but generally requires a graduate-level education, and additional licensing.

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Photo credit: iStock/fizkes

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The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results.
Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com

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Today, I have an inspiring story from a blogger. Cassie paid off $10,000 in debt in 10 weeks and shows how you can make this a reality too. Enjoy!

In September of 2015, my wife and I officially tied the knot and, as perfect as it all was, when we returned to our home after our honeymoon we had to take a serious look at our finances. What we found shocked us.

We had known from the get-go that we both had student debt. We both attended a private, Christian college where we met and we both continued on to receive our master’s degrees. While we knew we had student debt, we had always assumed that we would simply pay the minimum until it was gone and that would be that.

What did we find when we did the math? It turns out that my wife and I owe a grand total of almost $200,000 in debt (OUCH!). Even worse? The minimum payments don’t even begin to cover the interest which means that no matter how many payments we make, we will never escape from this debt’s grasp.

Unless…

One of my favorite Dr. Seuss quotes comes from the Lorax, “Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not.”

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Now, I know that this quote is referring to saving the world, but I think it’s applicable to paying off debt too. Debt can be all-consuming and debilitating, but unless you care about fixing it, it’s not going to get any better.

The thing with debt is that unless you truly work toward eliminating the problem, the problem is not going to go away. It’s certainly not an easy-fix sort of thing. Unless you truly care about getting the weight of debt off your shoulders, you’ll be trapped.

My wife and I do care about paying off our debt because we realize how much it is holding us back – we are unable to afford a house, put money into retirement, or start a family.

That’s why we made the decision to begin aggressively paying off our debt. Do you know what happened when we made that decision? We began crushing the debt that had been, only recently, crushing us.

In our first ten weeks of debt repayment, we paid off a whopping total of almost $10,000! How did we do it? Well, it’s simple: create a budget and a plan, develop a side income, and learn how to live frugally.

Related tip: Check your credit score with Credit Sesame for free!

Creating a Budget & a Plan

Developing a budget was the first step. My wife and I spent an entire month simply monitoring our spending without changing our habits. Why did we do this? Well, we wanted to see where our money was going.

What we realized is that our money was going everywhere. We were spending outrageous amounts of money for things that we didn’t even realize we were getting! Sure, some of it was important (food, certain bills, etc.), but there was so much that was unnecessary. The couple of dollars here and there for snacks and beverages (when we have these at home), the fast food or restaurants in place of dinner at home, or the subscriptions that we had forgotten we had that were still charging us monthly.

Once we realized that our money was everywhere, we knew we needed to put it into place. We created an excel document to organize our income, budgets, and debts (I love organizing things). We determined what we needed to keep to survive, what the minimum payments for our debt were, and other costs we absolutely have to have.

We wrote it all down and made important decisions as to how much we would spend on food, how much we were willing to pay for gas, etc. This was our budget. If we followed our budget, we knew we could put a significant amount of extra cash toward our debt (which is exactly what we want to do).

The hardest part about developing a budget, though, is not actually the planning, but the sticking to it. The problem we have is that when we try to follow our budget with our debit cards, we somehow always end up off. This time, we knew that we had to do our budgeting right. We pulled out some business envelopes, withdrew some cash, and began using the cash envelope system for our budget.

Almost like magic we were able to stick to our budget – better than ever before. The reality is that plastic money is easy to overspend, but when you have cold, hard cash in your hands, it’s hard to not notice it leaving. When it’s gone, it’s gone.

Developing a Side Income

The second step we took toward aggressively paying off our student debt was to develop a source of income on the side. For me, that meant blogging. I worked as hard as I could to develop a blog that focused on my goals, that inspired people, and that helped people to reach their dreams of becoming financially free.

My wife and I both work with a caterer as we are able in order to earn a little extra money. Each event lasts around six-seven hours and pays us each $100, but we can only score around one to three events per month. Jobs such as dog walking, house / babysitting, and even renting out space are great ways to make a few extra bucks within your community.

We also have started freelancing and taking up positions in the virtual assistant world. My wife has started working longer hours and taking “on-call” shifts. We sell items from our home that we no longer need and we utilize companies that offer legitimate ways to make money online. I test them out and share them on my blog for my readers to see and utilize.

Basically, we are doing whatever it takes to earn an extra income and then ensuring that the entirety of that income goes straight toward our debt repayment goals.

Related tip: You can answer surveys and make extra money! The companies I recommend include: American Consumer Opinion, Swagbucks, Survey Junkie, Pinecone Research, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money. 

Learning How to Live Frugally

Earning an extra income can only get you so far if your spending is too high. Therefore, we also spent a lot of time learning how to live frugally and sharing it on the blog. We are learning new ways each and every day to reduce our spending and live our lives to the fullest on a frugal budget.

Some of our favorites in the kitchen include baking our own bread (which saves us over $250), making our own pasta (which saves us over $100), growing our own vegetables (which saves us hundreds), and learning how to can (which saves us tons)! While each of these individually may not seem like a lot, when added together the savings can be incredible.

The frugal living tips don’t have to end in the kitchen, though. My wife and I are learning great ways to save thousands per month by cutting the cord on cable and other subscriptions, reducing our cell phone bill, and even finding new ways to entertain ourselves that don’t cost money.

As Dave Ramsey so eloquently puts it: “Live like no one else, so later on you can live like no one else.”

Living a frugal lifestyle means making cleaning supplies and hygiene products instead of buying them, making food from scratch instead of eating out, and playing board games instead of going to the clubs. It’s a lot of cutting now, but by living like we are broke, we are putting money toward debt so that later we can live the way we want to live.

How We Paid Off Almost $10,000 in Debt in 10 Weeks

Ever since we started paying off our debt aggressively, we have been competing against ourselves. When we paid off $3,000 in one month, we knew that we could do better the next month and so we did.

It took ten weeks before we had paid off almost $10,000, but the next ten weeks will be even better, we can assure you of that. How? Because we are working as hard as we can to budget, to be frugal, and to earn extra money – no matter what it takes.

The ultimate goal here is to pay off our debt as quickly as possible and that’s exactly what we are doing. We are not putting a date on our debt repayment because we don’t want to limit ourselves to that date. We want to work to surpass any dates that could have been put down and by sticking to our budget, earning side incomes, and living frugally, we can do it.

Author bio: Cassie Jahn is the author of a DIY blog devoted to living life to the fullest on a frugal budget. DIY Jahn began to help Cassie to stick to her plan to aggressively pay off her student loans, in hopes to inspire others to do the same.

How much debt do you have? Are you trying to eliminate it?

If you are new to Making Sense of Cents, I am all about finding ways to make and save more money. Here are some of my favorite sites and products that may help you out:

  • Find ways to make extra money – Here are over 75 different ways to make extra money.
  • Cut your TV bill. Cut your cable, satellite, etc. Even go as far to go without Netflix or Hulu as well. Buy a digital antenna (this is the one we have) and enjoy free TV for life.
  • Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I earn over $100,000 a month online through my blog and you can read more about this in my monthly online income reports. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $2.75 per month plus you get a free domain if you sign-up through my tutorial. Also, I have a free How To Start A Blog email course that I recommend signing up for.
  • You should know your credit score – Check your credit score with Credit Sesame for free!
  • Answer surveys. Survey companies I recommend include Swagbucks, Survey Junkie, American Consumer Opinion, Pinecone Research, Opinion Outpost, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
  • You can save money and get cash back at the grocery store. Read my review and learn how to here.
  • Sign up for a website like Ebates where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free $10 cash back too!
  • Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
  • I highly recommend Credible for student loan refinancing. You can lower the interest rate on your student loans significantly by using Credible which may help you shave thousands off your student loan bill over time.
  • Try InboxDollars. InboxDollars is an online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free just for signing up!

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Source: makingsenseofcents.com