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When you swipe a credit card or take out a loan to make a purchase, you probably don’t think of the experience as a test of your personal integrity or reliability. You’re more interested in how you’ll feel behind the wheel of your new car, walking through your new home’s kitchen, or sitting in front of your new flat-screen TV.

But your creditors don’t care about how your purchasing habits improve your personal happiness or quality of life. They just want to recover the money they lent you — with interest. And they know from experience that it’s more difficult to recover said money (and interest!) from some borrowers than others.

The risk that you won’t repay your loans is known as your credit risk. Lenders assess credit risk using three-digit personal credit scores. The lower your credit score, the more trouble you’ll have qualifying for a credit card, mortgage, and many other types of credit.

There are also many less well known consequences of a low credit score. Find out what they are and how they can affect your life in unpredictable, unwelcome ways.

How Your Credit Score Works

Your personal credit score is based on the information in your credit report, which is a comprehensive look at your recent financial history.

Credit reports include data on:

  • Past loan payments, including late or delinquent payments
  • Credit utilization (how much you borrow as a percentage of your approved credit lines)
  • Recent credit applications, generally stretching back two years
  • The different types of credit accounts you have, like credit cards, personal loans, auto loans, home loans, and more — with information about the credit limit, lender, and other details for each
  • Recent adverse financial events, like bankruptcies and foreclosures

In the United States, most consumer credit reports are issued by the three major credit reporting bureaus: Experian, TransUnion, and Equifax. Keep in mind that although your credit score is derived from the information in your credit report and history, your credit score is not your credit report.

Your credit score is a number that summarizes your credit risk. Consumer credit scores generally follow a scale ranging from 300 (riskiest) to 850 (least risky), although there are exceptions. The most popular credit scoring methodology was devised by FICO and is known as your “FICO score.”

Lenders often segment credit score ranges into quality classifications, such as “A,” “B,” and “C.” They may use qualitative descriptors, like “Good,” “Very Good,” and “Excellent.” They may also draw a line separating “prime” and “subprime” borrowers at a particular score — usually somewhere in the 600s, depending on the lender.

Because each bureau’s report contains slightly different information at any given time, a credit score based on your one report is likely to vary a bit from the score based on another. That said, all three bureaus are considered reliable sources of credit-related information, and your score shouldn’t vary more than a couple dozen points at any given time.

The Possible Costs of a Bad Credit Score

Your credit score and, by extension, your overall credit profile don’t just affect your personal finances. Your credit influences many aspects of your personal and public life, including plenty that don’t involve borrowing.

This list covers seven well-known and not-so-well-known consequences of bad credit, such as difficulty getting approved for a loan, higher rates and terms on approved loans, costlier insurance, and difficulty qualifying for a traditional cellphone contract.

1. Getting Approved for a Loan Can Be Difficult

You probably know already that your credit score directly affects your likelihood of securing approval for a new loan or credit application. The lower your score, the less likely you are to find a willing lender. Many lenders simply don’t make loans to subprime borrowers or those who fall below a particular quality level or numeric score.

This can feel unfair because practically speaking, a credit score of 698 isn’t much different from a credit score of 702. But 700 is an important level to many lenders, which means those four points often make a real difference — with real-world consequences for your ability to invest in your future.

2. Higher Rates and More Restrictive Terms on Approved Loans

Getting approved for a loan counts as a victory. But if your loan comes with an unfavorable interest rate or restrictive terms, it could soon feel like a hollow one.

Every lender is different, and for competitive reasons, most are reluctant to disclose exactly how they set interest rates. But most are upfront about the fact that lower credit scores mean higher interest rates. According to Bank of America, one of the biggest lenders in the United States: “A higher credit score may help you qualify for better mortgage interest rates … and some lenders may lower their down payment requirement for a new home loan.”

The impact of higher rates and more restrictive terms can be enormous. An interest rate difference of a single percentage point can add tens of thousands of dollars to the total cost of a mortgage, depending on how the loan is structured. I used a free mortgage calculator to find the lifetime interest cost difference for a 30-year, $400,000 mortgage at 6% vs. 7% interest:

Total Interest at 6% Total Interest at 7% 30-Year Difference
$463,352.76 $558,035.59 $94,682.83

A single percentage point higher and you pay nearly $100,000 more over the 30-year life of the loan. Astounding! And although the numbers aren’t quite as large, the same effect applies to auto loans, home improvement loans, personal loans, and credit cards.

In many cases, the difference between a good credit score and a not-so-good credit score is less obvious for inexperienced borrowers. For example, if you’re a first-time homebuyer with a 615 credit score, your only realistic chance at getting a mortgage might be to a FHA home loan. But FHA loans take longer to close than conventional mortgages, which can scare off sellers. They also come with expensive mortgage insurance requirements that may last the entire life of the loan, adding hundreds to your monthly payment.

3. Trouble Renting an Apartment

If you’re applying for an apartment lease and local laws don’t explicitly prevent them from doing so, the landlord is likely to run your credit. Which makes sense. Like it or not, applicants with lower credit scores are statistically less likely to make timely rent payments. Landlords are especially wary of applicants with patterns of late payments, delinquencies, foreclosures, and bankruptcies in their credit reports.

But if you’re an applicant, this arrangement may not feel fair — and it can have a major impact on where you end up living. Landlords who own well-kept, modern properties in desirable neighborhoods typically hold renters to higher credit standards because high demand for their properties affords them the luxury of picking and choosing who they rent to. I’ll never forget one of my ex-landlords telling me that he wouldn’t rent his best properties to anyone whose credit score came in below 640, but that he was more lenient about places on what he called “the wrong side of town.”

He’s not the only one. Small-time landlords like him and bigger management companies alike follow the same general pattern. So if your credit score is below prime, you could find yourself in a shabby rental in a neighborhood you’re not crazy about.

4. Trouble Getting a Job or Security Clearance

According to a study cited by the Association of Psychological Science (APS), there’s little if any correlation between employee credit and job performance. Worse, APS found that credit checks during the hiring process appeared to reinforce racial disparities in employment by disproportionately disadvantaging Black applicants.

But that doesn’t stop employers from checking applicants’ credit during the hiring process. In fact, unless you live in one of the handful of states where the practice is banned or severely restricted, you should expect to have your credit checked when applying for a job. According to a survey by Demos — a think tank that focuses on consumer finance issues — one in four job applicants have had their credit run, and one in seven has been advised that they were denied a job due to poor credit (such disclosures are required in some jurisdictions).

Applicant credit checks are especially common in government and the financial industry. And the credit check process can rear its head even after you’re hired. Government agencies and contractors may run credit checks when you apply for a promotion that requires a new or higher-level security clearance, which means your boss could pass you over for reasons that have nothing to do with your job performance.

5. Trouble Getting a Cellphone Contract

Getting a cellphone contract sounds trivial when you’re worried about finding a job or place to live. But these days, living without a cellphone isn’t really an option. Do you even have a landline anymore?

Unfortunately, cellphone carriers pay close attention to new customers’ credit when determining whether to approve a new contract. As in rental housing, they know that higher-risk customers are less likely to make timely payments or have enough money in their account on the auto-debit date. Even if you’re only interested in a month-to-month phone plan, your carrier is still likely to run your credit because they know how easy it is to rack up excessive data, roaming, and international calling charges in a single month.

If you’re disqualified for a traditional cellphone contract due to a bad credit score, you still have options. They’re just likely to be costly or inconvenient.

Some carriers accept security deposits in an arrangement similar to a secured credit card. If you make timely payments, you generally get your deposit back after a year or two.

A prepaid phone plan is another option. The catch is that you often have to pay out of pocket for your new phone or find yourself choosing from older, less fun models. Prepaid plans are more likely to have restrictions on talk and data usage, though these aren’t as common as in the past.

6. Higher Insurance Premiums

The federal Fair Credit Reporting Act allows auto and homeowners insurance companies to pull consumers’ credit reports when making underwriting decisions. Most states further govern this practice, though few outlaw or severely restrict it.

Timely payment histories and outstanding debt levels are particularly important to insurers. If you don’t stack up well on these metrics, you’re likely to pay higher premiums than someone with better credit on an otherwise identical policy.

7. Potential Strain on Personal Relationships

Your credit score and overall credit profile can put tremendous strain on your personal life, especially the relationships that matter most to you. Although your credit profile doesn’t actually merge with your spouse’s after marriage, their credit can affect your ability to qualify for or afford new loans that you’re applying for together, such as auto or home loans.

Say you have excellent credit and your spouse’s is just so-so. When you apply for a mortgage, the lender looks at both profiles and assesses your household’s overall credit risk as the riskier of the two (your spouse’s). So even if your risk is low enough to meet the lender’s qualification standards, you’re likely to pay a higher interest rate or larger down payment together than you would were it just you applying for the loan.

To take another example, if you and your spouse jointly apply for a credit card with you as the primary user and they as the authorized user, their card usage and payment history (or lack thereof) can affect your credit. Should they fall behind on payments or rack up irresponsible charges, both of your credit profiles suffer the consequences.

Situations like these can lead to tension at home — possibly threatening the relationship’s very existence.

Bad Credit Score FAQs

Still have questions about what your credit score means for your finances, career, and personal life? See our answers to some common questions about bad credit — and what to do about it.

What Counts as a Bad Credit Score?

It depends how you define “bad credit score.”

The lowest FICO credit score considered “prime” by U.S.-based lenders is 660. Scores between 620 and 659 are considered “near-prime.” On the qualitative scale, near-prime scores are considered “fair” or “average.”

Verge below 620 and you’re getting into bad credit territory. Precise cutoffs vary, and many lenders prefer “bad” to poor, but suffice to say that if your credit score is below 600, it needs work. 

Can You Get Insurance If You Have a Bad Credit Score?

Yes, you can get insurance if you have a bad credit score. But you’ll probably have to pay more for it via higher premiums. 

To find the best possible deal, follow the age-old rule of buying insurance and shop around. It takes only a few minutes to get multiple quotes using an online insurance broker, and you could save hundreds per year on big-ticket auto or home policies.

Can You Lose Your Job Due to a Bad Credit Score?

No, you’re unlikely to be fired from your job due to a bad credit score alone. It’s more likely that you won’t get the job in the first place or that you’ll be denied a promotion that requires a higher security clearance. Not that those outcomes are much better.

Can You Get Evicted If You Have a Bad Credit Score?

No, you probably won’t get evicted from your apartment just because you have a bad credit score, or because your credit score drops due to a missed loan payment. 

But you certainly can get evicted from your apartment for missing multiple rent payments, which is statistically more likely for folks with bad credit. 

This is why many landlords avoid renting to people with low credit scores and why you’ll likely have to work harder to find a place if your credit isn’t where you’d like it to be.

Does Your Spouse’s Credit Score Affect Yours?

Not exactly. Your spouse’s credit score has no direct bearing on yours, but their actions can affect your credit and vice versa. For example:

  • You take out a joint loan (like a mortgage) and your spouse stops paying their share. Eventually, you default on the loan, damaging your credit.
  • You cosign your spouse’s loan application and they stop making payments at some point down the road. Your credit score drops along with theirs (unless you step in to make payments for them).
  • You make your spouse an authorized user on your credit card and they rack up a ton of charges they can’t pay back. You know the drill by now.

Trust is always important in a relationship, but so are boundaries. If you don’t trust your spouse to make financial decisions in your own best interest, think carefully before merging your finances completely.

How Long Does It Take to Improve Your Credit?

It depends on your starting point and on the details of your credit profile. It’s often easier and faster to build credit from the ground up than to recover after a major financial setback, like bankruptcy.

Final Word

It’s hard to overstate the importance of your personal credit. At the same time, it’s not the end of the world if your credit score isn’t exactly where you want it to be at the moment.

With such an incredible range of online credit-tracking resources, it’s easy to monitor your credit and learn how to improve it. Tracking your credit is also a great way to boost your financial self-confidence. Every incremental credit score improvement due to a timely payment or reduction in credit utilization is a minor cause for celebration. And the sooner you begin, the sooner you can start racking up those little wins.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

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Swiping your magnetic-stripe credit card will soon become a thing of the past.

In the wake of widespread consumer data breaches like those at Target and Home Depot – plus increasing rates of counterfeit fraud – credit card companies nationwide are issuing new smart chip-enabled cards to improve payment security and provide consumers with greater protection against fraud.

Have you received your new chip-equipped credit cards in the mail yet? If not, you will soon: October 2015 is the “liability shift” deadline between banks and merchants. If a business doesn’t offer chip-enabled transactions after October, the liability for any resulting credit card fraud will fall to the business-owner and no longer the bank.

Here’s the scoop on what you need to know about chip-enabled cards, or as they are more formally known, EMV cards:

What’s EMV?

EMV cards – named after its original developers Europay, MasterCard, and Visa – are nearly identical to the typical American credit card, but they are encrypted with a small computer chip rather than a magnetic stripe. You will notice a small gold or silver metallic square on the front of your card. While this square contains the same information as magnetic stripe cards, such as name, card number, and expiration date, each transaction generates unique, dynamic data. This is the game changing technology that makes it difficult for anyone but the rightful owner to use the card, and it protects against the creation of counterfeit cards.

EMV cards have been the standard around the world for decades, but America is finally catching up: half of the world’s credit card fraud occurs in the US!

How Do EMV Cards Work?

Instead of swiping your card, you’ll insert your card into a terminal slot. This action is called “dipping”! The data then flows between the card chip and the issuing financial institution to verify the card’s legitimacy. Because these cards are read in this new, different way, you should know that the transaction is not as quick as a basic swipe; expect a slightly longer time at the point of sale. Though most of the world operates on a “chip and pin” system, Americans will still sign credit card receipts for the time being.

Keep in mind, your card will still have an magnetic stripe, too. Not all businesses will support “dipping” by October. In fact, a recent Intuit survey found that 42% of small businesses haven’t heard about the deadline yet!

Can I Still be a Victim of Fraud?

Though this new technology should give you greater peace of mind, smart-chips do not entirely eliminate credit card fraud. You will still need to monitor your credit card accounts and credit score diligently – at least once a month. That’s the best way to detect fraud in the early stages and keep your identify safe.

– Vera Gibbons, Mint Contributor and Personal Finance expert

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Source: mint.intuit.com

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Every once in a while I get a question from a reader about how to get rid of a timeshare. Sometimes the person is asking for themselves, but other times, they are trying to help a friend or family member.

The problem is that timeshares aren’t as amazing as the salesperson claims they are. They are expensive, you probably won’t use them as much as you think, timeshare resale values are incredibly low making them hard to sell, and more. 

So, if you have been thinking about purchasing a timeshare or if you are wondering how to get rid of a timeshare, today’s article is for you.

Many adults have attended a timeshare presentation, and even more have been asked to attend one. You are usually offered something if you stay the whole time, such as a free vacation, an iPad, a cruise, or something else that is quite enticing. And, that’s how they get you interested.

All you have to do is listen to the presentation and get your free gift. Sounds simple enough, right?

But, after sitting through the timeshare presentation and listening to the salesperson talk  about all the “benefits” of owning a timeshare, you may be intrigued.

Even though you told yourself that you weren’t going to purchase anything, the salesperson is well-trained and you can’t resist something that seems like such a good deal. 

Many people cannot say no in these situations, and that is why around 10,000,000 households in the United States own a timeshare.

I had no idea that the timeshare business was this large. Maybe I’m missing something, but the negatives that I’m going to explain in this article seem to significantly outweigh the positives. I’m honestly shocked that there are that many timeshare owners out there, and many sadly end up regretting their purchase.

One of the issues with timeshares is that there are different types, some of which you pay for but never actually own. Those are called non-deeded timeshares, and they fall into two categories:

  • Right-to-use systems- You sign a lease from anywhere from 20 to 99 years and pay for the right to use the timeshare. It would be very difficult to sell something you never own.
  • Points-based system- You purchase points each year to trade for reservations at different properties owned by a timeshare company. Some companies let you “bank” points that can be rolled over to another year.

There are also timeshares called deeded timeshares. With these ones you share ownership of the timeshare with other people. These usually fall into two categories:

  • Fixed-week system- You get to use the timeshare for the same specific week each year. That means you will have to be available that same week every year.
  • Floating-week system– Same as above, but the difference is that you get to pick the week you use your timeshare. You may compete with other people for busy weeks or seasons.

Lately, I’ve been hearing about more and more people buying timeshares. It’s been brought up by my readers, in my Facebook group, and by my friends. But, at the same time, I have seen more and more people asking how to get rid of a timeshare.

Someone I know spent $15,000 on a timeshare. I know of another person who has bought multiple timeshares with their student loans. 

I also once read a post on Facebook that said, “Please, help me sell my timeshare!” This person was trying to sell their timeshare for $1 and there weren’t any offers yet. They were looking to Facebook as a last resort and wanted friends to share their post.

Sure, I have an open mind and perhaps sometimes timeshares are an okay idea, so I won’t completely discredit them. However, I’ve never met someone who bought a timeshare and was happy with their purchase years down the line.

I’ve only heard horror stories about timeshares.

Due to this, I’ve never really understood the appeal of timeshares.

And I’m not sure I ever will.

I’m not writing this post to offend anyone. Like I said, I’m sure there are cases that exist where someone has found a great deal on a timeshare and they know they’re going to actually use it. I won’t ignore the possibility of that. However, I know that each and every year many people buy timeshares thinking they are a great deal when in reality most of the time they are not.

If you are interested in learning even more about how to get rid of a timeshare, please read the free guide The Consumer’s Guide To Timeshare Exit.

Related content:

In today’s post, I’m going to talk about why you should skip the timeshare, as well as what to do if you already own one and are looking for a timeshare exit.

Below are 5 reasons not to buy a timeshare.

1. Timeshares are expensive from Day 1.

Timeshares are expensive.

Even the people who’ve bought them told me that their number one hesitation was price, and it goes beyond the upfront cost.

Actually, many people end up taking loans out for their timeshares. This means that your timeshare might end up costing two or even three times the cost over the duration of the loan due to interest.

If you are buying a timeshare, then the cost of owning one is the main upfront costs being the lump sum price you pay to “buy” it. Then, there are also the interest fees if you are using a loan to buy your timeshare and also closing costs.

According to the American Resort Development Association, the average price for a one week timeshare is approximately $21,455, with an average annual maintenance fee of around $1,000 on top of that.

That is a lot of money. No wonder so many people want to learn how to get rid of a timeshare.

2. Timeshares have expensive annual maintenance fees.

Maintenance fees are something that you’ll have to pay if you own a timeshare, and you’ll pay them every year for as long as you own the timeshare. This annual fee is to pay for the cost of operating the resort. This covers the general upkeep up the timeshare property, landscaping, utilities, staffing, plus more for future upgrades and repairs. 

As I said earlier, the average annual maintenance fee on a timeshare is around $1,000, and in many cases it can be over $1,000 a year depending on your timeshare agreement. I did some research and found some timeshares that had annual maintenance fees of over $2,000 a year.

Maintenance fees need to be paid year after year, regardless if you use the property or not. If you stop paying them, the resort your timeshare is at can begin the collections process. This can cause long-term negative effects to your credit score and finances. 

Also, the annual maintenance fee can increase over time as well, in many cases, at a rate that is higher than inflation. It can more than double in just a few years, and there is no cap on how high a resort or timeshare company can raise your rates.

This is the number one reason that so many people want to learn how to get rid of a timeshare.

 

3. Timeshares are near impossible to sell.

If you want to learn how to get rid of your timeshare because of the high annual cost, you are tired of paying monthly payments on your loan, or if you simply just aren’t using the timeshare, you will have a hard time selling it.

Timeshares do not appreciate like normal property does. This is another reason I do not think they are suitable for the average household.

You know that person that I said was on Facebook trying to sell their timeshare for $1? That is not uncommon at all.

If you do a quick search online, you will find hundreds of timeshares going for just $1. 

If they are such a great deal, why are people trying so hard to get rid of them?

Like I said, the number one reason that people want to sell their timeshares is because of rising maintenance fees. You hear one price when you are sold your timeshare, but the costs keep increasing making it harder and harder to budget for. 

This is why people want to sell their timeshares for so cheap – anything to get out of the constant and increasing costs.

Because there are so many people trying to sell timeshares without any luck, there are companies popping up all over the internet claiming to help people get out of timeshares. However, many of these companies are scammers. This presents another danger to consumers who have purchased a timeshare.

4. You may not use the timeshare as much as you think.

When you purchase a timeshare you probably think that you’re going to use it every single year. You might even laugh at someone who says you’ll eventually want to learn how to get out of a timeshare.

You tell them and yourself it will be an easy way to go on an inexpensive vacation and that you’ll actually save money. However, there are many reasons why you might not use your timeshare every year, which then becomes a waste of your money.

Maybe you have a bad income year and can’t afford to travel to your timeshare, an emergency comes up, you want to take a vacation somewhere else, etc.

And, whether you use your timeshare or not, maintenance fees need to be paid year after year.

For every year that you don’t use your timeshare, that’s more money you’ve invested in it with no return, not even a fun vacation. Really, there are much better ways you could have invested your money.

5. You have plenty of other options for your vacation.

Timeshare salespeople try to find buyers by claiming that timeshares are a great way to save money on a vacation. They tell you that every year you’re going to be able to visit this beautiful place and that it will actually save you money.

I do not understand that.

Spending $20,000 or more on a timeshare where you only get around one week annually seems very expensive. In some cases you may struggle to get the week of your choice. And, don’t forget the maintenance costs!

There are PLENTY of ways to go on a more affordable vacation. You could shop around for the best prices on hotels and flights, use credit card rewards, visit during the off season, bundle your trip, and more. I’m sure you could spend less on an annual vacation than what it would cost to own a timeshare.

Plus, if you are still wanting the “timeshare feel,” you can rent timeshares from other owners for a FRACTION of what they have paid. You can usually find them for a couple hundred dollars per week, whereas the owner is still paying the maintenance fees each year that are most likely twice or three times as much.

Related articles: 

How to get rid of a timeshare.

Is it hard to get out of a timeshare?

If you currently own a timeshare, you may be wondering how to get rid of a timeshare. If so, then I can help with that today.

I recommend the company Newton Group Transfers to help you learn how to get rid of a timeshare. Newton Group Transfers helps timeshare owners get rid of the timeshare they no longer want by ending your timeshare agreement so that you can stop paying high maintenance fees.

For over 15 years, they have helped thousands of people exit their timeshares, and they have an A+ rating with the Better Business Bureau. Remember, there are lots of scammers out there, so research any company you are thinking about using to make sure it is highly rated and legit.

You can contact Newton Group Transfers in the link above or call them at 888-713-0403.

If you are interested in learning more about this subject, please read their free guide The Consumer’s Guide To Timeshare Exit.

Have you ever been to a timeshare presentation? What do you think of timeshares?

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Source: makingsenseofcents.com

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Finances are often talked about like some enigma that can’t be cracked unless you’re an accountant, investor, or a CFO. In fact, according to a study from Statista, only 25% of respondents said they considered themselves to be very financially literate, while 4% said they were not financially literate at all.

But the stigma around financial expertise has got to go! By using your resources and taking charge of your own financial standing, you can make a difference in your own life and even inform friends and family who are struggling to manage their own finances.

One of the best ways to glean financial knowledge is to read about it. From financial news and our #RealMoneyTalk series, to the best finance books of all time, there are plenty of opportunities to learn more about your money. Whether you’re looking to boost your budgeting skills, try your hand at investing, or want to learn how to save for retirement, you’re in the right place.

In this post, we’re discussing the 16 best financial books of all time. From books by spunky financial advisor Suze Orman to finance books specifically for millennials, there’s something in here for anyone who wants to strengthen their financial prowess.

Looking for a quick book recommendation? Use the links below to skip ahead, or read end to end to get the most out of our comprehensive list of the best finance books of all time.

Best financial books by category

To help you find the right book for your financial needs, we’ve broken this list down into 7 categories, with some of the best book selections in each.

Best financial books for all readers

Whether you’re just opening your first credit card or you’re trying to figure out how to start a budget, there’s a lot to learn in the finance world. But pick up the most recent issue of the Wall Street Journal as a finance novice, and you might feel a little lost, to say the least.

Before you dive into market trends and economic policy, it’s a good idea to establish some foundational knowledge first. Our list of the best financial books of all time in the general category include titles that encourage changing your perspective on money, to a book that gives a cynical yet informative run-down of the top financial terms consumers need to know.

Nudge: Improving Decisions About Health, Wealth, and Happiness

In addition to providing advice on finances and wealth, Nobel Prize winning author, Richard H. Thaler tells readers how they can shift their decision-making skills in all facets of life including health and happiness.

Thaler and co-author Cass R. Sunstein include rich behavioral data to look at how humans make decisions and how they can improve their “choice architecture” to avoid investment mistakes, unhealthy habits, and even relationship faux pas. If you’re in search of a new perspective to help you better manage your finances and related decisions, Nudge could be just the push you need to take hold of your personal finances and start meeting your financial goals.

The Power of Habit: Why We Do What We Do in Life and Business

If you’ve tried budgeting before and you just can’t get it to stick, it could be time to take a closer look at your habits. In his New York Times bestselling book, author Charles Duhigg examines how people create habits and how we can change them.

Duhigg backs his methodology in The Power of Habit with scientific research and anecdotes that readers can apply to their own lives, whether it’s changing financial habits or learning how to be more productive in work and in life.

The Devil’s Financial Dictionary

One of the biggest roadblocks in financial literacy can be connected to the complexity of the financial jargon and processes we see on the news and in blogs. But in the name of readability, author Jason Zweig brings these convoluted terms back to earth with witty definitions that Wall Street executives and financial amateurs alike can appreciate.

If you’ve ever felt like the finance world is too pompous or complex for your liking, you’re certainly not alone. The Devil’s Financial Dictionary demystifies everything from Wall Street lingo to general terms you can apply to your everyday life.

Best financial books for retirement

Preparing for retirement is an exciting time. You’ve worked much of your life building your career and saving up money, and now it’s time to start catching sunsets instead of chasing deadlines. But as you’re preparing for your sunset years, a lot of questions tend to arise.

How much money should I have in my 401k? Can I really afford to retire? When can I access the money in my retirement fund?

Sound familiar? You’re not alone—a lot of new and upcoming retirees have experienced the same woes as they plan for life after work. But the good news is, some of the most successful finance experts and authors in the world have taken to this topic to provide consumers with the answers they need as they approach retirement.

With that said, here are some of the top finance books for retirement planning:

You’ve Earned It, Don’t Lose It

You probably recognize her spunky personality and hard-hitting financial advice from the Oprah Show and Dr. Oz, but applying her advice directly to your personal finances is a revelation all on its own. In her book You’ve Earned It, Don’t Lose It, author and financial advisor Suze Orman discusses exactly what consumers need to know as they’re prepping their finances for their upcoming retirement.

From choosing trusts vs. wills  to maximizing retirement income, Orman’s national bestseller is nothing short of a complete guide to retirement planning.

How to Retire with Enough Money: And How to Know What Enough Is

Ever wondered how much money you need to retire or how much longer you’ll have to work to get there? In her book, How to Retire with Enough Money: And How to Know What Enough Is, retirement planning specialist Teresa Ghilarducci levels with upcoming retirees to tell them how much is enough and how to make your retirement savings grow all in a quick 144-page read.

Ghilarducci also discusses the external factors that might impact your retirement, including politics and the healthcare systems we currently have in place. If you’re looking for a way to ramp up your retirement savings, even if you’re still in college, this book is among the best financial books of all time…at least in our book.

Best financial books for millennials

If you’re a millennial in 2019, you’re likely in a more complicated financial position than people your age in past generations. Perhaps you’re a recent college grad trying to navigate the workforce on your own and you haven’t quite found a balance between entry level experience and a livable wage. Or, maybe you’ve reached the most exciting moment of your financial history thus far and you’re ready to meet another financial milestone such as buying a house or starting to invest in the stock market.

No matter where you’re at with your finances at the moment, it’s an exciting time to learn more about your money. If you’re looking for knowledge and advice specifically designed for millennials, check out these finance books.

Broke Millennial

Ever heard of #GYFLT? Author and personal finance expert Erin Lowry developed the hashtag to send millennials an important message: “get your financial life together!”. Whether you’ve started saving money or you’re living paycheck-to-paycheck , Lowry’s Broke Millennial book series acts as a guide as you prepare to tackle financial milestones such as getting married, buying a house, having kids, or trying your hand at investing.

So far, Lowry has two books in the Broke Millennial lineup: Broke Millennial: Strop Scraping By and Get Your Financial Life Together and Broke Millennial: A Beginner’s Guide to Leveling Up Your Money. Did we mention she’s also a contributor to our blog? Click here to read more from Erin Lowry.

Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence

Many of us need a step-by-step guide to help us get our habits in order—whether it’s revamping your personal finances or getting back on your fitness game. With their book Your Money or Your Life, authors Vicki Robin, Joe Dominguez, and Mr. Money Mustache team up to give readers 9 simple steps to help them shift how they deal with money to make progress toward financial independence.

If you want to learn the basics of managing money, figure out how to fund your dreams, and start taking control of your financial future, this book comes highly recommended as one of our favorite personal finance books for millennials.

Millennial Money: How Young Investors Can Build a Fortune

If you’ve been considering investing your money, congratulations! That’s a huge step to take in your financial future, and it’s an exciting time to learn about how the finance world really works, first-hand. In his guide, Millennial Money, author Patrick O’Shaughnessy discusses how young people can cash-in on the global stock market to make up for potentially limited access to pension plans and Social Security.

O’Shaughnessy recommends investing early to reap the most reward and provides a basic strategy to help you develop your stock portfolio.

Best financial books for women

From career paths and finances to family structures, women in the 21st century lead very different lifestyles now than they ever have in the past. But along with their triumphs and new opportunities, women today may find themselves facing unique challenges when it comes to managing their own money.

Whether you’re looking for help learning how to balance your family life or financial life, or you’re looking to take over the investment world, there are plenty of empowering finance books for women to boost their financial knowledge.

Here are some of the best finance books for women:

You Are a Badass® at Making Money: Master the Mindset of Wealth

You may have heard some buzz about author Jen Sincero’s premiere novel, You Are a Badass® , also informally known as the young person’s guide to self-worth and stability. Well, the first edition was so successful that Sincero has since released two other books in the series: You Are a Badass®  Every Day and You Are a Badass® at Making Money.

In each of her books, Jen Sincero offers empowering advice to readers, along with real strategies to make your personal goals actually happen. In You Are a Badass® at Making Money, Sincero uses humorous personal experiences as the backbone of her monetary manifesto, while teaching readers to:

  • Find out what’s holding them back from making money
  • Generate wealth according to their own standards, rather than societal norms
  • Curate their own financial future instead of waiting for things to happen

If you’re in search of a modern take on money that’s relatable instead of intimidating, look no further than this one.

Smart Mom, Rich Mom

Finding a healthy financial balance can be tough when you’re raising a family…or getting ready to start one. From diapers to diplomas, having kids can end up taking a toll on your finances if you’re not armed with the right resources to keep things in check.

In her book, Smart Mom, Rich Mom, Kimberly Palmer explores different ways women can shape their financial future while raising a family. Palmer covers everything from career growth to creating budgets to help ease the stress on moms juggling household and financial responsibilities. If you’re curious about how you can prepare your budget for kids, or want to know how to repair your current financial situation, this book could be just the financial read you need.

Best financial books for budgeting

Budgeting can be one of the trickiest things to master when it comes to achieving financial wellness, but as you probably know, budgeting is an important skill to learn. Whether you’re wondering why you need a budget in the first place or where to begin, these budget-specific books are here to help.

How to Manage Your Money When You Don’t Have Any

One of the most frustrating roadblocks to saving money is feeling like you don’t even have enough money to cover your bills, let alone save. According to the U.S. Census Bureau, approximately 12.3% of Americans were living in poverty in 2017. With that statistic in mind, it’s easy to see that financial challenges are widespread across the country.

If you’ve ever been in a scenario where you’re scraping by to pay your bills but you want to save money, Erik Wecks’ How to Manage Your Money When You Don’t Have Any could give you the insight and inspiration you need to optimize your financial situation. Wecks speaks from his personal experience struggling to make ends meet in order to give context and provide readers with suggestions that might work for them, too.

The Financial Diet

Feeling lost at the thought of crunching numbers or developing a budget? Author Chelsea Fagan’s been there. In her book/life guide, The Financial Diet, Fagan gives millennials and Gen Zers the tools to take over their finances and build a better future. From budgeting to investing and slimming down spending, Fagan’s got your finance questions answered.

Best financial books for entrepreneurs

Are you planning your next business venture or world takeover as you’re reading this? You might want to take a moment to learn from the experts first. In these finance books for entrepreneurs, you can learn from their mistakes, find out how to optimize your business plan, and discover new strategies to boost your business.

You Are a Mogul

Entrepreneur Tiffany Pham has had to adapt to life fast—and she’s done more than just adapt. From attending business school at Harvard to founding her own company, Pham’s had a lot of experience building her empire from the ground up. In her book You Are a Mogul, Pham tells readers all about how she got to where she is and how they too can make their own entrepreneurial dreams come to fruition.

Whether you’re looking for guidance in identifying your passions or want to know how to “Crush it in Corporate Life,” You Are a Mogul includes the resources and real-life advice you need to jumpstart your career.

Good to Great: Why Some Companies Make the Leap and Others Don’t

Have you ever wondered what really differentiates two competing companies when it comes to success? They entered the market at the same time and both have strong branding, but why is one so much more successful than the other?

In his book Good to Great: Why Some Companies Make the Leap and Others Don’t, author Jim Collins analyzes what makes a company go from good to great, and why some companies are able to achieve success despite their mediocre reputation. Collins focuses on 4 key findings to support his theory:

  • Leadership structure
  • The Hedgehog Concept
  • Discipline
  • The Flywheel and the Doom Loop

If you’re thinking about starting your own business or what to optimize your current structure, consider using Collins’ book as your guide toward entrepreneurial success.

Best financial books for investors

Navigating the stock market as a beginner is no simple task. To help you learn the ropes, investment experts such as Warren Buffet and Burton G. Malkiel are spilling their secrets in these financial books for new and seasoned investors.

The Essays of Warren Buffet

As one of the most successful businessmen of all time, chairman and CEO of Berkshire Hathaway, Warren Buffet, is one of the most influential figures in the investment world. Lawrence A. Cunningham’s curation of Warren Buffet’s essays include topics from wealth management to investment strategy.

If you’ve considered investing in the stock market but you’re not sure where to start, The Essays of Warren Buffet could be the introductory guide you need to take the leap.

A Random Walk Down Wall Street

Jumping into the investment world can be intimidating, to say the least. But having a lay of the land, working knowledge of the terminology, and some insight on investment strategy, you could be cashing-in on Wall Street in no time.

In his investment guide, A Random Walk Down Wall Street, Burton G. Malkiel educates readers on a variety of investment topics that can easily be applied to the modern marketplace, thanks to updated editions. Malkiel covers just about everything consumers need to know about successful investing—from 401ks  to digital currency trends.

More ways to learn about finance

In addition to reading some of the best financial books of all time, there are plenty of other resources out there to help you diversify and expand upon your financial knowledge. Try incorporating some of these strategies to become a self-taught financial expert:

  • Speak to a financial advisor
  • Learn more about your credit score by getting a free credit report
  • Listen to finance-related podcasts
  • Read financial news and blogs
  • Participate in conversations about finances with family and friends
  • Practice managing your personal finances by using a budgeting app
  • Take a class online or at a local college
  • Watch our #RealMoneyTalk series

Key takeaways: Best Finance Books of All Time

The financial world can often seem intimidating, but if you just take a little time to learn about it, you may find that you’ll have a better hold on your own financial standing. Use this list as a guide to help you learn more about how money works in general and as it applies to your personal finances.

Have any financial book recommendations of your own? Let us know in the comment section below!

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Apache is functioning normally

In order to get life insurance from any long term illness it is necessary to work with doctors and try to get any condition under control. The better that your health is and the better that you follow your doctor’s orders, the higher chance you have of getting a life insurance policy at an affordable rate.

This includes listening carefully to doctor’s instructions and making the necessary lifestyle changes to gain control of the problem.

If insurers see that a condition is being properly managed then there is a chance that policy seekers can attain a lower premium. Patients may want to wait a while and make sure they are in good health before applying for a low cost term life insurance policy.

Always have the doctor write down a patient’s progress as time goes by. This will be a good record for life insurance companies.

Having life insurance is very important, especially for those with families. Those who are head of the household should not have to worry about leaving behind massive debt for their loved ones should the worst happen.

Every person with a family should have life insurance to protect loved ones from the added burden of dealing with financial stress. It is already hard dealing with the loss of a loved one, but dealing with financial stress should not be something that anyone has to go through during times of mourning.

The first thing that you need to add up is your debts. Those debts are going straight to your family when you die. This can overwhelm your family and leave them under a mountain of debt. Add up your mortgage payment, car bills, and any other unpaid expenses that your family members would have to pay off. You not providing them the insurance protection that they need.

Another factor that you should think about is your annual salary. They will inherit your debt, but lose your salary. Get enough coverage to replace the paychecks.

Life Insurance For High Risk Conditions

Life insurance may include higher premiums for those who have illnesses, especially when dealing with Cardiomyopathy. It is always best to work with insurance companies and let them know about any condition. As long as underwriters see that patients are doing their best to manage any disease then chances are that they will receive a favorable outcome in their policies.

There are various reasons why life insurance companies will increase rates for policy holders with illnesses; one of them includes viewing the sick as a potential liability. Let’s face it. If you have a high risk condition, then the insurance company will rate you as such. Does that always mean you should pay the highest rate? Not necessarily. That’s one perk in working with an independent life insurance agent that has the ability to work with high risk companies.

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Term Insurance with Cardiomyopathy

In order to get the right policy, it is best to shop around and compare rates. Get an upfront quote and ask directly how much a policy will cost for someone with Cardiomyopathy. Doing some research will increase the chances of getting a life insurance policy. There are even some insurance companies that will work with those who are suffering from long term illness.  Others will not help with a standard policy but will approve those with long term illness on a no exam term life policy.

Keep options open and keep looking until a policy fits within budget range. Life insurance should not be an overly expensive pursuit, even for those who have long term illness. If a higher rate is quoted then try looking elsewhere. Life insurance seekers are consumers, and they do not have to settle for a higher rate if it something they are not comfortable with.

Not every insurance carrier is the same. Some specialize in working with clients with serious health problems, event those with cardiomyopathy. Finding the right company could mean the difference between getting an affordable plan or getting declined for coverage.

There are options for those dealing with Cardiomyopathy. As long as insurance companies see that a person’s health is being managed properly then they have a chance of getting a lower premium policy. Always consult with a doctor when dealing with any illness and take the necessary measures to become healthier.

Questionnaire When Applying For Life Insurance

As mentioned above, it’s important to be upfront with your independent life insurance agent when you have a health condition such as cardiomyopathy.  Before we even apply, we want to make sure we get all the appropriate info to make sure we get you with the right company.  The below is a questionnaire that the underwriters will want before they will insure you.   Make sure you have all the info before you apply.

  • 1.      Date of diagnosis.
  • 2.      The condition has been diagnosed as:

a)      Dilated cardiomyopathy
b)      Myocarditis
c)      Myocardial fibrosis
d)      Myocardial degeneration
e)      Congestive cardiomyopathy
f)      Hypertrophic cardiomyopathy
g)      Idiopathic hypertrophic sub-aortic stenosis
h)      Alcoholic cardiomyopathy
i)      Peripartum cardiomyopathy
j)      Restrictive cardiomyopathy

  • 3.      Provide dates if any of the following tests or procedures that have been done to evaluate the condition.

a)      Resting EKG
b)      Thallium stress EKG
c)      Holter monitor
d)      Stress EKG
e)      Echocardiogram
f)      Chest x-ray

  • 4.      Is there any family history of heart disease or premature death due to heart disease?
  • 5.      Name of medications, prescription or otherwise, taken.  Please identify dates used, quantity taken, and frequency taken.
  • 6.      Are there any other conditions that may impact life insurance underwriting?

All of these questions (and your answers) are going to change the premiums you get and how the company looks at your application. After you’ve answered these questions, the insurance carrier can get a completed picture of your health and they can decide how much to charge you.

Even if you have a pre-existing condition, there are plenty of life insurance options for you. Nobody should ever have to go without the coverage that they need.

Source: goodfinancialcents.com