Apartment Life, Early Career, Student Finances

How to Get a Virtual Internship

This is not a great time to be looking for career experience. Industries are suffering, opportunities are scarce and most people are working from home. But if you’re in need of an internship, there are still plenty of options to work virtually – if you know how to sniff them out.
Here’s what you need to know in order to find a virtual internship: where to look, who to talk to, and how to make sure your application stands out from the competition.

Tips for Getting a Virtual Internship

Before you start applying for internships, you need to have the appropriate documents. Here are the most important.

Draft a Resume

Students who don’t already have a resume can find free resume templates through Google Docs and Microsoft Word. These templates have clean designs and are easy to edit.

If you want something more unique, you can buy a template on Etsy. Choose a template that you can easily edit in Microsoft Word or Google Docs. If you’re applying for internships in a creative field like graphic design or advertising, pick a template that has more flair and shows your personality.

When writing your resume, focus on the skills you’ve learned and your accomplishments. If you were a waitress at Waffle House (like I was for a summer), mention how it taught you multitasking and organizational skills.

Create a LinkedIn profile and start connecting with people you know. Ask past employers for recommendations and to endorse you for specific skills like Photoshop or Excel.

Work on a Cover Letter

Some internships will require a cover letter. A cover letter should express the value you’ll bring to the company, like how your interests and skills fit with the organization and why you would be a good addition.

If you’re submitting a cover letter for an online application, make sure to use any keywords mentioned in the job description. Some companies use software that filters out cover letters missing these keywords.

Have a parent or adult mentor look over both your resume and cover letter. They can offer you advice on how to phrase specific ideas and remind you of jobs, awards, and other accomplishments you’ve forgotten about.

Where to Find a Virtual Internship

Once you’ve created a resume and basic cover letter, you can start applying. Here are the best places to find a virtual internship.

Talk to Your College

The first place to look is your college career center. Many large companies have direct relationships with universities and accept a certain number of interns from there every year.

Contact the university career center and ask them about internship opportunities. If you already have a declared major, your department may also have its own career counselor who can help. They may have more personal relationships with hiring managers and internship recruiters.

Sometimes colleges have their own internship and job boards, but it still helps to talk to a counselor directly. They may have more resources and can answer your specific questions.

Even though the pandemic has changed how colleges operate, some are still holding virtual career fairs. You’ll likely have to register in advance and choose a specific time slot, so look into these options as soon as possible.

Make sure to follow up regularly if you don’t hear back from the career counselor. They may be busy, and your emails can get lost in the shuffle. Don’t feel bad about reaching out multiple times- this is part of what you pay for as a student and you’re entitled to their help.

Contact People You Already Know

If you’ve had internships before, contact people from those companies and ask if they need help. It’s much easier to get an internship when you already know the people in charge – especially if you made a good impression during your tenure.

It doesn’t matter if the people you worked with have different jobs now. They may still work in a similar industry and need an intern. Make a list of where you’ve worked and all the people you remember. If you’re having trouble remembering names, go to the company’s LinkedIn page to jog your memory and find their contact information.

After you’ve contacted them, reach out to any professors you know who still have direct ties to the industry. They can forward your information or send you links to opportunities they’ve seen.

Don’t be afraid to contact people at companies where you turned down an internship position. Most people don’t take that personally and may still have positive memories of you – plus, getting a previous internship offer from a company indicates that you’re probably a good fit.

If you’re reaching out to professors you haven’t talked to in a while, remind them what class of theirs you took and include a copy of your resume. This will make it easier for them to forward the email to any prospects.

Take your time when crafting emails to industry contacts. If you write an email with typos and grammar mistakes, your email may be deleted immediately. This is especially true if you’re contacting someone you don’t know. They may receive dozens of emails from students like you and not have time to respond to them all.

Look at Job Sites

If you’ve reached out to your networking contacts with no luck, it’s time to look for a virtual internship on a job site. Job sites should be the last place you look for a virtual internship because it’s harder to stand out among a sea of candidates.

Here are some of the best sites and apps to use:

  • LinkedIn
  • Symplicity App
  • Handshake
  • Indeed
  • Intern from Home
  • Parker Dewey
  • WayUp
  • Internships.com

 

Remember not to discount an internship if there’s no mention that the job will be remote. Some listings may be outdated and not reflect the current situation.

When you apply, check the company’s website and LinkedIn profile to see if you have any personal connections. Having someone in common can help get your application into the right hands.

 

The post How to Get a Virtual Internship appeared first on MintLife Blog.

Source: mint.intuit.com

Education

The Best Bill Negotiation Services: Bill Shark Vs BillCutterz Vs Truebill Vs BillFixers Vs Trim Vs Bill Advisor

Looking to lower your monthly costs? These bill negotiation services can help you to save hundreds of dollars on your recurring monthly bills.

The post The Best Bill Negotiation Services: Bill Shark Vs BillCutterz Vs Truebill Vs BillFixers Vs Trim Vs Bill Advisor appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

Source: biblemoneymatters.com

Education

The 5 Best Eye Shadow Palettes

Woman using best eye shadow palette

Just because you’re going out less frequently doesn’t mean you have to let your eye shadow game slip. I mean, you want to glow like a goddess on those Zoom meetings, right? And now you have plenty of time to perfect your look and find new colors to make your eyes pop.

You know your go-to colors, sure, but why not try something fun and new? Here are some excellent eye shadow palettes that offer a wide range of shades and won’t break your budget. (See also: The 5 Best Stay-At-Home Beauty Essentials)

Top 5 Eye Shadow Palettes

Lamora Nude Eye Shadow Palette

The Lamora Eye Shadow Palette in nude is a best-seller for a reason. It was created with high-quality ingredients into a waterproof cream formula. In order to enhance the wearer’s natural beauty, this palette offers 16 rich colors from rose gold to dark brown. The palette comes in a sleek case that’s small enough to take on-the-go. 

It includes a message inside that says "Be Your Own Kind of Beautiful," which is a reminder we all need, and it’s backed by over 9,500 five-star reviews on Amazon.

Currently $15.95 at Amazon.com

UCANBE Twilight and Dusk Eye Shadow Palette

The UCANBE Twilight and Dusk Eye Shadow Palette includes 18 incredible shades — 10 matte, seven shimmer and one metallic glitter colors that will make your eyes catch everyone else’s. All shades are waterproof, easy to blend, safe for sensitive skin, and has not been tested on animals. With the wide range of colors, you can easily take your look from day to night.

This palette is also backed by over 1,500 five-star reviews on Amazon.

Currently $9.98 at Amazon.com

L.A. Girl’s Beauty Brick Eye Shadow Palette

L.A. Girl’s Beauty Brick Eye Shadow Palette is the ideal palette to take on-the-go because of its magnetic case, double-sided applicator, and mirror so you can apply your shadow wherever you are. It has 12 highly pigmented nude shades featuring smooth mattes and dimensional shimmers. You can create a look for every occasion using the double-sided brush to contour, line, and highlight your lids.

It also has over 5,000 five-star reviews on Amazon.

Currently $6.99 at Amazon.com

Beauty Glazed Shimmer Eye Shadow Palette 

The Beauty Glazed Shimmer Eye Shadow Palette offers 15 gorgeous colors in a long-lasting formula that you’ll never want to take off. It’s waterproof too, so no need to worry about the weather interfering with your look. From light pinks to bold blues, this palette is bound to make your eyes pop.

And it’s backed by over 2,000 four-star reviews on Amazon.

Currently $9.99 at Amazon.com

SHANY Bold and Bright Eye Shadow Palette

If you want a complete palette to meet all of your makeup needs, the SHANY Bold and Bright Eye Shadow Palette is it. This palette has 120 bold colors to match every item of clothing in your closet, every mood, and every occasion. Each color is highly pigmented and won’t smudge. Whether you’re a beginner in eye makeup or a polished veteran, this palette will be your new favorite makeup item.

It’s backed by outstanding online reviews, including over 1,000 four-star reviews on Amazon. 

Currently $17.96 at Amazon.com

And those are our recommendations for the best stay-at-home kitchen essentials. As always, be sure to check Wise Bread’s Buying Calendar to learn when and how to buy just about anything!


Source: feeds.killeraces.com

Credit Card News, Student Finances

Why You Need to Open a UGMA/UTMA Account for Your Kids

From the Mint team: As you know, Mint is a free product you can use to help stay on top of your finances. So, how do we make money? We get paid by the advertisers on our site. This compensation may affect how and where products appear on the site (and in what order). Mint.com does not include all products or all available offers. Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

 

Saving and investing for college expenses may seem overwhelming, but setting aside even small amounts can give your child a head start. While many people are aware of tax-efficient investing accounts like 529 plans, you may not know about UGMA/UTMA accounts – another way to save for educational and other expenses.

In this article, we’ll take a look at UGMA and UTMA custodial accounts, what they are, and how to determine the best way to save for your kids’ future, while getting tax advantages.

What are UGMA and UTMA accounts?

UGMA stands for the Uniform Gifts to Minors Act and UTMA stands for Uniform Transfers to Minors Act. Account-holders are “custodians,” and may transfer money into the account to benefit the minor, but the money is managed by the custodian. Typically the money is released to the minor at the age of majority (usually 21 but sometimes 18 or other ages).

How do UGMA and UTMA accounts differ from 529 plans?

529 plans differ from UGMA/UTMA account in a few key areas:

  • 529 plans can only be used for educational expenses, while UGMA/UTMA accounts can be used for anything that benefits the child. .
  • 529 plans are owned and controlled by the person who created the account – with UTMA/UGMA accounts, the funds are transferred to the beneficiary at the age of majority.
  • Unlike 529 plans, custodial accounts are considered the property of the child, which means that it counts for a higher percentage in financial aid calculations.

The two types of plans share some similarities:

  • Both types of accounts are considered custodial accounts that can be used for the benefit of a minor.
  • Anyone can contribute to either type of account — there are no restrictions based on one’s personal income

If you have a medium to long-term horizon, either a UGMA/UTMA account or a 529 account is usually better than just putting your money in a savings account at a low-interest rate. And don’t forget that it is possible to have both a 529 plan AND a UGMA/UTMA account for the same child.

Why You Need to Open a UGMA/UTMA Account for Your Kids

Unlike with a 529 plan, the funds in a custodial account do not have to be used solely for higher-education expenses. The custodian can withdraw money in a UGMA/UTMA custodial account for any expense that benefits the child, like technology, transportation, housing, or any other expense for the child.

The biggest advantage of UGMA/UTMA custodial accounts is their flexibility. Because they can be used for a wide array of expenses, you can use the money in the account even if your child chooses not to go to college. While earnings do not grow completely tax-free like in a 529 plan, earnings in a UGMA/UTMA account are tax-advantaged, but in a different way.

Depending on how you file your tax return, a guardian can choose to include their child’s unearned income with their own tax return. Unearned income is money that doesn’t come from employment, like from interest or investments. In 2020, the first $1,100 of a child’s unearned income can be claimed on the guardians’ tax return tax-free, and the next $1,100 is taxed at the child’s tax rate, which is likely much lower than their parent’s.

Things to watch out for with UGMA or UTMA accounts

If you’re looking to save money or transfer assets to your kids for a variety of expenses beyond education, a UGMA/UTMA custodial account can make a lot of sense. One thing to watch out for is that a UGMA/UTMA account is tied specifically to one named beneficiary. Unlike a 529 plan, where you can transfer the money in an account to a sibling or other beneficiary, with a UGMA/UTMA account, any unused funds must be used or distributed by the time the child reaches their age of majority or their state’s maximum age for custodial accounts.

Apps like Acorns are making it easy to start a UTMA/UGMA account with their new product, Acorns Early. You can start in under a few minutes and set Recurring Investments starting at $5 a day, week, or month. Fun fact: If you invest $5 a day from birth, considering a 7% average annual market return, you could have more than $70,000 by the time the child turns 18. To learn more, visit Acorns.com/Early.

The post Why You Need to Open a UGMA/UTMA Account for Your Kids appeared first on MintLife Blog.

Source: mint.intuit.com

Finishing Your Degree

Former OPI Exec Lists Italian-Style Villa in Beverly Hills for $33 Million

Miriam Schaeffer, a former executive at nail polish giant OPI Products, is looking to sell her Italian-style villa in Beverly Hills, CA — and won’t settle for just any amount.

The nail polish mogul — who is also the former wife of George Schaeffer, founder of the popular nail polish brand — is asking a hefty $33 million for her opulent home set in one of the most sough-after streets in the area, Roxbury Drive, a historically popular address among celebrities.

Located on N. Roxbury Drive, the property has a rich history and has been considerably upgraded and expanded in recent years. In fact, Schaeffer invested heavily in the property, expanding its footprint by roughly 40% and significantly boosting the amenity roster.

Originally built in 1926 by the architectural firm Camduff and Camduff as one of the partners’ own homes, the architectural masterpiece was revamped by renowned architect Richard Manion in 2016. The current owner worked alongside the architect to add amenities like a media room and a wine cellar, and to expand the beautiful grounds. 

Ultra-luxurious villa on N. Roxbury Drive
Ultra-luxurious villa on N. Roxbury Drive. Image credit: Simon Berlyn courtesy of The Agency

The combination of Spanish, Italian, and Mediterranean revival architecture is probably why this property is also known as Casa California. It’s a perfect representation of relaxed California living, featuring a long list of fun amenities that includes a fitness studio, a media room, a spa, and a swimming pool. 

The property offers roughly 210 feet of frontage along N. Roxbury Drive, also known as ‘street of the stars’ (a highly popular destination for celebrities living in Beverly Hills), but it also offers privacy from prying eyes via a gated and hedged entrance.

The mansion has 7 bedrooms, 13 bathrooms, and an impressive total of 13,765 square feet of living space. The rear grounds are home to the pool, the spa, a guest house, and a fitness studio, all surrounded by complete privacy and tranquility.

Inside, a two-story entry greets visitors, leading to a living room with a stunning fireplace and doors that open to the front grounds. There is also a state-of-the-art chef’s kitchen, complete with a breakfast room and a wood-paneled family room that opens to the pool. 

Living room of ultra-luxurious villa on N. Roxbury Drive
Ultra-luxurious villa on N. Roxbury Drive. Image credit: Simon Berlyn courtesy of The Agency
Kitchen of ultra-luxurious villa on N. Roxbury Drive
Ultra-luxurious villa on N. Roxbury Drive. Image credit: Simon Berlyn courtesy of The Agency
Ultra-luxurious villa on N. Roxbury Drive
Ultra-luxurious villa on N. Roxbury Drive. Image credit: Simon Berlyn courtesy of The Agency
Ultra-luxurious villa on N. Roxbury Drive.
Ultra-luxurious villa on N. Roxbury Drive. Image credit: Simon Berlyn courtesy of The Agency

Upstairs, there is a gorgeous master suite that incorporates a sitting room, custom-made closets, and a terrace with fabulous views. There’s no shortage of space for family or friends, as the upper levels also include no less than 5 guest suites. 

Bedroom of an ultra-luxurious villa on N. Roxbury Drive.
Ultra-luxurious villa on N. Roxbury Drive. Image credit: Simon Berlyn courtesy of The Agency

Additional amenities include a wine cellar, an elevator, an entertainment room, and a bar, making this house perfect for any type of entertaining. 

Entertainment room of an ultra-luxurious villa on N. Roxbury Drive.
Ultra-luxurious villa on N. Roxbury Drive. Image credit: Simon Berlyn courtesy of The Agency

This luxurious N. Roxbury Drive property is marketed by The Agency, with Jacob Dadon handling the listing. The current owner is Miriam Schaeffer, the former wife of George Schaeffer, who founded the popular nail polish brand OPI. 

Schaeffer bought OPI (then Odontorium Products Inc.) in 1981 in Calabasas. At the time, the company was in the dental supply business, but Schaeffer and partner Suzi Weiss-Fischmann turned the brand into a global nail polish giant. The brand’s products were used in movies like Legally Blonde 2 and Alice in Wonderland, and they are known for their chip-resistant formula and bright colours. The company was acquired by Coty, Inc. in 2010, and Schaeffer stepped down as CEO in 2013. 

Miriam Schaeffer, George Schaeffer’s ex-wife, once worked as an executive and treasurer for the brand. She reportedly purchased the opulent house in 2012 for $14 million, according to Mansion Global, and invested in expanding its footprint by nearly 40%, alongside architect Richard Manion. 

More beautiful homes with famous owners

Chrissy Teigen & John Legend Buy $17.5M Beverly Hills Mansion After Cashing Big on Previous Home
Morgan Brown Re-Lists Stunning West Hollywood Home Amid Split from Actor Gerard Butler
Kendall Jenner Gives Us a Tour of her Peaceful, Art-Filled Home
For $35K/Month, You Could Join the Ranks of the Hollywood Celebs Renting This House in Malibu

The post Former OPI Exec Lists Italian-Style Villa in Beverly Hills for $33 Million appeared first on Fancy Pants Homes.

Source: fancypantshomes.com

Education

Netflix Prices Have Gone Up: 5 Netflix Alternatives For You To Try

Netflix recently announced they would be raising their prices on all of their streaming and DVD rental plans. What are some alternatives?

The post Netflix Prices Have Gone Up: 5 Netflix Alternatives For You To Try appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.

Source: biblemoneymatters.com

Budgeting, Education

16 Small Steps You Can Take Now to Improve Your Finances

Pretty brunette with moneybox in hands

You have all kinds of financial goals you want to achieve, but where should you begin? There are so many different aspects of money management that it can be difficult to find a starting point when trying to achieve financial success. If you’re feeling lost and overwhelmed, take a deep breath. Progress can be made in tiny, manageable steps. Here’s are 16 small things you can do right now to improve your overall financial health. (See also: These 13 Numbers Are Crucial to Understanding Your Finances)

1. Create a household budget

The biggest step toward effective money management is making a household budget. You first need to figure out exactly how much money comes in each month. Once you have that number, organize your budget in order of financial priorities: essential living expenses, contributions to retirement savings, repaying debt, and any entertainment or lifestyle costs. Having a clear picture of exactly how much is coming in and going out every month is key to reaching your financial goals.

2. Calculate your net worth

Simply put, your net worth is the total of your assets minus your debts and liabilities. You’re left with a positive or negative number. If the number is positive, you’re on the up and up. If the number is negative — which is especially common for young people just starting out — you’ll need to keep chipping away at debt.

Remember that certain assets, like your home, count on both sides of the ledger. While you may have mortgage debt, it is secured by the resale value of your home. (See also: 10 Ways to Increase Your Net Worth This Year)

3. Review your credit reports

Your credit history determines your creditworthiness, including the interest rates you pay on loans and credit cards. It can also affect your employment opportunities and living options. Every 12 months, you can check your credit report from each of the three major credit bureaus (Experian, TransUnion, and Equifax) for free at annualcreditreport.com. It may also be a good idea to request one report from one bureau every four months, so you can keep an eye on your credit throughout the year without paying for it.

Regularly checking your credit report will help you stay on top of every account in your name and can alert you to fraudulent activity.

4. Check your credit score

Your FICO score can range from 300-850. The higher the score, the better. Keep in mind that two of the most important factors that go into making up your credit score are your payment history, specifically negative information, and how much debt you’re carrying: the type of debts, and how much available credit you have at any given time. (See also: How to Boost Your Credit Score in Just 30 Days)

5. Set a monthly savings amount

Transferring a set amount of money to a savings account at the same time you pay your other monthly bills helps ensure that you’re regularly and intentionally saving money for the future. Waiting to see if you have any money left over after paying for all your other discretionary lifestyle expenses can lead to uneven amounts or no savings at all.

6. Make minimum payments on all debts

The first step to maintaining a good credit standing is to avoid making late payments. Build your minimum debt reduction payments into your budget. Then, look for any extra money you can put toward paying down debt principal. (See also: The Fastest Way to Pay Off $10,000 in Credit Card Debt)

7. Increase your retirement saving rate by 1 percent

Your retirement savings and saving rate are the most important determinants of your overall financial success. Strive to save 15 percent of your income for most of your career for retirement, and that includes any employer match you may receive. If you’re not saving that amount yet, plan ahead for ways you can reach that goal. For example, increase your saving rate every time you get a bonus or raise.

8. Open an IRA

An IRA is an easy and accessible retirement savings vehicle that anyone with earned income can access (although you can’t contribute to a traditional IRA past age 70½). Unlike an employer-sponsored account, like a 401(k), an IRA gives you access to unlimited investment choices and is not attached to any particular employer. (See also: Stop Believing These 5 Myths About IRAs)

9. Update your account beneficiaries

Certain assets, like retirement accounts and insurance policies, have their own beneficiary designations and will be distributed based on who you have listed on those documents — not necessarily according to your estate planning documents. Review these every year and whenever you have a major life event, like a marriage.

10. Review your employer benefits

The monetary value of your employment includes your salary in addition to any other employer-provided benefits. Consider these extras part of your wealth-building tools and review them on a yearly basis. For example, a Flexible Spending Arrangement (FSA) can help pay for current health care expenses through your employer and a Health Savings Account (HSA) can help you pay for medical expenses now and in retirement. (See also: 8 Myths About Health Savings Accounts — Debunked!)

11. Review your W-4

The W-4 form you filled out when you first started your job dictates how much your employer withholds for taxes — and you can make changes to it. If you get a refund at tax time, adjusting your tax withholdings can be an easy way to increase your take-home pay. Also, remember to review this form when you have a major life event, like a marriage or after the birth of a child. (See also: Are You Withholding the Right Amount of Taxes from Your Paycheck?)

12. Ponder your need for life insurance

In general, if someone is dependent upon your income, then you may need a life insurance policy. When determining how much insurance you need, consider protecting assets and paying off all outstanding debts, as well as retirement and college costs. (See also: 15 Surprising Insurance Policies You Might Need)

13. Check your FDIC insurance coverage

First, make sure that the banking institutions you use are FDIC insured. For credit unions, you’ll want to confirm it’s a National Credit Union Administration (NCUA) federally-covered institution. Federal deposit insurance protects up to $250,000 of your deposits for each type of bank account you have. To determine your account coverage at a single bank or various banks, visit FDIC.gov.

14. Check your Social Security statements

Set up an online account at SSA.gov to confirm your work and income history and to get an idea of what types of benefits, if any, you’re entitled to — including retirement and disability.

15. Set one financial goal to achieve it by the end of the year

An important part of financial success is recognizing where you need to focus your energy in terms of certain financial goals, like having a fully funded emergency account, for example.

If you’re overwhelmed by trying to simultaneously work on reaching all of your goals, pick one that you can focus on and achieve it by the end of the year. Examples include paying off a credit card, contributing to an IRA, or saving $500.

16. Take a one-month spending break

Unfortunately, you can never take a break from paying your bills, but you do have complete control over how you spend your discretionary income. And that may be the only way to make some progress toward some of your savings goals. Try trimming some of your lifestyle expenses for just one month to cushion your checking or savings account. You could start by bringing your own lunch to work every day or meal-planning for the week to keep your grocery bill lower and forgo eating out. (See also: How a Simple "Do Not Buy" List Keeps Money in Your Pocket)

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With the new year here, it’s time to take control of your financial goals. From creating a household budget, to calculating your net worth, or setting a monthly savings amount, we’ve got 16 small steps you can take to improve your finances. | #personalfinance #moneymatters #budgeting


Source: feeds.killeraces.com

Debt, DIY, Education, Financial Planning, Investing, Money Management, Mortgage, Personal Finance, Real Estate, Retirement, Student Loans

Mint Money Audit 6-Month Check-In: How Did Michelle Allocate Her Windfall?

In March I offered some financial advice to Michelle, a Mint user who was struggling with debt, a lack of retirement savings and a bit of family financial drama amongst her siblings.

Michelle was anticipating a cash bonus from her company and wasn’t sure if she should save the money or use it to relieve her debt.

I recommended a two-prong approach where she uses the cash to play savings catch-up in her retirement account and knock down some of her debt, which, at the time, included a $3,000 credit card balance and $52,000 in student loans.

Six months later, I’ve checked in with the 38-year-old real estate developer, to see if any of my advice was helpful and if she’s experienced any shifts in her financial life.

We spoke via email:

Farnoosh: Have your finances have improved over the last 6 months since we last spoke? If so, what has been the biggest improvement?

Michelle: Yes. I’ve aggressively been contributing to my 401(k) – about 50% of my pay – and had hoped to reach the annual maximum of $18,000 by June, but looks like it will be more like October. I also received a $40,000 distribution from a project that I closed.

F: What aspects of your financial life still challenge you?

M: Investing for sure. I never know if I’m hoarding too much cash. I am truly traumatized from the financial downturn. I just joined an online investment platform, but it was also overwhelming. Currently I have $45,000 in a regular savings account that earns 1.5%.

Another challenge is not knowing whether to just bite the bullet and pay off my student loans or to continue to pay them monthly.  I hate that I’m still paying loans 16 years after I graduated and it’s a source of frustration [and embarrassment] for me.  I owe $36,000. Often times I have an inner monologue about the pros and cons of just paying them off but then my trauma from 2008 kicks in…and I decide to keep my $45,000 nest egg safely where I can check the balance daily.

F: I recommended allocating $45,000 towards retirement. Was that helpful? What are some ways you’ve managed to save?

M: Yes, I recall you saying you recommended having a total of $100,000 towards retirement for a person my age. Currently, I have $51,000 in my 401(k), $35,000 in a traditional IRA and $17,000 in my Ellevest brokerage account, so I’ve broken the $100,000 goal.

I did add a car note to my balance sheet. My old car suffered a total loss (major electrical failure due to a sunroof leak!) and the insurance gave me a check for $9,000. I used it all towards the new vehicle (a certified used 2014 Acura) and I’m financing $18,000.

F: Your dad’s home was a source of financial stress, it seemed. Were you able to talk with your siblings and arrive at a better place with that?

M: My dad actually has passed since we last spoke. He passed in February and so his will went to probate. My siblings and I have decided not to make any decisions about the house for at least one year. Yes, this is kicking the can further down the street however, they recognize that I maintain the house and pay the real estate taxes and so they are not pressuring me to move or to sell.

The new deed has been recorded and the property is under all our names and so everyone seems ok with knowing that I can’t do anything regarding a sale or refinance unilaterally.

So, for now, I live rent free other than paying utilities, miscellaneous maintenance on the house and real estate taxes quarterly. This, too, is helping me save aggressively.

Also, the new car note has replaced the hospice nurse contribution so I’m not feeling that my budget is overburdened with the new car.

I think ultimately I will buy out at least two of my siblings and stay in the house. Verbally they have expressed being okay with this.

 

Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at farnoosh@farnoosh.tv (please note “Mint Blog” in the subject line).

Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.

The post Mint Money Audit 6-Month Check-In: How Did Michelle Allocate Her Windfall? appeared first on MintLife Blog.

Source: mint.intuit.com