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A few months ago I was helping my mom revisit her homeowners insurance to see if she should add an earthquake insurance policy. Dahl explains that homeowners insurance and earthquake insurance are two completely different policies. The California Earthquake Authority, which provides most of the earthquake insurance policies where I live, has deductibles starting at 5%. So if your home is insured for $500,000 under your earthquake insurance policy, it should also be insured for $500,000 for your homeowners insurance. Earthquake insurance includes some exceptionsWhile earthquake insurance technically includes most damage and destruction to your home in the case of a ground tremor, there are some exceptions, such as a fire.

Persons: Seok Dahl, Dahl, I'd Organizations: Business, FEMA, Farmers, California Earthquake Authority Locations: Los Angeles, California

While I had long believed in stashing cash in a pet emergency fund instead of paying for pet insurance, I was now sold. Pet insurance can pay for itselfAfter talking to a few fellow pet parents, I decided to get Embrace pet insurance. Now that I have pet insurance, I don't have to choose the cheapest pet insurance option because it's most affordable. I also have a pet emergency fundAs I said, before the constipation incident with my cat, I wasn't really keen on getting pet insurance. That's because pet insurance works a little differently than health insurance for humans.

Persons: —, It's Organizations: Service, Business, American Pet Health Insurance Association

I have a separate short-term savings account that I automatically put $10 in every week for gifts. While I do buy some gifts closer to the holidays (especially for kids), I buy items on sale all year. This is where I keep a gift fund. I don't have a firm budget for how much I spend each month, but I typically pull from my gift fund or my splurge fund from such purchases. Plus, I've received sundry items for gifting, such as stuffed animals, treat bags, gift boxes, baskets, and stocking stuffers.

Persons: —, pare, I've, I'm Organizations: Service, Black

About a year ago, I wanted to talk to my mom about her estate planning and financial needs. Get your estate planning in order firstBefore you even broach the topic of estate planning with your parents, get your own estate-planning ducks in a row. Approach estate planning with sensitivityRemember that estate planning is a delicate topic. In talking to your parents, Rivera suggests framing estate planning as the ultimate form of control and selflessness. Create an Estate Plan Online Trust & Will can help create an estate plan for you or your loved ones.

Persons: —, Valerie Rivera, Rivera, they're, You'll, you've Organizations: Service, FirstGen, Will Locations: America

Single women face unique challenges when planning for retirement, so I asked an expert for help. Plus, women are often put in a caregiving role, which means time off from work — and not contributing regularly to retirement funds. So how can single women like me juggle with inflation, a higher cost of living, dwindling income, and the gender wage gap to be on track for retirement? I asked Marie Thomasson, a certified financial planner and founder of Modern Assets, an LA-based financial advisory firm for independent, progressive women, for tips on how single women can steer the course and make sure they're on track with their goals for retirement planning. Reassess your retirement accountsOnce you have your financial bases covered, you can venture into investing and retirement planning, says Thomasson.

Persons: Marie Thomasson, —, I've, Thomasson, hadn't, doesn't, aren't, Amanda Holden's, Simran Kaur's, Erin Lowry's, Tonya Rapley's, Tiffany, We're Organizations: Service, Modern Assets, Research, Pew Locations: LA, YOLO

Last year, I made what I thought was a pretty solid money move: I opened a high-yield savings account and moved my money from a savings account earning me very little interest. Ally's high-yield savings account had a 2.0% interest rate at the time. My savings account back then was offering only 0.05% interest, and the simple maneuver yielded 40 times the savings. I'm still using my high-yield savings accountI keep a cushion of funds in my Ally high-yield savings account for big-ticket purchases, vacations, and emergencies. But for now, I'm happy with keeping my savings in a combination of high-yield CDs and savings accounts.

Persons: Ally, I've, I'm, Jackie Lam Jackie Lam, Jackie Organizations: AFC, Money Management, Finance Media Locations: Los Angeles

It got me thinking about the money I have stashed away in my current high-yield savings account. Here's why I'm sticking to my current savings account. With Ally, I can enjoy the fact that there are no monthly account fees, nor a minimum balance requirement. That's more money than I would ever feel comfortable keeping in a short-term savings account, let alone locked for a long stretch. Sure, rates are a big part of deciding which high-yield savings account to go with.

Persons: I've, Ally, There's, you'll Locations: Michigan

Earlier this year, I moved some funds from my high-yield savings account to several CDs. To earn the most of my savings and take advantage of all the best CD rates, I decided to employ the CD ladder strategy. Laddering CDs gives you the best of both worldsA CD ladder is when you divide up savings into different CDs, each at varying term lengths. I'm happier with the interest rates that come with early withdrawal penaltiesWhen I was researching CDs, I looked into several options, such as no-penalty CDs. While there are other ways I can earn more on cash sitting in my account, I've opted for a CD ladder.

Persons: I've, haven't Organizations: Service Locations: Wall, Silicon

My friends and I aren't sure how the climate crisis will affect our retirement, only that it will. Another friend replied, "Well, the good thing about climate change is that it gives me a reason to move." The climate crisis will also affect homeowner's insurance. It's hard to know where to retireAs for where to settle down in my retirement, the climate crisis throws in another wrench. While a lot remains unknown about the effects of climate change, I've resolved to stick to a retirement savings plan.

Persons: that's, it's, It's, haven't Organizations: Service Locations: Wall, Silicon, West Coast, Pacific Northwest , Utah, Florida, Nashville , Tennessee, California, Southern California, Arizona

I wasn't able to get renters insurance a few years ago, but now I can bundle it with my car insurance. Being in quarantine with nowhere to go meant that switching from a standard car insurance policy to a pay-per-mile one saved me hundreds each year in insurance. However, I was reluctant to switch back to a standard car insurance policy. Here's why I found it helpful to go over my car insurance policy, and why I'll be reviewing my insurance regularly. Sure, there are more exciting things to do than pore over car insurance policy quotes, I'm glad I took the time to shop around for car insurance.

Persons: I'm, I've, haven't, It's Organizations: Service Locations: Wall, Silicon, Southern California

I had been saving to buy a house, but prices in Southern California have made that unlikely. I decided to stop focusing on trying to buy a house, which means I can put more toward retirement. I'm okay knowing I might be renting for life, as it means I can streamline my finances. Instead of using my HSA contributions toward health-related expenses, I'm investing my HSA funds. Now that I've nulled out savings to buy a home, my financial goals feel more streamlined.

Persons: I've, homeownership, Roth, it's, There's Organizations: Service, realtors Locations: Southern California, Wall, Silicon, Los Angeles

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). I've never been eager to do all the work needed to get the most out of credit card travel hacks. I'm happy just saving money each month and getting the most out of my credit cards when I need them. I use my credit cards for everything from booking trips to paying for meals — and pay it off with my savings. My two go-to credit cards I used for travel are my business credit card for work trips, and my travel rewards credit card for personal vacations.

Persons: I've, Jackson Organizations: Service Locations: Wall, Silicon, Jackson Hole , Wyoming, Las Vegas, Portland, Santa Fe , New Mexico

Growing up, my parents believed money was hard to come by and that nobody likes their job. For instance, I had trouble saying "no" to work, worked myself to the point of exhaustion, and tended to stockpile funds so I would be ready for any lull. It took quite an adjustment for me not to feel obliged to work 40 hours a week, or that I needed to adhere to traditional working hours. I've also expanded how I make money through working on a book that I'll be self-publishing and starting an Etsy store selling stickers and stationery. For instance, some of my top values are increasing my own financial literacy, financial security, and opportunities to be creative and help others.

Persons: I've, Austin L Organizations: Service Locations: Wall, Silicon, Hawaii, Vietnam, workcations

General liability insurance covers a wide variety of events that could harm my small business. See Insider's picks for the best life insurance companies »It provides broad financial protectionProfessional liability insurance is geared toward people who provide services. General liability insurance can protect against these events:Bodily injury: Suppose you host an event or have a brick-or-mortar store. In that case, general liability coverage can help pay to repair or replace someone else's damaged items or property. Should I host in-person workshops or events, general liability insurance can cover medical or legal bills if someone gets hurt during an event.

Persons: —, I'm, creatives, Chubb Organizations: Service Locations: begrudgingly

So how can the estimated 4% to 5% of the population in the US who identify as being polyamorous approach their finances and money management in their relationships? There are many different poly relationship arrangementsAs Waymire explains, there are infinite poly relationship configurations. These are just a few examples of poly relationship configurations. Challenges in the transfer of generational wealthWaymire has seen clients disowned by parents for their polyamorous relationship structures, which can affect transfer of generational wealth. Have money conversations oftenSchedule money check-ins as often as needed.

Persons: —, Jackson Kendall, Michelle Waymire, Kendall, Waymire, aren't, Jackson, Polycules, Chaneé Jackson, Chaneé Jackson Kendall, polycule, it's, we've Organizations: Service, Young, Jackson Locations: Atlanta , Georgia, Jackson

☆ Founders break down 5 challenges standing in the way of AAPI entrepreneurs
▼ + stars: | 2023-05-23 | by ( Jackie Lam | ) www.businessinsider.com time to read: +6 min

Asian Americans own 10% of small businesses in the US, but AAPI entrepreneurs still face challenges. Despite that, AAPI entrepreneurs still face unique struggles. As they've collaborated with their network of makers, Byun and Park have identified five challenges that need to be overcome to let AAPI entrepreneurs thrive. Fifty-eight percent of AAPI entrepreneurs have struggled with federal, state, and local programs to help small businesses. A good step is to learn the ins and outs of the US Small Business Administration's funding programs for small businesses.

Persons: Arnold Byun, —, MAUM, they've, they'll, they're, Byun Organizations: Service, Business Development Center, AAPI, US, Business, SBA Locations: Kioh, Park, American

It's important to understand your money story — the beliefs you have about how you get and spend money. "Emotions can cause and contribute to how you spend money, and vice versa, how we spend can cause and contribute to our emotional state being affected. Financial literacy isn't enough to solve many problems »Audit your emotions — and consider a journalTo get in touch with your emotions around money, keep track of them, suggests Wamala. "Ignoring your emotions keeps you in the dark when it comes to how and why you spend money," she says. "Rather than demonizing our money-related emotions, it's a much more empathic and sustainable approach to get curious about your emotions."

Adult ADHD can make it harder to focus on tasks that don't capture your attention, experts say. Strategies for managing your finances with ADHD include getting outside help and giving yourself extra time. It's no surprise, then, that adult ADHD affects your ability to stay on top of your financial management and overall financial well-being. Experts say there are ways you can keep your finances under control with adult ADHD, though. "When I was managing my business finances and using QuickBooks, it was a very visually overwhelming experience for me," says Potter.

Because I got a tax extension, I was able to work more closely with my CPA and go over all my questions. Those extra months to save made a difference, and I was able to shore up funds to pay for both my corporate and individual tax returns. And since I work with a tax professional, they usually require that I submit all my financial statements and tax documents well before the mid-April deadline. In fact, I usually need to pay quarterly estimated tax returns, plus I usually owe state and federal returns each year. While I don't recommend doing anything last-minute or late, filing my tax returns in mid-October last year did have some unexpected perks.

I didn't think much about opening a separate business checking account so my income from freelancing didn't mix with my personal account. When tax season rolled around, I spent hours separating out my business expenses from my personal expenses. A few years later, I opened another personal credit card. Not only was it easier to categorize my business expenses, but I also snagged a robust introductory bonus. Because no taxes are withheld from my income from clients, I'm responsible for paying self-employment tax.

My interest rates will grow over time if I don't touch the money in my CDs. And as we're in an environment with rising interest rates, I've also decided to open several certificates of deposit. I was learning about different ways to make the most of my savings, and interest rates were hovering around 5%. I'm enjoying some flexibility by laddering my CDsAnother tactic that I employed nearly two decades ago that I'm bringing back is CD laddering. And as there's a chance that interest rates might increase again, I can potentially enjoy a higher interest rate on the same term down the line.

The wealth gap remains a harsh reality for women of color, which makes it harder to build wealth. "Decide on what you're going to save and invest on a monthly basis," she says. You might not have been exposed to building wealth, the tenets of investing and paying taxes, and basic financial planning. Don't worry about getting it perfectFor first-generation women of color, it starts with learning more and doing more. You're going to make mistakes and you're going to trip along the way.

Growing up as a first-generation Vietnamese-American, I learned the value of working and saving. But I also learned lessons that didn't fit my adult life — so I've changed them to suit me better. I save with purpose, take breaks from work, set up a family fund, and adopt an abundance mentality. While I did learn the value of a dollar and have developed a strong work ethic, these money lessons I learned being raised in a Vietnamese-American household didn't serve me well. The beauty of a family fund is that it sets limits as to how much I can give.

I love giving and getting gift cards for the holidays, even though some people say they're impersonal. They offer the gift of timeNot only are you gifting store credit to their favorite places to shop, but gift cards also offer the gift of time. Plus, I can purchase gift cards online, or go to a store that offers a wall of different gift cards from other retailers to choose from. I've also scooped up discounts on gift cards during special promos, like 10% off gift cards up to a certain amount. Picking out gift cards to folks on my gift list have long been my go-to for the holidays, and as a gift card devotee, that's not going to change.

So in 2018, they used a home equity line of credit to buy their first rental property in cash. While the couple could've saved for a down payment for their rental property, it would've taken months, if not a few years. In choosing the location for their rental property, they looked for a turnkey home that was pretty much move-in ready for tenants. Another perk of having a solid team to take care of their rental properties is the couple rarely needs to travel for in-person visits. All in all, Marques and Shyra are happy they made the decision to purchase their first rental property with a HELOC.

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