Yearly Archives: 2017

How to save money on movie tickets?

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According to Box Office Mojo, the average movie ticket price in the US is $8.65 as of 2017. In 1910, the average movie ticket price was only seven cents. Due to fast rising ticket prices, some of you may want to wait for the movie to come out on video. However, there are a number of ways to find cheaper movie tickets. Here are some:

How to avoid ID theft?

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ID Theft or fraud (especially W-2, online banking, and new account takeover fraud) can devastate your personal finance.  The following tips are basic protections against ID theft risk  exposure.

How to fight wrinkles and face lines?

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Although wrinkles are natural part of the aging process, wrinkles make you look older. Beginning at the ages of 18-21, human skin’s collagen levels starts to decline. By age 40, the loss of collagen levels accelerate (typically 1% per year) and thus skin hollows out and wrinkles appear as skin gets thinner, drier, and less elastic, and less able to protect itself from damage. Exposure to ultraviolet (UV) light speeds the natural aging process and is the primary cause of early wrinkling. According to Crunchmoose.com (http://thecrunchymoose.com/natural-ways-prevent-wrinkles/ ) and WebMD (http://www.webmd.com/beauty/features/23-ways-to-reduce-wrinkles#1), there are a number of ways to prevent or reduce wrinkles.  These include:

  • Take a gelatin supplement that was made from cooked collagen (from pigs and cows)
  • Sleep well. While we are sleeping, our bodies produce HGH (human growth hormone). This hormone is what induces growth and cell reproduction (including skin cells).
  • Take the fermented, vitamin rich cod liver oil. Fermented cod liver oil is the most important supplement for sun protection.
  • Moisturize & detox face mask frequently. Use a moisturizer everyday, especially right after bathing, applying it to damp skin.
  • Use a non-toxin sunscreen. Notice that toxins and free radicals are a big source or wrinkles.
  • Eats a lot of saturated fat such as grass-fed butter, avocados and coconut oi, since Saturated fat makes your skin more elastic and more resistant to the Oxidative damage from the sun.
  • Use coconut, Argan, jojoba, grape-seed, and olive oils instead of commercial lotions and creams.
  • Eats lots of antioxidants such as blueberries, spinach, kale, walnuts, artichokes, cranberries, beans (red, kidney, pinto), prunes, kiwis, and other fruits that contains Vitamins A, C, & E, and beta carotene.
  • Stay hydrated with water, coconut water, and green tea.
  • Do not smoke.
  • Avoid too much facial expressions (laughing, squinting, etc.)
  • Avoid using straws when drinking juice or a glass of water.
  • Eat more fish — particularly salmon. Not only is salmon (along with other cold-water fish) a great source of protein — one of the building blocks of great skin.
  • Don’t be obsessively clean. Wash your skin as little as possible, using warm – never hot – water, since hot water dries your skin. Take short showers and use soap that contains a moisturizer.
  • Use tretinoin (Retin-A) regularly or topical vitamin C to help stimulate collagen and minimize superficial wrinkles, liver spots and scaly areas. Also, Alpha-hydroxy acids may improve skin texture and reduce fine lines.

 

How to take advantage of hotel loyalty programs?

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Given that most of the major hotel loyalty programs offer benefits (including personal concierge service, check-in and out anytime, gift certificates, concerts, and airline tickets) beyond free rooms and upgrades, even the infrequent travelers should consider reaping some of those benefits. The following is a list of tips for maximizing such benefits.

  • Search programs that have a relatively low threshold for elite status levels. For example, the Hyatt Gold Passport program elevates the hotel patrons to Platinum status once they completed just five eligible nights in a calendar year. Once the guest gains the Platinum status, members get 20% off room rates, 2.00 pm check -out, space-available upgrades, and free room Internet access.  Similarly, Starwood Preferred Guest offers 4:00 pm check-out and upgrades, once the member stacks up 10 eligible stays or 25 eligible nights a year. Once the member accumulates 20 stays (or 40 nights) a year and reaches Gold status, he/she can reap awards such as upgrades, free room Internet access, and complimentary breakfast.
  • Hold a hotel-branded credit card such as Hilton HHnors Reserve Card and the Hyatt Credit Card can elevate you to the automatic elite status (Gold or Platinum).
  • Be aware that hotel-branded loyalty programs do NOT recognize bookings made through third-party websites such as Priceline and Travelocity.  However, Orbitz, Expedia and Hotels.com all may offer their users some variation of free nights, discount coupons, or vouchers the more you book through those sites.

The following is a list of best hotel loyalty programs. For details, visit the website (http://travel.usnews.com/rankings/travel-rewards/hotel-rewards/ ).

  1. Wyndham Rewards (13.6% payback award)
  2. Choice Privileges (8.5% payback award)
  3. Marriott Rewards (9.0% payback award)
  4. Best Western Rewards
  5. La Quinta Returns
  6. Club Carlson
  7. Hyatt Gold Passport
  8. Hilton Honors (7.7% payback award)

Another good programs include: IHG Rewards (7.4% payback award); Starwood SPG (5.7% payback award).

How to avoid getting ripped off by the cab driver in a foreign country?

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Taxi overcharging is one of the common travel scams that can ruin your travel plan. For example, the cab driver refuses to use the meter or claims it is broken before charging you ten times the standard fare for a several-block ride back to your hotel; or after turning on the meter, the driver takes you in circles just to keep it running, thus lengthening your trip without you noticing. There are a number of ways to avoid this kind of taxi overcharging scams. These are:

  • Call your hotel or restaurant employees and ask them to speak to your driver in his or her native language if it seems like you are being taken for a long ride.
  • Study up on taxi rates by checking in with locals, and negotiate your fare BEFORE you get in the cab, so the driver cannot jack up the price when you arrive at your destination. If the car has a meter, make sure that it is turned on on as soon as you get in. If possible, know the way to your final destination to avoid taking the unnecessary long route.
  • Do not forget to note the medallion or license number and report the driver to the authorities if you suspect fraud.
  • Do not pay with large bills, because cab drivers sometimes will claim that they don’t have change so that you have to fork over the bigger bill. Better to carry smaller denomination bills or coins in local currency specifically for cab rides.
  • Insist handling your own bags, if the cab driver offers to help haul them to his/her cab from the airport terminal, since he/she often asks for a fat tip later.
  • Use the government authorized taxi (e.g., black cab in Seoul, Korea) which is driven by the uniformed, certified driver who can speak English and courteous, even though the cab fare is usually higher.

 

What if I get sick or injured while traveling overseas?

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Regardless of the quality of health-care systems or the nationalized health care coverage in your travel destination, medical bills on the road can be costly. For example, According to Insuremytrip.com (https://www.insuremytrip.com/?linkId=30492&gclid=COfTjKf84tMCFdgYgQodskgBxw  ), the approximate cost of a medical evacuation from Asia to the US cane be $100,000. The same cost from Europe to the US can be $50,000. Although your domestic health insurance may automatically offer you some international health insurance coverage, you should be aware of the fact that you may need to buy some kind of MediGap plan and the definition of emergency treatments may differ from one insurer from another. For instance, a skin rash or a toothache may not qualify as a medical condition that needs emergency treatment.  Also, some managed-care plans may require you to get authorization from the insurer prior to treatment.

Many of the standard plans from big insurers such as Aetna, Cigna and Blue Cross & Shield include emergency and urgent care provisions in overseas countries. However, Medicare does not cover any medical costs incurred outside the US. If you have any concerns about the travel health coverage, you may buy specialized travel insurance which typically offers 24-hour nurse-staffed health lines, referrals for pre-screened doctors around the world, prescription medication assistance, prescription refills, emergency dental care, and translation services. Special medevac companies such as MedjetAssist and On Call International can cover medical evacuations including “airlift” to the nearest suitable hospital.

The list of top ten travel health insurers includes (https://www.consumersadvocate.org/travel-insurance/a/best-travel-insurance?gclid=CNLty9z64tMCFcW3wAodiBMJKw ):

  1. Travelisurance.com
  2. Travelex
  3. WorldNomads
  4. RoamRight
  5. Allianz
  6. AIG
  7. MedjetAssist
  8. Frontiermedex
  9. HCC
  10. FirstAllied

For free quotes, you may visit (http://www.hccmis.com/atlas-travel-insurance/?gclid=CIqB-qKC49MCFcW3wAodiBMJKw).

How does your credit score affect your mortgage rate?

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After a relatively calm real estate market in 2016, the housing market has been heating up in 2017. The housing market has shown signs of strength in the beginning of 2017. Trading Economics reported that sales of new single-family houses in the United States jumped 6.1% to a seasonally adjusted annual rate of 592,000 in February of 2017. It follows an upwardly revised 558,000 in the previous month, and well above market expectations of 565,000 as unusual warm weather boosted sales in the Midwest, West and the South. Confirming this trend, most real estate experts are predicting a strong year ahead for US housing in 2017, through 2018 and beyond.  However, the slowly rising mortgage rate can discourage the potential home buyers to purchase their homes and subsequently cool the housing market.  The online real estate brokerage Redfin predicts average interest rates for a 30-year fixed rate mortgage to stay below 4.3% in 2017. The National Association of Realtors (NAR) predicts a modest rise to 4.6% while Realtor.com predicts 4.5%.  Fannie Mae, the National Association of Realtors and Wells Fargo predict it will average 4.1%. Freddie Mac forecasts an average mortgage rate of 4.2% for all of 2017.  Since the November 2016 presidential election, the 30-year fixed mortgage rate has jumped more than half a percentage point to 4.3%, according to the Bloomerg.com.  On March 15th of 2017, the Federal Reserve increased its benchmark interest rate by a quarter point and signaled that it would do so two more times in 2017. Regardless of forecast variations, many forecasters believe mortgage rates above 4% are here to stay. As the mortgage rate inches up, the potential buyers are nervous about this trend and would like to find a way to lower the interest on their mortgage. Thus, the buyer’s credit score really matters. Here is the way that your credit score (in the range of 300 -850) affects your mortgage rate. For a free score, you may visit (https://www.freescoreonline.com/us/6019/373f031/t420/320/lp/320-d3a5/?sid=GNAzed00556a&id=2635&ord=5113&edata2=CTRLelmenu&append=1&ckmscn=6986185201&gclid=CMiu4LjchNMCFR2ewAodxhcCkA&c=MjYzNSA0OTU3ODg4NzcgMjUgNjAgNTExMyAxNjI3NzU2NTQ0IDA0MDEyMDE3MjI1NzAx or ;https://www.creditkarma.com/).

  • A credit score of 740 or higher qualifies you for the lowest interest rate from most lenders.
  • Though possible, it is difficult for you to get a mortgage with a credit score below 620.
  • Typically, a difference between the best and worst rates can vary by a full percentage point and a half.
  • Your credit score is influenced by the borrower’s low balance, a long history of on-time payments (e.g., for car loan, credit cards), outstanding debt relative to the total available debt, a length of the credit history, and pursuit of new credit – how many inquiries are on your credit report.
  • It is advised that, a year before buying a home, you should check your credit report and then think about ways to correct any errors in your report and improve your credit score.
  • Negative activity, such as late payments, collections and delinquent accounts, can rob you of good credit scores, cost you loan approval.
  • Creditors make mistakes and reporting errors do happen. Errors that are seemingly minor (e.g., an account that doesn’t belong to you) or serious (a false delinquency) that go undetected and undisputed can lower your credit scores. So, you need to carefully review your report with a watchful eye.
  • Lenders look at all three scores of three credit bureaus and use the middle one. The big three credit bureaus are: Equifax, Experian, and TransUnion. These bureaus are all publicly-traded, for-profit companies who are not owned by the government.
Contact Information For the Three Credit Bureaus is:
  1. Equifax – www.equifax.com. P.O. Box 740241. Atlanta, GA 30374-0241. 1-800-685-1111.
  2. Experian – www.experian.com. P.O. Box 2104. Allen, TX 75013-0949. 1-888-EXPERIAN (397-3742)
  3. TransUnion – www.transunion.com. P.O. Box 1000. Chester, PA 19022. 1-800-916-8800.

How to beef up your retirement savings? – Traditional IRA vs. Roth IRA?

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Many financial gurus recommend that future retirees should need 80 to 100% of their retirement income to live comfortably. Considering the unforeseen financial meltdown and family/medical emergencies, a 401(k) alone may not be enough to support your retirement lifestyle. One of the common options to supplement your retirement savings is the Individual Retirement Account (IRA), especially you have already contributed the maximum to your 401(k).  IRA has two different types of options.

  1. Traditional IRA
  • You must be under 70½ years of age.
  • You can contribute up to $5,500 a year, or up to $6,500 a year if you are 50 years old or older, for 2015 – 2017. The IRA contribution limit does not apply to:
  • Eligible taxpayers can take a tax deduction on their IRA contributions, although its eligibility phases out above certain adjusted gross income limits.
  • Retirement contributions can grow tax-deferred until withdrawn.
  • Penalty-free withdrawals for first home purchase and certain college expenses.
  • You must begin taking required minimum distributions (RMDs) at age 70½.
  • No restrictions on contributions, but possibly on deductions.

    2. Roth IRA

  • Taxes are paid up front. In other words,- contributions are made with already-taxed dollars and thus there is no deduction for contributions.
  • Contributions (not earnings) can be withdrawn tax-free any time, without penalty at any age.
  • Eligibility for contribution to Roth IRA phases out above certain adjusted gross income limits. Modified adjusted gross income limit (MAGI) for 2017 is $133,000 for single filers and $196,000 for married filing jointly.
  • There is no age restriction.  You can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age (even after you reach 70½ and older). There is no required minimum distribution.
  • Earnings can be withdrawn tax- and penalty-free at age 59½ if account has been active for at least five years.
  • In 2010, income limits that traditionally kept high-earning individuals from converting to a Roth IRA were repealed. So, it gets easier to convert an existing traditional IRA to a Roth IRA.

For tax issues with IRA contributions and earning, please visit https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits.

How to take advantage of a frequent flier program?

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Many fliers signed up for frequent flier programs. Those signees’ numbers have bee increasing over the years. For instance, a number of AAdvantage members jumped from 300,000 in 1981 (during which American Airlines launched the world’s first frequent flier program) to 70 million in 2014.  Despite the growing popularity of the frequent flier program, we often missed the opportunity to fully exploit the benefits provided by that program. Some of those benefits include: seat upgrades, priority boarding, free tickets, and access to the airport’s VIP lounges. One of the common reasons for missing the benefit opportunities is a lack of understanding about the complicated, non-uniform rules which may differ from one airline to another. So, we should be aware of the following rules that can easily confuse some frequent fliers.

  • So-called revenue-based loyalty programs begin to award miles according to ticket price instead of pure travel distance. This means that simply racking up miles would not help you earn the elite status.
  • Some credit cards such as Citi ThankYou Rewards allow you to accrue miles/points with multiple carriers and thus transfer miles into a variety of frequent flier programs.
  • Cross-over reward programs will allow you to enjoy perks (e.g., late check-out, room upgrades, complimentary in-room Internet access) for lodging, when the hotel and the airline have alliances for that program. For example, Starwood hotels and Delta have such alliances.

The Huffington Post’ top five frequent flier programs in 2017 (visit http://www.huffingtonpost.com/entry/best-frequent-flyer-programs_us_58813b42e4b096b4a230cf02) are:

  1. Delta
  2. Alaska
  3. Hawaiian
  4. United
  5. American

Top ten airline reward programs listed by U.S. News and World Report (visit http://travel.usnews.com/rankings/travel-rewards/airline-rewards/) are:

  1. Alaska Airlines Mileage Plan
  2. JetBlue TrueBlue program
  3. Southwest Rapid Rewards program
  4. Delta SkyMiles program
  5. Virgin America Elevate program
  6. United MileagePlus program
  7. American Airlines AAdvantge program
  8. HawaiianMiles rewards program
  9. Frontier EarlyReturns program
  10. Free Spirit frequent program

Also, Holly Johnson of the Simple Dollar (visit http://www.thesimpledollar.com/best-frequent-flyer-programs/) recommended the following four programs that allow you to amass points based on credit card spending.

For other highly rated credit cards with the frequent flier reward, visit http://www.cardrates.com/reviews/air-miles/?utm_source=Adwords&utm_medium=PPC&utm_campaign=CR1Exact&utm_content=FlyerMilesCC&adid=169920471769&utm_term=frequent%20flyer%20programs&match=e&referrer=Google&network=g&device=c&query=unknown&gclid=CILq0Lu149ICFR1XDQodiwcOTw .

How to find the best auto insurance deal?

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With more drivers on the road, increasingly costly repairs, and more texting while driving a car, auto insurance claims are rising and subsequently premiums are fast rising as well. According to the recent Bloomberg Business Week (2017), U.S. auto insurers have been paying $1.05 in costs for every $1 in premium revenue as compared to 95 cents per a dollar premium revenue about a decade ago. Thus, auto insurers are currently losing money. One of the culprits for high costs is the higher repair costs. A normal repair bill for a typical accident costs $1,500 about 10-15 years ago, but now costs approximately $3,500. To make up for such loss, the auto insurer is raising its price (e.g., more than 10% a year). The U.S. Department of Labor’s recent consumer price index shows that the pace of auto insurance premium increase has hit a 13 year high.

Five most expensive states in the U.S. (in terms of average annual premium) are:

  1. Michigan: $2,087 per vehicle
  2. Delaware: $2,073
  3. Oklahoma: $1,990
  4. Kentucky: $1,925
  5. Texas: $1,762

Five least expensive states in the U.S. are:

  1. Ohio: $764
  2. North Carolina: $817
  3. Idaho: $919
  4. Maine: $937
  5. Iowa: $971

For comparison shopping of the best auto insurance deal, please visit https://www.compare.com/lp5?utm_source=google&utm_medium=cpc&adpos=1t1&creative=156346861194&device=c&matchtype=e&network=g&gclid=CNHZ66OazNICFRUkgQoddhsGNw&utm_source=google&utm_medium=cpc&adpos=1t1&creative=156346861194&device=c&matchtype=e&network=g&gclid=CNHZ66OazNICFRUkgQoddhsGNw

Before deciding on the best option, you need to answer the following questions.

  • How much coverage that I need? Some auto insurers such as Metromile offer cheaper options by allowing its customer to pay for coverage based on how much he/she drives.
  • How can I get more value for my insurance premium?
  • How can I lower my insurance premium? Some insurers such as Nationwide offer discounts for the alumni of certain universities. Also, preventive safety measures such as lane departure warning, automatic emergency braking system, adaptive cruise control, and self-parking technology may reduce premiums.  Plus, bundling your policy (both auto and homeowner’s insurance policy) with the same insurer can lead to significant discounts.