Life Kit Episodes That Will Bring You Closer To Financial Independence - Shield Insurance Agency Blog

Life Kit Episodes That Will Bring You Closer To Financial Independence

This story is adapted from the Life Kit weekly newsletter, which arrives in inboxes each Friday.  Subscribe here.


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This story comes from Life Kit, NPR’s family of podcasts to help make life better — covering everything from exercise to raising kids to making friends. For more, sign up for the newsletter and follow @NPRLifeKit on Twitter.

From signing up for the right credit card to paying off debt to navigating a financial crisis — managing money is a lot easier with a little know-how. Here are seven of our favorite Life Kit episodes on common and confusing money topics, featuring personal finance experts who are eager to help you out.

Cut Down Miscellaneous Expenses

Trying on pajama pants at Target just for fun, swinging by an ice cream store, because it’s not the same as the pint I have in my fridge — I’ve been there. Personal finance expert Tiffany Aliche, “The Budgetnista,” recommends asking yourself whether you “Need it, love it, like it or want it” before springing for impulse purchases. If the gratification from a purchase will last less than one year, it’s just a “like,” and you might be better off skipping it to save up for something you’ll “love.”

Master Budgeting

When I moved into my first apartment out of college, I quickly realized that no one ever taught me how to budget. Author Kristen Wong points out that young adults shouldn’t feel obligated to budget just because it is what grown-ups do. Instead, she suggests holding onto a personal goal that you’re saving up for, like a weeklong trip, a new computer or dinner from your favorite restaurant. Here’s more on how you can budget to feel “liberated.”

Make Money From Your Side Hustle

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Sparta Hay Bale Decorating Shield Insurance Agency Blog

Decorating a Hay Bale in Sparta Michigan

Sparta Hay Bale Decorating Contest!

TO DECORATE:

Email chamber@spartami.org to register to decorate a bale! A location will be randomly selected for you, the hay bale decorating must be completed by Sept. 12

DISPLAY:

The decorated bales will be on display from Sept. 13-Sept. 26

TO VOTE:

Voting will be done TWO ways: 1, we will have a “like” contest on a Facebook post (that will be posted with a photo of each bale, this will be posted September 14!) AND voting will take place IN PERSON during Michigan Apple Fest in the Sparta Chamber Offices! The combination of both votes will be the placing of 1st, 2nd, 3rd places!

PRIZES:

The top 3 places will be awarded $100 in SPARTA BUCKS!

RULES: The hay bale must stay upright as you find it. Add decor, paint, pics, etc. into the hay bale, the items must be removed by Sept. 26 or the items will be thrown away. Photos of your bale will be taken on Monday, September 13 for voting.

We are getting so excited, we wanted to pull up some photos from last year for some inspiration!!

Click here for the details!

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A Garage Makeover Can Create More Living Space - Shield Insurance Agency Blog

6 Ways a Garage Makeover Can Create More Living Space

With a little elbow grease, create a home office, gym and more

by Sheryl Jean | AARP | July 29, 2021 | Garage Makeover | Auto Insurance

A Los Angeles garage converted into a home office kept the garage door in place.

En español | If you no longer use your garage for a car or simply want extra living space, repurpose it.

A garage makeover can be as simple as redecorating or as complicated as a full-scale conversion to an in-law apartment. Turning garages into home offices has been a popular option during the coronavirus pandemic, experts say, but other uses include a larger kitchen, yoga studio, crafts room, children’s playroom or entertainment center.

It might take a little elbow grease — nearly two-thirds of Americans have a garage or carport, but only about a quarter of them can park a car in it because of clutter, a 2015 survey from Gladiator GarageWorks found. But the effort can expand your living space.

“It’s the kind of thing people are talking about now with everyone home trying to use their home better,” says VW Fowlkes, half of the architect couple behind Fowlkes Studio in Washington, D.C.

Regina Samani, 68, was living with her son and daughter-in-law in Los Angeles, but with a second grandchild on the way, they converted the garage into a separate living unit for more space and privacy. They don’t miss the garage because they park their cars in the driveway.

“It’s very nice,” says Samani, who moved into the apartment last year. “It doesn’t even look like a former garage.”

Before beginning on a garage project, check with your zoning or building department to determine if a building permit is needed. If you belong to a homeowners association, check the rules.

If you plan to use the space year-round, you may need to install insulation and a mini-split heating and cooling system. If you plan to power bright lights, kitchen appliances or many electronics, you may need to upgrade the electrical system. First, check if the garage can piggyback on your home wiring or ventilation system.

That said, here are six ideas for a garage makeover.

1. Home office

Paint the walls white or a bright color and add some bookshelves, good lighting and a large table for a desk, and voilá! Ron Cohen, a garage conversion expert and cofounder of Pearl Remodeling in Los Angeles, recommends painting the floor, adding an epoxy coating to the concrete or installing a peel-and-stick vinyl floor. Keep it uncluttered and professional looking for Zoom meetings.

2. Home gym/yoga studio

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How Does My Home Deductible Work - Shield Insurance Agency Blog

How does my home deductible work?

Safeco Insurance & Liberty Mutual Small Commercia

A home insurance deductible is what you pay out of pocket to repair your home if you have a claim. For example, if you have a $500 deductible and $2,000 in repair costs, you’ll pay $500 and Safeco will pay the remaining $1,500. You have a choice of deductible amounts; choosing a higher deductible lowers your insurance rate but requires greater out-of-pocket expenses should you have an accident. Connect with your Safeco independent agent today to get the details and determine the deductible options for your home.

Disclaimer: Subject to policy terms, conditions, and limitations. Discounts and savings available where state laws and regulations allow and may vary by state. State insurance requirements apply. Insurance offered by Safeco Insurance Company of America and affiliates, Boston, MA


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How to Get Rid of Stuff at Home - Shield Insurance Agency Blog

How to Get Rid of Stuff at Home

Our decluttering tips will help you figure out what you no longer need

By Kevin Doyle | August 05, 2021 | Consumer Reports | Get rid of Stuff | Home Insurance

Sealed in a plastic bag in the back of Kris Schwartz’s bedroom closet is the student nurse’s uniform that her mother wore 80 years ago, complete with pinafore and removable cuffs. Her mother’s nursing cape hangs in a downstairs closet, and a journal her mother-in-law kept is safely stashed in the desk drawer of a home office. These relics are just a metaphorical speck in the “tsunami of stuff” Schwartz says she and her husband have accumulated in their Maine home over the decades.

“I have loads of books, mementos, baby clothes, and letters from people I’ve forgotten about stuffed in my closets and my cellar,” Schwartz says. “The garage is so full it’s sometimes hard to get a car into. Most of it serves no purpose or function, but I can’t get rid of it.”

Marie Kondo’s approach to tidying up may have inspired her fans to fold their underwear like origami, but it took a pandemic for many Americans to start to deal with their surfeit of stuff. “A lot of people suddenly needed to find space for two home offices as well as schooling at home,” says Cindy Sullivan, president of the nonprofit Institute for Challenging Disorganization. “The pandemic definitely contributed to a lot of decluttering.” Many secondhand and resale stores, hauling companies, and professional organizers have reported an uptick in business.

Rule 1: Get Ready to Let Go

For Dawn Castagna, a health industry executive in New York, getting started is the hardest part. “Analysis paralysis definitely applies to me,” she admits. “My wife says, ‘We haven’t used it, so it’s going.’ But I’m like, ‘Well, I don’t know. Who would be the right person to give it to? Should we sell it?’ And when I’m not sure about the right way to get rid of something, I just stop.” If you’re facing similar struggles, these three questions can help jump-start the process:

1. Do you really need it? Anything you don’t use or have multiples of can probably go. “Nobody needs 18 spatulas,” Ferrari says.

2. Can you easily replace it? Amanda Scudder, MSW, a professional organizer in Richmond, Va., recommends the $20/20-minute rule: Anything that would cost $20 or less and take 20 minutes or less to acquire again can probably go without creating much regret.

3. If you’re not using it now, will you want it in five or 10 years? “If it’s already in storage, ask yourself why you need to keep it,” says Amy Tokos, president of the National Association of Productivity & Organizing Professionals.

You also want to start small. Instead of tackling the garage, start with clothes. “Once you see how much lighter and more energized you feel after decluttering your wardrobe,” Scudder says, “you can take that energy into tougher categories.”

Ferrari recommends not handling anything you’re considering getting rid of. “It’s better to have a friend or professional organizer hold it up for you,” he says. “Once you touch it, you’re more likely to keep it.”

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Keeping It Lean - 6 Strategies For Contractors to Help Rescue Overhead - Shield Insurance Blog

Keeping it lean: 6 strategies for contractors to help reduce overhead

Reduce Overhead | Business Insurance | Get A Quote!

Liberty Mutual > Business Insurance > Insights > Keeping it lean: 6 strategies for contractors to help reduce overhead

It’s been a volatile year in the construction market. In March 2020, dozens of major cities and some entire states put a moratorium on construction to help reduce the spread of Covid-19. Meanwhile, hold-ups in the global supply chain drove up the cost of materials by as much as 80%. Many businesses tabled their construction projects to prepare not only for a possible global recession but also for a fundamental change in the use of commercial real estate.

For many contractors, this market turbulence has led to anxiety – and a temptation to chase business outside their normal territories or areas of expertise. But this is a mistake, according to Matthew Campbell, a Liberty Mutual Surety Plus underwriter specializing in the small to mid-size contractor space. Instead, he advises companies, “if the market does not present itself, keep it lean.”

In this article, we’ll dive into six strategies contractors can use to help get lean, avoid unnecessary risk, and survive an unpredictable market.

6 strategies to “get lean” and reduce overhead

Since March 2020, we’ve seen a steady decline in non-residential construction spending, and current indices suggest that the slowdown of work will continue. Today’s lean market is largely due to a volatile global economy, uncertainty about the future of commercial real estate, and anticipated corporate tax hikes under the Biden administration. And some construction markets have been hit harder than others. Hotels and lodging, for example, have seen a more than 25% decrease in growth in the last year. Many companies stayed afloat by relying on backlogs, but even those are drying up after a year of pandemic.

Rather than diving into risky projects, Campbell and the surety team recommend taking a leaner approach, focused around these six strategies:

Reflect on compensation structure

The cost of labor is a huge expense for many contractors, particularly if they offer employees healthcare and other benefits. It might make sense to take a different approach to your compensation structure during lean times, particularly if your team doesn’t have a lot of work on their plates.

Paying employees a lower fixed or base salary and compensating them with bonuses or incentives is one strategy to reduce labor costs. With this model, you still compensate employees for their hard work, but it costs the company less during slower periods.

If your business is really struggling, doing universal pay cuts across the board is also an option. Although this will be unpopular, it will feel more palatable if managers and leaders are also part of the plan. With slowdowns in the market, savvy contractors should consider what size labor force they really need to get the job done.

Optimize your workforce

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4 Symptoms of Stress You Should Never Ignore - Shield Agency Blog

4 Symptoms of Stress You Should Never Ignore

Mental health focus at Tokyo Olympics is a reminder of the role that pressure plays

by Sarah Elizabeth Adler |  AARP | August 2, 2021| Symptoms of Stress | Health Insurance

En español | Wins and medals aren’t the only things grabbing attention at this year’s Olympic games in Tokyo: Mental health awareness is also in the spotlight, after U.S. star gymnast Simone Biles’ decision to withdraw from some events in order to focus on her emotional well-being. 

Olympians or not, we’re all susceptible to stress, whether from job or family pressures or obligations like caregiving. Here are the physical and mental signs that experts say could signal trouble.  

1. Insomnia and difficulty sleeping 

Can’t fall or stay asleep? Insomnia is a classic symptom of stress, says Connecticut-based clinical psychologist Holly Schiff. For example, Biles said she “could barely nap” before the Olympic team gymnastics final. And the consequences of lack of sleep, including fatigue and problems concentrating, can make it even harder to get through the day, creating a stress snowball effect. 

To break the no-slumber cycle, Schiff recommends that you keep a bedside journal to jot down the worries keeping you up at night, whether that’s tomorrow’s to-do list or other preoccupying thoughts. “Getting it down on paper and theoretically out of your mind can be helpful and free up some mental space, so you can focus on getting a restful night’s sleep,” she says. 

2. Changes in mood and thinking 

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Technology is the Too People Are The Foundation - Shield Insurance Agency Blog

Technology is the tool, people are the foundation

Liberty Mutual > Business Insurance > Insights > Technology is the tool, people are the foundation

How claims technology is part of our people-first mission

Over the course of the coronavirus pandemic, technology has played a key role in helping insurers manage business insurance claims and serve customers safely from afar. But the focus on technology leaves out an important aspect of the story. In a recent interview, Steve Deane, Liberty Mutual’s chief claims officer of the North American commercial and specialty insurance division, got to the heart of successful technology implementation: people. After all, he says, “technology is only as good as the people who are responsible for using it.”

In this article, we’ll explore how focusing on people first allows businesses to integrate technology in a way that aligns with their mission – and we’ll look at how Liberty Mutual’s claim management system was built with that in mind.

Making sure injured workers stay connected

Many companies have implemented new technologies to keep business going and serve both employees and customers during the COVID era. But, according to Deane, these investments in improved user interface are most effective when they are grounded in helping people. When businesses start with people, they can make smarter, more impactful decisions around technology implementation that maintain brand integrity and support overall user experience.

One example is Liberty Mutual’s new injured worker portal, a system that makes the claims process simpler and more transparent for businesses and their employees. Though the technology aspect is “critical” to making the system work – especially during a pandemic – it is second to the insurer’s mission to “[put] the injured employee’s well-being first and [identify] ways to reduce stress and anxiety that often comes with a work-related injury, so the worker can focus on recovery.”

 “That mindset — of putting people at ease and focusing on recovery — is enabled by the technology of the portal,” says Deane. “Rather than using highly technical language – essentially claims jargon — in our written and verbal communications, we’re striving to help explain the process in ways that people who aren’t workers comp experts can understand.”

Technology is only as good as the people who’re responsible for using it.

By focusing on its people-first mission when implementing this new portal, Liberty Mutual was able to address common customer pain points and improve overall user experience. People were at the root of this decision; technology was just the right tool for the job.

Assessing property damage – online

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mortgage payment

5 tips to help you lower your monthly mortgage payment

CNN —  Mortgage Payment

Having a smaller monthly mortgage payment is helpful in all sorts of ways. Not only does a smaller payment mean having to spend less money each month on your home, but a large mortgage payment can make it more difficult to cover your everyday expenses or to save money for retirement, family vacations or a rainy day.

Many lenders also want borrowers to have a debt-to-income ratio below 43%. This means that, generally speaking, all your monthly debt payments need to make up no more than 43% of your gross monthly income. A smaller mortgage payment makes it easier to reach this benchmark.

So, if you want to secure a lower mortgage payment on a home you’re looking to buy, or if you want a lower monthly payment on a home you already own, how can you do it? Fortunately, there are quite a few ways to accomplish this goal. Here are five of the easiest ways to lower your mortgage payment, some of which can lead to considerable savings over the long term.

1. Extend the length of your mortgage to lower the Mortgage Payment

If you already own a home with a monthly mortgage payment you’d like to lower, one strategy is to extend the length of your mortgage term. This is generally done by refinancing your home to pay off the existing mortgage with a brand-new one.

When you refinance, there are two ways to lengthen your mortgage. One is to simply start your mortgage again from the beginning, but another option is to change your loan repayment terms altogether.

Let’s say you’re currently seven years into a 30-year mortgage. If you refinance whatever principal is left on your current mortgage into a new 30-year mortgage, your monthly payments will drop because you’re now spreading out the payments across a new 30-year period and at the same time starting with a lower principal since you’ve already paid off a portion of the original mortgage.

Or, if you currently have a 15-year mortgage, you could refinance into a new 20-year or 30-year home loan, thus lengthening your loan term and spreading your payments out over a longer timeline.

How much can you lower your payment by extending your home loan? While the specifics will vary depending on your circumstances, a borrower who just started a 15-year mortgage for $250,000 with a fixed APR of 4% would fork over $1,849 per month in principal and interest. If that person switched to a 30-year home loan with the same APR, their payment would drop to $1,194 per month.

2. Refinance to get a lower interest rate

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What Commercial Insurance Is Required In Michigan - Shield Insurance Agency Blog

What commercial insurance is required in Michigan?

Protecting your business takes the right commercial insurance. Your policy can be customized by your insurance agent to give you all the protection you need and none that doesn’t apply to your business. At Shield Insurance Agency in Michigan, we have the commercial insurance policy experience you are looking for. We will make sure you have the commercial insurance mandated by the state of Michigan. 

Mandated insurance

Commercial auto insurance

In the state of Michigan, all business-owned vehicles must be covered by commercial auto insurance. The required amount of commercial auto insurance you must carry is 20/40/10. That is $20,000 for injuries to one person in an accident with a total of $40,000 for the entire accident with $10,000 property damage. While this is the required amount, it may not be the correct amount for your business. 

Workers’ compensation insurance

If your business has one or more full-time employees, you must have workers’ compensation insurance. 

While these are the mandated commercial insurances, they are not the only ones that can benefit your business. 

Not Mandated but a good idea

Commercial liability insurance

Between 36% and 53% of small businesses are sued every year. That means that your chance of being involved in litigation is pretty high. Not only could there be a judgment against you, but you would also be responsible for the legal fees that go along with defending yourself. Commercial liability insurance can make the difference between surviving and having to close your doors. 

Commercial property insurance

If a covered peril hits your business, it could destroy everything you need to do business. Your inventory, your machinery, your raw materials, your office equipment, and your records. Without commercial property insurance would you be able to replace all these things and get back to work? If the answer is no, this is the insurance you need. 

Contact Shield Insurance Agency in Michigan when you are ready to customize your commercial insurance.


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