Fundamentals of Estate Planning

Fundamentals of Estate Planning

Posted on by Shield Insurance Agency

Nationwide Blog | October 07, 2022 | Estate Planning | Life Insurance | Start a quote today!

Key Takeaways for Estate Planning

  • Estate planning can be difficult to talk about—a 2021 Gallup poll showed that 64% of American adults working with a financial advisor have never discussed their estate plans with that advisor.
  • Distribution of assets plan can help ease your anxiety and broach the problematic subject of legacy planning with a trusted financial professional.
  • Familiarizing yourself with the 2 main types of trusts and how they are utilized can prepare you for conversations with your financial professional.

If you’ve put off estate planning due to the difficult nature of the topic, you are not alone. According to a 2021 Gallup poll, 64% of American adults working with a financial advisor have never discussed their estate plans with that advisor.

A common roadblock to having these conversations is the idea that estate planning is complex and possibly uncomfortable to talk about. It’s easy to think of estate planning as just wills, trusts, and advanced directives, but it’s so much more. There are other tactics and techniques that can make a big difference in your legacy planning objectives, so it’s worth the effort to start the conversation with a financial professional as soon as you can.

The importance of estate planning

Estate planning is one of the most important topics to cover with a financial professional. The process of creating a plan for the distribution of assets at death can encompass the following:

  • Limiting income and estate tax liabilities
  • Determining who receives the assets — and when and how they’re received
  • Facilitating timely payment of estate obligations and taxes
  • Limiting costs of administration

Estate planning should be considered if you own property; it’s not just for the wealthy or those with complex situations. There are consequences for failing to plan—for example, if you pass away without a will, the State will use intestacy laws to determine the distribution of property. Unfortunately, this might not align with your intent. A proper plan can provide you with a level of certainty and help safeguard your assets for the benefit of your heirs.

Beginning the process of estate planning

When implementing strategies for saving, you may want to consider these 3 steps with a financial professional to develop an effective plan for yourself:

  1. Identify estate transfer needs and goals – In this step, you should know where you are and want to go. The most significant considerations here are identifying beneficiaries, clearly understanding tax obligations, looking at estate assets, and knowing where to find liquidity in the estate. It’s also important in this step to consider future income, expenses, debts, and needs.
  2. Develop strategies to reduce costs – Taxes are the largest potential expense your estate may have. These can include the federal gift tax, federal estate tax, generation-skipping transfer tax, state death and inheritance taxes, federal income taxes, and estate administration expenses. There are exclusions, deductions, and transfers that you should be aware of to minimize this burden. A financial professional can help you navigate these strategies.
  3. Pay for remaining expenses – This is where having the proper liquidity to pay estate expenses helps ensure your beneficiaries receive what you intend. Liquidity is the estate’s ability to pay taxes and other costs that arise after death (usually in the form of cash or cash alternatives). If your portfolio consists largely of real estate or business interests, the estate may be forced to sell a portion to pay for expenses when they are due. Knowing this, estate liquidity will likely be a primary objective for you and your financial professional. Having the right tools to meet the liquidity need is crucial. Annuities and life insurance with the right strategy behind them can accomplish this goal.

Using a trust as part of your estate planning strategy

Familiarizing yourself with the basic types of trusts and how they are utilized can prepare you for conversations with your financial professional about trust strategies and options. Here are some things you should know about trusts and their role in estate planning:

  • There are two main types of trusts – revocable and irrevocable. Trusts can be used in many ways in estate planning, including helping your estate avoid probate, reducing estate taxes, and protecting yourself and your beneficiaries from creditors.
  • Trusts have drawbacks – depending on the type of trust, you may not receive any tax benefits or be able to easily make needed changes.
  • A credit shelter trust is a common type of irrevocable trust used in estate planning – this type of trust can help married couples reduce or avoid estate taxes.
  • Many assets can be used to fund a trust – nearly any type of asset can be used to fund a trust, including stocks, bonds, cash, mutual funds, real estate property, life insurance, and annuities. Life insurance and annuities have become common ways to fund a trust in estate planning because they can offer your beneficiaries an immediate source of liquidity to provide potential financial security.

Estate planning can be complex, so consider working with a financial professional who can help you understand your options.

Helpful tools

Nationwide’s trust guide can help make a key component of estate planning easier to understand and provide proper context on the choices you’ll want to make. I invite you to use this today to help kick off an estate planning conversation with a financial professional.

Disclaimer:

Federal income tax laws are complex and subject to change. The information is based on current interpretations of the law and is not guaranteed. Nationwide and its representatives do not give legal or tax advice. Please consult an attorney or tax advisor for answers to legal questions.

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Medicare Questions – Answering the Most FAQ

Medicare Questions – Answering the Most FAQ

Posted on by Shield Insurance Agency

Nationwide Blog | November 10, 2022 | Medicare | Medicare Insurance | Start A Quote Today!

Key Takeaways:

  • Many people don’t realize that Medicare decisions can have financial implications, and Medicare costs can be incorporated into comprehensive financial planning.
  • “When and how can I enroll in Medicare?” “How much does Medicare cost and what does it cover?” are all common questions you may have regarding your health care plan for retirement.
  • In addition to working closely with your financial planner, you can assess specific Medicare drug and health care plan costs by utilizing online tools.

Every day, around 10,000 members of the Baby Boomer Generation turn age 65, which is generally the age they become eligible for Medicare. [1][2] Often, this is the first time that many Baby Boomers realize that decisions around Medicare aren’t just medical decisions; Medicare decisions also have significant financial implications. Once you come to this realization, you can turn to the financial professionals on whom you depend to help make sense of Medicare and in turn help you make financially sound Medicare decisions.

Understanding Medicare can be difficult, but the Nationwide Retirement Institute® is here to help you by sharing some of the most common Medicare questions. Working with a financial professional and utilizing various planning tools can help you incorporate Medicare costs into your financial plan.

When do I enroll in Medicare?

For everyone who turns 65 and is eligible for Medicare, there’s a seven-month “initial enrollment period,” or IEP. The IEP spans from the start of the third month before your 65th birthday through the end of the third month following the month of your 65th birthday. This IEP is available regardless of whether you continue to work past age 65.

Initial Enrollment Period for Medicare

If you choose to work past age 65 and remain eligible for group health coverage provided by your employer (or your spouse’s employer), then you may choose not to enroll in Medicare during your IEP. If this is the case, you’ll have a second chance to enroll during a “special enrollment period,” or SEP. The SEP generally lasts 8 months, beginning from the month after your employment or group health coverage ends, whichever occurs first. If you do not enroll in Medicare during your IEP or SEP, then you must wait to sign up during the General Enrollment Period between January 1st and March 31st of each year; but beware that in this circumstance, you may be subject to lifelong penalties in the form of increased premiums once you do enroll.

How do I enroll in Medicare?

That depends.

If you are already receiving Social Security when you turn 65, you will automatically be enrolled in Original Medicare, which means Medicare Parts A & B. Your eligibility will be effective the first day of the month you turn 65. You will not even need to sign up. You should simply receive a red, white, and blue Medicare card in the mail around three months before your 65th birthday.

If you choose to stay on Original Medicare, you will likely want to proactively enroll in a Medicare Part D plan as well, to get prescription drug coverage. In the alternative, you may choose to enroll in a Medicare Advantage Plan, which is known as Medicare Part C. Medicare Advantage plans to replace Original Medicare and Medicare Part D, but you must proactively enroll in Medicare Advantage plans as well. You can enroll in a Medicare Advantage Plan or a Medicare Part D plan during your IEP.

Medicare.gov/plan-compare shows specific Medicare drug plans and Medicare Advantage plan costs, and you have the opportunity to call the plans you’re interested in to get more details. For help comparing plan costs, the State Health Insurance Assistance Program (SHIP) can also assist you.

If you’re not already receiving Social Security at least 4 months before turning 65, you’ll need to sign up by:

  • Applying online at Social Security. (If you start your online application and receive a re-entry number, you can go back to Social Security to finish your application at a later time.);
  • Visit their local Social Security office; or
  • Call Social Security at 1-800-772-1213 (TTY: 1-800-325-0778).

Nationwide teamed up with the National Council on Aging (NCOA) to create an unbiased tool to help sort through Medicare options. It’s called the NCOA My Medicare Matters® tool brought to you by Nationwide. The tool allows you to work with financial professionals so that they can assist you in the Medicare decision-making process before the completion of the enrollment process.

How much does Medicare cost?

That also depends. The first and most important thing to understand in the context of cost is that it will not be free! There are still premiums, copays, coinsurance, and deductibles to plan for.

If you sign up for Original Medicare, Part A will be free if you have paid at least 10 years of Medicare taxes. Part B will require a monthly premium of $170.10 in 2022. [3] That amount may be more if your income is high enough to cross certain thresholds.

Medicare Part D (for prescription drugs) and Medicare Advantage plans (Part C, an alternative to Original Medicare and Medicare Part D) will also have monthly premiums. The costs of those premiums will vary plan by plan and be impacted by other factors, like your age at enrollment and geographic location.

What does Medicare cover?

Not everything! That may be the simplest yet most important fact you need to understand. Medicare will not cover all medical care.

In particular, Medicare does not cover long-term care (LTC), nor vision or dental care. Also, Medicare does not cover care received outside of the USA. This means that supplemental insurance for LTC, dental and vision, and travel insurance, will be important to look into.

That being said, Medicare does cover most medical treatments and procedures. Original Medicare Parts A and B cover most basic medical services. In general, Medicare Part A covers hospitalizations (i.e., inpatient care) and Medicare Part B covers outpatient care. In addition to inpatient care, Part A also covers home healthcare in limited circumstances, as well as hospice care. Medicare Part B covers outpatient clinical services like doctor’s visits and emergency room visits, including observation. In addition to outpatient care, Part B also covers medical supplies (think splints and casts, or crutches or a wheelchair), X-rays and other radiology services, and preventive care and screening services. One important fact about this last category is that many of the preventive care and screening services covered under Part B are free; there is no coinsurance or other cost-sharing. Screenings for many cancers (including breast, cervical and vaginal, colorectal, and lung) are free, as are screenings for depression and diabetes. Many Medicare beneficiaries do not understand that these screenings, as well as many other preventive services (like flu shots), are free; consequently, they fail to seek out those services. It’s important for you to be aware of and take advantage of these free preventive and screening services to avoid delayed diagnosis and treatment of many different health conditions. Failing to do so can ultimately impact your longevity and quality of life, not to mention increase the eventual cost of treatment when an ailment’s symptoms appear later in a more advanced stage. As the adage goes, an ounce of prevention is worth a pound of cure!

Which Medicare coverage option is right for me?

For the third time in this blog, I must say it again: it depends. Decisions around Medicare are incredibly complex and depend on both medical and financial factors that are individual to each person. Many folks end up talking to their friends or neighbors for advice, but what works best for them may not work best for you! You should do some independent research and consult with your primary care physician or other medical professionals with whom you have an existing relationship so that you can make the most informed choices about the coverage and cost of your healthcare in retirement.

Medicare Coverage Options

Where can I find out more?

If you want or need to learn more about Medicare, you can utilize other resources from Brianna, Shield Insurance Specialist. We are here to help answer all Medicare coverage questions.

GET IN TOUCH

Schedule a Visit

Contact us

Medicare Questions to Ask Before Enrolling

Costs Associated with Medicare Coverage

Think ahead when choosing your Medicare plan

Sources:

[1] https://www.aarpinternational.org/initiatives/aging-readiness-competitiveness-arc/united-states

[2] https://www.hhs.gov/answers/medicare-and-medicaid/who-is-eligible-for-medicare/index.html#:~:text=Generally%2C%20Medicare%20is%20available%20for,Part%20B%20(Medicare%20Insurance)

[3] https://www.medicare.gov/your-medicare-costs/part-b-costs

NFM-22483AO

Disclaimer:

This information is general in nature and is not intended to be tax, legal, accounting, or other professional advice. The information provided is based on current laws, which are subject to change at any time, and has not been endorsed by any government agency.

Nationwide and its representatives do not give legal or tax advice. Please consult an attorney or tax advisor for answers to legal questions.

My Medicare Matters® is a registered trademark of the National Council on Aging.

Nationwide and NCOA are separate and non-affiliated companies.

Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, Ohio. The Nationwide Retirement Institute is a division of NISC.

Nationwide, the Nationwide N and Eagle, Nationwide is on your side, Nationwide Retirement Institute and other marks displayed in this message are service marks of Nationwide Mutual Insurance Company and/or its affiliates unless otherwise disclosed. Third-party marks that appear in this message are the property of their respective owners © 2022 Nationwide and Shield Insurance Agency

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How to Start An Online Store

How to Start An Online Store

Posted on by Shield Insurance Agency

Nationwide Blogs | November 01, 2020 | Online Store | Business Insurance | Start A Quote Today!

Starting a business is easier than ever thanks to greater online opportunities and the burgeoning “gig economy.” For many people, opening an online store has been a major success. Some 25 million people sell products on eBay’s marketplace alone.[1]

But the process is more complicated than putting your goods on a website and waiting for someone to buy them. Before you jump in, here are some e-commerce tips and things you need to know about how to sell your products online.

Learn the marketplace for an Online Store

Selling a product online requires some advanced knowledge about how online sales and e-commerce work to prevent missteps. Regardless of what platform you’re using — eBay, Amazon, Craigslist, Etsy, or something else — you should become a customer before you attempt to sell your own products. This will familiarize you with the sales process and what to expect from it.

It can also help you because you’ll receive feedback online, which is important when opening a store. New sellers can sometimes have a harder time selling products because there’s no feedback letting buyers know what it’s like to deal with your shop. If you can use the same account to become a seller, try to get at least 20 feedback ratings as a buyer before you start to sell online.

Do market research

Just as with a brick-and-mortar store, you’ll be responsible for attracting customers and standing out from your competitors. The foundation of a successful online store is rooted in research to get an idea of what to sell online.

This is an important part of e-commerce and being an online seller. To evaluate what’s already selling, look at the list of top-selling products and get an idea of what’s happening in the marketplace. What are the high-demand, trending products consumers currently want? Do you have special knowledge about a particular industry or type of product? You may be able to leverage this background to tap into a niche market, which can help you expand your business.

Decide what products to sell at the Online Store

Before opening your online store, you’ll need to decide what kind of product you’ll be selling. From merchandise lying around the house to original products, there is a wide variety of options to consider. Whatever you decide, it’s important to choose something that you will be passionate and excited about as you will be working with these products day in and day out.

Keep a business mindset

For your online business to be successful, it has to be taken seriously as a business. That means creating a business plan, setting goals, tracking what works and what doesn’t, and using market research tools to stay on top of trends and selling prices. If this process of selling is more than just a hobby, you should treat it as such, and that means keeping your customers happy.

Providing great customer service is an important component of building and maintaining your customer base, and it can turn a negative experience into a positive one for buyers who may leave reviews about your company online. Try to respond to emails within 24 hours. Remain positive and calm when dealing with a difficult situation, and ask buyers what type of resolution they’d value from you. Let them know that you’re listening, you understand their question or issue, and you’d like to help find a solution for them. This can go a long way in favorably impacting their impression of your company.

A few negative reviews can hurt your selling rating, which is something to guard carefully. If you have a 95% seller rating but someone else has a 98% rating, regardless if their price is higher, people may pay the extra money because that higher rating appears more trustworthy and the higher rating makes buyers feel secure.

Protect your assets with insurance

As your business grows, you may want to expand your inventory to sell from a converted garage or even a rental storage unit. Many high-dollar sellers choose to keep inventory in another location after they’ve outgrown their closet, spare bedroom, or other storage space.

Make sure your inventory and any business equipment are protected by insurance. Check with your Nationwide representative to see what kind of coverage is best for your small but growing online business.

[1] http://expandedramblings.com/index.php/ebay-stats/

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Using annuities in trusts

Using annuities in trusts

Posted on by Shield Insurance Agency

Nationwide Blog | December 09, 2022 | Annuities | Business Insurance | Start a Quote today!

A reference

Trusts are an integral part of estate planning and funding a trust so that it meets the needs of a client’s estate and wealth transfer goals and involves a proper and sound strategy.

Nearly any type of asset can be used to fund a trust, including stocks, bonds, cash, mutual funds, real estate property, life insurance, and annuities. While life insurance is an option for funding a credit shelter trust when the surviving spouse is insurable; what option can you consider when they aren’t?

Annuities in a credit shelter trust

A credit shelter trust (also known as a bypass trust, or A/B trust) is an irrevocable trust commonly used in estate planning. Annuities can provide a very effective way to manage credit shelter trust assets and pass them on to the trust beneficiaries. Trusts are able to own annuities and receive tax deferral on any gains as long as the trust is acting as an agent of a natural person. Therefore, all trust beneficiaries need to be actual living people.

What it could look like

In an example where the trust purchases an annuity for each of trust beneficiary, the trust would be the owner, and the trust beneficiary would be the annuitant. Living or death benefits may also be selected in most cases. Generally speaking, the trust could distribute these annuities “in kind” to each beneficiary upon the triggering event stated in the trust, usually the surviving spouse’s death. At this point, each beneficiary would become the owner of the annuity that they are the annuitant on. Although it is based on a series of Private Letter Rulings (PLR’s), the IRS has allowed beneficiaries in such cases to take over ownership of these annuities and not be taxed on them until the money is withdrawn. If the beneficiary is under 59 ½, the issue of premature withdrawal penalty could apply. Withdrawals would be taxable to the extent of gains exceeding basis. This could also provide for “stretch” or “extended” benefits to heirs of the trust beneficiaries.

The benefits of using annuities in trusts and what kinds of trusts can be used

These are some widely known benefits of using an annuity to fund a trust –

  • Tax deferral
  • Market participation with death benefit protection
  • Income and taxation control
  • Asset allocation potential within one product
  • Guaranteed income with a living benefit. (Please note that guarantees are subject to the claims-paying ability of the issuer.)

The following are some common trust names in which annuities may be used –

  • Credit Shelter Trust
  • Marital Trust (also called A Trust or Surviving Spouse Trust)
  • Irrevocable Family Trust
  • Special Needs Trust
  • Generation Skipping Trust (GST)
  • Charitable Remainder Trust (CRT)
  • Revocable Living Trust
  • Charitable Lead Trust (CLT)
  • Qualified Terminal Interest in Property Trust (QTIP)
  • Irrevocable Life Insurance Trust (ILIT)
  • Grantor Retained Annuity Trust (GRAT)
  • Secular Trust
  • Rabbi Trust
  • Dynasty Trust
  • Qualified Domestic Trust (QDOT)

A popular annuity in trust planning strategies

Because of the benefits that using an annuity in trusts provides, there are some well-practiced strategies a financial professional can consider for their clients.

  • Death benefit protection on a surviving spouse’s life, tax deferral, income suppression and/or investment management simplification in a credit shelter trusts
  • Distribution in-kind to trust remainder beneficiaries and tax deferral in various types of irrevocable trusts
  • Income Suppression and death benefit protection in Net-Income Charitable Remainder Unitrusts (NIMCRUT)
  • Tax deferral and death benefit protection on the special needs individual in a special needs trust

Takeaway and learn more

Annuities can be a helpful tool that a trustee uses to manage multiple risks in an estate plan through its multiple product features. Money sitting in a credit shelter trust, or a different type, can be creatively used and can provide additional benefits to trust beneficiaries through the use of annuities.

For more information on the strategies mentioned, reach out to Nationwide Retirement Institute’s Advanced Consulting Group at Andy@ShieldAgency.com.

Disclaimer:

The information included is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates, and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2022 Nationwide and Shield Insurance.

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What is a Business Plan and Why is it Important?

What is a Business Plan and Why is it Important?

Posted on by Shield Insurance Agency

Nationwide Blog | January 06, 2022 | Business Plan | Business Insurance | Start a quote today!

What is a business plan?

Whether you’re starting a small business or exploring ways to expand an existing one, a business plan is an important tool to help guide your decisions. Think of it as a roadmap to success, providing greater clarity on all aspects of your business, from marketing and finance to operations and product/service details.

While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight into steps to be taken, resources required for achieving your business goals, and a timeline of anticipated results.

In fact, businesses that plan grow 30% faster than those that don’t.1

For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets.

Studies show that nearly 71% of the fastest-growing businesses have business plans, indicating that even existing businesses can benefit from updating their plans.2

Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors. The objectives should indicate how they’ll help your business prosper and grow.

Building an asset management business plan

Committing resources to capital improvements and new assets such as computers, software or cars/trucks is never an easy decision for budget-conscious small business owners. But a business plan can bring clarity to the process of whether to buy or lease and help determine the optimal amount allocated to those assets. A good business plan can also help you decide if it’s feasible to take on additional office, retail, or workspace.

Creating a marketing strategy

Marketing and market potential are important aspects of a plan for aspiring small businesses.

Getting your business in front of customers on a consistent basis is one of the keys to ensuring your business not only stays afloat but also thrives.

Marketing strategies can be simple, but before you decide on how you will get the word out, getting clear on your target audience and why your business solves their problem can make sticking to your marketing plan easier.

Knowing your unique market positioning can help you determine your messaging. Your marketing strategy should include who your target audience is, the platforms or methods you will connect with them on, and a measurement framework to determine if your efforts are working.

Take entrepreneur Scott Sultzer, who opened Sandwich Joint restaurant in downtown Los Angeles in 2009. “I included the potential marketing demographic of all those who lived in a certain area of the city,” he said of his marketing strategy. “My goal was to capture a certain percentage of all those people who lived and worked nearby.”4

Created primarily as a marketing tool, Sulzer’s 10-page plan included such topics as target market breakdown, marketing strategy, and market penetration. “My business plan was mostly about market projections,” he said. “How are we going to get those people that lead to an increase in our daily sales? And how are we going to reach them to let them know we’re here?”4

Depending on your business, it’s important to have both brick-and-mortar marketing strategies as well as a plan for marketing your business online.

Seeking investment for your business plan

In addition to providing a roadmap for progress and a marketing plan, your business plan could also be important in securing funding.

Whether you’re seeking a credit line from a bank or an influx of capital from investors, a business plan that answers questions about profitability and revenue generation can make the difference between whether someone decides to invest – or how much they might choose to invest.

In fact, a study showed that businesses with a plan were more likely to receive formal financial support, such as funding, than businesses without one.3

Hiring the Right talent

A business plan may also be needed to retain other professional services as well, such as attorneys, landlords, consultants, or accountants. Sulzer used his business plan to secure a lease.

“I had to have a viable document that they could trust,” said Sulzer, who leased from one of the largest landowners in downtown Los Angeles.4

“With a corporate landlord, they wouldn’t deal with me unless I had a business plan. I had to submit all my information and a plan that presented what I wanted to do, with financial breakdowns and percentages, demographics, and how I was going to get customers.”4

For a small business to succeed, attracting talented workers and partners is of vital importance. A part of a business plan for hiring employees is to help bring in the right talent, from the executive level to skilled staff, by showing them the direction and growth potential of the business. It can also help secure vendor accounts, especially with exclusive suppliers.

Setting business plan objectives for management

Finally, a business plan can be important in providing structure and management objectives to a small business. It can become a reference tool to keep management on track with sales targets and operational milestones. When used properly and consulted regularly, it can help you measure and manage what you’re working so hard to create.

Ready to take the next step? Learn how to write a business plan.

Don’t forget to consider insurance coverage in your business plan. When the unexpected happens, you want to make sure your small business is covered. Customized insurance solutions are crucial to protecting and keeping your operation going.

Find out how small business insurance from Nationwide can help you build and protect your business whether you are just starting up or already established.

1https://www.effectuation.org/wp-content/uploads/2017/06/The-Multiple-Effects-of-Business-Planning-onNew-Venture-Performance-1.pdf, Accessed October 2021.
2https://onlinelibrary.wiley.com/doi/abs/10.1111/0447-2778.00006, Accessed October 2021.
3https://www.tandfonline.com/doi/abs/10.1080/13504851.2014.967377, Accessed October 2021.
4Nationwide Interview with Scott Sultzer, 2016.

Disclaimer:
The information included is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates, and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2021 Nationwide and Shield Insurance.

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How to Sell at a Farmers Market

How to Sell at a Farmers Market

Posted on by Shield Insurance Agency

Nationwide | February 23, 2021 | Farmers Market | Business Insurance | Start a quote today!

Strolling around the local farmers market on a Saturday morning is a popular pastime, and if you grow, bake, craft, or create things as a hobby, you may have wondered if you might sell your goods and produce there. Farmers markets are growing in popularity, so it’s no surprise that gardeners, bakers, artists, and other local vendors are capitalizing on this money-making opportunity. Before you start down the path of making this dream a reality, you first must make sure that there’s a market at which you can sell.

A Guide to Becoming a farmers market vendor

In this article, we’ll explore how to become a farmers’ market vendor. While it may seem as easy as grabbing your goods, setting up a table, and bringing in customers, there are tried-and-true tips and strategies that may improve your odds of success and increase your profitability. Here are some steps you can take to set your plan in motion:

1. Decide what you’re going to sell at the Farmers Market

You may already have an idea of what you’re going to sell based on your own handmade or grown goods. If you’re an artist, it’s natural that you’re considering selling your art. If you’re a renowned baker among friends and family, you may want to sell your delicacies to the masses. Perhaps you’re considering new things to sell for the first time. Some popular items for sale at many farmers markets include produce, dairy, flowers/seedlings, honey, soap/skin care, beverages, and prepared food.

When thinking about what you’d like to sell, some questions to ask yourself might be:

• Do you have the means to grow your own produce?
• What is your timeline?
• Do you plan to resell goods?

Besides having the means and materials to sell any of the above items, it’s important to note that different products may require different kinds of licenses and that each farmers market has its own rules about what you can and cannot sell.

2. Make a business plan

So you’ve decided to start selling at the farmers market. A good business plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and shed light on some unknowns. A few things a business plan will help you consider are:

• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge your customers?
• What will you name your business?

Business plans are helpful no matter your level of investment — whether your farmers market is more of a hobby or full-time income. Read more on how to write a business plan.

3. Set your budget

It’s important to know what types of expenses to include in your budget. When setting your budget, there are many things to consider, including:
• Stall fee/site location cost
• Licenses
• Tables and seating
• Personnel (will you be paying staff, or will you have volunteers?)
• Storage (for merchandise and money)
• Credit card processing equipment
• Promotional items (e.g., signs, fliers and order sheets)
• Food permit costs

4. Register your business and acquire any permits or licenses

Before you start selling at a farmers market, you’ll need to get a permit for your booth. Start by contacting your market’s management team and asking what permits or licenses you’ll need to sell legally. It’s also important to be aware of local regulations and what that entails for registration (e.g., your state’s Division of Food Safety). Ask your contacts at the farmers market about required permits and licenses. Information can also be found at your state’s Department of Agriculture website.

If you do need to register with a state or local authority, you’ll fill out an application form, pay a nominal fee and submit to any required facilities inspections (for instance, your commercial or home kitchen).

5. Claim your spot for the perfect farmers market

Be proactive in claiming your spot at the market, as most farmers markets have waiting lists due to popularity among other vendors. Most markets have a website where you can apply. Otherwise, attend the market and ask to speak to a market manager. To maximize your chances of getting your first or second choice for your farmers market booth, contact market operators as early as possible, well before the season begins. Worst case scenario: You get on next year’s waiting list before all the latecomers.

6. Figure out the logistics

You’ll need to figure out all the details of setting up your space and how to transport all your goods and wares from house to market. If your food requires refrigeration, rely on coolers until you know whether your stall in the market contains access to a power source.

If you’re a small vendor, you may be able to fit everything you need in the trunk of your car. Just be careful to package things in manageable amounts because you might have to walk a far distance from the parking lot to your stall. Consider bringing help with you to make the setup, cleanup, and transportation processes easier as well as helping with the sales and monetary transactions.

Tips for making the best of your farmers market endeavors

Once you’re at the farmers market, your booth design and signage are going to play a big role in how successful you are. Make sure your area is open, clean, colorful — and visible. Set yourself up for success with these tips:

1. Market research

What other types of items are being sold at the farmers market you’re targeting? Is your product a good fit? It’s good to sell at a venue where there’s lots of demand for a certain product, but on the other hand, you don’t want to be the hundredth honey vendor at the market. Stick to a specialty that few other vendors offer or choose a market where your product isn’t oversaturated. Of course, differentiating your product from others by advertising its uniqueness always helps.

2. Catchy promotional materials

Good advertising can set your booth apart! When creating your promotional items, always check first to see whether there are certain color or sizing requirements for signs and fliers. If you are artistic (or know someone who is), you can try creating them yourself. If not, hire a marketing or design firm. Your logo and information can go on business cards, shopping totes, and handouts such as pens, just to name a few.

3. Presentation

Put some thought into your farmers’ market setup by figuring out how to present yourself while selling at your stall or booth. In the eyes of the customer, you’re a reflection of your store and your products. If you’re hoping to make a big profit, you’ll have to make your stall eye-catching and attractive. Invest in a clean, simple tablecloth to make your food or produce stand out. Be sure to wipe off any shelving before you set up for the day, and keep sample trays clean and free of crumbs. Opt for legible, creative labels that draw the eye toward all of your goods.

4. Do a practice run at home

Practice setting up and taking down your farmers market booth multiple times before your first market experience. Familiarize yourself with how your outdoor canopy structure goes together, how long the entire process takes, how to hang your business name and logo sign, set up the tables, chairs, accessories, and decorations, and how to best display your goods. Be sure to step back and approach to see how your booth looks from a customer’s point of view.

In addition to becoming an expert at setting up and taking down your farmers market stand, you may also want to practice loading and unloading everything to and from your vehicle or trailer. You don’t want to be frantically cramming items into your car the night before, only to realize it doesn’t all fit. Once you’ve figured out the transportation and how to efficiently pack your supplies and goods, it’s a good idea to pack it up the night before to save time in the morning.

5. Be prepared for inspection at the Farmers Market

Health inspections are inevitable; make sure you are prepared to show your licenses, permits, or certifications. Always know what you’re allowed to sell. If you’re selling meat, eggs, or produce, understand your state agriculture health rules, know the difference between processed and raw food, and keep your food cold if applicable.

6. Respect

Farmers markets are a place of community and teamwork. Make sure to respect your shoppers and fellow vendors. For shoppers, keep your lines moving as swiftly as possible, answer their questions, and share a little background on you and your product if they want it. Don’t be afraid to network with your fellow vendors. Refer a customer to their booth, and share success stories with each other.

A farmers market can be a fun way to sell your wares and/or produce in your community while making some extra money. Farmers markets bring together many customers in one place, and the start-up costs are fairly low. If you have the time and determination to become a farmers market vendor, congratulations — and use these tips on starting a business.

Disclaimer: 

The information included is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates, and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2021 Nationwide and Shield Insurance

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10 Affordable Classic Cars That Won’t Break the Bank

10 Affordable Classic Cars That Won’t Break the Bank

Posted on by Shield Insurance Agency

Nationwide | May 12, 2021 | Classic Cars | Auto Insurance | Start a quote with Shield Insurance!

Like all commodity markets, the classic car market is always evolving. Values go up, values go down, and owners buy, sell, trade, and hold their cars accordingly. But unlike other collectible objects or financial instruments, cars provide a fun way to invest your money—you actually get to drive and enjoy an old car.

Often there are ways to find deals on classic cars. To get started, here are 10 classic cars you can typically buy for less than 10K.[1]

1. 1971–76 Buick Electra 225

If your goal is the maximum car for the money, then you’d have a hard time beating the fourth-generation Electra. Built on the General Motors C-body platform, the Electra offers more interior room than just about anything else on the road. The 455-cid V-8 is nearly bulletproof, and the cars were available with luxury options galore. Just six grand buys a car you’d be proud to own.

2. 1973–79 Ford F-Series

Everybody needs a good truck. And the F-Series is always an excellent choice. These sixth-gen models ride on a trusted platform, and while they’re mostly no-frills, you can find them with four-wheel drive, a/c, CB radio, sliding rear window, and more. Rust kills them, especially at the front of the bed and the bottom of the B-pillar, so bring your grubby pants and crawl all over the thing to make sure it’s the clean one you want.

3. 1989–93 Cadillac Coupe DeVille

These things are so cheap right now: Less than $3,000 gets you a pretty good one, and both sedans and coupes offer up plenty of luxury for the price of entry. It’s cheap to get your own little piece of the “Standard of the World.”

4. 1978–87 Chevrolet El Camino Classic Cars

The last of a legend. Cars built on the G-body platform have long gone unloved. Recent interest in hot Buicks like the Grand National and GNX have helped to spark interest in the rest of these models, however, and the El Camino may now be getting its due. Low power and huge saggy doors are still an issue, but few cars on the road are as distinctive.

5. 1979–93 Ford Mustang

The importance of this car cannot be overstated. It’s a design that has aged well, and no other car offers up a greater bang-for-buck factor than a 5.0-liter Fox body. Plenty of them have been used and abused, but with so many produced, you can afford to bide your time and be choosy. You’ll still come away with a quick little modern classic. Aftermarket support is incredible, which only adds to this Mustang’s appeal.

6. 1974–83 Jeep Cherokee

Vintage SUVs are one of the best and cheapest ways to enjoy the old-car hobby. These SJ Cherokees shed the faux wood of their Wagoneer cousins but lose none of the brawny appeals. You can get them with either two or four doors, but no matter what you’re after, a thorough inspection is in order, as quality control issues plagued Jeeps of this era.

7. 1990–96 Nissan 300ZX

The 300ZX reinvented the tired Z-car, and it kicked the rest of the world in the face with the relatively cheap performance it offered. Available with or without T-tops, with or without back seats, and with or without a turbo, the Z offers so much in such a lovely, lithe package. Reliability is off the charts, and you can still scoot around quickly in the normally-aspirated version, which saves you considerably over the more desirable turbos.

8. 1974–78 Ford Mustang II

Translated, Mustang II means “Mustang Also,” as in, “I’m a Mustang, too, you guys. I really am!” And it is, in that wretched 1970s malaise kind of way. There is a bright side though: If you want an old Mustang that isn’t an enormous, ill-handling muscle car, look no further than the Deuce. And they’re dirt cheap, too.

9. 1961–64 Chrysler Newport Classic Cars

The Newport was Chrysler’s entry-level model, and it reintroduced a dormant nameplate for Chrysler, after a decade of absence. Several body styles are available, including sedans, convertibles, and wagons, but front-end styling—while distinctive—is polarizing thanks to the slanted headlight setup. If you like fins with your Chryslers, then look for a ’61, as they vanished after that.

10. 1962–67 Chevrolet Chevy II Nova Classic Cars

There’s nothing particularly revolutionary about the Chevy II. You might even say they’re boring. But as staid, cheap, vintage transportation goes, you could do a lot worse than one of these guys. The inline-six is fine, but you’ll have more fun with the 283-cid V-8, which was available in 1964. Tops in terms of collectability are the convertibles, but they’re also harder to find.

Whether you go for one of the affordable classic car models listed above or opt for a pricier investment, you want your vintage car to be protected. That’s why Nationwide has teamed up with Hagerty to offer classic car insurance tailored to the unique needs of car collectors. Learn more about classic car insurance and get a quote today.

[1] 10 under $10K: Hot and Affordable Collector Cars

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When to Replace Your Roof

When to Replace Your Roof

Posted on by Shield Insurance Agency

Nationwide | September 09, 2022 | Roof | Home Insurance | Start a quote today!

Homeownership comes with lots of responsibilities, and one of the most expensive is replacing your roof at the end of its life expectancy. But before choosing to replace your roof, there are some things to consider—and you should always consult a professional before making any decisions.

How often does a roof need to be replaced?

How often a roof will need to be replaced depends on a number of factors, such as the quality of the roof’s installation, the quality of materials used, and the type of roof. Generally speaking, this is how long a roof made of each material can last: [1]

  • Composition shingles: 12-20 years
  • Asphalt shingles: 15-30 years
  • Wood shingles: 30-40 years
  • Rubber roofs: 30-50 years
  • Metal roofs: 40-70 years
  • Clay tile roofs: 50-100 years
  • Slate tile roof: 75-200 years

Harsh winters and severe humidity can cause these materials to wear down faster. Looking at your roof after high winds and intense storms can help you keep your roof in top shape. Whether conducted by yourself or led by a roofing contractor, a twice-a-year inspection of your roof might also help you spot any damage before it becomes too great. [2]

Signs that a roof needs to be replaced

While there are a few things that can indicate your roof is no longer in its best shape, any one sign on its own doesn’t necessarily mean your roof needs to be replaced. If you are worried about any visible signs of damage to your roof, a professional can help you decide whether a total replacement is necessary.

Loose, cracked, damaged, or missing shingles

Missing, loose, or damaged shingles can be detrimental to the integrity of your roof and can lead to problems such as water damage and lack of insulation. Finding exposed spots on your roof where shingles are missing or damaged can be difficult. Professionals are usually much faster at spotting missing shingles than homeowners. But if you’d like to take a look for yourself, you can safely do so with both feet on the ground using binoculars or with the help of a drone. You’ll want to look at each shingle to ensure that they’re sitting flat. Any shingles that are missing should catch your eye fairly quickly. If enough shingles are damaged or nails are exposed, patching your roof probably won’t suffice; you will need a total replacement. [2][3][4]

Signs of water damage, mold, or roof rot

Boards of wood that span the trusses of your roof are known as roof decking or sheathing. Wet wood decking leads to wood rot, which can cause issues in additional areas of your home. Your roof probably has wood rot if the roof deck has dark spots, discoloration, crumbles, or cracks; feels spongy, or has a damp, musty smell. A roofer can also detect wood rot by stepping on shingles above the rot and feeling them give more than usual. If you suspect you may have wood rot, seek the help of a professional home inspector. Initial signs of water damage to your roof may go unnoticed until the damage becomes substantial. These are some signs of water damage to look out for: [5]

  • Fungal and mold growth, which can reduce air quality
  • Bulging or bowing, which will be visible on the roof from the outside; the shingles above this part of the roof might not work properly, and the roof decking can eventually fall in
  • Damage to wood in your home, including structural wood
  • Damaged insulation, which can increase the cost of heating and cooling your home
  • Damage to other home systems, such as your electrical system, particularly if wood rot goes unresolved

Damaged flashing

Flashing helps protect your roof from leaks. It’s made of sheet metal, galvanized steel, or aluminum, and you can typically find it around plumbing vents, skylights, and chimneys. When working properly, flashing helps divert rainwater to the ground. However, when flashing fails, there are several noticeable signs: [6]

  • Cracks, dents, and bends: This makes your flashing more prone to rusting
  • Rust: If your flashing has rust, it will need to be cleaned, sealed, or replaced
  • Missing parts: Repairs should be made promptly if any of your flashings are missing
  • Holes: Sometimes small animals can create tiny holes in your roof that can result in leaks and should be sealed as soon as they are noticed
  • Leaks inside your house: You may find indicators of leaks around your fireplace, windows, skylights, and attic
  • Mold or stains on fascia boards: If your flashing wasn’t installed correctly, mold and water stains might develop on fascia boards
  • Damaged shingles or siding: This will look like bending or darkening on your shingles or siding near the flashing

A professional who is inspecting a roof for leaks or failed flashing will look out for loose nails, holes, and broken seals at flashing edges.

The current roof was installed 20+ years ago

If your roof was installed 20 or more years ago, consult a professional home inspector or roofer. Roofs typically last about 20 years, and your roof may be reaching the end of its life span. [1]

Additional consideration: Are you planning on selling the house?

A new roof can be expensive, but one benefit is that it can add value to your home. While you may not necessarily recoup the cost of a roof replacement in the sale of your home, there are still several benefits to having a new roof installed. You may be more likely to get the full asking price for your home, spend less time with your home on the market, or have shorter negotiations. [7]

If you suspect your roof is damaged or you’re nearing the end of your roof’s life expectancy, consult a trusted professional before making any decision on repairs. Your roof is an essential part of your home, protecting the structure from leaks and damages. Furthermore, Nationwide and Shield Insurance is here with personal insurance plans to protect your home in case of disaster.

[1] “How Long Do Roofs Last? 5 Roof Types and Their Lifespans,” fixr.com/resources/how-long-do-roofs-last (accessed June 2022).

[2] “How Often Should You Replace Your Roof?” roofadvisor.com/how-often-should-you-replace-your-roof (accessed June 2022).

[3] “Should I Replace My Roof? Here Are 21 Things to Consider” familyhandyman.com/list/should-i-replace-my-roof-here-are-21-things-to-considerfamilyhandyman.com/list/should-i-replace-my-roof-here-are-21-things-to-consider (accessed June 2022).

[4] “How Can I Tell If I Have Missing Roof Shingles?” hopewell-roofing.com/can-tell-missing-roof-shingles (accessed June 2022).

[5] “What is Wood Rot & When to Replace Roof Sheathing,” io.com/na/pro/building-professional-tools/roofing-101/rotted-roof-deck-how-to-replace-roof-sheathing (accessed June 2022).

[6] “Roof Flashing Failure: Why It Occurs and Ways to Address It,” negutters.com/blog/roofing/roof-flashing-failure-why-it-occurs-and-ways-to-address-it (accessed June 2022).

[7] “How Much Value Does a New Roof Add?” zillow.com/sellers-guide/should-i-replace-my-roof-before-selling (accessed June 2022).

Disclaimer: The information included here is designed for informational purposes only. It is not legal, tax, financial, or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state or federal regulations. Nationwide Mutual Insurance Company, its affiliates and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2022 Nationwide and Shield Insurance Agency

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22 Spring Cleaning and Decluttering Tips

22 Spring Cleaning and Decluttering Tips

Posted on by Shield Insurance Agency

Nationwide | January 20, 2021 | Spring Cleaning | Home Insurance | Start your insurance quote today!

Spring Cleaning time has arrived – which means it’s time to get your home in tip-top shape. A good, deep spring clean-up is a tradition that not only promotes wellness by keeping your environment clean and organized, but it also helps carry the fresh-start feeling brought on by a new year well into the summer.

We’ve compiled some of the best DIY spring cleaning tips so you can declutter and deep clean your house to make it sparkle all year round.

1. Remove water stains with lemon for a natural faucet fix

This spring, make faucets clean and sparkly by rubbing a lemon half on the water stains. The citric acid helps remove hard water marks. Then, use the other half of the lemon for our next tip.

2. Spring Cleaning your microwave by heating lemon juice and rinds in water

Cut a lemon into halves, squeeze the juice into 1/2 cup of water, and drop the rinds into the mixture. Microwave for three minutes and let it stand for five minutes without opening the door. The trapped steam will loosen the grime, so you can wipe the microwave clean with less elbow grease.

3. Use white vinegar to beat shower head buildup for Spring Cleaning

Looking for more natural ways to clean your bathroom? Vinegar can dissolve the mineral deposits that accumulate in showerheads over time, causing reduced pressure and water flow. Fill a plastic bag with white vinegar, secure it over the showerhead with a rubber band, and leave it overnight to get rid of buildup. Just be sure to run the shower before you hop in, or you risk smelling like vinegar all day.

4. Spring Cleaning stainless steel sinks with baking soda

Simply wet your sink and faucet, sprinkle baking soda, and scrub with a sponge. If you need more heavy-duty scrubbing power, add salt to the baking soda.

5. Use newspaper to clean dirty windows and mirrors

Mix ¼ cup of white vinegar, 2 cups of water, and 2 teaspoons of liquid soap into a spray bottle. Spray the mixture onto the glass and scrub with newspaper for a streak-free window or mirror. The ink acts as a mild abrasive and allows you to make use of old newspapers.

6. Organize your fridge and cabinets with rotating turntables

Don’t limit rotating turntables and Lazy Susans to your tabletops. After discarding old condiments and spices, organize your pantries and refrigerator with this useful storage hack.

7. Place a wet dryer sheet on your ceramic stovetop to remove burnt-on residue

Dryer sheets are non-abrasive and a great way to remove burnt-on food from your stove. Place the wet dryer sheet on your stovetop at least 15 minutes before rubbing the gunk away. Follow these tips to clean your oven.

8. Spring Cleaning your grill with an onion

Get your grill cleaned up and ready for the warm weather. First, heat it up and spray some white vinegar onto the grates to help loosen the residue. Then, scrub the area firmly using half an onion. The acid from the onion will rid your grill of any leftover remnants.

9. Let coffee filters do more than put a spring in your step

Does your TV screen or computer monitor show fingerprints, smudges, and dust? The fiber in coffee filters is gentle enough to rub them away, even on delicate TV screens. Just don’t press too hard!

10. Unpack and stack your spring/summer clothes vertically

Are your dresser drawers a mess? Instead of putting away folded clothes flat, stack them vertically for easy access. You can stack your clothes inside shoeboxes to keep tidy rows inside your drawers.

11. Use cream of tartar to clean toasters and tea kettles

Combine 1 tsp of cream of tartar with just enough water to create a milky paste. Rub the solution onto your stainless steel appliances and wipe away to reveal their original shine.

12. Know your couch or rug before spring cleaning it

Don’t ruin your upholstered furniture by using the wrong cleaner. Not all manufacturer labels state what type of solvent to use. Familiarize yourself with the cleaning codes below.

Upholstery Cleaning Labels:
W: Use water-based cleaning solutions.
S: Use dry-cleaning solvents. Do not saturate. Do not use water.
S-W: Use water-based cleaners or dry-cleaning solvents.
X: Use a vacuum or brush only.

13. Use a window squeegee to scrape pet hair from your carpet or rug

The rubber edge of the squeegee is a great tool for gripping and removing pet hair from your rug. Use a firm grip and make sure to clean up the excess hair as you go. Finish by running the vacuum to catch any hair still on the surface.

14. Avoid scratching floors by placing clean towels under furniture while rearranging

Looking to freshen up your home by rearranging furniture? Slide heavy pieces like couches and tables easily and without damage by placing folded, clean towels under each end of the furniture.

15. Use Velcro strips to keep drawer organizers in place

Attach the grippy strips to one end of your drawer and the other to your drawer organizers. This keeps the organizers in place but lets you remove them when needed.

16. Put the spring back in your dirty keyboards with cotton swabs

If certain keys or sticking, or your entire keyboard just doesn’t have the same pop that it used to, chances are dirt and crumbs are the culprits. Sweep cotton swabs between your keys to dislodge dust and grime. And for a real deep clean, use compressed air to blast away any leftover dust, and follow it up with one more sweep through your keys, this time using a cotton swab dipped in rubbing alcohol to kill germs.

17. Use a dustpan to help fill a large mop bucket

Not all mop buckets fit in bathtubs or sinks. If your bucket is too large, try using a dustpan as a spout by placing it flat on your sink to transfer water to the bucket. This handy hack is also helpful for other large containers you want to fill.

18. Use a butter knife to clean air vents

Don’t let that dust build-up for another minute; use a butter knife to reach those tough get places between and behind your vents. Simply wrap the knife in a rag and wipe it between the slats. Then, open the windows and run your central air to fill your home with fresh spring air (just be sure your heat or AC isn’t on while you’re running the fan).

19. Wrap a towel over a broom to clean hard-to-reach places

Cobwebs and dust can collect in room corners and on ceiling fans. Wipe them away by securing a towel over the bristle end of a broom with a large rubber band. The dust and cobwebs stick to the cloth.

20. Recycle old socks to use as dusting mitts

Cotton is a great fabric for trapping dust particles. Try using a (clean) pair of socks as dust mitts and you’ll have more control over where dust goes.

21. Spring Cleaning also means to Declutter your home

As you’ve been hibernating throughout the winter and piling on the sweaters and blankets, there’s a good chance that clutter—and your lists of chores—have been piling up as well. Start small – don’t try to attack your entire house at once. Think about clearing one room, or even one closet, at a time.

When this is complete, sort it out. Go through your space and separate your belongings into categories. Determine the things you will keep on hand, store for later, sell, donate, or throw away.

22. Organize and freshen up for Spring Cleaning

Once you’ve cleared out the clutter, give your home some much-needed TLC.

  • Empty your kitchen fridge and thoroughly clean it.
  • Sweep under your large appliances, like the stove and the fridge, and larger furniture pieces, like dressers, desks, and beds.
  • Wash the windows, both inside and out.
  • Clean blinds and take any curtains or drapes to the cleaners.
  • Flip your mattress. Don’t just clean your sheets; wash your pillows and mattress covers as well.
  • Clean your upholstery, or hire a professional to do it.
  • After these more thorough tasks, do your usual scrubbing, mopping, dusting, and vacuuming.

If it’s warm enough, open the windows, and let the fresh air in as you freshen up your home. When your work is done, not only will the sun be shining your house will too.

Whether you’re doing your annual spring clean-up or a weekly deep clean, find out how to clean your house fast.

Spring is also a great time to clean up your insurance. Make sure you have the right homeowners insurance policy that suits your needs and budget.

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Personal Finance Tips for Dealing with Inflation

Personal Finance Tips for Dealing with Inflation

Posted on by Shield Insurance Agency

Nationwide Insurance | September 16, 2022 | Inflation | Start a Quote Today!

Inflation is at the top of everyone’s minds right now. Our recent Nationwide Retirement Institute® survey found the majority of U.S. parents (60%) listed inflation or the rising cost of living as their top financial concern right now. [1] Coming out of the Covid-19 pandemic, we have seen supply-chain issues, as well as rising consumer demand. Add in the fear of a potential recession, there’s a lot in the current environment that is putting pressure on families.

Personal Finance Tips for Dealing with Inflation

We’ll discuss what is causing inflation and how to save money with our personal finance tips that you can take to help deal with inflation.

What is causing inflation?

To put it simply, inflation is a measure of the rate that goods and services are rising in the economy. Inflation can occur nearly everywhere, from basic daily needs and services such as food and housing, and also in luxury goods, such as cosmetics, vehicles, and more. [2] When inflation is rising, it can make consumers’ purchasing power less valuable. If the inflation rate in a given year was 5% and your yearly salary increase was only 3%, you would have less purchasing power in the next year.

So, what exactly causes inflation? There are a variety of factors that can play into the inflation rate rising, but we’ll break down a few here.

Supply and demand

When consumers want to spend more either with cash or by accessing extra credit, businesses could raise prices due to not being able to keep up with supply at the rate that consumers are wanting. Businesses also might see this as an opportunity they can raise their prices more without losing customers, as demand is so high that consumers will buy regardless.

Supply chain issues

Supply chain issues can also lead to increase inflation. The coronavirus pandemic forced many factories to either shut down or limit production. This led to less supply across many different industries. On top of that, there has been a shortage of workers across different industries and it is more expensive to ship products right now.

In short, there is often not one single issue that drives the increase in inflation, and there are a variety of factors that come into play and affect different industries all at once. [3]

How to deal with inflation

While we can’t personally affect how inflation is roaring throughout the country, there are different steps we can take to help ourselves save money and not feel the sting of inflation as hard.

Make a budget

One good step is making a budget to track how much you are spending each month to hold yourself more accountable. You might be spending more than you realize in some areas or find that you have a recurring expense that you forgot about. You can then reallocate your spending to different areas, invest your money, or save some money based on your budget. For some more tips on how to create a budget, view these tips from The Balance or start developing a realistic plan with our budget worksheets.

Save money at the grocery store

While many of us are feeling the extra cost of food and groceries, there are many ways we can try to grocery shop on a budget. Our previous blog goes into detail on 14 different ways that you can save on groceries so you have that money to use elsewhere.

Make extra money with a side job

Side gigs have become increasingly popular these days, as many of us look for some extra cash to meet our financial goals. There are a variety of different ways you can make extra money with a side job, depending on your time commitment and how much you are looking to make.

Here are 13 different side jobs that provide a high reward for low commitment.

Invest

Investing can be a way to get out ahead of inflation and potentially receive a better rate of return on your money. Traditional savings accounts will most likely not provide a larger rate of return than the cost of inflation, so you may not be taking full advantage of your money by leaving it all in a savings account.

Nationwide has many different options when it comes to helping you prepare for your financial future with investing and retirement. Learn more about our annuity, life insurance, mutual funds, ETFs, retirement plans, and more here.

If you are looking for a financial specialist who can help you with your investing needs, you can find one here.

Take advantage of insurance discounts

Insurance discounts are also a great way to keep yourself on budget and save some extra money. Nationwide offers discounts on car insurance and gives our members a variety of different ways to save. We also believe that dependable homeowners insurance shouldn’t strain your budget. View our full range of available home insurance discounts here to help yourself start saving more today.

Work with a finance professional

To make sure you are staying on track with your financial goals, a financial professional can help with money and retirement planning. No matter your stage of life or where you are at in your retirement planning, you can find a financial professional who fits your unique situation to help you reach your financial goals.

Find a financial professional here.

Inflation Conclusion

While we can all certainly feel the sting of inflation in our daily lives and the products and services we buy regularly, there are various ways that we can work to save money and come out ahead. Whether it’s making a budget, finding ways to save at the grocery store, investing, finding a side job, or using Nationwide’s insurance discounts, find what works best for you on how to save money in your daily life.

Inflation Sources:

[1] Nationwide Financial Family Finances Flash Poll Findings, August 2022

[2] https://www.investopedia.com/ask/answers/111314/what-causes-inflation-and-does-anyone-gain-it.asp

[3] https://www.nytimes.com/article/inflation-definition.html

Disclosure:

Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.

NFM-21839AO.1

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