Millennials Get the Best Rates on Life Insurance & They Don’t Even Know It

When you hear the term “life insurance”, what comes to mind? Is it your parents’ and grandparents’ generation? Is it a sad thought like death or the process of planning a funeral? Or, is it something that you have on your to-do list to understand when you are “older” because you are not in that headspace right now? For many millennials, life insurance is just not high on their priority list, which is evident from the 2015 study from Life Happens and LIMRA that found that “60% of millennials prioritize mobile phones, internet, and cable over life insurance”. I believe that millennials are not jumping on the life insurance bandwagon because the idea of death seems so far away. More than that, millennials do not understand what life insurance is, what it does, and how we, as a generation, are in the best position to get the most affordable rates. Cell phones, internet, and cable are all elements of one’s day-to-day life whereas the need for life insurance is so far out, right? Wrong. Having life insurance provides a day-to-day safety net that financially protects the people who depend on your income, like family and in some cases friends, in the event that something happens to you.  How to Get Affordable Life Insurance | from Money & Career Blog, She Makes Cent
Of the living generations, millennials are in the best position to take advantage of the best rates on life insurance. That is because insurance companies view millennials as low risk because of their youth and presumably good health. Those “low-risk” statuses are one of the main reasons that millennials save more money and are able to lock in a lower, more affordable rate as compared to older generations. To take the savings potential even further, millennial women, in particular, generally receive the lowest quoted rate. That is because women live longer and are perceived to be less likely to partake in risky hobbies such as skateboarding, skiing, and sky diving – all hobbies that insurance companies consider dangerous, cause premium increases and are often attributed toward experiences men enjoy more by insurance companies. When you think about it in those terms, it should not be so surprising that millennials get the best rates on life insurance.

Why Do Millennials Get the Best Rates for Life Insurance?

The benefits afforded to the “avocado toast” generation and their ability to lock in an affordable rate is evident to Generation X (1965-1981) and the Baby Boomers (1946-1964) and not millennials, according to data collected from this Health IQ quiz.  When asked this questions, “Which of the following generations is most likely to get the best rate for life insurance?” the results were eye-opening. Of the generations represented, 80% of Generation X and 62% of Baby Boomers answered correctly, in comparison to only 33% of millennials understood their own savings potential. That’s right, 67% of millennials do not know they are in the best place to lock in the cheapest premiums.  The point of life insurance is to protect those people who are financially dependent on you. Traditionally, that includes a spouse or children, both of which represent life stages that millennials are delaying until later in life. However, life insurance also covers parent beneficiaries who may have co-signed on a loan for you and would be held responsible to pay off debts like your student loans should the worst happen. 

Related Post: 5 Things Every Millennial Should Know About Life Insurance

YES! Millennials Need Life Insurance | from Money + Career Blog, She Makes Cents
For a generation with information at their fingertips, who comparison-shops and lives for the deal, it is surprising to find out that we are missing such a great savings opportunity. Life insurance for millennials is affordable because of their presumed good health and youth. It can be even more affordable when you find a life insurance company, like the Health IQ, that celebrates people like runners, cyclists, high-intensity interval training athletes, vegans, and more with exclusive rates. These special rates reward one’s healthy lifestyle with financial gains that leave more money in your wallet. Many millennials are embracing a health-conscious lifestyle anyway, so why not tap into the full benefits that come with it. Life insurance is something that every adult should have, so why not consider one that rewards habits that keep you healthy, and for being a She Makes Cents reader, I am able to offer you this special rate. You will never be as young as you are today, so it is time to lock in a rate now while it is cheaper. Trust me, it is A LOT cheaper than you expect and your future self will thank you for it.

This post was first featured on the Health IQ blog and the Froogal Student.

She Makes Cents | Money, Career, & Lifestyle Blog for Goal Setting Millennial Women

52 Week BINGO Money Challenge | October Recap & End of the Year Money Goals

This morning, I took out my shemakescents 52 Week BINGO Money Challenge card to forecast what the next seven weeks of the year will be like, from a money savings goal perspective. Since January, I have saved money every week with the challenge and in doing so; I have cultivated a habit of saving. Financial guru, Dave Ramsey says that “personal finance is 80% behavior and 20″ head knowledge” and I am very inclined to agree. If you are a new reader and have no idea what the 52 Week BINGO Money Challenge is, click here to catch up. After forecasting the rest of the year to see whether I would be able to hit my latest money goal, getting my student loans to $12,500 or under by December 31, 2017, I started doing money projections for 2018.

First, I calculated how much and how quickly my debt would decrease if I made the same amount of money and repeated my most success money moves as I did this year. I then upped the ante to see how adding another $100 per month or $200 per month would get me closer to my goal of eliminating my student loan debt altogether. Finally, I increased my snowball calculations to see how quickly my debt would decrease if my income increased to match what I put on my vision board.  Looking at debt from these three different perspectives shows me the true cost of making different and better money moves, as well as, how quickly I can dump my debt.She Makes Cents 52 Week BINGO Money Challenge | Success StoryWhy do I do this, you ask? Sometimes I need a visual reminder of my goal at hand. I hear so many people say that they will never pay their debt off or that they are so overwhelmed by their debt that they choose not to even think about it, let alone to look at it. Do you remember that time, I broke down the difference between one day versus day one? If I waited years ago to get serious about tackling my debt, especially my student loans, I would never have been projected to hit my goal date by 2020, eleven years ahead of Sallie’s Mae schedule. The visual of saving eleven years of interest is enough to keep me motivated for these next three years.  That is because when you visualize something, especially positive associations with money, you give yourselves permission to prepare yourself to receive it.  

You don’t have to make a lot of money to get back on course with your money savings goals, nor do you have to be a personal finance guru. In the past two years, I have thrown an extra $5,550.00+ toward this debt (on top of my monthly payment) by chipping away at it piece by piece. In order to crush your savings goals, you first must change your mindset about your ability to succeed. Then you change your bad money habits and replace them with great money habits that honor your money goals. You see, it is not what we do every once in a while that makes us successful. Success is gained in our daily habits.

As we approach the end of one year and the beginning of a new one, I look forward to making new and fresh goals for myself. I look forward to not repeating my mistakes of the past and being willing to step out on faith when it comes to opportunities that come my way. Today, I affirm my success with my money goals for myself and for you too.
She Makes Cents | Money, Career, & Lifestyle Blog for Goal Setting Millennial Women

SMC Book Club: Boss Women Pray-31 Prayers to Increase Your Success & Spirit

Inspiration comes from many places. In my case, the inspiration for our next book club choice came from an Instagram story where another influencer, @theemmaroseagency, shared a screenshot of a page from a book she was reading. After reading the page for myself, I had to find out more information about that book that appeared to encompass money, career, and lifestyle from a woman’s point of view. This month’s She Makes Cents Book Club selection is from author and founder of the small business empowerment-coaching firm, Kachelle Kelly. Kelly coaches career-driven women to activate their hustle and their faith by providing innovative strategies to achieve authentic success and happiness in one’s business and life and I invite you to join the SMCmoneytribe as we dive into her book, Boss Women Pray: 31 Prayer to Increase Your Success & Spirit: The Comprehensive Prayer Guide for Entrepreneurs & Women in Business .

Disclosure: This post may contain affiliate links, which means we may receive a commission if you click a link and purchase something that we have recommended. While clicking these links won’t cost you any extra money, they will help us keep this site up and running.
Boss Women Pray- She Makes Cents Book Club

Boss Women Pray

The book Boss Women Pray will take us on a 31-day journey that is slated to inspire us to go after our dreams and visions by eliminating distractions. Who doesn’t love a good inspirational read?  It comes from a faith over fear approach to business and life and is rated 4.9 out of 5 stars on Amazon and 4.5/ 5 on Good Reads.  The prayers on each page will ignite something inside of you and make you feel like you were right there as these prayers were written. According to those who have already taken this 31-day journey, you no longer have to feel alone in your business endeavors. You will walk away from this book empowered out of your mind to reach your full potential in business and in life!  I don’t know about you, but I can’t wait to dive into this book with the read of the SMCmoneytribe.

How Our Book Club Works

We select a new book from a mix of editor and reader’s suggestions. For reader suggestions, we ask that selections embrace powerful women, business “cents”, fictional favorites, and anything that informs and inspires us.  We then announce that selection before the start of the month to give you time to opt in and go get the book.  Since the paper copy is just about sold out everywhere, you can order a digital copy here.  As you read the book, please leave your questions or comments for the book club in the comment section below.  We will begin discussions for this book on November 1st on Instagram and our Facebook group.   

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Millennial First Time Homebuyers: Send Me Your Questions

Millennials are breaking into the housing market with great force with hopes of attaining one of the biggest stepping-stones to the American Dream- homeownership.   Whether or not the American Dream still exists is questionable, but one thing that is certain is that as the largest active generation in the housing market at 34%, millennials are making lemonade out of lemons and turning the boomerang generation into homeowners.

Millennial First Time Home Buyers | Get Your Questions Answered on She Makes Cents

Buying a house is the largest financial investment that most people make in their lifetime.  Its benefits, especially if the path to homeownership is achieved by establishing better money habits before buying, result in financial rewards throughout the year.

Before buying a home, first-time buyers should save for a down payment, raise one’s credit score, and figure out how much house they can actually afford.  To take the savings benefits one step further, first-time millennial buyers are urged to do a little research of their own to see what tax breaks are available that makes the home buying process a little more affordable.  

Keeping affordability in mind, the housing and financial industries have teamed up to offer resources that make the transition of renting to owning easier for first-time and millennial buyers. By anticipating some of the financial setbacks plaguing millennials, such as staggering student loan debt, the Federal Housing Administration (FHA) have changed the amount allowed to be financed and lowered some of the qualifications to attract young buyers.  I bought my house five days after my 24th birthday with an FHA loan.  This was the best move for me at that time because I was looking for a nice apartment when I came across a property that was priced so well I couldn’t miss out on the opportunity.  I hadn’t saved specifically for a home or better yet a traditional 20% down payment, but I did have enough to put down to secure an FHA loan and become a homeowner by age 24.

Homeownership is affordable, attainable, and provides financial advantages for those who choose this path over renting.  While millennials are changing the narrative of the American Dream, one thing still rings true. Homeownership is still a good way to achieve wealth in the United States and thanks to the financial advantages of homeownership, the dream is so much sweeter. She Makes Cents | Money, Career, & Lifestyle Blog for Goal Setting Millennial Women

Are you thinking about buying your first home and have questions about the homebuying process?  Leave your comment or question below and/or tweet me @shemakescents to have your question answered.

Equifax Data Breach: How To Find Out If Your Personal Information Was Stolen

Equifax, one of the three largest US consumer credit reporting agencies, announced this week that they were victims of a cyber-security data breach that will potentially affect 143 million U.S. consumers. The cyber hackers got access to names, Social Security numbers, birth dates,  addresses, and driver’s license numbers to nearly half of the U.S. population, with potential breaches also affecting consumers in Canada and the United Kingdom. Although the official statement from Equifax was released this week, the unauthorized access occurred from mid-May through July 2017. Chairman and Chief Executive Officer, Richard F. Smith maintains, “We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations.  We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident.” Just because you are not a consumer of Equifax doesn’t mean that this breach won’t directly affect you. According to CNN, Equifax gets its data from credit card companies, banks, retailers, and lenders who report on the credit activity of individuals to credit reporting agencies, as well as by purchasing public records.

How Can You Find Out If You Were Affected By the Equifax Data Breach?

Equifax will send direct mail notices to consumers whose credit card numbers or dispute documents with personal identifying information were impacted. Additionally, Equifax has established a dedicated website, http://www.equifaxsecurity2017.com, to help consumers determine if their information has been potentially affected. As a consolation, Equifax is offering one year of credit file monitoring and identity theft protection, copies of Equifax credit reports, the ability to lock and unlock Equifax credit reports, identity theft insurance, and internet scanning for Social Security numbers for all U.S. consumers.

Equifax Data Breach: How Can You Find Out If You Were Affected By the Equifax Data Breach?

What You Should Do In the Event of Identity Theft

    1. Review your financial accounts daily
    2. Check your credit history at least twice a year
    3. Immediately report any errors or disputes (click here to see how to get the process started)
    4. Destroy all inactive and expired credit cards
    5. Contact your bank and/or credit card company to set up fraud alerts
    6. Change your passwords
    7. File a formal report with the Federal Trade Commission (FTC)

Monday Motivation | Measure Your Progress Not Your To Do List

The other day I was thinking about all the things I still want to do this year and started to get a little overwhelmed. As someone who is always looking forward and setting new goals, it is easy to get lost in what is left on the rolling to do list. Raise your hand if you can relate. By spending energy constantly thinking about how much we still have to do, we lose focus on what we have done already. One of my personal goals at the beginning of the year was to celebrate my successes, big and small, which to be frank; I have not really kept up with.Monday Motivation | Goal Setting Life Hack to Make Your Progress Feel More Impactful and Less Overwhelming

So today, I am encouraging everyone, myself especially, to review how we measure success and progress. Instead of focusing on how much you have left to do on a goal or project, measure your progress by much you have done already. Success Magazine backs up this paradigm with research. According to an article by Mel Robbins, a motivational speaker and entrepreneur, “research proves that seeing your progress and how much you have completed will inspire you to keep pushing”. I will celebrate the fact that I hit my money milestone with my student loans and not on the fact that I have a way to go before I can eliminate my student loan debt altogether. Reaching that milestone was not easy so I have to take a moment and appreciate how far I have come on that path to financial freedom. In addition to keeping a rolling to do list, start a “did it” list that you can go back and refer to when you need a motivational push to keep going. As I said, it is easy to get overwhelmed and forget all the great things you have accomplished. Measuring your progress by what you have accomplished and keeping a rolling list of things that you have completed so far will help each action, big so small, feel more impactful.Goal Setting Tips from She Makes Cents

How to Use Art To Blend His & Her Styles at Home

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The Mr. and I have been married for almost two years now and we have just started to decorate our home in a way that reflects both of our styles. The goal is a little less bachelor pad and a little more like something that reflects both of us. My style used to be eclectic but I am leaning more traditional with pops of accent colors. The Mr., well his style is clean modern lines and about four fewer pillows than I prefer. In addition to blending our furniture preferences, we have been working to blend our varying art styles. I left my 30”x30” canvas print of Audrey Hepburn at my old house for my niece to enjoy. I’m sure the Mr. appreciated that. The same way I took down some of his posters. To blend our two aesthetics, I came up with a design plan that reflects our joint loves, hobbies, and experiences. I believe people should walk in one’s home and think, oh, this is so them.

How to Blend His & Her Styles At Home

One thing that unmistakably represents us both is our love for the city of Atlanta. Although we are from two very different areas, we are both Atlanta natives. We are fluent in Southside, Eastside, and Buckhead, he can recite every Outkast lyric, and I am the queen of the Beltline. These are things we wanted our space together to represent- our love for music, our love for Atlanta, and our love for each other. During our first year of marriage, I bought a 45”x30” Boom Box canvas painting that represents our joint music interest. I then started a gallery wall of wedding pictures to represent our love for each other. The only thing that is missing is something Atlanta. We wanted our home to have a fun Atlanta flair by including iconic elements in the design for our home. What better than an art map of the city?  I started looking for a map that fit the style of our home when Modern Map Art contacted me to see if I would consider one of their maps in exchange for telling she makes cents readers about the experience.  They come in a range of cities and colors, including Aruba where we spent our honeymoon, but of course, we only had one city in mind.  

We decided on the black print because we both love the crisp contrast.  After we narrowed down the best color option for our home, the print arrived about 3 days later.  We both were pleasantly surprised that this wasn’t a traditional poster print.  The paper has a velvet-like finish that looks even better in person.   I am really into is oversize artwork so I requested the largest print size of 24″x36″ with the plan to have it matted and framed.  In my opinion, oversize art makes everything look more expensive and special, results my wallet and hubby can both appreciate.  One thing to keep in mind, though, when considering large-scale art for your home is framing.  I wanted to frame this print with a 4″ mat, which means I am now moving into custom framing which can be expensive.  To save money, I gave up the matted background.  The Mr. and I found a simple frame at our local Target and added the print in it the moment we got home.  Seriously, don’t you just love the scale of this? The Mr. modeled the print for me because I looked naked trying to take a similar picture in a dress.She Makes Cents- Modern Atlanta City Map PrintShe Makes Cents- Modern Atlanta City Map PrintWe are so proud of our growing art collection!  We keep trying out our new Atlanta print from Modern Map Art in different locations to find the best location in our home.  For now, it lives right next to our beloved Boom Box painting.  To grab your very own print to remember your hometown, the place you fell in love, or the best vacay ever, click here.  Insider Tip: Follow them on Instagram for 10% off your purchase  (code: INSTA10).

Major Milestone | She Makes Cents 6th Year Anniversary!

blogiversarySix years ago shemakescents started as a way for me to share my financial journey with the world… and by that I mean my dad and my cousin Dot because they were the only two people reading my stuff in the early days.  I kept writing because I wanted to share my story and connect with others.  I knew my financial journey felt different from my other twenty-something friends because they would come to me with their questions about buying a house and how to get ahead of student loan debt during a recession. Soon, other people joined my dad and cousin in subscribing to the blog and that was the first time I really felt like I wasn’t talking to myself.  In the past 6 years, I have been so surprised by the people who take a moment out of their busy day to tell me how much they enjoy reading shemakescents.  You have been with me when I paid off my credit card, bought a car off Craigslist and got married.  To the 1.3 MILLION visitors to she makes cents…. thank you for joining me for the past 6 years.  Stay tuned, 2017 has the potential to be our best year yet!

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What The Navient Lawsuit Means for Student Loan Borrowers

The government or more specifically the Consumer Financial Protection Bureau (CFPB)  filed a lawsuit against Navient, the nation’s largest student loan service provider last week. Navient is the twin sister to the head of the student loan mafia, Sallie Mae, Inc. that services the loans of more than 12 million borrowers, including my own.  As a loan service provider, they manage borrowers’ accounts, process monthly payments, and communicate directly with borrowers.  The suit was filed on January 18th  with another following just days before the transition of presidential power.navient-lawsuit

According to the CFPB Director, Richard Cordray, “Navient chose to shortcut and deceive consumers to save on operating costs. Too many borrowers paid more for their loans because Navient illegally cheated them and today’s action seeks to hold them accountable.” Some of the most pressing allegations include failing to correctly apply or allocate borrower payments to their accounts, steering struggling borrowers toward paying more than they have to on loans, obscured information consumers needed to maintain their lower payments and deceived private student loan borrowers about requirements to release their co-signer from the loan.  

What That Means for You?

If this lawsuit is successful, consumers affected by Navient’s alleged misdoings may receive some monetary restitution.  Don’t get too excited yet.  This is not a class-action suit that you can sign up for.  According to ClassAction.org, “Attorneys usually find out those who were affected by looking at the defendant’s records in a phase of the litigation known as the discovery phase. People who could be covered by the suit are usually sent a notice or check in the mail. The agency that filed the lawsuit will also have information on their website about the suit and who can claim money in the event of a settlement”.

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{Splurge or Save} Christian Louboutin Nail Polish


christian-louboutin-nail-polish

Anyone who knows me personally, knows that I have an affinity toward nail polish. The Mr. once described my behavior in a Sephora on the Las Vegas strip as a “lioness approaching her prey”. With that being said, I have tried it all and I must say, nail polish should not be a splurge. Take the Christian Louboutin nail lacquer that was released yesterday. For $50.00 a bottle, that is smaller than the average nail polish bottle I might add, what are you getting?- A nice rouge polish that can be replicated with OPI or even NYX polish (which is becoming my new favorite because of how long it lasts). You see, you are paying for a name, cool branding with the spiked top, and for people to see you wearing Christian Louboutin. But unlike his shoes, which can be readily identified by their distinctive red bottoms, no one is going to recognize your Rouge Louboutin polish. Think about it like this, 12 bottles of polish could buy you a pair of Louboutin heels…which I would consider a better investment, by far.  

Splurge or Save? : SAVE

Danielle

cropped-logo-twitter2014.jpgWould you spend $50.00 for nail polish?

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