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Liz Weston

Thursday’s need-to-know money news

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Today’s top story: How to find an LGBTQ-Supportive financial advisor. Also in the news: A new episode of the Smart Money podcast on setting your business up for success, the debate over student loan cancellation, and which items actually got cheaper this month.

How to Find an LGBTQ-Supportive Financial Advisor
Financial advisors exist for every income level and can help LGBTQ+ people realize their goals and ensure their wishes are honored.

Smart Money Podcast: Nerdy Business: Setting Your Business Up for Success
This week, we talk with a business owner about how she turned on-the-side consulting work into a business with multiple revenue streams — and her passion for supporting other Latina entrepreneurs.

Are 0% Interest Student Loans Better Than $10K Cancellation?
Cancellation is the most popular proposal to address student loan debt, but it isn’t the only one out there.

These Items Actually Got Cheaper This Month
The new Consumer Price Index spells trouble, but not all items are affected.

Wednesday’s need-to-know money news

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Today’s top story: Advice for renters priced out of homebuying. Also in the news: How to book a flight that (likely) won’t get canceled, U.S. drivers’ gas spending soars, and how to build generational wealth.

Advice for Renters Priced Out of Homebuying
Use a timeout from home shopping to reevaluate goals and strengthen finances.

How to Book a Flight That (Likely) Won’t Get Canceled
Airline cancellations can’t be avoided entirely, but there are smart steps you can take to prepare just in case.

U.S. Drivers’ Gas Spending Soars Toward $562 Billion in 2022
If there were a poster child for current inflation, it would be the price of gasoline.

What is generational wealth and how do you build it?
Experts shared some ways for people to begin to build generational wealth.

Tuesday’s need-to-know money news

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Today’s top story: How the rest of 2022 might play out for homebuyers. Also in the news: How a hotel satisfaction promise has led to more discontent, 4 money moves to make before baby arrives, and when to choose miles over reward points.

‘Good deals for the bold:’ How the rest of 2022 might play out for hopeful homebuyers
Demand still exceeds supply, but the imbalance isn’t as lopsided as it was before rates went up and home sales slowed.

How a hotel satisfaction promise has led to more discontent
In the 1990s and early 2000s, hotels began offering 100% Satisfaction Guarantees to customers

4 money moves to make before baby arrives
Do them before the sleep deprivation kicks in.

When to Choose Frequent Flyer Miles Over Rewards Points
https://lifehacker.com/when-to-choose-frequent-flyer-miles-over-rewards-points-1849163378

Monday’s need-to-know money news

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Today’s top story: Are 4-day workweeks and flexible hours the future of full-time? Also in the news: A new episode of the Smart Money podcast on home affordability trends in the United States and abroad, what to do if you can’t out-budget inflation, and how to set your own prices for Amazon Prime Day.

Are 4-Day Workweeks, Flexible Hours the Future of Full-Time?
While a shorter week sounds appealing, there are trade-offs — and perhaps other ways to raise worker satisfaction.

Smart Money Podcast: Why Are Homes Pricey in the U.S. and Abroad?
This week’s episode is a conversation among NerdWallet’s housing Nerds who discuss home affordability trends in the United States and abroad.

What if You Can’t ‘Out-Budget’ Inflation?
Inflation is a nightmare for the many Americans who already stretch their dollars to cover basic needs.

How to Set Your Own Prices for Amazon Prime Day (and Why You Should)
Beat Amazon’s manipulation tactics by setting your own maximum prices on Prime Day.

Q&A: How to walk away from timeshare maintenance fees

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Dear Liz: We have owned a timeshare since 2007. It’s paid in full. We are not using it anymore and would like to stop paying the annual maintenance fees. Help! Selling or giving it away is not easy. Should we just stop paying the maintenance fees? At 71, how bad could the impact be?

Answer: Timeshare developers have different policies about pursuing unpaid maintenance fees. If the developer turns your account over to a collections agency, your credit could suffer for up to 7½ years.

Before you simply stop paying, consider first asking the developer to take back your timeshare. Only a few timeshare developers have formal programs to accept surrendered timeshares, but many will consider doing so as long as the timeshare is paid off. Ask to speak to the person who handles such surrenders or “deed backs.”

If the developer resists, you have a few other options. Sites such as the Timeshare Users Group and RedWeek have marketplaces where you can list your timeshare. You may have to offer to pay the maintenance fees for a year or two as an incentive to get someone to take the timeshare off your hands. Another alternative is to rent your timeshare, since you might be able to cover the maintenance fees that way.

If someone contacts you offering to help sell your timeshare, it’s probably a scam. You can find legitimate brokers who facilitate sales by contacting the Licensed Timeshare Resale Brokers Assn., but these professionals typically only handle sales at high-end resorts.

Q&A: Credit rating after mortgage payoff

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Dear Liz: We are recently retired and will own our home free and clear in about six months. Will not having regular mortgage payments dent our credit ratings? If so, what can be done as a good substitute?

Answer: Your credit scores may dip after you pay off your mortgage, particularly if you don’t have another installment loan such as a vehicle or personal loan. To get and keep the highest credit scores, you typically need both installment loans and revolving accounts, such as credit cards.

The good news: You don’t need the highest credit scores to get the best rates and terms from lenders. Using credit cards lightly but regularly can help you maintain good scores without taking on debt.