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Liz Weston

Q&A: To sell or not to sell that collection

November 23, 2020 By Liz Weston

Dear Liz: You’ve twice advised collectors to sell their collections while they’re still alive, rather than leave the task to an executor who won’t have the collector’s intimate knowledge of the market for these items. Collectibles bring joy to the collector and are probably most valued the closer the end approaches. It would bring sadness rather than joy to unload them right at that point in life. Right now, I’m trying to declutter my house and even the stuff that has been moldering in boxes for decades hurts a little to let go of. I’m named as the executor in a buddy’s trust and will need to move his tools. Even if his old arthritic hands can’t operate the lathe anymore, he looks at the machine and I can see the memory of turning a bowl in the expression he wears. I say, accept the responsibility of an executor fully.

Answer: If you haven’t served as an executor, you may not fully understand how daunting and time consuming the task can be even without having to deal with a large collection.

No one is suggesting that people divest themselves entirely of a prized collection. But letting go of stuff can be immensely freeing, as well as a real gift to the people we leave behind.

If you need motivation to continue your decluttering, consider reading Margareta Magnusson’s book, “The Gentle Art of Swedish Death Cleaning: How to Make Your Loved Ones’ Lives Easier and Your Own Life More Pleasant.”

Filed Under: Follow Up, Q&A Tagged With: collectibles, follow up, q&a

Q&A: When paying debt hurts credit score

November 23, 2020 By Liz Weston

Dear Liz: You recently answered someone whose credit scores dropped more than 30 points after they paid off a mortgage. You mentioned that the big drop was probably because the mortgage was the person’s only installment loan. Credit scores like to see active use of both types of credit, installment loans and credit cards. Because this person’s scores were so high, they almost certainly were still actively using credit cards. But you should remind people that if they stop using credit, eventually they won’t have any credit scores at all.

Answer: Consider them reminded. There’s no need to carry balances; just using credit cards regularly is enough.

A few other readers wrote in suggesting the letter writer get a personal loan as a way of increasing their scores. Although personal loans can be a great help to people building credit, there’s really no point in increasing scores once they’re above about 760 on a 300-to-850 scale. Higher scores only get you bragging rights, and it would be a little silly to pay a lender unnecessary interest to get those.

Filed Under: Credit Scoring, Q&A Tagged With: credit scoring, q&a

Friday’s need-to-know money news

November 20, 2020 By Liz Weston

Today’s top story: Financial advice that rarely fits all. Also in the news: Telehealth gets a boost among Medicare recipients in the pandemic, things to keep your holiday packages safe, and when you should transfer your credit card balance to a low-interest card.

Financial Advice That Rarely Fits All
One size doesn’t always work.

Telehealth Gets a Boost Among Medicare Recipients in Pandemic
Medicare dramatically expanded benefits for remote health care in response to COVID-19. Here’s what you need to know.

Do These Things to Keep Your Holiday Packages Safe
You can invest in a security camera or send packages to a secure location, like the post office.

Should You Transfer Your Credit Card Balance to a Low-Interest Card?
Look out for the introductory period.

Filed Under: Liz's Blog Tagged With: credit card balances, financial advice, holiday packages, Medicare, pandemic, telehealth, theft

Thursday’s need-to-know money news

November 19, 2020 By Liz Weston

Today’s top story: How small businesses can help workers save. Also in the news: 8 housing and mortgage trends for 2021, 45% of federal student loan borrowers unsure they can pay, and how to get your collectibles appraised.

How Small Businesses Can Help Workers Save
Small businesses can offer inexpensive ways to help workers save automatically through payroll deduction.

The Property Line: 8 Housing and Mortgage Trends for 2021
Low mortgage rates, strong home sales and evictions are among the trends expected in 2021.

Survey: 45% of Federal Student Loan Borrowers Unsure They Can Pay
Millions face the return of their monthly bill in January as the automatic pause for federal student loans ends.

How to Get Your Collectibles Appraised
Just how much is that signed baseball worth?

Filed Under: Liz's Blog Tagged With: collectibles, federal student loans, housing and mortgage trends, payroll services, small businesses

Wednesday’s need-to-know money news

November 18, 2020 By Liz Weston

Today’s top story: Grace period over? Refinance these student loans ASAP. Also in the news: smart tactics for Millennials flocking to buy life insurance, how senior insulin users may benefit from Medicare savings model, and how to stay on track with a budget calendar.

Grace Period Over? Refinance These Student Loans ASAP
New graduates shouldn’t wait to see if they can refinance their private student loans.

Smart Tactics for Millennials Flocking to Buy Life Insurance
Millennials applying for life insurance can skip medical exams, simplify the process and pay less than they expect

Insulin Users May Benefit From Medicare Senior Savings Model
Seniors with diabetes may pay less for insulin with this program, which debuts in some Medicare drug plans in 2021.

Stay on Track With a Budget Calendar
One day at a time.

Filed Under: Liz's Blog Tagged With: budgets, insulin, life insurance, Medicare, millennials, Seniors, student loan refinancing

How small businesses can help workers save

November 18, 2020 By Liz Weston

Donna Skemp of Bend, Oregon, struggled to save before she signed up for an automatic savings plan offered by her employer’s payroll services company. Now, some of her pay goes into a federally insured, interest-paying savings account that she can access any time with a debit card.

“It’s painless, and it’s so easy,” says Skemp, accounting and office manager for the nonprofit Every Kid Sports, which pays sports registration fees for children from low-income families.

Skemp is lucky — more than one-third of private-sector workers don’t have access to workplace savings plans via payroll deduction. Many small-business owners may think such plans are too expensive or complicated to administer. In my latest for the Associated Press, find out why that isn’t so.

Filed Under: Liz's Blog Tagged With: emergency savings, payroll services, small business owners, small businesses

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