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Liz Weston

Q&A: Self insurance brings risk

July 23, 2018 By Liz Weston

Dear Liz: A letter writer in your column says that “self insurance,” or going without health insurance, “certainly reinforces healthy lifestyle choices.” My husband made all of those “right” choices for more than 60 years, which was absolutely no protection against being diagnosed with brain cancer. Your penny-pinching correspondent might currently be running marathons or doing daily yoga, but as Clint Eastwood put it: “You’ve gotta ask yourself one question: ‘Do I feel lucky? Well, do ya, punk?’”

Answer: As a nation, we could certainly lower our healthcare costs by choosing healthier lifestyles — exercising, avoiding obesity, not smoking and so on. But accident or illness can strike even the healthiest among us, which is why health insurance is a necessity not just to ensure we can get care but to protect against catastrophic medical bills.

Unfortunately, as human beings we often have the delusion that what’s happened in the recent past will continue indefinitely. If we’ve been lucky with our health, we may think that will always be the case. The reality is that everybody’s luck runs out at some point, and often does so at great expense.

Filed Under: Health Insurance, Q&A Tagged With: health insurance, q&a

Friday’s need-to-know money news

July 20, 2018 By Liz Weston

Today’s top story: Why traditional credit scores still matter. Also in the news: Staying ahead of travel scams, banks still playing with financial fire, and the benefits to maxing out your retirement contributions early in the year.

Newfangled Data Aside, Credit Scores Still Matter
Those 3 numbers still reign supreme.

Stay a Step Ahead of Travel Scams
Traveling safely.

After ’08 Meltdown, Banks Still Play With Financial Fire
And we’re the ones who get burned.

Should You Max Out Your Retirement Contributions Early in the Year?
A new study shows interesting results.

Filed Under: Liz's Blog Tagged With: 2008 collapse, banking, Credit Scores, retirement contributions, travel scams

Thursday’s need-to-know money news

July 19, 2018 By Liz Weston

Today’s top story: 3 credit score myths you should stop believing. Also in the news: Vinyl siding costs and how to keep them down, 6 big ways credit can affect your life, and 1 in 3 parents will help their kids pay off student loans.

3 Credit Score Myths You Should Stop Believing
It’s all about the numbers.

Vinyl Siding Costs and How to Bring Savings Home
How to keep costs down.

6 Big Ways Your Credit Can Affect Your Life
From buying a home to getting a new job.

1 in 3 parents will help their kids pay off student loans
And it could impact their retirement.

Filed Under: Liz's Blog Tagged With: credit score myths, Credit Scores, home improvement, Student Loans, vinyl siding

Wednesday’s need-to-know money news

July 18, 2018 By Liz Weston

Today’s top story: 5 steps to change homeowners insurance paid through escrow. Also in the news: Getting by on the average retirement income, TSA-Approved ways to cut the airport screening lines, and how to tell if your company’s 401(k) plan is any good.

5 Steps to Change Homeowners Insurance Paid Through Escrow
Seamless transition.

Could You Get By On the Average Retirement Income?
Will you have enough?

TSA-Approved Ways to Cut the Airport Screening Line
You can leave your shoes on.

How to Tell if Your Company’s 401(k) Plan Is Any Good
Is it worth contributing to?

Filed Under: Liz's Blog Tagged With: 401(k), escrow, homeowners insurance, pre-check, retirement income, Savings, TSA

Tuesday’s need-to-know money news

July 17, 2018 By Liz Weston

Today’s top story: Bartenders spill secrets for keeping your tab in check. Also in the news: How a remodeling project changes your property tax bill, tips for back-to-school shopping, and how to use your bank’s automatic transfer tools to make budgeting easy.

Bartenders Spill Secrets for Keeping Your Tab in Check
Avoiding a financial hangover.

How a Remodeling Project Changes Your Property Tax Bill
That new bathroom just increased your home’s value.

Cross Items Off Your Back-to-School List With These Tips
Almost time to go back to school.

How to Use Your Bank’s Automatic Transfer Tools to Make Budgeting Easy
Automating your banking can make saving money easier.

Filed Under: Liz's Blog Tagged With: auto transfers, back-to-school shopping, banking, bar tabs, property tax, remodeling, tips

Why traditional credit scores still matter

July 17, 2018 By Liz Weston

Researchers and startups say all kinds of weird data can predict your creditworthiness. What kind of smartphone you have, who your friends are and how you answer survey questions may foretell how likely you are to pay back a loan.

Don’t expect this alternative data to displace the three-digit number most lenders use, however. Credit scores still matter — a lot.

Lenders use credit scores to decide whether you get loans and credit cards, plus the rates you pay. Scores are also used to determine which apartments you can rent, which cell phone plans you can get and, in most states, how much you pay for auto and homeowners insurance.

In my latest for the Associated Press, why traditional, three-digit credit scores still matter.

Filed Under: Liz's Blog Tagged With: Credit, Credit Scores

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