2016 Election and Your Finances – Napkin Finance
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December 15, 2016

2016 Election and Your Finances

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Sometimes, life doesn’t go your way. Luckily, un Sometimes, life doesn’t go your way. Luckily, unemployment insurance benefits are available to help get you back on your feet. But in order to collect the benefits, you need to figure out whether you qualify and then apply. You have to be unemployed to receive unemployment benefits. But you also typically have to meet a number of other criteria. 👉 Each state gets to decide its own specific requirements, but usually the program is only for people laid off through no fault of their own, who are available and looking for work, and who meet wage and time worked requirements. The program is generally not for people who are: ❌ Unemployed because they quit their last job ❌ Fired for misconduct ❌ Searching for their first job (sorry, recent grads) ❌ Reentering the workforce after voluntarily leaving (like after having a baby) ❌ Self-employed (although there have been temporary exceptions to this rule, like during the coronavirus pandemic) ❌ Too picky about the job they’ll take (like if you’ve been offered an acceptable job but turned it down) ‼️ You also typically must have some minimum length of recent work history or minimum level of earnings to qualify. Approval isn’t the last hurdle. You have to follow your state’s rules to stay eligible until you find a job or your benefits run out, whichever comes first. This often means: ✅ Regularly looking for work ✅ Continuing to file regular unemployment claims (often weekly) ✅ Reporting any money you do earn (some states let you make a certain amount while still getting benefits) ✅ Telling the state about any job offers you receive (including any you turn down) ✅ Registering with the state employment assistance center Exactly how long your benefits can last varies by state, but most states have a maximum of around 26 weeks (i.e., half a year). Did you know that almost seven MILLION people filed for unemployment in a single week in March 2020, as quarantine orders forced the U.S. economy to shut down? That all-time high shattered all the previous records for unemployment claims. 🤯
The choice between Renting or Buying a Home involv The choice between Renting or Buying a Home involves a lot of factors. 🏠🤔 As you weigh the pros and cons of renting and buying, ask yourself: ➡️ Will this house fit my family in size and location for at least the next several years? (Experts recommend staying in a house for at least three to five years in order to recoup closing costs.) ➡️ Can I get approved for a loan? (Qualifying usually depends on your credit score, income, down payment, and other debts.) ➡️ Am I ready to make a big commitment? (A home means more than just a financial commitment. It means you’re the one on the line if a pipe freezes in the dead of winter or the basement floods while you’re on vacation.) If you answered no to any of the above, then it could be that renting is still right for you (for now).If you’re truly undecided or you’re trying to make a cool-headed decision based on the numbers, consider the rule of 20. 👉 According to the rule, multiply your annual rent (i.e., monthly rent times 12) by 20. Compare that figure to the value of homes in your area. If the purchase prices are lower, it may be more cost-effective to buy. However, if the multiplied rental value is higher, it may make more sense to keep renting. Do you currently rent or buy your home? Share with us below!
FHA loans are a type of mortgage loan that’s ava FHA loans are a type of mortgage loan that’s available to people who might not qualify for a traditional mortgage. In particular, they can be an option for borrowers with worse credit or smaller down payments than what you usually need to get approved for a mortgage. Although the loans are made by private lenders (like banks), they’re insured by the federal government through the Federal Housing Administration (hence the name). FHA loans may be used to buy a number of different property types, including: ➡️ Single-family homes ➡️ Multi-family properties with up to four units ➡️ Condos ➡️ Mobile homes However, because the program limits how large of a loan you can access, mansions and high-end properties will probably be off the table. The exact maximum amount you can borrow varies by area (and is updated every year), but you can check with the FHA or some local mortgage lenders in your area to find out the exact figure. Applying for an FHA mortgage and buying a home with one isn’t really different from the usual mortgage and homebuying process. The only key is you have to work with a lender that offers FHA loans (because not all do). And just like applying for a traditional mortgage—you probably want to find a few potential FHA lenders and shop around for the best interest rate. Just make sure you submit all your applications within a week or two so that your credit score only gets dinged for one hard inquiry. Although easier qualification requirements sound great, FHA mortgages come with some drawbacks. A key consideration is the monthly mortgage insurance payment. With traditional mortgages, you only have to carry mortgage insurance if you have less than 20% equity in the home, and you can stop carrying (and paying for) the insurance once you reach that point. With an FHA loan, you’re required to carry that insurance for the entire life of the loan (or until you refinance into a traditional mortgage). 👉 There’s no shame in getting help. The FHA backs more than eight million mortgages on more than $1 trillion in loans in total. Visit napkinfinance.com to learn more.
Well, it was fun while it lasted. 🙃 Well, it was fun while it lasted. 🙃
If you want to start a new business in 2023, you'l If you want to start a new business in 2023, you'll probably want to create a #BusinessPlan. A business plan is a document that outlines your vision for your business. It describes your big-picture dream for where your company is going but also includes some of the nuts-and-bolts steps you’ll need to take to make your dream a reality. You’ll use your business plan to: ➡️ Stay on track ➡️ Measure your progress ➡️ Court investors ➡️ Recruit employees and partners You can consider including the following in your business plan: ✅ Executive summary—A quick overview of your whole plan. ✅ Business description—The basics of your business model and what your company has accomplished so far. ✅ Market analysis—Who are your customers and who are your competitors? ✅ Organization and management—What’s your company’s legal structure? Who are the superstars on your team? ✅ Marketing plans—Your plan for getting the word out about your business and finding customers. ✅ Funding needs—How much money do you need to get off the ground? ✅ Financial projections—Your best estimate of your company’s sales and profits for its first few years. Here are some important things to keep in mind as you draft your business plan: 📈 Trends: Consider who will use your product or service and how fast that market is growing (or whether it’s there at all). Online research or focus groups might help refine your plan. 👩‍💻 Audience: Write your business plan for its intended audience. If you’re planning to find investors or ask a bank for a loan, research what information they’ll want to see and be sure to include it. 🤝 Help: You don’t have to go it alone. Ask a friend to look at what you’ve drafted, find a professional, or talk to another business owner who can give feedback and suggestions. Family is a possibility but take what they say with a grain of salt. Your grandma’s going to support you even if you’re trying to sell milk to a cow. Click our link in bio or today's stories to learn more, including tips on when to update your business plan and beyond!
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