Closed on Labor Day

Everyone at Sjoberg & Holmstrom Financial Services in Mora, and Your Safe Money Show, hope you're having a wonderful and safe Labor Day weekend.
Our office will be closed on Labor Day and will reopen at 8 a.m. on Tuesday September 3. You can leave a message at 320-679-5183.

Highlights for August 31st Your Safe Money Show

What's happening on Your Safe Money Show this Saturday, August 31st?
Scams! There’s so many I’ll go over the most common one’s that target seniors and what you can do to protect yourself.
When your grown child lives a distance from you, when you retire should you move to be near them? This can be a tough decision; I’ll have some insight for you on this topic.
And I’ll have how to avoid the 10 money pits of retirement. 
Listen at 7:30 a.m. at 95.5 FM KBEK. They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.

Homeowners insurance for older Americans

Is carrying a credit balance a good idea?

I heard someone say the other day that carrying a balance of some kind on your credit card month after month will improve your credit rating. Truth is that’s wrong, why is it wrong? Well first of all, the actual balance on your credit card makes up only a tiny fraction of your credit score. Yes, credit utilization — which is the part that carrying a balance is involved with — is one component, but so is payment history, the length of your credit history, the types of accounts you have, and how many credit inquiries you've had recently which means people checking on your credit. In fact, most credit score systems focus primarily on payment history above the other factors, not the credit utilization.
In fact, most credit scores prefer that you remain below 30% of your credit utilization. In other words, they want you to have a balance equal to 30% of your credit limit at the absolute maximum. Carrying more than that actually hurts your credit score.
And we all know the higher your credit score the better rates you get on a mortgage, rent, insurance and more.
For more information go to yoursafemoneyshow.com.

Your Safe Money Show Taking Social Security while working 8 24 19

Your Safe Money Show highlights for August 24th

Make plans to tune in this Saturday morning (August 24) at 7:30 at 95.5 FM for another edition of Your Safe Money Show.
Topics this week, more and more people are working longer, and some are also taking their Social Security benefits. It’s important you understand the impact on your finances if you take your benefits and work at the same time. 
I know for some clients deciding to retire is really difficult, I’ll have reasons to delay retirement one more year, the pro’s and con’s.
And if your considering retiring in a Senior Mobile Home Park, I’ll have some insights for you to think about. 
KBEK streams live at kbek.com. And you can hear recent shows at your convenience at the podcast page at yoursafemoneyshow.com.

401(k) options when leaving a job

IRS Scam

The scammers have changed their tactics. In the past you've heard the IRS will never call you and send you email demanding money, but they will send you a letter. Well now the scammers are sending letters that look like they're from the IRS.
If you get a letter and are unsure if it's the real thing contact the IRS, their website is at irs.gov. Or take to your local police department. You can also check with your tax person, they should recognize if it's fake or not.

Debt when you die

If you have debt when you die, what happens to that debt?

For the most part, your debt dies with you, but that doesn’t mean it won’t affect the people you leave behind. According to an estate attorney, debt belongs to the deceased person or that person’s estate. If someone has enough assets to cover their debts, the creditors get paid, and beneficiaries receive whatever remains. But if there aren’t enough assets to satisfy debts, creditors lose out (they may get some, but not all, of what they’re owed). People often worry they will be responsible for a family member’s debt, but that usually isn’t the case. However, it’s not always that simple. The type of debt you have, where you live and the value of your estate significantly affects the complexity of the situation.

If you are a co-signor or co-applicant on an account you could be responsible for that debt. Having a good estate plan could eliminate concerns about debt when you die.
Call Sjoberg & Holmstrom Financial Services if you have questions or concerns 320-679-5183.

Your Safe Money Show Are medications from Canada ok 8 17 19

Inverted yield curve

 Here’s the key points to understand:

 An inverted yield curve means interest rates have flipped on U.S. Treasury’s with short-term bonds paying more than long-term bonds.

It’s generally regarded as a warning sign for the economy and the markets.

A recession, if it comes at all, usually appears many months after a yield curve inversion.

One reason inversions happen is because investors are selling stocks and shifting their money to bonds. They’ve lost confidence in the economy and believe the small returns that bonds offer might be better than potential losses they could incur by holding stocks into a recession. So, demand for bonds goes up and the yields they pay go down.

An inverted yield curve, like most other indicators, is not perfect and doesn’t mean a recession is imminent. However, between that and the rising amount of negative-yielding debt in the world, strange things are happening with the bond market these days, and that’s what’s got investors on edge. For consumers, it’s reason for caution but not panic.

If you’re nearing retirement having at least a portion of your retirement income safe, from the volatility of the market is a good idea. Call me for an appointment 320-679-5183.

Your Safe Money Show highlights for August 17th

Hope you can tune in this Saturday morning August 17th, at 7:30 a.m. for Your Safe Money Show. We'll discuss, the cost of some medications having people looking to buy in Canada. I"ll have details plus options to help pay for some medications.
There are things you can do now that will help you with your taxes next year, we’ll get into that.
And there is a system to redeem damaged currency and I’ll explain how that works. 
Listen at 95.5 FM KBEK. They stream live at kbek.com.
To hear recent shows go to the podcast page at yoursafemoneyshow.com.

Credit Life Insurance- Safe Money Minute

How to stop harassment for debt you don't owe

More and more people are getting harassed by a bill collector for a bill that’s already been paid, or never was your bill. If this ever happens to you, here’s what experts recommend you should do to resolve the situation.
First, Dispute the Debt Within 30 Days. If a consumer doesn’t take this step, the debt collector will assume the debt to be valid. 
Get Verification of the Debt. The Fair Debt Collection Practices Act says verification is simply providing the name and address of the original creditor or the copy of a court judgment saying you owe the debt.
Tell the Debt Collector to Stop Contacting You. If you don't think that the verification proves the debt is yours, you can notify the collector in writing not to contact you anymore, and by law, the company must cease.
If You Are Sued, Respond Immediately. Even though by law debt collectors must stop calling you if you request it, their debt-collection efforts can still continue, including filing a lawsuit against you. According to an attorney, if you don't answer in time, they will win by default in the courts. They can go to the court and try to garnish your wages and freeze your bank account.
Complain—or Sue. The Consumer Financial Protection Bureau is where you can submit a complaint. You can also take complaints to your state’s attorney general, who can enforce fair debt collection practices. You can take the debt collector to court.
https://www.consumerfinance.gov/complaint/

Your Safe Money Show Insights on Ageism 8 10 19

Your Safe Money Show highlights for August 10th show

There was a symposium recently on ageism, looking at age 50 plus, and I’ll have the results of that conference.
Also, I have information about how expenses affect us in retirement?
And we’ll consider alternatives to long-term care insurance. 
Listen at 7:30 a.m. Saturday mornings at 95.5 FM KBEK.
They stream live at kbek.com.
Hear recent shows at our podcast page at yoursafemoneyshow.com.

In store financing

Reprise broadcast of Your Safe Money Show on KBEK

Tune in for a special broadcast of Your Safe Money Show, brought to you by Sjoberg & Holmstrom Financial Services, on Wednesday, August 7th at 10 a.m. at 95.5 FM KBEK. 

Tips when renting a car

Keep these tips in mind the next time you go to rent a car. Whenever possible prepay for your rental. On average you’ll save six dollars a day.
Next, the vehicles at airport locations typically cost more because of airport fees. Take a cab from the airport to a rental place near the airport, you can save a lot doing this. 
You may purchase a tank of gas from the rental company at time of rental and return the vehicle with as little gas as you prefer. Be aware that they are unable to issue a refund for unused fuel. However, this method eliminates the need for you to refuel the tank prior to returning. The best bet is to fuel up yourself and check the prices online before you make a decision.
Check the amount of gas you have in your tank before you drive off, because if it's not at or above that level when you bring it back, you're going to be charged an arm and a leg. Inspect your car for any small dings or dents before you pull out of the lot, and make sure the inside is clean and free of stains or damage of any sort. Take a few pictures of both the outside and inside of the car in case they try to charge you upon return for damage that was present when you got the car.
You’ll be encouraged to purchase car rental insurance called a CDW, collision damage waiver. You don’t need this if you have full coverage on your own car.

Your Safe Money Show Ages for retirement planning 8 3 19

Your Safe Money Show highlights for August 3

If you’ve ever been contacted by a debt collector for a bill you’ve already paid, or you were unaware of, you're not alone. I’ll have how to handle this type of situation. 
Many people rent cars, and there are secrets that the rental companies don’t necessarily want you to know, we’ll go into that.
And when it comes to retirement planning you need to do certain things at specific ages, I’ll break that down for you.
Listen at 7:30 a.m. at 95.5 FM KBEK.
They stream live at kbek.com.
Hear recent shows at the podcast page at yoursafemoneyshow.com.