Why Term Life Insurance is better than Whole Life

Purchasing life insurance is confusing. The fact of the matter is, some terminology requires a degree in English just to decipher it. When you are preparing to purchase life insurance, speak with an insurance agent that can explain these terms to you in ways you can understand them. There are benefits and drawbacks to both; however, term life insurance is a better option.

Only One Reason to Purchase Whole Life Insurance

To be quite honest, there is only one real reason to purchase whole life insurance. The main purpose of whole life insurance is to protect your family against estate taxes upon your passing. The other purpose is to make the agent and insuring company a lot of money.

The way that these insurance companies make so much money is by charging far more than they really should. The extra funds received from whole life insurance policy holders is used to make investments. This is how these companies pay the premiums to families of the deceased.

More Options Available

With term life insurance, you do pay a decent premium per year but with that, you have more options as far as coverage and how long you wish to purchase coverage for. Insurance companies do make estimates as far as your mortality rate in combination with your age and health conditions.

Term life insurance is less expensive. With this you also see a higher return and the ability to purchase a 10 – 30 year term. Premiums can be paid yearly or monthly for this type of insurance. You also have the option of purchasing annual term life insurance, which is more cost effective in the long run.

Deciding on the Right Policy Type

The decision here is simple, do you need to protect your family from estate taxes and fees or are you purchasing enough term life coverage to take care of everything? Once you make that decision, you just have to shop around for the best rates for the amount of coverage you wish to purchase.

As with any type of insurance, there are going to be restrictions and stipulations in place when it comes time to actually cash in on the policy. Make sure that there are no disclosures that will prevent your family from obtaining these funds upon your passing. Life insurance is meant to be in place to cover final expenses including funeral services, so that the burden is not on your family financially.

A Cash Drawer – The Last Piece of The Business Puzzle, Or Is It?

If you run a business where you handle cash transactions on a day-to-day basis, then you know just how important a cash drawer is. Food Service Warehouse highly stresses the need to keep a very close eye on every single bill and coin that goes in your cash drawer. It is possible for entrepreneurs to focus on other transaction types and ignore the seemingly unimportant Point of Sale (POS) cash drawer until the last minute, which can be quite disruptive. A cash drawer’s main function is keeping money safe, secure, and well-organized. This helps a great deal in the accuracy and speed of every cash transaction. A cash drawer usually works together with the rest of your POS hardware, all of which needs to be top quality in order to offer your customers a great POS service.

CashWith the understanding that cash drawers are invaluable in your business, you now need to make a decision as to which drawer is best for your specific line of business. For a very small business, a manual or an electronic cash register will do fine owing to its straightforward ease of use, however, as the business grows, a digitized cash drawer might be a good upgrade. If you realize late that you need a reliable cash drawer, or you have outgrown the one you have, then you need to get a drawer that features the following.

It should meet your needs as a Business

Today’s technology has a lot to do with getting software, which more often than not, works hand in hand with hardware. A cash drawer for today’s business should have software that allows the cashier to print receipts and sales reports, to mix product details, to offer the option of adding or changing menu items and many other functions. The drawer should also be of a reasonable size, such that it is not too big to occupy too much space at the counter, and at the same time, it should not be too small as to be unable to handle all your day’s earnings.

Finally, your drawer should have different tills or sections for notes and coins, and even a section for the different denominations. Some drawers come with adjustable tills, giving you the option of saving the right amount of space for each type of note, so you can arrange your money in ascending, descending, or any type of order you desire. For example, the Shopify cash drawer has five cash slots and five change cups, a size that is ideal for any business.

It should serve you for many years

The length of service of a cash drawer is directly proportional to the frequency of use, the materials it is made up of, and the manufacturer of the drawer. If queues are common in your line of business, where people have to stand in line as they wait to make a payment, then you can expect to go for another cash drawer sooner compared to another business that hardly has customers paying in cash. The closing and opening mechanism has to work with every transaction, and if the materials used to make up the drawer are faulty, then you will be taking it back for repairs sooner than you thought.

If you have heard of a cashier who has worked with a cash drawer for as long as he or she can remember, and the drawer has always provided smooth services at all times, and has never required serious servicing, then the manufacturer has bragging rights. The best cash drawers in the market are not only stress free and long lasting, but they are easy to install and easy to use. According to Point of Sale, a cash drawer’s length of warranty is an important factor to consider.

It should embrace present day and future technologies

A few years back, slim TFT (flat screens) monitors were making their way to cashiers desks, a very welcome change from the big old CRT monitors. Today, touch sensitive screens and keyboards are the in thing, and they come with a wireless aspect to them. The cash drawer you get should have a wireless compatibility component, especially if you want to assist the clients from a mobile location, and operate the cash register from a distance.

When manufacturers and innovators deal with the insecurity of how to deal with a cash register operating on its own without attracting thieves, this technology will overtake what we have in our businesses today. Furthermore, with the ever-changing business layout and pressure from competition, the above technologies have a place in changing where and at what point a customer can pay from, which will result into faster services and elimination of inconveniences.

It should come with an attractive after sale service

For a basic cash drawer, the manufacturer should offer you a warranty for a reasonable period, and usually, the longer the period, the more confident a manufacturer is about his or her product. For instance, MS Cash Drawer offers a 90-day to 1-year warranty. However, if you go for the latest cash drawers that are more technologically advanced, you should be entitled to unlimited phone or email service, you should get proper training on the proper use of the drawer, and have access to technicians on demand for at least a year.


Favorite The No B.S. Quick and Easy Financial Guide

Instead of fluffing all this up, I’m going to get straight to the point and quickly.

Do you have good credit?

Yes- Are you sure? Is your credit report and score spotless and impressive?

No- Do you want good credit?

Why is it important to have good credit?

Do you ever in your entire life want to get a home loan, car loan, personal loan or credit card? Some employers check your credit report as part of the hiring process, bad credit can negatively impact your chances of getting some jobs.

Get your credit report and scores for free. DON’T pay a cent for either of these. Some places offer a free trial, don’t do it. All you need is the free versions.

Free Credit Reports- You can go to annualcreditreport.com and get your credit reports for free once a year from each of the 3 credit reporting bureaus. You can get these all at once or spread them out over the year (such as 1 every 4 months). (est. time about 8-15 minutes) Print it out or save a copy to your computer.

Free Credit Score- You can get your credit score for free through Credit Sesame and Credit Karma and then check it as often as you wish. I usually check mine once a month and have never paid them a cent. My FICO score was amazing close to my credit score from credit sesame, so if you’re planning to get a loan this can save you from purchasing your FICO score.

Why should you check your credit report and score? Basically, it gives you a starting point to see your progress, makes sure all the information is accurate and gives you an overview of your financial standing.

Some of my posts to help you with credit:



Saving for retirement:

Are you getting older each day? Me too. Do you have ridiculous amounts of money saved up for retirement or can you guarantee that you are going to win the lottery one day? Me neither.

Overall, we’re all going to get old one day and we can’t work forever. So we need to have money set aside to live on when we’re older. It’s simple, but it can be hard for people to see the importance of saving for retirement especially when it’s a way in the future.

How to get started saving for retirement:

401k- Most companies offer 401k programs, where employees can contribute a percentage of their pretax income. If your company offers a match, that is free money and you should try to take advantage of as much of it as you can.

You can get started by just contributing 1% to your 401k, it’s not much but it’s a great starting point. Then later on after you have adjusted your finances, you can increase it in 1% increments.

Can you afford to contribute 1% to your 401k? How much is 1% of your pretax income?

$500 = $5.00 per paycheck before any taxes come out, so it’s not actually $5.00 less of your take home, it’s probably more around $3-4

$750 = $7.50
$1,000 = $10.00
$1,250 = $12.50
$1,500 = $15.00
$1,750 = $17.50
$2,000 = $20.00
$2,500 = $25.00
$3,000 = $30.00
$3,500 = $35.00
$4,000 = $40.00

I’m sure you get the point by now, 1 percent of your pretax paycheck isn’t much. It’s enough to get you started and won’t have much impact on your take-home pay.

What if you don’t know what to do with the money once it’s in the 401k? You have a few options here:

* You can put (or keep it) in cash reserve form

* You can randomly pick a few funds or stocks (whatever your plan offers) and hope for the best

* You can pick a target date fund close to your expected year of retirement. Or if you want to be more aggressive, pick one way later than you want to retire. Or for a more conservative strategy with less risk, pick a target date fund in the next 10 years.

* Ask somebody who knows about investing to take a look at the options and help you choose.

Getting started saving for retirement is really what is important, not so much what you’re choosing off the bat. You can always switch things later down the road.

Roth IRAs

Roth IRAs are another great way to save for retirement. The money you contribute to these your aftertax dollars (take home pay).

Sharebuilder.com is where our Roth IRA is and I’ve been fairly happy with them so far. You can even get a bonus for opening your account which is helpful to get started. You even earn a little bit of interest on you money that just sits in the account, so you can take your time to figure out what you want to do with it.

Betterment.com: Betterment also offers Roth IRAs and the great thing about having your Roth IRA with Betterment is that they take care of everything for you. You don’t have to worry about what to invest your money in. You just choose your allocations, how much you want to go into stocks and how much you want to go to bonds and that’s it. I’ve been looking into Betterment and will be switching our Roth IRA over here soon, it’s good stuff.

Roth IRA savings accounts: Captial One 360 offers Roth IRA savings accounts where you just let your money sit and earn interest. I’m not sure that this is the best way to grow your money, but if you don’t want to worry about investing, it’s better than not saving at all. I started out with this and was able to easily transfer the money to our Sharebuilder investing account when I was ready to start investing it. There are many options out there, you just have to look.

Some of my posts to help you with retirement are:




How sick are you of hearing “spend less than you make”? Probably a lot, but there is a reason why everybody and their dog continuously spews this most basic point.

So do it! Spend less money than make each and every paycheck and things will get better. If there is anything left the next time you get paid, save your leftovers.

If you’re currently spending more than you make, you have 3 options (none of which include lottery tickets).

Option 1: Reduce your expenses (cut out non-essentials and anything you can honestly live without, use coupons, take advantage of rebates, start a garden, cook more meals from scratch, reduce the amount of meat you use in your meals or go without it more often, make your own laundry soap and cleaning solutions, shop the sales, stretch every dollar as much as humanly possible).

Option 2: Increase your income (try to get some overtime, sell off stuff you no longer use, get a 2nd job, get a paper route, mow lawns, earn money online, whatever you can do).

Option 3: Reduce expense & Increase your income (really drive it home in the budget department)

If you get paid bi-weekly, you can use this to your advantage (see my post: Paying Your Bills With Bi-weekly Paychecks).

Some of my posts to help you out with budgeting are:




If you don’t have the money for it, then you can’t afford it. If you have some available credit on your credit card, that does NOT count as having the money for it.

Spend your money on things that are necessary and things that are truly important to you.

Put off purchases for a set amount of time, 1 week or even a month to make sure you truly want the item as much as you think. Oftentimes, the desire fades or something new and better takes it’s place. Don’t give into instant gratification and your finances will be much healthier in the long run.

You work very hard for your money, so don’t waste it.

When you do decide to spend your money on something, look around for the best deal. Is there a cheaper price at a different store? Any rebates for the item? Can you earn gas rewards at your grocery store if you purchase a gift card to pay for your purchase? Can you earn money back on your purchase by using Cash-back shopping online?

Whatever you do though, do NOT completely deprive yourself or you will have a very hard time. Sometimes it’s best to start with baby steps.

Some of my posts to help you with your spending:



Saving Money:

Saving money doesn’t have to be difficult, but there will always be times that are worse than others. Most times, the hardest part is not touching the money you have saved.

The easiest way to not touch your saved money is to keep to your budget and pretend you don’t have any money saved. This works best if you have an online savings/checking account that is separate from your everyday accounts.

Personally, I use CapitalOne360 (formerly ING Direct) and have been since 2007 and our everyday banking is with a local physical bank. The ability to transfer small amounts (yes, even under a dollar) was what got me started with all this finance stuff in the first place.

Starting out to save money doesn’t have to be painful. Do you have a buck? Then you can start now. Don’t wait, just do what you can, when you can. I promise, in the end it all adds up and the sooner you get started, the easier it will be.

A few of my posts to help get you saving:



Obviously, I can’t shove every morsel of my financial knowledge into one post, but this should be enough to get you started and point you in the right direction.

If you found this post helpful, please consider sharing it via social media or email. Thanks for stopping by and Happy Saving!