Akron Today Magazine

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Money

Saving Tips For The American Family

Many companies try to entice the consumer into buying their particular brands over those of the competition regardless of the value or the quality of their products.  A pretty product that is packaged well and looks pretty may perform worse than the simple packaged one.  As a consumer, you may fall for the marketing and buy the pretty package over the better one, but hopefully, you will make the mistake only once.

Many Americans are struggling with mortgage payments, car payments, insurance payments etc, to worry about other things like comparing prices, weight or performance of the products they are buying, but being savvy about the products they are using should save a buck or two, and in the long run, make us better consumers.

What are some of the items we use daily that can save us some money?

Gas and Electricity: Comparing prices for gas and electricity can save hundreds of dollars every year for the average American family.  There are many companies one can choose for gas and electricity, and even if entering into a contract with a particular company, it will save you money.  Be choosy when signing a contract, and make sure the penalty for canceling it early is not too much.

Car Insurance: If you want to save in car insurance, you need to shop around.  If you have a good history of no accidents or other claims within your company and you do not get any discounts with them, you need to shop around with other companies.

Dishwashing Soaps: According to a Consumer Report test, all dishwashing soaps perform equally well and according to them you should really buy what’s on sale because all dishwashing soaps perform equally well.

I can personally tell you that I do not agree with their results.  I can tell you for example that for me Palmolive, does not perform better or equally well than Dawn.  And some generic brands that you find on the shelves at the grocery stores, pharmacies or Wal-Marts require almost double the amount that you would need for Dawn.

Very recently, I tried a brand called “simply done” a registered trademark of Topco Associates LLC.  By simply looking at the bottle, it reminds you of the generic brands you see at the store.  I expected the same results as well.  The truth is that you do not see a difference between “simply done” and Dawn.  Is there a difference?  There may be a difference between the dishwashing soaps, but the price does not warrant buying the most expensive brand.

Restaurants: Despite having issues with money, Americans are spending over $3,000 eating out according to the Bureau of Labor Statistics. The convenience of having food readily available without having to cook it is very enticing, but the convenience of having no dirty dishes or cooking chores come with a steep price. Eating out should not be abandoned by families but should be treated as a treat instead of a necessity.

Saving is very smart, try to practice the habit.

What is Probate and why should you care?

Many people do not know about probate until a person has died. When a person dies, their will and other legal assets have to go through the probate process. This is often done by a probate lawyer because the process can become very complicated. When family members are involved it can create tension so having a neutral third party can help the process along.

Akron families can protect themselves with planning and finding an Akron probate lawyer.

When a person dies they leave behind debts, tax bills, property, and other assets. All of this is called a person’s estate. When a person dies with a will in place, by law the estate needs to be administered. This is done by a person called an executor. The executor will read the will and notify the beneficiaries that the process has begun.

Many people do not understand that even if they die with a paid off home and cars that their debts still need to be resolved. This is why most probate lawyers ask people to give a specific percentage of their estate’s value to each beneficiary. This way it does not become too confusing to administer after the debts are paid off.

This process can be lengthy because creditors need to be notified of the deceased person’s death. Some creditors will even ask for a death certificate as proof that the person has in fact passed away. If the person has a life insurance policy then that needs to be administered either by the insurance company itself or the executor. Some people decide to leave their life insurance proceeds to one person or to their estate so that it is divided equally among the beneficiaries.

The first thing that needs to be done is to submit the will to the court in the state where the will was filed. A petition will need to be filed with the court that states the deceased person’s full name, if there is a will, and when the death occurred. Then, the court will review the information, appoint the executor of the estate, and see if a bond needs to be given to the estate. After this process is completed, people who are related to the deceased, those individuals named in the will, and creditors will be notified by mail that the court has received the will and that the estate is now being dealt with.

After this, the probate process begins; it can take more than a year to get a will through this process. It depends on how well the parties that are involved deal with each other. If someone challenges the will then it can take years to close the probate process. When dealing with the probate process it is a good idea to consult a probate lawyer. They can help guide people through the process to make it easier and much less stressful.

Akron Business Networking

Akron is full of things to do.  But if you are starting a new business or if you want to get out and meet more people because you are in sales, you have to know where to go.

What many people do not realize is that not only is there an Akron Chamber of Commerce that provides business networking opportunities in Akron, but there are many other chambers as well in all the surrounding communities.  I have been to Fairlawn, Kent, Stow, Ravenna, Streetsboro and more different chambers.

Beyond that, Rotary is in many of these same communities.

Then you have professional networking organizations that provide specific networking opportunities.  One I was in was B to B Connect which generated a lot of referrals for our business to business marketing agency at the time.  They had groups in Kent, Stow, Akron, Streetsboro,  Aurora and more locations.  Because the same group meets every two weeks, you get to know people better and even if you do not get business, you will probably develop some good business friendships.

Network After Work puts on events in Akron and Cleveland as well and you do not have to be a member to attend and meet some new people.  The combination of events to meet new people and other events where you get to know people better is very powerful over time.

Then you can check Facebook Groups, LinkedIn and MeetUp to find even more things going on in Akron for business networking.  If you want to go to something new every few days you should be able to find something.

Some tips to networking better:

  1. Follow up the next day – nothing is more frustrating when people do not follow up after meeting.
  2. Do not expect sales – look to grow your network of connections and keep them fresh (reaching out regularly) and the sales will come over time.

Sure you can go to Cleveland which has come great events as well.  But chances are you can find all the new customers you want in the greater Akron area if you just know where to look.

Jobless But Earning – Three Ways To Earn Money Online Without Actually Being Employed

Intriguing title, isn’t it? After all, a lot of us would want to earn money without having to work, but hold up. Don’t get me wrong here. This is not one of those posts that say you can earn money just by lying in your bed all day. Don’t confuse the phrase “not being employed” to being lazy because I’m pretty sure those two are not the same. And just to be clear, I do not know of any way that you can earn money just by doing nothing.

This post, however, will provide you three ideas where you can possibly make money online without actually being employed. By employed, I mean that you have your own employer with definite working hours throughout the day. I would also like to clarify that this is not for everyone and not every person who will read this post and try out these ideas will be successful at it. This will still take some effort on your part and perhaps, a little bit of luck. Are you ready to hear out these ideas? Let’s begin then.

  1. Set-up an online business. I know, very original, but seriously, consider the perks of this. You are your own boss. The success of your business, however, will depend on how much you work for it, but if it’s something that you love doing, it’s not work at all. If you love baking, you can set up a small cupcake business. Cupcakes are so in these days, so you may have a lot of competition, but if your products taste absolutely amazing, word will spread. Don’t be shy. Ask your friends for help, they can recommend prospective clients to you. You don’t even have to own a bakery to do this. In fact, I would suggest starting a homebased business. It will cut your initial costs while you’re still starting up. Another great online business would be selling knick-knacks, especially if you love visiting thrift stores for collectibles. You can set it up in an online marketplace like eBay and start earning.
  2. Sell gigs. What are gigs, you ask? Gigs are simply things you offer to people who need to outsource work online. There are many websites where you can sell gigs, like Fiverr and Gigbucks. Are you a writer? Offer to write a 1000-word story for a gig then. Do you like making crafts? Great, you can offer to make a scented candle for a fixed price. You don’t have any talent except that you look cute and quirky on cam? Not a problem! Gigs can be serious or wacky, it doesn’t matter. If you’re good at something (wholesome, please), offer your services in the site. Who knows? Someone might find the video of you singing Happy Birthday adorable and will hire you to make one for him.
  3. Sell items at an online consignment shop. Are you one of those people who like to buy designer bags or shoes, but get bored after wearing them twice? Well, there are a number of online consignment shops that offer to sell your gently-used clothing or bags. The shop will have to take a percentage off the sale, but that’s normal. Besides, you can get rid of you stuff to make room for more and earn money to pay for your next designer item.

So, there you have it. While these ideas will work, success will not be possible without some effort on your part. These may not be actual jobs, but it requires hard work and ability to make it possible for you to earn some money from it.

Do you have other ideas on how to earn money online? Share them with the other readers by commenting below.

Options to Improve Retirement Prospects

According to  the Employee Benefit Research Institute (EBRI), many Americans are falling short when it comes to saving for retirement. In 2015, 28% of Americans had less than $1,000 dollars saved, and a whooping 64% had less than $50,000.  And although the savings so far are not much, the confidence of those interviewed believe they will have enough money saved by the time they retire. How can that be possible you may ask? One of the reasons they believe they will have enough saved for retirement,  is because they have started a retirement account and have started contributing to it.  They believe that now that they have started, they will continue saving till the time comes to retire.

While retirement plans are not always available through their employers, many individuals should be happy to know that the ease to open a retirement account through other mediums is fairly easy and pain free.  There are many companies out there that can have an account open for you within minutes, and can give you a list with a few steps to follow to roll over a 401(k) retirement account from another brokerage firm.

Remember to do a bit of checking to find  out which companies offer you the best deal for you.  If your current brokerage firm’s management  fees are eating up your earnings, remember there are many companies with lower fees that can do better, or comparable to what your current firm is doing. There is no need for you to stay with an investment company that takes all your earnings, and the initial capital invested has not grown.

Wealthfront is an online investment company where investment for a new person should be pretty easy to understand. They advertise zero trading fees, zero hidden fees, and if you need the help of an advisor, their cost is a fraction of other traditional advisors. Wealthfront is an example of the many investment companies that you can turn to when beginning to invest for your retirement.

If you are wondering whether you need to keep or buy a life insurance policy for when  you retire, talk to an advisor right away, specially if you have no other dependents to take care of, or your children are all grown up.

Long-term care insurance coverage is probably one of the many concerns Americans have for when they retire, and many  are unaware of the costs.  But even if you managed to saved enough for retirement, needing long-term care at a hospital or nursing home can eat up your savings pretty quickly.  So planning for long-term care insurance coverage now, can help protect your savings in the future.

Protect your investments and your retirement by making good decisions now. Talk to a professional advisor to find out what you need to do now, to retire comfortably.

3 Ways to Boost Your Home Value on the Cheap

It’s now a good time to buy or sell a home. However, overspending many times to boost a home’s value is not a good idea. Some things can be done at a lot cheaper price, but the outcome will be a lot better than expected.

With that in mind, the following are three ways to boost one’s home value for more affordable prices. And even though some of these steps may seem minimal, the value will spruce up greatly:

1. Clean up thoroughly.

From a few bucks to a few thousands dollars depending on the amount of clutter, weird smells, and grime, cleaning thoroughly from top to bottom, inside and outside the home, and in garages and other areas outside the home go a long way. And the potential return from doing this step is three to five percent.

When cleaning thoroughly, one must depersonalize the space so that potential buyers can visualize how they can use that space. Even the opening of the curtains and blinds to let sun in will give them a better feel, and it would make the space appear bigger. For spaces that are severely cluttered, a professional organizer can help, and there are places like the Salvation Army who are willing to pick up belongings that are in good condition but is no longer needed. And with the harsh winds causing dirt marks and debris on homes in the Midwest, like Akron, OH, it’s important to do some power washing on the exterior of the home. One would be amazed of the significant difference after the thorough power washing.

2. Paint the rooms selectively.

Painting the walls a neutral color is always a good idea because potential buyers can visualize how they would use the space. Also, neutral colors go with any type of furniture they may want in that space. With this said, depersonalization is key here. Having purple walls may be great for the current residents, but it may be a turnoff to potential buyers who may automatically be withdrawn from buying the house because of that. Also, painting the walls are important because it makes the place appear bigger, cleaner, and fresher.

3. Fixing minor fixtures.

Whether it’s caulking the tub, fixing light fixtures, getting the burnt mark off the counter-top, or replacing some shingles that are more affordable and with a warranty, these steps would definitely make a great difference. It only costs a mere $100 to a few thousand dollars, depending on what all needs to be done. However, the potential return would amount from two to seven percent, depending on the work done.

Becoming a Work at Home Parent

Are you a full time working parent working the 40 hour week? Would you like more time with your kids and a more flexible schedule? Have you ever thought about a work from home company? It is possible as more and more moms are turning to working from home. It might be time for you to find that work from home business income opportunity that will fit you.
All you have to do is type in work at home and a whole list of opportunities pops up on the screen. You have a choice in almost any field of your choice. There are many companies and businesses out there that are looking for people who want to own their own work from home company. There is much to be researched before jumping into the first one that grabs your attention.

You need to first start out by getting information on each and every company that you are interested in. If possible start a business in something that you find interesting. You will have more success if you enjoy what you are doing. Wanting to start your own? Write some ideas out and just as you prepared for your baby, you need to prepare for your business. Get some money saved or at least get used to dining in more often than out. It takes money to make money.

Being a work at home parent can be very rewarding. You can have the freedom to work when you want and still be with your children. Many moms and even fathers are choosing to stay at home and work from home as the economy is tight. There are many different things you should look into before starting and be sure to do your research thoroughly. As with many businesses, you will have to invest some money but as far as how much, that all depends on what type you decided to do. They can all range from less than $100 to several hundred to start.

One option if you enjoy it is writing.  Maybe even publishing your own local magazine.  Many companies need writers to help with websites and social media.

Make sure you stay organized, find some good marketing and advertising that will get your name out there, and be sure you have a home office set up so that you can concentrate on the task at hand. Lastly, be patient. Rome wasn’t built in a day and your business will take some time to become established and to get going. It will all be worth it in the end.

How Shoplifting Damages Local Economy

Many people believe that shoplifting is a victim-less crime.  No one usually gets hurt and stores know that they will have a certain amount of loss.  However, a smaller, local store can feel an especially hard hit with even minor shoplifting loss.

Lets look at how shoplifting impacts a local business.

  1. Even small loss have a big impact.  If a $10 item is stolen it might first be assumed that the store lost $10.  However, this could not be further from the truth.  A local store that does not have lots of chains often may have a small profit margin – lets say it is 5%.  To generate $10 of profit to pay for the loss, the store needs to sell nearly $200 dollars of additional products.
  2. Stores can close – with a low profit margin and steady loss, even casual, small time shoplifters can cause the failure of local businesses and the loss of local jobs.
  3. These small businesses are frequent targets of shoplifters if the stores have not invested in shoplifting prevention tools.  They know to look for easy targets to avoid getting caught.

So what can a local store do if they have a limited budget and are experiencing even minor loss?  Store managers can go over to the Loss Prevention Systems Shoplifting Calculator to see the ROI and payoff of investing in shoplifting prevention technology.  Then give them a call and discuss what systems are best for your type of retail location.

5 Ways To Save Money This Year

Every year you probably make a resolution to save more money and waste less money in the new year.  For most people this is fairly easy to do but if you do not know where to start you will not be able to identify how to best go about it.  We have assembled this list of five simple things you can do to make a dent in your budget and put more away for that future nest egg.

  1. Quickly audit your spending from the last year.  This is not as hard as it sounds.  Just get out your bank statements and credit card statements and use a highlighter and highlight unnecessary purchases from the previous year.  Do you see some trends?  Are you spending too much money on going out or on fast food?  How about your grocery budget?  Are you way over what you would like to spend?  Use this information to cut back on non-essential things that you are buying but do not really want to buy.

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  2. Change Charge Cards and Refinance if it make sense. If you are paying high interest rates you can usually move the debt you have to a lower rate card or refinance a higher interest rate loan.  A few hours of work could save you hundreds or thousands over the life of the debt.

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  3. Monthly Service – what are you using and what are you overpaying for? Everyone needs utilities, some entertainment, mobile phones, transportation, etc.  However, many of these services are simply paid each month without shopping around or looking at the plan you have.  Do you need full cable?  Maybe you only need Netflix?  It depends on what you value, but taking a hard look at these monthly expenses can save you a lot of money.  Even utilities sometimes can be shopped around and rates can be reduced for a limited time, sometimes saving more than 50% versus not doing anything at all and just paying the bill.

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  4. Meals – eat less and/or cook more. If you are not your ideal weight, why not just try to lower your portions at every meal.  Don’t think of it as a diet, think of it as trying to shave 20% off your food bill so you can save some money.  Split meals with someone else at restaurants or take half home and make it two meals instead of one.  Think about what you spend in a month on food and imagine trimming it by 20% or more.  This can also be done by cooking more and eating out less.  If you eat out several times a week, set a maximum number and once you have gone out that many times, you have to cook in every other meal.  Try learning some healthy meals you can make for under $5 as well and you will be really raking in the savings.

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  5. Necessities – Gourmet coffee, wine, organic? It is easy to fall into a trap of thinking you need the best gourmet coffee, or red wine every day, or only organic fruits and vegetables. If you do some research, you can find that some over the counter coffee is very good, and there are nice red wines for under $10 a bottle if you know where to look, and many organic items have no added benefit (especially if they are peeled.)  Spend money where you really need to but do not fall into a trap of always needing everything at the highest end when there are good alternatives.

In addition to these things, look at a spending threshold per item and set a waiting time period before you can buy anything over that limit.  It could be $50 or it could be $500 depending on what your spending habits are and what you can afford reasonably.  

As an example, if you see you often buy things on impulse over $50 then you say, I will not buy something over $50 unless I wait for at least 7 days before making the purchase.  If after 7 days I still really want it, I will then buy it.  This will stop impulse buys where you might often regret the purchase after you realize it was not something you would use.  A good example of this is kitchen gadgets, jewelry, shoes, tools, tech gadgets, etc.

How to Waste Money Fast

There are a lot of ways people waste money and we are going to cover some common traps people fall into.

One of the first things you want to consider is your impulse buying.  One very wealthy person I was listening to on a podcast said he has a rule that anything that is over $50 and not immediately necessary he waits 30 days before buying.  The reason is that if you give it a little time, you may realize you can live without the item and even if you have the money to buy it, maybe you do not want to add clutter to your home.

But some of the real culprits are in those monthly bills.

  1. Paid TV is a big one.  With approximately 1/3 of paid cable subscribers cutting out TV, you have to ask yourself what you are still doing paying for it.  More and more you can simple stream the channels you want and reduce your payments big time.
  2. Cell phone bills are also something that should be reviewed every year or each time your contract is up.  Moving to a lower cost carrier will often cut your monthly fee and the difference in service is often negligible.
  3. Gas for the car is another area where yo can use something like the Gas Buddy app and save a few dollars each time you fill up by choosing the best prices close to you.  This adds up over the course of a year to being potentially hundreds of dollars.
  4. Gas for your home – if you are not shopping for lower priced utility providers you are spending too much.  This is a must.
  5. Credit Cards – While it is best not to have credit card debt, it is also not a good idea to pay high interest on the debt if you have it.  Shop around for a favorable balance transfer and then work like crazy to pay it off before the better offer expires.
  6. Eating out – while we love to eat out, it is also possible to look up a fancy recipe on YouTube and cook a great meal at home for a fraction of the price.  Better yet, have a pot luck with friends and you will all have a good time with little cost and more fun.

These are just some of the money traps you may be falling into and wasting your hard earned cash where you do not need to.