Summer is right around the corner, but as the Iranian conflict continues to impact fuel prices, more would-be vacationers are canceling road trip plans and flights. This has contributed to consumer sentiment falling to a new low, with low-income households particularly affected. High inflation figures have also created new challenges.
Home financing
Housing that keeps generations together
As housing costs rise and generations age, more families are choosing multi-generational properties. These larger homes are designed to house three generations of occupants, providing security and privacy for all. It is a lifestyle trend that is more common within European countries, and is becoming more popular here in the United States.
Gen They have increased their share of multi-generational property ownership from 12% in 2013 to 21% today. A recent Realtor.com report estimated that there will be 4 million multigenerational households, representing 4.5% of all owner-occupied households, as of 2024.
As with other large homes, purchasing a home with enough space for three generations will be more expensive than purchasing a single-family home. However, they also offer their own money-saving features – for example, all residents can pay a percentage of their monthly utility bills.
Contact your local APM Loan Advisor To learn more about the financing options available to your family for multi-generational properties.
Source: Finance.yahoo.com
insurance
Critical illness cover: a safety net for major health issues
If you have concerns about unexpected medical expenses, adding a critical illness policy — also called supplemental health insurance — to your existing insurance can provide peace of mind at a particularly stressful time.
Critical illness insurance provides a lump sum if you or a loved one suffers from a serious health problem. Depending on your coverage, these may include a heart attack, a diagnosis of a chronic disease, or an organ transplant.
The main advantage of this coverage is that, in most cases, you can use your lump sum for almost anything you want. In addition to hospital stays and medical bills, you can finance travel to medical centers and hospitals or cover daily expenses such as rent or groceries. It can also help with paying for an out-of-network provider.
While this coverage can be life-saving, be sure to review your current health benefits before deciding on the ideal level of critical illness coverage. Some employers offer this benefit as an additional benefit at a low cost, so you may want to purchase this coverage when it comes time to review your benefits package.
This article is provided for informational purposes only. For specific advice about insurance products and coverage options, please consult a licensed insurance professional.
Source: Investment website
In the news
More states prohibit employers from checking your credit score
If you or a loved one is looking for work, there may be concerns about potential employers checking credit history. This has become a controversial practice with some pointing out that it may unfairly exclude some applicants, especially those with low incomes.
Last year, 39 bills were introduced to restrict employer credit checks in 19 states, but the restrictions are only active in:
- ca
- Colorado
- Connecticut
- Dprogramming
- Hawaii
- illinois
- Maryland
- Nevada
- Oregon
- Vermont
- Washington
There are some jobs where a credit check may be necessary, including those applying for jobs in banking and financial services, and those that require a credit check under federal law.
No matter where you live or what type of job you’re looking for, it’s a good idea to check your free annual credit reports at annualcreditreport.com Before attending the interview. If you discover errors, you can request corrections on the site. You will also be prepared to explain any negative information it may contain.
Source: Credit.com
Credit and consumer finance
High gas prices encourage more lodging
Summer vacation is just around the corner, but rising fuel prices are expected to impact road trips and flights to holiday destinations. Recent poll It found that a large number of potential holidaymakers have already changed or canceled their summer travel plans with fuel prices rising by 50% since the start of the Iranian conflict.
One way to temporarily lower prices for motorists is to suspend the federal gas tax. This move has the support of the White House, in addition to a number of senators and representatives.
Currently, taxes and other fees on retail gasoline and diesel fuel are 18.4 cents per gallon for gas and 24.4 cents per gallon for diesel, according to the U.S. Energy Information Administration. Additionally, some states have taken steps to offer a state gas tax break. This ranges from 9 cents per gallon for Alaska drivers to 71 cents per gallon for California residents.
Reducing or pausing the federal gas tax would require congressional approval, but many lawmakers have supported the move as early as March 2026. However, some economists have concerns that suspending this tax will not provide enough relief for many budgets. In addition, this could negatively impact the balance of the Federal Key Fund for Highway Construction and Maintenance.
Source: cnbc.com
Did you know?
Add gold to your retirement investments
Are you thinking about adding gold to your retirement portfolio? The “three buckets strategy” is a popular retirement plan that separates your short-, medium- and long-term goals, and you can add gold to this and other retirement plans.
If you’re still planning your retirement savings, here’s how the bucket strategy works.
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The first bucket is for the short term. This usually consists of cash and cash alternatives, such as certificates of deposit (CDs), that can pay for everyday expenses, such as housing, gas, and groceries.
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The second group is designated for income-generating bonds and stocks and represents the cash you may need within three to seven years.
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The last group contains long-term growth assets that have time – such as eight years or more – to ride out any fluctuations. These should be left alone until they have time to recover from corrections.
Since gold prices can be volatile, you may want to add it to your long-term assets. This gives it the flexibility to recover from market downturns. Experts usually recommend limiting gold to 5-10% of your investment portfolio.
Like any other new investment strategy, it is important to evaluate your personal risk tolerance and financial goals. Ask yourself whether you would be comfortable with the price fluctuations that gold may exhibit, and whether you would prefer to store physical gold or invest in a mutual fund.
The information in this article is provided for general informational purposes only and should not be construed as investment, financial, tax or legal advice. For guidance tailored to your individual financial situation, Contact your local APM Loan Advisor For referral to a qualified investment advisor or Certified Financial Planner (CFP®).
Source: money.com
