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Personal Profitability Blog

How Your Insurance Rates Are Calculated

March 25, 2021 by Eric Rosenberg

Recently I was on the hunt for car insurance. Many people do not understand the factors that impact their insurance rates, and my research brought out some important things to know in the unknown world of insurance premiums.

Health Insurance Rates

Health insurance is a beast of an industry. While I am a big proponent of public healthcare, that is not the world we live in (if you are in the United States). Health insurance rates can be calculated using one of two methods.

If you work for a big company, your employer will negotiate a blanket rate for everyone at the company. This is based on factors such as the average age of employees, fitness levels, and so on. Your employer will generally pay a portion of your premium every month and you pay the rest. Every company is different, and you have little, if any, control over how this is handled.

If you need to find your own health insurance, a formula is used to determine your individual plan rates. The major inputs are your age, weight, family health history, your health history and pre-existing conditions, tobacco and alcohol use, past surgeries, and other major risk factors for health care costs.

Auto Insurance Rates

The auto insurance industry has done extensive research to find correlations between people and driving safety. It turns out that the statistics are pretty solid, and the industry prices insurance based on your risk factors.

The major factors for auto coverage are your age, gender, driving history, marital status, credit score, home zip code, and your car’s make, model, and color. If you are a seventeen year old boy that has had several accidents, lives in a dangerous neighborhood, and drives a cherry red Mustang convertible, your rates are going to be higher than a fifty year old married woman driving a 1980s station wagon. It makes sense.

The down side is that you could be a really safe seventeen year old boy and still get hit with high rates because other seventeen year old boys get into lots of accidents.

Renter Insurance Rates

I have renter’s insurance. I highly recommend all renters get a policy to cover your belongings. Landlords have insurance to cover the property, but your stuff is not covered by that policy. If there is a floor or fire and your possessions are destroyed, a renter’s policy pays to replace your stuff.

Renter’s policies are rated based on the location of the property, construction and building style, size of the property, type of property (apartment or single family home), and certain policy exceptions. Discuss this in detail with your insurance agent to make sure your coverage meets your needs.

Homeowner Insurance Rates

Homeowner’s policies cover the building and the contents of the building. The factors are very similar to renter’s policies, but the premiums are higher because you are covering the building and the contents.

Generally homeowner policies are bundled into mortgage payments so you just make one payment per month for your house. Property taxes are often included as well.

If you live in a neighborhood with high crime rates, your insurance is going to be higher than a safe suburb. If you live in a wood frame house, your policy will cost more than a brick or steel constructed building. These risk factors take into account the likelihood of a loss or claim.

Complex, But You Have to Understand It

The insurance world is complex. While your agent might seem like your friend today, the idea of an insurance company is to make a profit. To make a profit, they try to maximize what you pay in and minimize what they pay out.

Make sure you find a trustworthy, highly rated, well regarded insurance company. All insurers are not alike. Some people have horror stories where companies would not pay out for a claim. Others have stories about helpful agents walking them through the entire process. Read a lot about the company when you are making a selection.

Determining Insurance Premiums- PersonalProfitability.com

This post was originally published on April 27, 2011 and updated on March 23, 2021.

Filed Under: Budgeting, Insurance, Real Estate Tagged With: Financial Services, healthinsurance, Home insurance, Insurance, Owner-occupier, Risk factor, United States, Vehicle insurance

How To Become a CFO

March 21, 2021 by Special Contributor

For students or professionals interested in finance, it may be difficult to ascertain which career path to pursue. After all, the world of business and finance is a broad one. One of the most respected roles in this arena is that of a chief financial officer. While you may hear or read about the feats of CFOs of famous companies, it is not always clear what this position entails. Consider several key bits of information that may help you to understand what a CFO does and how you can achieve this assignment.

Responsibilities of a CFO

Depending on the type of company a CFO works for, the day-to-day responsibilities may look a bit different. In general, CFOs fulfill key leadership roles over multiple financial departments within a business. This goes to say that this officer must monitor and respond to the work being done by a company's accountants, financial analysts, controllers and even human resources specialists.

Because CFOs are aware of so many aspects of a business's financial status, they are also responsible for making significant decisions that affect the company as a whole. In fact, some CFOs may even fulfill the role of chief financial officer simultaneously. For this reason, CFOs must be highly knowledgeable about a wide range of subjects relating to finance. In addition, these professionals frequently are required to speak in front of and direct groups of people, from their own coworkers to their shareholders. 

Education

While different CFOs may have very different educational backgrounds, this position generally requires both a bachelor's and a master's degree. If you are interested in pursuing this career path, you may want to start by focusing your undergraduate studies on a related subject. For instance, CFOs commonly major in areas such as accounting, business administration, economics or finance. If you have already completed your undergraduate degree in a different subject, not to worry. Many current CFOs didn't study finance at first. For example, the CFO of ReactiveCore, David Geithner, studied government during his undergraduate program.

It's important to do well during your undergraduate studies so that you are able to pursue a graduate degree later on. Some CFOs study accounting at the graduate level and begin their career by working as a CPA. This certification equips young professionals with a thorough understanding of various types of accounting. On the other hand, you may choose to earn a master's degree in a subject such as public administration in order to better develop your leadership and management skills.

One of the most valuable educational programs for future CFOs is a Master of Business Administration. Getting your MBA requires you to reach a strong level of understanding of numerous topics related to business. These programs often teach students about everything from marketing to ethics. If you are already working in the field of business, you may want to consider earning an Executive MBA, as this path focuses on the skills required in executive positions and allows you to continue working while you are in school.

Work Experience

Whether you enter the workforce before or after earning a graduate degree, it's important to gain experience in a variety of different positions. You may be able to accomplish this by taking on new roles at your current company or by seeking out additional opportunities in other places. Be sure to gain familiarity with a wide range of topics related to finance, such as accounting, risk management, analysis and budgeting. In addition, it's vital that you gain experience in areas such as customer service and information technology. 

As you gain more and more work experience, you may also wish to seek out a mentor. Whether or not this mentor also works at your company, he or she may be able to advise you on the types of positions or learning opportunities you should pursue in order to work towards becoming a CFO. Similarly, be sure to capitalize on any networking opportunities you may have. Establishing relationships with people inside and outside your current company may help you to be considered for a wider range of roles.

Take on More Responsibility

A final thing to note about the path to being named CFO is that you must demonstrate that you can be successful in leadership roles. Because good leadership skills can often be developed with practice, it's a good idea to push yourself by taking on added responsibility. This may involve applying for new positions or simply stepping up when a leader is needed. You may wish to seek opportunities where you can act as a director of finance, internal audit manager or a similar upper-level assignment.

The path to becoming a CFO is not an easy one. In addition to the schoolwork involved, you must excel in a variety of different work roles. Nonetheless, this position may be very rewarding for those professionals who are deeply interested in the world of finance and enjoy leading others.

This post was originally published on March 21, 2021 and updated on March 31, 2022.

Filed Under: Special Features Tagged With: become a CFO, CFO, Finance

Take The Cash or Reinvest

March 4, 2021 by Eric Rosenberg

Dividend stocks are equity investments that pay cash to investors on a regular basis. Investors often have different goals when buying dividend stocks, but each investor must decide whether to reinvest the dividend or take the cash.

[Read more…] about Take The Cash or Reinvest

Filed Under: Investing Tagged With: Dividend Reinvestment, Dividend Stocks, DRIP, Portfolio Management

Mint Alternatives: The Best Alternatives to Mint.com

February 1, 2021 by Eric Rosenberg

Mint Alternatives help you track your finances in one place. Mint is one of the oldest and biggest online personal finance tracking apps. Founded in 2006, Mint made waves in the personal finance software world thanks to its powerful interface and ability to add transactions from thousands of financial institutions.

The company was acquired in 2009, and since then many users believe the site's functionality and support have gone downhill, sending them looking for Mint alternatives. If you want an alternative to Mint.com, here is a list of options. I have tried many of them myself so I could give you an in-depth, honest review.


About Mint.com

Mint.com Logo

Mint is the original and most popular online account tracking software. For no charge, you are able to link all of your bank, credit, loan, and investment accounts into one interface. The site helps you automatically track your budgets, financial goals, and all of your transactions through one login and an intuitive interface.

The site was acquired by personal finance powerhouse Intuit in 2009, and the site has undergone many changes. While some new features like credit score reporting have been added, long-time features have slipped and the switch from an outsourced account data system to the in-house system built for Quicken have caused data errors and headaches for some users who are now in search of Mint alternatives. Mint.com is free.


Mint Alternatives Summary

Mint AlternativesFeatures/Best For
Personal CapitalBest Overall
Lunch MoneyMoney and tech-savvy
Power WalletBill Reminders and insights
QuickenTraditional desktop tracker
You Need a BudgetTracking every dollar
Yodlee Money CenterTracking everything
LearnvestFinancial advising

Best Mint Alternative: Personal Capital

mint alternative personal capital

This site is my go-to resource for tracking my investments across all of my investment accounts. I track my individual stock holdings, Roth IRA, Rollover IRA, special investment accounts, and employer 401(k) account through Personal Capital, and it has been useful and has saved me a bunch of money.

I used the investment analysis tools at Personal Capital to bring my portfolio in-line with my goals and save over $300 per year on mutual fund fees. If you have $25,000 or more in cash and investments, you will also qualify for a free consulting session with a Personal Capital advisor. Personal Capital is free, but if you choose to hire your advisor to manage your investments for you, there is a fee based on your portfolio size.

Detailed Comparison: Mint Alternative: Personal Capital »

Try Personal Capital for Free

Lunch Money

Lunch Money is a newer app from a solo developer. She has done an awesome job building a tool for those who are doing well with their money and want more insights and control. It isn't quite as robust as Mint, but everything I tried worked flawlessly with Lunch Money, which I can't say about the larger competitor. The site has an active roadmap with new features added regularly.

Lunch Money is focused primarily on tracking your budget categories. It works well for both the United States and international users in foreign currencies. It also supports tracking cryptocurrency accounts and wallets, something most competitors have yet to touch. I've been using it myself for a little bit, and have been very impressed. The biggest downside is that it isn't free. It costs $10 per month or $100 per year, but there are no advertisements and your information is never sold. Some may call that a small cost for better privacy.

Lunch Money »


Power Wallet

Power Wallet logo

Power Wallet aggregates your finances in one view, and helps you track all of your financial account data in one central place. The site has a big focus on adding budgets by spending category and tracking your spending habits against your budget automatically.

Power Wallet also offers bill reminders to help you avoid missing bills and paying those pesky late charges. The insights from this site are geared toward helping you meet your own personal finance goals. Power Wallet is free.

PowerWallet »


Quicken

Quicken logo

Made by Intuit, the owner of Mint, Quicken is the long-time leader in desktop based financial tracking. Quicken offers most of what you get for free at Mint.com, but featured in desktop software that you download and install on your computer.

Because the program is desktop based, the web and mobile access lack compared to Mint, but the software allows you to own and control all of your data on your own PC. More expensive versions of the program also include tracking for small business, rental real estate, and investments. Quicken is paid software.

Quicken »


YNAB

YNAB You Need a Budget Logo

You Need a Budget, known by its loyal army of users as YNAB, is a desktop and mobile based budgeting software with a major difference from everything else on this list: it does not automatically link to your bank accounts.

YNAB founder Jesse Mecham believes that manually adding each transaction creates the best habits, and automatic tracking does not form any habits. When you make a purchase with cash or credit, you enter the purchase into your budget and get an update right away. This is proactive budgeting, not retroactive reacting.

YNAB is software that you purchase and download. Version 4.0 is currently available for $60, or you can sign up for the free trial.

YNAB »


Yodlee MoneyCenter

yodlee logo

Yodlee was the original data aggregation provider for Mint.com, and while that site switched over to the Intuit engine, Yodlee is still a top provider of account aggregation for some of the sites in this list.

Yodlee MoneyCenter is their in-house personal finance tracking tool, and it is powerful and useful in its own right. The tools provided in MoneyCenter are focused on tracking account balances and transactions, reaching finance goals, and tracking your spending by category.

Yodlee MoneyCenter also allows you to track your airline miles, your net worth, and understand your investment asset allocation. Yodlee MoneyCenter is free.

Yodlee MoneyCenter »


LearnVest

learnvest logo

LearnVest is the account tracking program created by actual personal finance advisors, so the tools are focused on how you interact with your money and the psychology behind personal finance management.

Rather than honing in on small budget categories, LearnVest breaks your money down into income, fixed expenses, goals, and flex spending money for you to do what you want. They have a major focus on getting debt free as well. The software is free, but a paid experience is available where you are assigned a personal financial advisor to give you extra help.

LearnVest »


Mint Alternatives Graveyard


Clarity Money

mint alternative clarity money

Clarity Money is a simple personal finance and budget tracker that was merged into Marcus by Goldman Sachs, a consumer bank, in March 2021 under the name Marcus Insights. This app doesn't offer the deep budgeting or investment tools of Mint and Personal Capital. Instead, it focuses on giving you your current account details in an easy-to-understand view with details on the most recent transactions.

In either case, if you want a simple snapshot of all of your money, Clarity Money delivers. But an account with Marcus by Goldman Sachs is required.

Clarity Money »


Adaptu

Adaptu logo

Adaptu was a site with a focus on connecting your personal finance tracking with community support. Adaptu was one of the first personal finance tracking tools to offer a mobile wallet app.

The site shut down in February, 2013.

Mint Alternative: Adaptu »

Adaptu Alternatives »


Thrive

thrive logo

Thrive was an early Mint alternative with a focus on budgeting based on your behavior. The tools looked at your average spending in each category, and told you how many times you could do things like go to a restaurant or bar without going into debt.

The site was owned by Lending Tree and shut down in June, 2011.

Mint Alternative: Thrive »


PageOnce

PageOnce logo

PageOnce was built to be a dashboard for all of your account balances, but didn't focus on transactions as much as the high level. It eventually re-branded as Check, a tool focused on bill payments. PageOnce was purchased by Intuit in May, 2014.

In December, 2014, the tools was added to Mint.com under the name Mint Bills, which is available for signup today.

Mint Alternative: PageOnce »

Mint Bills Review »


Manilla

Manilla Logo

Manilla provided account balances in one place, but its best feature was acting as your full service digital filing cabinet. The site automatically downloaded all statements for bank accounts, credit cards, and even utility and other bills.

Manilla shut down in July, 2014. See the link below for my favorite digital file cabinet replacement options.

Mint Alternative: Manilla »

Manilla Alternatives »


Wesabe

Wesabe Logo

Wesabe was another of the original Mint alternatives. In fact, it was older than Mint.com. The site featured both personal finance tracking and a community feature. For those afraid to keep their finances on a server owned by sites like Mint, Wesabe had an online/desktop link that was used to update your transactions.

Wesabe shut down in July, 2010.

RIP Wesabe »


This post was originally published on January 12, 2015 and updated on March 30, 2021.

Filed Under: Banking, Budgeting, Lifehacking Tagged With: LearnVest, Mint Alternatives, Mint.com, Personal Capital, Personal Finance Arsenal, Power Wallet, Quicken, YNAB, Yodlee MoneyCenter

Should My IRA Charge Me a Maintenance Fee?

January 19, 2021 by Eric Rosenberg

Narrow Bridge Finance reader Yvonne sent in a question about IRA fees for her account at Meryl Lynch. She received a letter that said her annual account fee would be going up to $100 per year, and that didn’t pass her gut check. Here’s her question.

[Read more…] about Should My IRA Charge Me a Maintenance Fee?

Filed Under: Investing, Retirement

How Should a Young Person Get Started with Investing

January 14, 2021 by Eric Rosenberg

Your first job. Such a big milestone. For the first time ever, you are financially independent. You have moved on from being a broke college student to a successful young professional. Don’t get too comfy with that big paycheck, though, it is time to start investing.

[Read more…] about How Should a Young Person Get Started with Investing

Filed Under: Investing, Retirement, Saving Tagged With: 401(k), Investing, mutual funds, retirement, Roth IRA, Stock market

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