Just because you're no longer a student doesn' mean your car insurance rates have to go up. Here are seven tips to keep your car insurance rates low after college.

Shop around for insurance quotes
Once you have graduated from college, you will most likely be looking to save money in any way possible. One way to do this is to shop around for car insurance rates. Many people simply choose the first company they come across and never bother to see if there are better options available.

However, by taking the time to compare rates from different companies, you could potentially save a lot of money. You can easily find an online car insurance quote by searching for “car insurance rates” on your favorite search engine.

Once you have found a few websites that offer this service, simply enter your zip code and some basic information about yourself and your car. In just a few minutes, you will be able to see how the rates from different companies compare.

Then, you can choose the company that offers the best rate for your individual needs. By taking the time to shop around, you can ensure that you are getting the best possible deal on your car insurance.

You may still be eligible for a good student discount.
This discount is usually available to students who maintain a GPA of 3.0 or higher. Check with your insurer to see if you're still eligible for this discount after graduation.

Get married!
College graduates often face challenges when it comes to car insurance rates. One way to keep your rates low after college is to get married. Some insurers offer discounts for married couples, so this can be a significant savings.

In addition, married couples tend to have more stable lifestyles, which can be a factor in rates. If you're looking for ways to keep your car insurance rates low after college, getting married is one (maybe extreme) option to consider.

Consider raising your deductible
With a tight budget, it can be difficult to afford both the car and the insurance. If you're looking to keep your insurance rates low, consider raising your deductible. By doing so, you'll be paying less each month in premiums.

And if you haven't had any accidents or traffic violations, you'll likely have a lower rate when it comes time to renew your policy. Of course, there's always the risk that you'll have an accident and end up having to pay more out of pocket. But if you're a safe driver, raising your deductible is a great way to save on car insurance.

Bundle your auto insurance
After college, you're finally on your own. No more dorms, no more meal plans, and no more parents! One of the first things you'll need to do is get your own place and start paying your own bills. And that includes car insurance.

Your rates will probably be higher than they were when you were a student, but there are a few things you can do to keep them low. One option is to bundle your auto insurance with other types of insurance, such as renters or homeowner's insurance. By bundling all of your insurance into one policy, you may be able to get a discount.

Drive carefully!
After you've graduated college and are out on your own, one of the first things you'll need to do is get car insurance. And if you're looking to keep your rates low, there's one important rule to follow: drive carefully!

Your driving record is one of the biggest factors that insurers consider when setting rates. So if you want to avoid paying a lot for insurance, it's important to always follow the rules of the road and avoid accidents.

Of course, accidents can happen even to the best drivers. If you do find yourself in an accident, be sure to shop around for new insurance quotes before you renew your policy.

Take advantage of various discounts
If you're still carrying the minimum coverage that you were required to have as a student, you may be in for a rude awakening when you get your first post-graduation insurance bill. However, there are some things that you can do to keep your rates low.

One is to take advantage of discounts for things like having an alarm system installed in your vehicle or completing a defensive driving course. Another is to shop around and compare rates from different insurers. By taking the time to research your options, you can find an insurer that offers the coverage you need at a price you can afford.

Shop around!
Now that you have graduated college, it's time to start thinking about your next steps. One of those steps might be shopping for car insurance. You're probably used to your parents helping you out with that, but now it's time to take control and find the best rates for yourself.
​
Start by getting quotes from a few different companies. Make sure to compare apples to apples, and don't forget to ask about discounts. You might be surprised at how much you can save just by doing a little research.

Once you've found the right policy, be sure to keep your driving record clean. This will help keep your rates low and ensure that you're getting the best possible value for your money.

Graduating from college is an exciting time full of new opportunities and experiences. And while your car insurance rates may go up slightly after graduation, there are still plenty of ways to keep them low. Just remember to shop around, drive carefully, and take advantage of discounts whenever possible. Congratulations on graduation—now go enjoy the open road!

In the market for a home? We are excited to partner with @FICO on this #ScoreABetterFuture event to help you better understand your FICO® Scores and the role they play in the home buying process. Join us on 9/29 at 7pm ET. Register here:
https://tinyurl.com/mscyyerx

Photo Credit: Unsplash.com

Inheritance tax and estate tax can be confusing topics, and to make things even harder, the rules vary from state to state. In order to try and help you to improve your financial knowledge on this subject, we have compiled this blog post. Whether you're in the middle of getting your affairs in order or are just wanting to be prepared for the future, let's take a look at what you need to know about inheritance tax below.

Estate tax vs inheritance tax
The estate tax is a federal tax that is applied to the transfer of the estate of a person who has died in the United States. This would apply if an estate was transferred via a will or according to state laws of intestacy if there was no will (and it was worth enough). It could include cash, retirement accounts, businesses, real estate, or any other type of asset. There are also state-level estate taxes that apply alongside this in some regions.

To make things even more confusing, certain states have inheritance taxes instead. In this case, the tax is payable by the person who inherits, rather than being applied as a levy, as is the case with the estate tax. This often means that inheritance tax is more confusing and challenging to work out as it has to be done by the individual.

It can be easy to get mixed up between the two types, but there are some key differences. Inheritance and estate tax are both levied on property passed down from one generation to the next. The main difference between the two is that inheritance tax is levied on the beneficiaries of the estate, while estate tax is levied on the value of the estate itself. Beneficiaries of an estate are typically family members, while the executor of an estate is responsible for paying estate tax.

Inheritance tax is usually lower than estate tax, but both can vary depending on the value of the property and the relationship between the deceased and the beneficiary. Understanding these key differences can help you to make informed decisions about how to best protect your assets.
​When is estate tax paid?
As of 2022, the limit for federal estate tax is $12.06 million for individuals and $24.12 million for married couples. If your estate is worth more than this, it will be taxed on the amount that passes this threshold.

This comes into force as soon as the person dies, so if you are planning your finances and want to ensure that your beneficiaries receive the maximum amount after you die, you may wish to start thinking about this early.

There are 11 states that currently only levy estate taxes. These are:

• Connecticut
• Hawaii
• Illinois
• Maine
• Massachusetts
• Minnesota
• New York
• Oregon
• Rhode Island
• Vermont
• Washington DC

However, the thresholds for state-level estate taxes range massively, from $1 million in both Massachusetts and Oregon to $9.1 million in Connecticut, with varying rates.

When do inheritance taxes apply?
​On top of this, there are inheritance taxes to consider too, although luckily, Maryland is the only state that levies both an inheritance tax and a state-level estate tax. The other states with inheritance tax laws are:

• Iowa
• Kentucky
• Nebraska
• New Jersey
• Pennsylvania

We recommend looking up the rules in your state to ensure you fully understand which taxes will apply. Financial advisors can help you if you are planning your estate to benefit your family when you pass or if you are a beneficiary trying to navigate the will and estate during the already difficult period of losing a loved one.

​The word “unexpected” can strike fear into the hearts of even the most seasoned business owner. Small businesses in the United States and worldwide have faced the all too familiar theme of unexpected business costs and subsequent closures when they could not pivot quickly enough. If you are facing a sudden expense on your balance sheet this year, or want to avoid becoming a number in the failed business statistics for 2022, now is the time to review your options and take action!
 
Statistics of FailureRunning a business is already difficult, even in a relatively calm economy and during ‘normal’ circumstances. 20% of businesses started in 2016 failed within their first year, and that statistic only grew as each year passed reaching 49.7% after year five.
 
The number of touch points where your own business can fail has likely increased due to the onslaught of challenges that have come from COVID-19. With businesses forced to close their doors for extended periods, the way customers interacted with brands and services immediately shifted. While some businesses experienced a huge period of growth due to this shift, many saw irreparable losses and took hits they never saw coming.

COVID-19’s Stretch Into the PresentThe U.S. census bureau recently updated their data pulled from a survey of single business owners who employed 1-500 employees. Of those polled, over 21% said that the pandemic had a large negative effect on their business. A group of nearly 43% of individuals reported that they experienced moderately negative effects. Due to the far-reaching consequences of COVID-19, many businesses reported that their operating budgets either became woefully inadequate or altogether decimated for many who were already in precarious circumstances.

Define the “Unexpected”Even if you beat the odds stacked against you by the world we live in, there are still unexpected costs that can pop up. Whether preventable or not, it’s not uncommon to run into one or more of these problems at any point in the life of your business. We know you haven’t come this far from starting your own business to closing your doors because of an avoidable challenge. Here are some things to look out for when monitoring the success of your venture!

Emergency Funds Aren’t ThereUnexpected costs are inevitable in the course of running a business. Perhaps something breaks, or software updates or new hardware or equipment is required to keep up with the industry. Maybe a natural disaster damages your building or a cyber-attack takes out your customer data leaving you paralyzed until you can get someone in to help. While many things are covered by Small Business Insurance policies, the ability to bounce back is crucial to ensure that your business stays on its feet. If emergency funds aren’t on hand to cover a higher ticket cost, a large bill could come your way that might set your business back for weeks or even months if you’re not prepared.
 
Neglected Business PlansIn the excitement of starting a new business, it’s easy to look beyond the ‘boring’ details of business plans and move on to the fun of building and growing without looking back. But lofty financial projections paired with neglecting to reevaluate regularly can create the perfect storm for costs to sneak up without warning. It’s recommended that companies – especially younger ones – review their business plan annually to make sure they are on track and that their current numbers and objectives reflect the original goal. Taking the temperature of your business can mean the difference between reaction-based operations and feeling in control of your company’s growth trajectory. Putting the time into extra forethought can prevent unnecessary expenses before they have a chance to materialize.

Sudden Opportunities and GrowthA great entrepreneur is able to make quick decisions, adapt, overcome, and keep moving forward, helping entrepreneurs keep their businesses bulletproof from unexpected costs. Some of those costs could be from unavoidable, negative events, but often opportunities can suddenly come along that require action to enable the growth of your business. A sudden surge in business may require creating and hiring for new roles to handle an influx of customers. As a specific market becomes more competitive, it might be time to try new strategies in social media, content, outbound marketing or all of the above, and hire a growth hacking agency to get ahead of the curve. The sooner your business can act on opportunities, the sooner you can see gains in reputation and increased revenue!
 
Weigh Your OptionsNo matter what circumstance brings an extra expense your way, knowing where to look for solutions is paramount! The recent onslaught of financial challenges businesses faced recently has prompted a surge in fintech companies. These entities seek to provide much-needed financial services through technology, which means easier and faster access to funds. The type of funding you pursue may depend on the time, amount, and nature of the expense at hand. Here are a few options to look into!

Small Business LoanThe United States Small Business Association (SBA) defines small businesses as dependent on the industry they occupy. ‘Small’ could mean anywhere from 100 to 1500 employees, which means if you are one of the 32.5 million small businesses in the united states, a Small Business Loan could be an option for you! If you know the exact amount needed to cover a large expense, such as a large piece of replacement equipment or furniture for an office remodel, exploring a one-time Microloan loan might be a good call. Other options exist for larger amounts provided all other personal financial options have been used. It’s always best to do some research to see what loan would be best for your situation.

Line of CreditIf a business loan isn’t something you feel comfortable with, or are able to pursue, a faster, and more flexible option available is a business line of credit. This form of a business loan can often be applied for online via fintech entities with a quick turnaround time for approvals and access to funds. Additionally, the funds borrowed only have to be paid back as they are borrowed. Small business loans provide a set amount of money available, much like the limit on a credit card, and each time a pull on that available amount is taken out, repayment is based on the amount used. This is great for a business needing to cover payroll during a slow month, pay for unexpected damages quickly, or keep the cash flow going during slow seasonal businesses. These types of loans are great for larger purchases or expenses that cannot be charged with a credit card.
​
Credit CardsFor smaller or younger businesses, loans may not be an option. Both business loans and line of credit loans may require the business to have a presence in their space for a certain amount of time, or bring in a set amount of profit annually. To cover routine purchases or smaller unexpected expenses, a business credit card could help build the credit for your company.
 
A credit card is great for unexpected opportunities as well. Perhaps there is a great conference happening across the country, and the only way you can attend is to purchase tickets and cover travel expenses with a credit card. Would you like to experiment with software or a new tool to help keep your business current? Pay for memberships and subscriptions without having to go through a loan application process.
 
Beat It Before You Meet ItIf you have scrambled to cover expenses in the past, no doubt you want to avoid the feeling of panic that quickly takes over after realizing you don’t have enough money! Planning as much as possible won’t cover every possibility that can come up – who would have thought a few years ago that we would be going through a global pandemic? But taking some steps to set up financial firewalls can keep fear of the future at bay.
 
Keep Your Budget RealisticOverspending on unnecessary extras or uneven distribution of your operating budget can mean little is left over to have in reserve for emergencies. List out expenses that could come about due to growth. Review past financials to find patterns when you may need to rely on having a line of credit funds handy. Are you constantly using a credit card to purchase everyday items? Maybe it’s time to reallocate funds where they can be better used.
 
Grow to Thrive, Not SurviveDuring periods of explosive growth or uncontrollable events, businesses often adopt reactive business strategies that help them keep up with demand. However, these strategies aren’t best for building the sustainable trust and brand awareness that helps keep your business thriving instead of on life-support. If reactive policies are left in place, profits and stability can cap out, preventing the changes and flexibility needed to pivot. Gather a growth team tasked with finding ways to grow flexibly, with more stability and profitability.
 
Don’t PanicFledgling businesses and those still attempting to recover from the pandemic may have exhausted cash reserves, but some research and evaluation of your needs both now and in anticipation of future needs will help your business thrive for years to come. If or when your business comes up against financial costs unexpectedly, remember that the options to find funding when you need it are out there!