Before hiring a professional to manage your investments make sure you understand a fiduciary vs. nonfiduciary financial advisor. When considering a financial advisor you’ll come across the term “fiduciary.” Not all financial advisors are fiduciaries, so what does it mean? Here’s what you need to know. A fiduciary is obligated to look out for you A financial advisor who is a fiduciary has a legal obligation to act in your best interests. When making recommendations they have a duty to do what’s best for you, not themselves. A fiduciary must be transparent about their fees and commission, as wel ..read more

Ask these questions before you decide to dive into a new home improvement project. YouTube, TikTok and Instagram are filled with spectacular DIY home improvement stories. However, the images presented don’t always tell the whole story. Some projects don’t last very long or result in damage that’s costly to repair. The following questions will help you determine if it’s a good idea to DIY your next project—or if you should leave it to the pros. Are walls involved? All walls are not equal. Load-bearing walls are integral to your home’s structure. Removing or modifying one can result in serious p ..read more

Plan to replace computers and other devices periodically to avoid unnecessary downtime and data risks. When’s the best time for a business to upgrade technology like computers and tablets? Before they fail or become obsolete. That means planning for replacements. The risks of keeping computers and devices too long It’s frustrating but true: digital devices have a limited life. And, waiting too long to replace business technology comes with risks. Slower performance and downtime for repairs harms productivity. When operating systems become obsolete and cannot be upgraded, they are susceptible t ..read more

The growth of exchange-traded funds (ETFs) has been explosive. In 2006, there were less than 1,000; by 2023, there were nearly 10,000 investing in a wide range of stocks, bonds, and other securities and instruments.1 At first glance, ETFs have a lot in common with mutual funds. Both offer shares in a pool of investments designed to pursue a specific investment goal. And both manage costs and may offer some degree of diversification, depending on their investment objective. Diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices d ..read more

Practice these 13 Scam Drills so you know what to say and do when a scammer calls. Scammers are up to no good. Daily, we hear about new scams and variations on scams. Here at Consumers, we have a team dedicated to protecting our members from fraud 24/7. Today, we’re sharing ways you can fight fraud when you get a scam call. It’s time for Scam Drills! What’s a Scam Drill? They’re quick exercises that show you what to say or do when confronted with a scammer. Even the savviest folks get taken in by scammers, including this personal finance columnist who inspired our Scam Drills. Charlotte Cowle ..read more

Discover how to stop unwanted telemarketing calls from other lenders after you apply for a mortgage. Telemarketing calls are almost never welcome by the recipient. And when you get multiple telemarketing calls, the annoyance grows. Unfortunately, when many people apply for a mortgage they get flooded with phone calls from other lenders. Let’s take a look at what happens and how you can avoid these calls. How telemarketers know you’re getting a mortgage When you apply for a mortgage, your lender does a hard credit check. This action tips off other lenders–who have access to credit bureau activi ..read more

Set up new hires for success with a solid preboarding and onboarding plan. How much attention does your business give to onboarding? If you don’t have a solid onboarding process you’re missing an opportunity to set up new employees for success. Here’s how to create a positive onboarding program. Start with preboarding The time between the acceptance of a job offer and new team member’s first day is the preboarding period. It’s an ideal time to communicate about things like what to expect on the first day. For example, what time to arrive, scheduled introductory meetings and dress code are usef ..read more

If you’re like many small business owners, running your own business is an all-consuming endeavor. In the face of everyday demands, choosing a retirement strategy for your business can become a casualty. The idea of establishing a plan could evoke worries about complicated reporting and administration. If this sounds familiar, then you may want to consider whether a Simplified Employee Pension Individual Retirement Arrangement (SEP-IRA) may be right for you. A SEP-IRA can be established by sole proprietors, partnerships, and corporations, including S corporations. The advantages of the SEP beg ..read more

In some cases, it makes sense to choose a car that’s been in an accident—here’s how to decide. If you’re having a tough time finding an affordable used car, you might wonder, “Should I buy a car with an accident history?” While there’s no simple answer, here are factors to help you decide. All accidents are not equal Today’s car buyers have access to valuable information through services like CARFAX. With the vehicle identification number (VIN), you can look up a car’s history that includes things like insurance claims for accidents. A minor fender-bender isn’t likely to affect the long-term p ..read more

Business credit scores are not transparent but there are steps to take to boost your ability to get business credit. If you’ve ever wondered about a business credit score, you’re in good company. Several credit reporting agencies produce them but provide neither transparency about how business credit scores are assigned nor ready access to the reports. The lack of information about the scoring process led the Federal Trade Commission (FTC) to launch an inquiry in 2023. Who issues business credit scores? You’ll likely recognize some of the agency names that issue business credit scores. Dun &am ..read more