Hank Coleman

Hank Coleman is the founder of Money Q&A, an Iraq combat veteran, a Dr. Pepper addict, and a self-proclaimed investing junkie. He has written extensively for many nationally known financial websites and publications about investing, retirement planning, and even how to find the best return on investment. Hank holds a Master’s Degree in Finance and a graduate certificate in personal financial planning. Email him directly at Hank[at]MoneyQandA.com. Hank has written over 750 articles on Money Q&A. Learn more about Money Q&A on Twitter @MoneyQandA and @HankColeman. Subscribe To Money Q&A If you want to learn more about taking back control of your money please subscribe to Money Q&A’s RSS feed or via email to receive all the latest articles! You can also subscribe to our Free Weekly Newsletter.

Reader’s Question: Is It Better To Save For Closing Costs Or Pay Down Loan?

by Hank Coleman

Here is the next installment in our Reader’s Questions Series which highlights questions emailed to me by you, the readers of Money Q&A, we talk about how to save for closing costs. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if your money question is chosen to be featured on a future week’s blog post. If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It is one of my top ten best personal finance books that everyone should read. Now….on to our reader’s question. Is it better to save for closing costs when you are trying to sell your home? Or, should you … Read more

Learn The Home Improvement Projects That Add Value

by Hank Coleman

Find out about the home improvement projects that add value to your home’s value when I was interviewed by Ben Brashen on the Brashenomics Radio Show last week. Hear how you can get the best return on your investments that you make in home improvement projects and which projects are the best to tackle from a return on investment perspective that will increase your home value. Check out the radio interview below… The Top 3 Home Improvement Projects That Add Value 1. Upgrading your kitchen = 70% to 80% return 2. Upgrading an existing or adding a bathroom = 70% to 80% return 3. Adding energy efficient windows = about a 50% return The Top 3 Home Improvement Projects That … Read more

What Is A Cafeteria Plan For Health Insurance?

by Hank Coleman

What is a cafeteria plan for health insurance? A cafeteria plan is a type of employee health insurance benefit plan offered in the United States.

Its name is derived from the fact that these plans allow employees to choose from different types of health benefits, similar to a customer choosing items to eat in a cafeteria. You can pick and choose what you want to insure and subsequently what you want to pay for with your limited health insurance funds.

Features Of A Cafeteria Plan

Cafeteria plans can offer employees such benefits such as health insurance, group life insurance, flexible spending accounts, and more. Some plans (although less now than there used to be) still offer an explicit choice between cash and benefits. This meaning if you want to opt out of getting health insurance, the employer will pay you a dollar amount equivalent to the cost of insurance.

The Four Of The Best Car Insurance Discounts

by Hank Coleman

Do you have the best car insurance discounts? Car insurance is a highly competitive business that is great for individual consumers. Most car insurance companies will keep their rates low to attract and keep consumers. They fight against each other because customers are so fickle and hard to come by, and the insurance companies offer generous discounts to both new and existing customers. Here is a list of the most common types of car insurance discounts and what you need to do to qualify for them. Remember, every car insurance company maintains its list of the best car insurance discounts offered, but these are some of the most common ones from across most insurance carriers. They are also some of the … Read more

Reader’s Question: How Big A Party Is Too Big For Your Home Insurance?

by Hank Coleman

Here is the next installment in our the Reader’s Questions Series which highlight questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if your money question is chosen to be featured in an upcoming week’s blog post. If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It is one of my top ten best personal finance books that everyone should read. Now….on to our reader’s question.

How big does a party have to be to get excluded from you home insurance coverage? Or, what other factors determine your home insurance coverage?

There are limits to what is covered by your homeowner’s insurance policy, and house parties can quickly overwhelm your liability coverage if you are not careful. House party insurance is something that many party givers often forget. But, forgetting to ensure that a party is adequately covered can be disastrous for your finances.

When You May Need House Party Insurance

If a child gets hurt in a rented inflatable bounce house or a guest slips next to your pool during a party that you are hosting at your home, you may not be as covered by your homeowner’s insurance as you think you are. There are limits like all insurance as to what your policy covers, and typically events like a house party are not one of the covered items in your home insurance. You may need a special event or umbrella insurance policy to be adequately protected.

How To Think About Frugality Like An Economist And Save Money

by Hank Coleman

Is being frugal worth your time and effort? Can the law of supply and demand work in your favor to earn additional savings on your everyday purchases? Did you know that you actually hurting the US economy by saving your pennies and being too frugal?

You may be surprised to find out how you can save money when you approach think about frugality like an economist. Here are a few lessons from your economics class and how you can apply them to your frugal life.

Toilet Paper Is Worth More Today Than Tomorrow

If you won the lottery, would you want the lump sum payment today or would you want to spread your winnings out over 20 or 30 years? Thanks to our friend, inflation, you would be better off financially by taking the lump sum payment up front today. A dollar today is always worth more than a dollar in the future because of the effect of the time value of money and inflation.

These same economic theories can be applied to frugality and saving money on everyday purchases as well. When you stockpile toilet paper by the case after finding a good deal at the grocery store or discount warehouse chain, you are not only incrementally saving money on each item’s cost by buying in bulk. You are also saving money by not paying higher cost of the products later due to inflation as well.