The Insurance Doctor

Category: school shopping

  • Back to School $$$ Saving Tips

    Back to School $$$ Saving Tips

    As we begin the 2021-2022 school year during what I call, “The Covid-19 Era,” there is much uncertainty and trepidation.  Some schools commenced last week, others will start this week or after Labor Day weekend.  Our Mayor says the school must be in person because “our children are safer in the classroom.” 

    Whether or not you agree with him, there is one thing that is a certainty,  our students will continue to be schooled and they will need school supplies this year and going forward. 

    Like many things, back to school shopping is a habit.  Some are efficient habits, and some should be broken.  I notice differences in shopping habits between men and women.  The evolution of the internet, Covid-19, and the closing of many malls and brick and mortar stores have forced a change in buying habits for many parents and grandparents.

    Regardless of your habits, there are always things to learn, new habits to form, and ways to save money on these annual expenses, which can add up.  Take a look at my top 8 money-saving tips and perhaps start a new habit:

    1. Make a List, Then Check the House First:  Go through closets, storage, and utility drawers first.  There is a possibility you might have items leftover from the last school year.
    2. Craft a Budget:  It is always a good idea to have a price-range limit that you are willing to spend.  Keep the list with you when you are shopping either on-line or in person.
    3. Consider Setting Up a Gift Closet or Large Draw: A client shared this tip with me as she showed me how she turned a little used hallway foyer closet into a gift closet.  She buys many offseason gifts early at a deep discount and has saved big $$$ over the years.
    4. Check Out the Dollar Store First:  Before going to the big on-line and mega-retailers, there is a chance your local dollar store will have the items you are looking for at a discount.  They often buy excess lots or last year’s leftovers in bulk at a big discount, and pass some of their savings on to you.
    5. Consider a Desktop, Laptop or Tablet: For on-line shopping, it is prudent to use the bigger screen to look at and compare prices.  In addition, although smart phones have many good apps, there are discount and coupon finding extensions that can be added to your computer (especially if you use google chrome) to save you major search time.  See Tip #6.
    6. Consider Adding the Honey Google Chrome Extension to Your Computer: On your laptop, desktop, I pad or other tablet, click www.JoinHoney.com and add the Free extension.  This extension (not for phones) automatically searches for the best prices (often less than Ebay and Amazon) and you are notified immediately before “check-out!”  There are other extensions (such as Capital-One) that you can use, although some are better than others.
    7. If You Use Amazon, Consider Camel, Camel, Camel:  The big four (Amazon, Walmart, Target and Ebay) account for most internet sales.  If you are a loyal Amazon user, consider Camel, Camel, Camel. (CCC) Camel is an Amazon price tracker.  Find the product you are interested in buying, then cut and paste the URL into CCC to look up the item’s price history and/or add it to your price watch list.  If this is too complicated, go back to #6!
    8. Consider Holding Off Buying Trendier Gear:  It is advantageous to wait a few weeks after school starts to see what are the “in” styles.  Sometimes kids are wrong, so it is better to wait instead of trying to anticipate the hip new clothes and sneakers.

    Heed these 8 tips and watch your savings start to add up.  It has been a tough run for our grade-school and young adult students (due to no fault of their own).  I wish you and your families a safe and productive school year!

  • 6 Tips for FREE College “Endowment” Money

    Over the last several months, college admissions have been in the news because of the “cheating scandal” including some high-profile Hollywood actresses Lori Laughlin (Full House) and Felicity Huffman (Desperate Housewives).  In 2019, they were accused of bribing college entrance-exam administrators to allow cheating on the exams and university athletic coaches to designate school applicants as athletic recruits, regardless of athletic ability or experience playing a sport. 

    Laughlin “allegedly” paid $500,000 so that her 2 daughters would be designated as recruits to the University of Southern California (USC) crew team, though neither girl ever participated in the sport.  Laughlin and Huffman were 2 of almost 50 prominent figures (mostly from the financial industry) who were charged in the scandal.

    Interviews with more than a dozen low-income students and college advisors suggest the scandal heightened questions about the fairness of the admissions process and shook the confidence of some who hope to beat the long odds of getting into a top school.  For example, Harvard and Yale had acceptance rates of 4.7% and 6.3% respectfully in 2019.

    These might sound like insurmountable odds; however, there are proven strategies that can increase the odds of both getting into a prestigious university and getting FREE ENDOWMENT MONEY while doing so.  There is a certain profile that Universities are looking for. 

    The well-rounded B student (who participates in sports, student council, fraternities/sororities, etc.) has a better chance of getting FREE MONEY than the straight-A student who studies 24/7.  Schools are looking for what is called THE GIVE-BACK GENE!  If your student can demonstrate giving back, the school knows the odds are better of that student contributing shortly after their graduation.

    Aside from buying a home, college is usually the largest expense a family will occur over their lives.  Most Americans have not saved enough for their first student, let alone a 2nd or 3rd, etc. 

                This fact puts families in a bind!  The ripple effects can include; taking out high-interest loans, borrowing money, or stealing from their own retirement plans.  The biggest mistake is to have their student ONLY apply to “schools they think they can afford.”  Wouldn’t it be great if parents could learn how to extract merit-based ENDOWMENT “FREE MONEY” from the school of their students’ dreams?  Keep reading to find out how!

    Colleges control roughly 90% of the money that students receive every year.  The balance comes mostly from various grants from churches, synagogues, and other charitable organizations, so it is important to concentrate on where the majority of the money comes from.

    Let’s first define ENDOWMENT MONEY, best understood by an example.  I graduated from Lehigh University many moons ago.  Lehigh’s investment office manages a $1.4 Billion “ENDOWMENT FUND”, which is the school’s largest tangible asset.  When I graduated and contributed to Lehigh, it was deposited into Lehigh’s “ENDOWMENT FUND,” which is not taxable.  The ENDOWMENT serves as a key source of funding for incoming student scholarships and academic programs.  Also known as GRANTS, ENDOWMENT money DOES NOT have to be paid back.  Usually, there are “strings” and/or requirements attached like maintaining a full course load (minimum amount of credits) and minimum GPA (grade-point-average) to maintain the scholarship.  The Government requires that colleges disperse a percentage of their ENDOWMENT FUNDS (about 5%) to maintain their TAX-FREE status. 

    Follow these 6 TIPS to help you obtain FREE MONEY:

    1. Apply to At Least 10 Schools:  The most efficient way to do this is through the Common-Application form.  The objective is the get into 6 schools, then leverage one school’s offer versus another.
    2. Go Visit Your Top 2–3 Schools After Acceptance:  More often than not, you will receive a letter or email offering more $$$$ after your visit. 
    3. Do NOT Accept Their First Offer:  Just like buying a pre-own car, DO NOT pay “sticker” price!  Many schools have BILLIONS in their ENDOWMENT FUNDS just waiting for you to extract the cash! 
    4. Apply to the Competitors of Your Top Choices:  Admissions officers know where you are applying.  They will give more $$$$ just to not let their competition win.
    5. Do Volunteering and Community Service:  Schools give money to those students who they think will contribute after graduating.  They call it “the give back gene”.
    6. Consult a Professional for EFC Planning: The EFC (Expected Family Contribution) score will dictate how much FREE MONEY your student will qualify for.  For example, if St. John’s tuition is $43,000/year and your EFC is $30,000, it is likely your student will not get more than the $13,000/year gap ($52,000= $13,000 X 4 years).  The key is to lower your EFC score, like golf, lower is better.  For every $1 your EFC is lowered, you can qualify for $4 of FREE ENDOWMENT MONEY.  Parental assets can be repositioned into “EFC Friendly” assets like annuities and cash-value life insurance, which are not includible on the FAFSA (Free Application for Federal Student Aid) form.   The FAFSA must be completed every year to determine your EFC and requalify annually for your students’ FREE ENDOWMENT MONEY.

    To learn more about these strategies (and/or for a book recommendation) feel free to reach out to me at Rob@InsuranceDoctor.us.  STAY SAFE!

  • Back to School Shopping- 6 Money-Saving Tips

    For kids, shopping for new gear and supplies may be the coolest part of going back to school. This doesn’t mean you need to “break the bank”. Try these tips to save big money this year.

    1. Make a list then check the house first: Go through all closets, utility drawers and storage areas first. You may already have many items leftover from last year.Unknown

    2. Go to the dollar store next: The next best place to buy items before shopping at more expensive stores.

    3. Shop the big three: Old navy, Gap Kids and the Children’s Place rotate goods often. Ask when they are having sales. Also, if you see an item you bought in the past 14 days later on sale later, you can get the difference refunded as long as you have the receipt.

    4. Hold off buying trendier gear: Wait to see what is in style and buy after the school year starts instead of anticipating trends and wasting cash upgrading later.

    5. Google coupons for on-line purchases: With your list in hand go on-line and search out coupons. You will be surprised at the savings.

    6. Browse craigslist.org: You can find quality things on the cheap and can sell them as well. Just enter your location and click on “baby and kids”.

    Besides saving money on school shopping learn how you may save money on your health or life insurance policies today. Contact Rob for a free review!