Flipping Classic Cars: What You Need to Know Before You Invest

Red old American car 1970?s 1960?s parked for sale gas guzzler fuel price

Alamy

Is investing in the classic car market the next big thing? If so, is it right for you?

With TV shows about finding, fixing and flipping classic vehicles all the rage right now, it’s no surprise that investors burned by the real estate crash who are looking for a new get-rich-quick scheme are finding this one: A classic car offers the lure of a hefty potential profit, with a far smaller outlay of capital than a house requires. But is it a good investment — something you should consider to help diversify your portfolio?

If you’re thinking about investing in a classic car, you don’t want to lose your shirt in the process. Here are some things to consider before you take possession of a pink slip:

Don’t Invest in a Classic Car on Impulse

“Never buy a classic car on a whim,” says Ryan G...

Read More

4 Ways to Deal With Medical Debt

Horizontal|Color Image|Photography|Indoors|Teamwork|Healthcare And Medicine|Medical Procedure|Surgery|Healthcare Worker|Medical

Getty Images

Medical debt can be crushing: 43 million Americans have overdue medical debt on their credit reports. If you have health insurance, the deductibles can be high: For families with a bronze health plan, the average deductible is $10,545. Given that 62 percent of Americans do not have enough money saved to handle a $500 emergency, medical debt can quickly become a big problem.

The problem is even worse for the 12.9 percent of people who do not have health insurance. If you enter an emergency room without insurance, you are going to be charged obscenely high rates. It is not uncommon for people to leave the hospital with $100,000 or more in medical bills. If you find yourself in a medical emergency, here are four things to consider to help manage the situation.

1...

Read More

U.S. Health System Tops in Spending, Last in Results

US health system tops in spending, last in results

Jason Smalley Photography/Alamy

|

Bang for your buck? No such luck — not even close.

The United States health care system has finished dead last — yet again — in a comparison of first-world countries, despite vastly outspending those nations on health services, according to a new study released Monday.

Adding insult to injury, the Commonwealth Fund-issued study ranked the United Kingdom in first place in the rankings despite the fact that the U.K. spent just $3,182 per capita on health — the second-least amount of the 11 countries surveyed.

And Canada, which was just above the U.S. in the overall rankings, spent just $4,522 per person on health services.

%image_alt%

In contrast, the U.S. spent $8,508 per person on health care, or 17.7 percent of the gross domestic product.

“The claim that the U...

Read More

Market Wrap: Stocks End Lower for 2nd Day After Rally

Financial Markets Wall Street

Richard Drew/AP

NEW YORK — U.S. stocks closed lower Wednesday for the second day in a row as investors stepped back after a recent rally ahead of jobs data due later in the week.

Health care stocks were the only bright spot in the market after a U.S. Supreme Court hearing and a cancer drug approval.

Equities had surged in February and both the Dow and S&P hit record highs Monday, when the Nasdaq surpassed the 5,000 level for the first time in 15 years.

We would not read anything into today’s pullback. The market had a terrific February.


“We would not read anything into today’s pullback. The market had a terrific February,” said David Katz, chief investment officer at Matrix Asset Advisors, in New York. “We suggest buying into any weakness.”

Many investors were holding off on making big...

Read More

Health Law Fine on the Uninsured Will More Than Double

Health Overhaul Signups

Andrew Harnik/AP

WASHINGTON — The math is harsh: The federal penalty for having no health insurance is set to jump to $695, and the Obama administration is being urged to highlight that cold fact in its new pitch for health law sign-ups.

That means the 2016 sign-up season starting Nov. 1 could see penalties become a bigger focus for millions of people who have remained eligible for coverage, but uninsured. They’re said to be squeezed for money, and skeptical about spending what they have on health insurance.

Until now, health overhaul supporters have stressed the benefits: taxpayer subsidies that pay roughly 70 percent of the monthly premium, financial protection against sudden illness or an accident, and access to regular preventive and follow-up medical care.

But in 2016, the penalty f...

Read More

5 Life Insurance Policies You Really Need to Cancel

A hand holding an umbrella with paper money design

Alamy

Life insurance is sold based on one thing: fear. Fear of dying, of being injured. Fear of a catastrophe befalling you or your family. If worrying about death isn’t enough of an inducement, there’s the financial fear of not being able to replace a breadwinner’s salary once they’re gone.

Insurance companies know this, and they use those levers. And they should: Financial peace of mind in the face of loss is exactly what they’re selling.

But some types of life insurance just aren’t worth buying, because the policies aren’t used often and don’t provide much of a return on the premium. You’re better off putting that money aside in an emergency fund for that rainy day, if it ever happens. Here are five life insurance policies you probably want to think about canceling if you have them:

1...

Read More

The 5 Biggest Obamacare Myths Explored, Explained and Debunked

Obamacare myths
Recently, in the wake of the Supreme Court’s favorable ruling on Obamacare, I wrote an article explaining what it would mean to the average middle class family. Almost immediately, the floodgates opened: The piece received more than 1,500 comments and my e-mail inbox filled up with questions from readers.

adsonar_placementId=1505951;adsonar_pid=1990767;adsonar_ps=-1;adsonar_zw=242;adsonar_zh=252;adsonar_jv=’ads.tw.adsonar.com’;
It’s not surprising that there’s a lot of confusion about the impact that the health care reform law will have: the Patient Protection and Affordable Care Act is an almost-unreadable 955 pages of densely-written government-speak...

Read More

Treasury Sells Big Chunk of AIG Stock at a Profit

AIG

Sept 10 (Reuters) – The U.S. government cut its stake in American International Group Inc (AIG) to about 21.5 percent on Monday, making a profit of $12.4 billion on the insurer’s crisis-era bailout and bringing the unpopular rescue closer to its end.

The Treasury Department sold $18 billion worth of the insurer’s shares at $32.50 apiece, in what could yet be the largest ever secondary offering in U.S. history. The underwriters have the option to buy another $2.7 billion worth of AIG shares, which they can exercise in the next 30 days.

The offering represents the government’s biggest sell-down of AIG shares since it rescued the insurer with bailouts in 2008 and 2009. At one time, the government pledged as much as $182...

Read More

Inside the Insurance Industry’s Secret Database About You

Tree which has fallen on the roof of a house. Caused by Hurricane Sandy.

J.R. Bale/Alamy

Q. Are you paying more for your homeowners and car insurance than you should?

A. Yes.

Q. Do you know why?

A. Probably not — in fact, we haven’t a clue.

And that’s just the problem. We haven’t a

Most Americans Are CLUE-less

This would appear to be the upshot of a new report out of InsuranceQuotes.com, a subsidiary of personal finance website Bankrate.com (RATE).

Says InsuranceQuotes.com (we’ll call them “IQ” for short), the insurance industry has a “‘Secret’ Report That Affects What You Pay for Insurance.” It’s called the “CLUE” report, which stands for “Comprehensive Loss Underwriting Exchange,” and essentially, it’s a database keeping track of every insurance move you make...

Read More

Insurers Will Propose Changes to Obamacare

Insurers Will Propose Changes to Obamacare

LM Otero/AP

WASHINGTON — Insurers want to change President Barack Obama’s health care law to provide financial assistance for people buying bare-bones coverage. That would entice the healthy and the young, the industry says, holding down premiums.

So-called catastrophic plans are currently not eligible for the law’s subsidies, and only 2 percent of the 8 million consumers who signed up this year picked one. Subsidies bring down the cost of monthly premiums.

The proposed change is part of a package of recommendations that America’s Health Insurance Plans, the main industry trade group, plans to release Wednesday...

Read More