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EPISODE 13 ~ TOP TIP: Credit Score: Raise Your Credit Score By Increasing Your Credit Limit

A major factor in your credit score is the amount of credit you have compared to the amount of debt you have. It’s called your “credit utilization ratio.” It’s not good when the amount of debt is close to the amount of credit and the best way to fix that is to pay down your debt. BUT, if you’re not in a position to do that and move the top number of the ratio, maybe you can move the bottom number. How? A CreditCards.com poll found that 89 percent of people who asked for a credit limit increase were granted one. A couple of keys: one, only ask for an increase on ONE credit card, because they will likely check your credit to do it, and that so-called “hard pull” can actually ding your credit just a little bit. The other rule is that once you have that new, higher credit limit you CANNOT use it. The whole point is to have credit you do not use. That will LOWER your credit utilization ratio and, in a couple of months, RAISE your credit score.

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EPISODE 13 ~ MAKE MORE: Jewelry Buyers: Know The Right Way To Sell Your Jewelry And Get More For It

Today’s topic comes from an Easy Money listener that wants to know the right way to sell jewelry

“Hi, my name is Jenny and I live in Virginia. I love what you’re doing with the Easy Money podcast and I wonder if you can do a segment on how to make the most money selling your jewelry. I’d like to know whether it’s worth paying for an appraisal and whether it’s better to sell jewelry online or in person.”

Jewelry is an asset that’s laying around a lot of homes collecting dust, when it could be collecting money, so I appreciate this question. You want to know how to make the most possible money, but you should also think about how much your time is worth and balance the two. I recommend being thorough but not obsessive.

I do recommend getting an appraisal, because you want to know the value, unless you are absolutely positive your jewelry isn’t worth much. But beware, I asked master gemologist appraiser Martin Fuller your question and he said he’s had clients come to him on numerous occasions believing something was costume jewelry, when it was actually fine jewelry! This guy was full of stories. Once a client brought him a sapphire and the old appraisal attached to it said it was worth $18,000. But the stone looked unique under his microscope, so he recommended advanced testing and it turned out to be a rare Kashmir sapphire worth about $500 thousand dollars!

Appraisals range from $150 to $350 per hour. You should choose somebody who’s a member of the American Society of Appraisers, the International Society of Appraisers or the National Association of Jewelry Appraisers. Keep in mind the appraised price represents the retail value of the item, not the amount you can actually expect to get. Ask the appraiser if he or she can give you an idea of the resale value as well.

Once you know the value, the next thing you asked is whether to sell online or in person. I can tell you now that experts I spoke with say in person is better. I also found that to be true in an experiment I conducted when I was an investigative reporter at Good Morning America. We tried selling the same jewelry at multiple places and the local jewelry shop in New York City gave us, by far, the best offer. We sent $350 worth of gold to several online buyers and one of them only offered us $90 dollars for it, another just $66 bucks! If you do decide to sell your jewelry online, for the convenience, know this: When we rejected the companies’ offers, they always made counter offers, sometimes even doubling their money. So play the game.

A more comfortable option might be to sell via an online consignment shop. This can work in your favor, because individuals typically pay more for jewelry than professionals do. Just make sure your profit isn’t eaten up by consignment commissions. One site that stands out is called IDoNowIDon’t, named after the diamond rings it receives from broken engagements. The cool thing is that as the seller you send your jewelry to the company and the buyer also sends their money. iDoNowIDont appraises the jewelry and makes sure the money clears before completing the transaction.

All that said, selling your jewelry in person to a local shop may still be the best option. There are coin shops, consignment store, pawn shops, and jewelers. The American Gemological Society keeps a list of local jewelers who buy jewelry. No matter which type of store you choose, you should get at least three estimates —more if you’ve decided it’s worth your time and/or you own high-value items. Fuller, the master gemologist has a little trick: He says to “Tell them you are required to get at least three offers for the family,” as if someone has died or something, I guess. Jewelry industry people know that means they should put their best offer on paper. A little undercover advice and a little insider advice. Enjoy!

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EPISODE 13 ~ SAVE MORE: Home Appliances: Save Money By Knowing When to Repair Or Replace Your Appliances

Save more money with The Easy Money Show

Get this: Other than houses and cars, home appliances can be the biggest investments we make. Not nearly as glamorous either. First, I’ll give you the over-arching rule of thumb: If the repair will cost more than 50 percent of the price of replacing the appliance, you should get a new one. I could end it there, but that would be a pretty lame segment. Plus, I know you may be in denial that you actually have to pay to replace one of these big machines in your house. I went through it myself with my dishwasher.

So here’s the other info that can help you say sayonara to old appliances: their average life span. That’s right, the National Association of Home Builders did a study and actually figured out how long most appliances typically last before they conk out for good. Here goes:

Air Conditioners 15 years
Dishwashers 9 years (mine lasted WAY less)
Dryers 13 years
Furnaces 15-20 years
Garbage Disposals 12 years
Microwaves 9 years
Refrigerators 13 years
Stoves 13-15 years
Washers 10 years
and
Water Heaters 10-20 years

Where your appliance falls in those ranges will depend on the brand and how well you maintain it. Think of your appliances like a car. They need tune ups. The number one steps you can take for a few key appliances are to: never overload your washer, remove lint from your dryer trap AND vent, keep your dishwasher drain and filter clear, and vacuum your refrigerator coils (I need to do that —or nag my husband to!)

OK, so you can save by biting the bullet and replacing instead of repairing.

And there are ways to save on the repair itself. First of all, be sure to check your warranty before paying for repairs. My furnace went out recently and the technician told me it was going to be a $600 repair. But I had this fuzzy memory that we had somehow extended our warranty just by registering the unit with the manufacturer when we bought it. I insisted that the local company check and, sure enough, we got the repair for free.

If you do need to pay for a repair, be the hunter, not the hunted. In other words, do business with a repair company you seek out, not one that goes door-to- door offering free inspections. That’s a come-on to get in your door and find expensive faux problems.

Next, insist on a written estimate. Reason being, some states require the company to get your permission if the cost is going to go up more than 10 percent.

Finally, pay little or nothing up front. Fly-by- night appliance contractors have been known to get their money in advance and then disappear without doing the work. Established firms will be happy to get paid at the end of the job.
Know these rules of thumb and you can avoid overpaying for appliance repairs or repairing them this year only replace them next year.

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EPISODE 13 ~ FIND YOURS: Inheritance: Find Missing Money Left By Your Ancestors

Find unclaimed money with The Easy Money Show

As I’ve been telling you, at least 1 out of every 10 Americans has unclaimed money waiting. It may be hard for you to believe that you could ever misplace your own money. But what about your relatives? Your ancestors? You may be entitled to unclaimed money that they left behind. That’s exactly what happened to Carol Fox.

How did you first get the idea to search the unclaimed money database?
My daughter’s husband, my son in law, told me to look. He does it all the time because he thinks it’s fascinating. So I looked and there was all sorts of money for my mother.

What was the money from and how did it get lost?
Dividends from stock my mother had received as a gift from an aunt and uncle. She got lots of little checks for $5. And she never bothered cashing them, so they became unclaimed property! There were lots of little amounts that added up. She didn’t drive, so depositing it was a hassle for her. Your mother didn’t want to be bothered going to the bank, but she was a retired bank teller, right? I couldn’t believe it! I couldn’t believe that my mother, who had actually worked as bank teller, had let this stuff go. A bank teller who didn’t want to go back to the bank!!!!

You also found a small unclaimed money account for yourself, and your mother was a part of that story, too, right?
Yes, I found a small amount in my own name. From when I lived in California. It was from a life insurance policy. My mother had insisted that I get a policy so that if something happened to me, there would be money to bury me. When I moved to California, my mother never forwarded the dividend checks to me! I found that one under my maiden name. It was from the early 1960s.

Which state was holding the 2 unclaimed money accounts for you and what did it take to claim it?
It was relatively easy but it took a long time. I just had to provide an original death certificate for my mom. I sent the claim in at the end of summer 2016.

Then I started calling in 2016. They were lovely. I got the checks early this year. January and March.

OK, Carol, tell me: how much unclaimed money did you receive back from the state?
$29.58 from my tiny old life insurance policy. And $5940 that belonged to my mother! My sister and I are the survivors. We split the money from mom between us.

I hope that unlike your mom, you cashed those checks when you got them.
What did you do with the money? I spent the $29 on a pedicure!!!!

Perfect, what about the larger amount? What did you and your sister spend it on?
My sister got her house painted. l have been saving mine, but I’m thinking of having my floors refinished.

If you were inspired by Carol’s story and you’d like to search for unclaimed money in the names of relatives who have passed, there are two free websites that I recommend. Start with MissingMoney.com and then check unclaimed.org (note, that’s .org) for the 10 states that don’t participate with MissingMoney.

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EPISODE 12 ~ TOP TIP: Tax Deductions: Saving Receipts And Money At The Same Time

A wise accountant once explained tax deductions to me in a way that turned me into a receipt-saving, itemizing machine. Here’s what he said: For every $100 worth of tax deductions you come up with, you save the amount of your tax bracket. So, let’s say you’re in the 28 percent tax bracket. For every $100 worth of deductions you claim, you will save $28 bucks! This is such a simple, concrete way of looking at it that it can be very motivating. So start documenting those miles driven for work, those office supplies purchased, and job search expenses laid out …and watch the savings add up!

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EPISODE 12 ~ MAKE MORE: Make Money From Home: Check Out These Modern Home-Based Income Opportunities

As a longtime consumer reporter, when people used to ask me about work-at-home opportunities, I always cringed, because most of them were scams. So I love that, thanks to the internet, the work-at- home landscape has changed completely and not only are there legit opportunities, there are lucrative ones!

I’ve already done interviews with people who produce music and videos and write resumes and sell them on Fiverr, a woman who sells fashion on Poshmark, a guy who shoots stock photos for Snapwire, and another who teaches from home via Skillshare. If you haven’t heard those episodes, by all means, circle back to them. Great stuff if you’re looking to work for yourself from home.

But today I want to do more of a survey of several work-at- home options. Some websites connect freelancers with clients, which is a game changer and a very modern way to work at home.

Other companies actually hire employees to work from home virtually. Some even offer benefits like healthcare coverage and paid vacation. Here are several options, in alphabetical order, that I recently researched for a Washington Post piece.

First, there’s Convergys which has 3 types of home-based opportunities: customer service, sales and service, and technical support. This is one of those companies that is looking for actual employees and offers benefits.

Flexjobs is a site where companies list all sorts of jobs for freelancers to consider, many of them in somewhat technical areas like accounting, project management and engineering.

Skyword.com is an interesting one because it is looking for videographers and writers who can create content for brands. Native marketing, sponsored videos, that sort of thing.

SutherlandCloudSource.com. Ding ding! For those who like the stability of being an actual employee, this is the other of those opportunites. Sutherland has everything from entry-level jobs like call center operator to higher-level positions like business analyst and they are available to do at home.

Tutor.com is one of several sites that employee freelance tutors who are qualified to teach students and help with homework in subjects from Calculus to Zoology.

Udemy is another platform, somewhat like Skillshare, where people create and teach online courses. Classes can be technical like how to create animated graphics or homey, like how to make sourdough bread.

Wonder is for all you researchers. Wonder calls them “analysts” and assigns them to research all sorts of things for clients. The clients are real companies like Shell, PwC and Deloitte.

Zintro.com is a freelance platform for consultants. We’re talking highly specialized folks in fields like biochemistry, FDA compliance and waste water. The smart thing Zintro does is have clients deposit their payments up front to make sure consultants get paid.

And finally, we have Zirtual, which hires and trains college-educated virtual assistants. They then get assigned to assist small businesses and sole
proprietors.

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EPISODE 12 ~ SAVE MORE: Cheap Hotels: A Secret Technique For Scoring Luxury Rooms At Deep Discounts

Save more money with The Easy Money Show

Let’s talk about how to save big on hotel rooms —luxury hotel rooms. Consumers’ Checkbook, which studies services, has scrutinized online
travel booking services and says it has figured out THE strategy for scoring rock bottom rates on 4 and 5 star hotel rooms. The answer?
Priceline. But NOT using it the regular way. Checkbook’s editors spent years experimenting and Executive Editor Kevin Brasler is here to reveal their “system.”

OK, I’m going to name the step and you explain why it’s important, alright.

Number 1: Go to Priceline’s “Name your own price” tool.
With Priceline’s “Name Your Own Price” option, you don’t know which hotel you’re bidding on. Instead, you enter the city where you will be traveling and the dates for which you will need a hotel room plus the neighborhood you prefer and the star level. The system then tells you whether your bid was accepted and which hotel accepted it. It’s less expensive because you don’t get a choice.

Next you click the bubbles to only look at 4 and 5-star hotels. Why is that important?
If your price is accepted by any hotel that meets the conditions you set, that’s where you’re booked. Because you don’t get to choose, Priceline bidding works best if you bid only on four- or five-star hotels—so you can be reasonably sure of ending up at a nice place.

Third, step: Study the different neighborhoods in your destination city, called “geographic zones,” and choose your favorite one that DOES have 4 and 5 star hotels available. Why?
In order for our strategy to work, your preferred zone has to contain Priceline four- or five-star hotel options. Deselect all other zones, select only your preferred zone.

Fourth, Make an opening bid of $60 for any 4 and 5 star hotels in that neighborhood. Why $60?
We found that’s about the lowest rate Priceline will accept for high end hotel rooms. Ignore the warnings that your bid is probably too low and wait to see if it’s accepted. Sometimes it is.

If your bid isn’t accepted you go to step 5 and this is the REAL beauty of your system: you raise your bid. But Priceline doesn’t usually let you try again for 24 hours. How do you get around that?
Priceline DOES let you try again if you add another geographic zone to your search. But — and this is key– you add a zone that does NOT have any 4 or 5 star hotels. Then you increase your bid by $5. Since your search is still limited to only 4 and 5 star hotels, Priceline will search your original target destination again, not the added destination!

And the final step is?
You repeat the process as long as you need to. Each time you bid, request your preferred zone and a different combinations of secondary zones that do NOT have 4 or 5 star hotels. Then add another $5. In this way, $5 at a time, you will identify the very lowest rate you can get for a room.

How many tries does it usually take?
We find that we usually have to rebid only two or three times to obtain a great price from Priceline.

Does this ALWAYS work?
Almost always, but In some scenarios, Priceline’s “Name Your Own Price” won’t generate lower rates than other sites. For events such as the Super Bowl, the NCAA Final Four, New Orleans’ Jazz Festival, and other times when hotels expect to be almost completely booked, you’re very unlikely to find a deal on Priceline. But it’s still worth a shot.

These are Priceline’s own star ratings. Do you find them reliable? You might disagree with Priceline’s hotel-rating system. For example,
Priceline gives three or four stars to Crowne Plaza properties; in our experience, that often seems a bit generous. Since you can’t exclude specific hotels from the Priceline bidding process, you might get stuck in a hotel for which a four-star rating is a stretch. If you’re truly worried about that, you could use our method and just search for 5-star properties.

Give me some examples of the savings Checkbook has been able to snag.
Boston: Hyatt Regency Boston Normal: $169 Checkbook: $99 New York Roosevelt Hotel Normal: $159 Checkbook: $88 Minneapolis Radisson Plaza Normal: $188 Checkbook: $98 Orlando Marriott World Resort Normal: $194 Checkbook: $97

Checkbook’s Priceline method is a lot to absorb, especially if you’re driving or jogging as you listen to Easy Money, so Checkbook has provided a guest blog post to walk you through its Strategy in detail. Be sure to check it out at EasyMoneyShow.com/12.

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EPISODE 12 ~ FIND YOURS: Celebrities And Unclaimed Money: Which Celebrities Have Missing Money Waiting For Them?

Find unclaimed money with The Easy Money Show

Honestly, I don’t give a flip about famous people. But I DO care about convincing YOU to conduct a search. So I wanted to show you just how common it is for people —including famous people, including you— to have unclaimed money out there waiting.

Let me tell you the actors I found unclaimed money for. Ladies first:
•Blake Lively is owed $484.
•Delta Dental owes Salma Hayek $75… She does have great teeth.
•Saoirse Ronan has a whopping 17 separate unclaimed money listings!

Now a couple of actor guys: Ben Affleck does have unclaimed money, Casey Affleck doesn’t.
You notice, I’ve chosen all actors with unusual names? That’s because it’s easier and faster to search for them.
Now, let’s give it up for some Musicians:

•Beyonce. I don’t even know her last name. I just typed in Beyonce and found something and I know it’s for her because it was music-related.
•Ed Sheeran. My friend Judy is in love with him. I’m not even sure who he is, but Bank of America does and owes him more than a hundred bucks.
•I even found money for Iggy Pop and I didn’t even know that was a real name.

Let’s do a hat trick for some athletes:
Golfer Ben Hogan. Baseball player Barry Bonds.
Football player Joe Montana. They’re all missing some money. And, finally, Politicians and I’ll go back and forth across the aisle even if they won’t. Buh dum dum!:

•Nancy Pelosi could collect 4 different unclaimed money accounts for a total of $1,426 and I know it’s her because the address was the Rayburn House office building.
•Vice President Mike Pence has missing money in his home state of Indiana.
You’d think they’d know where to find him. But they don’t even try.
•BarackObama: The former president has unclaimed money in FIVE different places. Maybe he’ll have time to collect it now. DC, FL, MS, PA, and TX, Barack.

Donald Trump: Like his homes, his missing money is in New York and Florida.
Some of it is from unredeemed gift certificates.

•And finally, Bergdorf Goodman and Verizon Wireless have unclaimed funds for Hillary Clinton, listed at her Chappaqua New York address.
Only a couple of famous people who I looked up did NOT have missing money out there. The National Association of Unclaimed Property Administrators says 1 in 10 of us is owed unclaimed money. Based on the celebrities I searched for, the stat should be much higher than that. So do a search today and let me know if you find something big or something interesting. I’m looking for lucky people to interview on the show. The first place to search for unclaimed money is the free website MissingMoney.com and the second is unclaimed.org.

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EPISODE 12~ GUEST BLOG

By Checkbook.org

How much would you like to pay per night for a room at a four- or five-star hotel in Seattle? How about $77? Does that seem fair?

Rather hit the Big Apple? We found an $88-per- night bargain at the luxury Roosevelt Hotel.
How about Chicago? Is $84 for a room at the Palmer House Hilton in the Loop reasonable?

For several years, we have plugged away at Priceline.com and —using our
unique, strategic method— almost always secured rates for high-end hotel rooms far lower than those offered at competing websites.
Read more of Checkbook’s method for scoring luxury hotel rooms cheap.

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