Lifestyle Changes That Can Save You Big Money

Unless you’ve been living under a rock, you know that the coronavirus pandemic caused an undue amount of harm to the nation’s economy. Many businesses lost millions of dollars as operations were shut down or altered. States jumped in to provide financial assistance to residents in need, leaving their resources all but tapped out. As a result, hard-hit industries have no choice but to raise prices to recover some of the damage.

You’re already hanging on by a thread. Now, you’re expected to sustain a decent life with higher prices and a limited budget. Though there’s nothing you can do about inflation or the economy, you can make things easier to afford. By identifying and correcting poor lifestyle habits, you can reduce financial waste and add to your budget. Continue reading for suggestions.

Go Green

Eco-friendliness is vital to the environment. It’s also a beneficial practice for your health and budget. You’d think that with so many advantages that there would be more people living more green lifestyles. Unfortunately, that’s not the case, as most people are stuck in their ways. They consume more natural resources than they need and generate a lot of waste despite the adverse effects.

If you want to see more money in your budget, switching to green or eco-friendly practices can make a difference. Simple energy and water reduction methods like turning off lights when they’re not used or taking shorter showers can lower your utility bills. Starting a garden reduces your grocery bills and ensures that you’re eating the freshest ingredients possible for an improved quality of life.

The list of waste reduction tips is extensive. So, evaluate your daily habits and assess which methods work best for your lifestyle and budget.

Take Care Of Your Health

Most people are aware of the benefits of diet, exercise, and other healthy habits are to their well-being. However, not everyone understands its significance to your finances. When you don’t invest in your physical and emotional health, it increases your risk of serious medical problems. These problems ultimately lead to you paying more for health insurance, co-pays, treatments, and prescriptions.

If taking charge of your health to sustain a better quality of life isn’t enough to convince you to change your ways, perhaps the prospect of saving hundreds of dollars each year can. Incorporate healthier eating and regular physical activity into your schedule.

You should also ensure that you maintain medical appointments for preventative care and treatment. Whether it’s getting a physical and lab work from your primary care physician or cleanings and x-rays with a dentist Lake Zurich (or wherever you live), these appointments help keep your physical and mental health intact. The same is true for people with existing medical conditions. Keeping your appointments and following the expert’s advice makes your condition more manageable and, therefore, more affordable.

Live Below Your Means

Though low salaries and high cost of living make it challenging to save money and manage your finances, habits like overspending also come into play. Society has led many people to believe that it is better to go broke on things you essentially don’t need, despite the consequences. So, consumers dig themselves into significant debt, buying everything from the latest technology to elaborate homes and cars they can’t afford. Although it feels good in the moment, when the debt catches up to you, it’s another story.

If you want to find more savings in your budget every month, you have to get serious about living below your means. While it may seem like a restrictive and unpleasant lifestyle at first, you’ll come to learn it’s an enhancement. You’ll reduce a lot of financial waste, have more money for the things you need, and ultimately learn ways to do something you enjoy without breaking the bank.

Restoring the economy after the pandemic is going to be an uphill battle for everyone. The best way to deal with this reality is to start making lifestyle changes like those listed above. By simply going green, taking better care of your health, and living below your means, you can increase the amount of money you have to put towards living a less stressful and happy life.

Things To Know Before Contesting a Will

The loss of a loved one is an emotional and difficult time. Unfortunately, it can become even more overwhelming when a person’s last will and testament comes to light. If survivors feel that the allocation or assets does not reflect the deceased’s final wishes, there may be grounds for contesting a will. However, it can take a heavy emotional and financial toll. Here are a few things you should know before you spend time and money trying to challenge it.

How Do You Contest a Will?

You cannot contest a will simply because you do not like or agree with what it says. Before you can contest it, you need legal standing and be able to prove that the will is invalid. Only an heir or a named beneficiary can challenge it.

Although, anyone can review the terms if you believe there has been a mistake. Start by obtaining a copy of the document. The executor should be able to provide a copy of the current will and all previous versions that exist. Compare the documents and look for significant changes. You can check the complete list of assets to ensure nothing was overlooked as well. However, if the executor has not done due diligence, you can request a copy of the existing documents from the probate court.

If you are still suspicious after reviewing everything, discuss your situation with an attorney to see if you have a case. They will provide legal counsel and assess the validity of your claim. If you and your lawyer feel that there are enough grounds, the next step is legal action. Your attorney would file a contest against the will on your behalf. This litigation seeks to invalidate the will, but the burden of proof falls squarely on you. Depending on the specific circumstances, contesting a will can be a very long and expensive process.

When Should You Think about Contesting a Will?

The testator, or deceased person, has the right to will their inheritance based upon any belief or whim. They also have the right to change it at any point in time, for any reason. But, if you believe they changed the will under suspicious circumstances, try to clarify what happened that led to the decision.

In most instances, a contest is filed when someone is excluded from the will. Sometimes it is an heir or beneficiary who expected to be included but was not. Other times it happens if the testator discussed changes prior to their death but never officially amended the document. Either way, it is a good idea to seek professional advice before filing any paperwork.

It is no small undertaking to contest a will, so it is not a decision that you should make lightly. Of all cases presented to probate court, only about 0.5% to 3% of will contests are successful. So, you should prepare yourself for an uphill battle from the start. You must also look at the practicality of taking action from a financial standpoint as well. Does the potential gain outweigh the legal and emotional cost?

If the answer is yes, there are time-sensitive steps for contesting a will. The rules and timelines concerning a last will and testament vary state to state. These are determined based on where the testator lived at the time of death. Time frames range from a few months to a few years. So, you will need to verify local laws if you want to pursue legal action.

What Are the Grounds for Contesting a Will?

If you believe the last will and testament does not reflect the person’s true intentions, you must prove it in a court of law. However, there are certain criteria to meet before you can contest a will.

1. The will does not meet state regulations or the testator did not sign it in accordance with state laws.

Although you probably assume that documents prepared by an estate lawyer satisfy all legal formalities, it is not always the case. In fact, failure to follow state regulations is the most common way to invalidate a will. Each state sets very specific rules to determine what constitutes a valid will and testament. If the document does not meet all requirements, the courts cannot uphold it.

2. The will was signed under coercion, fraud, or diminished mental capacity.

These cases of often the most difficult to prove and endure. You must have hard evidence on your side as well. In these instances, you must prove the deceased did not have the mental faculties to understand what was happening or was unduly influenced to make changes. Since they cannot speak for themselves, courts must rely on the testimony of those present when the testator signed the will. Unless you have concrete proof, you may not have grounds to contest.

3. The terms of the will are unclear.

In order for a document to qualify as a last will and testament, it must clearly indicate the writer’s intention. If there is any shred of doubt, the probate court can invalidate it.

4. Heirs of beneficiaries disagree with asset distribution.

Lastly, an heir or beneficiary can contest a will if they disagree with the asset distribution. They may have standing if they are entitled to a larger portion of the estate or have been taken out of the will by mistake. However, be wary of no-contest clauses. Under this clause, you would inherit nothing should you challenge the will and lose.

What are the Alternatives to Contesting a Will?

Before taking any legal action, you may want to look for other avenues to pursue, especially if your case is difficult to prove. Mediation may be a better alternative than an expensive and drawn-out court battle. You are more likely to find a satisfying resolution and avoid the legal fees of prolonged litigation as well.

There may be other options as well that allow you to completely bypass a will contest. Depending on the claim on the estate, there may be other ways to obtain it. For instance, you may be able to claim compensation for unpaid work.

However, if you have no legal grounds to contest the will, it may be better to walk away. The bitterest estate fights often cost more in legal fees than the entire value of the inheritance. If the estimated amount is too low to cover the retainer, don’t spend precious time and energy to fight a losing battle.

Jenny Smedra

Jenny Smedra is an avid world traveler, ESL teacher, former archaeologist, and freelance writer. Choosing a life abroad had strengthened her commitment to finding ways to bring people together across language and cultural barriers. While most of her time is dedicated to either working with children, she also enjoys good friends, good food, and new adventures.

How to Calculate Celebrity Net Worth

People love celebrity gossip. So, it’s no wonder so many people want to know about their net worth as well. There are many sites specifically dedicated to just this question. Some have even developed their own algorithms to calculate celebrity net worth. While the basic equation is the same, there are a few issues to contend with when comparing celebrity net worth.

How Do You Calculate Net Worth?

You can figure your own net worth with some simple math. First, you need to add up the total value of your assets. You should include all your bank and retirement accounts, investments, real estate, and cash holdings.

Then, you need to calculate your liabilities, and subtract it from the total. Every debt, loan, and mortgage in your name would qualify as a liability. Once you subtract your liabilities from your assets, you are left with your net worth.

What’s Different to Calculate Celebrity Net Worth?

Contrary to what you might believe, you would calculate celebrity net worth the same as anyone else’s. First, you tally up their total assets and income. Then, subtract their liabilities from their assets.

However, this can be tricky since it is difficult for agencies to access celebrities’ complete financial information. Furthermore, they typically have more diversified assets. So, it can be difficult to get an accurate figure. Many celebrities openly discuss the value of their homes, cars, artwork, jewelry, and even income. But, it becomes even more of a challenge to determine a celebrity’s net worth when they have holdings or accounts under a corporation or third party names.

You can find several sites that calculate celebrity net worth based on reported figures. They use public records of celebrities’ stock shared and estimated values on their assets. But, the online estimates are educated guesses, at best. In reality, only their accountant or the celebrities themselves know their true net worth.

The Problems with Celebrity Net Worth Calculators

You can easily find celebrity net worth calculators online, such as the on used by CelebrityNetWorth.com. Do a quick search and you will find information on almost every celebrity imaginable.

CNW claims to use a ‘proprietary algorithm,’ but critics claim they overshoot the mark at times. However, publicists are unlikely to correct mistakes that report celebrity’s net worth as higher than it actually is. Furthermore, these sights have no legal accountability for their estimated calculations. They can easily blame inaccuracies on algorithms, so it is best to view them as ballpark estimates.

Who Are the Richest Celebrities from 2020?

1. George Lucas – $6.5 billion

George Lucas became the richest celebrity in Hollywood, earning film credits as director, producer, and writer. He made his billions after creating Star Wars, the most successful film franchise in Hollywood history. However, he claimed the top spot when he sold Star Wars to Disney for $4.1 billion.

2. Steven Spielberg – $3.7 billion

The second spot goes to fellow director, producer, screenwriter, Steven Spielberg. He skyrocketed to fame and became a household name for creating the concept of blockbuster movies. His first big hit came in 1975 with Jaws, and he had dozens more that followed. Spielberg’s billions are a direct product of his Hollywood success.

3. Oprah Winfrey – $3.5 billion

The first woman to appear on this list is Oprah Winfrey. This media mogul and entrepreneur rose to stardom with her TV talk show that became one of the most popular and longest running on television. Winfrey earned her billions by branching out into film, publishing, and creating a TV network. No one will contest that Oprah is one of the most successful influential celebrities in Hollywood.

4. Kanye West – $3.2 billion

Kanye West first gained fame for his music career. He made roughly $400 million from making records, doing tours, and selling merchandise. However, when he launched his clothing brand, Yeezy, he established himself among the billionaire’s club. Financial analysts estimate that Kanye West will earn an additional $2.2 billion in royalties alone by 2026. So, don’t be surprised if his name continues to climb this list.

5. Donald Trump – $3.1 billion

Although some will argue that Donald Trump is no longer a celebrity, you cannot deny his success as a reality TV star. His identities as businessman, president, and a celebrity are forever intertwined. He first gained fame as a businessman. Then, his business success also grew due to his fame. That is why Trump makes this list when you calculate the celebrity net worth of Hollywood elite.

6. Jami Gertz – $3 billion

Jami Gertz first gained filmed credit as an actress in many movies in the 1980s. While she was already very wealth, her net worth drastically increased after her husband became a billionaire. Since then, they bought ownership stakes in two sports teams as well, the Milwaukee Brewers and Atlanta Hawks.

7. Michael Jordan – $2.2 billion

Michael Jordan is undoubtedly the richest professional athlete in the world. According to the sites that calculate celebrity net worth, he earned approximately $94 million during his all-star NBA career. However, most of his wealth is due to endorsements from Gatorade and Nike. Now, he is the majority owner of the Charlotte Hornets, but sold 20% of his stakes for nearly $1.5 billion. He still retains majority control of the team and status as one of the richest celebrities in America.

8. Paul McCartney – $1.2 billion

Paul McCartney has penned and performed some of the world’s most beloved songs as a member of the Beatles. He also went on to a very successful solo career after the band separated. While his talent earned him a great deal of fame and fortune, he claimed his billionaire wealth thanks to his clear understanding of publishing rights. The popularity of his music is sure to continue you to keep him among celebrity elite.

9. David Copperfield – $1 billion

David Copperfield claimed his celebrity status as an elite illusionist. He sparked global interest when he walked through the Great Wall of China and made the Statue of Liberty disappear. His stage performances earned him several awards as well. Copperfield also owns several valuable assets, including an expansive collection of magic memorabilia valued at $500 million.

10. Jay-Z – $1 billion

Jay-Z is a renowned entrepreneur who established himself as one of the biggest rappers of his time. He became a music mogul after founding Roc-A-Fella Records, then later CEO and President of Def Jams Records. He managed to maintain the rights to his music which helped him greatly increase his net worth. Jay-Z also married Beyonce who also holds considerable assets. As a couple, their combined net worth is around $1.4 billion.