Money

For those who are able and willing to operate a bed and breakfast out of their own home, a profitable business often awaits — at least, if all measures are taken into consideration.

Potential innkeepers should consider the various factors attributed to their bed and breakfast — such as how much they’ll charge guests and how they’ll interact with them — in order to ensure that the business is prosperous.

Among one of the most important components of running a bed and breakfast out of your home is that of the different insurance coverages that are required, and how much it may cost you. Despite running the business out of your home, this does not mean that extra insurance policies aren’t necessary. Given that you’ll be running your business out of your house, it is vital that innkeepers attain the coverage needed to protect themselves against any accidents or issues that may arise.

So before you get out your homeowners insurance calculator, check out a few of the extra insurance types you may need if you plan on operating a bed and breakfast out of your home:

Property Insurance Coverage

This one is important because it goes beyond the typical homeowners insurance coverage. Having property insurance when running a bed and breakfast protects you against any damage to the building that may occur, and property used for operating the business.

Things covered under property insurance include business papers such as receipts and invoices, tech equipment like computers, or any detached buildings you may be using to run the bed and breakfast, to name a few. Having these bases covered keeps you protected against any property-related complications. ...continue reading

credit unionInterest rates remain low, though that’s no reason to stow your money under your mattress.

Hiding your money at home won’t earn you any interest on it, and that’s one of the benefits — no matter how small — that banks and credit unions can offer customers. But banks and credit unions have different benefits and drawbacks, and knowing how each work can make it easier to decide where to put your cash.

Here are some differences between credit unions and banks:

Profit vs no profit

The first thing to note when comparing banks to credit unions is that  banks are in business to make money and credit unions are not for profit. This can allow credit unions to offer better interest rates, as we’ll get to shortly.

Credit unions are cooperatively owned by all members and run democratically by members who volunteer as board members, who decide interest rates and other factors.

To join a credit union, you may have to be a member of an employee group, association or some other specific affiliation, and may have to live in a specific geographic area. ...continue reading

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bank feesThis post on avoiding bank fees is by Ryan Bonaparte, who has written for Add-Vodka before about common financial mistakes that young adults make. Ryan is a long-time writer and author, delving into topics including personal finance, technology, and career pursuits. He lives in the Boston area with his wife and fiercely independent cat.

In the financial journey to building wealth, there are many pitfalls to watch out for, but none as insidious as fees charged by banks for standard services.

Fees can erode any earnings that you may have accrued from investments, and in some cases faster than poor spending decisions. At least with a shopping spree, you get something in return. With bank fees, you might as well be setting your money ablaze.

Bank fees to avoid

Although by law in the United States, all fees are required to be shared with consumers when they sign up for an account, it’s still very easy to pay out lots of money before you realize how much bad habits can eat away at your hard-earned money.

Here are some types of common bank fees to look out for:

ATM Fees

Even though more and more transactions occur via credit cards or mobile payments, sometimes cash is necessary. There are stores that only take cash, and many people find using the envelope method of budgeting (stocking envelopes with cash at the beginning of the month) as a great way to manage their finances.

But taking out your own money should never cost you money. To avoid bank fees, either use an account at a bank in your area or an internet bank that reimburses bank fees. ...continue reading