Several of my new articles for Money Crashers dropped yesterday and today, covering a variety of topics. First up is a piece on home power generators — specifically, on whether buying one to deal with disasters like the recent crisis in Texas is a good idea for you. I explored this idea myself during a series of rolling (and totally unpredictable) blackouts in 2014, and I concluded that the answer was no; we didn't have a reasonable place to set up a portable generator, nor to store it and the fuel for it, and a standby one would be far too expensive a solution for what was, for us, a fairly infrequent problem. This article walks you through the same process I went through to reach this conclusion, covering the pros and cons of owning a generator and the questions you should ask to determine if it's right for you. I also discuss several alternatives to consider for getting through a blackout, such as the gas heater we eventually ended up with. (And in case you decide a generator is the right choice for you, there's a companion article to this one due out soon on how to buy one.)
Should I Buy a Backup Standby Power Generator for My Home?
The next two articles deal with the cost of long-term care and how to deal with it. According to HHS, Americans over 65 have a 70% chance of needing long-term care at some point in their lives, and the costs can be astronomical — anywhere from $1,603 to $8,821 per month, based on a Genworth study from 2020. The first of the two articles focuses on ways to reduce this cost, such as relying on family members for care (which can take a toll on their mental health and yours), government aid programs, relocation, and long-term care insurance. (This, too, can be quite costly, so the article also explores ways to keep the premiums down as much as possible.) The second article approaches the topic from a more long-term perspective, discussing how you can plan ahead to deal with your costs, using products like insurance, annuities, or reverse mortgages. Between the two, they offer a complete primer on how to protect yourself from catastrophic costs.
How to Lower Long-Term Care Costs (Nursing Homes & Insurance)
Long-Term Care Options and How to Plan for the Costs
Finally, an article on a topic dear to my heart: podcasts. I'm a regular consumer of podcasts, listening to one every day in the shower. (In fact, I now have so many I listen to regularly that during the winter, when I don't always shower every day, I have trouble keeping up.) Many of my favorite podcasts are about economics, but I know many other people would rather learn about money on a more personal level: how they can use it to their best advantage for particular personal goals. The podcasts in this roundup can help. Whatever your goals — getting out of debt, earning more money, choosing investments, retiring early — there’s a podcast out there that can help you reach them, and this article can tell you where to find it.
15 Best Financial Podcasts About Money, Business & Investing in 2021
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