How to erase your eviction record in Utah (in English and Español)

 From the Salt Lake Tribune Investigative Journalism Team

(Para leer el texto en español vaya a la mitad del artículo.)

By Eric S. Peterson, Silvia Nuila and Frank Regalado

"Have you ever been evicted? Do you wish it never happened? Thanks to a new law in Utah, you might be able to make it disappear from your legal record.

Tens of thousands of Utahns over the years have been evicted from their apartments and homes. It’s not a crime to get evicted. It’s not a crime to miss rent because you lost your job or ran out of money paying medical bills or fixing a broken car. It’s not a crime if you miss rent because you are just trying to get through difficult times.

But having an eviction on your record can be as bad as having a crime on your record. It can hurt your credit score, making it harder for you to get a loan for a car or to get into your dream home. And your rental application for a nice new apartment might get rejected if the landlord sees you have an eviction on your record—even if it happened years ago.

But state law allows Utahns to expunge... an eviction from their records; in other words, evictees can wipe the slate clean as if it never happened. Even better? There’s no cost to do it."

Read the full article at: https://www.utahinvestigative.org/how-to-erase-your-eviction-record-in-utah-in-english-and-espanol/?doing_wp_cron=1669399398.6307051181793212890625

Where to find more help

Utah Courts Self Help Center: For help filing documents. utcourts.gov/selfhelp, 888-683-0009

Utah Housing Coalition: Can help walk you through the process and find legal and other help. Online at utahhousing.org or call 801-364-0077.

The Legalese of Expungement

Civil Cover Sheet: Your basic application to the court to ask for expungement.

Expungement: Erasing your eviction record.

Satisfaction of Judgment: Paying your old eviction debts so you can expunge your eviction.

Petition: A written request, asking the court to do something.

Proof of Service: Document showing you sent your petition to your landlord. It could be in the form of a certified mail receipt.

 

 

Planning to move to a disaster-prone dream locale?

 A small but growing number of people are taking climate change into account when choosing where to live. Armed with climate studies, movers can identify locations that are less likely to experience extreme weather events, such as wildfires, drought and flooding. 

Because they are older, retirees are particularly at risk during climate-induced disasters.

"Extreme weather can be particularly dangerous, and even deadly, for the elderly, who are more likely to have chronic medical conditions and disabilities, according to numerous studies."

"Three-quarters of residents who died in the 2018 Camp fire, which destroyed the Northern California community of Paradise, were 65 and older. Well over half of the record-high 323 people who died from heat-related causes in Arizona’s Maricopa County in 2020 were at least 50. And two-thirds of the people who died in Florida during Hurricane Ian in September were 60 and older."

Resources are available to assess the climate risk of your current home or places you are considering moving to for work or retirement.

The National Oceanic and Atmospheric Administration’s Climate.gov provides data on floods, wildfires, drought, wind, disease and other climate hazards.

Current and prospective buyers can check out specific properties. "Risk Factor provides data on anticipated wildfire, flooding and extreme heat risks for 145 million properties in the United States over the next 30 years."

"Each property is ranked for each type of risk on a scale from 1 (minimal) to 10 (extreme). The online tool provides a percentage likelihood of the risk occurring over time — for example, that floodwaters could reach your house in the next five or 10 years or that the community could experience a certain number of 100-degree days. (ClimateCheck also provides property-specific risk data on heat, drought, fire, flood and storm.)"

Some real estate agencies provide climate risk projections.  First Street Foundation, the nonprofit that developed Risk Factor,is useful to current homeowners as well as prospective buyers. Once you know your current risk you can take action to minimize the risk from climate-related disasters. 

Buyers who choose to move to a risky area should first explore the costs of hurricane windows, flame-resistant roofs, energy-efficient air-conditioning, home elevation and repairs from wind damage or flooding.

Before buying, "ask several insurance companies about the cost and availability of homeowners’ coverage. Premiums are rising considerably in communities prone to wildfires, hurricanes or flooding, and many insurers are not renewing policies, limiting coverage or pulling out of high-risk markets."

Source:‘Do You Really Want to Rebuild at 80?’ Rethinking Where to Retire.

By Susan B. Garland, New York Times

Published Nov. 18, 2022Updated Nov. 22, 2022

 

Wildfire aftermath:

 

 

Why are Property Insurance Rates Increasing Faster than Inflation?

 Climate-related disasters cost all of us, even when we are not directly affected.

"The National Oceanic and Atmospheric Administration tracks weather-related disasters in the U.S. that cause more than a billion dollars’ worth of damage. According to NOAA:

In the 1980s, the U.S. saw an average of 3 such disasters per year. 

In the 1990s, the average was 5 per year;

In the 20002, it was 6; 

In the 2010s it jumped to 12. (The $ amounts are been adjusted for inflation.) 

In 2020, a record-shattering 22 disasters costing more than a billion dollars struck the country. 

In 2022 we are on pace to match that record, with 15 such disasters by October, including Hurricane Ian, which is likely to prove one of the most expensive storms in American history. 

Adam B. Smith, a NOAA researcher, has written that a disastrous number of disasters “is becoming the new normal.” The rise is partly a function of more people living in vulnerable areas, such as floodplains. But increasingly it’s a function of climate change."

"In the future, the costs may climb steeply or they may climb precipitously. All our infrastructure has been built with the climate of the past in mind. Much of it will have to be rebuilt and then, as the world continues to warm, rebuilt again."

Comment: Now is NOT a good time to buy South Florida real estate... or coastal property anywhere. Climate change/disruption is here now; not sometime in the future. And it is costing all of us in the form of higher property insurance rates (even if we live far from these disasters because insurance companies spread the costs) and because our state and federal taxes help alleviate the damage once it occurs. The tax dollars spent on disasters could provide other services to Americans.

Data source: The New Yorker, Climate Change form A to Z, by Elizabeth Kolbert November 21, 2022.

 

Make a Holiday Spending Plan... and Stick to It!

If you carry a balance on your credit cards, this post is not for you. Go to https://extension.usu.edu/powerpay/ and focus on paying off your credit cards and other high interest debt. 

 1. Set your limits

Decide your bottom line. How much can you really afford? Once decided; break down amount per individual recipient. Don't forget the "stealth costs:" tips to service workers, holiday parties, gift exchanges.

2. Put money aside

For those who don't already have funds set aside see #6 below. What discretionary expenses can you forgo this month to fund your plan? Best to pay cash (really? yes!) or debit card. Really? Only use a credit card if you are SURE you can pay the bill IN FULL when due. Paying interest means every gift will cost 20% more.

3. Start buying as soon as possible

This doesn't mean getting frantic on Black Friday. Reduce stress by planning and buying now when you won't have to pay extra fees for expedited shipping. All shipping costs will be higher this year due to inflation. Just because you pay for Amazon Prime and get free shipping doesn't give license to overspend.

4. Buy or make creative or sentimental gifts 

Buy local when possible. Be creative; make some gifts that will mean more to the recipient than a store-bought gift. Give the gift of your time: babysitting, gardening, snow shoveling, leaf raking, baking or food preparation.

5. Don't spend money you don't have 

Holidays encourage overspending. Face it and reject it. Credit cards encourage overspending. 

6. Start in January to get a head start on next year's giving

Start an online savings account (currently paying 3%) and make an automatic monthly deposit to plan for next year's holiday expenses. 

Thanks to Kevin J. Ryan, writing in The Wall Street Journal, 11/23/22. With my elaborations and edits. 

Crypto... can be toxic as FTX demonstrates

 I've refrained from discussing crypto because there is no real "there" there... no company doing any business we could understand. No product being produced, no services offered to consumers. NOTHING! and people were willing to invest lots of money. Sigh.

News about the collapse of FTX has been all over The Wall Street Journal for weeks. Each article reveals more appalling aspects of how money was stolen from crypto investors. 

 I couldn't resist adding this from 12/16/22 WSJ: "In 2017, Warren Buffett's longtime business partner Charlie Munger, said of Crypto: "I'm proud of the fact that I avoided it. It's like a venereal disease or something." 

Another reason to avoid Crypto: It consumes VAST amounts of electricity!

"Sam Bankman-Fried Ran FTX Like a Personal Fiefdom, Lawyers Say. In bankruptcy court, the crypto exchange’s attorneys said a ‘substantial amount’ of the firm’s assets are stolen or missing."Alexander Saeedy and Jonathan Randles, WSJ, Nov 23, 2022.

"FTX's Sam Bankman-Fried cashed out $300 Million during funding spree. Nearly three-quarters of the $420 million that FTX raised in a fundraising blitz last year went to founder Sam Bankman-Fried, who sold some of his personal stake in the company." WSJ 11/18/22.

"FTX Crypto customers Worry They Will Never See Their Money Again. FTX lawyers have said that in all there could be more than 1 million creditors across FTX's various entities. Beleaguered crypto customers are beginning to lose hope."

"If there is a silver lining to the rapid and dramatic collapse of the cryptocurrency exchange FTX, it’s that it might lead to some long-awaited bipartisanship in Congress — to pass long-needed regulation of Big Tech."  

By Katrina vanden Heuvel writing for The Washington Post, November 22, 2022. "FTX filed for bankruptcy on Nov. 11. The company’s founder and chief executive, 30-year-old Sam Bankman-Fried, has stepped down and lawyered up." "This represents a reckoning for cryptocurrency, a market that has gone underregulated for its entire existence." 

"While FTX’s downfall may be the first cryptocurrency scandal of this scale, the story is all too familiar. Allegedly, Bankman-Fried loaned $10 billion of his customers’ dollars to his investment company, Alameda Research, and used it for risky day trading. When consumers lost confidence and tried to pull their money out, they learned that FTX did not have their funds on hand. FTX covered up the misuse from its customers, its auditors and its own employees."

 

 Katrina vanden Heuvel writing for The Washington Post: "While FTX’s downfall may be the first cryptocurrency scandal of this scale, the story is all too familiar. Allegedly, Bankman-Fried loaned $10 billion of his customers’ dollars to his investment company, Alameda Research, and used it for risky day trading. When consumers lost confidence and tried to pull their money out, they learned that FTX did not have their funds on hand. FTX covered up the misuse from its customers, its auditors and its own employees.

My advice if you own crypto: Sell and invest in a real company that produces products and/or services.  

 

Inflation means higher interest on online savings accounts

 If you still have substantial amounts sitting in a bricks and mortar bank or credit union, it's time to check out rates at online institutions. 

Check out online savings accounts at CIT Bank, Synchrony, Marcus and American Express. CIT is currently paying 3.25%, Synchrony 3%, Marcus 3% and American Express 2.75%. The rates have climbed so frequently this year that they’ll probably be higher by the time you read this.

Bankrate.com is the go-to place for comparing interest rates for both saving and borrowing: https://www.bankrate.com/

More information at: https://humbledollar.com/money-guide/higher-bank-yields/

 

 

Veteran Student Loan Forgiveness

Student Loan Forgiveness has been a controversial topic in the news and elections. Currently there are some lawsuits challenging the plan. However, it appears the program will endure. But military veterans are in a different category so check out this excellent website to guide you in pursuing loan forgiveness.  

"Multiple programs are available that provide veterans with student loan forgiveness and repayment assistance. From the Department of Veterans Affairs (VA) Education Debt Reduction Program (EDRP) to Public Service Loan Forgiveness (PSLF), these programs can help veterans get out of their student loan debt."

7 Student Loan Forgiveness Programs Specifically for Veterans

 1. Air Force Judge Advocate General’s Corps Loan Repayment Program

2. Army College Loan Repayment

3. Health Professions Student Loan Repayment Program

4. National Guard Student Loan Repayment Program

5. Public Service Loan Forgiveness 

6. Total and Permanent Disability Discharge (TPDD)

7. VA Education Debt Reduction Program 

Details and links to further information on these programs are available at:

https://www.elfi.com/veteran-student-loan-forgiveness-how-does-it-work/

Don't claim Social Security early just for the Cost of Living Adjustment

Claiming early to get Social Security COLA is a mistake

People nearing retirement age who have not yet claimed Social Security may be feeling anxiety about missing next year's large cost-of-living adjustment, prompting them to consider claiming early, writes consultant Marcia Mantell. It's important to understand that COLAs "automatically apply each year after one's 'official' primary insurance amount (PIA) is calculated at age 62" and that you "do not need to claim early to get the benefits of the annual COLA," Mantell writes.

 

Current Social Security recipients will get an 8.7% Social Security cost-of-living adjustment (COLA) in 2023.

Full Story: 

https://www.thinkadvisor.com/2022/11/01/social-security-cola-what-clients-dont-know-could-lead-to-a-claiming-mistake/

Series I Savings Bonds (I Bonds) are still a great deal

 Because Jonathan Clements explained I-bond interest so clearly I am quoting directly from his Humble Dollar weekly email. Sign up at his website: https://humbledollar.com/

BILLIONS OF DOLLARS poured into Series I savings bonds toward the end of October, as investors rushed to snag the 9.62% annualized rate then on offer, which was guaranteed for the first six months. But it turns out these folks were a tad too hasty.

How so? Buyers of I bonds are promised a pretax return equal to the inflation rate, plus they sometimes also get an additional fixed rate of interest, over and above inflation, depending on when they buy. For the past two-and-a-half years, that additional fixed rate of interest has been zero. Pretty much everybody—including me—assumed it would remain that way. After all, with inflation so high and with billions flooding into I bonds, why offer anything more than a fat inflation-driven yield?

But it turns out those sneaky folks at the Treasury Department had other ideas. For the I bonds sold during the six months starting Nov. 1, the annual fixed rate has jumped from zero to 0.4%. One possibility: Perhaps the Treasury Department did this because Treasury Inflation-Protected Securities, or TIPS, are now also offering higher real yields.

The result is that, for the first six months that today’s buyers own their I bonds, they’ll earn an annualized 6.89%. But what’s really guaranteed is 3.44% for six months, or 3.24% to compensate for recent inflation plus half of the 0.4% fixed rate. Thereafter, today’s I bond buyers will get a return equal to the inflation rate, plus 0.4% a year.

What if, instead, you’d bought in October? You would pocket an annualized 9.62% for the first six months, equal to 4.81% for that six-month period. That’s better—1.37 percentage points better, to be precise—than the 3.44% that November’s buyers will collect during their first six months.

But after the initial six months are over, things start to change. October’s buyers will get a yield equal to the inflation rate, while November’s buyers will get inflation plus 0.4% a year. It won’t take many years for today’s buyers to catch up with October’s buyers, and thereafter they’ll pull further and further ahead.

All this carries something of a sting. Why? You’re limited to buying $10,000 of I bonds per year, plus another $5,000 using your federal tax refund, assuming you owe that much. On top of that, you can’t sell savings bonds in the first 12 months and you lose the last three months of interest if you bail out in the first five years. Still, October’s remorseful buyers will get another chance in 2023—when they can invest $10,000 more.

50 Years Later, Burton Malkiel Hasn’t Changed His Views on Indexing

 Burton Malkiel, the author of the classic book A Random Walk Down Wall Street still believes that individual investors can't "beat" the stock market. 

Writing for The Wall Street Journal, Daniel Akst:

'FIFTY years ago this January, an economist named Burton Malkiel published a book calling for an innovation on behalf of the small investor. “What we need,” he wrote, “is a no-load, minimum-management-fee mutual fund that simply buys the hundreds of stocks making up the broad stock-market averages and does no trading from security to security in an attempt to catch the winners.”'

"Dr. Malkiel, 90 years old, still says index investing beats other approaches, and he has half a century of additional data to bolster his case, which he does in a 50th anniversary edition of the book to be published in January. By now an investing classic, “A Random Walk Down Wall Street” has been updated to cover the many financial innovations (from exchange-traded funds to Ethereum) since it was first published. The book retains its author’s trademark blend of erudition and wit—and his insistence that markets really are efficient." 

DR. MALKIEL:  "Each year about two-thirds of active managers underperform the index, and those who outperform in one year are not the same as those who outperform in the next. S&P does something called Spiva, in which they compare the S&P indexes with active managers. And what it shows is that over a 10-year period, roughly 90% of domestic stock funds, for example, are outperformed by the index." (S&P: Standard and Poor's)

WSJ: You advocate indexing, dollar-cost averaging and diversification, and you make mincemeat of such practices as technical analysis, ESG and “smart beta.” You see cryptocurrencies as too risky. 

Time to Compare (and possibly change) Medicare Plans

The annual period for switching Medicare plans is Oct. 15 to Dec. 7. Only 30% of Medicare beneficiaries shop around annually. BUT... they really should compare options every fall.

    Medicare recipients have the option of traditional Medicare + a Medigap policy + Part D drug plan OR a Medicare Advantage Plan. The main difference is that traditional medicare offers access to any providers that accept Medicare while Advantage plans, sold by insurance companies, are essentially a Preferred Provider program that limits participants to the network's doctors and facilities. 

    Medicare Advantage plans typically cover hearing, eye, and dental care that are not covered by traditional Medicare. Further, Advantage Plans often offer free access to fitness clubs and other benefits focused on keeping participants healthy.  

    Having recently compared AARP/United HealthCare Advantage plans, one with a $39/month premium to their $0/month premium (not a typo) I was shocked to see how similar the plans were despite the cost difference.  

Review your options each autumn!