Connect with us

Living

Protecting your nest egg

Even with the economy recovering, it’s best to plan for rainy days

Published

on

nest egg, gay news, Washington Blade
nest egg, gay news, Washington Blade

Take steps to prevent future crises and protect your own nest egg.

StatePoint — From increased unemployment to commonplace home foreclosures, it’s hard to forget the devastating effects of the 2008 financial crisis and the worst recession since the Great Depression.

While the hope is that regulatory bodies and bureaus created in the crisis’ wake will help prevent a recurrence, some experts say these reforms were shaped by the same entities responsible for the crisis, but that citizens have the power to chart a different course for their own economic futures.

“Whether policies were formed with selfless or selfish intentions, you don’t need to quietly agree to them, especially if they are misguided. We have a system that can respond to the efforts of individual citizens,” says Jay W. Richards, Distinguished Fellow at the Institute for Faith, Work & Economics and author of the new book, “Infiltrated: How to Stop the Insiders and Activists Who Are Exploiting the Financial Crisis to Control Our Lives and Our Fortunes.”

In his book, Richards suggests that complacency on the part of ordinary citizens will lead to more serious financial disasters. He encourages readers to take steps to prevent future crises and protect their own nest eggs:

• Get informed: “Many culpable entities used the crisis fallout to lay blame elsewhere and increase their own power,” Richards says. “But with knowledge, prudence and intelligent action, history won’t have to repeat itself.”

“The only way to prevent deception and cynicism during future crises is for ordinary citizens to get informed and outraged enough to change our fiscal and regulatory trajectory,” says Richards.

• Take control: Online educational resources can help you get informed. To brush up on basic financial skills, visit MyMoney.gov, a site created by the Financial Literacy and Education Commission with information on how to save, what to consider when borrowing, and how to make a budget.

• Diversify: Experts recommend balancing different types of assets, such as cash, stocks, bonds and commodities. Having different types of investments means you might be better shielded from economic crises, because some assets might fall while others might rise.

• Don’t rely on your home: If the recession taught people anything, it’s not to rely too much on home equity for retirement. Many think their homes are more valuable than they really are or will be when it’s time to retire.

• Be philanthropic: “Those concerned about the future should be the first to grow effective local organizations providing real safety nets for the destitute,” says Richards, who believes philanthropy is a moral responsibility best left to communities.

• Think of the future: When a consumer borrows, she or he alone bears the debt. However, when the government over-spends for short-term goals, future generations are expected to foot some, or all, of the bill. “This is immoral and no fancy economic theory can change that,” Richards says.

Be civic: Your vote matters to politicians. Call, write and visit them to express concerns over economic regulations you don’t support.

More information about “Infiltrated” can be found at InfiltratedTheBook.com.

Remember, you don’t need a PhD in economics to stay informed.

Advertisement
FUND LGBTQ JOURNALISM
SIGN UP FOR E-BLAST

Real Estate

Avoiding the basement blahs

Renovating a lower level can add significant value to your home

Published

on

Basement renovations often include home gyms or movie theaters. (Photo by pics721/Bigstock)

Sadly, we have waved goodbye to summer and are now slowly shifting from enjoying outdoor activities to things we can do indoors. If you are lucky enough to have a basement, renovating it into livable space can be a great winter project to dramatically increase the functionality and value of your home. 

Basements come with unique challenges due to their location below ground level, and overlooking critical aspects can lead to long-term problems. They are particularly vulnerable to dampness. Failure to address moisture can lead to mold growth, structural damage, and health hazards.

To tackle moisture control, start by checking for water leaks or seepage through the walls and floor. If moisture is present, you may need to apply waterproofing solutions to the exterior or interior walls of your home. Installing a vapor barrier is advisable to prevent condensation from damaging insulation and walls.

Make sure the basement has proper drainage systems, such as a sump pump and foundation drainage. The sump pump can remove water that collects around the foundation, while an effective drainage system redirects water away from the home. Installing a dehumidifier can also help. 

Basements also tend to be colder than the rest of the house. Proper insulation in the walls and floor helps regulate temperature, reducing heating costs in winter and maintaining a cool, comfortable, and energy efficient environment in summer. Insulating the ceiling can reduce noise transfer between the basement and the upper floors, making the space quieter and more private.

Before any significant work begins, it’s crucial to assess the basement’s structural integrity. This includes checking the foundation for cracks or signs of shifting, which could indicate a bigger problem, particular with the plethora of old houses in the area.

If you notice any large cracks or signs of movement, consult a structural engineer or foundation expert to determine whether repairs are needed. Small cracks can be sealed, but larger ones may require reinforcement or more extensive foundation work.

Depending on local building codes, you may need to install egress windows if you are adding bedrooms or turning the basement into a rental unit. Egress windows provide an escape route in case of emergencies and allow more natural light to enter the space, making it feel more welcoming.

When adding a bathroom or kitchen, you’ll find that installing plumbing in a basement can be more challenging because of the need to pump wastewater upwards. You may need a macerating toilet system or a sewage ejector pump to manage this. I learned this the first time I found that, contrary to what we have been told, water can indeed travel up.

Adding more outlets, lighting, appliances, and ventilation systems may necessitate electrical upgrades. Since basements are often unfinished, you may have exposed wiring, which should be properly enclosed or rerouted to meet code. Depending on the scope of the renovation, you might need to upgrade your home’s electrical panel to handle the increased demand.

Proper ventilation is often overlooked in basement renovations but is essential for maintaining air quality and preventing the buildup of stale air or harmful gases. Installing mechanical ventilation, such as an HRV (Heat Recovery Ventilator) or an ERV (Energy Recovery Ventilator), can help ensure a consistent flow of fresh air in the basement.

Radon, a naturally occurring radioactive gas, can enter homes through cracks in the foundation. Since radon exposure is a leading cause of lung cancer, it’s wise to test for it before beginning the renovation. If elevated levels are detected, you may need to install a mitigation system.

Once the technical aspects are addressed, focus on creating a functional and aesthetically pleasing layout. The design of your basement will depend on how you plan to use the space, whether it’s a guest room, home theater, office, workout area, or game room.

Since natural light is limited in basements, it is important to plan your lighting carefully. Recessed lighting is a popular choice because it doesn’t take up ceiling space, but you should also consider adding floor lamps and sconces to make the space feel brighter and more inviting.

Choose flooring that can withstand moisture, such as vinyl planks, tile, or sealed concrete. Since basements can double as storage areas, consider incorporating built-in shelving, closets, or under-stair storage to maximize the available space.

Whether doing it yourself or hiring professionals, renovating a basement is a rewarding project that can add significant value to your home, but it comes with challenges. From moisture control and insulation to plumbing and air quality, careful planning is crucial to ensure a comfortable, functional, and safe space to enjoy indoor hobbies and emerge from winter free from the Basement Blahs.


Valerie M. Blake is a licensed Associate Broker in DC, MD & VA with RLAH Real Estate / @properties. Call or text her at (202) 246-8602, email her at DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs

Continue Reading

Advice

My best friend is addicted to steroids

How can I help him when he lashes out?

Published

on

(Photo by Dundanim/Bigstock)

Hi Michael,

I’ve been best friends with Chris since we were kids. We’re both gay and both wound up in D.C. after college. And we’re roommates. 

The trouble started about a year and a half ago. Chris, who has always liked working out, started getting absorbed in bodybuilding.

He started spending hours a day working out and all these weird powders and supplements started piling up in the kitchen.

Chris became obsessed with building muscle. When he told me he was trying steroids, I told him that was a bad idea but he told me he was doing it under medical supervision and I shouldn’t worry.

In recent months he’s a changed person. He’s short with me a lot, angers easily. He got into a few screaming matches with Matthew, his boyfriend, that I overheard. He sounded paranoid and out-of-control. Guess what? Matthew walked out on him.

I’m not proud but I did a little snooping (basically looked in his bathroom) – and the stuff was everywhere.

Last week he lost his job. He wouldn’t tell me why but I am pretty sure it’s due to his increasingly weird and angry behavior. I told him that—and told him that I know he’s using a lot more than he should (is any amount OK?)—and he majorly blew up at me. Now he’s not talking to me and he texted me I should move out and not wait until our lease is up.

I don’t know what to do. I love Chris deeply—but it seems like the guy I’ve known for 20 years is gone and has been replaced by a mean paranoid guy who is driving his life off a cliff.

I’m wondering about letting his parents know. I’ve known them since childhood and I’m hoping they can talk some sense into him. Or an intervention with all his friends (none of whom he is speaking to anymore for one reason or another, but the real reason is his crazy behavior).  Maybe we could confront him and get him to stop.  

But I’m not sure what the right thing to do is and don’t want to alienate him completely.  Any thoughts or ideas for a good strategy?

Michael replies:

I’m sorry, I know it’s excruciating to watch someone you love struggle with addiction. I don’t think you can get Chris to stop or moderate his use.

You have shared your concerns with Chris, and he’s blown up at you. This is not a guy who wants to look at his life choices critically.

You could tell his parents, but you have to weigh the risks versus benefits. Maybe they would be able to influence Chris to cut back on his steroid use. Or maybe he’d just cut himself off from them as well, further deepening his isolation, and perhaps leading to his being even less tethered to reality.

I would make similar points about an intervention: Sometimes they have a positive impact on the person who is being confronted. Sometimes they don’t do much except rile the person up, and lead him or her to dig further into denial and isolation. 

My own experience is that interventions have a greater chance of being helpful when the person can acknowledge the unmanageability of the addiction and is willing to try something different. Chris doesn’t sound like he is anywhere near that point.

Simply put, there’s no easy fix to this, because only Chris gets to decide how he wants to live his life, even if his choices are ruinous.

Here’s what you can do:

First, if Chris starts talking to you again, be supportive without being enabling. This means not criticizing him or telling him what to do; letting him know that you care about him and are there to help if he wants help; not joining him in minimizing the seriousness of his situation; and having a boundary when necessary. 

For example: 

If there are times when he is pleasant to be with, enjoy them. 

If he’s snapping at you for no reason, you can say “hey, it’s not fun to be with you when you’re like this—I’ll see you later.”

If he’s lamenting his job loss, you might reply, “I’m sorry you lost your job—and I’m sure you could take steps to succeed in another job.” 

If he attempts to start an argument with you about how his steroid use is not a problem, or that you’re blowing it out of proportion, don’t join the argument. “Sorry, I see it differently, and I’m not going to argue with you about this.”

If he continues to not speak to you, you can still continue to reach out to him now-and-then, in ways that don’t require him to respond, to let him know you that you’ll be there for him if he needs help at some point.

One more thing you can do is get some support for yourself. This is a tough situation for you as well. It’s easy for someone in your situation to feel like you’re doing the wrong thing, no matter what you do. 

I’d suggest that you attend at least a few Al-Anon meetings. Al-Anon is a support fellowship for people whose loved ones are struggling with addiction. You’ll get support in recognizing that there really are limits to what you can do; in setting a boundary when you need to; and in knowing that you are not alone.

Michael Radkowsky, Psy.D. is a licensed psychologist who works with couples and individuals in D.C. He can be found online at michaelradkowsky.com. All identifying information has been changed for reasons of confidentiality. Have a question? Send it to [email protected].

Continue Reading

Real Estate

The new kids on the block

Homeowners now entering market on own terms

Published

on

(Photo by Maridav/Bigstock)

As interest rates begin to cool off for the first time in a few years, prospective “first time homebuyers” may have their wheels spinning again about whether it’s a good idea to buy a home. Still, the idea of home ownership may feel out of reach for some; historically, the prevalence of homeowners has been low in certain subsets of the population. It wasn’t until the 1900’s that laws were enacted to grant women and people of color equal access to property ownership:

1968: The Fair Housing Act prohibited discrimination in home buying, homeownership, and rental real estate based on sex, race, religion, and other protected classes. 

1974: The Equal Credit Opportunity Act (ECOA) prohibited discrimination in consumer credit practices based on sex, marital status, and other factors. This made it easier for women to buy homes by allowing them to apply for loans and credit without a male co-signer. 

Even with these laws in place, socioeconomic disparities and lack of access to generational wealth have slowed progress in this area. Generational wealth occurs when resources are passed on to family members when the family homeowner or the head of household passes away. In areas like D.C. this type of asset can be worth hundreds of thousands of dollars, and can be used to pay off student loans, help younger members of the family purchase their first or second homes wherever they live, or be invested in other ways. 

While this may have been the key to buying property in the past, people today are pursuing homeownership for themselves and their own means — especially women. Many real estate agents in the D.C. metro area can testify that they are working with individuals who are the first in their family — and often the first woman in their family — to buy a home. The days of waiting until marriage to invest in property are slipping away; these days people marry later, may not stay married, or may choose not to marry at all. “I didn’t consider buying a home at first, because I didn’t really see myself as a “typical” homeowner; I was single and wasn’t sitting on a stockpile of cash,” says Jordyn White, a D.C. resident who bought her first home at 29. “A trusted friend encouraged me to explore first-time homebuyer programs, and I’m glad I did. My monthly mortgage payment is similar to what I would likely pay to rent in the same area, and now I have created a path to generational wealth for my children.”

The rates of homeownership for people of color and women are steadily rising. A 2023 Pew Research Center survey using 2022 census data found that single women owned 58 percent of the nearly 35.2 million homes owned by unmarried Americans, while single men owned 42 percent. Single homeowners have peace of mind in knowing that they own assets by themselves.  

Compass real estate agent Katri Hunter has helped many of her clients buy their first home. She reports, “I find more and more that I have single clients that approach me in their early/mid-30’s and say that they thought they would be buying their first property with a significant other and then decided to take things into their own hands … I tell people all the time to consult an estate planner when and if they do decide to get married to discuss pre-marital assets and keeping those in their own name. I think people really take more pride and ownership buying property on their own rather than something they dread.”

Katri Hunter can be reached at [email protected]. Joseph Hudson is a referral agent with Metro Referrals. He can be reached at 703-587-0597 or [email protected]

Continue Reading
Advertisement
Advertisement

Sign Up for Weekly E-Blast

Follow Us @washblade

Advertisement

Popular