An annuity is a contract that binds the insurer to make a series of payments at regular intervals. They can be a valuable investment tool, especially for one’s retirement. However, people may make many mistakes when signing up for these, causing them to pay big sums in interest or deal with losses. Read on to find out more about nine common annuity mistakes people make and how to avoid them. Choosing the wrong insurance provider/annuity Investors can choose between five basic annuities – fixed dollar amount, inflation-adjusted, variable, guaranteed minimum withdrawal benefit, and guaranteed lifetime withdrawal benefits. Each of these has its own pros and cons, and choosing the right type is important to meet one’s financial or investment goals. Additionally, investors also need to pay close attention to the insurance company. These policies must only be purchased from highly reputable companies with a solid financial strength rating. Overlooking the costs Annuities are an expensive investment; failing to pay attention to the fine print when signing up could result in major losses. Just like other retirement tools, annuities too have associated fees, charges, and commissions. Most commonly, these include mortality and expense fees, administrative fees, surrender charges, investment management fees, and charges for optional riders.

The popularity of electric vehicles (EV) has been steadily rising over the past few years. Due to high consumer demand, many leading automakers have launched new lineups of electric cars. As a result, there are options available for consumers to choose from in their preferred segment. While this has made purchasing an EV easier, it has also increased the likelihood of making buying mistakes that may lead to financial loss. Here are some common mistakes to avoid for a satisfying purchase experience. Forgetting to learn about the incentives Buying an electric car is a smart and responsible decision for both the environment and the wallet. The federal government offers incentives to electric car buyers, with clean vehicle tax credits of up to $7,500 available for eligible vehicles. However, this is only applicable to the first few thousand electric vehicles each carmaker sells in the market. So, it’s important to research which car manufacturers are eligible and whether they have exceeded the sales threshold before making a purchase decision. Additionally, check with the state to see if they offer any incentive programs. Taking advantage of this incentive can make owning an electric car more beneficial. Ignoring driving habits and requirements This is another common mistake that can be easily avoided when buying an electric vehicle.

If one receives a rejection for a grant application, it is understandable to question what went wrong. Since most grants receive thousands, if not more, applications, individuals must ensure theirs makes an impact on the review board and doesn’t lack the must-dos of grant writing. Drafting grant proposals takes enormous time, relevant skills, and a sincere effort. One must follow the specified guidelines and avoid the common mistakes people frequently commit when applying for grants. Mistake 1: Giving vague project descriptions Your grant application must be concise and clear. Often, applicants do not define the project goals and objectives clearly. Unfortunately, it is one of the typical mistakes people make. So, to ensure the reviewer understands your project, avoid convoluted sentences, technical jargon, or complex phrases. But this does not mean you must not specify the technical aspects of the project. You must be sincere and showcase your approach. Let the reviewer know how your innovation will make a difference. Striking this balance is challenging but achievable. Further, clarity is vital when drafting the grant application. Some tips that one can follow for clarity in their application include being specific about the expected project outcomes, stating the goals and objectives clearly, setting measurable and quantifiable outcomes, setting a context and explain its relevance to you and the community, addressing the gaps, and giving a comprehensive breakdown of how this project bridges the gap and adds value.