With so many different types of insurance you can purchase nowadays, it’s very easy to get insurance poor.
Buying coverage on your home with mortgage life insurance teeters on the fence of being a bit too much.
Before I get ahead of myself, let’s look exactly what mortgage life insurance really is, then we’ll look to see if it’s worth buying. Finally, we’ll look at what other alternatives you can consider instead– such as buying a term life insurance policy.
Don’t let an appetite for the finer things ruin your shot at financial freedom
If you can’t find a way to save, you’ll never find a way to relieve the stress that comes with financial security.
But those of us living on a fixed income have an even harder time finding corners to cut and fat to trim.
And without some organization, it’s nearly impossible.
That is where a few simple tools will help. One of the most effective is a pie chart. And creating one doesn’t require loads of time or a degree in computer science. You could, of course, create one by hand, but there are easy options that require little more than turning on a PC, opening a Web browser and stroking a few keys.
But first, you need to get organized. Take a few minutes to gather six months of old bank statements or, better yet, log into your bank account online. Use a budgeting site like Mint.com to create spending categories based on your purchases, or simply write them down on a piece of paper. [.....]
Many investors are becoming more interested in applying the “do-it-yourself” approach to managing their portfolios.
But let’s be clear: Managing your own investments is not easy.
Good investment management practices are complex and time consuming, requiring discipline, patience, and consistency of application.
Some investors can handle it. Let’s just say that I’ve met my fair share that can’t. At all.
Too many investors fail to follow some simple, time-tested tenets that improve the odds of achieving success and, at the same time, reduce the anxiety naturally associated with an uncertain undertaking.
Portfolio Monkey has made a solution to help the self directed individual achieve just that.
Portfoliomonkey.com is a free site that can help you manage your portfolio.
You did catch I said “FREE”, right? Just checking….. [.....]
One of the most important aspects of your finances is your credit history.
Your credit report is a record of your financial life as it relates to borrowing money.
It is, essentially, your financial reputation. When your credit report looks good, you look good — and like a good financial risk.
Lenders are more likely to approve your application, and give you competitive interest rates. On the flip side, negative information in your credit report can indicate that you might not be as solid as a lender would like.
In order to offset some of that risk, the lender can charge you higher interest rates, costing you hundreds, or even thousands, of dollars more over the life of a loan.
The information in your credit report is used to form your credit score. Not only is the information in your credit report used by lenders, but it might also be used by insurers, landlords, and potential employers. All of these people are making decisions about you based on what’s in your credit report.
If there are mistakes in your credit report, it could lead to negative consequences for you.
It’s important that you check your credit report, and when you find an error, you should fix it. [.....]
Ask any financial advisor about 72t and I’ll bet you’ll see them cringe.
It’s not a popular planning method, mostly because it comes with lengthy restrictions that, if violated, can you lead to severe penalties.
Clients don’t like paying penalties. Advisors don’t like when their clients pay penalties. 72(t) has the potential, if done wrong, for the clients to pay a huge chunk of penalties. See why we cringe about 72(t)?
Some of you may have no clue what 72(t) is. If you are not planning on retiring early (before the age of 60), then skip this post and come back another day.
If you are in the financial position to retire early, and have a bulk of your assets in retirement accounts, then 72(t) may be of help to you. Let’s take a look at the 72(t) early distribution rules. [.....]
Is that financial planner more interested in helping you achieve your financial dream or just trying to sell you something?
Too often people have handed their money over to a financial advisor without researching whether they were good or not.
Even worse is that when they suspect that they are not getting the service they deserve, they don’t do anything about it.
If you have a suspect financial advisor, here are warning signs that you need use the words of Donald and tell them “You’re Fired” and move on. [.....]
Thanks to technology and the increasingly-digital nature of our money, it’s possible to do your banking with an free online checking account — no need to walk into a branch location tied to a specific geographic area.
Plus, many online accounts offer perks that you won’t find with traditional brick-and-mortar banks, including interest-bearing checking accounts.
Online checking accounts can be convenient, and many of them come without the fees that are starting to crop up at “regular” banks.
Online banks tend to have lower overhead, and can offer to pay interest, or even to provide rewards.
Most online banks will also send you debit cards and checks so that you can access your money at ATMs around the country and make paper check payments.
You’ve done it: On previous advice, you’ve gotten your college degree and been set loose into the working professional world.
Now what?
There’s a good chance you have lingering student loans.
If you’re one of the lucky ones, you don’t have loans, but you’re still strapped for cash since it all went toward your education.
And, of course, being a new degree-holder, your job is likely entry-level and not paying as much as you would like, or as much as you were earning in a previous career. [.....]
I have many pet peeves. Telling me you’ll do something then you don’t. Not offering a “Thank You” when I hold the door for you. Always complaining that the world is out to get you.
In the financial world, my biggest pet peeve is buying crap that you know – or at least, should know – that you can’t afford. The latest edition of the “Financial Rant” involves a gentleman that violates almost every pet peeve in existence.
Yes, he’s that bad! How bad? You’ll just have to watch and find out…..
Do you earn too much to make a Roth IRA contribution?
Under IRS rules, you’re prohibited from making a Roth IRA contribution if your modified adjustable gross income is more than:
$183,000 if you’re married filing jointly, or
$125,000 if you’re filing as a single person or head of household
If you fall into this category, you can’t make a Roth IRA contribution, right? Wrong.
While you can’t make a direct contribution to your Roth IRA, that doesn’t mean you should write off the idea of funding your Roth IRA this year.
You can still make an indirect contribution to your Roth IRA regardless of how much money you earn, and whether it’s a direct or indirect contribution, what’s most important is getting that money into your Roth IRA where it can grow tax-free and where you can withdraw it tax-free in your retirement years. [.....]
Car insurance- check.
