Is your unpaid debt wreaking havoc on your finances? Does the amount of debt you owe prevent you from meeting your financial goals? If you answered yes to either of these questions, it is time to take control of your debt and start the path to financial freedom. The best way to eliminate your debt problem once and for all is to create a viable debt reduction plan. If done correctly, a debt reduction plan will eliminate your debt slowly overtime and give you the freedom to start working on your own personal financial goals, like a new car, special, holiday, a new home, or your retirement.… Read the rest
Understanding the basics of Social Security, even if your retirement is still decades away, is extremely vital. You simply must have a good understanding of not just when you can take out your funds but, more importantly, when you should. If you’re already in the process of planning for retirement (and you should be, no matter how old you are) knowing this information can help you to determine how much money you actually need to save.
In its simplest terms, during your working years you paid into Social Security through taxes, and built up benefits that you will receive once you reach retirement.… Read the rest
The reason updating your financial forms is so important is best explained by way of example.
A couple of years back there was a gentleman who, before he died of cancer, make sure that the balance of his retirement funds would go to his children by working with financial advisors and his attorney.
The gentleman however, unfortunately, made a mistake on his IRA beneficiary form. Where he should have specifically listed his children’s names and the percentage of money he was designating each of them, he simply wrote “to be distributed pursuant to my last will and testament”.
Since the form was filled out incorrectly, the man’s surviving spouse (who had married him just two months before his death) became the sole beneficiary of all of his money by default, all $400,000 of it, and his children got nothing.… Read the rest
While getting out of debt is no doubt a good thing, many consumers are surprised to see their credit scores fall after finally paying off their debt. That’s led to a bit of a misconception about needing debt in order to have “good” credit but, while using credit is a good way to increase your credit score, there are certainly good and bad ways to do it.
For example, if you use credit cards and pay them off in full every month you won’t have debt and you’ll also be building good credit. The lesson? Avoid debt but don’t avoid credit cards.… Read the rest
For new car buyers, it’s a common mistake to get caught up in the asking price while forgetting about the overall cost of car ownership. If you’re in the market for a new vehicle, start thinking about running costs in addition to the sticker price as you work out a feasible budget. You may see a great deal on a convertible sports car that seems impossible to resist, but will you really be able to afford the cost of fuel and maintenance? It’s important to take the following factors into consideration as you create your initial car-buying budget.
Naturally, the first thing you’ll need to do is narrow down your options to a range of starting prices that you can afford.… Read the rest