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.… Read the rest
While it’s a fact that the average parent wants to be a good financial role model for their child, many parents today don’t know where to start as they face financial difficulties of their own.
According to a survey by investment management firm T. Rowe Price, over two thirds of parents said that, when it comes to setting a good financial example for their children, they are “very or extremely concerned” about doing it. Even worse, nearly 25% of parents surveyed admitted that they are “not good with money” and don’t believe that they should be the ones to teach their kids about how to handle it.… Read the rest
Today’s blog is a little bit different than usual. We’re going to be taking just a quick look at how women differ from them when it comes to creating wealth, based on recent research. It might not help you in your financial affairs, but it’s quite interesting.
The Forbes list of billionaires has 1645 people, 172 of whom are women. Of that 172, 32 of the women are “self-made” and the rest made their money either from marriage or an inheritance.
This begs a number of questions, including how come there aren’t more women billionaires, given that women have made such great strides overall in the rest of the economy?… Read the rest
It’s estimated that nearly 4,000,000 American consumers will get stuck paying the Alternative Minimum Tax this year, more commonly known as the “dreaded AMT”. According to the Tax Policy Center, that means approximately $6,600 in extra tax costs on average.
Unfortunately, there are still many taxpayers who don’t even realize that there’s a two tax system in the United States and that, depending on several factors, they will have to pay whichever of those two tax amounts is higher.
The good news is that a certain portion of your income is exempt from the AMT. Married couples, for example, receive around $80,800 for the full exemption and, for single taxpayers, it’s approximately $51,900.… Read the rest
If you’ve been an adult for any length of time you know that life is full of surprises, some good and some, well, not so good. Some of the “not so good” surprises include major car repairs, unforeseen illnesses and getting laid off from the job, all of which can catch you completely off-guard and leave you financially strapped.
When that happens, one of the best things that you can possibly have to help you is an Emergency Fund of cash set up to fix those repairs, pay those bills or see you through until you get your next job.
The so-called “experts” in finance will tell you that having an emergency fund of 3 months’ worth of money is a good idea, but frankly having 6 months or even 12 months’ worth of cash put aside “just in case” is much better.… Read the rest