As a general rule, savers should not touch the money that they put away in 401k or IRA accounts for retirement. Not only is there a penalty for withdrawing funds early, but anything taken out of those accounts will mean less money available when you need it to finance your retirement. But sometimes people run… Read More
5 Financial Things Everyone Should Do in Their 20s (as reported by Holly Perez of usnews.com)
There is no better time to set yourself up for a lifetime of financial success than in your 20s. While this decade may seem daunting as you tick off milestones such as college graduation, starting your first “real” job and possibly marriage, taking control of your finances is an integral part of growing up and becoming a… Read More
High Cost of Saving (as reported by Eduardo Porter on www.nytimes.com)
There has been much written about the fact that the majority of Americans are not saving nearly enough to finance their retirements. On average, the typical working family headed by someone 55-64 years of age has only about $104,000 saved. More than half of all families will run out of money at some point during… Read More
5 Tips for Tackling Your Student Loans as a Couple (as reported by Dan Macklin at credit.com)
As more people graduate college with higher student loan balances than ever before, it’s rare to find a couple these days that isn’t dealing with debt. Couples are looking for ways to more effectively manage student loans. Whether one or both of you have student debt, there’s a good chance you’re dealing with more than… Read More
3 Habits of Mindfully Wealthy People (as reported by Leisa Peterson of huffingtonpost.com)
Many of us are taught that the creation of financial wealth and the development of a strong moral compass cannot go hand in hand. Despite this prevalent belief in today’s society, it’s the farthest thing from the truth. According to Stephen Covey in his landmark The 7 Habits of Highly Effective People, character and effectiveness… Read More
Top 5 Personal Finance Apps (as reported by Rebecca Sheppard of bezinga.com)
The winter weather doesn’t have to stop you from working on a budget. One of the key tricks to staying on top of personal finance is being aware of precisely how much money is coming in and how much and where money is going out. In this technological age, personal finance apps have come to… Read More
7 Easy Ways to Raise Your Credit Score This Year (as reported by Mikey Rox of wisebread.com)
So what if the first of the year has already come and gone? It’s never too late to establish yearly money goals for yourself. If your credit score needs work (or if you’ve been denied credit), there’s no time like the present to raise your personal FICO score. Obviously, you’re not going to improve a… Read More
Obama’s About-Face on 529 Plans Could Save the Middle Class a Bundle (as reported by Amey Stone, the Fiscal Times)
In his State of the Union speech last Tuesday, President Obama proposed tax breaks for college saving accounts known as 529 plans. A week later, that major policy proposal is dead, dropped by the administration in the face of opposition from Republicans and Democrats alike, as well as state treasurers, financial firms, educational institutions and… Read More
You Have to Invest (as reported by William Cowie on www.getrichslowly.org)
Investing should be a no brainer for Americans of any age. It is the best way to grow your wealth over the course of your lifetime. But the combination of a recent market collapse and a lack of knowledge, especially among the youngest professionals, have led to a much lower percentage of people who invest… Read More
Finance Lessons for the New Year (as reported by Todd Wasserman on www.mashable.com)
Personal finances are not sexy. And for most young people just starting their professional lives, there are plenty of other priorities to keep them occupied. But the sooner you start to understand how you’re money is working for you, the better chance you have of setting yourself up for a successful future. To kick of… Read More