One of the worst financial mistakes that someone saving for retirement can make is reaching for the cash in their retirement accounts too soon. A study by Fidelty found that 35% of people who left their jobs last year took some or all of the money in their 401k or IRA accounts in order to… Read More
Hedge Funds in your 401(k)? What to know first. (as reported by Ben Steverman via Bloomberg.com)
Because of U.S. regulatory rules, most hedge funds are limited to investors with $1 million or more in investable assets. The reasoning behind this is simple, these funds are considered a risky class of investment that could expose the typical retail investor to a potentially devastating financial loss. All this said, there is without a… Read More
A Word of Caution When Choosing a Tax Preparer (as reported by Alex H. Levy via the New York Times)
The April 15th IRS tax filing deadline is just around the corner; for many of us this means working with a tax preparation service to complete our returns. Many do not know that in most states a person can call themselves a tax preparer without any formal licensing or training. Undercover investigations into tax preparation… Read More
Is Credit Safer than Debit? (as reported by Yahoo Finance on finance.yahoo.com)
The debate over whether to use a debit card or a credit card continues, but recent data breaches as major US retailers, like Target incurred over the holidays, make security a primary concern when using all cards. So which is safer? This article from Yahoo Finance suggests that the fact that credit cards are not… Read More
Boost Your Tax Refund (as reported by Andre McNeil on Forbes.com)
This is the time of year when taxes are on everyone’s mind. Many of us count on a healthy tax refund in the spring to help us pay for important items we have waited for, or as a nice boost to our savings. So how can you ensure that you get the most back this… Read More
Obama Introduces myRA (as reported by Melanie Hicken on money.cnn.com)
If you don’t have access to an employer-sponsored retirement savings account, you will soon have a new option open up to you. In his State of the Union this year, President Obama introduced a brand new financial vehicle that is aimed at helping many low to middle income Americans save for retirement. Dubbed “myRA”, the… Read More
Negative Option Scams (as reported by Christopher Elliott on blog.mint.com)
Remember to always read the fine print. You’ve heard that before. It’s like buyer beware, and it reminds us to pay attention to all the details of a purchase when we make one. Scams, some legal and others not, abound. One such “scam” that companies use in hopes of making more money off of you… Read More
What to do When an Account Goes to Collections
Typically an account is sent to collections if it is more than 90 days past due. What does this mean, how does this affect a credit report, and how is best to remedy the situation? A collection occurs when we are late on a payment; examples could be auto loans, utility payments, or other services… Read More
Financial “Rules of Thumb” for Your Everyday Life
Greg Meyer shares a number of “rules of thumb” for personal finances in a recent blog post at creditunionguy.blogspot.com. In this post he discusses the potential upsides of banking at a credit union rather than a large bank. He also advises on the portion of your paycheck that should be allotted to savings, for retirement,… Read More
Repaying Student Loans (as reported by Gary M. Stern on finance.yahoo.com)
The average outstanding balance for a person with student loan debt is over $20,000. Paying off those loans can seem like a daunting task, and for many graduates, it takes a lifetime. But it doesn’t have to. Gary M. Stern offers five ways that anyone with student loans can pay off their debt faster and… Read More