It’s easy to procrastinate when it comes to saving for retirement. After all, for most it’s probably decades away so it seems like there’s always more than enough time to get started. However, once you realize the opportunity cost in delaying contributions (thanks to the power of compounding) and how long you’ll likely be in […]
Engaged or just married? Congratulations, you now have to tell each other everything, including your finances. Why? Because money issues are the number one reason for stress in a relationship, most of which comes from poor communication and lack of accountability. So what should you do? First, make sure you are on the […]
A home equity conversion mortgage (HECM) also known as an FHA reverse mortgage is a way for anyone 62 or older to turn their home equity into cash – usually in monthly installments. A lender gives a loan to the homeowner on the condition that the balance must be repaid when the borrower either dies, […]
Compound interest is when your interest earns interest. What? Let’s give you an example: Assume you put $10,000 in a bank CD that yield 5% annually. This means that at the end of the first year the bank will pay you $500 in interest ($10,000 multiplied by 5%). Now let’s assume you reinvest that […]
Need a loan, but afraid your credit score isn’t up to par? While some lenders might be willing to give you a loan around 600-650, you’ll want to be well above the 700’s to get the more competitive or prime rates. So how do you do that? The best way is to know how your […]
A lagging economic indicator is a metric that changes after the economy shifts. Therefore, these indicators, unlike the leading indicators we mentioned last week, aren’t going to tell you where the economy is heading, but instead will serve as a confirmation of prior predictions. Below are just a few of the more popular lagging indicators that […]
A 529 plan is a tax deferred investment account designed to help save for college. Often the plan is used by parents with the intent to fund their child’s future education, but it’s also popular among grandparents who want to provide additional contributions to the same plan (or set up their own 529 for the […]
Ever wonder where your tax dollars go each year? Well thanks to a helpful podcast by NPR, you can stop guessing where the government spent your money – all $3.9 trillion of it. #1 Healthcare 29% or $1.13 Trillion of the money the Fed spent last year went towards Medicare and Medicaid. The government […]
We all need help managing our money from time to time. Fortunately, there’s an app for that – dozens actually – but a few stand out from the pack. The first and probably best app is Mint, which is made by Intuit. This app allows you to link almost all of your financial accounts […]
Medicare has many nuances, but it’s important to know the basics before you retire. #1 Plan Options Medicare comes in two general packages:(1) Original Medicare (also known as Traditional Medicare) and (2) Medicare Advantage (confusingly labeled Part C). Original Medicare refers to the health insurance program offered directly through the government and is […]
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