In the early 2000s, property values were rising at a rapid rate and bringing with it newfound home equity. As property values rose and mortgage rates dropped, the temptation to refinance and take cash out became irresistible for many. This financial transaction is not so affectionately known as “using your home as an ATM.” It’s officially known as […]
Retirement saving doesn’t have to be painful, but the longer you wait, the harder it will be to catch up. That can be hazardous to your financial health. If you think it will be difficult coming up with the funds now, consider how hard it will be in the future. While this example assumes a […]
Business startups are not for the faint of heart. Someone, long ago and far away, shared some advice when I joined the ranks of the self employed. He said, “don’t think of it as being self employed, it’s more like being self inflicted!” Joking aside, despite the challenges, I wouldn’t have it any other way. Many […]
If you’re looking to improve your finances, it can feel like a tall order. Taking on any challenge is daunting and the first step is usually the hardest. Knowing where to begin is hard enough and sometimes we can be our own worst enemy. When it comes to our finances, it can be difficult to […]
Retirement planning is a process, not an event. Asking yourself these questions will help you stay on track. Now that our taxes are done, it’s a great time to do some personal finance spring cleaning. Before we know it, we’ll be off on summer trips with our finances far in the back of our minds. Take […]
Is a Coverdell ESA right for you? With so many ways to save for future education costs, it’s hard to know which accounts to use. The first thing to realize is that the various accounts out there are not in competition with each other. In fact, they compliment each other. There are important differences between […]
Student loan debt is on the rise and the numbers are staggering. Total student debt is approximately $1.38 trillion and is second only to U.S. mortgage debt. If you’re like me, seeing these crazy dollar amounts can lead to information overload. Just trying to wrap my head around ONE TRILLION is a challenge. Rather than […]
If you have a work place retirement account, you are likely investing in mutual funds. While other investment vehicles like exchange traded funds (ETFs) have grown in popularity, mutual funds haven’t been replaced. At least not yet. Here’s what you need to know. What are mutual funds? Mutual funds are companies that pool money from investors. […]
How can we get the most out of our 401k plans? Ignoring articles that claim they’re a scam is the first step. Participating in your company 401k plan is a must if you’re serious about saving for the long term. Take these steps to make sure you’re not missing out. Participate If you’re eligible to participate in […]
A 401k loan, while well intended, can be the ruin of a great retirement savings plan. When a 401k plan allows this option, participants are often able to borrow up to 50% of their account value up to a maximum of $50,000. It is important to acknowledge that borrowing from a 401k could be a […]
