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6 Credit Score Myths

November 16, 2020

Your credit score determines a lot. It controls your loan approvals and terms. Credit scores help insurance companies determine your premiums (or even if they’ll approve you). It may even control if you get a new job. Understanding the top credit score myths can help you maximize your credit score. Let’s debunk those myths.

Should I Buy or Rent my Next Home?

November 16, 2020

Deciding whether you should buy or rent your next home is a big decision. Buying is a big commitment, but renting can feel like a waste of money. The right answer depends on your circumstances. Ask yourself the following questions to decide.

401(k) Company Match, Employee Stock Purchase Plan, Health Savings Accounts - How to take Advantage of All that is Offered

November 16, 2020

Your employer offers a whole list of benefits. How do you choose the right one or better yet, how do you take advantage of all at the same time? Before you can take advantage of any benefits – create a budget. Know how much ‘extra’ money you’re working with so you can decide. Ideally, 20 percent of your take-home pay should cover your investments, savings, and debt payoff. If you’re not out of debt, get out of it first. Then, prioritize as follows.

Should I Buy or Lease my Next Car?

November 16, 2020

As we continue navigating our way through the pandemic, one question keeps coming up – should you lease or buy a car? While this is always a hot debate during any time, it’s even hotter right now as we are all in strange financial times. Buying a car gives you ownership, while leasing is like renting. Which is better for you – buy or lease? Most people benefit most from a lease, here’s why.

401K Accounts: Should I be Using Mine Today?

November 16, 2020

The CARES Act changed many things for Americans to make their lives easier financially, including the ability to withdraw from their 401K. While it may be easier, aka less expensive, should you? Probably not. Here’s why.

6 Tips to Tackle Student Loans

November 16, 2020

Student loan debt can weigh you down and keep you from other financial milestones, including saving for retirement. If you’re tired of your high student loan balances, use these tips to tackle it fast.

FICO is Changing its Credit Score Formula - Here's What you Need to Know

November 16, 2020

Every so often FICO changes its credit scoring model. Sometimes it helps consumers and other times it hurts them. The latest changes focus on a consumer’s debt level and that may not be good. Since a credit score’s job is to help lenders assess risk, the change makes sense. It gives future lenders a better idea of your debt level. If you’re constantly taking on more debt, your credit score will fall.

The Most 'Impactful' Move you can Make to Improve your Credit Score Fast

November 16, 2020

If you have a low credit score and need to improve it fast, there is one key area you should focus – your payment history. It makes up the largest percentage of your credit score – 35 percent and can make even the best credit score fall dramatically overnight. Follow these steps to fix your credit score fast.

401(k) Millionaires: The Easy Path for you to Become One Starting Today

November 16, 2020

Becoming a millionaire sounds like a pipe dream, right? Only the rich and famous have a million dollars (or more) in their 401K. What if you’re wrong? What if people just like you could have millions of dollars in their 401K too You can. Here’s how.

5 tips to Invest Successfully in Uncertain Times

November 16, 2020

Investing during uncertain times is scary. Your heart and gut tell you to pull out of the market. But your brain (and the experts) say otherwise. So what do you do? Use these tops tips to get you through these (and other) uncertain times.

How Much Money do I Need to Retire?

November 16, 2020

We all want the magic 8-ball to answer this question for us. How much you need to retire may not be the same amount your sibling, neighbor, or co-worker needs. It depends on a large number of factors. We’ll cover the most important below.

5 Personal Finance Books Everyone Should Read

November 16, 2020

Everyone should brush up on their personal finance knowledge every now and then. Even if you think ‘you’re fine’ there’s always something to learn or ways to improve your financial situation. Personal finance is complicated, ever-changing, and filled with opinions. You never know when you may learn something new, even a small tip that changes the trajectory of your personal finances and helps you become financially free. Here are our favorite personal finance books you should consider.

How Does the Stock Market Work?

November 16, 2020

Companies sell stocks or shares of their company to raise capital. They sell the shares on the stock market. Investors can buy and sell shares throughout the trading days to build and maintain wealth.

What is Predatory Lending?

November 16, 2020

Predatory lending isn’t as common today as it was before the 2008 housing crisis, but it still exists. Understanding what to look for (and not accept) will prevent you from being taken advantage of with predatory lending.

The Fed May Lower Rates Until 2023. How Should you Respond?

November 16, 2020

The Fed recently announced they would keep rates low (close to 0%) until 2023. They’re doing this to bring back the labor market and economy. While the economy has slightly bounced back and faster than they thought possible, there’s a lot of room for more recovery. So what do the lower rates mean for you?

Credit Cards - How to Use Them and not let them Use You

November 16, 2020

Credit cards have a bad reputation, but they aren’t all that bad. If you know how to use them and not let them use you, they can be a helpful tool in your financial toolbox. So how do you use credit cards the right way? Check out our tips below.

When Should I Start Investing?

October 27, 2020

You should start investing as soon as possible. Many will say you should invest right now no matter your financial position, but we try to be as practical as possible here. There are a few boxes that you must check off before you begin investing. Two of the most critical things that must be done before investing are clearing all your high-interest debt and establishing an emergency fund.

Different Types of Equity

October 27, 2020

Types of equity refer to the different categories of shares or ownership available in a company. Large companies will offer different levels of equity. This is done to appeal to people of different income levels. Some of the most common forms of equity are common stock, preferred shares, contributed surplus, retained earnings, and treasury stock. In this article, we will discuss each.

What is Subprime Lending?

October 27, 2020

This loan type is usually offered to individuals who do not meet the criteria of prime-rate loans. Prime-rate loans refer to loans issued by companies that are offered to corporations who are considered to be credit-worthy. It is often the case that individuals who secure subprime loans have been rejected by traditional financial institutions because of their unsatisfactory credit ratings and other factors.

The 50/20/30 Budget

October 27, 2020

There are several budgeting rules out there that are geared towards helping you to achieve financial stability and ultimately financial freedom. The 50/20/30 budget is one such plan that many are using to manage their finances across America. This budgeting plan was made popular by Senator Elizabeth Warren, a Harvard bankruptcy expert. She wrote about it in her book All Your Worth: The Ultimate Lifetime Money Plan.

What is a Balance Sheet?

October 27, 2020

One of the documents that you must learn how to develop as a business owner or investor is a balance sheet. This document is also important for individuals who desire to properly manage their personal finances. A balance sheet is a statement of the financial position of a business. This statement includes assets, liabilities and owner’s equity at a given time.

What Taxes Come Out of My Paycheck?

October 23, 2020

Tax dollars provide the literal and metaphorical infrastructure for each American to achieve the life that they want. While we may not all rejoice over the various taxes that come out of our paycheck, we have an obligation as citizens of America to contribute to the development of the country by paying our taxes. In this article, we will discuss the different taxes that come out of your paycheck before it hits your bank account or your hand.

4 Budgeting Tips

October 23, 2020

Whatever your financial goal is in life, you will need to have a proper handle on your finances to achieve it. One of the most effective ways to properly manage your money is to develop and follow a budget. No matter your income level, you will likely end up in financial difficulties if you do not establish a budget.

What Is Value Investing?

October 23, 2020

The practice of purchasing stocks when they seem to have fallen below their intrinsic or book value is referred to as value investing. Those who invest using this strategy are usually actively searching for stocks on the market that they believe are undervalued. Value investors watch for seasons when other investors are overreacting to news, whether good or bad. This reaction results in movement in the price of stocks. This movement often produces great opportunities to purchase stock at a highly discounted price.

What is a Money Market Account?

October 23, 2020

A money market account is similar to a savings account, but it has some checking features. These accounts usually offer checks and a debit card. Money market accounts typically allow a limited amount of transactions monthly. Money market accounts once offered higher interest rates for account holders than standard savings accounts; however, this advantage is beginning to disappear as the interest rates offered by money market accounts are getting closer to savings accounts.

The Three Stock Indices: Dow Jones, S&P 500, Nasdaq. What is the Difference?

October 23, 2020

It is important that investors have the ability to assess the health of the market. There are three market indices that investors can use to do this. These are the Dow Jones Industrial Average, the Nasdaq, and the S&P 500. Let us take a look at how these indices work and how they can help investors.

5 High-Yield Savings Accounts That Beat Your Bank

October 23, 2020

This interest rate that you will get with a high-yield savings account may not be superb for building wealth, but it can be great for your emergency fund or some other savings that you want to keep as liquid as possible. The interest rate for most high-yield saving accounts is often more than 10 times what you will get with the average savings account in America. Here are the best high-yield savings accounts that are way better than what you will get at your bank:

How Inflation Impacts your Savings

October 23, 2020

While investing is important to the process of wealth creation, saving should never be neglected. Many got involved in investing as a result of how disciplined they were at saving. Saving is also essential to maintaining an emergency fund that will support you during times of financial instability.

The Differences Between a Checking, Savings, and Money Market Account

October 23, 2020

When deciding where you will keep your money there are a number of options. You could opt for the typical savings account that offers you a safe place to keep your money that offers an interest rate. You could consider a checking account which enables you to make payments with check in addition to swiping a card and using cash. Another common option is a money market account. In this article, we will discuss the difference between these three options.

What is Momentum Investing?

October 23, 2020

Momentum investing refers to the practice of buying more of your best-performing assets. Instead of buying low and selling high, you keep what increases in value and sell assets that do not perform. The philosophy that drives this investment strategy is that proven trends will continue; therefore, putting more money into high-performing stocks will be likely to bring positive returns.

What Is Dollar-Cost Averaging?

October 23, 2020

Dollar-cost averaging gives investors the opportunity to make investments into one or more securities at intervals. With this strategy, each time an investment is made it is done at an equal dollar amount. This is done despite the direction of the stock market or the state of each security.

Is a Debt Snowball or Debt Avalanche better?

October 20, 2020

You are in over your head in debt and want a way out. Fortunately, there are two ways – both of which are successful, but each has different requirements and outcomes.

Understanding Long-Term vs. Short-Term Capital Gains Tax

October 14, 2020

When it comes to tax, not all capital gains are treated equally. Making a substantial profit on your financial securities is excellent, but you'll take to pay tax, and the tax you pay will depend on how long you've held the asset.

How to Roll over a 401(k)

October 14, 2020

Whether you leave to go on your own or move to a new employer, leaving your job can be stressful and emotional. But when you say your goodbyes, remember that you're not saying goodbye to your 401(k). There are four options to choose from when dealing with an old 401(k): roll the money over into an IRA, roll it over into a new plan with your new employer, keep it with your old employer, or cash out. Here we're going to focus on the first two options and keep it simple, so you leave knowing exactly how to roll over your 401(k). Let's take a look.

Saving vs. 401(k) Investing

October 14, 2020

Millions of Americans are planning for retirement by investing in their 401(k)s, thereby ensuring a more comfortable future. But is your 401(k) enough, or should you also be saving? That's what we're going to be looking at today. Let's take a look.

Fractional Investing: How you can Afford Expensive Stocks

October 13, 2020

Some of the prime stocks on the market are trading at upwards of $1,000. This can be intimidating to someone who is just starting out in the stock market or who does not want to put too many of their eggs in a single basket. Brokerage firms have realized this dilemma and are now offering what is referred to as fractional shares. The solution to securing expensive stocks that present a huge investment opportunity is to buy fractional shares. As the name suggests, a fractional share is a portion of a particular stock.

How do Health Savings Accounts Work?

October 13, 2020

A health savings account helps you save money for medical expenses tax-free. It’s like the medical cost equivalent of a retirement account when it comes to tax savings. As long as you use the money you put aside for qualified medical expenses, you pay no taxes on the funds. It’s a win-win. Like any other tax-advantaged accounts, there are rules. Here’s how it works.

Avalanche Method vs. Debt Snowball Method

October 13, 2020

You’re in over your head in credit card debt. What do you do? If you keep making the minimum payments you’ll get nowhere and it will cost you a lot of money in interest – we’re talking thousands of dollars in interest. But how do you make heads or tails out of your debt and figure out a way out? Use one of the two most popular debt payoff methods – debt avalanche or the debt snowball method.

Forget 15-year Mortgages, Choose a 30-year Mortgage - Here's Why

October 13, 2020

Mortgage rates are at all-time lows. Homebuyers and homeowners are seeing interest rates they’ve never seen in their lifetime with 15-year rates as low as 2.6% and 30-year rates at 3%. Whether you’re buying your first home or refinancing an existing home, it’s easy to want to jump on board right now. Most people opt for the 30-year loan because of its affordability but with today’s low rates, many are choosing the 15-year loan to snag that below 3% interest rate. Don’t. Here’s why.

At a Time of Financial Stress, 401(k) Fees Matter More than Ever

October 13, 2020

Unfortunately, the pandemic continues to rage on, and the economy is under pressure. As a result of this, investors are becoming more and more concerned about the fees that they are paying for the management of their retirement investments. While you should not panic like those who bought loads of toilet paper at the beginning of the pandemic, you should indeed consider the fees of your 401(k) plan. If these are not kept in check, your retirement savings could suffer.

401(k) Mistakes to Avoid

October 13, 2020

A 401(k) plan offers the opportunity to create wealth and secure a comfortable lifestyle after retirement. Research conducted by the Center for Retirement Research at Boston College found that the average 60-year-old had less than $100,000 in retirement savings in 2019 when they should have been at $360,000. In this article, we will discuss some 401(k) mistakes that you should avoid.

Do you Pay Taxes on Unemployment Benefits?

October 13, 2020

If you were impacted by COVID-19 and lost your job (or lose your job any other time), you likely earn unemployment benefits. While the money is a nice way to bridge the gap between jobs, it’s important to know that it’s not ‘free money,’ you will owe taxes on it.

What is a Health Savings Account?

October 9, 2020

Medical bills get expensive, especially as you get older. If you have a high deductible insurance plan, you may wonder how you’ll afford the bills and pay your insurance premiums. Enter the Health Savings Account – a tax-advantaged way to save for your medical expenses. If you don’t have one yet, read on to learn why you should consider it.

Why you Should Give your Kids Money Now and not in Your Will

October 9, 2020

When you hear the word ‘inheritance’ you likely think of money you leave your kids when you die. But what if you could leave it now, while you are alive? Wouldn’t you rather see your kids enjoy your money? What if now were a more ideal time because they are in their younger adult years and could benefit from a windfall that would set them up for the future? There’s a lot of factors that go into whether or not you should give your kids money now or in your will, but the bottom line is that most of the time, an early inheritance is worth it.

How to Teach your Kids About Money

October 9, 2020

Schools focus on the ‘book smarts’ kids need but often overlook the importance of teaching kids about money. They leave that up to the parents. It’s a big job to take on, but it’s also one of the most important lessons you can teach your children.

Should I Save Before I Pay Down my Debt?

October 9, 2020

It’s an age-old question. Should you save before you pay down debt? It sounds logical that you should save first, this way you’re prepared for an emergency. But what about your debt? The interest that keeps accumulating can cause financial ruin. What’s the right answer? Do both. Here’s how.

5 Ways to Increase your Cash Flow

October 8, 2020

Cash flow is the difference between the money you bring in and send out each month. Just because you make ‘a lot’ of money in your opinion, doesn’t mean you have a great cash flow. If you spend too much, you may have less than you think.

When Should I Take Social Security?

October 8, 2020

There’s no one-size-fits-all recommendation for the appropriate time to claim social security benefits. The point at which you should claim these benefits is based on your circumstances. You can begin to claim your social security benefits as soon as 62 years old or you can wait until you are 70 years old. Waiting a little longer to claim your social security benefits may prove beneficial.

Should I Get a Personal Loan to Pay Off My Credit Card?

October 8, 2020

Credit cards can be helpful in tackling unexpected expenses. If used responsibly, they don’t have to become a financial challenge; however, there are times when the frequency or size of unfortunate and unplanned financial obstacles cause a credit card balance to go way higher than you can handle.

How Much Should you Save for Retirement?

October 8, 2020

You’ll need at least $1 million saved for retirement, give or take. It’s the give or take that really throws people for a loop. $1 million isn’t enough for some people and is too much for others. So how do you know how much to save for retirement? Ask yourself the following questions.

6 Reasons to Use a Credit Card

October 8, 2020

You probably hear often that credit cards aren’t good. The truth is, though, they can be when you use them right. While they can be a great temptation to overspend and go over budget, credit cards are also a great way to do great things. Check out the top 6 ways to use a credit card.

Why you Should Always Negotiate Job Offers

October 8, 2020

You’re offered a job and couldn’t be more excited, but don’t let it get the best of you, making you jump at an offer. Accepting the offer an employer gives you upfront may be leaving money on the table. Employers expect you to negotiate and just about 41% of candidates do just that.

Bond Ladder: Pros and Cons

October 8, 2020

If you have been tuned in to what is happening in the world of investing, you would have heard the terms “Bond Ladder”, “Bond Laddering” or “Laddering” before. In this article, we will explain what a bond ladder is and discuss its pros and cons.

401(K) vs. Personal Investing

October 8, 2020

There are many financial gurus out there who speak negatively of 401(k)s. They often share that it is a waste of time. This advice must be considered carefully because there are several benefits that come with a 401(k) that make it a great retirement investment plan. Some are opting to invest their money on their own as opposed to settling with the limited investment options offered by the typical 401(k) retirement plan.

Capital Gains Tax Explained

October 8, 2020

When certain assets such as real estate or stocks are sold, they become subject to capital gains tax. In this article, we will discuss what capital gains tax is and how it works. Capital gains tax refers to money due to the government from the sale of certain assets. Real estate and stocks are examples of assets that may become subject to capital gains tax when they are sold. A capital gain is arrived at by subtracting the original cost of the asset from the price at which it was sold. If this figure is positive, you would have experienced capital gains.

I'm Old with No Retirement Savings –– What can I Do?

October 8, 2020

No matter how old you are, it’s never too late to start retirement savings. It can be scary to think you are closer to retirement than not and you have nothing saved, but there are steps you can take starting now.

Personal Loans vs. Credit Cards

October 8, 2020

When it comes to borrowing, the two most common options for consumers are personal loans and credit cards. Both offer some amount of convenience and access to funds that can be used to overcome financial obstacles and help you out of a rut. In this article, we will discuss the difference between the two so that you can make a decision as to which you will use.

5 Factors that Affect your Credit Score

October 8, 2020

Your credit score is an important piece of your financial life. A good credit score gets you access to more loans with better terms. A low credit score makes it hard to get financing and sometimes even insurance or a job. So how do you increase your credit score? Check out the top 5 factors that affect your credit score.

The Dangers of Credit Card Debt

October 8, 2020

You have credit cards for a reason – to use them, right? Possibly, but credit cards come with many dangers and if you aren’t careful, they could ruin you financially. Before you use credit cards, understand the dangers of credit card debt, and how to avoid them.

4 Rules to Improve your Financial Health

October 8, 2020

If you want good financial health, you must prepare. It takes time and dedication and a whole lot of flexibility. As we all know, life changes dramatically and often in the blink of an eye. If you want to keep your financial health in tip top shape, it takes understanding the rules and following through on them as much as possible.

401(k) vs Pension Plan - What Are the Differences?

October 7, 2020

Both pensions and 401(k)s are forms of employer-sponsored retirement plans, but they are not the same. Pensions were once the most popular company-sponsored retirement plan in the country. However, today, only 21% of workers participate in a pension plan[1], and the majority of these are state and local government workers. Pensions are still very much around, but they have gone the way of the fax machine - very few new companies in the private sector are creating new pension plans. Instead, most companies today will offer a 401(k).

What is a Pension? Everything You Need to Know

October 7, 2020

A pension plan is an employer-sponsored retirement plan distinct from the more common 401(k). Pension plans were widespread before the 1980s, but have been steadily declining since then.

Should You Take Advantage of Your Companies' Employee Stock Purchase Plan?

October 7, 2020

Often, when we start a new job, we get overwhelmed with policies and paperwork. Before you've settled into your team, your inbox is already filling up with emails. Some of these emails will be friendly welcomes, but a lot will be instructions on how to enroll in your employee benefits, like the Employee Stock Purchase Plan. Deciding whether to register can be daunting.

Employee Stock Purchase Plans - What Are They?

October 7, 2020

Employee Stock Purchase Plans (ESPP) are company run programs that allow participating employees to purchase company stock at a discount rate. Simply put, these plans give you (as the employee) the right to buy company stock using money deducted from your paycheck, without any commission on the purchase, and often at a discounted price.

Federal Loans Are Paused - Should You Pay?

October 7, 2020

As of mid-August 2020, payments have been suspended without interest for federal student loan borrowers. This pause on payments, called forbearance, will last for the remainder of 2020, ending December 31. This means that most students don't have to start making payments on their student loans again until January of 2021, which many see as much-needed relief during the ongoing pandemic.

Everything You Need to Know About Debt Settlements

September 28, 2020

A debt settlement is when you agree to pay your creditor or debt collector a large one-time payment towards your existing balance and in return, the remainder of your debt is forgiven. For example, let's say that you owe $7000 on a credit card, but you haven't made any payments for several months. Your creditor will have reported your missed payments and these will now be on your credit report and harm your credit score.

5 Best Dividend Aristocrats

September 28, 2020

Many investors focus on the dividend aristocrats because they are a somewhat guaranteed way to secure increasing dividend income payouts as well as overall returns. Dividend Aristocrats is a name given to S&P 500 companies with a long track record of increasing their dividends on an annual basis. This increase in dividends must be consistent over the last 25 years. Companies also must meet certain liquidity and trading frequency requirements in order to achieve the status of a Dividend Aristocrat.

What Is a Credit Card? How Does It Work?

September 28, 2020

When trying to get to grips with personal finance, it's best to start with the basics. Today we're going to be discussing what credit cards are, and how they work. Let's get started

Stocks, Bonds, and Mutual Funds Explained

September 28, 2020

Stocks, bonds, and mutual funds are terms that you will frequently hear in investment conversations. If you intend to make significant headway in investing, you must become acquainted with these terms. The intention of this article is to help you to have a basic understanding of these investment products.

Mutual Funds vs. Index Funds

September 28, 2020

In contributing to a retirement plan, your financial advisor will present mutual funds and index funds as options. Before you decide, you need to get an understanding of what these funds are and how they differ from each other. This article will give you the basic information you need to decide between the two.

The Best Month to Buy Stocks

September 28, 2020

There is no doubt about the great potential that lies in investing in stocks. Your success in investing in the stock market all comes down to making the right decisions. Some have taken an unfortunate stance that it is not wise to invest in stocks because they or someone close to them have lost money in the stock market. In many cases, these individuals invested without proper knowledge and guidance. There are certain things that you must know before investing. One popular inquiry of investors is which month is best for buying stocks.

What Are the Best Ways to Check My Credit Report?

September 28, 2020

When it comes to your financial life, few things will impact your future as much as your credit score. Your credit report may impact your mortgage rates, apartment requests, credit card worthiness, and even your job applications. Regularly checking your credit report is the most effective way to learn what insurance companies, banks, and even future employers see about your financial health and history. Armed with this knowledge, you can take action and start improving your credit score, and therefore your future financial prospects.

5 Ways to Manage Your Money Better

September 28, 2020

Money management is a subject that gets some people excited while it gets others a little deflated. Whether you find it as an interesting topic or not, it affects everybody. The way your money flows in and out must be clearly understood if you are trying to live a comfortable life. In this article, we will discuss 5 ways to better handle your finances.

How I Would Invest My Mother's portfolio

September 28, 2020

There are many reasons that might lead to you having to manage your mother’s portfolio. What is important is that you are in a position to do so wisely. There are some differences with how you would manage an older person’s portfolio than you would manage yours. This article outlines some principles that would guide me as I manage my mother’s portfolio.

4 Proven Strategies For Paying Off Debt

September 28, 2020

Whether it's from medical bills, emergencies, or shopping sprees, being in debt can cause significant emotional stress and even harm your physical health. If you're in this position, then the good news is that you're not alone. Collectively, Americans owe $1 trillion in credit card debt[1], and this is just one slice of the pie. The total US consumer debt now stands at $13.86 trillion[2]. This figure includes card cards, mortgages, student loans, and auto loans.

5 Ways to Stay out of Debt

September 28, 2020

If you have recently paid off your debts, or expect too soon, then the next step is to plan how you will manage your money in the future. You're probably wondering how you can stay out of debt permanently and live a more financially stable life. Well, we're here to help. We've compiled a list of 5 ways you can stay out of debt. It's important to note that the advice on this list might not apply to everyone or every situation.

3 401(K) Tips That Will Increase Your Account Balance

September 22, 2020

Consistently contributing to a 401(k) can put you in a much better financial position after retirement. While being happy after retirement includes much more than money, you will be better able to facilitate the things you love.

What Is a Credit Score, and What Are the Credit Score Ranges?

September 22, 2020

A credit score is a three-digit number that shares your level of credit risk and how likely you are to meet your debt obligations. It usually falls within 300 and 850. A credit score is arrived at based on information in your credit reports such as payment history, the amount of debt that you currently have, and your overall history with debt.

5 Options for Your 401(k) When You're Leaving Your Job

September 22, 2020

One of the most important decisions that you must make when moving from one place of employment to another is what to do with your 401(k). There are quite a few things that you can do, but before you make a decision, analyze the 5 options that we will share in this article.

What is Debt Consolidation and Should I Consolidate?

September 17, 2020

If you’re like the 300 million other Americans drowning in debt, know that you aren’t alone and that there are ways out of it, even when it seems impossible. Debt consolidation is a way to get out of debt. When you bring all your debts together into one loan, you consolidate it. Usually, you do this with a home equity loan, 0% APR balance transfer credit card, or personal loan. Once you pay the debt off with the proceeds of the new loan, you have one loan payment and (hopefully) a lower interest rate. This debt consolidation method helps you stay on track with your payments and get out of debt faster. But is it worth it?

Should I Refinance?

September 17, 2020

Interest rates are the lowest they’ve ever been, but does that mean you should refinance? Most people assume you should, but it doesn’t always make sense to do so. Refinancing can be great in the right circumstances, but it can also cost you a lot of money if you aren’t careful. Before you refinance, consider the following.

401k Loan vs 401k Hardship Withdrawal: Which is Right for Me?

September 17, 2020

401K plans should fund your retirement and in a perfect world, you don’t touch the funds until you’re at least 59 ½. Unfortunately, none of us live in a perfect world. Life happens and financial needs arise – just look at COVID-19 and how it affected millions of people’s financial security.

What is Cliff Vesting?

September 17, 2020

Most companies offer benefits, but on a vested schedule where you earn a percentage of your benefits for each phase of employment. Cliff vesting is different. Cliff vesting requires employees to work a specific amount of time (for example 60 months) before they receive any benefits. This eliminates the risk companies take hiring new employees and giving them benefits only to find out they don’t work well for the company.

Compound Interest and my 401(k): What am I Really Missing out On?

September 17, 2020

The CARES Act made it easy to make 401K withdrawals without the hefty penalty and millions of Americans took advantage. It bridged the gap with unemployment rates soaring and the extra $600 benefit ending. Millions of people found themselves between a rock and a hard place. They needed the money but also needed the retirement funds.

Compound Interest vs. Simple Interest –– What's the Difference?

September 17, 2020

Investing is all about the interest. Without it, investing doesn’t make sense, right? But what type of interest is better – compound or simple? Let’s look at the differences.

Should I Use a 401k or Invest in Stocks Myself?

September 16, 2020

Whether it's for retirement or planning for unforeseen costs like medical expenses, thinking ahead and saving money is always a smart idea. But what is the smartest way of saving? Should you take advantage of your employer's 401(k) retirement plan? Or should you strike out on your own and pave your path to future financial security by investing in stocks yourself? If you've wondered this, then you're in the right place.

The Ins and Outs of Personal Loans

September 16, 2020

Credit comes in many forms, mortgages, credit cards, and personal loans. Here we're going to look at the ins and outs of personal loans so you can gain a better understanding of what a personal loan is, and the situations in which someone might take out a personal loan.

How Do 401(k)s Deal with Market Downturns?

September 16, 2020

In 2018, financial services firm Fidelity reported that the average 401(k) balance fell 10% during the fourth quarter that year. At the time, fears of a recession were looming and this caused many people to worry about the future of their 401(k) plan. Now in 2020, we're facing similar fears due to the widespread economic disruption caused by COVID-19. So how do 401(k)s deal with volatile markets and market downturns? And how you should act? Let's take a look.

Who Is the Best 401(k) Provider?

September 16, 2020

Regardless of whether your business is large or small, offering a 401(k) can be a great way to show your employees that they are valued and that you care about their future. Offering a 401(k) also helps attract top talent to your company. But with so many options out there, picking the right 401(k) provider can be daunting. That's why we've compiled a list of the top 401(k) providers out there. Let's take a look.

What Are Some Alternatives to a 401k?

September 16, 2020

While 401(k)s offer some significant benefits, they aren't the only route to financial freedom in older age. Maybe your employer doesn't offer a 401(k), and you want to take matters into your own hands. Or maybe your employer does offer one, but it's less than impressive (no matching or high fees). If a 401(k) isn't the right fit for you, then you still have several options when it comes to saving for retirement.

Are you Missing out on Retirement Money? 1 in 4 workers are Making a Big Mistake

September 15, 2020

Do you contribute to your 401K? If not, you’re making a grave mistake, just like 25% of Americans. I know it’s hard when you already cut it close. You barely scrape by, so how are you supposed to come up with the money for retirement money too? I’ll give you one big reason (although there are many) – employer contributions. If you don’t at least contribute as much as your employer will contribute, you might as well open your window and throw money out of it. It’s equivalent! Here’s why.

3 Retirement Savings Tips for Millennials

September 15, 2020

Retirement may seem a long way off, like 40 years away, but that doesn’t mean you shouldn’t think about it and take action today. Millennials are in a great position to set themselves up for retirement successfully if they start now. Use these three important tips to get ready for retirement today.

8 Things that Wealthy People do that Others Don’t

September 15, 2020

Getting rich seems like a pipe dream. The people that achieved riches were born with a silver spoon in their mouths or at least a rich family, right? What if we told you that wasn’t the case? Many people achieve riches all on their own, but you’d never guess how. Check out the top 8 things rich people do that the rest don’t.

The First 3 Questions Everyone Considering Investing Should Ask Themselves

September 15, 2020

Investing is scary and fun at the same time. It’s scary because you know you can lose it all. It’s fun because you can earn major gains and see your balances soar, setting you up for retirement.

Am I Ready to Invest in my 401(k)? 3 Easy Questions to Help you Decide

September 15, 2020

Not everyone should invest in their 401K. That sounds crazy, right? It’s only a select few, but if you’re in this group, it’s important to take care of business before you invest in your retirement funds. It will set you up for the future much better if you do these three things.

What is a Personal Loan?

September 14, 2020

Whether you have an emergency, a major purchase to make, or you’re trying to consolidate your debt, a personal loan can be a great option. A personal loan is a type of loan where funds are borrowed from a bank, credit union or an internet-based financial institution with a fixed monthly payment. The average personal loan allows borrows to take 2 to 7 years to repay the loan. The rates that borrowers usually get when taking a personal loan ranges from as little as 6% to as much as 36% APR.

What Does It Mean to Refinance a Loan?

September 14, 2020

The objective of refinancing is often to get a longer loan term in order to reduce monthly payments and secure a lower interest rate. Refinancing can be a great option for individuals who are having challenges with paying off their loans. Let us discuss exactly what refinancing a loan means.

What Can I Do After Maxing Out My 401(K)?

September 14, 2020

Maxing out your 401(k) is a great achievement when it comes to preparing yourself for your retirement years. However, just stopping there may leave you behind in the retirement game. In this article, we will discuss what to do next after hitting this milestone.

Types of Personal Loans

September 14, 2020

Personal loans are accessible to all consumers. It has become one of the most popular types of loans accessed by consumers. Personal loans are often used to consolidate debt, tackle unexpected expenses and to make large purchases. There are a number of different types of personal loan from which you can choose. In this article, we will discuss 5 of the common types of personal loans.

What Is Debt and How to Handle It?

September 14, 2020

Debt is an unpleasant word to some while it is a word praised by others. Some individuals have been forced to take on unwise debt due to circumstances or have taken debt to “keep up with the Joneses” while some have learned from experience or with the help of advisors how to leverage debt to move ahead financially. In this article, we will discuss how to handle debt.

Cashing Out a 401(k) Due to COVID-19

September 11, 2020

Withdrawing funds from your 401(k) plan before the age of 59 ½ usually triggers a 10% penalty on the amount taken. In addition to this penalty, there are federal and state taxes that you would have to face. Note, however, that the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act has made it possible for individuals hit by the coronavirus pandemic to withdraw without facing these fees and penalties.

Roth 401(k) vs. Roth IRA: What’s the Difference?

September 11, 2020

Whether you choose to contribute to a Roth 401(k) or a Roth IRA, is based on a number of factors. The decision must take into consideration your income, age as well as when you intend to take funds from your retirement savings account. As you make your decision, you should also know that there are pros and cons of each retirement plan.

What is the Difference Between a 401(K) Plan and a 403(B) Plan?

September 11, 2020

The abundance of retirement plans available can often leave you a little winded. Two of the major plans are 401(k)s and 403(b)s. Both are great plans in their own right. They are similar in many ways, but there is one key difference. In this article, we will discuss what distinguishes 401(k)s from 403(b) plans.

When Can You Withdraw from Your 401k Or IRA Penalty Free?

September 11, 2020

If you are ever placed in a position where you must withdraw from your 401(k) plan or independent retirement account (IRA), you should consider the possibility of facing penalty fees. IRAs and 401(k)s are excellent retirement savings plans. Both plans are utilized by many Americans. The pre-tax benefits of these plans make them very desirable; however, they are designed to be withdrawn from later in life and not before the age of 59 ½.

3 Reasons to Borrow Money from Your 401(K)

September 11, 2020

There are cases in life when borrowing money from your 401(k) can be a feasible option; nonetheless, experts will tell you that you should not touch your 401(k) because you are depriving your retirement years of important financial support. This is good advice and you should follow it if you are not borrowing funds from your 401(k) for a wise reason.

The Basics of Budgeting

September 11, 2020

Budgeting – it’s a word no one likes to hear, but it’s the most important word in your vocabulary. Most people equate budgeting with sacrificing, but it’s not.

10 Ways to Make Money on the Side

September 11, 2020

What would you do with a little extra money in your pocket or even a lot of extra money? Millionaires have 7 streams of income – some active and many passive. If you don’t have more than one stream of income, you’re missing out on a great opportunity to achieve financial freedom, whether now or during retirement.

Choosing a Loan – How to Find the Right One for You

September 9, 2020

Choosing the right loan is important not only to your immediate cash needs, but your overall finances. Choose the wrong loan and you could struggle financially or pay more than necessary for the funds. How do you choose the right loan? Consider the following factors.

3 Retirement Mistakes you are Making Today

September 9, 2020

Not saving enough, borrowing too early, or not getting out of debt can wreak havoc on your golden years – the years you should be enjoying the most. Retirement is a time of relaxation, fun, and excitement, but it can also be a time of financial difficulties if you aren’t careful. Learn the top three retirement mistakes most people make and how you can avoid them.

The Average 401(k) Balance by Age

September 8, 2020

Comparison is not usually the best thing to do for your overall well-being. It can cause you distress when you find that others are doing “better” than you are. Nonetheless, having an idea of how others are doing, in terms of averages, can be a source of motivation or assurance. This depends on which side you sit in terms of the average that applies to your age group. In this article, we will take a look at the average 401(k) balance by average.

How Does a Mega Backdoor Roth Work?

September 8, 2020

Many people are curious as to what exactly a Mega Backdoor Roth IRA is and how it works. This was once a well-kept secret by certain retirement planners. It usually applies to individuals who earn way too much to contribute to an ordinary Roth IRA. In recent times, the IRS has released some instructions that include information on Mega Backdoor Roth IRA. To benefit from a Mega Backdoor Roth IRA, it requires that you have an employer 401(k). This 401(k) must allow after-tax contributions.

How Does Your 401(k) Compare to the Average?

September 8, 2020

Considering the importance of retirement saving, it is good to have some way to analyze how you are doing in terms of your account. There are more than 96 million Americans who have the opportunity to participate in an employer-sponsored retirement plan. You may be wondering how well your savings stack up against other contributors. In this article, we will discuss the averages of those who contribute to the pool of $5.3 trillion invested in 401(k)s.

Top 5 Reasons to Roll Over Your 401(k) to an IRA

September 8, 2020

If you are switching jobs, you must begin to think of what decision you will make concerning your retirement savings. If you were contributing to a 401(k), you will be faced with a number of options as to what kind of plan to roll over your funds to. Choosing to roll over your 401(k) to an individual retirement (IRA) is among the best of the available options. In this article, we will look at 5 reasons you should choose an IRA.

Can I Have a 401(k) and an IRA?

September 8, 2020

It is certainly possible to contribute to a 401(k) as well as an IRA at the same time. This is a common practice in America. These two retirement plans share some similarities. One of the similarities is that they both allow for tax-deferred savings. In the case of Roth 401(k) and Roth IRA, you can benefit from tax-free earnings. If you currently contribute to a 401(k) at work, once you meet certain requirements of the IRA, you can contribute to it as well.

The Benefits of a 401(k) - Everything You Need to Know

September 3, 2020

One of the most common ways people save for retirement is by contributing to a 401(k) plan. Put simply, a 401(k) is an employer-sponsored retirement plan that offers big tax advantages, among other benefits.

5 Best Companies for 401K Match in 2020

September 1, 2020

Many companies today offer a 401K match as a part of their benefits. Don’t discount its value because it’s like getting free money toward your retirement. Even though you can’t see/use the funds now, you’ll appreciate it when you’re in your golden years and no longer want to work.

4 Major Trends in the Retirement Savings of Americans

September 1, 2020

Retirement savings are crucial to living well beyond the age of retirement. Economist, Monique Morrissey of the Economic Policy Institute has reported some thought-provoking statistics about retirement savings in America. In this article, we will discuss some of these trends and see how 401(k)s have impacted retirement savings in the United States.

What Fund Types are Offered in 401Ks?

September 1, 2020

Each 401K has different fund types, but the selections aren’t as large as you’d think. Employers have a select few to choose from, and employees have the fiduciary responsibility to choose the funds that are right for their retirement goals.

How Does 401(k) Matching Work?

August 31, 2020

Do you like free money? Who doesn’t? That’s what your employer 401K match is – free money. If you don’t contribute to your 401K, you give up this benefit and decrease your potential retirement earnings.

Should I max out my 401K?

August 31, 2020

In 2020, you can contribute up to $19,500 in your 401K, but not everyone should take advantage of this option. Maxing out your 401K is a great option if you’re caught up elsewhere financially, but what if you aren’t? What signs should you look for that say maybe you shouldn’t max it out just yet? Check out the reasons below!

Traditional vs Roth 401K – What Should you Choose?

August 31, 2020

The traditional and Roth 401K both help you prepare for retirement but have vastly different tax procedures. Understanding the difference and determining which would leave you with the lowest tax liability is one of the most important retirement decisions you’ll make.

7 Types of Retirement Plans Offered by Employers

August 28, 2020

The fact that you are reading this shows that you are being diligent in securing a comfortable life after retirement. If you are an employee, there are several retirement plans offered by different employers. These plans are typically low cost and are great for preparing for life after retirement. Your access to a retirement plan will be based on the nature of your employer’s business as well as their size. Let’s take a look at 7 of the most common employer-sponsored retirement plans.

Introducing Lendtable

May 18, 2020

Marc Andreessen wrote an article that caught my attention, particularly for its passionate closing salvo. He said “Our nation and our civilization were built on production, on building. Our forefathers and foremothers built roads and trains, farms and factories, then the computer, the microchip, the smartphone, and uncounted thousands of other things that we now take for granted… There is only one way to honor their legacy and to create the future we want for our own children and grandchildren, and that’s to build.”.

The Automatic Millionaire

March 17, 2020

One million dollars. I used to think this was an impossibly large number. Being from a humble Ohio upbringing, this type of wealth sounded like something that could only be achieved by business titans, beneficiaries of large inheritances, and sports stars. However, an internship in finance opened my eyes to see that this was far from the truth.