Life

7 Reasons Not to Buy a House

Maybe you still consider home ownership the fastest path to the “American dream.” Maybe you’re fed up with increasing rent rates and think paying a mortgage every month could actually be cheaper. Maybe you think buying a house is the best way to get enough room for your growing family or your best (furry) friend. There are many wonderful reasons to take on home ownership, but just as many to avoid it … at least for now. Trying to decide whether you’re ready to buy a house? If any of these seven bullets apply to you, you should wait before…

How to Apply for Social Security

What most people think of as Social Security is just one part of a much larger program. In 1935, President Franklin Delano Roosevelt signed the Social Security Act—legislation that provided for Retired Worker Benefits, Survivor Benefits and Disabled Worker Benefits. This post focuses on Retired Worker Benefits—that money you’re expecting to see after all those years of payroll deductions. What Do I Need to Know to Get Social Security? So, the day has finally arrived. You’ve decided to sign up and start collecting your Social Security benefits. Before you start the process, ask yourself an important question: Is this the…

How Much Life Insurance Do You Need?

If you’re considering buying life insurance, whether for the first time or to supplement policies you already have in place, you’ve made a good decision. Term life insurance is the most affordable way to protect your family’s financial security for the long haul. It replaces your income in the event of your death. And life insurance ensures your dependents can support themselves financially in your absence. Term life insurance is surprisingly affordable. If you’re in your early or mid-career (20s, 30s or 40s) you can buy coverage for under a dollar a day. Even if you’re older, you can most…

Before You Buckle Up: Insurance Tips for New Drivers

For new drivers, earning that license may seem like the biggest challenge when it comes to driving. However, obtaining the right car insurance is another obstacle many drivers don’t consider. These tips will help you keep in mind all you need to know about car insurance as a new driver. Consider Your Car Insurance Coverage If you are driving a car that is registered in your name, you likely need car insurance. It is the law in most states. However, there are several different types of coverage. Understanding all of the coverage types is the first step in determining the…

Passive Income: How it Works and How to Make it Work for You

What is passive income? Passive income is a strategy of using personal finance and other resources to generate a long-term, recurring income with little or no work. Many people around the world dream of making money when they are asleep, but to a large number of those interested in passive income, it is a pipedream with no tangible results. The Passive Income Strategy Passive income is a long-term strategy to help generate income for everything from covering the bills to early retirement. You can use the proceeds however you want. Maybe you reinvest to build your passive income project into…

How to Survive Financially When a Marriage Fails

When the dream of living happily ever after turns into a nightmare of a marriage, divorce may be the only workable solution. In addition to the emotional turmoil surrounding a divorce, couples need to deal with the financial realities of going their separate ways. The cost of a lawyer and the loss of a spouse’s income may come at a high price for one or both parties. Couples may each walk away from the marriage with significantly lower income, assets and retirement savings. Although divorce is not recommended as an easy solution to marital problems, the situation need not necessarily…

7 Ways to Save Big, Spend Little This Summer

Summer is here and the kids are out of school, leaving parents to find solutions to that age-old kid complaint — “I’m bored.” Keeping everyone occupied and happy can often cause a drain on the budget. But, it doesn’t have to. These seven tips for budget-friendly summer activities will help you save big, spend less and keep the kiddos engaged this summer. Discover Free and Discounted Activities at Local Businesses Local parenting magazines, blogs and Facebook groups are a great way to find free and cheap things to do with your kiddos this summer. Many home improvement and craft stores…

Money Moves to Help Millennials Save

A 2016 survey of 7,000 Americans found that 34 percent have nothing saved. When it comes to money and millennials in particular, though, things get a little confusing. While one study found a small percentage of millennials have already stashed away $100,000, another found 46 percent of young millennials have nothing saved. If you’re in the “no savings” camp, how do you get started when it feels like you don’t have a penny to spare? Set a Small Goal First things first. All savers have to start somewhere and sometime. It is all too easy to quit before you even…

3 Tips to Raise Money-Savvy Kiddos

Talking about money often falls into the category of taboo. But talking about financial matters with your kids is different than talking about money at a cocktail party. As a parent, you set the stage for how your kids will view and handle money in the future. Talking about money on a regular basis sets a foundation for your kids to build a strong financial knowledge-base. In fact, a recent survey by T. Rowe Price found that “parents who discuss financial topics with their kids at least once a week are significantly more likely to have kids who say they…

Can You Afford to Live Alone? Things to Consider Before Moving Into Your Own Space

Living with a roommate may bring on daydreams about what it would be like to live all by yourself. To wake up and go to sleep when you want, bring friends or dates over without consideration for your roommates’ schedules, to take long showers, watch whatever you want on TV and maybe wait to wash those dishes in the morning. However, like most daydreams, living alone isn’t always you imagined it would be. It’s important to consider what you’re really getting into before you commit to being the only name on a new lease. Here are some things to do…

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