Wednesday, 8 May 2024
Anna Davies iStock Can you ever have too much money? Some people might say no, but once you’ve paid off your debt and created an emergency fund, what should be your next step for stashing additional funds? The answer may be investing, which has a potentially greater rate of return […]
Jamie Friedlander When it comes to one’s finances, bad decisions can have a snowball-like effect. If you start off the year forgetting a payment here and there, being disorganized with your taxes or failing to contribute to your retirement accounts, you’re setting yourself up for a disorderly financial life in […]
Kate Ashford iStock If you’re a freelancer or you run your own business, odds are you’ve heard about SEP IRAs, which are individual retirement accounts for self-employed individuals and small-businesses owners. A simplified employee pension (SEP) IRA gives you the ability to save for retirement while lowering your taxable income. […]
James F. Royal, Ph.D. If you’ve ever been pitched on a 702(j) retirement plan by a salesman, then you already know it’s not a retirement plan at all. A 702 plan is life insurance that’s commonly advertised as a retirement plan. The 702(j) retirement plan even mimics the lingo of […]
Emily Guy Birken Figuring out how much money to save for retirement by age 30 can be a maddening prospect. Between the finger-wagging financial news that scolds your generation for not saving enough and the fact that any concrete advice often seems to ignore the reality of underemployment, stagnant wages […]
Brittney Laryea iStock Congratulations! You just got your first job — and your first paycheck as a full-time worker is on its way. You’re an adult. You’re independent. And you have no idea what to do. “You will be tempted to use up all of your money to purchase things […]
Brittney Laryea iStock It can be difficult to know if you’re spending more than you earn each month if you’re not necessarily falling behind on any bills or financial responsibilities. But if you’re not tracking your spending, you may not be aware if you’re digging yourself into debt. In fact, […]
Janet Berry-Johnson iStock Credit card debt is at an all-time high in the U.S. According to a 2018 study on credit cards by MagnifyMoney, the average American with a credit card has a balance of $6,348. And overall, Americans are carrying $687 billion in credit card debt from one month […]
Marianne Hayes iStock When you’re buried under a pile of debt, you’ll need to go beyond making the minimum payments if you hope to get debt-free as quickly as possible. And with interest rates on an upward swing, it may not be something you can afford to ignore. This is […]
Tags: financial situation, retirement accounts, Roth IRA, savings account