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9 Steps to Take Before Buying Your First Home

By |2016-06-06T09:45:53+00:00June 6th, 2016|Blog|

Are you planning the purchase of your first home? Buying a house is a major decision because the house will soon become one of your main financial assets. Plus, you’ll be making mortgage payments for at least ten years. Take these steps before you buy: Ask yourself if you’re financially stable. Have you had your job for at least five years? Do you have a reliable income? Are you ready to make monthly mortgage payments for at least ten years? Are there any other major expenses in the near future that would make keeping up with your mortgage payments difficult? Do you plan to stay in this house for at least five years? The first five years of mortgage payments usually only cover fees and interest. Are you ready to settle down in one spot?

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Top Job Related Expenses You Can Cut Today

By |2016-06-01T09:23:15+00:00June 1st, 2016|Blog|

Are job-related expenses draining your paycheck? You can find the sources of the money leaks plug those holes with a few changes to your spending routines. Try these techniques to save money on your work expenses: Analyze your commuting costs. How much do you spend each day to get to work? It’s important to consider every step of the way and every penny: If you drive, keep track of the cost of gas and car maintenance. In addition, you may have to pay for tolls along the roads you use. You may also have other fees related to the car such as insurance. If you use public transportation, add up the cost of the tickets. If you walk or ride a bike, think about the cost of shoes and bike maintenance.

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Take the Minimum Wage Challenge and Discover New Financial Wisdom

By |2016-05-25T14:37:27+00:00May 25th, 2016|Blog|

Have you tried the minimum wage challenge? This challenge is designed to help you understand the difficulties of living on minimum wage. However, it also has benefits such as clarifying your spending priorities and teaching you about responsible budgeting.

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8 Retirement Moves You’re Most Likely to Regret

By |2016-05-23T09:25:08+00:00May 23rd, 2016|Blog|

Quitting work too soon. One-third of all retirees will live to be over 91 years of age. Avoid the mistake of rushing to retire as soon as possible. Working until age 66 instead of 62 will increase your social security benefits by 25 percent. You can expect social security payments 75 percent higher if you wait until you’re 70 years old. Overestimating investment returns. Stock market returns can be depressed for 10 years or more. Just because the average return is 7.0 percent after adjusting for inflation doesn’t mean it’s seven percent every year. Be realistic in your assumptions about future returns.

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Filing for Bankruptcy as a Retiree

By |2016-05-16T09:54:56+00:00May 16th, 2016|Blog|

Calculate what your income is. Your income will determine if you qualify for Chapter 7 or Chapter 13 bankruptcy. Income qualifications vary from one state to another, however, so it’s important to check the requirements for your state. Ensure your debts will be erased if you file for bankruptcy. Debts can be secured or unsecured, and some types of secured debts won’t go away when you file. What is Chapter 7 bankruptcy? Chapter 7 erases any unsecured debt, which includes medical bills as well as credit card debt. Your income has to be below a certain level for you to qualify for this type of bankruptcy and this level varies from one state to another. The downside of filing for Chapter 7 is that your assets will be sold to pay your creditors back. Your creditors will not be paid back if there are no assets to sell. What is Chapter 13 bankruptcy? Chapter 13 bankruptcy includes setting up a restructuration plan, usually with monthly payments. Filing for this type of bankruptcy means that you’ll have pay at least a portion of your debt. The main advantage of Chapter 13 is that your assets won’t be sold. However, you’ll have to prove that your income allows you to keep up with the repayment plan after subtracting your living expenses. Your secured debts also have to be below a certain level in order to qualify for Chapter 13. What kind of assets could you lose if you file under Chapter 7?

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Top 10 Financial Challenges for Millennials

By |2016-05-11T15:14:41+00:00May 11th, 2016|Blog|

A lack of preparation for financial emergencies. Everyone needs an emergency fund. While the lack of an emergency fund is common within every age group, millennials are especially likely to not have any money set aside for emergencies. Strive to set aside 3-6 months of living expenses and you’ll be prepared for most financial emergencies. Failing to take advantage of 401(k) matching. If your employer offers 401(k) matching, take advantage of it. Not only will your money work for you, but your employer is giving you the same amount as what you’re investing. Considering future growth, your employer could be handing you a fortune – for free!

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