The way you represent an insurance claim can make a huge difference to whether it will be successful or not. There are some common words that raise suspicion of insurers and you should always avoid them. [Read more…]
Start Building Your Retirement or Investment Portfolio on a Small Budget
If you thought that you need a huge amount of money to start investing, you are mistaken. You can start building your portfolio with $1,000 or even lesser. Do not wait to have more money, as the sooner you start investing, the higher your returns will be. Here are some simple ways to start your investment with a small amount of money. [Read more…]
Why it May be a Good Time to Invest in Exchange Traded Funds
Exchange traded funds are a type of securities listed and traded on a stock exchange almost like a stock. As far as the investment strategy goes, traditional ETFs track indices and are a great way to diversify your investment. Some people confuse them with mutual funds. Mutual funds carry redemption fees, a charge not present with ETFs. [Read more…]
When Using a Debt Consolidation Service Makes Sense
If you are buried under a pile of minimum payments towards outstanding credit card balances, or personal or mortgage loans, then the surest way to dig yourself out of this financial predicament is to avail debt relief services. There are many companies that offer debt consolidation services and provide you relief from multiple debt problems. [Read more…]
How to Recover From a Large Amount of Debt or Bankruptcy
No matter how carefully you have planned your finances, you may still face a situation where you have to take a debt to meet an urgent need. But getting out of debt is not an easy task, especially if it’s a large debt like a mortgage. An unpaid debt weighs down on the borrower’s mind and keeps him or her from freely spending money even on expenses that are perfectly reasonable. But this may not be a bad thing after all. [Read more…]
How to Find and Get Approved for Low Interest Rate Auto Loans
For many of us, it is difficult to save enough money to buy a new car using our own funds. Auto loans can easily fulfill this funding need. But to minimize the total amount that you will end up paying for the car, you should look for ways to get a lower interest rate on the auto loan. [Read more…]
How to Make the Most Out of Your Roth IRA Contributions
It is important that you make your complete Roth IRA contribution as early as possible. If you wait for making IRA contribution until the end of the fiscal year, you may end up losing a lot of money. On the other hand, you have nothing to lose by funding the Roth IRA at the beginning of the year as you can withdraw the money from the account at any time without any penalty. [Read more…]
Smart Financial Planning for a Comfortable Lifestyle
Most people realize the importance of financial planning, but not many are disciplined enough to make a plan and stick to it. Being financially responsible will ensure that you feel secure and do not have to worry about your family’s future. By keeping the financial aspects of your life organized, you will be able to deal with unforeseen problems and emergencies. [Read more…]
When Does Refinancing Your Mortgage Make Good Financial Sense?
Refinancing is a way to readjust the repayment terms of your current debt obligation with a new set of terms. Your current mortgage will have a particular rate of interest and time frame for repayment, both of which can be changed through refinancing. Typically, people go for refinancing to get a reduced rate or an extended tenure, or both. [Read more…]
Smart Financial Planning for Retirees in a Recovering Economy
If you are close to retirement age or have already retired, reacting to economic recovery by withdrawing all of your money from secure investments and trying for higher returns in an unstructured manner is not a good strategy. Of course, you would want to recover the losses that you made during recession, but it is better to proceed cautiously as the economy is still not completely stable. Here are some tips to recover your losses without taking a lot of risk. [Read more…]
Using Multiple Checking Accounts to Create a Manageable Budget
Keeping track of your expenditure can be a tedious job, especially if you have to take into account each and every tiny expense. Instead of tracking minute details, it helps to pay close attention to larger expenses, and ones that can actually cause you to overshoot your spending limit. Another thing that can help is setting up a second checking account. [Read more…]
How a Fixed Mortgage Rate Works and Why It’s Better Than Variable Rates
In terms of interest rates, mortgages can be categorized into two kinds – variable rate mortgages and fixed rate mortgages. Variable rate mortgages (also known as adjustable or floating rate mortgages) are those with an interest rate that changes according to market conditions and the lender’s discretion. With fixed rate mortgages, the interest rate stays constant throughout the tenure of the loan, irrespective of any ups and downs in the economy. [Read more…]
If You Have Bad Credit, No Credit or Want to Build Credit Apply for Secured Credit Cards
If you do not have a credit history yet or your credit scores have taken a hit, then it will be difficult for you to get a credit card. Your only option is to get a secured credit card, for which you will have to provide a security deposit. You would be allowed to take credit up to the amount of the security. [Read more…]
Why Fixed Annuities Are Becoming More Popular as a Retirement Option
Fixed annuities offered by insurance companies have been very unpopular among investors in the past because of their high fees and complicated terms and conditions. People have often been warned to stay away from annuities by many experts. However, annuities are slowly making a comeback as an investment option for retired people or those who just have a few years left to retire. [Read more…]
The Dow Plunges 1000 Points Then Recovers
The stock market saw a huge decline yesterday for about fifteen minutes before going on to recover later in the day. The Dow Jones industrial average fell by almost 1000 points, about 10%, in the afternoon before closing 3.2% lower. [Read more…]
Smart Investment Strategies for Investing in the Stock Market
There is a wide range of investment options that you can choose from when it comes to the stock market. They all have their own levels of risk and the more profit you’re after, the riskier it often gets. That is why it is very important to understand the different types of investment strategies before you put your hard earned money in the market. [Read more…]
Make Sure You Set Up an Emergency Fund
Emergencies like loss of job or large medical expanses can have a huge impact on your life and ruin your finances. Some readily available emergency money can provide much needed help when you are faced with a difficult situation. [Read more…]
Smart Investing Advice for Young Families
With children comes a great responsibility, and you should plan for your and their future carefully, so that your family does not have to face financial problems later. [Read more…]
Common Myths about Income Saving and Investing
A recent survey by a top American financial magazine has revealed that a large majority of Americans could be financially illiterate. A dismal 18% of the sample audience was able to answer three basic questions about money correctly. [Read more…]
At What Age Should You Retire to Be Financially Independent?
Retirement will be one of the most important events of your life. You should start planning for your retirement in your 20s if you want to have a secure and comfortable post-retirement life. Only after you decide your retirement age will you know how much you should save every month and what other financial aspects you need to look at. Her are some advantages and disadvantages of retiring early and retiring at 65 to help you make this important decision. [Read more…]
Should You Save Money or Spend Money When the Economy is Weak?
Most people have become cautious about spending and have started increasing their savings to cope with the uncertain economy. But a drastic cut back on spending will only make the economy weaker. This is a classic situation where your personal interests are in conflict with the rest of the financial system. [Read more…]
Why Shortening the Fed Chairman’s Term May Be Important to Avoid Future Financial Crises
The Federal Reserve erstwhile Chairman, Alan Greenspan has come in for a lot of criticism concerning the recent recession. Critics have spoken against the Fed’s policy of keeping interest rates at all time low for an extended period. They believe that this led to over zealous borrowings, which was completely unsustainable. Borrowers soon began to default on repayments, more and more homes began to come in for foreclosure and the housing markets crashed. [Read more…]
Security Risks with Mobile Banking Why You Should be Careful
With PayPal’s latest mobile payments initiative, new possibilities have opened up in the mobile banking world. Such innovations make contact-less financial transactions even more convenient and users of traditional banking services are increasingly moving to online banking and mobile banking to save both money and time. [Read more…]
Smart Financial Planning for an Anxiety Free Life
Financial planning is important to lead an anxiety free life both before and after retirement. There are many experts and financial consultants who offer different kinds of advice about the strategies you should employ in order to plan for the future wisely. But a lot of them give differing and sometimes contradictory advice. The net result is a lot of confusion about how much to save, how much to spend and on what to spend. That is why it is important to assess such advice in light of your particular situation. [Read more…]
How to Make Smart and Profitable Investments
Everyone has a dream of making huge profits with their investment portfolio. While this may not be a realistic expectation all the time, it is definitely possible to get your portfolio to give you good returns in line with your requirements or better. However, this can be achieved only if you understand the basics of investing. [Read more…]
How to Make Money with Your Hobby and Fun at the Same Time
Hobbies help relieve the stress of a hectic or mundane lifestyle, not to mention the pleasure you derive from doing something you really enjoy. Your hobby can be anything ranging from photography, needle work, jewelry designing, pottery to paper craft – indulging in it gives you a sense of confidence and happiness. [Read more…]
Frugality Becoming a Necessary Way of Life Post Recession
Even as economists and policy makers continue to present evidence of recovery of the economy, it seems that the average American is still not taking any chances. Their penny pinching ways and tightly closed purse strings are not yielding way to the slowly recovering markets easily. Economists believe that people are highly unlikely to start spending freely anytime soon. [Read more…]
How to Save Money on Your Car and Grocery Expenses
The year 2009 witnessed one of the worst financial plunges in the history of the United States. With the collapse of the big Wall Street players and massive layoffs to staggering oil prices and rising costs of food items, it has been a rough ride. An average American has been having a tough time making both ends meet. This experience has made us wiser to the unpredictability of the economy and the importance of saving. [Read more…]
How to Protect Your Investment from Inflation and Put More Money in Your Pocket
When you are investing with a long term horizon – say for retirement, for your kids’ college fund or for medical expenses, you should always take the effect of inflation into account. Because of inflation, you end up paying more than you used to for the same things. And as it is an inescapable aspect of the economy, your investment strategy should be adjusted to deal with it. [Read more…]
Financial Markets Heave Sigh of Relief as Greece Gets Rescue Package
The European Union and the International Monetary Fund have agreed to bailout Greece, which is reeling under debt, with a €110 billion package. The move is expected to help the Euro stabilize. Global stocks rose as investors became more confident of a financial rescue of the country. [Read more…]
Simple Ways to Increase Your Income and Make More Money
No one objects to extra dollars if they can be earned with relative ease. There are many innovative ways to make money and supplement your monthly income. It may be just a few dollars at first, but with time, those dollars can add up to a lot of money. You’d be surprised by the number of ways in which you can boost your income. [Read more…]
How to Cut Down on Your Cell Phone Bill and Put More Money in Your Pocket
A small but relatively steady expense you incur every month is your cell phone bill, which can at times even give you a rude shock. And the higher your phone charges are, the more surcharge and taxes you have to pay. Here are a few tips on how to cut down your cell phone expenses: [Read more…]
