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Personal Finance

Many of us live in the "today" and often worry about tomorrow when it's here - but that's sometimes too late. If there was one piece of advice we would want our readership to come away with, it would go something like this:  putting in a little time today to plan for your financial future is an investment in yourself.

Debt Consolidation

Owning a credit card can be a wonderfully convenient thing for many consumers. However, recent credit card debt statistics point to a growing problem that consumers have keeping their debt under control.

To get you back on track, we'll walk you through all of the options you have to eliminate that credit card debt. We've got a two-part series on creating a household budget, and if you considering debt consolidation, we'll explain some of the services offered by that industry such as debt counseling, debt settlement and debt consolidation loans.

  • Our guide to debt consolidation will help you realize the financial freedom you deserve. If you're like many Americans, your credit card debt may be reaching a level where you're not as comfortable as you used to be. We have a lot of information to help you get back on track, and stay that way.
  • The process of working with creditors to see if more favorable payment arrangements can be made between the lender (or creditor) and borrower (or debtor) is called debt negotiation. Typical claims by debt negotiation service providers include the ability to reduce unsecured debt, such as credit card debt, by 10 to 50%.
  • Understanding Debt Settlement
    A debt settlement is the result of a negotiation process that takes place between a creditor and debtor. It is one of several options that consumers experiencing a financial crisis have at their disposal.
  • The term debt settlement refers to the outcome of the debt negotiation process. Debt settlement, also known as debt arbitration, takes place between the debtor (borrower) and creditor (lender), when the debtor is unlikely to make payments in-full on the money owed.
  • A debt consolidation service provider can help assemble outstanding debts into a single loan, requiring just one monthly payment. This service also enables individuals to convert smaller debts, such as outstanding credit card balances, into a larger loan with a lower interest rate. In this article, we're going to talk briefly about overspending, and how it can quickly lead to problems. Then we'll take a page from the business world and discuss how budgets can help with personal finances too. Next, we'll talk about alternatives such as negotiating with creditors. Finally, we'll talk about consolidation services, including a specialized...
  • There are a number of advantages debt consolidation loans have to offer, but the commitment is significant. By taking a variety of debt and consolidating it, the risk associated with default on each of the individual loans is now in one place.

Credit Cards and Personal Debt

Carrying around a personal credit card can be extremely convenient, sometimes too convenient. If you're one of those persons with a lot of credit card debt, statistics indicate that you're not alone. If you'd like some pointers on how to get that credit card debt back under control, or you have been thinking about talking to your creditors about a settlement, this is where you want to begin your research:

  • Credit Card Debt Help
    The average American carries a great deal of credit card debt, and that can sometimes lead to financial stress, payment problems, and bankruptcies. In this article, we're going to discuss some of the options individuals have to manage this potential problem.
  • Credit Card Debt Settlement
    One of the reasons merchants allow customers to pay with credit cards is they don't have to worry about collecting the money charged. That burden falls on the shoulders of the card issuing company. These same companies are experts at collecting money from customers, and they don't like to settle for anything less than payment in full.
  • Credit Insurance
    Anyone that's been thinking about making a large purchase, such as a new home or car, might be faced with a decision that involves the purchase of credit insurance too. In this article, we're going to discuss the pros and cons of buying this insurance, as well as choices available to consumers today. Credit insurance is often sold to consumers in the process of making a large purchase such as a new car or home. The insurance purchased can be used to pay off the outstanding loan balance if the borrower becomes disabled or passes away.
  • One of the increasingly popular ways to pay for elective health care services is the medical credit card. These specialized cards offer patients the convenience of paying for medical care using a credit card that provides attractive payment terms too.
  • Cash Advances on Credit Cards
    In addition to using a credit card to make purchases, most offer the cardholder the convenience of a cash advance. While the process of obtaining an advance is as simple as walking up to an ATM, the cost of taking out an advance is quite high.
  • It's a great feeling to get a "bargain" when shopping. That's something all marketers hope for when offering retail credit cards to consumers. Discounts are great, but there is a down side of accepting these deals too.
  • Credit Card Minimum Payments
    In an effort to drive down outstanding credit card balances, the Office of the Comptroller asked banks to institute new standards when calculating minimum required credit card payments. While the change resulted in higher monthly minimums for some cardholders, it's helping to lower credit card debt too.

Debt Elimination Basics

Our debt elimination basics provide you with an overall stepwise process to move from less aggressive forms of debt elimination such as budgeting, to more aggressive forms of debt elimination. If you're thinking about declaring personal bankruptcy, you're starting at the end of the road. You have a lot more options that you might want to explore first:

  • In a down economy, this story is all too familiar. Individuals wake up one day to find themselves overwhelmed by debt. Money has been spent faster than it's coming into the household. At the extreme, the debt load is so out-of-balance that bankruptcy appears to be the only alternative.
  • Invest or Pay Down Debt?
    Nearly every day there are stories in the news about the growing credit card debt problem that plagues consumers throughout America. But what if you're one of the lucky ones that have disposable income, and you're trying to figure out what to do with the extra money?
  • Owning a credit card is a convenient alternative to carrying cash. But these cards have their drawbacks too, especially if the desire to buy goods or services overshadows the ability to pay for them. Prepaid debit cards offer consumers both the convenience of electronic purchases, as well as protection against overspending.
  • Staying Out of Debt
    It's uncomfortable to be in debt; no one likes the feeling of being out of control, especially when it comes to their personal finances. Individuals in this situation have two problems to solve: getting out of debt, and staying out too. In this article, we're going to start by talking about some of the signals that indicate a problem could be on the horizon. Next, we'll explain some of the habits that help individuals to eliminate debt. Finally, we'll talk about the steps borrowers can take to stay out of debt.

Household Budgets

Household budgeting is the first step we usually recommend when it comes to getting your personal finances back in shape. Here we teach you the basics of running your home like a business, and a profitable one at that. There are many helpful tools we provide too, like free budget spreadsheets that you can download:

  • Young adults are taught many things in school, but simple home economics concepts like balancing a budget are often overlooked. Without a plan, it's nearly impossible to meet the savings goals individuals and families need to reach their financial freedom. In this article, we're going to explain the basics of household budgeting. This includes how to identify a home's sources of income as well as mandatory and discretionary expenses. We're also going to talk about savings targets, and why they're important. Finally, we're going to finish up with a template that everyone can use to create their own monthly budget.
  • Creating a budget is arguably the first line of defense against runaway debt. It provides the end user with a clear picture of both sources of income and household expenses.
  • In the first part of this two-part series, we explain how to find a spreadsheet application and provide a downloadable budget worksheet. We also walked through the first step in the process, which is identifying sources of household income.
  • There is one fact about money most people will agree with: There never seems to be enough of it. Paying bills can be stressful, and the lack of financial resources can strain relationships too. Fortunately, creating a budget can help families to plan their expenses and meet their monthly obligations.
  • When household income is greater than household expenses, it's possible to save money, either through small changes or strategic moves. On the other hand, when income is less than expenses, the household is going into debt.

Debt Counseling and Management

Many times debt starts to build because of a social, emotional, or financial hardship that has befallen a family. It's sometimes difficult to get back on your feet by yourself. That means a good debt counselor can help you with important items like setting up a budget, as well as making sure any outstanding social problems have been addressed:

  • Debt Counseling
    For individuals facing financial challenges, debt counseling can offer a valuable service. Counselors can help educate consumers about financial matters such as money management or household budgets. They can also help reduce debt, as well as avoid bankruptcy or the loss of a home.
  • Also known as credit counselors, a debt counselor is a trained professional that can assist individuals experiencing a financial crisis to develop a plan to reduce, eliminate, or better manage debt. Debt counselors can use a variety of methods to help individuals, including techniques such as budgeting, debt negotiation, and debt consolidation.
  • The ability to manage debt is extremely important to the financial wellbeing of any household. If mismanaged, bills can quickly increase; reaching a point where making payments become difficult or nearly impossible.
  • You can use this wage garnishment calculator to estimate the amount of dollars withheld from a paycheck. The calculator follows both the U.S. Department of Labor as well as the Department of Education's wage garnishment guidelines to calculate the impact on the debtor's pay. The calculator considers gross pay, income taxes, as well as mandatory payments in the calculation of the wage garnishment value.
  • You can use this debt-to-income ratio calculator, also referred to as a DTI calculator, to figure out if you might be at risk of carrying too much debt or if you qualify for a loan of a given size. In general, lenders apply certain rules when evaluating someone that has applied for credit. The calculator performs both front-end, as well as back-end debt-to-income calculations.

Personal Loans

Here is another category of personal loans, several of which are considered non-traditional. The practices of these lenders can be considered greedy at times, and may even be considered predatory when taken to the extreme.

  • Rent-to-Own (RTO)
    The rent-to-own business involves dealers that rent homes, furniture, cars, appliances, electronics, and jewelry to consumers. This arrangement provides the customer with immediate access to these assets for relatively low weekly or monthly payments. In this article, we're going to cover the lease-to-own, rent-to-own, or RTO, industry. Since this business sector has such a wide reach, from homes to electronics, we will not be going into the specifics of any one transaction. Instead, we will provide generalized information on the RTO process.
  • Individuals in need of a short term loan can use their tax refund as collateral. While this affords taxpayers fast access to their refund dollars, this convenience comes with a high price.
  • If a cash advance is needed to cover short-term expenses, borrowers have the option of taking out a payday loan. As the name implies, this type of loan is paid back when the borrower receives his or her next paycheck.
  • Cosigning a Loan
    Lending a hand to close family members when they ask for help is a natural inclination. This generosity is often demonstrated when relatives agree to co-sign a loan. But entering into any arrangement involving money requires careful consideration; cosigning a loan is a big financial commitment. In this article, we're going to be talking about the pros and cons of cosigning a loan. That discussion will include the factors to consider before helping, as well as the long-term impact this type of arrangement can have on both parties' personal finances. We'll also cover several specific examples such as student loans,...
  • Lending Money to Family and Friends
    When the economy isn't cooperating, many people find themselves short on cash. This can happen to loved ones too. Those that are more fortunate are sometimes faced with the decision whether or not to lend money to a friend or family member.

Bankruptcy and Credit Reporting

If you think bankruptcy is the answer to all your problems, then you need to make sure you understand exactly what can happen to your personal property. If you know a friend that declared bankruptcy in the past, then you should know the bankruptcy laws have changed. It's much harder today to have all your debt forgiven, and bankruptcy can hurt your credit rating for years to come:

  • About Credit Scores
    Unless someone's independently wealthy, a credit score is an important number and can determine their financial well-being. Scores are used by both lenders and creditors to predict if an individual is going to pay their bills promptly; thereby influencing decisions to extend credit or approve a loan.
  • Understanding FICO 08
    Fair Isaac instituted changes to its credit scoring formula to "ensure the continued reliability and predictive powers of FICO scores." The new model, named FICO 08, made its way into the credit scoring process back in 2009. The new model replaced the existing model, which remained relatively unchanged since the 1980s.
  • Creditors and lenders often refer to an individual's FICO® score when evaluating their risk of non-payment. These numerical values are oftentimes the way companies decide if they need a deposit before providing service. They're also used by lending institutions to determine the interest rate charged on a loan.
  • Financial institutions, as well as companies, will usually check an individual's credit score before extending new credit, or lending money. Better scores can mean lower interest rates on a loan, or eliminate the need to provide a deposit before receiving service from a utility.
  • The credit industry continues to evolve, and the latest development is the migration from the traditional FICO score to what's called VantageScore. The scale of this score varies from FICO, so the numerical value of what's considered a good score has changed too.
  • New Credit Scores
    In an attempt to better service the creditworthiness assessment market, several of the reporting bureaus have announced what are termed "thin-file" credit scores for individuals with little or no history. By doing so, these bureaus allow lenders to reach an under-served market of Americans with little or no traditional debt repayment records.
  • While some companies may loosely use the term "credit report," there are only three companies in the United States that compile and publish credit information on consumers: TransUnion, Equifax, and Experian. These three agencies are used by creditors to figure out the risk they are taking when lending money to consumers.
  • The Fair Credit Reporting Act
    The purpose of the Fair Credit Reporting Act, or FCRA, was to establish the ground rules for consumer credit reporting agencies. These rules allow agencies to fulfill their role as suppliers of credit information to the commerce market, while at the same time protect the privacy and rights of consumers. The intention of the FCRA is to be fair to consumers, while making sure the reports are as accurate as possible. In this article, we'll discuss the structure of credit reports, their accuracy, privacy protections, and how to remove outdated information from a credit report.
  • The Credit CARD Act of 2009
    Starting back in February 2010, consumers were offered additional protections under the Credit CARD Act of 2009. Signed by President Barack Obama, the act offers credit card holders a series of industry reforms that help to lower interest rates, penalties, as well as fees.
  • The Cost of Bankruptcy
    Back in 2005, Congress passed into law some wide-reaching changes to the bankruptcy process. At the time, it seemed these laws were aimed at making it even more unpleasant for individuals to file for Chapter 7 protection. However, one of the unintended consequences of that legislation appears to be an increase in the cost of bankruptcy.
  • Chapter 7 Bankruptcy
    Businesses that are no longer interested in continuing to operate, or individuals that do not have enough income to repay their debt, can seek protection from creditors by filing a Chapter 7 petition in bankruptcy court. But filing for Chapter 7 comes at a great cost. It requires the debtor to selloff their assets and can damage credit ratings.
  • Chapter 11 Bankruptcy
    When businesses and individuals are failing to meet their financial obligations, they have the ability to file for bankruptcy protection. Unlike Chapter 7, which involves the liquidation of assets, Chapter 11 allows the company to remain in control, while a court oversees the operation of that business. In this article, we're going to cover the topic of Chapter 11 bankruptcy, sometimes referred to as "reorganization" or "debtor in possession." As part of that coverage, we're going to examine some of the rules of the process. We'll also explain the eligibility requirements, as well as the advantages and disadvantages of filing...
  • Chapter 13 Bankruptcy
    Also known as individual debt adjustment, a Chapter 13 bankruptcy proceeding allows individuals with a source of regular income to build a plan to repay some, or all, of their debts. Within this process, repayment to creditors occurs over the course of three to five years. In this article, we're going to run through the basics of Chapter 13 bankruptcy. As part of that explanation, we're going to review some of the rules of the process, eligibility requirements, in addition to the advantages and disadvantages of filing under Chapter 13. Finally, we'll talk about completing the repayment plan, and discharge...
  • Anyone thinking about borrowing money should request a copy of their credit report, as well as their credit score. This is especially true if they've borrowed money before, and the repayment pattern has been less than timely.
  • Anyone applying for a credit card, or thinking about buying a new home, should take a look at their credit report ahead of time; it's important to make sure there aren't any errors in the report. The good news is that it won't cost anything to acquire a copy, because everyone's entitled to a free credit report once every 12 months.
  • Debt Collection Practices
    Consumers that pay their bills late, or don't pay them at all, may eventually receive a call from a debt collection agency. This is usually the final step in a lender's dunning process. When that happens, it's important for the consumer to know the rights they have under the Fair Debt Collections Practices Act.
  • Controlling Consumer Debt
    Companies are in the business of making money for their shareholders. This means they need to carefully monitor and control the amount of credit extended to their customers, or their write off of uncollectible accounts will increase.

Identity Theft

As the pressure continues in the credit market, companies as well as consumers are fighting back against identity thieves. National policies are pushing companies to protect confidential customer information more proactively. Credit reporting agencies and law enforcement officials are taking steps to lower the likelihood you'll be a victim of identity theft.

  • Credit Reports and Identity Theft
    Perhaps the single most important document that can be used to protect against identity theft is a credit report. These reports contain a wealth of information when it comes to financial transactions, as well as the process of accurately matching those transactions to individuals. In this article, we're going to discuss the various types of information appearing in credit reports. We'll also explain how to use that information to figure out if someone has been a victim of identity theft. Finally, we're going to explain how to go about placing a fraud alert on a credit report.
  • Individuals worried about identity theft should consider enrolling with a credit monitoring service. These programs will monitor credit reports, and will notify participants when a change or inquiry is made to their report. These services can include locking or unlocking a file, automated notifications, as well as access to credit scores. sources have stated that 33% of Americans have experienced identity theft.

Buying or Leasing a Car

We've tried to lay out the many of the options you've got when it comes to buying a new car. In fact, leasing a car is increasingly popular and we've explained why. So whether your decision is to buy a new car, buy a used car, or even lease a car, we've covered all of the possible choices you have today.

  • When you buy or lease a car, you're normally making a multi-year commitment to the vehicle. Translation: you want to make sure you're buying or leasing a car that provides you with the reliability and service you need. That means that sleek new two-seater just won't do for most families of five.
  • Buying a Car
    If you're thinking about buying a car in the next 12 months, the information in this article can help optimize that process. With the average price of a new car hovering close to $30,000, it's important to make the right decision. There is a lot of money at stake, and it's a choice that can impact your life for several years.
  • Leasing versus Buying a Car
    At one time, nearly everyone bought their new cars directly from a dealership. Only those individuals that were driving a car for business purposes were leasing their vehicles. Today that's all changed, and a growing number of individuals are now leasing instead of buying.
  • When you buy or lease a car, you're normally making a multi-year commitment to the vehicle.  Translation:  you want to make sure you're buying or leasing a car that provides you with the reliability and service you need.  That means that sleek new two-seater just won't do for most families of five.

Buying a New Car

If you're looking for reliability and deriving the most long-term value from your car, then buying a new car is perhaps your best option. Here we help you figure out how to research cars, and even how to negotiate with dealerships:

  • You can use this calculator to help you compare the costs of buying a new car versus a used car. The calculator takes into consideration factors such as the depreciation in value of each car, maintenance costs, as well as how long you want to own the car. Using that information, it determines the monthly cost of ownership for buying a new versus a used car.

New Car Features

Automobile manufacturers continue to improve new cars on the road today. From variable valve timing to advanced transmissions, we'll help explain some of the technologies that make cars easier to drive, and more fuel efficient than ever before.

  • Fuel Efficient Car Technologies
    Increasing the efficiency of a car is a lesson in physics. Automobile manufacturers can attempt to extract more miles per gallon of gas in several ways:
  • When gasoline prices first jumped in the summer of 2005, consumer interest in fuel efficient cars increased dramatically. Individuals that were used to paying around $20 to fill up their cars were suddenly paying over $50. That summer was a wake up call for everyone that thought paying $3.00 or more for a gallon of gasoline would never happen.
  • The Economics of Buying a Hybrid Car
    While anything is possible, it looks like the long-term price of gasoline is going to stay below the $3.00 per gallon mark. Given this new price point, the economics of buying a hybrid vehicle are changing, which is good news for "green" consumers. In this article, we're going to discuss how gasoline prices at the pump are changing the economics of driving in America. We're going to evaluate the premiums paid for hybrid cars, and determine if it makes good business sense to buy these vehicles. We're also going to talk about a very important variable that's often overlooked when...
  • This calculator allows you to compare the cost of buying a hybrid vehicle to that of a car with a standard combustion engine. The calculation considers the initial purchase price of each car, government incentives, financing terms, the miles per gallon (MPG) for each vehicle, the number of miles driven each year, as well as the cost of gasoline. Using this information, along with the anticipated depreciated value of each vehicle, the calculator computes the differential cost of buying a hybrid.

Leasing a Car

Leasing a car is becoming increasingly popular today for consumers who like the idea of driving a new car every couple of years. Leases also allow you to avoid making a sizable capital (down payment) investment in a depreciating asset. If you're thinking about leasing your next car, then we can help you get started:

  • The term mileage charge is usually associated with automobile leases or car rentals. These are the per mile fees imposed when a vehicle is driven beyond the miles allowed in the lease or rental agreement.
  • A closed end lease is one of the two main types of car leases available today; the other being an open end lease. With this type of lease, the lessor and lessee agree on the residual value of the automobile. A closed end lease, also known as a "walk away" lease, allows the lessee to walk away at the end of the contract; without the risk of making any additional commitment to purchase.
  • Car Lease Glossary
    When negotiating with a dealer, or reading through the terms and conditions of a car lease, the terminology can be pretty confusing. Even when looking through advertisements, it's sometimes hard to figure out what the dealer is saying.
  • Leasing versus Buying a Car
    At one time, nearly everyone bought their new cars directly from a dealership. Only those individuals that were driving a car for business purposes were leasing their vehicles. Today that's all changed, and a growing number of individuals are now leasing instead of buying.
  • Money Factors in Car Leases
    Perhaps the most important term associated with a car lease is the money factor. It's the equivalent of the interest rate on a car loan, and provides the consumer with a measure of the financing cost associated with a lease. In this article, we're going to first run through the fundamental concepts of car leases. We'll explain how they're structured, how the dealership makes money, and outline several steps that everyone can use to figure out if the monthly lease payment being offered is a fair one. This is where the money factor comes into consideration. We'll even provide links...
  • Swap-a-Car Lease
    Consumers looking for a no-money-down car lease should evaluate the opportunities that a swap a lease marketplace provides. The term "swap" is a bit misleading, because trading leases isn't necessary. It's an arrangement whereby a buyer agrees to assume responsibility for the seller's existing lease.
  • Terminating a Car Lease
    One of the terms and conditions a car lease typically includes is an agreement to take possession of the vehicle for a predetermined period of time. But what if it's necessary to terminate the car lease early? What options are available, and what needs to be taken into consideration before making a decision?

Buying a Used Car

With the growing market for leased cars, we're starting to see many "gently used" cars hitting the market; some even carrying the label "certified used vehicle." If you can find a dependable used car, then buying one might be the most economical purchase decision you can make:

New and Used Car Loans

Not many people walk into a car dealership and pay cash for their new car. With new automobiles averaging close to $30,000, car loans are a "must-have" for most of us. If you're looking for a new car loan or might have a credit problem, we can help you work through the process of financing your next car purchase:

  • According to the latest government statistics, the average price paid for a new car is around $30,000 in the United States, with a new car loan averaging near $28,000. Buying a car involves a considerable amount of money, so anytime a buyer is looking for a loan, shopping around can really pay off. The process of buying a car fundamentally has two parts: choosing a car, and deciding how to finance the vehicle. Ideally, the process starts with the financing decision, or time spent determining what is actually affordable. Intuitively, it seems most consumers start by deciding on the...
  • Figuring out which new car to buy can be a very stressful experience. Financing decisions only add to that stress, especially if someone has bad credit. That's because having a poor credit score can lower the ability to get a competitive interest rate on a car loan.
  • This is the final article in our used car buying series, and it's going to address the question of financing. At this point, a car has been identified that meets both the driver's functional requirements and budget. The car was inspected by a mechanic, and the warranty on the vehicle can be found in the Buyer's Guide.
  • Upside-Down Car Loans
    Rising fuel prices, longer terms on loans, and rolling-over debt from prior vehicles can all contribute to a condition known as an upside down car loan. When this happens during a credit crunch, it's hard for consumers to escape this financial burden.

Car Safety, Insurance, and Accessories

Figuring out what accessories you need or want in a new car is sometimes a difficult decision. Our car accessories articles tell you what features will also provide value when you finally sell the car. Since most states and finance companies mandate car insurance, we threw in some information on that topic too:

  • Found in automobile insurance policies, comprehensive insurance is one of several categories of coverage. Comprehensive insurance pays for damage to the car caused by an unknown party or an act of God. Comprehensive insurance will cover repair costs up to the fair market value of the automobile.

College Life Basics: Budgeting & Loans

If you think buying a car is expensive, going to a private college is like buying a new car for four consecutive years! Here we help you through the process from start to finish. We've got lots of helpful information; whether it's choosing a college, applying for a student loan, or understanding the differences between government loans, grants and work-study.

  • Expected Family Contributions (EFC)
    As families make arrangements to send their children off to college, those plans need to include saving money to pay for college expenses too. It's important for families to understand how much financial aid they're going to receive, as well as their expected family contribution.
  • We've all read, or heard, about the runaway costs of a higher education. Both public and private colleges and universities are now charging students $25,000 to $80,000 annually to attend school. Costs of this magnitude mean that finding a student loan to help finance college costs is essential to most families and students.
  • Student Loan Payoff Calculator: How to Eradicate Student Debt in Record Time
    High interest rates and a flat wage growth are making things difficult for those repaying their student loans. The high cost of borrowing, rising living expenses, and job market uncertainty make the student loan payoff calculator a really valuable resource. Using this strategy means faster debt repayment while saving money on interest payments.
  • Student grants are an important source of college funding, and their best feature is they don't have to be repaid. We're not talking about grant programs to conduct research. In this article, we are focusing on programs that help college and university students pay for the cost of their education.
  • Here's some sound advice for anyone looking for cheap student airfare: Be careful. This topic might seem like a departure from the college loan theme; but travel expenses can add considerably to the cost of a college education.
  • The term federal student loan applies to three different types of financial aid available to help students pay for college. The government has created several ways to help students pay for school, and loans are only one of those ways.
  • The phrase academic term refers to a portion of an academic calendar during which classes are in session. While the most common academic term is a semester, a school's academic calendar may include trimesters, quadmesters as well as quinmesters.
  • The Federal Pell Grant Program provides students with financial aid that, unlike a student loan, does not have to be repaid. The Free Application for Federal Student Aid, or FAFSA, is used by students to apply for a Pell Grant.

Applying for College Loans

If you've never applied for a college loan before, the entire process can seem quite complex. Thanks to the Internet, nearly everything dealing with applications can be completed using online forms.

If you're wondering how long each step in the process will take, when to apply, or where to go for your application, we've explained it all:

  • Applying for a Student Loan
    Going to college is a great career move, but it's also an expensive one. Applying for a student loan is a necessity for most families. This article is going to be one of the "all you need to know about applying for a student loan" summaries. It's going to explain how long it takes to apply, and what kind of information is needed when filling out an application.
  • Student loans are a very important way to fund your college education.  Our guide to college loans tries to help you get all the loans you're entitled to.  We'll explain to you the process of applying for a federal student loan, and how to work with the financial aid office of the college or university your thinking about attending.
  • Even if we start to save for college expenses the day a child is born, college costs present a challenge to many of us. With the cost of universities and colleges in the range of $25,000 to $80,000 per year, a college loan is a necessity. Fortunately, there are some attractive interest rates available through federally-funded programs.
  • Student loans are a very important way to fund your college education. Our guide to college loans tries to help you get all the loans you're entitled to. We'll explain to you the process of applying for a federal student loan, and how to work with the financial aid office of the college or university your thinking about attending.
  • Student Financial Aid
    Each September, high school seniors return to the classroom, while parents begin the process of applying for financial aid. For many of the wealthier families in America, applying for aid will be a waste of time. For those that are financially-challenged, the process can be quite rewarding.
  • The term federal student loan applies to three different types of financial aid available to help students pay for college. The government has created several ways to help students pay for school, and loans are only one of those ways.
  • The Free Application for Federal Student Aid, or FAFSA, is a standardized financial aid document that ensures students seeking an education beyond high school are provided with the benefits they deserve under federally-funded programs.
  • National Student Loan Center
    The Canadian government has set up the National Student Loan Center (Centre) to ensure its students have access to all the information they need to apply for, and repay, their student loans. The center is conveniently housed in an online website that includes all of the tools, applications, and resources that Canadian students need to manage their loans.
  • The federal government here in the United States provides students with an efficient way to fund their education through government-sponsored student loans. But that's just one way to pay for college. The government provides students with three different programs to help pay for school: loans, grants, and work study.
  • The term student loan is used to describe borrowed money, which must be repaid with interest. Students can be studying for undergraduate or graduate degrees to be eligible for a loan. Parents of students may also borrow money to help pay for the educational expenses of dependent undergraduate children.
  • The Student Aid Report, or SAR, is a document that summarizes the information supplied on the Free Application for Federal Student Aid. The report also contains an estimate of the Expected Family Contribution, or EFC.

Repaying a Student Loan

Unlike grants and work-study programs, student loans are just like personal loans. That means they eventually need to be repaid in full. Fortunately, there are many different repayment options you'll have after graduation.

In fact, you might even be eligible for deferment or forgiveness. There are a number of important programs, and you certainly don't want to miss out on an opportunity to have your student loan forgiven:

  • Student Loan Repayment Plans
    One of the ways college graduates can ease their financial burden each month is by selecting the appropriate repayment option. This is especially true if the former student is struggling to find a job after graduation. In this article, we're going to be discussing the options available to former students responsible for repaying their loans. As part of that discussion, we'll first talk about repayment timelines and the counseling available before leaving school. Then we'll describe the variety of repayment options available for each loan type.
  • Student Loan Deferment
    There are several circumstances that allow current, and former, students to qualify for loan deferment. These options will vary depending on the types of loans outstanding as well as the borrower's financial and workplace status. A deferment means no payments need to be made on a student loan during the approved deferment period; the payments can be delayed until a later date. In the case of Subsidized Stafford Loans, interest charges will not accrue during this period which means the size of the loan will not grow due to financing charges.
  • Student Loan Forgiveness
    Service payback and loan forgiveness programs can help former students that are struggling to pay back their loans. These programs are designed to attract individuals to serve in certain jobs, or work in regions of the country, that are experiencing a shortage of talented workers.

Taxes and Student Loans

If you're repaying your student loans, you might be pleasantly surprised to find out that you can usually take a tax deduction for the interest charges. If you're trying to get a feel for the latest interest rates on loans, take a look at the articles below:

  • Student Loan Interest Rates
    Each year, new student loan interest rates are published. Overall, rates have been relatively low; nothing like those that existed back in the early 1980s. That's good news for students because even though they can do very little to control the rising cost of tuition at their colleges, at least the interest rate on their student loans are reasonable.
  • Student Loan Interest Deduction
    As tax time rolls past, parents may be wondering if the interest on a student loan is deductible on their federal income tax return. This article explains how to qualify, deduction rules, phase out limits, as well as providing links to the proper tax forms.
  • The Lifetime Learning Credit helps taxpayers to offset the cost of higher education. The credit does so by reducing the income taxes owed by individuals paying for certain college-related expenses. The Lifetime Learning Credit allows for a tax credit of $2,000 for those qualifying expenses of an eligible student.
  • Hope Scholarship Tax Credit
    The Hope Scholarship Credit can help offset the cost of higher education by directly reducing the amount of income taxes paid. The Hope Credit has been around since January 1998, and allows individuals to claim a tax credit of up to $2,500 in qualified education expenses for each student enrolled in school.

Consolidating College Loans

If you're already repaying your loans, then you probably understand that keeping track of all those student loans, and their specific repayment schedules, is not so easy. There are several private and semi-governmental institutions that can help streamline your monthly bills by walking you through the process of consolidating your student loan:

  • Federal grants have not kept pace with the rising cost of college. Private student loans, along with federal programs such as Stafford and Perkins Loans, have helped to fill that void; playing an important role in funding a student's education.
  • ACS Student Loan
    Students looking for help with rising college costs are often told by their school's financial aid department to apply for an ACS Student Loan. In this article, we'll take a closer look at the services this company has to offer students, universities, and financial institutions. Affiliated Computer Services, Inc., or ACS, specializes in business process outsourcing (BPO) and technology outsourcing solutions. According to a press release:
  • Sallie Mae Student Loan
    Sallie Mae was created in 1972 as a government-sponsored enterprise to enhance public access to higher education by serving as a secondary market, and warehousing entity, for student loans. The company offers existing and former student borrowers a wide variety of services, including securing private student loans and debt management.
  • Student Loan Consolidation
    Former students can leverage economies of scale by consolidating their federal loans into a single monthly payment. This process helps students save on interest expense, and provides the convenience of managing only one student loan each month.

Saving for College

Several years ago, the federal government introduced what are called 529 college savings plans. These plans allow individuals to save for college and, at the same time, often providing them with a tax incentive to do so. Here you'll find a wide array of information dealing with this important investment strategy.

  • Also referred to as prepaid tuition and college savings plans, 529 plans are named after the section of the federal tax code that created these investments. The 529 is a tax-advantaged account that allows investors to save money for the higher education costs of the plan's beneficiary.
  • Children grow up fast, and the cost of a college education keeps growing too. Fortunately, 529 plans provide a great way to start saving for the expenses associated with a college education.
  • Also known as a qualified tuition program or QTP, a 529 plan is one of the most efficient ways to save for higher education offered today. The flexibility and unique benefits of 529 plans allow accountholders to cope with the rising costs of a college education, while remaining very much in control of their money.
  • Not only are Section 529 plans an excellent way to fund a child's future college expenses, but they're also an important estate planning tool. In fact, for wealthier families, a 529 plan offers excellent opportunities to transfer wealth as part of an overall estate strategy.
  • Independent 529 Prepaid Tuition Plans
    If you've ever felt helpless against the rising cost of college tuition, you're not alone. Fortunately, there is an answer to this problem in the form of 529 plans, which offer individuals saving for college a prepaid tuition option. That's great news for parent-investors looking to lock in the cost of college tuition, since it provides their children with a large choice of private colleges and universities.
  • Coverdell Education Savings Account
    The federal government provides a number of tax breaks that can help ease the financial burden of families saving for college. One of the ways to take advantage of these breaks is by opening a Coverdell Education Savings Account, or Coverdell ESA. At one time these were referred to as Education IRAs, but the Coverdell has a new name and some new rules too.
  • An Education IRA is a custodial account created for the purpose of paying for the qualified higher education expenses of a designated beneficiary. In 2001, all existing Education IRA accounts were renamed to Coverdell Education Savings Accounts (ESA), or Coverdell ESA.

College Loan Legislation

You might be surprised to hear that there has been a loophole in some college loan legislation dating back to the 1980's, which allows private lenders to make some extra cash at the taxpayer's expense. Find out what some of our legislators are trying to do to close those loopholes, and get more money into the hands of students:

  • There's some bipartisan legislation on the horizon that aims to send more Americans to college, and it's called the Student Aid Reward Act. Originally sponsored by Senators Kennedy (D-MA) and Smith (R-OR), and Representatives Petri (R-WI) and Miller (D-CA), the act intends to increase college scholarships with no additional cost to taxpayers.
  • Student Loan Loophole
    Back in 2005, the Wall Street Journal and the Washington Post reported Congress was going to once again try to close a student loan loophole that's existed since the 1980s.

Buying a Home: Basics

Our guide to buying a home aims to be a great source of information for both the first-time home buyer and those thinking about a second home. We'll take you through the entire process: from figuring out how large a mortgage you can afford, right through your closing. We'll explain it all to you in simple terms, which should remove the mystery around buying a home.

  • According to data published by the Census Bureau, nearly five million homes are sold each year in the United States. For many Americans, buying a home is the single largest investment they will make in their life. It's a decision that affects personal finances as well as lifestyle.
  • The renewed faith in the American economy and housing market that came to a screeching halt in 2019 picked up again 2020, resulting in an increase in the selling price of homes over the past year.
  • How Much House Can I Afford?
    Maybe you have a new job, got married, or retired; perhaps the home is too small for a growing family, or too big for empty nesters. These are just a few of life's events that have people wondering: How much house can I afford?
  • Details Last Updated: Tuesday, 06 October 2020
  • Buying a HUD Home
    When the Department of Housing and Urban Development was created back in 1968, their objective was to help manage federally-subsidized housing, and develop new communities in urban areas.
  • Buying a Second Home
    Work hard, play hard; we've all heard that expression. More than ever before, people are buying a second home along coastal towns and resort communities.
  • Home Inspections
    Before buying a home, it's always a good idea to have it inspected by a professional. In fact, if planning to borrow money to help pay for this home, it is very likely the mortgage company, or lender, will require a home inspection. Inspectors can often uncover existing problems with a home that are not immediately apparent to a potential buyer. In addition, most offers made by buyers on a home are usually subject to change based on the information contained in the inspector's report.
  • Picture this... a buyer is working with their real estate agent, and they find the perfect home, at a great price, in the ideal location. They're determined to close on the deal, but there is one obstacle standing in their way: the home inspection. After all, a good inspector is liable to figure out the perfect house might not be so perfect.
  • Negotiating with Sellers
    You've finally found a dream home in your price range, and it's time to make an offer to buy the home. Your about to start one of the most tension-filled parts of the entire process: negotiating with sellers!
  • Buying a new home is not an everyday event; it's one of those financial milestones that many of us look forward too. Unfortunately, we're not prepared for all of the jargon we encounter when closing on a home; and we usually only get one bit of insight from friends and relatives: closings are expensive.
  • Individuals new to the home buying marketplace may be introduced for the first time to the concept of escrow. In fact, when buying a new home, the money placed in an escrow account is oftentimes the largest expense associated with a home's closing cost.
  • The final walk through inspection is conducted on the day a buyer closes on a home. Knowing what's important, and what to look out for, can save a good deal of grief, and money, later on.
  • The term mortgage is used to describe a pledge of property to a lender to ensure the borrower repays the lender the entire loan. The terms on a mortgage will include the length of the loan, interest rate charged and, optionally, the upfront payment of points.
  • The term mortgage points is used to describe the upfront fee lenders place on a mortgage to reduce the interest rate charged the borrower. The payment of points results in the prepayment of interest charges, which lowers the overall risk of the loan.
  • A fixed rate mortgage is a home loan whereby the interest rate charged the borrower remains fixed over the term of the loan. Since the interest rate does not vary with a fixed rate mortgage, the monthly payments on the loan remain constant throughout the term of the loan.
  • A mortgage that terminates before the principal of the loan is completely paid off is called a balloon mortgage. The balance that must be paid at the end of this term is referred to as the balloon portion of this loan. This type of mortgage can carry a fixed or floating interest rate.
  • Also known as a variable rate mortgage, an adjustable rate mortgage (ARM) is a home loan whereby the interest rate charged can change over the term of the loan. Typically, the rate adjusts, or tracks, with a well-defined index such as the Cost of Funds Index (COFI) or the London Interbank Offer Rate (LIBOR).
  • A home equity line of credit, or HELOC, is an agreement between a homeowner and a lender whereby the lender agrees to provide the homeowner with access to funds, using the home as collateral for the loan.

Buying a Home for the First Time

Our first-time home buyer series walks you through the entire process of buying a home. That means we start with a "how to" find the best town, and run right through negotiating with the homeowner. You're about to spend a lot of money, you should be doing all you can to make sure you're going to do it right, or at least minimizing your mistakes:

  • Buying a home is an important decision and it's a difficult one too; especially for first-time home buyers. A new home is a big investment, and the choice is oftentimes one that lasts for years.
  • In the first two articles in this series, we explained how to calculate an affordable mortgage, and the factors to consider when choosing the home's location. In this third installment, we are going to discuss how to work with real estate agents.
  • In the previous article in this series, we walked through a process that enables first time home buyers to estimate how much they can afford to pay for a new home. The next step in this process is to figure out where to live.
  • In the first three articles in this series, we explained how to calculate an affordable mortgage, choose a home's location, and how to work effectively with a real estate agent. In this final article, we're going to talk about pre-qualifying for a mortgage, and what to look for when trying to evaluate a home's potential value.
  • Information concerning low cost first time home buyer loans is available through state and federal agencies in cooperation with private lenders. To speed up the process, these government agencies have preapproved lenders to work with home buyers.
  • First Time Home Buyer Grants
    Federal grants can be an important source of funding for the first time home buyer. Unlike a loan or mortgage, a grant does not have to be repaid, which means these programs are targeted to areas where the government wants to invest in the revitalization of a community.

Financing Your Home

If you have bad credit, or you've been thinking about refinancing your home, we lay out the options you have in this series of articles. Whether it's a home equity loan, or you're considering remodeling your home, here's some information that can help you understand the financing choices you have:

  • Individuals thinking about buying a home, or even a new car, are oftentimes interested in seeing an amortization schedule for the loan. These schedules allow users to calculate, or visualize, what happens to the loan as time progresses.
  • Refinancing a Mortgage
    Maybe you've overheard coworkers or friends talking about the great deal they got on a new mortgage, or perhaps a recent downward movement in interest rates has you wondering if it's the right time to refinance.
  • Anyone that's ever purchased a "used" home is familiar with the costs that are oftentimes needed to bring it up to modern standards. Financing these home improvements is an especially important topic to anyone buying a home that's a "fixer upper."
  • Home Remodeling
    If you're thinking about starting a home remodeling project, then you're not alone. According to the Census statistics on residential improvements and repairs, Americans will spend nearly $60 billion on maintenance, and over $460 billion more on improvements, alterations, and replacements.
  • A home equity loan is an agreement between a lender and homeowner, whereby the loan is secured using the home as collateral. Home equity loans are sometimes referred to as second mortgages, which would be subordinate to any existing mortgage on the home.
  • Buying a Home with Bad Credit
    There are a number of reasons why someone might wind up with bad credit; people make mistakes. They stretch too far when it comes to financial commitments, or experience an unfortunate run of bad luck such as losing a job. Regardless of the reason, many of these same individuals often wonder to themselves: Is buying a home with bad credit possible?
  • Mortgage Brokers
    Families thinking about buying a new home may have considered working with a mortgage broker. Many borrowers believe mortgage brokers can lend a helping hand when it comes to finding the best deal on a loan. But as we'll see, a mortgage broker may not always have the borrower's best interests in mind.
  • Buying a Home After Bankruptcy
    There is no doubt that filing for bankruptcy can have a devastating impact on the ability to borrow money. This is especially true in the months and, sometimes years, immediately following a bankruptcy filing and settlement. But buying a home after bankruptcy in as few as 18 to 24 months is possible if the right steps are taken to rebuild creditworthiness. Anyone that's presently in a bankruptcy proceeding is going to have to wait until their case has been decided before trying to buy a home. No one's going to extend credit to someone when they're in this situation. Besides,...
  • Also known as a variable rate mortgage, an adjustable rate mortgage (ARM) is a home loan whereby the interest rate charged can change over the term of the loan. Typically, the rate adjusts, or tracks, with a well-defined index such as the Cost of Funds Index (COFI) or the London Interbank Offer Rate (LIBOR).
  • Alt-A Loans
    There are prime loans, subprime loans, and somewhere in between is the Alt-A loan. This type of mortgage is considered riskier than an A-paper loan (prime), but not quite as risky as a subprime loan; which is generally considered the riskiest type of mortgage a lender can write.
  • Avoiding Foreclosure
    Financial hardships, such as the sudden loss of a job, can often force homeowners to delay payments on their monthly mortgage. Unfortunately, when a homeowner starts to fall behind on their payments, they run the risk their lender may try to foreclose on their home. In this article, we're going to explain how homeowners can attempt to avoid foreclosure. As part of that discussion, we'll first talk about the process timeline. Then we'll provide some tips on how to avoid foreclosure, and the available alternatives. Finally, we'll talk about some of the common scams that prey upon the fears of...
  • Individuals interested in putting their home to work can choose from one of several equity release strategies, which allows homeowners to use the money invested in their home to provide a steady source of income. In this article, we're going to explain how homeowners can use an equity release strategy to create a future income stream. As part of that explanation, we're going to review several types of programs offered today. We'll also talk about the pros and cons of using this approach.
  • Also referred to as settlement costs, the fees and other monies due at the time of a home's purchase are known as closing costs. These costs would not include the purchase price of the home, but those expenses associated with the legal transfer of the property and securing a loan.

Prefabricated / Manufactured Homes

The prefabricated housing market is a billion-dollar industry. If you're wondering how this market grew so big, then you probably haven't seen the latest lineup of manufactured homes. There're big, safe, and made better than ever. Some are even competing in the luxury home market:

  • These homes go by many names: manufactured homes, prefabricated homes as well as mobile homes. Regardless of what they're called, these are state-of-the-art dwellings. The energy efficiency, structural soundness, and overall appearance of these houses get better every year.
  • The prefabricated home market is large. To put things in perspective, new home sales reached just over $9 billion in 2019. With that many manufactured homes being sold each year, it's quickly becoming an important and significant market for both new and used homes.
  • Details Last Updated: Tuesday, 06 October 2020
  • At one time, the only type of prefabricated home that could be purchased was a house trailer. As the industry grew, so did the size of the homes. They were called mobile homes starting in the 1950's, when buying one was extremely popular, and competition was fierce. Today, the mobile home has evolved quite a bit from its humble beginnings, and the offerings are just as surprising.

Selling Your Home

Up to this point, most of our information is for those thinking about buying a home. But many of the same people buying homes are also selling a home. Here's an introduction to the process of selling your home, including the concept of house flipping, and a specialty article dealing with relocating a pet:

  • When the number of unsold homes increases, that's a sure sign of a slow real estate market. Buyers might have a wide selection from which to choose, but what if they're trying to sell your home in a slow market? There's a lot of money at stake when selling a home, so it's important to understand just how much an unsold home can cost.
  • The renewed faith in the American economy and housing market that came to a screeching halt in 2019 picked up again 2020, resulting in an increase in the selling price of homes over the past year.

Safety and Security in a New Home

While owning a new home can be an exciting experience, you're also going to realize that you have an obligation to your loved ones to make sure your home is safe and secure. This series of articles is dedicated to making sure you've done all you can do to make your new home a safe home.

Buying Insurance

Our guide to buying insurance aims to provide you with helpful insurance information. We'll talk about the pros and cons of term life insurance versus cash value policies such as universal life. We'll help you find low cost health insurance, and tell you about the ins and outs of the Medicare program.

If you're a homeowner or renter, we'll explain to you what your homeowner's insurance policy covers, and what it excludes. We'll also help you understand what is covered under the different categories of your car insurance policy, so you can make informed decisions that keep your premiums to a minimum.

  • Our guide to buying insurance aims at providing you with helpful insurance information. We'll talk about the pros and cons of term life insurance versus cash value policies such as universal life. We'll help you find low cost health insurance, and tell you about the ins and outs of the Medicare program.
  • Our guide to buying insurance aims at providing you with helpful insurance information. We'll talk about the pros and cons of term life insurance versus cash value policies such as universal life. We'll help you find low cost health insurance, and tell you about the ins and outs of the Medicare program.
  • The term insurance cutoff refers to a provision in a reinsurance contract that specifies the date after which the reinsurer is not liable for losses when the insured terminates the agreement. The insurance cutoff date allows the insured to understand when the financial responsibilities of the reinsurer end.
  • The term title insurance is used to describe a policy that can protect both a lender and property owner's rights to the legal title to real estate. Title insurance protects the insured against defects, liens and encumbrances associated with the property.
  • The phrase GAP insurance is used to describe an insurance policy on an automobile that would ensure the entire balance on a loan could be repaid if the policyholder were involved in an accident and the cost to repair the vehicle exceeded the car's fair market value and outstanding balance on the loan.
  • Found in automobile insurance policies, comprehensive insurance is one of several categories of coverage. Comprehensive insurance pays for damage to the car caused by an unknown party or an act of God. Comprehensive insurance will cover repair costs up to the fair market value of the automobile.

Health Insurance

Affordable health insurance is quickly becoming a mandate for most politicians here in America. Fortunately, there are low-cost health insurance programs offered through every state in the nation. We can tell you where to find this kind of health insurance in your state.

If you're a student in need of health insurance, you'll also be glad to know that many colleges and universities now offer affordable health insurance directly to their students:

Life Insurance Basics

To date, we've provided a wide range of information on the various types of life insurance policies. The offerings in the marketplace today currently include:

  • A topic that's not an easy one to talk about is life insurance. Adding to this stress are aggressive agents, which can make this subject difficult to discuss in an objective manner. As consumers, the most important fact to keep in mind is this: a life insurance policy is an important part of every family's financial contingency plan.
  • The term group life insurance is used to describe policies offered by business owners to employees. This allows both parties to leverage the buying power of a larger group or population. Providing group life insurance is an economical way for employers to offer this benefit to many employees.

Medicare Insurance

If you're over the age of 65, or have a qualifying illness, then we have a wealth of information on Medicare, Medicaid, and supplemental insurance policies. In this first series, we talk about the basics, such as eligibility rules. We also talk about the three most common parts of Medicare, including the newly introduced Medicare Part D (prescription drugs):

  • The term disability insurance is used to describe an insurance policy that provides coverage in the event the policyholder becomes disabled, or is no longer able to perform work necessary to earn income. Disability insurance is a source of income that allows the policyholder to both provide for their family and maintain home ownership.
  • In January of 2008, the Treasury Department first announced plans to offer prepaid debit cards for recipients of Social Security. Coamerica Bank was chosen as the debit card issuer, and the Direct Express card provides users with safer and more convenient access to their Social Security benefits when compared to paper checks. In this article, we're going to explain the benefits of choosing the Direct Express debit card versus paper checks. We'll also quickly cover the fees that can be charged when using the card, as well as information that explains where applicants can go to sign up for the...
  • Medical science has worked wonders over the last several decades. Americans are living longer and healthier lives. Still, many people fear that one day they may wind up in a nursing home, which can then be a financial burden. This is where Medicaid planning becomes important.

Homeowners Insurance Policies

If you own or rent a home, you need to make sure it's adequately covered by your homeowner's insurance policy. If you rent a home, the owner normally insures the structure itself, but if you have clothing, wall art, or other valuables contained in the home, you need to take a closer look at renters insurance.

Finally, you'd be surprised at how many homes sit near, or in, flood plains. If you read through your existing homeowner's policy, it is very likely that flood insurance is specifically excluded from your coverage. We'll tell you where you can go to get this kind of protection for your home:

  • To many families, a pet can bring love, companionship, and security to a home. With this relationship comes a responsibility on behalf of the owner to provide for their pet's proper veterinary care; whether it's a routine checkup or an emergency. Purchasing a pet insurance policy can oftentimes help ease that financial burden.

Retirement

It's never too early to start planning for retirement, and our guide to retirement is a good way to get started. We'll talk about the importance of individual retirement accounts, such as the traditional and Roth IRA, and we'll explain all of the eligibility and contribution rules too. This information will allow you to better understand the best choice for your individual situation.

We take the same approach with 403b and 401k plans that we do with IRAs. If you're lucky enough to have an employer that offers a 401k, then we'll give you some tips that will help make sure you're taking full advantage of this great retirement benefit.

  • The sheer number of offerings can be intimidating to anyone thinking about investing in a retirement plan for the first time. It's easy to get confused, especially when it comes to tax-advantaged plans versus employer plans.
  • Anyone working for more than ten years has probably daydreamed about retiring early. But everything is relative, and 35-year-olds are going to have a different definition than a 45-year-old. And what exactly is retirement anyway? Does that mean switching jobs, or completely checking out of the working world?
  • Anyone that started their retirement planning early in their career should be in very good shape by the time they reach their 40s. Individuals planning for the first time may be faced with serious catching-up to do. That being said, starting a plan in your 40s is perhaps the single most important step someone can take to prepare themselves for the future.
  • If there is ever a critical time for retirement planning, it's when you hit your 50s. You still have ten to fifteen years left in the workplace, and you're entering your peak earning years.
  • If you agree with the mindset "it's never too late," then you'll appreciate what retirement planning in your 60s is all about. When it comes to something as important as retirement planning, don't ever give up and concede it's too late.
  • To the young, it might seem crazy to create an article that talks about retirement planning in your 20s. Admittedly, to most 20-somethings, retirement is so far away that it occupies very little of their thoughts. But the reality is a time will come when these "youngsters" will retire too.
  • If we had to summarize what retirement planning in your 30s is all about, it would probably go something like this: When you're in your 30s, you are in a unique position from a retirement planning standpoint. For most of us, these are the "make or break" years. Here's why.
  • The Oxford Club is a premier financial research provider and exclusive investor network that serves to educate and empower its members. Founded in Baltimore, Maryland, the organisation has gained notoriety for promoting Alexander Green's "3 Dollar Stock" retirement strategy. This particular strategy has been promoted by the team at The Oxford Club since 2018 and is still highly regarded. In this guide, we will discuss what the strategy entails to help you decide whether it's something you should consider for your retirement plan.
  • It's never too early to start planning for retirement, and our guide to retirement is a good way to get started. We'll talk about the importance of individual retirement accounts, such as the traditional and Roth IRA, and we'll explain all of the eligibility and contribution rules too. This information will allow you to better understand the best choice for your individual situation.
  • A comprehensive retirement plan will have a mix of employer benefits, government plans, and retirement savings accounts. There are also many "rules of thumb" that prescribe how much income is needed once retired. From a practical standpoint, retirement income needs to last a lifetime, which might be longer than most people think. In this article, we're going to first start out by talking a little bit about life expectancy, and separate some of the fact from fiction. Next, we'll talk about retirement income, in depth, including how to go about calculating how much money is needed. We'll also talk about...
  • To many of us, the ultimate measure of a successful career was to retire a millionaire. But it takes more than just dreaming, and a big salary, to retire with that much money. It takes discipline and time.
  • As workers approach their peak earning years, many begin to think about questions like "When is the best time to retire?" We hear stories all the time about people living longer, which is good news. Individuals still thinking about retiring at age 62, need to figure out if their retirement plans are taking this new information into account.
  • There was a time when retiring with a mortgage was unthinkable. Making that last payment was something to celebrate, and that achievement was shared with family and friends. There was even a name for those celebrations; they were called mortgage-burning parties.

401k Retirement Plans

We've covered all of the rules, whether it's related to contribution limits, rollovers, or withdrawals. We've taken all of the information from the IRS, and spelled it out in easy-to-understand segments.

If your employer offers a 401k plan, and you cannot decide if you want to participate, we'll explain why we think this might be the most valuable retirement benefit offered today:

  • The Internal Revenue Code allowed for-profit businesses to establish 401(k) plans as part of a salary-reduction effort that started back in 1978. Since then, 401(k) plans have grown rapidly in popularity and are now the most common form of a defined contribution retirement plan.
  • For many individuals, their 401(k) plans are the first and only place reserved for consistent and "real" savings. This is money put away, and never touched until retirement. But what happens if someone is faced with an unexpected expense? Is getting a 401(k) loan possible?
  • Perhaps the single most important retirement account available to employees today is their 401(k) plan. In this article, we're going to discuss the current (2020 and 2021) 401(k) contribution limits, including catch-up limits, pre-tax and total contribution limits, as well as those that apply to highly-compensated employees.
  • 401(k) Rollover
    The term rollover refers to the option of taking money from one retirement account and transferring it into another qualified plan. The most common rollover scenario occurs when an individual accepts a new job, and wishes to move a 401(k) plan to a new company, or another financial institution.
  • Recovering 401(k) Losses
    On February 20, 2008, the U.S. Supreme Court ruled that individuals have a right to recover 401(k) losses based on what were considered fiduciary breaches. This landmark decision means the 50 million Americans participating in a 401(k) plan now have a right to recover their loss if plan administrators don't fulfill what's considered their obligation to participants to manage their plans wisely.
  • 401(k) Debit Card
    Borrowing money from a 401(k) plan just got easier; the only thing needed is a 401(k) debit card. When a financial hardship occurs, it's a relief to know one can borrow from their account. But retirement savings are just that: money set aside that's intended to provide income once retired. These two points of view are at the heart of this debit card controversy.
  • Anyone planning to retire one day needs to consider enrolling in their employer's 401(k) plan. These plans are one of the premier ways to save money, thereby supplying individuals with a reliable source of retirement income.
  • Remedying 401(k) Problems
    Undoubtedly, the market slide that began in December 2007 unveiled some series flaws in the way America saves for retirement. Millions of Americans watched their precious 401(k) retirement savings vanish, as did their hope for an early retirement.
  • 401(k) Withdrawals
    In this article, we're going to be discussing 401(k) withdrawals. This includes early withdrawals, and allowed distributions under current rules. We're also going to discuss potential tax penalties that may apply to early withdrawals. Pension plans such as IRAs and 401(k) plans were put into place by the government to encourage families to save money towards retirement. It only makes sense the government discourages the use of these funds for purposes other than retirement. In fact, the tax law imposes an additional 10% penalty on certain early distributions from these funds.

Roth IRA Retirement Accounts

Everything is relative, and the Roth IRA is a relative newcomer. The tax shelter benefit from these plans is quite unbelievable. If your 401k or 403b plan is fully funded, and you want to put more money away for retirement, then you should give the Roth IRA serious consideration:

  • Introduced as part of the Taxpayer Relief Act of 1997, Roth IRAs are individual retirement accounts, which provide investors with several significant advantages when compared to Traditional IRAs.
  • Roth IRAs versus 403(b) Plans
    For anyone that's been wondering whether or not to fund a Roth IRA or a 403(b) plan, we're going to lay out some of the factors to consider before making that decision. They are both great retirement planning options, but there may be reasons for choosing to fund one type of plan versus the other.
  • There are two related, but slightly different, 5-year rules that apply to Roth IRA withdrawals. The first has to do with earnings on contributions made to an account, while the second has to do with Roth IRA conversions.
  • This Roth IRA funds calculator allows you to figure out how much retirement income you can expect from your Roth IRA account. Based on your current age and age at retirement, the calculator can estimate your total fund balance at retirement, and an annual income stream from that fund.
  • In this article, we're going to talk about Roth IRA conversions. That discussion will include Roth IRA contribution rules, transfers, income limits for conversions, and their affect on income taxes owed. We'll also discuss when, and under what conditions, it might be a good idea to make a conversion.

Traditional and Simple IRA Accounts

If you're looking for some immediate tax relief, then you might want to think about opening up a traditional IRA. As we did with 401k plans and Roth IRAs, we provide all the information you need, including IRA rollover rules and contribution limits:

  • Roth versus a Traditional IRA
    Funding a retirement account is an important part of the financial planning process. When it comes to choosing between a Traditional and a Roth IRA, it's important to make an informed decision, since it's vital to get the optimal future income benefit from the money placed into either of these plans.
  • The term Traditional IRA is used to describe individual retirement accounts established by the Tax Reform Act of 1986. Traditional IRAs offer individuals the opportunity to defer the payment of federal income taxes on the growth of money placed into the account until withdrawn.
  • Investors that prefer to maintain control over their money have some good news in the form of a self-directed IRA. This is an individual retirement account established with a stockbroker rather than a bank or an investment house.
  • IRA Withdrawals
    This article is going to cover the topic of IRA withdrawals. Here we're going to summarize the withdrawal or distribution rules that apply to a Traditional, Roth, and SIMPLE IRAs. We're going to talk about qualifying and minimum required distributions, exceptions to these rules, and possible income tax penalties. In the following sections, we're going to use the words distribution and withdrawal interchangeably. For the most part, IRA holders believe they are making withdrawals from their account, while in the "technical" sense, the IRS considers these distributions.
  • Introduced as part of the Taxpayer Relief Act of 1997, Roth IRAs are individual retirement accounts, which provide investors with several significant advantages when compared to Traditional IRAs.
  • A Savings Incentive Match Plan for Employees Individual Retirement Account, also known as a SIMPLE IRA, is a tax-deferred savings account that allows smaller employers to establish a retirement plan for their employees.
  • An Education IRA is a custodial account created for the purpose of paying for the qualified higher education expenses of a designated beneficiary. In 2001, all existing Education IRA accounts were renamed to Coverdell Education Savings Accounts (ESA), or Coverdell ESA.
  • In this article, we're going to talk about Roth IRA conversions. That discussion will include Roth IRA contribution rules, transfers, income limits for conversions, and their affect on income taxes owed. We'll also discuss when, and under what conditions, it might be a good idea to make a conversion.
  • This IRA recharacterization calculator can be used to estimate the recharacterization amount in a given tax year. The calculator requires four inputs: the IRA starting balance, adjustments to that balance in the computation period, the amount to be recharacterized, and the IRA closing balance. Using this information, the calculator will figure out the adjusted opening balance, net income, and recharacterization amount.

Special Retirement Topics

Finally, we have a couple of special retirement topics that might be of interest to you. Coverdell ESAs are an often overlooked way to save for college. If you're wondering what the difference is between a Roth and Traditional IRA, we can help you figure out which plan is right for your individual situation:

  • Coverdell Education Savings Account
    The federal government provides a number of tax breaks that can help ease the financial burden of families saving for college. One of the ways to take advantage of these breaks is by opening a Coverdell Education Savings Account, or Coverdell ESA. At one time these were referred to as Education IRAs, but the Coverdell has a new name and some new rules too.
  • Keogh Retirement Plans
    Keogh plans allow self-employed individuals, or small businesses, the opportunity to provide employees with retirement savings benefits. Keogh plans are sometimes referred to as qualified plans, or HR10 plans, and their rules are quite different from those that apply to Individual Retirement Accounts (IRA).
  • 457 Plans in 2020 and 2021
    A 457 plan is a retirement or pension plan that provides benefits to government employees as well as employees of tax-exempt organizations. Employees participating in 457 plans are allowed to defer their compensation on a before-tax basis through regular payroll deductions. Money placed in these accounts grows on a federally tax-free basis until withdrawn.
  • Fixed Annuities
    A fixed annuity is an insurance contract in which the issuing company promises to make fixed dollar payments to the contract holder, the annuitant, for a pre-determined length of time. In return for payment of the contract premium, the issuing company also guarantees both the earnings on the account and the principal balance.
  • Equity-Indexed Annuity (EIA)
    Equity-indexed annuities, or EIA, are a unique type of annuity. It's one that's based on a stock market index, such as the S&P 500, Dow Jones Industrial Average, or the Russell 1000. As a reminder, an annuity is defined as a contract with an insurance company in which the annuitant, or contract holder, agrees to make a payment or series of payments. In exchange, the insurance company agrees to supply the contract holder with a future source of income.
  • First authorized in 1997, Treasury-Inflation Protected Securities, or TIPS, are securities issued by the U.S. Treasury whose principal is linked to the Consumer Price Index. TIPS offer investors the opportunity to buy bonds, while at the same time protect themselves against inflation.
  • Minimum Required Distributions (MRD)
    In this article, we're going to discuss minimum required distributions, or MRDs. For certain retirement accounts, including the 401(k), 403(b), and the Traditional IRA, minimum distributions are required. Here we'll discuss the calculation of this distribution, and the exact MRD rules to follow.
  • Also known as a tax-sheltered annuity, 403(b) plans grew in popularity following the passing of the Economic Growth and Tax Relief Reconciliation Act of 2001. These retirement accounts are similar to 401(k) plans, except they are offered to employees of nonprofit organizations such as:
  • 403(b) Loans
    Under certain conditions, it's possible to obtain a loan from a 403(b) plan. But it's important to work closely with the plan administrator to make sure the loan isn't viewed as an early distribution. If that occurs, the distribution will be reported as income, and if the accountholder is under age 59 1/2, then a 10% tax penalty may apply.
  • Roth IRAs versus 403(b) Plans
    For anyone that's been wondering whether or not to fund a Roth IRA or a 403(b) plan, we're going to lay out some of the factors to consider before making that decision. They are both great retirement planning options, but there may be reasons for choosing to fund one type of plan versus the other.
  • Reverse Mortgages
    Retirees that want to enjoy a richer lifestyle should give serious thought to tapping into their home's equity using a reverse mortgage. For many Americans, the single most valuable asset they own is their home, and reverse mortgages allow seniors to generate a steady stream of income. In this article, we're going to help answer the question: What is a reverse mortgage? We're also going to explain how these loans work, and discuss the different offerings on the market today. Finally, we're going to finish up with some information on how they're calculated, their income tax treatment, and the costs...

Taxes

Our guide to taxes takes aim at helping you to better understand the federal and state income tax return preparation and refund process. By helping you to better understand how your income taxes are calculated, we hope that you can make better investment decisions. This includes choices such as whether or not to take a long term capital gain on your investments, or if a retirement tax shelter, such as a 401k, IRA, or 403b, is right for you.

We'll cover the fundamentals such as reading tax brackets and tax tables. We'll give you hints to help you figure out if you need to fill out a 1040EZ, 1040A, or if the long form is your best choice. Finally, we'll even cover topics in more detail, ranging from inheritance tax to tax credits and deductions.

  • Assembling the required documentation ahead of time will minimize the effort it takes to fill out an income tax return. With the availability of electronic files and the help of sophisticated software tools, the process can be fast, secure, and comprehensive.
  • Tax Return Preparation
    The majority of taxpayers prepare their own income tax returns, and that's the way it should be. After all, the IRS is supposed to ensure the average American understands how to complete a tax form. The Internet has made that process even simpler by providing direct access to tax preparation software programs. These applications walk a taxpayer through the process of preparing an income tax return.
  • The term progressive tax refers to a system that takes an increasingly larger percentage of tax from groups with higher levels of income. Progressive tax systems are based on the "ability to pay" principle, which states that income taxes should be collected in a manner that is consistent with the amount of discretionary income possessed by the taxpayer.
  • The term flat tax refers to a system that takes the same percentage of tax, regardless of the level of income earned. A true flat income tax does not allow for adjustments to income such as deductions. Within a flat tax system, taxpayers earning $25,000 per year pay the same percentage of income as those earning $250,000.

Income Tax Return Preparation

This first set of articles is our income tax preparation help section. Here you'll find information on filing electronically with eFile, and where you can go to find tax forms. We'll tell you how to find websites and software that allow you to file your taxes for free.

The IRS really tries to make filing your taxes simple. In fact, they offer several ways for filers to get help, including written explanations, audio explanations over the phone, and even live telephone support. If you're having trouble preparing your tax return, this should be your first stop:

  • As the April filing deadline approaches, individuals look for information on the changes to the tax code, as well as what a change might mean to their individual tax return. The Internal Revenue Service (IRS) wants people to pay their income taxes on time; finding mistakes makes more work for everyone involved.
  • Income Taxes
    The term income tax is used to describe federal and state tax obligations payable on individual or business income. Income taxes are computed by completing tax forms available from the Internal Revenue Service.
  • Deferred Income Taxes
    Deferred income tax is the accounting term used to describe situations where the income tax expense and the income tax payable are not the same. Deferred income taxes are listed on the balance sheet as a liability.
  • Taxpayers that didn’t take advantage of the IRS e-file system last year are among a shrinking segment of Americans that still file paper copies of their federal tax forms. Anyone that reads this article has access to the Internet, and the ability to file electronically.

Tax Planning

It's never too late or too early to start planning your tax-saving strategies. This next series of articles helps you to minimize your overall income taxes by discussing a series of income tax objectives and tactics you may want to adopt.

  • Avoiding a Tax Audit in 2024
    Audits can be a nerve racking experience. Many times they feel like an investigation, and the outcome is often painful. This is especially true when the audit involves the Internal Revenue Service.
  • Every year, taxpayers go through the ritual of gathering the information needed to file their federal income tax return. Once completed, those records are often filed with those of prior years.

Tax Deductions, Shelters and Credits

If you're wondering if you have enough tax deductions to beat the standard deduction this year, then this next set of publications can help. Itemized deductions are pretty straightforward, especially for homeowners paying a mortgage and property taxes.

Here we provide you with an explanation for each type of deduction and tax credit offered:

  • Gifts to Charity and Income Taxes
    Several years ago, important changes were made to the tax code regarding gifts to a charity. There were also significant tax breaks introduced for IRA owners, if the accountholder is willing to transfer funds to a charitable organization.
  • Generally, a tax shelter is a program that allows individuals or businesses to permanently reduce or defer the payment of income taxes. These programs are not right for everyone; even legitimate ones involve a level of risk that not every investor will be comfortable undertaking.
  • The best approach to tax planning is starting early in the year. But it’s never too late, even as the April tax filing deadline approaches, for some last minute tax savings tips. After all, a taxpayer’s obligation is to pay their fair share of income taxes, and not a dollar more.
  • The finance term abusive tax shelter refers to a transaction that serves no other economic purpose other than lowering the amount of taxes owed. Abusive tax shelters typically take the form of an investment scheme that claims to be able to reduce the level of income taxes paid without changing the value of the taxpayer's assets or income.
  • The Alternative Minimum Tax isn't something new; in fact, it first appeared on tax forms back in 1978. The American Taxpayer Relief Act of 2012, or ATRA, significantly changed this tax, but its purpose is still confusing to many.

Special Tax Topics

In this section of our tax publication, we take a quick look at several special tax topics. Presently this includes inheritance tax, alternative minimum taxes and capital gains. We'll revisit this topic from time to time and continue to add more of these speciality tax articles:

  • When property is transferred to an heir after the passing away of the original owner, federal inheritance tax is paid. Also known as estate taxes, inheritance taxes are calculated based on the fair market value of the property transferred to the beneficiary of the estate.
  • Capital Gains Tax (CGT) Explained
    Generally, capital gains tax, or CGT, is owed on any property sold for a profit. Accurately determining a capital gain involves both an understanding of its cost basis, which is the amount of money paid for the asset, as well as any dollars spent on improvements.
  • While the activity of fraudulent offers and tax scam artists peaks around the April 15 filing deadline, vulnerable individuals are a constant target throughout the year. If offers of free stimulus and government subsidies sound too good to be true; maybe they’re not.
  • The term windfall profits tax refers to a tax levied against a company or industry when they experience extraordinary profits. While rare, windfall taxes are oftentimes collected when economic conditions allow companies that sell commodities to realize above-average profits.
  • The term stealth tax is a generic reference to any tax levied by a government agency that raises revenues without angering taxpayers. Stealth taxes are oftentimes hidden in the purchase price of a product so consumers are not aware of the tax.
  • The term regressive tax refers to any system of taxation that causes lower-income individuals to pay a higher proportion of their income than higher-income individuals. When a tax is regressive, the average rate of tax paid declines as income increases.
  • The term fair tax refers to a proposal that would replace all federal income taxes with a single consumption tax. A fair tax would apply only once at the point of consumption, and the proposed rate is 23% in the first year of the plan.
  • The term ad valorem tax refers to a tax that is based on the assessed value of a property, service, or product. Ad valorem is a Latin phrase which means "according to value," and this type of tax is usually imposed at the time of a transaction. Common examples of an ad valorem tax include property and sales tax.
  • The term household employer's withholding tax refers to a federal tax paid by individuals that hire people and pay them in excess of specified thresholds. Also known as the Nanny Tax, the Internal Revenue Service (IRS) considers ongoing household help an employee of the taxpayer. The IRS expects these employers to pay their share of Social Security, Medicare, as well as Federal Unemployment Tax.
  • The term withholding tax refers to a tax that is withheld by the payer and remitted directly to the government entity imposing the tax. Federal income tax, deducted by an employer from an employee's paycheck, is the most common form of withholding tax in the United States.
  • The term luxury tax is used to describe an ad valorem tax placed on products or services that are thought to be non-essential items. Luxury taxes are typically levied as a percentage of the selling price of the item and may involve threshold price points to trigger this tax.

Sales and Income Tax Basics

Next up are articles that contain some basic, but useful, tax information. If you've been wondering what all those tax items are on your paycheck, take a look at our payroll taxes article. We even have federal tax bracket tables, as well as information for all 50 states.

If you're planning to visit another state, we can even tell you what to expect when it comes to state sales tax:

  • The term sales and use tax refers to a tax on goods and services purchased by an individual outside of their state of residence that will be consumed, stored, or used in their state of residence. Use tax is only due under certain conditions, and is only owed if the property would have been taxed if the purchase occurred in the individual's state of residence.
  • You have a new job, and they’re offering $1,000 a week to start! That’s good news, but even more important than how much money you’re making each week, is how much money is making it into your pocket. Payroll taxes can take quite a large bite out of a weekly paycheck.
  • According to the U.S. Treasury Inspector General for Tax Administration, over 2 million taxpayers fail to take a state sales tax deduction on their federal income taxes. This works out to nearly $4 billion in missed deductions each year.
  • In this article, we’re going to discuss the topic of tax-friendly states. That point of view will be from both a residential standpoint as well as a business perspective. Taxes provide state-level governments with a source of income so they can provide the essential services that everyone enjoys. But there is no doubt that some states are more tax-friendly than others.

Real Estate Taxes

Here are several tax articles that deal specifically with real estate. We explain why property taxes are so essential to your county and town. In fact, in our tax lien article, we even explain what can happen if you decide to stop paying your property taxes:

  • For many homeowners, property taxes represent a large proportion of their monthly mortgage payment. While politicians like to talk about lowering property taxes, in most towns across the nation, this tax increases nearly every year.
  • The accounting term used to describe the recording of taxes that are owed to state, county, or municipal authorities, but not yet paid, is accrued property taxes. Recording expenses when they are incurred, and revenues when they are generated, is known as the matching principle.
  • If you want to move to another state or simply buy some property, you need to be aware of the varying rate of property taxes by state. Each state is different, and for that reason, we have written up the guide below. Let’s jump right into it.
  • A tax lien can be thought of as a claim filed against a real estate property whose owner has failed to pay their taxes. The property usually can’t be sold or refinanced until the lien is paid off.

Recent Additions

Financial Dictionary

Finally, we've supplemented our personal finance section with a financial glossary that helps define some of the more confusing terms you'll encounter in this area. For example, when you're buying a home the real estate agent will talk about closing costs and your attorney will mention a deed. It's nice to know what everyone's talking about when you spend so much money.

We've also defined terms that you'll come across whether you're buying a car, purchasing insurance or applying for a student loan. Our financial dictionary contains 100s of the most common terms you find in these areas.

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