In some cases, bad credit is a result of irresponsible money management. But it often occurs because of unexpected financial hardship. One day you might have all of your bills current, and the next you could become disabled or lose your job. And if you fall behind on your debts, it will wreak havoc on your credit rating. Credit repair agencies claim that they can remove bad entries from your credit report. But did … Read More
Question: Can my mortgage lender require me to have an escrow account? Answer: Generally, your mortgage lender can require you to have an escrow account if you borrow more than 80 percent of the value for the property you financed. The percentage you borrow against the valuation of the property is known as the loan-to-value ratio. Each month, in addition to your mortgage payment, the lender collects a prorated amount to be held in … Read More
With tax season in full force, this question keeps coming up: When can I get rid of these statements? Well, it depends. Perhaps you heard that you should retain copies of your federal tax returns for 7 years. Is that true, or a just myth? How long should you keep those quarterly and annual statements you get about your investment accounts? And how long should you keep bank statements before throwing them away? Tax … Read More
Earlier today, I tweeted about an article that Eleanor Blayney, CFP® wrote regarding romance and financial compatibility. I thought it was worth posting a link to it as it has some thoughtful tips. Wishing financial harmony to you and your Valentine! LOVE & MONEY: MAKING SURE YOUR VALENTINE IS A GOOD FINANCIAL MATCH CFP Board Consumer Advocate Shares Financial Planning Tips to Keep Relationships Strong As Valentine’s Day approaches, couples rush to find … Read More
With The Tax Relief Act of 2010 Employee payroll taxes have been cut from 6.2% to 4.2% for 2011.1 So if you pay into Social Security, you’re looking at a slight increase in your take-home pay. Have you considered what you will do with that extra money? How about directing it into your 401(k) or IRA? That 2% “tax savings” will show up in higher take home pay throughout the course of the year – it … Read More