|
|
|
7 Things To Teach Your Kids About Money
Did you know that many people retire broke? It's true. After a lifetime of hard work and having earned literally hundreds of thousands of dollars, they end up with nothing. So where did all their hard-earned cash go? The answer is, it passed...
African Americans: A Look in the Mirror, Part 1
“Not everything that is faced can be changed, but nothing can be changed until it is faced.” James Baldwin At present, African Americans stand at the crossroads of great hopes for wealth and freedom exceptional for the great-and great,...
How Not To Get Ripped Off At The Grocery Store
No matter how much you trim your budget, one expense that's sure to remain is food. But how much you spend on groceries each month is not fixed, and can vary by 15-20 percent or more. So because the grocery stores consider it their job to get you to...
Unique Gifts: Ideas for All Seasons
'We Make a Living by What we Do,
But We Make a Life by What We Give.'
-- Winston Churchill
There's an alternative to buying gifts that sit on a shelf waiting for the next garage sale. For something completely unique, why not consider...
Your Checking Account
Checking accounts are an absolute necessity these days. You can either have a checking account or run to the bank or other outlet for money orders. Many people pay for almost everything with a check including groceries, gas, clothes and a long...
|
|
| |
|
|
|
|
|
|
Springtime Money Laundering
Summer is right around the corner and most of us have our to-do-lists figured out, mentally, if not written down yet. Bible camp for the kids, plant a large garden, and a trip to the lake. What about financial housekeeping, shouldn't that be on your list too?
Early summer is a great time to take a financial breather. The holidays are a long way off, the taxes have just been paid and we're spending time eating in the backyard instead of dining out.
If you take even one day out of your summer play/work and organize your finances, you could cut down on the forest of bills, bank balancing, and paperwork facing you all year long. Now is even a good time to take a look at your retirement and investment accounts and check up on your insurance coverage.
Getting Started
Starting with your bank papers, check out how many savings and checking accounts you have and minimize them. I like to have two checking accounts for the house, one is used only for the regular bills and the other is for household items and irregular spending. Two savings accounts are enough as well, one for long-term saving and the other for short-term.
Another time and paper saver is if you set up an automatic deposit of your paycheck into your checking account, and then set up an automatic payment from your checking account into your savings, investment, or IRA accounts. Even if you pay yourself only $10 a week, it adds up over the year and is a good discipline to learn. You can even use automatic deposits to save money for Christmas presents, a vacation or other "special occasions".
If you are technologically savy and comfortable with the idea of electronic payments, consider using e-payments to pay your regular bills, such as mortgage, electric, or car loan. Don't let the companies do electronic with-drawls for you. How do you guarantee that they took the right amount, and if they made a mistake (which happens) how do you get the money back? It is a lot simpler and potentially safer for you to do an electronic bill-pay through your bank.
Another step
In 2001 the Economic Growth and Tax Relief Reconciliation Act made it easier for you, the investor, to consolidate your retirement accounts and still retain the tax-favored treatment of the money. Prior to this act, advisors frequently told their clients to keep retirement accounts separate to save on taxes.
Now you can take eligible distributions from tax-qualified plans, 403(b) and 457 pension plans and other types of plans like the IRA, and roll the money into other tax-qualified plans. The purpose here is to consolidate your multiple plans into one or two accounts. This'll make it easier for you to keep an
abreast of what your money is doing. With fewer accounts, you'll have less confusion, hopefully everything is on one statement and if you have questions or need to make changes you only have to talk to one representative.
Coverage Checkup
Instead of merely simplifying your financial life, you should also make sure that you are providing adequate protection. It is a good idea to have insurance on your home, your health, your car, your loved ones, and your income. Don't forget, though, you can over do it and have too much insurance. You need to decide what level of self-insurance you are comfortable with.
The law requires you to carry automobile liability insurance is required by law. At the least you should have term life insurance to replace your income and help your loved ones with debt and living expenses. Homeowner insurance is important in case your home becomes unlivable due to fire or other incident.
Again, if you can get your insurance through one provider, your life will be simpler with fewer agents to visit with. Perhaps you can even have access to your account through the Internet. The less effort it takes to understand your coverage and to make changes, the less stress and the more time you'll save.
Final Items
When was the last time you updated your will? If it was more than a year ago, you might want to do it again. Assets increase or decrease, potential inheritors are born, and maybe you've decided that you'd like to leave a little something to your church. Updating your will is a good way to make sure your final wishes are carried out.
Putting some of your assets in a trust can save on probate costs. Also if you become incapacitated the trust can manage funds for people with special needs - a child who needs extra care, for example. A trust is also another way distribute your assets to children or grandchildren at a specific age, such as when they reach age 25 or have children of their own.
Ultimately, you will have to decide just how much consolidation of planners, agents and financial management you want to do. Once you've cleaned house on your finances, spending an afternoon in the hammock will be a lot more restful. Having a peace of mind about your financial affairs is truly a good feeling.
About the Author
Roger Sorensen is a Financial Author and Speaker, and the editor of Money Basics, a monthly personal finance newsletter found online at www.brighterfutures.com. After filling in his own debt pit equal to 150% of his annual income, Roger has turned the experiance into Brighter Futures, a Financial Literacy company. "There is hope for you, no matter how large your debt load might be."
|
|
|
|
|
| Kiplinger.com - Timely, Trusted Personal Finance Advice, Financial ... |
| Investing, personal finance, calculators and financial advice. |
| www.kiplinger.com |
|
| Kiplinger's Personal Finance Magazine - Your Guide to Making Money ... |
| Subscibe to Kiplinger's Personal Finance Magazine to help you manage your finances. Achieve your financial goals and objectives with help from our ... |
| www.kiplinger.com |
|
| Personal finance advice, news - CNNMoney |
| News & advice on retirement planning, college saving, taxes, mortgages, autos, real estate, investing and more from CNNMoney.com. |
| money.cnn.com |
|
| Business, financial, personal finance news - CNNMoney |
| Combines practical personal finance advice, calculators and investing tips with business news, stock quotes, and financial market coverage from the editors ... |
| money.cnn.com |
|
| Personal Finance, Personal Finances, and Financial Advice - Forbes.com |
| Personal Finance - Get financial advice and information from Forbes.com. |
| www.forbes.com |
|
| SmartMoney.com — Investing, Saving and Personal Finance |
| SmartMoney has daily stock and mutual fund recommendations, hourly market updates, personal finance investing research tools and advice, ... |
| www.smartmoney.com |
|
| Personal Finance Home (Personal Finance: Personal Finance ... |
| Links to articles covering a range of topics where monetary planning is or should be involved. |
| www.smartmoney.com |
|
| Personal Finance - Front Page |
| Read the details in Personal Finance this Saturday. Also in this weekend's edition:; You should take financial services companies' marketing material with a ... |
| www.persfin.co.za |
|
| Get stock quotes, market news, rates, and more - Netscape Money ... |
| Market News. • Market News. • News Search. Financial Planning. • Finance Calculators. • Saving for College. • Personal Finance ... |
| money.netscape.cnn.com |
|
| globeandmail.com: Personal Finance |
| Personal Finance. Home · National · British Columbia · Prairies · Ontario · Quebec · Atlantic · Politics · World · Americas · Europe · Asia-Pacific ... |
| www.theglobeandmail.com |
|
| Personal Finance - MSNBC.com |
| Answer Desk: Submit your question about personal finance or the world of business ... Personal Finance. • Learn more about RSS ... |
| www.msnbc.msn.com |
|
| Personal Finance Newsletter |
| 7600 Leesburg Pike, West Building Suite 300 • Falls Church, VA 22043 703-394-4931 (ph) • 703-905-8100 (fax) • personalfinance@kci-com.com ... |
| www.pfnewsletter.com |
|
| Personal Finance Advice - Personal Finance Management - Personal ... |
| Tips and stories for managing your personal finances. |
| www.marketwatch.com |
|
| CNBC.com: Personal Finance |
| Investing home page features investment tools like stock quotes, charts, a portfolio manager and much more. Plus market news and financial commentary from ... |
| moneycentral.msn.com |
|
| Dallas Morning News | News for Dallas, Texas | Business: Personal ... |
| Knowing retirement, health plans can help avert disaster · At one firm, financial crisis crushed 401(k)s, insurance · Personal finance news briefs ... |
| www.dallasnews.com |
|
| Morningstar: Personal Finance |
| Sharpen your personal finance and investing skills with Morningstar. Access articles covering stocks, mutual funds, bonds, retirement, 401(k)s and 529 plans ... |
| www.morningstar.com |
|
| Fool.com: Personal Finance |
| Personal Finance - The Motley Fool exists to educate, amuse, and enrich the individual investor; to prove to you that the best person to manage your money ... |
| www.fool.com |
|
| Fool.com: Investing, Stock Research, and Personal Finance |
| Expert advice on picking stocks, investing for retirement, and dealing with life's major personal finance decisions. |
| www.fool.com |
|
| Telegraph | Money |
| Market news from the Telegraph newspaper online. Includes money product finders. |
| www.telegraph.co.uk |
|
| Compare Prices and Read Reviews on Personal Finance at Epinions.com |
| Epinions has the best comparison shopping information on Personal Finance. Compare prices from across the web and read reviews from other consumers on ... |
| www.epinions.com |
|
|