Does Your Credit Score Even Matter?

Credit scores are the one number that everyone wants to know. A high score means you’re less likely to default on your loan or be rejected for a credit card, which will benefit you in the long run.  On the other hand, a low credit score can mean higher interest rates on mortgages and cars, as well as being denied loans. However, do you need to worry about your credit score? Read on to find out if it’s even worth looking at. The importance of a credit score Every time you apply for a loan or are attempting to get a credit card; you will be asked to provide your credit score. Most importantly, whether you’re looking to borrow money … Read more

403b vs 457b – Pros and Cons of 403b Retirement Plans and 457b Retirement Plans

running out of money in retirement

Saving for retirement can be a confusing experience whether you’re just getting started in your early twenties or you’re on the verge of retiring within the next decade. There are so many different options to choose from – not all of which may be available to you, depending on what your employer offers – and choosing the best plan possible is critically important for securing your long-term financial sustainability. If you’ve encountered 403b retirement plans and/or 457b retirement plans as potential retirement planning options, then which one would be the ideal fit for your situation? 403b vs 457b Before we take a deep dive into the pros and cons of each type of retirement savings account, let’s start with the … Read more

What Is Insider Buying? How Investors Can Make Money Spotting Insider Buying

stock investing

Insider buying is when a director, officer, or executive buys shares in a corporation they work for. It’s not insider trading which refers to corporate insiders making illegal stock purchases based on non-public information. Investors can spot insider buying by looking for directors, officers, or executives who have recently bought shares in the company they work for and use this information to decide whether to invest in that company as well. When people with insider knowledge buy stocks themselves, it means that they believe the company has potential and would be worth investing in at some point down the line. You can find the latest insider trades from company executives by looking at SEC Form 4 filings. For example, if … Read more

Credit Card Scams – How Not to Be the Next Victim

credit cards

Credit cards are the greatest boon for any person who wants to spend money without actually having any money in their hands. If not used properly, credit cards can cause different issues sabotaging your credit score, especially with credit card scams. There are numerous credit card scams that can make you fall victim to their whimsical tricks. Follow the simple steps given here to learn about the different types of credit card scams and protect yourself from becoming a victim of them. How to Use Credit Cards Safely? Pay attention to the basics. Do not write the pin number on the back of the card. Do not disclose your credit card details like CVV and PIN number to any person … Read more

When It Comes to Investing, Beware of “Di-Worsification”

wealth simplified

The following is a guest post by Robert F. Roby, author of Wealth Simplified: The Secrets of Everyday People Who Retire Richer, Happier, and Earlier. If you’d like to submit a guest post to Money Q&A, be sure to check out our guest posting guidelines. A common refrain used by investors and advisors to describe diversification is “Don’t put all of your eggs in the same basket.” In its most simplistic terms, diversification means allocating your investment dollars to a variety of different assets, such as stocks, funds, bonds, and deposit products, within different sectors of the economy. Diversification typically involves investing in companies of different sizes, both large and small alike, in different industries and different sectors, including health … Read more

Best Way to Save for Retirement When You Are in Debt

Escape the Weight of Your Crushing Debt

Getting (and staying) out of debt and saving regularly for retirement are some of the most important personal financial habits that everyone should be doing, but having a finite income with conflicting financial priorities understandably complicates matters. If you have student loans, a running balance on your credit cards, or other outstanding debts in the 4+ figures range, how should you balance your debt repayment plan (short-term goal) with your retirement savings plan (long-term goal)? What is the best way to save for retirement when you are in debt? Best Way to Save for Retirement When You Are in Debt The answer to this ultimately depends on the amount of debt and the interest rate you’re paying. Still, a generally … Read more