Money Questions and Answers

Why You Need Umbrella Insurance

I’m scared to death of getting sued. We now live in a litigious society where everyone is very quick to sue anyone for almost anything. The potential damage to your personal finances after getting sued, even if you win the case, can be devastating. Oftentimes, your insurance company will settle a case for you, but you could quickly find your rates rising or your coverage being canceled altogether. There is one way to protect yourself from a potential lawsuit swamping your liability coverages on your insurance policies and reaching into your own pockets for the rest. Everyone should consider purchasing umbrella insurance to protect themselves and their families. Your Current Liability Coverage Is Too Small Most car insurance policies and homeowner’s … Read more

How Long Does It Take to Rebuild Credit?

by Hank Coleman

If you’ve gone through a rough few months (or years) and your credit score has taken a serious hit as a result of problematic spending, missed payments, too much debt or other common financial problems, then you’re not alone. As many as 12% of Americans have credit scores lower than 550 and over 50 million Americans don’t have a credit score at all. Of course, shared credit woes are not valid reasons for sitting back and doing nothing while your credit score plunges into the “fair” or “poor” ranges. Instead, you should do everything possible to get that score back into the good/excellent ranges. How long will it take you to get back into “safe” credit score territory? Let’s explore … Read more

Acorns Review – Invest Your Spare Change Automatically

by Hank Coleman

If you’re looking for simple ways to make money, then investing small amounts into a growth-driven portfolio is one of the best ways to plant the seeds for a successful financial future. This is the key factor behind the personal finance app, Acorns, which is designed to round up any purchases made with your synced cards and deposit that spare change into an investment portfolio. Here is our Acorns review. Acorns Review Whether you’re just getting started in investing or you’ve been looking for new ways to invest beyond your traditional accounts, then Acorns’ easy-to-use app and innovative investment strategy could be the perfect fit for low-income and seasoned investors alike. Here’s what you need to know before signing up: … Read more

What Is The Actual Definition Of A Recession?

by Hank Coleman

With the stock markets currently all over the place lately, there have been plenty of talks about recessions, bear markets, double dips, and tons of other financial vocabulary words that are thrown around. But, what is the definition of a bear market? How do you define a recession? It may not be as easy as you think. You may actually not care either. What Is The Definition Of A Recession? While there are no clear cut definitions of a recession and no government agencies that host the one true, undisputedly accepted definition of a recession, most economists and financial planners agree upon one traditionally accepted definition of a recession. Most people now accept that two consecutive quarters of declining Gross … Read more

Top 3 Reasons You Should Have a Financial Plan

by Hank Coleman

For those of you living under a rock, the Dow Jones Industry Average lost a lot of points recently in a massive sell-off. But, do you know what I’m doing with my money and investments? Absolutely nothing! I have a financial plan, and I am sticking to it. Having a plan helps you weather the storm and gives you the confidence to stay the course. Now is not the time to be selling your investments. Just like the recession that rocked the stock market in 2008, selling in a down market when you do not need your investment proceeds is a recipe for disaster. Here are three reasons why you should have a financial plan… A Financial Plan Will Give … Read more

What Is a Debt Avalanche Method of Debt Repayment?

by Hank Coleman

Use a debt snowball to pay off your debt.

Staying out of debt is much more difficult than accumulating debt for many adults, especially when we have social media and innovative new forms of advertising pressuring us to spend, spend, spend on a near-daily basis. Perhaps unsurprisingly, the current statistics on Americans and debt are pretty abysmal: 55% of Americans with credit card(s) have debt U.S. households added $26 billion in credit card debt during the last 3 months of 2018 alone Approximately 10% of Americans with credit cards have balances of $5,000 or higher The average APR on a credit card is 17.73% If you’re part of any of these stats and want to get out of debt as quickly as possible without abandoning all comforts and little … Read more