Can a Divorce Hurt Your Finances as Much as a Recession?

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Divorce Hurt Your Finances

Whether you’re just starting out in an entry-level career in your 20s or preparing for the final years of your career in your 50s, retirement is one of the most important financial goals anyone can have at any point in their adult lives. Marriage is also another goal that many people share, but unfortunately, research has shown that 40% of marriages will likely end in divorce. But, how much does divorce hurt your finances? This means your goals for marriage and retirement could potentially conflict with each other, as new research from Boston College recently found that divorce is almost as bad as the Great Recession when it comes to the impacts it could have on your retirement savings. Not … Read more

Tally Review – An Automated Debt Manager in a Smartphone App

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Note – I’m an affiliate of Tally. While all of the opinions are my own (like always), but I’ll receive a small commission if you slick on a link and choose to sign up. These commissions help keep Money Q&A going. Wouldn’t it be great if there was a magical calculator that told you exactly how much you needed to pay towards what cards/loans in order to stretch your dollar furthest? Surprise: it already exists in the form of an automated debt management app called Tally. Commonly described as a “robo-advisor for credit card debt,” Tally has become enormously popular with consumers juggling multiple credit cards and loans because this nifty app makes debt repayments a breeze. Rather than having … Read more

What Are Limit Orders? And Why You Should Definitely Use Them to Trade Stocks

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Tips and Hints for Your First Stock Market Investment

Getting the best returns on your investments involves so much more than just buying and selling stocks at the right moment. Maximizing portfolio returns also demands closer attention to how you’re trading investments, such as getting the lowest possible price when purchasing stocks and selling while prices are still high. You can never fully predict which way the market might swing for your favorite industries and investments, but you can minimize your risk and maximize gains with limit orders. This unique trading strategy involves price limits on both the buying and selling ends of the investment spectrum. As a stock buyer, you want to get the lowest price possible per-share; on the selling side, you’ll be able to set price … Read more

Getaround Review – Get A Rental Car For Less

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Although car rental costs vary widely, you can typically expect to pay between $50-$100 for a two-day rental. And, that’s not to mention a $25-35 “young driver fee” for anyone between the ages of 21-24. Worse yet, you typically have to wait in a long line at the car rental office, fill out a bunch of paperwork, and wait for an employee to retrieve your rental vehicle, a process that can take more than an hour or two! Now, imagine if you could rent a car directly from your smartphone and for as little as $5 per hour. Your information would be already saved to the app, you have more flexibility over how many hours you need to use the … Read more

Should You Take Social Security Early After All?

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Make Retirement Less Stressful

One of the most common pieces of financial advice given to 50 and 60-somethings is that you should wait until you’re at least 65-67 to take out Social Security. However, new research from the Journal of Aging Studies found that seniors who had filed for Social Security benefits early expressed remarkable satisfaction with their decisions to file early (about 45% of the focus group respondents had filed at age 62; the rest filed before Full Retirement Age at 65-66 years old). This new study contradicts everything you might have heard about the “dangers” and “risks” of withdrawing your retirement funds early. So, what is really the best option, then? According to the study, respondents who withdrew early were most concerned … Read more

Review of the Figure Home Equity Line of Credit

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Millennials and Home Ownership - Do Millennials Need to Buy Homes?

It’s no wonder home ownership is such a desirable attainment in the U.S. – there are too many benefits to owning your own home as opposed to leasing your primary residence from a landlord. For instance, tenants continuously pay rent, month after month, without ever seeing that money again. On the flip side, home ownership allows you to build equity – the value of what you truly own – over time, until you either sell the property (hopefully for a higher price than what you initially paid) or pay off your mortgage loan and own the property outright. Another advantage to home ownership is that you can borrow against this build-up of equity if/when you need additional cash for anything … Read more