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Click on Your State Below to Review Each State’s 529 College Savings Plan

529 College Savings Plans are one of the best investments for your children’s education that a parent can make. A 529 College Savings Account is an excellent option for parents looking where to invest in their children. The plan allows parents to contribute after-tax dollars into the account, and the earnings and interest grow tax-free. They a great investment for parents to make in their child’s education. The plan allows parents to contribute after-tax dollars into the account, and earnings and interest grow tax-free. It also provides excellent benefits such as federal income tax deductions when your family makes contributions. In 2021, an individual can give up to $15,000 without paying taxes. If the gift amount exceeds this limit then they … Read more

Your 401k Retirement Plan Is Not An Emergency Fund

Recently, one of my coworkers asked my opinion about taking out a 401k loan to help replace a blown engine in his wife’s car. This is a horrible idea. Your retirement plan is not an emergency fund. Car troubles, uninsured medical expenses, house renovations, and other everyday items are not great uses for money that you have invested in your retirement fund. You should not use your 401k as an emergency fund. It was not designed for that, and you potentially ruin the benefits that the retirement plans were designed to give you. Some studies estimate that as many as 28% or more 401k retirement plan holders have taken out loans against their 401k plans. Your 401k Retirement Plan Is … Read more

You Should Work On Your Finances Every Day

Do you have money troubles? I can remember being over my head in credit card debt after college. I ended up burying my head in the sand so I wouldn’t have to deal with it too. You have to work on your finances every day. How often do you think about your finances? Or, do you stick your head in the sand and just continue spending money you don’t have? How often do you think about your budget or tweak it? Do you follow the news of companies you own stock in? Do you know what the mutual fund managers of your funds are doing or thinking? If you focus on your finances a little bit each day, you will … Read more

Top 5 Secrets You Didn’t Know About Shopping at Outlet Malls

Everyone loves to save money and receive a good deal on the items they purchase. That phenomenon has given rise to the popularity of the outlet shopping mall across America. The outlet shopping mall are big business now with over 200 malls spread across the country. That works out to about 300 different merchants operating approximately 13,000 stores. I can remember when my mother and I had to drive over two hours from our home to reach an outlet store to rack up cheap clothing from retailers such as Tommy Hilfiger, The Gap, Ralph Lauren, and many others. It was an adventure to go to the outlets. An outlet shopping mall was a special trip which turned into a special … Read more

Global Financial Crisis – The Worst Thing You Can Do

Worst Things You Can Do In Global Financial Crisis

The worst thing that you can do in a global financial crisis is not sticking to your plan. In 2008, we saw far too many people pull their investments out of the stock market during the recession at the lowest points. This will lead you to selling stocks and mutual funds when prices are low and having to repurchase your investments when times are better and ultimately prices are higher. The best thing you can do is to continue on your financial plan that you established. Worst Things You Can Do In Global Financial Crisis A Declining Market Is Not The Time To Sell Trying to time the stock market’s rise and fall can cost investors thousands in lost profits. Inevitability, … Read more

You Need Enough Insurance to Rebuild Completely After a Claim

Far too many people do not have enough home insurance to rebuild their homes completely if they are destroyed or severely damaged. Many people forget to factor in inflation when they are faced with the possibility of having to completely rebuild their homes after a natural disaster or fire. This is a particularly devastating hazard for someone who purchased their home many years ago. Your home insurance should cover the cost to rebuild your house at today’s market prices for materials and labor. Many homes that were built several years ago still have the same amount of homeowners insurance on them as when the owners originally bought them. You should purchase either guaranteed replacement cost or extended replacement cost. Guaranteed … Read more