Money Questions and Answers

How Much Life Insurance Do You Need? And 5 Policies You Don’t!

Do you have enough life insurance coverage? You might not have enough coverage through your life insurance from work. According to a recent LIFE Foundation and LIMRA Study, almost one-third of all Americans believe that they need more life insurance coverage. LIMRA, a worldwide association of insurance and financial services companies, recently found that about 40% of people own a life insurance policy only purchase it through their employer. They do not have any other policies. There are a few issues with only buying life insurance from your employer. You may not have enough. But, there could be limitations and other issues. Help protect your Spouse’s financial needs with USAA Life Insurance. You can help protect your family and the life … Read more

Understanding The Benefits Of Car Title Loans

by Guest Contributor

Car title loans are some of the most popular types of loans today which is one of the benefits of car title loans. This is mainly because they are easy to access and are tied to very few requirements or restrictions.

Unlike bank loans that demand a whole bunch of conditions including stellar credit score, guarantors, and collateral, car loans come with very few restrictions. Often you simply only need to have the title of your car in order to get a short-term loan.

In addition to this, little paperwork is often needed with a car title loan applications being approved in record time. When faced with a financial crisis that needs money fast, title loans can help you get back on your feet quickly. Reduce your total credit card payments by up to 30% to 50% with Debt.com.

Below are some of the benefits of car title loans you need to know.

Benefits Of Car Title Loans

Swift Cash Access

Any car owner with a steady income can apply for a car title loan. Applying for the loan is relatively easy as you can do it online or visit the merchants’ physical location. Upon filling in all the required paperwork, a representative then takes photos of the car and schedules a day to collect the title.

You can as well come equipped with the car title to facilitate faster processing. Once everything checks out, you can have the money wired or transferred to an account of your choosing. Most of these loans take between 24 hours to a few days for them to be approved.

Credit Score Doesn’t Matter

Your credit score doesn’t matter. It’s all about you having the title to your vehicle in hand. With the tough economic times and most people finding it hard to maintain a stellar credit history, more and more people are unable to access conventional loans. This is because banks and other loaning institutions have to pull an applicant’s credit report before processing the loan request.

This, however, isn’t the case with car title loans. All the lender needs are your car title and nothing more to process the loan. The few restrictions are what makes most people go for a title loan and stay away from conventional bank loans.

Buying a Home with Private Mortgage Insurance and Pay PMI Off Early

by Hank Coleman

12 Things You Should Know Before Buying A House

If you are new to home buying, you will soon find out that most lending institutions require that loan applicants put 20% down when applying for a mortgage, or you will need private mortgage insurance. Of course, there are exceptions to this rule, of course, as some financial institutions will accept applications even in this turbulent home buying market with 10% down. Go online first and contact a couple of brokers or several lenders through a service like LendingTree.com which will find you four mortgage loan offers. Buying a Home With Private Mortgage Insurance (PMI) If you do not have the 20% down payment, then you will be required in almost every instance to buy private mortgage insurance which is also … Read more

Pricey Problems: Handling the Financial Fixes Life Unexpectedly Brings

by Guest Contributor

Found yourself in a sudden financial fix? It happens to almost everyone. These are hard money times for a whole lot of people in a whole lot of places. Of course, this forlorn financial fact doesn’t make it any easier when a money disaster happens to you.

How to Handle Unexpected Financial Disasters

A financial disaster tends to occur at the worst possible time. Read what we’re about to tell you, and you will be better equipped to handle life’s unexpected money disasters.

Expecting the unexpected

One’s financial condition can change overnight. No, it’s not fun to think about, but it is imperative that one is prepared.

If you lost your job, had an unforeseen medical emergency, or lost a lengthy lawsuit, would you be able to cope? What would you do if your family car blew a head gasket and required pricey repairs?

If lightning hit your house, would you be able to pay for emergency roof repairs? Anticipating a surprise cash crisis can help you deal with it if and when it happens. And it probably will.

Of course, it’s not always a single event that sends a person’s finances swirling down the drain. Sometimes, a number of nagging worries build to the breaking point, facilitating a veritable tidal wave of fear, stress, and anxiety. You’d probably fare a whole lot better if you had a backup plan in place. Expect the unexpected, and know what to do when a surprising money mess befalls your budget.

Managing an out of the blue move

Not all money misfortunes are the result of something awful. A person working their way up the corporate ladder may be asked to relocate to a new city to accept a higher position. While this could be fabulous news to the person being promoted, it can also be a big unexpected expense. Being transferred to accept a better job can be costly. In fact, count on it being a budget breaker unless you have an emergency savings plan in place.

The cost of moving companies and temporary accommodations in a new location can be massive. In many cases, the employer requesting the relocation will pick up some or all of the moving expenses, but it’s still wise to have a buffer of backup money, explains US News.

Steps back to financial solvency

The first step toward financial recovery is identifying the source of the problem. Do you overspend on unnecessary items? Do you remit only the minimum monthly payments on high-interest credit cards? Money woes often follow a period of financial mismanagement.

Dave Ramsey’s Baby Step 7 – Build Wealth and Give

by Hank Coleman

Get a free book such as the Total Money Makeover

I’ve written extensively about Dave Ramsey’s baby steps here on Money Q&A. You can see my overview of Dave Ramsey’s baby steps system in his book, The Total Money Makeover. There are seven baby steps that you should follow in order that will lead you to financial peace that he discusses in his book which is one of the Top Ten Personal Finance Books of all time that you should be reading. In this blog post, we discuss baby step 7. Dave Ramsey’s baby steps are… Baby Step 1 – $1,000 Emergency FundBaby Step 2 – Pay Off All Of Your Debt With A Debt SnowballBaby Step 3 – Fully Fund Your Emergency FundBaby Step 4 – Save 15% Of Your Income For RetirementBaby Step 5 – Save … Read more

Top 5 Money Mistakes Young Families Need to Avoid

by Jeremy

There are many reasons to sell mutual funds.

As a young family, it’s important that you’re making the best decision for your future and the future of your loved ones. When you’re dealing with your finances, it can be confusing navigating all of the different options. Money Mistakes to Avoid There are a couple of money mistakes that you could be making that are easy to fix, but will have an enormous impact on your family’s finances. Fixing or even staying away from these money mistakes will help lay the foundation for a secure future. Not Budgeting The most common money mistake that families are making are not budgeting their money. When you think of budgeting, you probably imagine your parents or grandparents sitting down with all of … Read more