As a result of the recent market turbulence in the U.S. and global stock markets, rumors of a possible recession, political rhetoric and the 24/7 media machine going into frenzy mode, we thought it best to address the most common questions we have been asked over the last two weeks. FREQUENTLY ASKED QUESTIONS: Q: Is this a repeat of the 2008 stock market problems? A: No, that’s extremely unlikely. There are few bubbles of concern today that rise to only a fraction of the housing bubble that began to unwind in 2008. The U.S. economy is solid - but not spectacular. The 8% decline in the S&P 500 so far this year has been cushioned in our … [Read more...]
Fix Your Finances, Fix Your Health
fix your financesWellness. It's not just about your waistline any more... Researchers have long known that financial stress can take a toll on physical health. The American Psychological Association says that "for people coping with existing health problems, financial and interpersonal stress can exacerbate their conditions." Now a new survey finds that sticking to financial resolutions helps people stick to fitness goals. TD Bank surveyed 1,444 American adults about their New Year's resolutions and found that 80% made health-related resolutions and 69% set financial goals. The respondents who were satisfied with their current financial condition were more likely to stick to their … [Read more...]
Holiday Budgeting Tips For Conscientious Shoppers
The decorations, the shopping mall and, of course, all those screaming retail deals mean it is time for consumers to start their holiday shopping. One of the few good things about a sluggish economy at holiday time is that it underscores the need to consider what's really essential. It's not just about being frugal; it's about being smart with our money. Setting financial priorities early is the best way to keep the year's biggest spending season worry-free and most important, debt-free. Here are some suggestions that can help you stay in line with your spending goals during the holidays and position yourself for a financially healthy and happy New Year. Revisit your gift policy: … [Read more...]
Web-Only Banking – Advantages and Disadvantages
web-only bankingMost American banks offer online banking services, but now there are banks that exist only online, and you get a good many of the services offered by traditional brick-and-mortar banks. You can scan and deposit checks and transfer funds at any time, and on any day of the year. There are savings, checking, and money market accounts available, as well as CDs, retirement accounts, educational savings plans, loans and mortgages. These "online only" banks offer free transfers, online bill pay, mobile banking and telephone banking. The question is: Are they a good place to put your money? There are advantages, and disadvantages. In the busy 21st century-world we live in, one … [Read more...]
Insurance Coverage for College Students
insurance coverage for college students Be sure to contact your insurance agents for a review of coverage for your college student. If your student goes to a college more than 100 miles away and doesn't take a car, your auto insurance premiums can drop significantly (20% on average), and he or she will still have coverage when home for the summer or holiday vacations. If your child takes a car to school, your insurance costs may rise or fall depending on the campus location. If you've recently helped a college student pack-up for school, you know that just about half of their total possessions go with them - possessions that can be very expensive to replace. Check to see that … [Read more...]
Leaving A Different Kind Of Legacy
As you prepare your estate documents, along with the usual gifts of personal property and financial assets, there is another bequest you may consider that can be just a valuable. One of the most loving gifts you can give to your family is a clear and comprehensive written “Legacy”; specifically a life’s narrative to be handed down through the generations. When you share the story of your life, you open a window to past events and make them real for your children and grandchildren. Those who hear your stories gain a sense of continuity and knowledge about where they “fit in”. Stories provide a sense of history and roots, and they transmit your values. There are more than six billion … [Read more...]
Retiring to a College Town
Retirees are flocking to university towns, drawn by the intellectual life, health care, culture, and youthful vibes. They are looking to some of the nation's most dynamic college towns for intellectual stimulation, top-shelf medical care, and new homes. According to one Oregon couple, "Why not move to Austin, Texas?", and spend the time enjoying the "cultural stimulation of a university," a better climate, great restaurants, a music scene that is "off the charts," plus no state income tax. In the past, the great magnet for retirees was Florida, but today more of them are looking beyond the Sunshine State. Now, college towns, with their vibrant cultural scenes and intellectual … [Read more...]
Money “Wasters”
money waster's Nearly everyone has holes in their budgets... And as with other kinds of leaks, you may have hardly noticed some of them. But those small drips can quickly add up to big bucks. The trick is to find the leaks and stop them so you can keep more money in your pocket. Here are a few to think about. Overspending on Auto Maintenance...Are you still paying for an oil change every 3,000 miles? Many models nowadays can last 5,000 to 7,000 miles between changes, and some even have built-in sensors to tell you when it's time to change the oil. Check your owner's manual to find the best time for your car's routine maintenance. Not Pulling the Plug on Electronics...U.S. … [Read more...]
Rethinking the Tax Refund
rethinking the tax refund Everybody loves a tax refund. But as good as it can feel to get a fat check from Uncle Sam; the best strategy for maximizing your dollars in many cases is to minimize your tax refund. A tax refund typically means you have been paying more than the appropriate amount of income tax to the U.S. government over the course of the year, providing Uncle Sam with what amounts to an interest-free loan directly from your paycheck in the form of withholding. The tax refund essentially is the government repaying you for the loan. Trouble is, not only can’t you charge Uncle Sam interest for the right to borrow your money; you’re also losing the opportunity to put that … [Read more...]
Helping Grand-kids Pay for College – A Quick Course for Grandparents
helping grand-kids pay for collegeWith college tuition costs continuing to escalate, grandparents are taking a more active role in helping to fund a college education for their grandchildren via vehicles such as a tax-favored 529 savings plan. More than half (53%) of grandparents are saving or plan to start saving to help pay for college costs, Fidelity reports in its recent 2014 Grandparents and College Savings Study. All told, those grandparents indicated they expect to contribute a median of $25,000 in college education funds for all their grandchildren, with 35% anticipating contributing $50,000 or more. Given the financial ramifications of investing in a grandchild’s education, it’s … [Read more...]
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