When you think about your finances what’s the first thing you feel? Maybe it’s tension in your chest and the clenching of your teeth. For others you might feel yourself breathing a little faster. Your mood suddenly shifts from relatively calm to agitated, with a few four letter words escaping your lips. If any of these symptoms sound like you, you’re probably suffering from financial anxiety.
A home equity line of credit (HELOC) is a financial tool available to homeowners who have equity in their home. Although it is an option for most people, the advantages vary from person to person. A HELOC is similar to a home equity loan, but instead, the loan is in the form of a line of credit. There are advantages and disadvantages of a home equity line of credit. You should considered these factors before you decide if it is right for you.
Every financial expert talks about the importance of saving money. A lot of them have also come up with innovative ways to save, not to mention what to do with the money you’ve put aside. The problem for many people isn’t that they’re unaware of how to save money or how to invest it, though. It’s that saving money at all can be hard.
When you hit your 40s and 50s, your financial priorities shift. Almost overnight, having enough money for retirement becomes a priority. If that weren’t enough, you may also be called upon to help take care of your parents, even as you’re trying to manage your own family’s budget and send your kids to college. Sometimes it can seem like the weight of the world rests on your shoulders.
In previous blog posts, we’ve talked about why a trust fund can help you even if you’re not rich. We’ve also talked about how to set up a trust fund. However, there’s one part of a trust we haven’t talked about. If you want your trust fund to succeed, you’ll need to pick a good trustee. If you don’t, your fund may hurt your beneficiaries more than it helps.
Are you hoping to get a refund from your 2018 tax return? If so, you’re not alone. Many people intend to use their refund as a "forced savings plan," essentially withholding extra taxes on purpose in order to get a larger refund at the end of the year, instead of being tempted to spend it during the year.
The number one tip you hear again and again from financial experts is start an emergency fund. This typically means having money in a savings account that is equal to three to six months of your income. If you have no money saved, this can seem like an overwhelming task to accomplish, and it is admittedly not going to happen overnight. However, there are easy and incremental steps you can take to start building your emergency savings fund now, so you are more prepared for your future.