Along with making money with their business, most small business owners also try to minimize income taxes and grow their wealth. Qualified retirement plans present an excellent opportunity to accomplish these last two objectives. While the rules for retirement plans can be confusing and you may want to consult qualified tax and investment advisors, here…
The following videos cover debt and credit cards. Dealing with Debt Minimum Payments on Credit Cards Prepaid Cards
The following videos cover credit reports and scores. Credit Reports and Scores Credit Scores Your Source for a Truly Free Credit Report? AnnualCreditReport.com
The following videos cover saving strategies to plan for your future. Saving Matters Setting Money Goals Bank Accounts Budgets Save Like Mike Ways to Save During Tax Time Make the Most of Your Tax Refund
The following videos cover how you can protect your identity. What Is Identity Theft? Why Care About Identity Theft? Don’t be an Online Victim Identity Theft Rapid Response Tips Recovering from Identity Theft Helping Victims of Identity Theft Protecting yourself from fraud Hijacked Computer: What to Do Online Shopping Tips Computer Security
Individual retirement accounts (IRAs) continue to be one of the most powerful ways to accumulate funds for a financially secure retirement, for several reasons: IRAs are convenient ways to save money. IRAs are available to everyone with wages. Earnings within IRAs are not subject to current taxation. Contributions may be deductible in some cases. Additional…
Keeping Income Tax Information There is a general three-year statute of limitation for your taxes, meaning the IRS has three years from when you file your return to start an audit (though there is no limit for fraudulent returns). You should keep documents that support items on your tax returns for three years and then…
Are Your US Savings Bonds Still Paying Interest? Many people have accumulated Savings Bonds or received them as gifts. As patriotic as it may be to own the bonds, some have stopped paying interest. Make sure yours are still working for you. Savings Bonds No Longer Paying Interest (as of 11/10/14) Series Issue Date EE…
Automatic Savings Plans to Fund College The costs of attending college are high and they keep growing. Transferring $250 each month to a child’s custodial account will accumulate to almost $39,000 over 10 years at a 4% earnings rate. Save Early For College Costs The cost of attending college is high. Many private universities cost…
Automatic Savings Plans for Your Retirement Your IRA – Transferring $458.33 each month will fund your 2015 IRA contribution of $5500 or $541.66 for a contribution of $6500 if you are age 50 or above. Additional retirement savings – Consider transferring $500 (or some other amount) from your checking account to your savings account each…
Tax Implications of Home Ownership Owning a home can provide financial and tax benefits as well as shelter and emotional satisfaction. Tax benefits can come from itemized deductions (for mortgage interest and property taxes) and preferential tax treatment of a gain when selling the home. Home Ownership – Tax benefits from itemized deductions Many taxpayers…
Financial Calculator To help evaluate your alternatives Calculate your mortgage payment This calculator shows the payments, consisting of principal and interest, for a fixed rate loan, using monthly compounding and monthly payments. Input Home purchase price $ Down payment $ Interest rate on mortgage % Amortization term of mortgage years Results Monthly payment Mortgage amount…
Financial Calculator To help evaluate your alternatives College Cost Calculator This calculator provides an estimate of the costs of college along with the amount needed to save each month to fund that cost. Calculating college costs & how much to save monthly Years until college 123456789101112131415161718 Current annual college cost (Currently $23,000 for public in-state,…
Financial Calculator To help evaluate your alternatives Savings Accumulation Calculator This calculator determines how much you need to save each month to reach a savings goal. Save for any reason Amount you want to save $ Interest rate you expect to earn % How many yearsmonths /td> Monthly savings needed Interest is compounded monthly. This…
If a vacation is in your plans, you should consider the financial aspects along with all the details of your trip. Those issues are how much is the vacation going to cost and how to pay it. Costs of the Vacation The actual costs will depend on the type of trip you plan. But, probably…
1. When interest rates rise, the value of bonds: a. rise b. fall c. stay the same b) The market values of bonds change in the opposite direction of interest rate changes. If interest rates rise, bond values fall. If rates fall, values rise. The magnitude of the value change is influenced by the length…
Individual Retirement Accounts (IRAs) are part of a financially secure retirement for many people. Regular IRAs became popular in the 1980s and the Roth IRA was created in the late 1990s. For many, balances in their IRAs have become a significant part of their net worth from contributions, rollovers from other retirement plans and growth….
Shorter-term certificates offer more flexibility, but usually with lower rates. You could get higher rates with longer-term maturities, but what happens if rates go up even more? Choosing a combination of maturities can combine the best of both…
Roth IRAs are often more attractive than regular IRAs because distributions are tax free and there are no required minimum distributions beginning at 70 1/2. The most common drawbacks with Roth IRAs are that contributions are not deductible and those with high incomes may not be eligible to make Roth IRA contributions. If a Roth…
The answer to that question is not necessarily simple. There are several factors to consider: What is your age? Do you plan to continue to work? How badly do you need or want the monthly benefits? How long do you expect to live? The first two questions are simple. The third question probably depends on…
You may want to consider municipal bonds as part of the fixed income portion of your investment portfolio. States, cities and other local authorities issue municipal bonds (munis) to fund their general activities or to fund a specific project. Their interest is exempt from federal income tax and may be free from state tax if…
1. The inflation rate for the past 10 years has averaged: a. less than 3% b. about 5% c. about 7% d. about 10% a) The average inflation rate for the past 10 years has been less than 3%. It was in the late 70s and early 80s that inflation was above 10%. 2. Certificates…
1. The average monthly Social Security retirement benefit for a retired couple is: a. about $900 b. about $1000 c. about $1400 d. more than $2000 d) In 2017, at the normal retirement, the average retirement benefit for a couple is about $2,260 per month. To reflect the impact of inflation, benefit levels are adjusted…
Click here to download the Personal Financial Life Skills PowerPoint slides. Background Most people do not like dealing with finances and many hate it. Many people feel inadequately prepared, uninformed and fearful of making mistakes. Combined with a busy lifestyle, the result is that many neglect their finances or do not give them the time…
1. Children pay lower income tax rates than adults. True False False, generally) All taxpayers are subject to the same income tax rates. Usually, children pay lower taxes because they have lower incomes. A special tax provision known as the Kiddie Tax results in children under the age of 19 being subject to tax on…
Your Individual Retirement Account (IRA) is one of the four main components of a financially secure retirement. Anyone with wages under the age of 70 ½ can contribute, the annual contribution limits have been increasing and there are tax benefits. Benefits Add Up The amount you can accumulate depends on two factors – what you…
If you are like many, you have used an increase in the value of your home and the equity you have built up as a source of borrowing through a home equity loan. Home equity loans have been attractive because they are relatively simple, flexible, usually only require payments of monthly interest and provide tax…
If you are like most Americans, your mail box is filled with offers for credit cards, mortgage refinancing and home equity loans. Many of those offers stress the benefits of moving existing balances to the new lender. While that may sound appealing, especially if the new loan offers an attractive initial interest rate, it is…
Your Individual Retirement Account (IRA) is one of the four main components of a financially secure retirement. Anyone with wages under the age of 70 ½ can contribute, the annual contribution limits have been increasing and there are tax benefits. Benefits Add Up The amount you can accumulate depends on two factors – what you…
The equity you have in your home can be a powerful tool in managing your overall financial situation. Your equity, the value of your home minus your existing mortgage, can serve as collateral for additional borrowing. Attractions of Home Equity Loans Convenience – It easy to apply and the approval processes can be fast. The…
Finding a mortgage can be a strenuous process. It can seem as though there are dozens of different types with different interest rates, different lengths and other terms. To find the “right” mortgage not only should you consider those items, you should also consider your objectives: How long do you expect to live in the…
It is more than rates, it is your objectives, too. If you are like most people, your home is your most valuable financial asset and your mortgage is your largest debt. Consequently, periodically examining your existing mortgage and potential mortgage options makes sense. As part of this review, be sure to include several factors: …
If you are planning to buy a car, you can reduce your monthly payments by increasing your down payment. Increase your down payment with an automatic savings plan. Sample monthly loan payments for a $30,000 car. (Assumes a 7% interest rate.) Down payment Loan amount Monthly payments 36 month loan 48 month loan -…
The size of your mortgage payment is determined by two factors – the interest rate and how much you borrow. There is little you can do to reduce interest rate. However, you can reduce your mortgage payment by having a larger down payment. Using an automatic savings plan is the easiest way to build your…
Credit cards can be a great convenience, but the interest rates charged on unpaid balances are usually much higher than those found with home equity loans. If you have significant credit card debt you should consider paying off the credit card balance by getting a home equity loan. If you itemize your tax deductions you…
Having more money is better than having less money. You may be thinking of a vacation, a new car, an addition to your house, your retirement or just the peace of mind that comes with having a larger balance in your savings account. There is no easier way to save than with an automatic savings…
The costs of sending a child or a grandchild to college are high and getting higher. Actual costs vary by school, but a general place to begin is to consider that today’s tuition, room, board, books, transportation, and incidentals will probably run: Private 4-year University – $45,000 Public 4-year University for in-state students – $23,000…
If a honeymoon is in your plans, you should consider the financial aspects along with all the details of your trip. Those issues are how much is it going to cost, how are you going to pay for it and what steps can you take now so you enjoy your honeymoon even more knowing it…
Add $50,000, $100,000 or even $500,000 to Your Retirement Savings Your personal savings are one of the four building blocks of a financially secure retirement along with your company’s retirement plan, your IRA and Social Security. The amounts you will receive from those last three sources are somewhat out of your control. Social Security benefits…
Adjustable rate mortgages (ARMs) became very popular a few years ago (especially 2002 to 2005) because ARM interest rates, and resulting monthly payments, were significantly less than those found with traditional 30-year fixed rate mortgages. Arms typically have 30 a year amortization schedule and an interest rate that can be adjusted after an initial rate…
If a vacation is in your plans, you should consider the financial aspects along with all the details of your trip. Those issues are how much is it going to cost, how are you going to pay for it and what steps can you take now so you enjoy your vacation even more knowing it…
Spend less than you earn. Develop a savings plan and pay yourself first. Understand the power of compounding interest. Be mindful of the future. Save and invest regularly for the short and long term. Take measures to prevent identity theft and recognize fraud. Protect yourself against large losses. Follow prudent financial practices, such as paying…
Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to review some general rules on how long you should keep different types of financial documents and how to dispose of those you don’t need. When you put a piece of paper in the trash it…
Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to discuss a few ways to keep you mail safe. The mail you receive and send includes information that deserves special attention. Everything from account numbers and balances on your financial accounts, to the name and…
Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to review some steps you should take to protect your financial information on the Internet and other types of financial electronic data. With more of our financial activities occurring over the Internet, you should be aware…
Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to review some ways to protect your credit card activities. Credit cards have become a preferred way of purchasing for many people. They are convenient, accepted by most stores, eliminate the need to carry cash, are…
Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to review some ways to protect yourself from investment scams on the Internet. The Internet has become the communication channel of choice for many investors. It is a convenient way to communicate with investment providers and…
Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to review some steps to help keep you from becoming a victim of credit identity theft. Identity theft has become one of the fastest growing crimes in America. It is happening to celebrities as well as…
Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to discuss how you can help protect your financial identity by reviewing your credit report. One step to ensure that no one has stolen your financial identity or established fraudulent credit in your name is to…
Welcome to the podcast series – Take Control of your Financial Future. In this session, we are going to review some common email scams that you should be aware of to protect your money and your personal financial information. Most email scams end up involving requests to send money, cash checks, establish business relationships,…