BOOKS, BLOGS AND financial programs all have a message for you: Ditch your debt. However, some finance experts say that advice is short-sighted. “Debt is a tool,” says James C. Kelly, vice president and wealth strategist with financial firm PNC Wealth Management. He likens debt to a hammer. Depending on how debt is used, you […]
When you have extra money, you can do several things with it. You could spend it, save it for a rainy day, or invest it for the future. If you’re trying to increase your wealth, you know that spending is not the best option. But choosing between saving and investing is a little more complicated. […]
Sam Dogen, a San Francisco-based blogger at the Financial Samurai, retired in 2012 when he was 34. Despite the many perks of early retirement — waking up whenever you want, for example — it wasn’t the easiest decision. Dogen said he suffered an identity crisis after giving up his title as executive director at an […]
WHEN IT COMES TO inheritance, it’s typically more gratifying to think about how to spend the newfound money than what the tax consequences might be. But earning a payout from a deceased relative comes with its own complicated tax repercussions. And spending the gifted money too quickly or thoughtlessly could result in an unexpectedly high […]
Most workers spend a lot of time thinking about themselves. That makes sense given that in most companies, whether you are promoted, get a raise, or otherwise get ahead, it requires taking an active interest in promoting yourself. Just worrying about you, however, ignores a vital part of the work experience: your co-workers. In many […]
OPEN ENROLLMENT SEASON is here. Whether you select your health insurance through an employer, Medicare or a government exchange, October and November are when most Americans have the opportunity to switch plans. While shopping for health insurance can seem overwhelming, breaking down the process can help make it easier. “If people take a step back […]
You may think hiring a financial planner is necessary only if you’re Scrooge McDuck. After all, professional money advice comes at a cost — and not exactly a small one. It varies depending on your net worth, but the average fee for holistic financial planning services is about 1% of assets under management. That may […]
With the Mega Millions jackpot at an estimated record high of $868 million ahead of Friday’s drawing, many are dreaming of what they would do with life-changing money. Neighbors of lottery winners may want to mentally prepare themselves, too. They’re more likely to go bankrupt, a 2016 study by the Federal Reserve Bank of Philadelphia […]
Saving up an emergency fund is a well-trodden piece of personal finance advice. Having a cushion in place when things get tough can mean the difference between a catastrophe and a mere setback. But debt repayment can also do wonders for your financial health. And it’s hard to get serious about saving cash when you’re […]
Most people would be better off not having mortgages in retirement. Relatively few will get any tax benefit from this debt, and the payments can get more difficult to manage on fixed incomes. But retiring a mortgage before you retire isn’t always possible. Financial planners recommend creating a Plan B to ensure you don’t wind […]
If there’s one tool that financial experts seem to unanimously love, it’s the Roth IRA. It’s often touted as the hands-down best way to save for retirement, even inspiring a full-blown movement to encourage more people to contribute. Is this retirement account really the slam-dunk experts make it out to be? Not exactly. But first, […]
Everyone has bad habits. It’s just a part of being human. I try to squash a bad habit as soon as I recognize one, and I’m sure you’re in the same boat. It’s easy to develop bad money habits early on in life, and it can be difficult to kick them even once you recognize […]
