How Your 401(k) Plan Is Costing You Money
A 401(k) plan has lots of fees, and savvy investors may be aware of various investment-related charges – such as a management fee to a mutual fund manager’s or the sales commission paid when making a transaction. What most people don’t know, however, is that 401(k) plans also include several other hidden fees that can […]
When to file for bankruptcy protection
When federal authorities want to keep airline passengers informed about air safety, they use a color-coded system to convey various levels of risk. Red is the highest level – symbolizing a “severe” threat of a terrorist attack. An orange threat level means “high” risk; while green means “low” risk. What if there was a similar […]
How Can I Get a Lower Interest Rate on my Husband’s Student Loans?
Q: “I’m going crazy trying to pay my husband’s student loans off. He got three loans in the 1980s at eight percent. He has done several deferments and has acquired thousands in interest. I was behind several times, but I have everything current now. I consolidated the three loans and want to get a lower […]
Should I Take a Loan From My 403(b) Savings Plan?
Q: I have a question from a reader who wanted to know what she should do from a loan she received from her job. “I requested and received a loan from my 403(b) plan to payoff credit cards. It was for $12, 800. I was told it would take 90 days to process, but the […]
How to Get Your Finances Back on Track
Q: “I do not have credit cards, but I do have loan obligations: monthly car note, insurance payments, rent and outstanding debt that I would like to get cleared up. I need help in getting my finances back on track and getting out of financial ruin. I am in debt trying to start over because […]
Where Can I Get Help So That I Don’t Lose My Home?
Where Can I Get Help So That I Don’t Lose My Home? When financial hardship strikes—especially due to sudden job loss or mounting debt—keeping your home becomes a top priority. If you’ve already fallen behind on credit card payments and are now worried about foreclosure, know that you have options. Whether you’re considering bankruptcy or […]
Buying a Timeshare Now Requires a Credit Check—Here’s What You Should Kno
Buying a timeshare has always involved some financial commitment—but now there’s another hurdle: passing a credit check. In addition to paying upfront costs and ongoing maintenance fees, potential buyers may now be subject to credit screening, especially in resale situations. And this new requirement could impact not just buyers, but also current owners looking to […]
Will Filing for Bankruptcy Give Me a Fresh Start?
Q: I have a question from a reader who wanted to know whether or not she should file for bankruptcy protection. And her situation is a little bit complicated, so let me first lay out pretty much exactly what she wrote to me saying. She said, “Lynnette, four years ago I had really good employment, […]
Why Timing Your Credit Card Payment Matters
Q: I have a Discover card that is used for mostly all household expenses. I have had this card since 1985 and have been paying on time and I have an agreed status with the card, meaning ‘paid as agreed. ‘I normally pay off the full balance on the Discover card after the statement cycle […]
How to Use Piggybacking to Establish Credit
Q: “I am 29 and I just borrowed money from my bank to establish credit. What else can I do to establish credit without hurting myself? I am not able to get any loans or hardly anything because of my lack of credit.” A: I understand how it is to be young and trying to […]
FAFSA Season: Getting the Maximum College Financial Aid
FAFSA season, the financial aid and college admissions period, officially began January 1. If you’re hoping to earn an undergraduate or graduate degree, or are the parent of someone going to college, you need to know all you can about the FAFSA, the Free Application for Federal Student Aid. That’s the all-important document that must […]
Financial Lessons We Can All Learn From Generation Y
To hear most financial experts tell it, members of Generation Y are a coddled group of young adults who rely economically on Mom and Dad, routinely rack up big debts and don’t know the value of a dollar. But are those perceptions really true? A new study hints at a different portrait of 20- and […]
Do’s and Don’ts for Starting a New Business
African-Americans are starting new businesses in record numbers. If you’re planning to launch a new business, here are seven do’s and don’ts to help ensure your entrepreneurial success. 1. Do plan to start with your own money, not someone else’s “Unless you win a business plan contest or inventors’ competition, for the most part there’s […]
Your Financial Afterlife: Are You Ready to Rebound From Economic Setbacks?
If you’ve had recent money woes, or even a lifetime of financial problems, it’s time to create a new economic reality. It’s time to think of today as the first day of your Financial Afterlife. After Bad Credit After Bankruptcy After Budgeting Blunders After Business Failures After Collection Accounts After Court Judgments After Credit Card […]
IRS extends filing deadline for taxes to April 18
Update: This article pertains to the the 2011 tax filing season. The 2012 deadline to file your tax return is: April 17, 2012. The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. The IRS reminded taxpayers impacted by recent tax […]