Accumulating wealth turns out to be a double-edged sword for business owners. It certainly has its privileges, but it also comes with additional risk exposures. In a 2011 Zogby survey, 92 percent of people with a high new worth indicated concerns over the possibility of home invasions, muggings, kidnapping, and even random street crimes.
Generally speaking, conversations about life insurance revolve around whether you should buy term or permanent insurance. However, every decision to buy life insurance begins with deciding what is the right amount of life insurance. And, integral to determining the right amount of life insurance is understanding the role of your Social Security Survivorship Benefit (SSSB).
Pat and Kelly, new parents, made a couple monthly budget adjustments upon the arrival of their first child. First, due to the added cost of day care and dependent health insurance, they decreased the amount they were saving for a house. And second, they agreed to review their life insurance needs. Pat’s sister suggested they buy $500,000 life insurance policies like she and her husband did when their child was born.
A tight housing market is leading many young adults to postpone purchasing a home, choosing instead to go the rental route. Many simply don’t want to be encumbered with a mortgage and all of the responsibilities that go with home ownership.
For young families, the immediate cost of raising a child can be testing financially. Just when you thought you were in the clear from student loan repayments and your never-ending car lease, a hungry mouth appears with countless sleepless nights and a hefty price tag attached. But diapers, baby formula, and stuffed toys aren’t the only financial burdens parents should worry about. In the hypercompetitive world we live in today, a post-secondary degree is essential...
There were 43 million renters in the U.S. in 2017, the highest number of renters in the last 50 years. Yet according to the Insurance Information Institute, only 37 percent of those currently renting have renters insurance, leaving 27.1 million renters without protection should catastrophe strike. It’s important for renters to understand that while their landlord’s homeowner’s policy would cover structural damages to an apartment or home, it will not protect the renter’s personal belongings...
If you don’t know the difference between asset-backed securities and securities, you may want to take a look at these common financial terms and their definitions. Asset Backed Securities Asset-backed securities are bonds or notes that are backed by assets such as credit card accounts receivable, auto loans, and home equity loans. Blue Chips Blue chips are well-established, well-recognized, financially stable companies. Blue Chip companies offer a variety of products and services, have been in...
Of all the things you’ll purchase in your lifetime, it’s likely that your home will be the largest, most expensive purchase you will ever make. While homes vary widely in price throughout the U.S., the median price of a home today is close to $300,000. While there are a lot of things that you can do prior to purchasing a home, such as getting your credit in order, and saving for the down payment, the...
At the end of the month, do you often find yourself with a lot less money than you expected? Do you have a hard time determining exactly what you spent your money on? Do you feel that you should have more to show for your hard work than you currently do? Are you and your spouse or partner always fighting about money? If any of these are true, you may want to consider creating a...
In a recent survey by JumpStart Coalition for Financial Literacy, only 26 percent of those between the ages of 13-21 said that they had been taught how to manage money. Yet, when they turn 18, kids are signing contracts for student loans, opening credit card accounts, and in many instances, living away from home with little financial guidance available. We have a list of classes that kids need to pass in order to graduate from...
Buying a house is one of the biggest, if not the biggest purchase you’ll make in your lifetime. Here are some tips and tricks for ensuring that the entire process is as stress-free as possible. Prior to starting your search, make sure you know how much house you can afford. It’s so easy to fall in love with a particular home, only to find out that you simply cannot afford the mortgage. To buy a...
It’s certainly no secret that healthcare costs have escalated in recent years, and there’s no reason to believe that the end is in sight. But whether you have a comprehensive health insurance policy or have purchased a catastrophic policy, there are ways to save on healthcare costs. Here are just a few: 1. Stop going to the emergency room for minor illnesses. There are many reasons why going to the emergency room is a good...
