These five tips can help your son or daughter understand budgeting
Saturday, January 31, 2009
These five tips can help your son or daughter understand budgeting
Wednesday, January 28, 2009
Disagreements about finances is the number one cause of divorce, so getting these issues out in the open and coming to an understanding before marriage can greatly increase your chances of staying out of divorce court.
We've all heard about pre-nuptial agreements among the rich and famous, but do they ever make sense for the average American? Pre-nuptial agreements can save many a bloody battle if your marriage ends up in divorce, but since most of us don't get married with an eye towards the divorce courts, we never even consider a pre-nuptial agreement.
Tuesday, January 27, 2009
Monday, January 26, 2009
By Nicholas Hall
There is quite a bit for a family to consider when thinking about saving for their children’s college fund. By 2020, you'll need an estimated $225,000 to put Junior through a private college or $105,000 for a public university. With that being said, it is fairly obvious that planning early and creating a good investment portfolio are essentials for every family looking to put their children through college. The first tip is to do you research. You need to figure out how much you will need to save and by what time will you need the money based off number of children and their ages. There are a number of different types of loans, plans, bonds, and accounts that make this a much easier process as long as you know what you need. The IRS also offers a 529 plan that allows you extra savings and tax benefits on college plans. Tip number 2 is that a little extra couldn’t hurt. Always look for ways to add to your child’s college account, this could be anything from baby showers to just cutting unnecessary costs. Tip number 3 is to make sure you diversify any risky investments and select the method that makes the most sense for your individual situation. Finally, don’t pay for your child’s college at the expense of your own retirement and remember that there are always grants and loans that can make up the missing amounts. The best way to ensure a favorable outcome is to start to save as early and possible and be smart with your investments.
Posted By: Sean Brown
Most fights that occur in a family are caused because of money related issues. When money is coming in than there are no problems, but if times are tight, having a common understanding of current family finances and what costs need to be reduced is a decision that should be made mutually between people in the family.
I feel it is necessary to involve your kids in your finances, and your family’s current financial situation because closing them off from the true realities of the financial world will not benefit them in the long run. They need to understand the importance of properly handling their finances in order to succeed when they finally do depart from the house.
The point of this is to make sure nobody in your family is financially illiterate. People no matter what the age should understand the impact of their decisions in relation to their finances otherwise we will end up staying in this downward spiral of an economy.
Posted By: Brendan Boesch
But before getting swept away with visions of matching tuxes or bridal bouquets, it may pay to ponder the monetary implications of 'til death do us part. Because while marriage—both gay and heterosexual—offers many financial benefits, it comes with potential disadvantages, too. (Only the state-regulated effects, however, apply to married gay couples, because the federal government does not recognize gay marriage.)
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posted by: Sean Brown
SALEM -- Katherine Cleland, who considers herself a savvy investor, started saving for college as soon as her two daughters were born.
But with just a year and a half left before her oldest enrolls in college, she has lost about $15,000se of her $50,000 in the Oregon College Savings Plan.
"We are now facing a very difficult time planning for college for our two girls," she told the Hou education committee Friday, her voice breaking.
The committee called plan managers, state officials and investors to testify about the deep losses in the $770 million plan with an eye toward protecting parents like Cleland in the future.
Under questioning by legislators, plan managers deflected blame for the plan's losses and said they are taking steps to improve the plan and restore investor confidence.
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Sunday, January 25, 2009
Finding financial aid for college this year promises to be tougher than any final exam. The quest for money that begins for students and parents every January has taken on new urgency in 2009 amid fears that loans and grants will be scarcer than in the past due to the recession.
"The financing system for college is in real crisis," said Barmak Nassirian, associate executive director of the American Association of College Registrars and Admissions Officers. "Every one of the participants in the system is experiencing hardship — higher education institutions, states, aid donors and families all are cash-strapped."
For more information: http://news.yahoo.com/s/ap/20090125/ap_on_bi_ge/college_financial_aid
Thursday, January 22, 2009
Even though there are more advantages of being married, there are some advantages of being on the other side of the fence, being single. Liability is a topic where being single is advantageous. For example if a couple are both doctor's, which is a high-liability profession, if one gets sued that means the other persons assets are just as liable whereas if it was one doctor only one set of assets would be at risk. Another example is if two people were trying to get married and one was in good financial standing and the other was buried in debt, it might be a bad idea for the financially stable person to get married to someone who is buried in debt. It would bring them down as well. In a situation like this it would be better to stay single. Being single usually comes without the responsibility of providing for children, whereas for a married couple being responsible for children is common. In this case, single people save more money for themselves because their expenses would be a lot less compared to a married couple with kids.
The tax breaks of being single are great too. For instance, if you had an unmarried couple who both owned property they could have a larger write off compared to a couple who owns property, even though the couple’s property might be worth more.
The advantages of being single vs. married vary, though the positives of being married may be greater, it is just a matter of which life style fits you better.
Last Updated: August 18, 2008: 9:46 AM EDT
Wednesday, January 21, 2009
IF YOU AND YOUR partner are like most couples, chances are, you fight about money. Numerous studies have shown that money is the No. 1 reason why couples argue — and many of the say those battles were the main reason why they untied the knot.
While anyone will tell you that talking about money is the first step in resolving problems, talk alone won't do the trick.
In fact, a 2004 study commissioned by SmartMoney magazine and Redbook, another Hearst publication (SmartMoney magazine and SmartMoney.com are jointly published by Dow Jones and Hearst), found that more than 70% of couples talk about money on a weekly basis. So what's the problem? "Most of us don't know how to talk about money," says Mary Claire Allvine, a certified financial planner (CFP) and co-author of "The Family CFO: The Couple's Business Plan for Love and Money."
"People tend to be emotional and reactive about money, not strategic," she says.