Posts in category 'Personal Finance'

Those saving for retirement today have unique challenges compared with past generations. Many companies offered pension plans that rewarded a lifetime of work with guaranteed income for their retirement years. And if you weren't lucky enough to receive a pension, at least there was Social Security. Many retirees received both a pension and Social Security.

The world is a different place today, at least for those who are not yet retired. Pensions for most private sector employees have been all but phased out over the past few decades. And Social Security's long-term funding is a topic of ongoing policy debate. Some projections suggest that without legislative changes, the program could face pressure to reduce benefits in the coming decades - though the ti...

If you've ever tried to get in shape, you know that there's no magic formula for exercising and eating right. You need the discipline to put your knowledge to work in the real world - even when it would be so easy to grab a super-sized burger and skip that trip to the gym.

Becoming financially healthy is not so different - there are just a few things to know, but just because something is easy to understand doesn't mean it's easy to do. Luckily, you can often start to see benefits of effective financial management right away - in the form of extra cash.

The first step to financial health is to earn more money than you spend. From making sure paycheck deductions are correct to possibly moving into a higher paying job with more responsibility, unde...

Your phone rings during dinner. The caller says they are from your bank. There is a problem with your account, they explain, and action is needed right away. Maybe they mention suspicious activity. Maybe they say your debit card has been locked. Maybe they already know part of your account number, your address, or the last four digits of your Social Security number.

That is what makes impersonation scams so effective. They do not always begin with something obviously ridiculous. They begin with something familiar.

The scammer is not just asking for money. They are borrowing trust. They want you to believe that the person contacting you is a bank employee, a government official, a tech support representative, or even someone you love. Once that ha...

A strong credit score can make borrowing easier and less expensive.

That doesn't mean a credit score is the only measure of your financial health. It's not. Your score doesn't show your income, savings, values, work ethic, or worth as a person. But it can affect important financial decisions, including whether you are approved for a credit card, auto loan, mortgage, apartment, or other credit-based product.

It can also affect cost. A stronger credit profile may help you qualify for more competitive interest rates, while a weaker one may lead to higher borrowing costs or fewer options.

The good news is that building credit is not about tricks or shortcuts. It is most...

Most people can't afford to pay for a home with cash. Rather, they must qualify for a mortgage, which is a home loan, typically from a financial institution. A mortgage is made of three components:

• Down Payment - This is the amount of cash you bring to the purchase. Typical down payments range between 3% and 20% of the home's price - the higher the down payment, the lower the mortgage. On many conventional loans, a down payment of 20% or more allows you to avoid private mortgage insurance (PMI), which can add a meaningful amount to your monthly payment. PMI costs vary based on loan size and other factors, so it's worth asking your lender how it would apply to your specific loan.

• Monthly P...