As you embark on retirement planning, it’s essential to understand the various investment options available in your 401(k) plan. This article will help you make informed decisions that align with your financial goals and risk tolerance. Asset Classes in Your 401(k): You control how to invest your 401(k)—if you want to. You could have your
Whether you’re just beginning your career or nearing its end, it’s never too early to think about what you want retirement to look like. The sooner you make a plan and put it into action, the more choices you’ll have in your golden years. For most people, putting together a retirement plan involves many choices,
The SECURE 2.0 Retirement Savings Act passed at the end of 2022 with more than 90 guidelines to help Americans save more for retirement, but some of the provisions are only now going into effect. Here is a highlight of the changes for 2024. Added 529 to Roth IRA Conversion Funds in 529 educational savings
Even if you’re just starting your first real job—actually, especially if you’re just starting your first real job—it’s time to start thinking about retirement. That’s not a comment on how motivated or unmotivated you are, or a suggestion that you should wish your life away. It’s just reality. That’s because you, like many people, will
A lot goes into buying a home, but one of the biggest hurdles for many is saving enough for a down payment. What is a Down Payment? A down payment is a percentage of the home’s purchase price that you pay upfront. In other words, the down payment is the part of what you pay to buy
When considering the obligations of a mortgage, principal and interest repayment aren’t the only costs to consider. You’ll need to pay annual real estate property taxes and homeowners insurance, likely through an escrow account as part of your monthly payment to your mortgage lender. Understanding Escrow Accounts An escrow account is a savings account set up and
To qualify for a mortgage loan, you’ll need to complete an application, which serves as a comprehensive financial profile. Effective collaboration with a mortgage lender can simplify the process.Your mortgage application, which includes income, debts, and house price, is what lenders use to determine whether you qualify for a mortgage loan.Because of the Federal National Mortgage
Wondering how to get your first credit card? Understanding how the process works and how to qualify for one will help ensure you’re fully prepared to take the plunge. Credit Card Basics A credit card is a powerful tool in your financial arsenal if used carefully and correctly. With a credit card, you can borrow
When people use credit, they purchase goods and services now and agree to pay for them later, often with interest. Building a good history of using credit responsibly is an important part of personal financial management.The Cost of CreditThere are many reasons people use credit. Often, it’s used to purchase things they can’t or don’t want
Finding the right credit card isn’t as easy as filling out the first application you get in the mail—or at least it shouldn’t be. To use credit to your maximum advantage, it’s best to shop around before picking the right card for your needs. Questions to Ask Yourself First, determine why you want or need
By properly managing a credit card, you can earn rewards and build your credit score, all while making your regular purchases.Get the Right CardThe first step to best using a credit card is to get the right one. That means doing your research. You should consider your spending habits and priorities when it comes to rewards.
It’s scary to find yourself in a situation where you can’t afford your monthly debt payments. Whether that’s due to a sudden life change, like a job loss or illness, or if you’ve simply found yourself unable to keep up, there are steps you can take. Time for Action Though it may feel tempting to
