The astonishingly high risk of a 401(k) loan

If anyone tells you a 401(k) loan is a cheap way to borrow, they are both right and very, very wrong.

401(k) loan interest rates are low. But the way many Americans repay them spells disaster.

In my latest for the Associated Press, how a reckless 401(k) loan could turn out to be the most expensive money you’ll ever borrow.

Tuesday’s need-to-know money news

Today’s top story: What would you give up to be debt free? Also in the news: What to know about alternative investments, what to buy (and skip) in August, and how money can actually buy happiness. What Would You Give Up to Be Debt-Free? Making sacrifices. Alternative Investments: What to Know Before You Buy Investments […]

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Q&A: When student debt payoff becomes complicated by identity theft

Dear Liz: I went back to school in 2002 to get my teaching credential. I took out several student loans and set up a repayment plan upon graduating with automatic deduction out of my checking account. Several years ago, the IRS started garnishing my bank account stating that there was a lien but I never […]

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Q&A: The road to homeownership should be paved with skepticism

Dear Liz: My husband is 46 and I am 43. We have been living in Las Vegas for six years. We are aware that we missed out on buying a home a few years ago. Are we chasing a dream or do you think that we might have another chance to buy a house in […]

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Monday’s need-to-know money news

Today’s top story: How to have healthy finances. Also in the news: Credit cards to pack for your road trip, learning about a Solo 401(k), and ten ridiculously easy ways to save $300 a month. Want Healthy Finances? Start Here Getting your finances in shape. Credit Card Perks to Pack for Your Road Trip Getting […]

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Friday’s need-to-know money news

Today’s top story: How much you should spend on a wedding gift. Also in the news: How health insurers are fighting opioid addiction, why new homeowners should plan for additional expenses, and how o turn your used electronics into cash. How Much Should You Spend on a Wedding Gift? Answering the age-old question. How Health […]

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Thursday’s need-to-know money news

Today’s top story: How teachers can ace retirement without Social Security. Also in the news: Why credit cards are serving big restaurant rewards, making sure your spending personality matches your credit cards, and the one mistake that can cost millennials millions. Teachers: Here’s How to Ace Retirement Without Social Security It varies from state to […]

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Wednesday’s need-to-know money news

Today’s top story: How financing a vacation with a credit card could ruin your fun. Also in the news: How immigrants can plan a comfortable retirement, how one immigrant started her financial journey in the U.S., and what to do if your defined benefit pension plan is frozen. How Financing a Vacation with Credit Cards […]

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Tuesday’s need-to-know money news

Today’s top story: How to keep an eye on your college kid’s spending. Also in the news: How to help your kid get a credit card in college, what you need to know about stock splits, and the 10 things every non-finance person needs to know about finance. How to Keep an Eye on Your […]

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How debt consolidation can go wrong

Daniel Montville knew a debt consolidation loan wouldn’t solve his financial problems, but the hospice nurse hoped it would give him some breathing room. He had already filed for bankruptcy once, in 2005, and was determined not to do it again. Montville took out the loan in 2015, but within a year he had fallen […]

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