Thursday’s need-to-know money news

Today’s top story: The Marriage Penalty could be the reason for the increase in your tax bill. Also in the news: Why credit card over-limit fees are virtually extinct, when you’re mad enough to switch banks, and a beginner’s guide to money management.

Tax Bill Going Up? It Could Be the Marriage Penalty
Congratulations!

Why Credit Card Over-Limit Fees Are ‘Essentially Extinct’
Disappearing like the dinosaurs.

Are You Mad Enough to Switch Banks?
Have you reached your limit?

Hack Your Finances in One Day: A Beginner’s Guide to Money Management
Time to get started.

Friday’s need-to-know money news

help-parents-manage-moneyToday’s top story: What retailers don’t want you to know about Black Friday. Also in the news: What to know about tax breaks for disabled individuals, how managing your money is like losing weight, and three retirement tips your not thinking about.

4 Things Retailers Don’t Want You to Know About Black Friday
You might not be getting the best deals.

What to Know About Tax Breaks for Disabled Individuals
Taking advantage of deductions.

How Managing Your Finances Is Like Losing Weight
One day at a time.

3 retirement tips you’re not thinking about
Tips that fly under the radar.

Wednesday’s need-to-know money news

Today’s top story: How to start investing. Also in the news: Inexpensive online money management classes, social media scams to watch out for, and why your busted March Madness bracket isn’t all bad news.

New to Investing? 4 Steps to Get You Started
Putting your money to work.

Your Guide to Inexpensive Online Money Management Classes
You can’t afford not learning how to manage your money.

3 social media money scams you need to watch out for
If it sounds too good to be true…

Your March Madness Gambling Losses Could Soften the Blow of Tax Season
Your busted bracket isn’t a total disaster.

Thursday’s need-to-know money news

images (1)Today’s top story: TransUnion is about to change the game for those without credit scores. Also in the news: Why managing your money seems terrifying, 12 things you should never do with your money, and money moves to make before the end of the year.

60 Million People Who Don’t Have a Credit Score Could Be in Luck
TransUnion is about to change the credit score game.

8 Reasons Managing Money Seems Terrifying
How to overcome your fears.

12 things you should never do with your money
Never ever.

Make these 10 money moves before 2015 is over
Time to get your year-end finances in order.

Monday’s need-to-know money news

o-CREDIT-REPORT-facebookToday’s top story: The ten things you need to know about credit scores. Also in the news: Five ways to save in managing your money, why passive income is worth more than active income, and six retirement planning rules for single women.

10 Things Everyone Should Know About Credit Scores
What you need to know.

5 New Ways to Save Big Bucks in Managing Your Money
How to find the lowest fees.

Why Passive Income Is Worth More than Active Income
Passive income just sits back and gets bigger.

Tax Season Is Over, But the Typical American Is Still Working for Uncle Sam
The beat goes on.

6 Retirement Planning Rules for Single Womenking
Making sure you’re prepared for the future.

What’s holding you back?

Zemanta Related Posts ThumbnailI used to belong to the “what’s wrong with you people??” school of personal finance advice.* I found it hard to sympathize with people who carried credit card debt or failed to save for retirement. Surely they knew better. So why didn’t they do better?

Turns out there are a lot of reasons, including the economic forces that have squashed so many households: stagnant incomes, high unemployment and a changing economy that scrapheaps many less-educated workers. Getting ahead is getting harder, with economic mobility in the U.S. now trailing most of Western Europe, including traditionally class-bound Britain.

Scientific research points to a number of other causes. A study of Swedish twins indicates there may be a gene for responsible money management–and most people don’t have it. The way our brains are wired also works against us. The field of behavioral economics tries to explain why we so often do what we shouldn’t, and don’t do what we should.

I wrote about some of these issues, and what you can do about them, in my latest DailyWorth column: “Are biases and beliefs keeping you from getting rich?

Faulty programming doesn’t give people a pass. If you don’t save and run up debt, you’re going to have a lot of stress now and an impoverished old age later. But knowing about the science and psychology of money mistakes could help you reprogram yourself. And this knowledge should help those who are “good with money” be a little more sympathetic to those who aren’t.

*Okay, on my bad days, with enough provocation, I can still give away to exasperated disbelief. But I’m trying to be kinder.

 

 

Thursday’s need-to-know money news

HomeHow to beat car dealers at their own game, managing your own wealth, and how to stay in your home after losing a spouse.

The Secret to Beating a Car Dealer
How to negotiate the best deal when purchasing a new car.

Why You Should Manage Your Own Money
Tips on how to manage your own wealth.

What’s the right mortgage for you?
Selecting the proper mortgage is one of the most important decisions you’ll ever make.

Where It Costs The Most (And Least) To Own A Car
See where your state ranks.

After spouse dies, how to keep the house?
Advice on how to make decisions during one of the most difficult times of your life.

Is a money manager worth the cost?

Dear Liz: My husband and I are nearing 60. The company where we both have worked for over 30 years recently merged with another firm. The money in our retirement accounts, which totals several hundred thousand dollars, will be distributed to us, and we need to figure out how to manage it.

We took your advice to interview several fee-only financial planners, and all of them are pushing for wealth management. They would manage the money in exchange for a percentage of the assets. How do we find an unbiased opinion of whether it is worth it to spend over $10,000 a year for this service rather than putting that money toward our retirement?

I find it doubtful that any of the planners can earn a return that would be worth at least $10,000 a year. We’re with Vanguard’s Target Fund 2020, which we currently use for retirement funds we have gathered outside of work.

Answer: You’re right that a financial planner — or any money manager, for that matter — is unlikely to offer returns substantially above what you would get in passive investments that seek to match the market, rather than beat it. Study after study shows that few investors, professional or amateur, can consistently outperform the stock market averages.

What wealth management should provide is a suite of services to help you in all areas of your financial life. You should get a comprehensive financial plan as well as assistance with your taxes, insurance needs and estate planning.

Your investments should be targeted to your specific needs, time horizon and risk tolerance. Your planner should advise you about sustainable withdrawal rates once you retire, so that you minimize the risk of running out of money.

Your planner should be willing to act as your fiduciary, meaning your needs come first, so you don’t have to worry about the conflicts of interest that may arise when an advisor is recommending products that pay him or her commissions. The best wealth managers, in short, provide a one-stop shop that alleviates the need for you to try to coordinate all these services yourself.

If you don’t feel you need this level of service, however, seek out a fee-only planner who works by the hour. You can find referrals to this type of fee-only planner from the Garrett Planning Network at http://www.garrettplanningnetwork.com.