College scholarships aren’t free money

types-of-scholarshipsIt is National Scholarship Month, which means high school seniors are being exhorted to scoop up free money for college.

What they are often not told is that scholarships won from corporations, non-profits and other “outside” sources can reduce — dollar for dollar — the grants and cost-reducing financial aid they might get from colleges.

In my latest for Reuters, why college scholarships can put students who need financial aid at a disadvantage.

In my latest for Bankrate, how women can reduce the odds of ending up old and broke.

Friday’s need-to-know money news

best-emv-chip-credit-cardsToday’s top story: Busting the myths about chip credit cards. Also in the news: Relying on Social Security, how to pay for taking care of your aging parents, and how to avoid airline price surges this Thanksgiving.

5 Chip Credit Card Myths Busted
Mythbusting the chip myths.

After Budget Deal’s Surprise Cuts, Can Boomers Really Count On Social Security?
Politicians are making promises they can’t keep.

Taking Care of Your Aging Parents? It’s Going to Cost You
Preparing for the costs.

How to avoid airline price surges this Thanksgiving
Finding last-minute travel deals.

Three things you can do if you’re behind in saving for retirement
There’s still time to start catching up.

Monday’s need-to-know money news

shutterstock_101159917Today’s top story: How to avoid debt after a divorce. Also in the news: What you need to have in your financial emergency kit, why frugal people aren’t cheap, and how attempting to save money can backfire.

4 Ways to Avoid Debt After Divorce
Building your new financial life.

Your Financial Emergency Kit
What you need to have when things go wrong.

5 Ways Frugal People Aren’t Cheap
Being smart doesn’t mean being cheap.

7 ways your attempts to save money can backfire
Why saving requires a strategy.

This Cheat Sheet Shows You How to Prioritize Your Savings and Debt
Introducing the “retirement wrapper.”

Tuesday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: Most Americans have less than $1,000 in savings. Also in the news: Financial goals for new millennial parents, money mistakes that could derail your retirement, and money moves to make before your 40th birthday.

Most Americans have less than $1,000 in savings
Potentially disastrous in more ways than one.

3 Financial Goals for New Millennial Parents
It’s all about the budget.

7 Bad Decisions You Could Make in Your 30s and 40s to Derail Your Retirement
Long term reprecussions.

Money Steps to Take Before Your 40th Birthday
Retirement will be here sooner than you think.

‘Ladders’ Help You Build a Flexible Personal Finance Plan
Rung by rung.

Tuesday’s need-to-know money news

imagesToday’s top story: Financial behaviors you don’t want to pass on to your kids. Also in the news: Facts that will change how you think about money, how to find a financial advisor, and how to choose between saving or paying off debt.

11 Financial Behaviors You Don’t Want Your Kids to Learn From You
Setting the right example.

6 facts that will change how you think about money
Game changers.

How to find a financial advisor
Finding the right one.

Save or Pay Off Debt? How to Make the Tough Choice
Which works best for you?

Are you saving too much?

Zemanta Related Posts ThumbnailWe know Americans aren’t great at math, so there may be people taken in by a column headlined, “If you have savings in your 20s, you’re doing something wrong.” The post went viral, leading to counter-posts by virtually everyone in the known universe who understands how money works.

Bottom line: You can’t ignore the power of compounded returns. If you don’t know why that’s so important, Google it or read this column by Michelle Singletary in the Washington Post: “In your 20s? Don’t squander your biggest asset: time.”

Carpe diem isn’t exactly a new idea. Since the beginning of time (or at least since the invention of money), people have argued that living for today is far more important than saving for tomorrow. But smart folks do both. I traveled a lot in my 20s and 30s, including a trip around the world, and did other expensive things like learn to fly an airplane. But I also saved money–a ton of money–for retirement. And now, decades later, I have a lot of options that people who got a late start saving for retirement don’t have. I can retire early or cut way back on our savings, and we’ll be fine.

It is certainly possible to save too much, but it’s not that common. If you’ve maxed out all your retirement savings options and are looking for additional ways to save, maybe it’s time to think about loosening up (unless you’re making up for a late start). But we’re certainly not facing an epidemic of over-saving–among young people or anyone else.

 

 

Friday’s need-to-know money news

Pile of Credit CardsToday’s top story: How to fix common credit card problems. Also in the news: Why Millennials are delaying retirement savings, how to get a great deal on a car lease, and how medical debt can affect your credit score.

5 Common Credit Card Problems & How To Fix Them
Solutions to common problems.

Millennials Crushed By Debt Delay Saving For Retirement
A very costly delay.

5 Ways to Get a Great Deal on a Car Lease
Do your research.

How Medical Debt Can Affect Your Credit Score
Pay close attention to inaccuracies.

Wednesday’s need-to-know money news

Zemanta Related Posts ThumbnailToday’s top story: Why you shouldn’t cancel your old credit cards. Also in the news: How to outsmart financial spies, why Millennials should automate their savings, and the biggest money worries in your state.

3 Reasons You Shouldn’t Cancel Old Credit Cards
Protecting your debt usage ratio.

12 Tips to Outsmart Financial Spies
Be the James Bond of identity theft.

A Pre-Retiree Message To Millennials — Automate Your Savings
Saving for retirement is essential, and automation makes it easier.

This is the biggest money worry in your state…
What is your state stressing out about?

Wednesday’s need-to-know money news

mortgage2Today’s top story: How getting a mortgage just became easier. Also in the news: Downsizing to save your retirement, handling major financial disruptions, and how to avoid or minimize bank fees.

4 Ways Getting a Mortgage Just Got Easier
The process has become slightly less stressful.

Can Downsizing Save Your Retirement?
Smaller living can protect your retirement.

How to Handle a Major Financial Disruption
Prepare in advance.

9 Ways Consumers Can Avoid or Minimize Bank Fees
Banking is getting very expensive.

5 Things You Should Never Do With a 401(k)
Protect yours for the long term.

Q&A: The value of associate degrees

Dear Liz: Please continue to encourage people to look into two-year technical degrees. I got my associate’s degree in mechanical engineering and in my first job earned more than my father.

Later I worked for a company that made touch-screen point-of-sale terminals. Time and time again, I trained waiters who had bachelor’s or master’s degrees but couldn’t find better jobs. I now work for a large computer company and have folks sitting around me with those same higher degrees.

Answer: On average, people with two-year degrees are paid less than the average four-year degree holder. One in four people with associate’s degrees, however, earns more, according to the Bureau of Labor Statistics.

These jobs are often in the technical and health fields. Four of the BLS’ 30 fastest-growing job categories require two-year degrees. Those positions include dental hygienist (median annual earnings of $70,210), diagnostic medical sonographers ($65,860), occupational therapy assistants ($53,240) and physical therapist assistant ($52,160).

Other well-paying jobs with good growth prospects requiring two-year degrees include funeral service managers ($66,720), Web developers ($62,500), electrical and electronics drafters ($55,700), nuclear technicians ($69,060), radiation therapists ($77,560), respiratory therapists ($55,870), registered nurses ($65,470), cardiovascular technologists and technicians ($52,070), radiologic technologists ($54,620) and magnetic resonance imaging technologists ($65,360).