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Liz Weston

Thursday’s need-to-know money news

August 4, 2022 By Liz Weston

Today’s top story: What Equifax’s credit score miscalculations mean for consumers. Also in the news: 5 ways to feel richer (even if you’re not), mortgage rates to stay high in August, and who should consider a spousal IRA.

What Equifax’s Credit Score Miscalculations Mean for Consumers
Equifax, one of the three major credit bureaus, announced that a computer coding error resulted in the miscalculation of credit scores for consumers in a three-week period between March 17 and April 6.

5 Ways to Feel Richer (Even If You’re Not)
In some ways, feeling “rich” is less about how many zeroes you have in your bank account and more about knowing how to use them to get what you want out of life.

Mortgage Rates Unlikely to Cool in August
Mortgage rates will likely rise in August as the Federal Reserve continues to yank interest rates higher.

Who Should Consider a Spousal IRA, According to a Financial Planner
You should try to find new ways to save for retirement. For some people, a spousal IRA is an option.

Filed Under: Liz's Blog Tagged With: Credit Score, Equifax, mortgage rates, retirement savings, ways to feel richer

Wednesday’s need-to-know money news

August 3, 2022 By Liz Weston

Today’s top story: Why it’s worth it to book Airbnbs for a week or longer. Also in the news: Selling direct-to-consumer custom fashions, why the upcoming Ethereum merge matters, and how to get a free or low-cost laptop for school.

Why It’s Worth Booking Airbnbs for a Week or Longer
Longer stays benefit both guests and hosts. Some hosts even offer specific discounts.

Ethereum Merge Is Coming: Why It Matters

Business Inspiration: Selling Direct-to-Consumer Custom Fashion
Bringing customers’ fashion designs to life is a key strategy for Legacy Lapels’ success.

How to Get a Free or Cheap Laptop for College
https://lifehacker.com/how-to-get-a-free-or-cheap-laptop-for-college-1849361096
If you have a financial need, these organizations may be able to equip you with a computer.

Filed Under: Liz's Blog Tagged With: Airbnb, direct-to-consumer fashion, Ethereum, low-cost laptops

Tuesday’s need-to-know money news

August 2, 2022 By Liz Weston

Today’s top story: Mortgage rates are unlikely to cool in August. Also in the news: 6 ways to support small businesses hit with inflation, has remote work changed the travel landscape, and oat milk and coffee drink are part of a major recall.

Mortgage Rates Unlikely to Cool in August
Mortgage rates will likely rise in August as the Federal Reserve continues to yank interest rates higher.

6 Ways to Support Small Businesses Hit With Inflation
Business owners explain how they’d like to see their community show up for them as prices rise.

Has Remote Work Changed the Travel Landscape?
Widespread access to remote work has changed the travel industry, perhaps for good.

A Bunch of Oat Milks and Coffee Drinks Are Part of a Majo53 nationally distributed products have been recalled due to possible bacteria contamination.
r Recall

53 nationally distributed products have been recalled due to possible bacteria contamination.

Filed Under: Liz's Blog Tagged With: inflation, mortgage rates, oat milk, product recall, small businesses, travel

Monday’s need-to-know money news

August 1, 2022 By Liz Weston

Today’s top story: After a fall, crypto winter sets in. Also in the news: A new episode of the Smart Money podcast for kids on where money comes from, can job-hopping help retirement savings, and these states are having a tax-free back to school shopping weekend.

After a Fall, Crypto Winter Sets In
Cryptocurrencies hit a rough patch in 2022, with prices falling and some companies facing serious financial issues.

Smart Money Podcast for Kids: Where Does Money Come From?
This week’s episode we take on money questions from two kids, Ellington and Langston, who want to know where money comes from, where it goes after you spend it and how to decide how much you need to save.

Can Job-Hopping Help Retirement Savings?
Changing jobs often has its pros and cons, but understanding how it hurts or helps your retirement savings can help you make more informed decisions

These States Are Having a Tax-Free Back-to-School Shopping Weekend This Month
You may be able to purchase some of your supplies without involving Uncle Sam.

Filed Under: Liz's Blog Tagged With: cryptocurrency, job hopping, kids and money, Retirement, Smart Money podcast, tax-free shopping

Q&A: Here’s what you should do about suspicious credit report activity

August 1, 2022 By Liz Weston

Dear Liz: I recently obtained copies of my credit reports from the three major credit bureaus and discovered my brother’s home address listed in the personal information section. I am extremely concerned about how and why this happened since I have never lived with my brother. This brother is the executor of our father’s estate, and the address listing was dated just before the distribution of that estate. What possible reason could my brother have for searching my credit background? I have zero communication with him because of an ongoing feud. He ignores any requests or inquiries. After I discovered this, I asked the bureaus to remove the address and put security freezes on all three credit reports, which I probably should have done sooner.

Answer: Your brother’s address wouldn’t show up in your credit reports in the unlikely event he had checked your credit. It might show up there if he had committed identity theft using your information, but if nothing else was amiss — you didn’t spot a credit account or loan you didn’t recognize, for example — then most likely the error was made by a creditor or other company that reports information to the credit bureaus.

The federal Fair Credit Reporting Act limits who can access your credit reports. Only businesses with a legitimate need to know the information can do so, and often your permission is required. You can check who has accessed your credit during the last two years in the “inquiries” section of your credit reports.

You may never discover exactly how your brother’s address wound up in your file, but you took the right steps in disputing the error and in freezing your credit reports.

For readers not as credit-report savvy: You can access your reports for free at AnnualCreditReport.com. But be careful; lots of sites want to sell you your reports from Equifax, Experian and TransUnion. If you’re asked for a credit card number, you’re on the wrong site.

When you get your reports, look for accounts that aren’t yours and other suspicious activity. Consider freezing your credit reports at each of the bureaus to prevent someone from opening new accounts in your name. You can thaw the freeze whenever you need credit, also for free.

Filed Under: Credit Cards, Credit Scoring, Q&A Tagged With: credit report, q&a

Q&A: Consider taxes before retirement

August 1, 2022 By Liz Weston

Dear Liz: I began converting two 401(k)s from previous employers to Roth IRAs. To lessen the huge tax hit, I decided to do the conversions over the course of seven years. Even with that, the tax hit is higher than I realized and too painful. Now that partial conversions have begun annually, am I required to complete the total conversion to 100%? Or can I stop midway and leave the remainder in the original accounts? Also, is there an age limit before which Roth conversions must be completed?

Answer: You don’t have to continue making conversions. (Before 2018, you could have even reversed conversions you already made, but that’s no longer possible.) There’s also no age limit for conversions, but the older you get, the less likely conversions are to make financial sense.

Conversions are a good bet if you expect to be in the same or a higher tax bracket in retirement. If you’re young and in a low tax bracket now, you can reasonably expect that to be the case.

As you approach retirement, though, the opposite may be true. Many people find their tax bracket drops once they retire. Why pay a big tax bill now if you can access the money at a lower tax rate later?

Then again, if you’re a good saver, you may discover you’ve accumulated so much that your tax bill will soar once you’re required to start taking minimum distributions at age 72. If that’s the case, then converting some of your retirement money might save you on taxes overall.

But you’ll want to discuss this with a tax pro or financial planner who can model how the conversions are likely to affect your overall finances, including any Medicare premiums, since those can increase with income.

Filed Under: Q&A, Retirement, Taxes Tagged With: 401(k), q&a, Retirement, Roth IRA, Taxes

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