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Dropouts, addicts and teachers: must-read stories for this week

December 12, 2013 By Liz Weston

iStock_000016702801XSmallMy column for Reuters this week covers the perils facing community college students who “stop out” once too often. Reuters also posted an excellent piece on the financial toll addicts take on their families, plus a column on what teachers really want for the holidays (hint: it’s not another coffee mug!).

That break from college? Stopping out leads to dropping out
Taking a break from college isn’t unusual, but taking more than one can doom a student’s chances of getting a four-year degree.

The financial realities of living with an addict

More than 22 million Americans abused drugs or alcohol in a recent survey. What’s a family member to do? Experts offer some advice.

Holiday gifts teachers really want
Teachers share what gifts have meant the most to them over the years.

Finally, don’t forget to enter this week’s book giveaway. Time’s running out! Details here.

Filed Under: Liz's Blog Tagged With: college, college costs, college students, Student Loans

Join our credit chat tomorrow

December 12, 2013 By Liz Weston

liz-credit-mythsI’ll be hosting a live video panel discussion about credit myths and facts tomorrow, Dec. 13, at noon Eastern/9 a.m. Pacific. Joining me will be John Ulzheimer of SmartCredit.com, Gerri Detweiler of Credit.com and Maxine Sweet of Experian.

This is a reprise of a conversation we had at FinCon13, the financial blogger conference held in St. Louis this fall. People there really seemed to get a lot out of it, so we thought we’d share our insights with a broader audience.

My panelists have the inside scoop on the credit industry. John has more than two decades’ experience working in the consumer credit industry, including stints with credit bureau Equifax and credit score creators Fair Isaac (creators of the FICO scoring formula). Gerri’s my go-to expert on consumer credit and debt collection; she’s also the author of the books “The Ultimate Credit Handbook” and “Slash Your Debt.” Maxine Sweet leads Experian’s consumer education efforts and knows how to give clear, concise (and correct!) answers to your questions.

You’ll find the live video stream here. Please bookmark the site and join us tomorrow for insights you won’t find elsewhere. Thanks!

Filed Under: Liz's Blog Tagged With: Credit, Credit Cards, Credit Scores, debt, FICO scores

Thursday’s need-to-know money news

December 12, 2013 By Liz Weston

Today’s top story: Year-end tax tips from the experts. Also in the news: rescuing your 401(k), 2014 tax tables, and tips for combating financial holiday stress.

Year-End Tax Tips For 2013 From Tax Experts
These tips could make a big difference in your tax return.

Are You Doomed If Your 401(k) Has Bad Fund Choices?
Not if you’re aggressive.

2014 Tax Tables: What They Mean for Your Taxes
Getting ready to file.

7 Tips for Coping With Holiday Financial Stress
Combating holiday money woes.

Shopping for a Health Savings Account
Putting money aside for out-of-pocket medical expenses.

Filed Under: Liz's Blog Tagged With: 401(k), health savings account, holiday spending, HSA, out-of-pocket medical expenses, Retirement, tax return, tax tables, tax tips

How to protect your 401(k) in a frothy market

December 11, 2013 By Liz Weston

iStock_000002401817XSmallReader Claudia asks how she can lock in her recent investment gains:

“Is there a way to protect the growth on a 401K? From your post, it doesn’t appear that there is. It appears that the initial investment along with any growth is left to the mercy of the economy, market, etc.”

You actually can “take some money off the table” by switching it to the lower-risk options in your account, such as stable value funds, short-term bond funds and money market funds. The problem is that you won’t get much if any growth on that money going forward. And most of us will need a lot of growth if we want to retire someday.

Everyone’s 401(k) got hammered in 2008-2009. The people who made the damage permanent, though, were the ones who bailed out of the stock market and missed the subsequent run-up.

Investing in the stock market is scary, but over the long run stocks outperform every other type of investment and give us the inflation-beating growth we’ll need to retire.

So rather than trying to time the market, which doesn’t work, consider putting your anxiety to good use by reviewing your asset allocation—your mix of stocks, bonds and cash—and see if it makes sense given your goals.

How do you know the right balance? Your HR department may have resources, or you can use an online resource such as Financial Engines or Jemstep to give you advice. Another option is to simply use the “lifestyle” or “target date” options your 401(k) probably offers. These funds do all the heavy lifting for you, allocating your money and rebalancing automatically so your portfolio doesn’t get too far out of whack.

Filed Under: Liz's Blog Tagged With: 401(k)s, Investing, Retirement, retirement savings, stock market

Wednesday’s need-to-know money news

December 11, 2013 By Liz Weston

Today’s top story: Choosing the best credit card. Also in the news: Financial predictions for 2014, financial resolutions for Millennials, and how to manage ballooning credit card debt.

Which credit card is the best?
Don’t get sucked in by perks you’ll never use.

3 Financial Predictions For 2014 That Will Be Good For Your Wallet
Credit scores are about to become more realistic.

Nine Financial Resolutions For Millennials
How to start 2014 off right.

Manage Ballooning Credit Card Debt
What to do when that 0% interest rate runs out.

A Little-Known Credit Card Perk That Can Save You Big
Disputing charges is much easier when you’ve used a credit card.

Filed Under: Liz's Blog Tagged With: 2014, Credit Cards, Credit Scores, disputes, interest rates, predictions

Tuesday’s need-to-know money news

December 10, 2013 By Liz Weston

Today’s top story: Five things that won’t hurt your credit score. Also in the news: The Golden Rules of personal finance, which banking costs to avoid while shopping for the holidays, and why the holiday season might be the best time to purchase a new home. Gift

5 Things That Won’t Hurt Your Credit Score
You can no longer use your credit score as an excuse for not getting married.

The Golden Rules of Personal Finance
The answers to some of the most common personal finance questions.

5 Banking Costs to Avoid This Holiday Shopping Season
The banks don’t need any presents.

4 Reasons to Buy a House During the Holidays
Less competition during the holidays could save you money.

Will the Body Shop Cut You a Deal?
Car repairs don’t have to crash your wallet.

Filed Under: Liz's Blog Tagged With: bank fees, buying a home, car repairs, Credit Scores, real estate

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