Ask Liz Weston

Get smart with your money

financial advice

Thursday’s need-to-know money news

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Today’s top story: How not to go broke attending holiday parties. Also in the news: Self-taught financial advisers keep it real about money, how to determine if your taxes are going up, and how to spend your extra FSA money.

You Don’t Have to Go Broke Attending Holiday Parties
Having fun without breaking the bank.

Self-taught financial advisers keep it real about money management
Knowing your limits.

My Taxes Probably Are Going Up. Are Yours?
How to determine next year’s taxes.

How to Spend Your Extra FSA Money
The clock is ticking.

Are you paying too much for financial advice?

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Investment management can cost as little as 0.25 percent of a portfolio’s value each year. Yet many people still pay 1 percent, or even more, for financial advice.

Whether they’re getting a good deal depends on exactly what they get in exchange. Spoiler alert: Many should be getting a lot more, or paying a lot less.

In my latest for the Associated Press, how to determine if you’re paying too much or getting a good deal on financial advice.

When good money advice is bad for you

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Discussing economic class is tricky in America, but the working and middle classes face vastly different financial challenges than upper-income families, and the gaps are growing wider. Good money advice for high earners could be lousy for low earners, and vice versa.

For example, certified financial planners recommend saving a three-month emergency fund before tackling other money goals.

That advice can make sense for affluent families — those who can afford a financial planner — since high earners often have enough discretionary income to create an emergency fund quickly. For families living paycheck to paycheck, the same advice could be an expensive mistake.

In my latest for the Associated Press, why good money advice isn’t one size fits all.

Thursday’s need-to-know money news

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Credit report with score on a desk
Today’s top story: How ‘Pay for Delete’ might help your credit – if you’re lucky. Also in the news: 19 less-obvious wedding costs to bake into your budget, why financial advice is still important regardless of your income, and how to make sure you’re not going to an Equifax phishing site.

‘Pay for Delete’ Might Help Your Credit — If You’re Lucky
Negotiating with a creditor.

19 Less-Obvious Wedding Costs to Bake Into Your Budget
Budgeting the entire package.

Not Made of Money? Financial Advice Is Still for You
You don’t need to be to rich.

Make Sure You’re Not Going to an Equifax Phishing Site
Don’t make matters worse.

Thursday’s need-to-know money news

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Today’s top story: 10 tax forms you need to know before you file. Also in the news: How Blacks took banking into their own hands, understanding collision and comprehensive insurance, and why you shouldn’t take financial advice from commercials.

10 Tax Forms You Need to Know Before You File
Understanding the 1099s and the W2s.

How Blacks Took Banking Into Their Own Hands
More than 18% of African Americans don’t have traditional bank accounts.

Understanding Collision and Comprehensive Insurance
The important differences.

Don’t Take Financial Advice from Commercials
Don’t forget – they’re trying to sell you something.

Friday’s need-to-know money news

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o-CREDIT-REPORT-facebookToday’s top story: How to buy your kid a good credit score. Also in the news: What keeps us awake at night, what low-income families lose by not having bank accounts, and finance lessons Baby Boomers could learn from Millennials.

How to Buy Your Kid a Good Credit Score for $200
Starting them off on the right foot.

Money, Safety and Privacy Keep Us Awake at Night
What we worry about when we try to sleep.

Low-Income Families Are Most Likely to Skip the Bank Account — and Pay the Price
Losing interest and protection.

5 Finance Lessons Baby Boomers Could Learn From Millennials
Taking advice.