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Thursday’s need-to-know money news

February 24, 2022 By Liz Weston

Today’s top story: Grimace-free ways to learn personal finance. Also in the news: How to stop anxiety from sabotaging your investments, and what to look for in a house if you want to start a family.

Grimace-Free Ways to Learn Personal Finance
Outrageous statements and flashy graphics grab attention, but there’s also plenty of sound, factually correct money content out there – and some of it is even entertaining.

How to Stop Anxiety From Sabotaging Your Investments
Fear is the mind-killer—don’t let it be the IRA killer, too.

What to Look for in a House If You Want to Start a Family
Beyond good schools and a quiet street, it helps if you can find these features.

Filed Under: Liz's Blog Tagged With: housing, investment, IRA, personal finance

Q&A: What to do when coronavirus brings job loss, debt and a housing dilemma

August 10, 2020 By Liz Weston

Dear Liz: I was employed as a tour guide for seniors but because of COVID-19, all our trips are canceled. I depended on the income because I have no other, besides Social Security, which I started at age 62. I now have credit card debt. I also needed a new car (mine was 24 years old and dying) so I’m leasing a car. The lease is up early next year and I would love to keep the car, if possible. My question is what to do with my home, where I have lived for more than 65 years. It was our parents’ home and now it’s owned equally with my brother, although because I live here, I pay everything: mortgage, taxes, insurance and so on. Should I sell my house and get an apartment? Rent it out? Get a roommate? Getting a roommate would not be my first choice, but I really want to stay in my home that I love so much.

Answer: If getting a roommate would give you enough income, then that may be the best solution — particularly since staying in your home is a top priority. Ideally, the rent you could charge would be enough to allow you to make ends meet, pay off your debt and save to buy your car.

If you’d still be running a deficit, however, then consider other solutions. If you can’t rent the home for enough to keep your head above water, then you probably should consider a sale.

One option, if your brother is amenable, is to sell some or all of your equity to him with the understanding that you could remain in the home. Make sure to get a written agreement; a lawyer could help with this. If your brother is not willing or able to buy your equity, you may have to put the house up for sale.

These are difficult changes, but your job isn’t likely to come back anytime soon. Finding a new gig, at your age and in this economy, may not be possible. Selling the house could free up some money for the future and allow you to reduce expenses rather than going deeper into debt.

Filed Under: Coronavirus, Q&A Tagged With: Coronavirus, housing, q&a

Wednesday’s need-to-know money news

January 4, 2017 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Credit score companies ordered to pay millions in refunds. Also in the news: How the Trump presidency will impact housing, how to refresh your finances in the new year, and how to become an extreme saver in 2017.

Credit Score Companies Must Refund $17.7 Million to Customers
Could you have a refund on the way?

How the Trump Presidency Will Impact Housing in 2017
A glimpse into the future.

Ask Brianna: How Can I Refresh My Finances for the New Year?

How to Become an Extreme Saver in 2017
Every penny counts.

Filed Under: Liz's Blog Tagged With: Credit Cards, credit score companies, Credit Scores, housing, President Trump, saving, tips

Thursday’s need-to-know money news

June 2, 2016 By Liz Weston

Today’s top story: Credit counseling for housing. Also in the news: What happens to your debt after you die, how to benchmark your net worth, and how to navigate five embarrassing money situations.

Credit Counseling for Housing: What It Is and What to Expect
You don’t have to go it alone.

Will Your Heirs Have to Pay Up When You Die With Debt?
Your creditors will be waiting.

How to Benchmark Your Net Worth In 3 Easy Steps
Taking stock.

How to Navigate 5 Embarrassing Money Situations
It happens to everyone.

Filed Under: Liz's Blog Tagged With: credit counseling, debt, embarrassing money situations, housing, net worth

Thursday’s need-to-know money news

May 12, 2016 By Liz Weston

common-retirement-mistakesToday’s top story: 5 expenses that will change when you retire. Also in the news: Questions for credit counselors, how to budget for a wedding that isn’t your own, and could we be on the verge of another housing crisis?

5 Expenses That Will Change in Retirement
Could you see more cash in your wallet?

7 Questions to Ask a Credit Counselor
Be prepared.

How to budget for a wedding — that’s not your own
Expenses add up quickly.

Are We Heading for Another Housing Crisis?
It’s getting easier to get a mortgage amid increasing home prices.

Filed Under: Liz's Blog Tagged With: Credit, credit counselors, expenses, housing, housing crisis, real estate, Retirement

Tuesday’s need-to-know money news

November 3, 2015 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Important financial steps to take before the end of the year. Also in the news: Alternatives to gifting a housing down payments to your kids, making your holiday donations pay off, and how to pay for college without student loans.

Critical List: Key Financial Steps to Take Before Year End
Tick tock.

Options for Parents Helping Adult Kids Buy a Home
Alternatives to gifting a down payment.

3 Tips to Make Your Holiday Donations Pay Off
Time for end-of-the-year giving.

7 Ways to Pay For College Without Student Loans
Taking an unconventional route.

Filed Under: Liz's Blog Tagged With: college, down payments, end of the year financial steps, end-of-the-year giving, housing, student loan alternatives, tax deductions, tips

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