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Friday’s need-to-know money news

March 21, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: You cannot hide from debt collectors. Also in the news: Why you’re losing money with your savings account, the most important document you’ve been ignoring, and how to talk to your child about your finances.

Why You Can’t Hide From Debt Collectors
They specialize in relentless.

Why you’re losing money by stashing cash in a savings account
Your checking account could provide more favorable terms.

The most important document you’ve never read
Meet the Free Disclosure Statement.

Smart Money: Five Essential Financial Discussions for Parents and Children
Including your children in the conversation.

Child Tax Credit: Are You Eligible?
Taking advantage of a way to reduce your tax bill.

Filed Under: Liz's Blog Tagged With: 401(k), child tax credit, debt, debt collectors, Kids, money talk, savings account

Wednesday’s need-to-know money news

March 19, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: How credit cards can hurt your credit without charging a dime. Also in the news: Protecting yourself from tax scammers, top 10 tax tips for individuals, and five things that could trigger a larger tax bill.

Why Applying for Lots of Credit Cards Can Hurt Your Credit
Hard inquiries can lower your score.

E-Filing Your Taxes? Here’s How to Protect Yourself from Scammers
Keeping your information safe.

Top 10 tax tips for individual taxpayers
AICPA’s top 10 tax tips

5 Things That Could Trigger a Bigger Tax Bill
Some of these may surprise you.

How To Manage Your Biggest Investment: Your Kids
You’ll spend at least a quarter of a million dollars on your kid.

Filed Under: Liz's Blog Tagged With: Credit Score, Identity Theft, Kids, tax bills, tax tips

Advisors to women: Don’t quit

March 11, 2014 By Liz Weston

Zemanta Related Posts ThumbnailWomen with young children often discover that child care costs eat up much of what they earn. If they’re married to a big earner in a high tax bracket, they could lose most of the rest of their wages to high marginal tax rates.

But advising them to quit working is short sighted, two Certified Financial Planners suggest in the most recent issue of the Journal of Financial Planning.

Jerry A. Miccolis and Marina Goodman note in “Advising Married Women on Investing–in Themselves” (may be restricted to FPA member access only) that child care costs usually drop when the kids enter school while the mother’s income typically rises over time. Stopping out, meanwhile, often leads to lower lifetime earnings. The authors suggest women view those early years, when they’re working for not much financial gain, as an investment in their future–sort of an extended internship, if you will. They write:

“[W]ork experience leads to career advancement, which could have a quantum-level impact on her financial future. Say a woman spends five years working while getting no financial benefit due to taxes and child care costs. Her youngest then enters school and suddenly child care costs plummet. After five years of experience, she may get promoted and now her income may be $75,000. If, instead, she was just starting out at that point, she would be earning $50,000. (We’re ignoring inflation in this simple example—it would, of course, merely magnify the effects.) The difference is not $25,000. It is more like being an entire professional level higher for the next 30 years. Over the course of a career it can be the difference between middle management and eventually being in the C-suite.”

The authors note that “A woman’s ability to earn a decent salary is the most comprehensive insurance policy she can have.” Staying employed, even part time, and keeping up any professional credentials can help her family if her partner loses a job, becomes disabled or suffers a business setback. It can also be an insurance policy for her in the far greater risk of divorce:

“Even among upper-income families, many women would still experience a significant decline in lifestyle upon divorce, especially if they have no means of supporting themselves. The risk that a woman will get divorced is greater than the sum of the risks of her husband’s premature death, disability, or just about any other financial catastrophe all put together.”

This information may be most relevant for the kinds of women financial planners are most likely to advise: college-educated women with careers, rather than jobs. The price for stopping out may be less if you’re in a low-wage, low-skilled job rather than one where significant financial advances are possible. But any parent contemplating time away from work should be looking at the longer term financial picture, and those who choose to stay home should make sure they have significant savings to help offset their greater financial vulnerability.

Filed Under: Liz's Blog Tagged With: financial advice, Kids, parenting, women and money

Thursday’s need-to-know money news

February 6, 2014 By Liz Weston

Today’s top story: The long wait for credit card rewards. Also in the news: Simple money lessons to teach your kids, tips on switching your car insurance, and how to impress your loved one on Valentine’s Day without going broke.images (2)

Where the Heck Are My Credit Card Rewards?
Waiting is the hardest part.

5 Super Simple Money Lessons To Teach Kids Of All Ages
Starting off on the right foot.

7 Smart Steps to Switching Your Car Insurance
Don’t let your car become a financial liability.

7 Ways to Say ‘I Love You’ Without Breaking the Bank
You don’t have to go to Jared.

When Not to Use Tax Software: Should Man or Machine Be Your Accountant?
Complex finances should be left to the experts.

Filed Under: Liz's Blog Tagged With: car insurance, credit card rewards, Kids, money lessons, tax software, Taxes, valentine's day

Monday’s need-to-know money news

February 3, 2014 By Liz Weston

Today’s top story: What to do with those savings bonds you received as a kid. Also in the news: Teaching your kids about personal finance, tips on becoming debt free in 2014, and when you can finally say goodbye to the old debt lingering on your credit report. Zemanta Related Posts Thumbnail

What to Do With a Childhood Savings Bond
Is it time to cash in every child’s least favorite gift?

Kids and Money: New online sites help manage personal finances
Teaching kids about personal finance doesn’t have to be a chore.

5 Tips for Becoming Debt Free in 2014
Make this the year you vanquish your debt.

When does old debt fall off credit report?
Saying goodbye to that old credit card from seven years ago.

Don’t Be a Victim of Fraud: 9 Simple Ways to Protect Your Financial Data
Keeping your data safe from exploitation.

Filed Under: Liz's Blog Tagged With: credit report, data theft, debt, Kids, savings bonds

Wednesday’s need-to-know money news

January 15, 2014 By Liz Weston

Today’s top story: The key factors to getting the lowest mortgage rate. Also in the news: Personal finance trends for 2014, how to make teaching your kids about money fun, and what you can do to make good financial decisions all day long. girlcoins

The Most Important Factors to Getting the Lowest Mortgage Rate
Your credit score is key.

5 personal finance trends to expect in 2014
Mortgage rates will begin to slowly increase.

Making Financial Literacy Fun
Teaching your kids about money doesn’t have to be torture.

5 Ways to Make Good Money Choices All Day Long
Daily reminders can be a big help.

10 money lessons from elderly Americans
Advice from those who have seen it all.

Filed Under: Liz's Blog Tagged With: financial advice, financial choices, financial literacy, Kids, mortgage rates

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