Retirement Savings or Emergency Fund? How to Prioritize When Saving Money
As you work to build your retirement savings account, you might wonder whether you should fund other accounts as well. After all, if your end goal is to retire on a tropical island, shouldn’t you put every dime you can into your retirement savings? While saving for retirement is important—it’s one of my “big three” [...]
How a 403(b) Differs From a 401(k)
If you’re an employee whose company offers a 403(b) plan, it’s important to understand the difference between it and a 401(k) plan. Generally, nonprofit organizations such as schools and hospitals offer 403(b)s, though they may offer 401(k)s as well. For-profit companies may offer 401(k)s, but they are not allowed to offer 403(b)s. The similarities between [...]
The Insurance Implications of Divorce
No matter the circumstances, divorce can be painful—both emotionally and financially, including issues surrounding various types of insurance policies. As you work through your finances, be sure to consider the insurance implications of divorce. Auto insurance A divorced or separated couple will need to decide who will wind up with any car (or cars), and [...]
Four Ways to Make Extra Cash This Year
Ready to make more money this year? Earning extra cash doesn’t have to be a chore, as long as you’ve got a plan and the right resources. Whether you’re looking to pay off a debt faster, save more for retirement or plan for a nice vacation later in the year, boosting your income could be [...]
3 Reasons I Don’t Invest in Individual Stocks
It’s always good to see first-time investors take a stab at the stock market, especially since it has tripled in value since 2009. But sometimes they are over-eager to go “all in” on one company. A caller on my WSB radio show this week told me she was ready to invest in a company that [...]
Twelve Ways to Save $1,000 in the New Year
For people who struggle with saving money, starting small in the new year is a great first step. If you want to save an extra $1,000 in the new year, you’ll need to stash away about $83 per month. There are many different ways to save, but your success depends on your personal spending habits. [...]