Budgets are not fail-proof approaches to managing your money. At the end of the day it requires effort on your part to make it work. I know that my wife and I have struggled in the past to keep and stick to a workable budget. While traditional budgets are effective for some, most people still find themselves spending money on whatever they want rather than depositing their extra money in their savings account.
Read more on What is Zero Based Budgeting and How to Create a Realistic Budget…
Tags: Budgeting
If you are in the process of purchasing a home and haven’t been able to save the necessary down payment then it is important to research alternative sources of down payment funding to choose the most affordable method. While some prefer to secure a second mortgage and private mortgage insurance, others, like me, prefer cutting the expense of PMI. If you are asking yourself “can I use my 401k to buy a house” it is time to start researching your options. Always compare the cost of using your retirement account balance to other sources of funding and make the best decision based on tax implications and financing rates.
Tags: 401k/IRA · Personal Finance
Several years ago I had the opportunity to buy a rental property. It was a duplex that a friend of mine was living in. He was living in one side and renting out the other. He and his wife were about to move out of town and needed to sell his property. Long story short, we settled on a price that we both could live with and we began the process of transferring the ownership.
Read more on Buying a House with No Money Down and Why I Wouldn’t Do it Again…
Tags: Building Wealth · Personal Finance
Cleaning up a pile of debt can be a long and difficult process. Over the years, I have successfully eliminated my school loan debt, credit card debt and the inevitable car loans. However, it was not easy and required much sacrifice and many years to accomplish. My wife and I are determined to never have a car loan again. We drive highly reliable used vehicles and we are quite content with this fact. Sure, we would like to drive new vehicles but we now know what it is like to have the freedom of not having a car payment.
Read more on Reasons why Getting a Car Loan After Bankruptcy is a Bad Idea…
Without question one of the best ways to save for retirement is through a 401K retirement savings account. It is also important to stay up-to-date on new limitations and requirements from year to year. The 401K has remained one of the safest retirement investment vehicles even during the current damaging economic recession. Each year, proactive investors should plan how much they will contribute to their 401K and other retirement plans so they can achieve peace of mind in knowing they will live comfortable in the Golden Years. Unlike some retirement vehicles, 401Ks do have an annual maximum contribution limit. Be sure to understand what is the maximum 401k contribution per year and how this limit may affect you.
Read more on What Is The Maximum 401K Contribution Per Year and Why Has It Stayed the Same?…
Tags: 401k/IRA