Category - Budgeting

1
Career Change and Pocket Change: Financial Advice for Career Shifters
2
Don’t Let Identity Theft Ruin the Holidays
3
Inherited 401k plan
4
Financial planning for college: should you bother saving?
5
Spending on Little Luxuries Can Add Up…to More Happiness

Career Change and Pocket Change: Financial Advice for Career Shifters

The new year always gets people talking and thinking about changes they would like to make. For some, that means finally getting serious about leaving a career for which they are no longer passionate. For others, it may mean devoting time to an entrepreneurial endeavor, business start-up, or even a capital intensive passion project.

If you count yourself among either of these groups, I’ve got some advice to make that transition a lot easier on your finances. 

Depending on how dire your situation is, and how desperate you are to change, these steps can feel lengthy. But ideally, no career …

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Don’t Let Identity Theft Ruin the Holidays

As you gear up for the busiest shopping time of the year, managing your money involves more than just setting and sticking to a budget. 

Thieves, knowing that the holidays make us distracted shoppers, are just waiting for you to make the slightest slip-up that allows them to access your finances. That explains the 22 percent spike in holiday ID theft from 2016 to 2017.

Couple this with the fact that 53 percent of all holiday shopping now happens online (a hacker’s paradise!) and the odds are pretty good that even the wisest of us might make our wallets a …

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Inherited 401k plan

An inherited 401k plan isn’t necessarily a different kind of retirement plan from a regular 401k plan in the hands of the original participant. However, the rules around an inherited 401k plan are unusual enough to warrant their own review.

When an individual inherits a 401k plan, generally this individual must begin taking minimum distributions from the plan, on a preset schedule. There are a few things to consider, the first of which is whether the beneficiary is the spouse of the original owner, or another person (non-spouse).

If the beneficiary is a spouse, special options are available for handling …

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Financial planning for college: should you bother saving?

Nobody wants to pay for something, then watch someone less deserving who gets it for free. A dear friend recently raised this situation: are you a sucker for saving, while somebody else spends freely and their kid gets more money from a college?

I’ll give a very qualified yes to this—there are a few situations where it doesn’t pay (very much, at least) to save for college. Let’s say you make under $75,000 a year and have no investments beyond retirement accounts. Your family probably will qualify for some serious financial aid, and would get less if you saved into …

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Spending on Little Luxuries Can Add Up…to More Happiness

In “The Personal Finance Industry is a Scam,” a writer for GQ discusses her thoughts on why “Suze Orman’s rant against coffee is the latest in cable-news advice that puts the blame for an increasingly unequal financial system on individuals.”

The writer recalled meeting Orman years earlier as an unpaid intern saddled with heavy law school debt. Orman told her not to worry about the student loan did since it didn’t affect her credit score. The writer found this advice to be disappointing, as she was hoping to hear something that would help her get on firmer financial footing. …

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