Wednesday, January 31, 2018
Credit card perks
A report from CreditCards.com found that 85 of 100 frequently used credit cards offer at least one valuable perk and extended warranties are the most common. Credit cards that provide extended warranties don’t do so for all products that you buy.
Purchase security, is a benefit where your credit card company will repair or reimburse items that have been damaged, lost, or stolen.
If you buy something that drops in price within a certain time frame you can use price protection.
If you’ve tried to return an item only to find that the retailer will no longer accept it, your credit card company may be able to bail you out if it offers guaranteed returns.
You may not have realized that your credit card can help cover the cost of a new cell phone if yours is damaged or stolen. You need to pay your monthly cell-phone bill with a qualifying credit card.
And Missed-connection insurance. Travel delays can be frustrating and expensive, unless you bought your ticket with a credit card that offers travel delay or trip cancellation insurance. Figuring out what your card covers is as simple as calling the toll-free number on the back of your card and asking.
Purchase security, is a benefit where your credit card company will repair or reimburse items that have been damaged, lost, or stolen.
If you buy something that drops in price within a certain time frame you can use price protection.
If you’ve tried to return an item only to find that the retailer will no longer accept it, your credit card company may be able to bail you out if it offers guaranteed returns.
You may not have realized that your credit card can help cover the cost of a new cell phone if yours is damaged or stolen. You need to pay your monthly cell-phone bill with a qualifying credit card.
And Missed-connection insurance. Travel delays can be frustrating and expensive, unless you bought your ticket with a credit card that offers travel delay or trip cancellation insurance. Figuring out what your card covers is as simple as calling the toll-free number on the back of your card and asking.
Monday, January 29, 2018
Thursday, January 25, 2018
Highlights for January 27 Your Safe Money Show
Hope you can tune in this Saturday (January 27) at 7:30 a.m. at 95.5 FM KBEK for Your Safe Money Show.
We'll discuss how costs have gone up for home-builders around the country, and what is the cause and affect across the board, with those rising prices.
In the past if you had a question at tax time you could call the IRS. Well these days you might be better off getting help from other sources. I’ll tell you why and where to get help this tax season.
And today protecting your digital privacy is more important than ever, I’ll have strategies to boost your digital privacy and security in 2018.
You can hear the show live streamed at kbek.com, or listen at your convenience at the podcast page at yoursafemoneyshow.com.
We'll discuss how costs have gone up for home-builders around the country, and what is the cause and affect across the board, with those rising prices.
In the past if you had a question at tax time you could call the IRS. Well these days you might be better off getting help from other sources. I’ll tell you why and where to get help this tax season.
And today protecting your digital privacy is more important than ever, I’ll have strategies to boost your digital privacy and security in 2018.
You can hear the show live streamed at kbek.com, or listen at your convenience at the podcast page at yoursafemoneyshow.com.
Wednesday, January 24, 2018
In store financing
Today I want to
caution you about those “in-store financing” options you hear about.
Let’s say you need a new washer or refrigerator, many people do the “no-interest financing the store offers, makes sense, right? Well you need to be aware that these offers require a hard credit check to qualify. And a hard credit check can drop your credit score by a couple of points. Now for most people maybe that’s not a big deal, however if you’re going to be applying for major credit like a mortgage, that credit score drop can cost you in the form of a higher interest rate on the loan. That higher interest means hundreds even thousands of dollars over the life of that loan.
Next, you'll need to check the fine print carefully to make sure that the financing doesn't come bundled with a side of fees. With many no-interest loans, if you still owe any balance at all on the loan at the end of the financing period, you'll get charged interest retroactively on the entire original loan balance.
Best solution use money from your “emergency fund” to pay to replace a large appliance.
Let’s say you need a new washer or refrigerator, many people do the “no-interest financing the store offers, makes sense, right? Well you need to be aware that these offers require a hard credit check to qualify. And a hard credit check can drop your credit score by a couple of points. Now for most people maybe that’s not a big deal, however if you’re going to be applying for major credit like a mortgage, that credit score drop can cost you in the form of a higher interest rate on the loan. That higher interest means hundreds even thousands of dollars over the life of that loan.
Next, you'll need to check the fine print carefully to make sure that the financing doesn't come bundled with a side of fees. With many no-interest loans, if you still owe any balance at all on the loan at the end of the financing period, you'll get charged interest retroactively on the entire original loan balance.
Best solution use money from your “emergency fund” to pay to replace a large appliance.
Monday, January 22, 2018
Thursday, January 18, 2018
Highlights for January 20 Your Safe Money Show
More and more
people are working longer these days for a variety or reasons. We’ll look at
what jobs seem to be the most enjoyable for older workers.
Also, today, having a good credit score is so important and I’ll have ways for you to raise your credit score.
And there are benefits with credit cards that you might not even realize so we’ll go over those as well.
Listen at 7:30 a.m. at 95.5 FM KBEK Saturdays. They stream live at kbek.com. Hear recent shows podcast at yoursafemoneyshow.com.
Also, today, having a good credit score is so important and I’ll have ways for you to raise your credit score.
And there are benefits with credit cards that you might not even realize so we’ll go over those as well.
Listen at 7:30 a.m. at 95.5 FM KBEK Saturdays. They stream live at kbek.com. Hear recent shows podcast at yoursafemoneyshow.com.
Wednesday, January 17, 2018
Compound Interest
Albert Einstein was
once quoted as saying “Compound interest is the eighth wonder of the world. He
who understands it, earns it ... he who doesn't ... pays it.”
To understand the quote we need to get the definition of “compound interest”. It is interest paid both on the original amount of money and on the interest it has already earned.
Simple interest, on the other hand, is the interest on the original principle only.
Compound interest is applied to both loans and deposit accounts. Compound interest essentially means "interest on the interest" and is the reason many investors are so successful. You want savings to compound as often as possible. It's better if you compound quarterly rather than annually when you're saving money. If you're borrowing, just the opposite applies. Compound interest and time go hand in hand. Because as time goes on you will keep collecting interest and you can reinvest that interest and get more interest. That is the magic that is compounding interest! The great thing about compounding is that it doesn't require additional work on your part: you just sit back and watch your money grow.
To understand the quote we need to get the definition of “compound interest”. It is interest paid both on the original amount of money and on the interest it has already earned.
Simple interest, on the other hand, is the interest on the original principle only.
Compound interest is applied to both loans and deposit accounts. Compound interest essentially means "interest on the interest" and is the reason many investors are so successful. You want savings to compound as often as possible. It's better if you compound quarterly rather than annually when you're saving money. If you're borrowing, just the opposite applies. Compound interest and time go hand in hand. Because as time goes on you will keep collecting interest and you can reinvest that interest and get more interest. That is the magic that is compounding interest! The great thing about compounding is that it doesn't require additional work on your part: you just sit back and watch your money grow.
Tuesday, January 16, 2018
Thursday, January 11, 2018
Highlights for January 13 Your Safe Money Show
On this week's (January 13) Your Safe Money Show we have all heard “money rules or myths” and just because someone says them, doesn’t mean they’re true or the best advice. I want to dispel or at least discuss what those myths are.
As we age we all know the benefits of exercise and eating right, but there’s also things we can do when certain issues come up, that can make a huge difference in our quality and longevity of our lives.
Tune in to find out more at 7:30 a.m. Saturdays at KBEK 95.5 FM. They stream live at kbek.com. Hear recent podcasts at yoursafemoneyshow.com.
As we age we all know the benefits of exercise and eating right, but there’s also things we can do when certain issues come up, that can make a huge difference in our quality and longevity of our lives.
Tune in to find out more at 7:30 a.m. Saturdays at KBEK 95.5 FM. They stream live at kbek.com. Hear recent podcasts at yoursafemoneyshow.com.
Wednesday, January 10, 2018
Tuesday, January 9, 2018
Life Expectancy
Life expectancy, when planning for your retirement, is
more important today than ever before, because statistics show we are living
longer than ever before. For some people retirement is lasting 30 years or
longer.
Between 1980 and 2010, the population age 90 and older
nearly tripled, reaching 1.9 million people, according to the Census Bureau.
Over the next four decades, the 90-plus demographic is expected to quadruple.
When I meet with a client we discuss their family
history and factor in longevity as we formulate their retirement plan along
with many other factors.
Many people, when planning for retirement, tend to
underestimate their life expectancy and, as a result, tend to overestimate how
much they can spend after they retire. While they’re working people don’t save
as much thinking their expenses will go down in retirement, but that isn’t
always the case.
As a retirement income planner my job is to help
insure you'll have enough income to last all the way through your retirement.
Monday, January 8, 2018
Thursday, January 4, 2018
Highlights for January 6 Your Safe Money Show
Sure hope you can tune in this Saturday morning January 6th for Your Safe Money Show on KBEK at 95.5FM at 7:30. They stream live at kbek.com.
I know you’ve been hearing about the new tax law and I want to break down how that will affect us as tax payers.
And with this new year let’s see what you can expect for your personal finances and I’ll have ways to build your budget for 2018.
To hear recent podcasts or to contact us go to yoursafemoneyshow.com.
I know you’ve been hearing about the new tax law and I want to break down how that will affect us as tax payers.
And with this new year let’s see what you can expect for your personal finances and I’ll have ways to build your budget for 2018.
To hear recent podcasts or to contact us go to yoursafemoneyshow.com.
RMD's
RMD’s, Required Minimum Distributions are defined as the amount that traditional, SEP or SIMPLE IRA owners and qualified plan participants must begin distributing from their retirement accounts by April 1 following the year they reach age 70 and a half.
Let me explain, Contributions to traditional IRAs and 401(k) accounts are not taxed upfront, but the U.S. government gets its due down the road. When you reach age 70-1/2, a certain amount of your tax-deferred savings in IRAsand most 401(k) accounts must be drawn down every year under the Required Minimum Distribution (RMD) rules.
And younger people may need to take RMDs on inherited IRAs.
If you miss paying an RMD you can get a 50% tax penalty, plus interest on the amounts you failed to draw on time.
The amount of RMD you owe is determined by your age, account balance and life expectancy. Retirees below the RMD age should consider planning steps to reduce their future potential impact.
If you have questions or would like more information call 320-679-5183, or go to the website yoursafemoneyshow.com.
Let me explain, Contributions to traditional IRAs and 401(k) accounts are not taxed upfront, but the U.S. government gets its due down the road. When you reach age 70-1/2, a certain amount of your tax-deferred savings in IRAsand most 401(k) accounts must be drawn down every year under the Required Minimum Distribution (RMD) rules.
And younger people may need to take RMDs on inherited IRAs.
If you miss paying an RMD you can get a 50% tax penalty, plus interest on the amounts you failed to draw on time.
The amount of RMD you owe is determined by your age, account balance and life expectancy. Retirees below the RMD age should consider planning steps to reduce their future potential impact.
If you have questions or would like more information call 320-679-5183, or go to the website yoursafemoneyshow.com.
Tuesday, January 2, 2018
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