Buying and selling a home at the same time can make things complicated. Many variables must work together to create a seamless transaction and it takes a dedicated team to make this happen. You’ve identified your pain points with your current home and are ready to move on to the next phase of homeownership. Before you can buy, however, you have a home of your own to sell.
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Sometimes, big plans come with a big price tag. Tapping the equity in your home can provide the funds you want, but is this always the smartest way to pay? It all depends on your goals. Today we’re looking at some of the best ways that homeowners put their home equity to work. But before we look at these examples, let’s start with the basics:
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Driven by the rising cost of cable TV and increased number of commercial breaks, cutting cords used to be the cost-effective option to lower your monthly payments. Comparably when it comes to finding deals, online shopping provided an easy way to compare prices and get the best value without having to drive between stores. In a short amount of time, our media and entertainment options have evolved from a collection on a shelf to a cloud-based library at our fingertips – for as long as we pay the fee. As it is, subscriptions surround us. Our daily lives have shifted from making a one-time purchase to continually paying for content that promises to be the most convenient, most up-to-date, and, at one point, the most comprehensive.
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Sometimes, we get lucky and are offered a 0% interest rate promo for a specific term. This rate is frequently seen with auto loans, mattress stores, furniture stores, and for credit card promotions. For these big-ticket items, paying no interest could mean a massive savings on each payment. For loans that have an interest rate above 0%, paying them off early (provided there are no pre-payment fees) is a no-brainer: you’re saving money on interest payments and contributing more to the principal each month.
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We have all heard it before — start saving now, so you can enjoy retirement on your terms. Unfortunately, if you’re like most 20-somethings, contributing to a retirement account is a task that tends to fall down your ever-growing list of to-dos. From student loans to rent and bills, it’s easy to understand how retirement planning, like selecting a Roth vs. traditional IRA, can be neglected. In fact, it is estimated that “66% of people between the ages of 21 and 32 have absolutely nothing saved for retirement, according to the National Institute on Retirement Security. To help get you started and escape that statistic, it is helpful to consider your retirement options and understand the differences between a Roth vs. traditional IRA, two important options for any retirement strategy.
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Taxes. They’re one of the two certainties of life, according to former Philly resident Benjamin Franklin. And with the arrival of tax season comes the inevitable arrival of tax jargon – terms that would have even Mr. Franklin scratching his head. Whether you’re new to filing taxes or just need a refresher, we want to help you file with more confidence and less confusion. Understanding the basic tax terms and concepts will be key to filing your return quickly and accurately – and without overpaying. So, before you file your 2019 tax return, make sure you know these nine essential terms.
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Having a great home is key to enjoying a great quality of life. Choosing a home that fits your lifestyle, goals, and budget often begins with one big question: Should you rent or buy?
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If you’re a member of a credit union – or thinking about joining one – you’ve probably heard a well-meaning friend or relative tell you something negative they “heard” about credit unions. Unfortunately, the public sometimes gets its facts wrong about credit unions, even though our movement has millions of members worldwide. Credit unions have been around for more than 100 years, but there’s still a lot of confusion about the difference between a credit union and a bank, how credit unions work, and the benefits we offer our members. Credit unions and banks provide the same types of services, but certain characteristics set credit unions apart. Here’s the biggest difference: While banks are for-profit companies that need to earn profits for their stockholders, credit unions are not-for-profit organizations owned and operated by members. Their earnings go right back to members in the form of lower rates on loans, higher dividends on savings, fewer fees, and great service. Because each credit union member owns a share of the organization, they have equal voting rights in decisions that might affect the credit union. Members aren’t customers; they’re the boss.
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You want your child to enjoy the best opportunities, in their future career and throughout life. Supporting their higher education is one of the best ways to help make this happen. After all, it’s no secret that people who hold college degrees have a better chance of landing higher-paying jobs and earning more over their lifetime. Yet college costs are soaring: Over the last 40 years, the price of tuition and fees has increased by more than 1,100%. Not even healthcare costs have increased that quickly. Unfortunately, very few students earn enough in scholarships to cover their full education. While student loans are important, you don’t want your future college grad shouldering too much debt and struggling to make ends meet years after they’ve graduated.
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Credit cards are a valuable tool for building credit, making large purchases, or earning rewards. Still, a tool this powerful must be used carefully to prevent avoidable or unmanageable amounts of debt. If you ever find yourself in deeper than expected, don’t worry – there are several ways to tackle credit card debt, one way being debt consolidation. If your debt is spread across multiple credit cards with varying rates, that debt could potentially be consolidated on one new, lower rate card.
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