Financial Management

Tips, Tricks, and Answers

The following articles are available for the 'Financial Management' topic. Click the article's title (shown in bold) to see the associated article.

401K Planning
Taking the time to understand your 401k and strategies for building wealth will pay off in the long term. Following the simple strategy of Diversification, Allocation, Buy and Hold and Long Term Perspective will help you make the plans you need for retirement.

Avoiding Probate
Unlike many think, dying isn't simple, at least from a financial perspective. There is a lot of legal muck to sort through and if you can reduce that then you're in a good place. Avoiding probate is a great way to reduce what you have to pay when you die and it also leaves your successors in a much better peace of mind.

Developing Financial Discipline
Financial discipline may intimidate some, but it's really like any other kind of discipline. Start simple and easy and work your way up to where you're in complete control of your finances and you'll experience true financial freedom!

Discussing Finances with Your Partner
Money discussions can be uncomfortable and frustrating, but they need not be. If you can just approach the conversation with honesty and tact then the conversation with your partner can be productive and successful.

How to Calculate Your Cost of Living
The Consumer Price Index is a measurement of a basket of goods and services. By looking at the CPI for your location you can compare your cost of living to other locations. You can also compare your cost of living to previous years. Researching the cost of living in a new location is a good idea to make sure you are getting the salary needed to maintain the standard of living you have in your current city.

Living on a Fixed Income
Living on a fixed income is a challenge. If you or a loved one is living on a fixed income it is important to stay on top of spending and make sure that each dollar goes as far as it can. To save money, you should keep a log of spending for several months and look for places to cut expenses. Whenever possible work towards building an emergency fund to take care of unplanned car repairs or appliance repairs.

Obtaining a Business Loan
The steps for a business loan are similar to those for obtaining a mortgage or car loan. The main difference is the requirement for a business plan. You can prepare for obtaining a business loan by reviewing your credit history and by writing your business plan. Be sure to have all your documentation ready when you visit with your banker or credit union.

Reading an Amortization Schedule
Amortization schedules may be daunting to think about, especially when you realize it deals with mortgages and interest and concepts of the like. Amortization schedules however aren't that hard to figure out and once you do you'll be in good shape for really managing your loan.

Strategies to Save Money
Saving money doesn't have to be complicated. The trick is to start small and make saving a habit. You can quickly accumulate a significant savings if you remember to pay yourself first, make it automatic and cut back on spending by avoiding high retail prices.

Tapping Into Your Home's Equity
There are many options for tapping into your home's equity. Banks offer several kinds of home-equity financing options from home-equity loans to home-equity lines of credit. Before putting up your home as collateral for these types of loans, you should carefully consider how you will use the money and what the term of the loan will be. You should try to keep a cushion of at least 20% equity in your home, any lower and you'll pay higher interest rates and risk an important source of emergency funds.

Unclaimed Money
Many people don't realize that they could have money sitting out there that they don't know about. With just a little bit of research, you could find unclaimed money that's rightfully yours.

Ways for Teens to Make Money
Teens have a number of ways to make money, both traditional and newer online job opportunities. You can find work through job postings and by handing out business cards to neighbors and family friends. Remember that word of mouth is a great way to generate new business. If you provide a high quality service for a good price, your customers will recommend you and you'll have no shortage of new business.

What are IRS Mileage Allowances?
The IRS allows deductions for car mileage for business travel, medical care and for charitable purposes. You can deduct your car mileage based on either the IRS standard deduction or on actual car expenses. The standard deduction has recently changed so be sure to look up the latest amount before applying them to your taxes.

What is a Portfolio?
Portfolios, while a bit vaguely understood at first, are great for investors and are key in controlling financial assets. While you may not currently or even ever need an official portfolio, you should know what they are and leave that as an option for you in taking better control of your finances.

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