Create A Financial Plan

Create A Financial Plan

Creating a Financial Plan Yourself Isn’t Difficult

You don’t have to spend a lot of money to learn how to create a  financial plan. Our tips will show how to do it for free.

A 2019 survey by a respected financial firm, revealed some interesting statistics. The survey pointed out that about 75% of individuals who had a financial plan in place paid their bills on time.

In contrast, about 35% without a plan paid their bills on time. In addition, about 65% who had a financial plan, set up an emergency fund to cover unexpected expenses. About 25% of those who had no plan, created an emergency fund for future unforeseen expenses.

Statistics like these show that anyone, regardless View full post…

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Retirement Planning Mistakes

Retirement Planning Mistakes

Do You Make These Retirement Planning Mistakes?

Retirement planning is usually difficult for a variety of reasons. Some say its equivalent to rolling the dice because retirement may be decades away and you’re forced to make spending assumptions now.

What makes it worse is that if your guess is too far off, it can make a happy and comfortable retirement into one that is a nightmare.

Once you’re already in retirement, it can be very difficult to recover financially if some unforeseen large expense occurs. Some retirees try to find a job to supplement their income, but many others cannot. Either they’re not able physically, or the job market may be cold.

The following categories where un-planned spending generally occurs creates problems for some and blows their budget out the window. View full post…

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Do I Have a Tax Free Scholarship?

Do I Have a Tax Free Scholarship?

Do I have to Pay Taxes on My Scholarship or Fellowship? Maybe.

Have you ever heard the expression “There is no such a thing as a free lunch?” When it comes to fellowships, grants and other free money from a college, you may not have a tax free scholarship.

Financial aid that you receive for higher education expenses, even when the college says its free, doesn’t mean that it is. Depending upon how the money is used, you could end up owing the IRS big bucks.

Various types of financial assistance, such as fellowship grants, scholarships, and teaching assistantships, are very important to families. Often times, it may determine if your child will be able to attend the college of his/her choice.

College tuition and other associated expenses have been rising for years. Currently, the average fees and tuition for a full-time student attending a public college in state is 25,290.00. The average for a private college is 50,900.00.

This is why its very important to find out if your free money View full post…

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Charitable Contributions – Charitable Organizations

Charitable Contributions – Six Facts You Need To Be Aware Of

You can deduct charitable contributions when you itemize deductionsRemember the bygone days when you went to your tax preparer, or perhaps in doing your own return, and you pulled a number out of the air for charitable contributions? Your preparer would ask you how much you gave and you rolled your eyes and said, well, I usually give $10.00 in cash every week for 50 weeks, or perhaps some other embellished number. The preparer wrote it down and that was it. Folks, those days are over! The IRS has focused their attention to this area and has some rather strict guidelines that must be followed…or else.

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Tax Planning for 2017

Make These Moves Now For 2017 Tax Planning

Proper tax planning is essentialSo far this year, it hasn’t been a very good one for proper tax planning by investors, and it’s doubtful if we will see any positive changes by the end of the year. China has been struggling with their economic slowdown and declining oil prices have hit us as well. Couple that with the US economy that is still floundering about because of inept policies from the current administration, and it’s no wonder investment portfolios have been hammered.

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Financial Planning for Millennials

Affordable Financial Planning for Millennials

Financial planning for millennials A recent study was done by a major financial institution on the millennial generation and their money. One of the major revelations was that approximately eighty percent of these individuals that participated in the survey, stated that they learned how to survive and save after seeing how the great recession impacted their elders. Financial planning for millennials didn’t appear to be that important.

However, almost half admitted that their greatest financial concern was debt, and because of the high debt, they were living paycheck to paycheck. View full post…

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Personal Financial Software – Take Charge of Your Spending

What Should I Look For in Personal Financial Software?

Personal financial software helps to budget I’m sure we’ve all had this situation before: you take a look at your credit card or bank statement and stare at it in disbelief. “When the heck did I spend all that money,” you think. Situations like these aren’t particularly uncommon for virtually anyone in almost any financial situation, and they serve as good illustration of why good financial prudence is necessary.

However, good financial planning often isn’t as simple as “save as much money as possible” or “just pay off your credit cards”. Rather, financial planning is often a complex strategy designed to maximize your savings, eliminate your bad debt, and give you up to date access to your net worth now and in the future.

As such, personal financial software should not only be intuitive but also give you the tools you need to keep yourself financially stable.

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Learn How To Manage Money After Marriage

How to Manage Money After Marriage

How to manage moneyWhen you say “for better or for worse” you never envision that the “for worse” could mean financial woes.  If you have debt, it is best to clear it up before marriage.  Learning how to manage money will prevent you both from repeating the same past financial mistakes and will also ensure that you are both on the same spending and saving page.

Great communication and great financial planning are important pieces that can help to ensure a long and happy marriage.  Money problems are one of the biggest stresses in any marriage.  Learning how to manage money as a couple, setting solid goals, and sticking to these goals provides a great foundation for a new or existing marriage.

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How To Pay For College

How to Pay For College & Keep Debt At A Minimum

How to pay for collegeEvery parent that has a brand new baby is a target for very aggressive new parent marketing.  Free diapers, discounted formula, baby clubs, $1 life insurance policies, and college savings programs are all a part of this direct marketing on how to pay for college.

College savings programs are something that few parents concentrate on in the very beginning of their child’s new life.  Worrying about how to pay for college is pretty far from a new parent’s sleep deprived mind.

Considering that children born in today’s world can expect to pay around $100,000 for an undergraduate degree, college savings programs seems like a very smart move.

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How To Manage Money After You’re Married

How to Manage Money after Marriage

When you say “for better or for worse” you never envision that the “for worse” could mean financial woes.  If you have debt, it is best to clear it up before marriage.  Learning how to manage money will prevent you both from repeating the same past financial mistakes and will also ensure that you are both on the same spending and saving page.

How to manage moneyGreat communication and great financial planning are important pieces that can help to ensure a long and happy marriage.  Money problems are one of the biggest stresses in any marriage.  Learning how to manage money as a couple, setting solid goals, and sticking to these goals provides a great foundation for a new or existing marriage.

Here are some important tips in working out your financial goals with your spouse.

Compare your assets, your debts, and your net worth.  Work together to get all the income and debts organized.  Get together paychecks and other sources of income, tax deductions, savings, and other investments accounts. Compare all your debts to your income. View full post…

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