Author Archive for Cynthia Rupe
Bankruptcy 101: Bankruptcy Discharges
People often file bankruptcy to get a discharge, which is a court order that states that you don’t have to pay back most of your debts. According to Justice.gov, you can only receive a Chapter 7 discharge once every eight years. Other rules apply if you previously received a discharge in a Chapter 13 case. [...]
7 Ways to Improve Your Credit Score
In every area in life, you have a reputation: School. Work. Friends. Relationships. Same goes with your finances. The way you’ve handled your credit — your spending and payment patterns — establishes your financial reputation with banks and other lenders. This reputation is converted into a financial score or credit score, commonly called a FICO score. [...]
Naming Children as Insurance and Retirement Plan Beneficiaries
As a parent of minor children, it’s understandable to want to name your children as beneficiaries on your insurance policies. You want them to be taken care, of course. However, naming children requires several important steps to make sure the children receive the money. This are several important facts to consider: Since many insurance companies, [...]
College Savings Options: Choosing a 529 Credit Card
Most credit cards offer reward programs as an incentive to make purchases with their card — the most common being airline miles, “points,” and cash back rewards, which you typically earn with every dollar you spend. But did you know you there are credit cards that contribute directly to your College Savings Plan? A 529 [...]
The Basics of a Roth IRA
When it comes to retirement savings plans, the Roth IRA (Individual Retirement Account) is one to consider. Established in 1998, the Roth IRA was created as a result the Taxpayer Relief Act of 1997. And it’s intended to do exactly that – offer tax relief. Unlike most traditional retirement accounts, the earnings on a Roth [...]
9 Facts About Capital Gains & Losses
A capital gain is a profit from an investment that yields a profit for the investor. This can be from stocks, bonds or real estate, or the sale of a personal item for which you got a profit (selling a car or boat for more than you bought it for). On the other hand, a [...]
The 411 on 401(k) Loans
In our current economy, it’s not uncommon for folks to scramble to make ends meet. To pay the bills – or unexpected expenses – “robbing Peter to pay Paul” has become the mantra of many. For many of us, that means borrowing from our 401(k). According to Kiplinger’s, Fidelity recently released a report that confirms [...]
5 Things to Know When Financing a New Car
Buying a new car is an exciting purchase, for sure, and an expensive one at that. But you can definitely save money if you know a little something about auto financing. Before you step foot in a dealership, here are a few tips that can help you come out on top: Learn your options. Check with [...]
Mortgage 101: Fixed Rate v. Adjustable Rate
If you want to buy a home, you may have no option but to take out a home loan. You do, however, have options when it comes to which mortgage you choose. There are two basic types of mortgages: fixed rate and adjustable rate mortgage (ARM). Fixed rate mortgages have set interest rates, which means [...]
Considering converting to a Roth IRA? Do it before Dec. 31, 2010!
Converting to a Roth IRA has a deadline this year – December 31, 2010. Here’s why! The $100,000 income limit to convert to a Roth IRA has been lifted, allowing everyone who is eligible to convert. A conversion is typically reported as income for the tax year it takes place, but during 2010, you can [...]
Taking Over Financial Matters for Aging Parents
Taking care of an aging parent is the reality currently facing a majority of the Baby Boomer generation. According to Forbes, when it comes to caring for aging parents, planning and preparation are key – especially when it comes to finances. Taking over the financial role of your aging parent may be difficult, and you may [...]
The ABC’s of Home Mortgage
Buying a home is the dream of most Americans, and one of the most important investments you may ever make. Due to the cost of owning a home, most home buyers must take out a home loan to so, which is called a mortgage. A mortgage is a means to pay for the home and [...]
3 Things to Square Away Before You Retire
Congratulations, you have worked hard for many years of your life and now it’s time to retire. Whether you are looking forward to staying home and relaxing, traveling the world, or a little bit of both, be sure you don’t face unexpected stresses in your most golden years. Here are three important items to make [...]
Changing Jobs? Don’t Forget Your Retirement Savings
When you leave your job, you are usually careful to pack up all of your belongings take them home with you. But what happens to your 401(k) or other employer-sponsored savings plan when you leave? Don’t forget to take your nest egg with you too! You have several options when it comes to handling your [...]
4 Ways Kids Can Help Save for College
When it comes to saving for college, most of the responsiblity for paying tuition and other expenses is naturally put on the parents. But students in jr. high and high school can also help save for college by simply doing what is required of them at school. Here are four ways: Earn good grades. Getting good [...]
Exit Strategies for Entrepreneurs
Creating an exit strategy for your business is a vital step not only for the profitability of the business, but for your financial future as well. The first thing to consider when creating an exit strategy is to take a comprehensive analysis of your business and personal finances, as well as your goals for the future. Be sure [...]
Tips For Downsizing Your Lifestyle
In our current economy, becoming frugal has become en vogue. And that’s a good thing, since so many of us have to do it! Less is more, as they say. And many of us today are finding it not only wise but incredibly gratifying to live within our means, instead of trying to balance a [...]
Pre-paid Tuition v. College Savings Plans
A 529 Plan allows for two different kinds of savings plans: a pre-paid tuition plan and a college savings plan. According to the SEC, pre-paid tuition plans generally allow college savers to purchase units or credits at participating colleges and universities for future tuition and, in some cases, room and board. College savings plans generally [...]
Saving for College: The 529 Plan
A 529 plan, also known as “qualified tuition programs,” is a savings account in which funds are set aside specifically for a student’s college education. Formerly called a Qualified State Tuition Program (QSTP), the account can be established and maintained through a qualified bank or broker. According to the US. Securities and Exchange Commission (SEC), states, [...]
Alternative Minimum Tax
Alternative Minimum Tax, also referred to as AMT, refers to the minimum amount of personal income tax owed by an individual to the Internal Revenue Service (IRS). There are two types of AMT: a personal income tax, and a corporate income tax. According to IRS.gov, “The Alternative Minimum Tax attempts to ensure that anyone who benefits [...]
