One way to fund your child's college education is to contribute to a 529 savings plan. While each state now operates at least one of these education savings plans, students can usually attend a college anywhere in the U.S. Although a 529 savings plan is designed similar to a 401(k) or IRA, the specific features and benefits vary among states. To get the most out of your investment and gain the maximum benefit these plans offer, it is important to understand how they work.
At some point you undoubtedly will find yourself applying for some sort of loan. Whether it's to finance the purchase of new home, to help you start a business, or simply to tide you through tough economic times, this will be a very important process for you. Learn tips and strategies to make the process easier.
Playing the stock market is one part of an investment strategy that gives you a sense of having some control over your money. Keep some money in an interest-bearing savings account and invest another portion of your money in the stock market. Give yourself time to understand the basics of investing and save the more complicated features of brokerage accounts, including buying on margin, for when you are more comfortable with stock market investing.
Investing in yourself is the first tenet of financial security. When you have a small amount of money to invest from an inheritance or small and unexpected windfall, you might need a way to invest it. Finding a safe way to invest money on a regular basis will also add to your net worth and future security. Money can be kept safe from you or your family, if you need to curtail spending. Investment vehicles offering set time frames and pre-set rates of return will also be the most secure. Follow these helpful guidelines.
A budget is a way of keeping track of what you spend and where your money goes. This can keep you from overspending on extra items and help you save more money for the future. Creating a budget is a very economical way to handle your money, as well. You don't need fancy spread sheets or an accountant. All you need is your current bills, pay stubs and an idea of how much you want to save.
A share, simply put, is a unit of stock. The terms stock and share are often used interchangeably, but the technical definition is that a stock is not a countable unit, whereas a share is. When you purchase stock in a company, you purchase a certain amount of shares of that stock. Here's how to do so.
Navigating the stock market is an intimidating journey these days. The big, supposedly safe stock options suddenly aren't fool-proof. However, it's still possible to build up a diversified, safe stock portfolio that will provide a good return on your long-term investment. Here's how you get started.
Money education is an important and sometimes overlooked lesson that parents forget to share with their kids. It is important for kids to learn how to budget the money they have available to them and how to balance a checkbook. When kids see mom and dad pull out credit or debit cards, they may not realize that there is more to managing money and a checking account than just swiping a card. Any money management lesson also gives you a chance to spend time with your kids, and to gauge their basic math skills.
According to the University of Illinois' Consumer and Family Economics educator Pat Hildebrand, paying the minimum payment for $2,500 of credit card debt with 21 percent interest will cost you nearly $15,000 and take 63 years to pay off. However, with so many debt consolidation loans and debt repair services out there, it can be a real challenge to figure out what the best way to get out of debt may be. This snowball method offers fast results and works on the same principles the debt repair services use, minus the big start-up fees.
Twenty-four hours may not seem like a lot of time when you consider all that you need to get done in that time, day after day. But have you wondered how some people seem to be in control of their time, while others are frantically trying to race against it? The key lies in organizing your time and your day, so that you are able to accomplish all the important tasks for the day and are left with time for yourself.