Archive for December, 2008

The rules of 401k hardship withdrawals

Posted December 10, 2008 by Bernz

Thinking about tapping your 401K to get through tough times? You may qualify for a hardship withdrawal if you meet certain conditions. And if you do qualify, you should expect to incur a substantial financial penalty PLUS a 10 percent early withdrawal penalty if you’re younger than 59 1/2.

These are the conditions that you or someone in your immediate family should meet.

cd_artHave outstanding and un-reimbursable medical expenses (excluding cosmetic surgery). You’ll need to supply a copy of your explanation of benefits (EOB) from your insurance company showing what part of your medical expenses are covered and which are not.

Prevention of eviction or foreclosure (on your primary residence). If you are facing eviction or foreclosure you can seek a hardship withdrawal to cover the outstanding expenses necessary to bring your account current. (more…)


Posted in 401k | No Comments »

Doing the mortgage numbers: Home buying expenses that you need to prepare for

Posted December 9, 2008 by Bernz

Thinking of buying a home? Prices are very affordable. The catch is that you must have near perfect credit. If your credit is no then seize the opportunity. Just be ready to pay for costs other than your monthly mortgage. Here’s a quick run down on the out of pocket expenses that you’ll need to cover.

mortgage1) Add a40% to your mortgage to cover property taxes, home owners insurance and maintenance. Tip: If you pay less than 20% down you can save money by having private mortgage insurance rolled into your mortgage.

2) Expect to pay 2 to 3 percent in closing fees. You can pay these in cash or fold these costs into your mortgage. (more…)

Posted in Estate Planning | No Comments »

Dear Santa please bring my kids safe toys

Posted December 8, 2008 by Bernz

If you’re the Santa in your house chances are you rushed to take advantage of Black Friday store sales. And you likely found incredible deals as the economic downturn has forced some toy retailer’s to discount their merchandise almost 70%. This amount of savings makes it easier to play Santa. But wait! Are the toys you bought for your children safe? Before you gift wrap the present better make sure.

A lot of toys have landed on the recall list for small parts that can be swallowed, or because the toy can damage skin or cause bodily injury. So, I’ve assembled a few tips to help you remember safety first when giving a child a toy.

First think: is the toy age appropriate. Little Junior might beg you for a Magtastic Dream Set, however toys that contain small magnetic components can be extremely dangerous if swallowed. Age appropriate information is typically located on the outer packaging, although it might be in small print. If you can’t find what age the manufacturer recommends then look the information up on the manufacturer’s website.

Another thing to watch out for is lead paint. Children can be exposed to lead paint or dust through their hands and fingers. There are lead test kits available, however I believe the easiest, most cost effective way to check for lead paint on toys is to find out whether the toy in question has been recalled. Just type in the name of the toy and other keywords like “lead paint” and “recall”. (more…)

Posted in Misc | 1 Comment »

Stupid Spending Test

Posted December 4, 2008 by Bernz

shopping_recessionDo you have wise spending habits? Or do you give your money up far too easily? Take this simple true and false spending test. Answer yes or no to each question, and then total the number of each response. Be honest. Good luck failing the test.

You believe that you should pay yourself first

You always review your bank statements

The majority of your grocery store items are fresh fruits and veggies

You pay for life insurance, but you are less than 30 years old and you don’t have a spouse or child (more…)

Posted in Misc | 2 Comments »

How to find foreclosed homes

Posted December 3, 2008 by Bernz

If you have the capital to make a home purchase or can get a mortgage loan you might want to consider buying a foreclosed home. Chances are you’ll have plenty of luck finding a home in foreclosure as there are about 8 million homes with negative equity and millions of home owners owe more on their house than what the house is actually worth.

First, all you might need to do is walk around your neighborhood, especially if you live in Atlanta, Miami, or Las Vegas, as these cities have the highest foreclosure rates in America.

Other ways to find foreclosed properties are:

Check with a local real estate agent. They’ll have a listing for properties in your area. (more…)

Posted in Investing in Real Estate | 1 Comment »


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