Archive for May, 2009
Rebuilding Your Savings
Posted May 31, 2009 by Bernz
If you’ve seen your savings dwindle to an all-time low over the past few years then you’re not alone. Many people have been affected by the current recession and find that they have less cash on hand savings than at any other time during their lives. Rather than simply lamenting this fact the key thing is to get proactive and began to get your money working for you once again.
When looking to rebuild your savings, the thing to do is to start small and start safe. Simply choose a small amount of money that you can afford to invest and put it away consistently into a savings account. While savings accounts don’t offer incredibly high rates of return, they are extremely safe and any amount of interest you earn will be more than you would if your money was stuck under your mattress or in a coffee can in your closet. Choosing to have a small amount of money deducted regularly from your paycheck and deposited into a savings account is a fantastic way to begin to rebuild your savings.
Another safe and secure investment is a CD, or certificate of deposit. The rates they offer are usually higher than those of savings accounts because they make you keep your money in them for specific periods of time. Once a CD is purchased, your money will stay in them and accumulate interest for the term of the particular CD and once the CD matures you will get your money back with the interest it earned. If you are tempted to take out your money before the end of the CD’s term you will face penalties which can negate the effect of these safe money making tools. (more…)
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Tags: certificate of deposit, Saving Money
Posted in Financial Education, Financial Goals, Investing Basics, Saving Money | 1 Comment »
Should You Lend Money to Your In-Laws?
Posted May 21, 2009 by Bernz
Money is a sensitive issue even among family and friends. Money has ruined relationships between spouses, siblings, parents and children, and between friends. But money issues between in-laws are particularly sensitive. If this is the case for you, what can you do? Should you let your in-laws borrow money from you during difficult times? And if you decide to lend them money, can you expect it back? There are a lot of issues to consider before letting anyone borrow from you.
Even the most credit-worthy individuals can become unreliable when they borrow from family members. They might reason out that the money is between families anyway. Even with the best intentions, it is almost impossible to treat the transaction in a business-like manner when dealing with the in-laws. However, before you think that lending money to in-laws is a terrible idea, there are some points you can keep in mind. This will enable you to get repayment in an easy, efficient, and friendly manner. (more…)
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Tags: Debt, lending money, Loans
Posted in Loans, Misc | No Comments »
Is Your Home Still a Good Investment?
Posted May 15, 2009 by Bernz
Earlier in the decade, it seemed like the old adage of “your home is your best investment” was a solid piece of financial advice. Housing prices across the country, especially in coastal areas, were booming. Homeowners who had purchased their homes ten to twenty years previously were making great profits on the sale of their homes.
And then along came the housing crisis of 2008/2009. As the mortgage market tightened up, houses sat empty waiting for buyers who never came. People found it difficult to refinance their mortgages to access the built-up equity in their homes. Instead of moving up to larger homes, many chose to fix up the ones they had. Housing prices dropped like a stone with an oversupply on the market and not enough buyers.
If the value of your home is part of your long term retirement plan, this new reality must be factored in as it may be here to stay for years to come. If your home drops in value to what you paid for it or less, does it make sense as an investment tool? Yes and no. (more…)
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Tags: buying a home, home buying, real estate investing
Posted in Financial Education, Investing Strategies, Investing in Real Estate | No Comments »
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