Mortgage Basics
Many home buyers search for a home they want, then apply for a mortgage and hope for the best. A better approach is to find out how much mortgage you can qualify for, then look at homes that you know are within your price range.
You will probably save time, aggravation and money by having your lender tell you the size of mortgage you qualify for and the likelihood that you will be approved. Pre-qualification may also give you added bargaining power with the seller if he knows there will be no delays in closing the deal.
Creating A College Funding Strategy
Saving for college isn't easy, but the earlier you start the better off you'll be. For example, if you save $60 a month for 17 years earning 8% per year, you will have over $25,000 by the time college begins! Taxes will reduce the amount of the portfolio.
There are several savings and investment strategies that can help you accrue money for college.
Bridging The Gap
In years past, it was often realistic for retirees to base the majority of their retirement income on Social Security benefits and traditional employer sponsored pension benefits.
Unfortunately, Social Security retirement benefits have gradually been reduced in real terms, and the age one needs to attain in order to qualify for retirement benefits has been increasing steadily. iven current retirement trends, these retirement benefits will continue to be more and more difficult for the government to fund.
What Is A Qualified Annuity
Many employers allow their employees to contribute to an annuity program. This becomes an investment option in a salary reduction retirement plan. Under this plan your current taxable salary is reduced and in addition it accumulates tax-deferred earnings. Some companies have added annuities to their retirement list. If you work for a non-profit organization you'll probably be able to choose either a fixed or variable annuity or both. If you have a small business, or work for yourself, you can invest in a qualified annuity by setting up a Simplified Employee Pension (SEP) or a Keogh. Many financial plans are available that you can adopt or you can use a specialist to create a plan for you.
Life Cycle Planning
Financial planning means something different to everyone. For some, it's about getting by on their paycheck, for others it's about watching the stock market each day.
Unfortunately, very few of us feel prepared to meet our ongoing financial obligations and objectives. Worries about money have become one of the greatest anxieties of our day.
A Living Will
You may recall that during the final weeks of his life, former President Richard Nixon refused "heroic measures" and received only palliative (comfort-easing) care at his home. Similarly, former First Lady Jacqueline Kennedy Onassis refused life-prolonging medical intervention before her death from non-Hodgkins lymphoma. Former President Nixon and Mrs. Onassis both retained control over their final medical care through use of a living will and a health care power of attorney.
Finding Scholarship Opportunities
Over 85% of the nation's schools offer various types of scholarship, granting money to college students based on a host of criteria such as academic merit, financial need, and in some cases, racial or ethnic background.
Though the application process can be complicated and redundant between scholarships, there is a great deal of money available for those who are willing to jump through the right hoops and prove their merit and/or need.
Private Mortgage Insurance
If you purchased your home paying less than 20% down, chances are you had to purchase “mortgage insurance” in order to qualify for your loan. A mortgage insurance policy protects the bank in the event they are forced to repossess your house and sell it at a loss. As with most other types of insurance, you pay a monthly premium on top of your monthly mortgage payment for this policy. A mortgage insurance policy provides the means for purchasing a house you may otherwise be unable to afford, due to a limited down payment.
