Having high credit limits can sometimes seem like a validation of our financial success. If these lenders allow you to borrow such a large amount, they must think well enough of you and you are therefore you must be successful. For younger adults, it can even be fun competing with your friends to see who … Read more Is it Good to Have a High Credit Limit?
When you own rental property, you are essentially running a small business. This means that you can use your business expenses to reduce your business income, thus reduce your overall taxes. It is not uncommon for rental property investors to pay no income tax at all. Here are ten primary tax deductions for rental property … Read more Top 10 Tax Deductions for Landlords
This is a recurring debate – should you buy insurance on the cheap, through a term policy, or should you opt for whole life insurance with its cash value/investment feature and coverage for life? The answer will depend on where you are in life (often how old you are), but will usually favor term in … Read more Term Life vs Whole Life Insurance: Which One is Better for You?
We can all see the benefits of having a large retirement portfolio. If it’s big enough, it can provide you with a standard of living comparable to — or even higher than — the one that you have when you’re working. But let’s face it, not everyone will have a retirement portfolio that will be … Read more Should You Pay Off Debt or Save for Retirement?
The tax year is over, so it’s too late to come up with ways to lower your tax bite. Or is it? Below are six strategies to reduce your taxable income, and all they will take is a closer look at expenses you had during the year, or even to create some now that will … Read more 6 Strategies to Reduce Your Taxable Income
The chorus that can be heard from financial planners recommending against buying whole life insurance is deafening. Most strongly recommend that you instead use term life insurance. Not only is term life insurance much less expensive, but you can also duplicate the non-insurance features of a whole life insurance policy yourself for less money and … Read more Why Whole Life Insurance Works Better for Kids
The United States may be one country, but there are variations in the cost of living from one state to the next, and they can be substantial. Not everyone can afford to pick up and leave the state they’re living in to go to one where the cost of living is lower. But if you … Read more States with the Lowest Cost of Living by Category
Most of us like simplicity in life, and that even includes retirement planning. If you actively participate in the 401(k) plan with your employer, you may assume that you’ve got your retirement covered. But as the saying goes, never assume anything. Investing in an individual retirement account (IRA) is an opportunity to supplement your 401(k) … Read more Why You Need an IRA Even if You Have a 401(k)
When planning for retirement there’s an overwhelming tendency to focus on the financial side, and as well as should be. Without a solid tax-deferred retirement plan there would be no retirement for most people. But there’s also a non-financial side of retirement that we need to be concerned with too. If we concern ourselves strictly … Read more Preparing for the Non-Financial Side of Retirement
We can debate whether buy-and-hold is a more effective method than other investment strategies, but it has two advantages that are beyond question. One is that transaction fees are generally lower with buy-and-hold than with other more active investment approaches. The second, which is even bigger, is the long-term capital gains tax benefit. Both of … Read more The Key Advantages of Buy and Hold Investing