Personal & Family Financial Planning – Page 2

Disability Insurance Protects Your Most Valuable Asset – Your Income

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A Custodial Roth IRA Turns Your Kid’s First Job Into a Head Start

Any child with income from work, daycare, or mowing lawns can have a custodial Roth IRA, and you can contribute all of the earnings, up to the annual IRA limit. Money invested at age 15 has half a century to compound tax-free. Open one the first summer your child earns a salary. the source Source […]

CD Laddering – Earn More on Savings Without Locking Up Your Cash

Instead of rolling all your savings into one CD, split it into several CDs with staggered maturity dates, such as 3, 6, 12, and 24 months. When each one matures, you can either reinvest or cash out. You get higher rates than a savings account without leaving all your money tied up at once. the […]

The Financial Order of Operations

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A Zero-Based Budget Forces Every Dollar to Have a Job

Just a tip: Zero-based budgeting means allocating every dollar of your income to a specific category until you reach zero. You’re not spending it all. You’re allocating everything, and savings, investments, and debt payments are categories like rent and groceries. Give every dollar a destination before the month starts and money stops disappearing without explanation. […]

Your Savings Rate Matters More Than Your Investment Returns

Just a tip: In the first decade of building wealth, the percentage of income you save affects your net worth much more than the return you earn. A 15% savings rate with average returns beats a 5% rate with excellent returns. Raise your savings rate first and worry about optimizing your investments later. subscribe Get […]

Sinking Funds Eliminate the Surprise From Predictable Expenses

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Your Debt-to-Income Ratio Determines Whether You Qualify for a Mortgage

Just a tip: Lenders divide your total monthly debt payment by your gross monthly income to decide if you can handle the mortgage. Approval tends to be difficult above approximately 43% DTI, and the best rates are for borrowers below 36%. If you plan to buy within two years, pay off the debt now to […]

Dollar-Cost Averaging Removes Emotion From Investing

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The Expense Ratio on Your Funds Is a Guaranteed Return Drag

Each fund charges an annual expense ratio, with a percentage of your assets taken as a fee regardless of performance. A 1% expense ratio on a $100,000 portfolio costs you $1,000 a year, while index funds at the top low-cost brokerages typically charge 0.03-0.05%. Check yours, because that difference compounds into tens of thousands over […]

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