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Recently, Congress reintroduced a bill that would push for a dollar coin to replace the dollar bill. The chief argument for switching to coin dollars is the durability of coins versus paper money.
Since dollars are heavily used, they don’t last as long as other denominations of paper money. The average lifespan of a dollar bill is only a little over four years. Coins, on the other hand, have a lifespan of roughly 30 years. Consequently, the switch to dollar coins in currency would mean lower production costs for the treasury. [ continue reading… ]
However, one big benefit of both the McDonald’s budgeting journal and the controversy that it caused was that it got individuals and news outlets talking about household budgets.
Considering the fact that the word “budget” can send a chill up the spine of even frugal individuals, it’s high time we started talking about what budgets are (and aren’t) on a larger level. Some truly negative myths still cling to the idea of budgeting, no matter how untrue they may be.
Here are the three biggest myths that make budget seem like a bad word, and why they’re untrue: [ continue reading… ]
I have an odd work schedule throughout the year. I only work at my full-time position between March and August, after which I have to find another job. Since the off season is only six months long, there aren’t many companies that are interested in hiring me. With a college degree and some time on my hands, where do I turn?
Before the off season begins, I start to look for jobs that fit my schedule. I usually work out in the mornings for a few hours and leave some time at night for other baseball activities. This leaves the middle of the day for work. As I mentioned, I have a college degree — but I can’t really find a job that requires it.
In the past, I’ve made a list of criteria to narrow down my job search. The last two off seasons, I’ve been a freelance writer. I also work as a baseball instructor when the opportunity presents itself. These jobs give me what I need: good pay and flexible hours. This means that I don’t have to schedule my workouts or home life around another job. I can work wherever and whenever. [ continue reading… ]
Last week, CardHub.com released its quarterly report on credit cards. The results indicate that balance transfer deals are on the decline, and that now might be the time to transfer your balances — if you have access to the best deals possible.
According to the report, the average length of a balance transfer introductory offer is 9.94 months. This is shorter than last quarter. As a result, CardHub believes that now is the time to lock in a good balance transfer rate — before the initial period gets even shorter.
How a Balance Transfer Can Help
Balance transfers can help you pay down your debt faster by providing you with a way to avoid putting a large portion of your payment towards interest. For many people, especially those with high-interest debt, the biggest deterrent to paying down debt is interest.
When you pay interest, all you’re doing is making a payment for the privilege of carrying the balance. It doesn’t actually reduce what you owe. Your monthly credit card payment, if you pay the minimum, includes a large chunk of interest. It’s why your balance seems to go down at a snail’s pace. [ continue reading… ]
Dan’s tried to build his financial portfolio for years, but he’s not gotten far. He’s finally reached the point where it’s shut up or put up. He needs an adviser.
Unfortunately, Dan has no idea how to hire a financial adviser, or find the one that’s right for him. Too many options make things confusing.
Here are nine things that Dan should consider when hiring a financial adviser:
What to consider when hiring a financial adviser
1. Background
Dan should be looking for a solid job history and good credentials. Someone who’s hopped from job to job isn’t likely to be the right candidate, because they’re probably not focused on their customers as much as themselves. Dan should look for an adviser who will have his best interests in mind. [ continue reading… ]
When my husband bought his first house in January 2005, he qualified for and took on a piggyback loan. Basically, my husband took a traditional 80% mortgage on his new house, and also took a 20% mortgage in the form of a higher-rate home equity line of credit to cover the “down payment.” He took this option as a way of avoiding mortgage insurance, since he didn’t have enough money saved to cover his down payment.
This 80/20 type of piggyback mortgage was quite popular before the housing crash, as it allowed borrowers to buy a house with no money down. Of course, we all know what came of it: borrowers who took on more house than they could afford. When these borrowers defaulted, our economy took a major hit.
You might think that lenders would’ve banned piggyback mortgages forever because of the housing crisis, but apparently these types of mortgages are making something of a comeback. While you can no longer get the kind of 80/20 mortgage my husband had, there are still some piggyback options available to homebuyers in 2013.
Here’s what you need to know about the return of the piggyback mortgage: [ continue reading… ]
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