Introduction An old rule of thumb said that you could afford to buy a house that cost between one and a half and two and a half times your annual salary. In reality, there’s a lot more to take into consideration. You’ll want to know not only how much of a mortgage you qualify for,
Answer: First, consider putting the money into a safe, liquid account such as a savings or money market account until you have time to take stock of your situation. Don’t spend or invest your windfall until you have a chance to: See a tax professional and analyze the tax consequences–you may need a big portion
Answer: To answer this question, you must decide how your money can work best for you. Compare the money you might earn on other investments with the money you would pay on your debt. If you would earn less on investments than you would pay on debts, you should pay off debt. Let’s assume that
Answer: Finding a policy that meets your needs without costing too much requires some research. The decision of whether to buy term or cash value (also known as permanent) life insurance depends on your personal needs and how much you want to spend for life insurance coverage. To determine which type of insurance is best
Answer: This is an increasingly common scenario. Perhaps one or both of your parents are having health problems, suffering mental lapses, or just slowing down with age. The problem may not go away or get better, but there are several ways you can deal with it. First, talk with your parents and any siblings you
Answer: Assuming that you have a traditional IRA or Roth IRA, you’ll want to consider the financial consequences before making a decision. You’ll want to evaluate any fund withdrawals based on several factors: How far away from retirement you are The size of your retirement fund The amount of money you intend to withdraw Whether
Answer: Required minimum distributions are the amounts that you must withdraw each year from your traditional IRA, employer-sponsored retirement plan, or tax-sheltered annuity. (Lifetime minimum distributions are not required from Roth IRAs, but your beneficiaries generally must begin taking distributions following your death.) You must begin to take the annual distributions by April 1 of
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Floods, tornadoes, torrential rain, lightning, and hail are common events in many parts of the country during the spring and may result in widespread damage. Severe weather often strikes with little warning, so take measures now to protect yourself and your property. Review your insurance coverage. Make sure your homeowners and auto insurance coverage is sufficient.
Answer: In many cases, your first step should be to open an IRA and contribute as much as allowable each year. Because of the potential for tax-deferred, compounded earnings, IRAs offer similar long-term growth opportunities as employer-sponsored plans. In addition, you may qualify for tax-deductible contributions or tax-free withdrawals, depending on whether you invest in
