Ask the Boston Money Coach: Retirement Plans Question: I already have an existing loan from my 401k plan, I need cash but can I still get money out of my account? Response from Boston Money Coach Steve Stanganelli regarding borrowing from your 401k. Not all plans allow employees to borrow from their retirement accounts. And these types of accounts are really not meant to be used as ... Read More
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Coping with Change: The Impact of Divorce on Your Fiscal Health
Divorce is emotionally traumatic on everyone involved especially if there are children. While it may seem mundane, dealing with the money and tax issues that arise from the unwinding of a life together is as important for both psychic and fiscal sanity. In the big scheme of things, there are more important things than money. And many who are faced with this kind of life-changing event will cope ... Read More
Black Friday Shopping Tips: Avoiding Post-Holiday Credit Blues
Black Friday is traditionally the day that can make or break a retailer's bottom line. But don't let enthusiasm for the season, the sales or the advertising hype end up putting you into the Red. Black Friday is here. Even before you may have had a chance to digest your Thanksgiving feast or recover from a day of football, you may have already been lured into the local mall. Maybe you were one ... Read More
Ask the Adviser: With Rates Falling, Should I Refinance?
Mortgage interest rates continue to be at historic lows. Rates for 30-year fixed rate loans are hovering in the 4% to 4.2% range. There's no real whiff of inflation in the air that could lead to a spike in interest rates any time soon. So should you refinance? Crunching the numbers is crucial. When I was a mortgage banker, the rule of thumb would be it made sense when prevailing interest rates ... Read More
Making the Most of the Plastic in Your Pocket
We live in a sea of credit, credit cards and debt in general. It's the lifeblood of our economy and personal finances. Now with recent legislative changes having taken effect in February, it's time to reassess the credit cards we carry and make the most of them while avoiding any nasty bites from behind. Cardholders have been receiving disclosures in tiny print from their credit card companies ... Read More
Cash Is King … Some Ways to Increase the Size of Your Kingdom
Here are some suggestions for saving money. While "cash is king" now with the high level of consumer anxiety, these tips can and should be used any time. 1.) Pay Yourself First: This is the best advice that any consumer can take to heart. It works through any and all environments. Set aside a certain dollar amount each pay period to savings and investment. When you receive a pay raise, ... Read More
How Confident Are You in Your Plan or Your Advisor?
According to a Wall Street Journal article, here are some of the many reasons why the financial planning process is vital for today's consumer: Given our very busy lives, is it very likely that a consumer will be able to evaluate all the options out there on their own without guidance? How does a consumer know how to make a proper evaluation of the various options on issues? Most consumers ... Read More
