Borrowing money from a 401(K) is unfortunately a pretty common practice. Though majority of people with 401(K) plans do not touch their retirement savings and take out a loan against it, there are enough people who do so, committing a mistake with serious financial repercussions. Photo Credit: 401(k) 2013 While borrowing from your 401(K) may seem like a good idea at first … [Read more...] about 4 Reasons Why Borrowing from Your 401(K) is a Bad Idea
Debt & Retirement
Four Reasons Why You Shouldn’t Rely on Social Security When You Retire
People who have watched the news regularly over the past few years have heard a lot of discourse about the Social Security system in the United States. The truth is that those who have been counting on it to fund their retirement should think twice. Fortunately, people whose physical disability has prevented them from working will likely be safe from the same financial … [Read more...] about Four Reasons Why You Shouldn’t Rely on Social Security When You Retire
Debt Etiquette (What to do when you find yourself in debt)
Admit it, you are in debt. It's all right, being in debt, in one way or another, is quite normal in today's world. Gone are the days when items are paid in full (and in cash). Nowadays, people put purchases on credit or get loans to buy bigger and more expensive items such as cars and houses. Owing money or being in debt, unfortunately, has almost become the norm rather than … [Read more...] about Debt Etiquette (What to do when you find yourself in debt)
Taking out a Home Loan: Banks vs Mortgage Brokers
If you are looking for a lender from whom you can take out a mortgage, then you have two options. You can take a home loan directly from a bank or you can employ the services of a mortgage broker. It is smart to know when to directly get a loan from the bank and when to hire a mortgage loan broker. Banks don't charge excessive fees. If you don't want to pay extra charges … [Read more...] about Taking out a Home Loan: Banks vs Mortgage Brokers
How to protect your retirement fund from inflation
Ideally, you're setting aside a part of your income for retirement. But is that money enough? Not many people factor in inflation—your money isn't going to be worth as much 10 or 20 years down the road. And what if you live a particularly long life? That's a good problem to have, but nobody wants to be 90 years old AND broke. Here are some ways to build a retirement fund that … [Read more...] about How to protect your retirement fund from inflation