Tag Archives: finances

Money Monday: Financial plans, and why you need one

“You may hear the term “financial plan” and imagine thousands of dollars spent and hours in a stuffy broker office discussing the benefits of a diversified portfolio. Or maybe you think financial plans are only for those who, well, have finances. Not so and not so. Every adult needs a financial plan, no matter how much money you have (or don’t have) and how old you are.”

Think through your finances and set up a plan. Consider the following questions:

  1. What’s your current financial situation?
  2. Where do you financially want to be in the short-term, and also in the long-term?
  3. How can you get there?

Read up on Forbes’ advice here: “What Is A Financial Plan, And Why Every Adult Needs One“.

Money Monday: How to avoid wire fraud

You have to be extra vigilant with your money nowadays. When buying real estate, don’t fall victim to wire fraud with these three steps:

  1. Pay attention to how wire instructions are sent (in other word — only accept instructions that are secure and encrypted).
  2. Before wiring funds, call to verify the wire instructions with the title company.
  3. Be careful of any changes — real instructions rarely change.

Wirefraud Money Monday - John Silva blog

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS at CAR.org.

Money Monday: 5 money mistakes to avoid in the new year

New Year’s resolutions can take a lot of effort to put into action.

It can be easier, though. Just stop doing CNN’s suggested five financial things and you’ll have more savings, smarter spending habits and a secure identity in the next year.

Resolutions New Year

1. Stop saving your leftovers

2. Stop using painless payments

See more here.

 

Money Monday: Americans and Money

When it comes to money, Americans not only want more; they want to manage it better. A new NerdWallet survey conducted by Harris Poll reveals that most folks aren’t happy with the state of their finances and they’re taking steps to change the situation.

Personal finance and money

To see how Americans are dealing with this financial balancing act, NerdWallet commissioned a survey by Harris Poll of over 2,000 U.S. adults conducted online Sept. 12-14, 2017. The results show that most Americans have financial regrets and stressors, but they also have goals and are working to accomplish them.

Americans wish they had done some things differently, with 71% expressing regrets when it comes to money management. Millennials (those ages 18-34 in this survey) are more likely than the two other age groups to have such regrets (83%), according to the survey.

But they are looking ahead: 89% of Americans say they have financial goals that they hope to achieve within the next 10 years, and 88% are taking steps right now to manage their money.

Source: NerdWallet

Read the full story

Money Monday: Financial changes to build wealth

January is the perfect time of the year to plan ahead; especially when it comes to finances.

Forbes has a whole list of financial resolutions to make; here are some of the best suggestions:

  • Make a budget and stick to it
  • Review your credit card/financial statements and see what you can cut out
  • Refinance your mortgage
  • Get a will or living trust
  • Start investing

Read all 27 of their suggestions here: “27 Financial New Year’s Resolutions To Build Wealth“.

Money Monday: Renters have affordability challenges when buying a home

Renters value homeownership but face affordability challenges when it comes to buying a home, C.A.R. survey finds.

upside-downCurrent renters value homeownership and want to buy a home, but many are encountering affordability and financial obstacles that prevent them from buying, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2016 Renter Survey. Making sense of the story:

  • Nearly half of renters (48 percent) plan to buy a home in the future, with 10 percent saying that they plan to buy within a year.
  • For those not planning to buy, an improvement in finances, lower housing prices, and saving enough for a down payment would motivate them to buy now.
  • Of the 28 percent of renters who don’t plan to buy in the future, 50 percent said they can’t afford to buy, 20 percent will not buy because they prefer to rent, 19 percent said they can’t qualify for a mortgage, and 15 percent lack a down payment.
  • Job uncertainty (9 percent), economic uncertainty (12 percent), and housing market uncertainty (6 percent) were among other reasons renters cited for not buying a home.
    Homeownership remains important to renters, with nearly half (45 percent) rating it 8 or higher in importance on a scale of 1-10, with 10 being extremely important. The average was 6.8.
  • Nearly all renters (95 percent) see advantages to homeownership; freedom to do what you want with your home, building equity, and having permanence and stability were the top benefits mentioned by renters.
  • One of the surprising findings of this survey is that more than one in four millennial renters said they plan to purchase a home that will accommodate their parents, and about one in five millennials indicated they plan to pool funds with family members to buy a home.

Read the full story from KPCC: www.scpr.org/news/2016/06/08/61459/homeownership-is-valued-but-remains-expensive-and/

Money Monday: Millennials under pressure

Millennials have multiple financial stresses

Why do millennials have more financial challenges than baby boomers? Several reasons:

  • Home prices have increased
  • It’s pricey raising a child
  • Median household incomes have decreased
  • More have student debt

CAR_Millennials_Under_Pressure

This infographic is from CAR.org.

Money Monday: Myths about credit score

Don’t fall for these myths about your credit score!

  1. Your credit score drops whenever you look at it
  2. You need to close credit cards that you don’t use
  3. Paying off that negative account takes it off your record
  4. Cosigning on a loan doesn’t mean you’re responsible to pay it
  5. Making payments on time show up on your credit score
  6. Your payment behavior shows up on your report

6 Myths about Credit Scores

This infographic is from CAR.org.