If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for mortgage relief services. Distressed homeowners don’t have to resort to third-party mortgage services. Free counseling is available at the Department of Housing and Urban Development (HUD). HUD programs such as the
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How many times in life do you have to worry about removing too little money from a financial account? Before retirement, there are few such concerns – but, for most retirement plans, once you reach age 70½, you must take a required minimum distribution (RMD) every year from your plan. (Roth IRAs are excluded –
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Are you a procrastinator who waits until the very last moment to file your taxes? Thanks to Emancipation Day, the filing deadline is April 17, 2018, to file your taxes for the 2017 tax year. That gives you a few more days to consider last-minute ways to lower your taxes. Start by reviewing your possible
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What’s in your savings account? If you’re a millennial, there’s a decent chance that there’s nothing in your account but IOUs and promises. A 2017 survey by GoBankingRates found that 46% of millennials aged 18-24 have $0 in their savings account – a sharp increase over the 2016 survey where 31% of millennials reported empty
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In general, deducting pet expenses on your tax return can get you into hot water with the Internal Revenue Service (IRS). Usually pet expenses will not hold up should the IRS audit you. However, specific cases exist that allow you to take legitimate tax deductions for spending on your pet. Regardless of how you justify
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Contributing to a retirement account can be difficult for lower income households, but one can argue that it is even more important for those families to take advantage of all the retirement savings options that are possible. One of the lesser-known options applies directly to lower-income families – the credit for qualified retirement savings contributions,
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Life Insurance isn’t for you – it’s for those you leave behind. Without sufficient insurance, your family may endure financial hardships on top of the shock and grief caused by your passing. According to a recent survey from the online life insurance start-up Bestow, many people aren’t convinced enough of the benefits of life insurance
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By Roshni Chowdhry, innovation & product development lead at SafetyNet The idea of being rich appeals to most of us. What’s not to like about a world where your only money trouble is how to spend it? Plus, in a world where money is plentiful, you’re free to do all kinds of exciting things most
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You’ve submitted tax forms for many years. How difficult can it be to submit them in retirement? It isn’t difficult – as long as you take into account basic changes that occur in retirement and the corresponding tax challenges. Fortunately, you can learn from those who have retired before you. We are happy to pass
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If you are a lending institution that loses money on the loans that you make, it’s an understatement to say that changes are required. Unfortunately, that’s the upcoming position of the federal government with respect to student loans. While student loan debt has spiraled upward to top $1.4 trillion, the government’s return on that investment
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The recently passed Tax Cuts and Jobs Act (TCJA) gave most Americans a break on their upcoming taxes – but you don’t need legislation to cut your taxes even further with sound investment strategies that focus on tax optimization. Here are a few ways to help yourself at Uncle Sam’s expense. 1. Shift Toward Capital
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If you have done your homework leading into retirement, you probably already know that Social Security benefits may be subject to federal taxes under certain circumstances. Did you know that some states also impose taxes on Social Security? Currently there are thirteen states that impose at least some tax on the benefits of Social Security
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Help the Renters, Too For years, cities have struggled to help lower-income Americans find affordable housing. Many housing assistance programs approach this problem through making home mortgages more affordable. However, a new test program in Montana addresses an underserved area of the housing market – affordable rental homes – by making loans to help people
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According to Collegedata.com, the average annual cost of tuition and fees for the 2017-2018 school year was $9,970 at an average public college for in-state residents. Out-of-state collegians paid an average of $25,620, while those attending private colleges saw average bills of $34,740. Throw in a typical $10,000-$12,000 for housing and meals, another $1,200 for
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When using the Life Insurance Quote Comparison Tool on MoneyTips, you can see multiple carriers and rates. Daily, we receive new applications for life insurance through this channel. When I see a new application, I know that an intelligent person has made a choice to get coverage, and that they likely did some investigating before
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Policymakers have been struggling to identify ways to deal with America’s staggering student loan debt. As of January 2018, Student Loan Hero estimated total outstanding student loan debt at $1.48 trillion, affecting 44 million Americans. Thanks to this debt burden, young Americans are having difficulty achieving typical financial milestones such as home ownership. Here’s
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Computers and the Internet have become mainstays in virtually every area of American life in the 21st century. There are tremendous benefits and conveniences to this, of course, but there are also some downsides — such as the increased risk of identity theft that arises as we share more of our personal information online. In
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1. Lead by example – Great leaders operate with humility and a “Do as I do” rather than a “Do as I say” mentality. They never ask anyone to do anything they are not willing to do themselves. 2. Use the 7 P’s – In the military, I learned that Proper Prior Planning Prevents Pitifully
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