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Financial News from DailyWorth

  • 11 Basic Tax Terms You Should Know DailyWorth - Mon, Feb 1, 2016 12:00 AM EST
    11 Basic Tax Terms You Should Know

    Adjusted gross income: Your total income minus any allowable deductions. This number is essential for calculating your tax liability. It determines your tax bracket, as well as how much you can contribute to tax-deferred retirement accounts.

  • How to Get a Jump on Next Year’s Taxes DailyWorth - Mon, Feb 1, 2016 12:00 AM EST
    How to Get a Jump on Next Year’s Taxes

    If most of your documents are on paper, buy a large accordion folder (or just repurpose an old shoebox) and start putting documents into it as they arrive, Jo Anna M. Fellon, senior tax manager at Friedman LLP, says. If you’re struggling to figure out how much to withhold, you can use the IRS Withholding Calculator to …

  • How to Budget for a Big Career Change DailyWorth - Mon, Jan 25, 2016 12:00 AM EST
    How to Budget for a Big Career Change

    Don’t just focus on the dollar amount: You should also consider health care for you and your family, 401(k) benefits, paid time off, child care, and any other benefits that could be part of your compensation package. You’ll have to adjust your budget accordingly if, for example, you’ll make more money as a contract worker …

  • Don’t Panic When the Stock Market Crashes DailyWorth - Wed, Jan 20, 2016 12:00 AM EST
    Don’t Panic When the Stock Market Crashes

    Making a rash decision to exit the stock market or sell shares in response to a drop is rarely the best way to react. Low stock market days may continue for a while as economic realities shift around the world. “Expect that drastic changes in the market will always happen and it will always feel ‘different this time’ …

  • 6 Ways to Save on Your Next Trip to the Grocery Store DailyWorth - Wed, Jan 20, 2016 12:00 AM EST
    6 Ways to Save on Your Next Trip to the Grocery Store

    When you shop for groceries, money-saving “wisdom” you’ve heard in the past shops with you. It can be smart to develop your shopping list based on weekly grocery store ads to see what’s on sale, but it’s a mistake to believe that every item included is marked down. “Ads are often a mix of sale items and regular-priced …

  • What I Learned From My Parents’ Financial Mistakes DailyWorth - Tue, Jan 19, 2016 12:00 AM EST
    What I Learned From My Parents’ Financial Mistakes

    When I became an adult I was determined to break my parents' patterns, but freeing yourself from generational poverty isn't easy. At the time, there wasn't much I could do about making ends meet, but I vowed to at least acknowledge the situation.

  • How I Paid Off $65,000 Ahead of Schedule DailyWorth - Thu, Jan 14, 2016 12:00 AM EST
    How I Paid Off $65,000 Ahead of Schedule

    In 2010, Kenia shared her strategy for paying off almost $50,000 in student loan debt. When I’d been out of college for three years, I finally decided to sit down and figure out exactly how much I owed in student loans. After three years of paying only the minimum on my student loans, I realized I wasn’t making any p …

  • 7 Smart Ways to Save for Retirement DailyWorth - Mon, Jan 11, 2016 12:00 AM EST
    7 Smart Ways to Save for Retirement

    As if figuring out how to save for retirement weren't difficult enough, you also have to decide where to save. Should you put your money into an IRA or a Roth IRA? If you're just getting started with retirement savings, the choices can feel overwhelming.

  • 7 Toxic Money Habits You Need to Quit DailyWorth - Mon, Jan 4, 2016 12:00 AM EST
    7 Toxic Money Habits You Need to Quit

    Using shopping to deal with life’s ups and downs is common, Gretchen Cliburn, CFP, director of financial planning at BKD Wealth Advisors, says. Keeping up with the Joneses can be tempting — if your neighbor can afford that new SUV, you deserve one too, right?

  • Stop Being Afraid of Investing and Start Making Money DailyWorth - Mon, Jan 4, 2016 12:00 AM EST
    Stop Being Afraid of Investing and Start Making Money

    According to a Prudential study, only 5 percent of women surveyed consider themselves “very knowledgeable” about financial products. In fact, 59 percent of women said they are solely interested in guaranteed financial products (like annuities and FDIC-insured accounts). Two out of five affluent women (41 percent) say …

  • 5 Financial Plans for People Who Hate Budgets DailyWorth - Mon, Jan 4, 2016 12:00 AM EST
    5 Financial Plans for People Who Hate Budgets

    Only one in three Americans say they have a detailed household budget, according to a recent Gallup survey. According to a report by the JPMorgan Chase Institute, one in four people saw big changes in their income (as high as 30 percent from 2013 to 2014).  Given all the expenses you can’t predict, spending is rarely consistent. …

  • Why Boring Investments Aren’t a Bad Thing DailyWorth - Tue, Dec 15, 2015 12:00 AM EST
    Why Boring Investments Aren’t a Bad Thing

    Your investment portfolio, on the other hand, doesn’t need to get your heart racing. Of course, investing always involves risk and the value of your investment can go down, but it’s often the “boring” investment strategies that perform best over time.

  • Time for a Money Check-In: 10 Questions to Ask Yourself DailyWorth - Mon, Dec 14, 2015 12:00 AM EST
    Time for a Money Check-In: 10 Questions to Ask Yourself

    Tally up what you have left to pay on your student loans, any outstanding credit card balances, and your mortgage (if applicable). If you automate deposits into your savings account, this should be easy to calculate. First of all, know what goes into your credit score — and then check your number for free online.

  • Don’t Go Broke This Holiday Season DailyWorth - Tue, Nov 24, 2015 12:00 AM EST
    Don’t Go Broke This Holiday Season

    With her strict $25 per gift budget, Zina Kumok, founder of the blog DebtFreeinThree, has to employ a little more creativity for holiday shopping. “I recently gave my mom a ziplining tour for Mother’s Day, a whale watch for her birthday, and a chocolate tour of New York City last year, all of which were huge hits and very …

  • 10 Investing Questions You're Too Embarrassed to Ask DailyWorth - Tue, Nov 17, 2015 12:00 AM EST
    10 Investing Questions You're Too Embarrassed to Ask

    The Basics At first blush, investing may seem inaccessible and confusing. But it’s a fairly simple concept. Here’s the gist: Investors (like you) buy a piece of a company or lend money to a company (or to the government) in the hopes of making more money. The amount of money you make depends on how well the …

  • What Does Retirement Mean When You Don't Retire? DailyWorth - Fri, Nov 13, 2015 12:00 AM EST
    What Does Retirement Mean When You Don't Retire?

    Baby boomers are not embracing traditional retirement as we know it. A little more than half surveyed say that they have a “large enough” nest egg for retirement. Four in 10 baby boomers surveyed by the Insured Retirement Institute in 2015 don’t have enough money saved for retirement.

  • Why Retirement Is a Myth DailyWorth - Wed, Nov 11, 2015 12:00 AM EST
    Why Retirement Is a Myth

    It’s easy to feel woefully inadequate when it comes to your retirement savings plan. The top financial services institutions make it sound so easy: Sock away a portion of your paycheck, put it in long-term retirement plans like your workplace 401(k) or an IRA (that these same companies can provide — and profit from, thanks …

  • 5 Myths About Money and Divorce — Debunked DailyWorth - Mon, Nov 9, 2015 12:00 AM EST
    5 Myths About Money and Divorce — Debunked

    1. Myth: If you keep separate bank accounts during the course of your marriage, your spouse is not entitled to any of your assets. In most circumstances, your personal bank account could be considered separate or marital property depending on where the money in that account comes from — even if it’s solely in your name. …

  • Outsource Everything in Your Life With These Apps DailyWorth - Tue, Nov 3, 2015 12:00 AM EST
    Outsource Everything in Your Life With These Apps

    Sprig (for Android and iOS) is a food delivery service that focuses on fresh, organic meals. If you’re in NYC, download Maple (for Android and iOS), a food service cooked up in Brooklyn by first-rate chefs. Try Caviar (for Android and iOS), which elevates takeout by curating the best meals from the most in-demand restaurants …

  • What My Immigrant Family Taught Me About Money and Success DailyWorth - Fri, Oct 30, 2015 12:00 AM EDT
    What My Immigrant Family Taught Me About Money and Success

    My parents, grandparents, and I moved to the United States in 1992 with everything we owned packed into 14 suitcases. My parents were part of a wave of educated Jewish families who immigrated to America from the former Soviet Union in the ’90s. Along with their friends and family, they settled across the U.S. Some were …

  • 7 Ways to Make Extra Money for the Holidays DailyWorth - Wed, Oct 28, 2015 12:00 AM EDT
    7 Ways to Make Extra Money for the Holidays

    Extra cash is always nice, but the holidays make supplementary funds especially necessary. Sites like Gift Card Granny and Raise let consumers sell unwanted gift cards for — up to about 92 percent of the card's value. With all that unused technology, “you may be sitting on a pile of potential money for holiday shopping,” …

  • 5 Things You Should Know About Inheriting Money DailyWorth - Tue, Oct 27, 2015 12:00 AM EDT
    5 Things You Should Know About Inheriting Money

    Inheriting money after someone has passed away can be a sensitive subject for any family. As soon as you find out you’re inheriting money, you might immediately think of ways you'll spend it. Depending on your specific circumstances, you might end up sharing your gift with family members.

  • I Get Paid Twice a Year — Here’s How I Budget DailyWorth - Tue, Oct 27, 2015 12:00 AM EDT
    I Get Paid Twice a Year — Here’s How I Budget

    Freelancing has its perks, such as flexible hours. And its pitfalls, like inconsistent pay. I’ve been a freelancer for nearly a decade now, so I’ve had time to develop budgeting skills for riding out the salary highs and lows. But becoming a published author required taking my budgeting to an entirely new level: …

  • I Got Over My Fear of Money — and Started a Business DailyWorth - Wed, Oct 21, 2015 12:00 AM EDT
    I Got Over My Fear of Money — and Started a Business

    I remember it clearly: the bills, months old, corners frayed, stacked in the corner of my desk. They laid unopened, and with each new visit from the mail carrier, the pile got taller and the pit in my stomach heavier. After years of misusing credit cards, overspending, and a general sense of, “I’ll worry about …

  • How We Supercharged Our Retirement Savings DailyWorth - Mon, Oct 19, 2015 12:00 AM EDT
    How We Supercharged Our Retirement Savings

    Anyone who ever thinks about retiring knows she’s supposed to be amassing a fortune in her retirement accounts. Each woman profiled here has saved hundreds of thousands toward her retirement, whether in traditional retirement accounts, investments, or other savings accounts.

  • Don’t Make These 5 Financial Mistakes After Divorce DailyWorth - Mon, Oct 12, 2015 12:00 AM EDT
    Don’t Make These 5 Financial Mistakes After Divorce

    The biggest mistake people make, says Rosemary Frank, a certified/advanced divorce financial analyst and registered investment advisor, is doing nothing with their money: no investing, no saving, no seeking financial advice. If you seek out advice, you’ll find financially savvy allies who can help you think long-term, …

  • A Savings Strategy for Every Budget DailyWorth - Tue, Oct 6, 2015 12:00 AM EDT
    A Savings Strategy for Every Budget

    How much are you putting toward your nest egg (you know, that extra money you stash for emergencies or retirement, not for a new fancy coat)? Chances are you could do better — about one-third of Americans have no retirement savings, and 26 percent have no emergency savings. But that can change if you start to think about …

  • 8 shocking facts about the cost of childcare DailyWorth - Wed, Sep 30, 2015 1:29 PM EDT
    8 Shocking Facts About the Cost of Child Care

    When companies don’t offer paid leave (and even when they do), most new parents are left to decide between going back to work and paying for child care, or staying home and sacrificing an income or future earnings. In fact, the cost of child care is so staggering that sociologist Joya Mira has dubbed it “the motherhood …

  • What Maternity Leave Looks Like When You Run Your Own Business DailyWorth - Wed, Sep 23, 2015 12:00 AM EDT
    What Maternity Leave Looks Like When You Run Your Own Business

    When it comes to maternity leave, American women are afforded far less than our counterparts in Sweden, the U.K., and many other countries (the United States is the only developed country in the world without paid maternity leave). For self-employed women, from contractors and solopreneurs to small-business owners, maternity …

  • Everything You Need to Know About Consolidating Debt DailyWorth - Tue, Sep 22, 2015 12:00 AM EDT
    Everything You Need to Know About Consolidating Debt

    Debt consolidation can help you pay off what you owe faster and more conveniently, with one payment instead of many. The first step is understanding what debt consolidation is (and isn't). Debt consolidation means you're replacing many smaller debts with one larger one — for example, transferring all your credit card …

  • The 10 Healthiest — and Most Affordable — Places to Retire DailyWorth - Mon, Sep 21, 2015 12:00 AM EDT
    The 10 Healthiest — and Most Affordable — Places to Retire

    Ask retirees what their priorities are in retirement, and you’ll hear one message loud and clear: they care about their health.

  • How the 'Mommy Penalty' Affects Your Paycheck DailyWorth - Wed, Sep 16, 2015 12:00 AM EDT

    In more than two dozen fields, women actually out-earn their male colleagues when they first leave college, but that advantage completely disappears by the time they reach their mid-30s. “As women approach typical childbearing age any discrimination based on the potential for motherhood or real motherhood would become …

  • 7 Essential Questions to Ask Before You Open a 401(k) DailyWorth - Wed, Sep 16, 2015 12:00 AM EDT
    7 Essential Questions to Ask Before You Open a 401(k)

    If your employer offers a 401(k), consider yourself lucky. About half of U.S. workers don't have access to a workplace retirement plan, and not having a plan makes it more likely that they won't save enough for a comfortable retirement. To get the most out of your 401(k), though, you need to understand the details of …

  • 10 Money Questions You’re Too Embarrassed to Ask DailyWorth - Fri, Sep 11, 2015 12:00 AM EDT
    10 Money Questions You’re Too Embarrassed to Ask

    A credit score is a numeric rating determined by three credit bureaus: Equifax, Experian, and TransUnion. The most commonly used credit score is from FICO (Fair Isaac Corporation). Your credit score (which can range from 300 to 850) affects most financial decisions: Buying a car, buying or renting a home, getting loans, …

  • The Freelancer’s Guide to Saving for Retirement DailyWorth - Wed, Sep 9, 2015 12:00 AM EDT
    The Freelancer’s Guide to Saving for Retirement

    Skip the low-earning savings account and choose a tax-advantaged retirement plan. Push your retirement to age 70 and you can drop the savings plan to about 6 percent of your yearly earnings. You’re also eligible for a deduction by buying self-employed health insurance, plus any tax-free contributions you make to a health …

  • 4 Easy Ways to Tell if Your Finances Are in Order DailyWorth - Thu, Aug 20, 2015 12:00 AM EDT
    4 Easy Ways to Tell if Your Finances Are in Order

    Are you comfortably paying all your bills?

  • Thinking About a Baby? 8 Ways to Get Your Finances Ready DailyWorth - Tue, Aug 18, 2015 12:00 AM EDT
    Thinking About a Baby? 8 Ways to Get Your Finances Ready

    Babyproof Your Money

  • 5 Budgeting Steps for Newlyweds DailyWorth - Wed, Aug 12, 2015 12:00 AM EDT
    5 Budgeting Steps for Newlyweds

    “A joint checking account is good for a few reasons,” says Deana Howard, a financial advisor and co-owner of financial planning firm Howard & Howard. “First, it sends a message to your spouse of ‘what's mine is yours.’ Second, it saves a lot of confusion over what has been spent and where you stand financially.” On the …

  • “Good” Credit Habits That Are Actually Bad DailyWorth - Tue, Aug 11, 2015 12:00 AM EDT
    “Good” Credit Habits That Are Actually Bad

    Americans know a fair amount about credit and credit scores. More than half understand, for example, that making payments on time, keeping credit card balances low or paid off, and not opening several cards at once can help raise a low score or maintain a high one, according to a recent survey. People also know that credit …

  • The Difference Between Good and Bad Debt DailyWorth - Tue, Aug 11, 2015 12:00 AM EDT
    The Difference Between Good and Bad Debt

    Take, for example, student loans. If you borrow $50,000 to graduate from a top-tier school with an expected starting salary of $60,000 in your field, then that’s good debt. On the other hand, if you borrow $100,000 to graduate from a mid-level college with an expected starting salary of $35,000 — well, that’s bad deb …

  • Merge Finances With Your Partner in 5 Steps DailyWorth - Wed, Aug 5, 2015 12:00 AM EDT
    Merge Finances With Your Partner in 5 Steps

    Money can be a complicated subject, especially within the context of a serious relationship. One common area of tension is whether and when to merge your bank accounts and debt, along with whether to take on shared expenses. Merging finances takes compromise, planning, and some potentially uncomfortable conversations, …

  • 7 Weird Ways to Make Money DailyWorth - Fri, Jul 31, 2015 12:00 AM EDT
    7 Weird Ways to Make Money

    Sometimes, working hard at your job isn’t quite enough to make ends meet. You could go the conventional route of taking on more hours or getting a second job, or you could try something a bit … unexpected. Here are seven bizarre ways to make money. Getty Images/iStockphoto

  • 8 Free Apps That Help You Save Without Thinking DailyWorth - Wed, Jul 29, 2015 12:00 AM EDT
    8 Free Apps That Help You Save Without Thinking

    Offering everything from hands-off investing and insta-personalized budgets to custom savings goals and sophisticated ways to track your daily expenses, these apps up your savings game without taking more of your precious time. It starts by syncing with your checking or savings account, then examines how much remains in …

  • What I Would Say to My Past Debt-Ridden Self DailyWorth - Fri, Jul 24, 2015 12:00 AM EDT
    What I Would Say to My Past Debt-Ridden Self

    I was recently having a conversation with one of my best friends, who is completely overwhelmed by debt. Whenever I offer to help, she says, “There is no way I can get out of debt. I need to have a life. What am I supposed to do, stay at home and have no fun or social life?”

  • The Warning Signs of Financial Abuse DailyWorth - Mon, Jul 20, 2015 12:00 AM EDT
    The Warning Signs of Financial Abuse

    One hot summer afternoon, 15-year-old Nancy Salamone was hanging out on the boardwalk at Orchard Beach, in her hometown of the Bronx, which is how she spent most of her lazy summer breaks. Salamone didn’t notice the red flags that shot up during their relationship because she was so smitten: She thought it was romantic …

  • 8 Expenses Every Woman Should Plan For DailyWorth - Thu, Jul 16, 2015 12:00 AM EDT
    8 Expenses Every Woman Should Plan For

    Expect the Unexpected

  • How to Save for a House and Tackle Your Debt DailyWorth - Wed, Jul 15, 2015 12:00 AM EDT
    How to Save for a House and Tackle Your Debt

    Commit to a specific price range for your future house and set a savings goal for your down payment. To figure out how much you’ll need to save, research FHA loan qualifications or talk to a banker or mortgage lender. If you don’t already have a savings account earmarked for your down payment, set one up.

  • How to Buy a House — Without 20 Percent Down DailyWorth - Wed, Jul 15, 2015 12:00 AM EDT
    How to Buy a House — Without 20 Percent Down

    It was drilled into my head as a kid — if you're going to buy a house, you need to contribute a 20 percent down payment. As an adult, as I pinched pennies and read Dave Ramsey books from cover to cover, I heard similar statements — If you can't put down at least 20 percent on a house, you can't afford …

  • 6 Estate Planning Steps Even Broke People Need to Take DailyWorth - Tue, Jul 14, 2015 12:00 AM EDT
    6 Estate Planning Steps Even Broke People Need to Take

    A durable power of attorney for health care, also known as an advanced directive, names and legally empowers that person to act on your behalf. You'll want someone who can stand up to health care providers who may be pushing care you wouldn't want, and who will put your desires first, regardless of his or her own wish …

  • Investing 101: What You Need to Know DailyWorth - Mon, Jul 13, 2015 12:00 AM EDT
    Investing 101: What You Need to Know

    New investors are often overwhelmed by all the options: Should you put your money in stocks, bonds, ETFs, REITs, or mutual funds? Should you work with a financial planner or try to go it alone? Some new investors confuse “investing” with “trading” or “saving.” But it’s not the same.

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