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Financial News from DailyWorth

  • 3 Big Reasons Not to Sweat Brexit Fever DailyWorth - Fri, Jun 24, 2016 12:00 AM EDT
    3 Big Reasons Not to Sweat Brexit Fever

    “Brexit.” It’s the first word most of us heard this morning — and you’re not alone if you thought there’d been a global health emergency involving a bad run of English digestive biscuits. It’s the politico patois for the news that Britain is exiting the European Union, pronto.

  • Your Guide to Federal Student Aid DailyWorth - Tue, May 31, 2016 12:00 AM EDT
    Your Guide to Federal Student Aid

    The short answer is no. This is where federal student aid comes in. To apply for federal loans, you need to fill out the FAFSA, or the Free Application for Federal Student Aid. Once each FAFSA is processed, the applicant will receive offers of grants, work study, and/or loan amounts.

  • How to Raise Rich (but Not Spoiled) Kids DailyWorth - Tue, May 17, 2016 12:00 AM EDT
    How to Raise Rich (but Not Spoiled) Kids

    Your teen can contribute to a Roth IRA up to the amount they earn from eligible employment (cash from baby-sitting doesn’t count). Money saved in their Roth won't hurt their chances for financial aid, since FAFSA doesn't ask about Roth assets or contributions. If your teen is living on the money they earn, a good strategy …

  • I Paid Off $48,000 in 6 Months — While Starting a Business DailyWorth - Mon, Apr 25, 2016 12:00 AM EDT
    I Paid Off $48,000 in 6 Months — While Starting a Business

    After working for a couple of years as an educator in South Carolina, I headed back to graduate school to pursue a master’s degree. I graduated from the University of Georgia with an M.S. in 2012, but I left with more than a diploma. I had more than $50,000 in student loan debt and a 25-year repayment plan.

  • Why I Quit My 6-Figure Career to Teach Yoga DailyWorth - Thu, Apr 21, 2016 12:00 AM EDT
    Why I Quit My 6-Figure Career to Teach Yoga

    I was 31, the head of PR for a $750 billion financial services company, and I was making a six-figure salary. Then I gave it all up to teach yoga and write. It was as simple and terrifying as that.

  • The Best Store Credit Cards DailyWorth - Tue, Apr 19, 2016 12:00 AM EDT
    The Best Store Credit Cards

    It may be tempting to impulsively sign up for a store credit card to get a quick discount, but you can get more out of your rewards — and avoid big interest charges — if you’re strategic. If you’re a regular shopper at a store with a rewards card, opening a store credit card can be worth it if the rewards are enticing …

  • Investing Doesn’t Have to Be Scary DailyWorth - Mon, Apr 18, 2016 12:00 AM EDT
    Investing Doesn’t Have to Be Scary

    Finding this strategy may take a bit of time and research — but even those who don't consider themselves financially savvy can put together a solid investment plan. Start with this investing primer to demystify the jargon and get a sense of different types of investments. If you know where you want to go, then you'll …

  • Get the Most From Your Tax Refund DailyWorth - Fri, Apr 15, 2016 12:00 AM EDT
    Get the Most From Your Tax Refund

    While it’s certainly okay to treat yourself, it’s a good idea to make the most of your tax refund — after all, it isn’t free money. “Don’t let the idea of a big check with no strings attached cloud your judgment,” says Kathleen Hastings, CFP, with FBB Capital Partners in Bethesda, Maryland. This is probably a no-brainer, …

  • What to Do After You Pay Off Your Credit Card Debt DailyWorth - Tue, Apr 12, 2016 12:00 AM EDT
    What to Do After You Pay Off Your Credit Card Debt

    Paying off your credit card debt can be a huge feat. If you’ve just paid off your credit card debt or you’re planning to do it soon, get a plan in place to make sure history doesn’t repeat itself. If you don’t have one already, setting up an emergency fund should be your first financial goal, Liz Davidson, founder and …

  • What To Do If You Can’t Pay Your Tax Bill DailyWorth - Fri, Apr 8, 2016 12:00 AM EDT
    What To Do If You Can’t Pay Your Tax Bill

    There’s no application fee, but you’ll have to pay interest and penalties (at a lower rate than an installment plan, and far less than what you’d be charged if you simply don’t pay at all). If an extension or installments won’t work for you, you can apply for an offer in compromise, so you can settle your tax bill for …

  • It’s Never Too Late to Plan for Retirement DailyWorth - Wed, Apr 6, 2016 12:00 AM EDT
    It’s Never Too Late to Plan for Retirement

    If you’re one of the 31 percent of Americans with no retirement savings or pension, then you may be feeling overwhelmed by the daunting prospect of catching up.

  • Every Couple’s Money Situation Is Different DailyWorth - Mon, Apr 4, 2016 12:00 AM EDT
    Every Couple’s Money Situation Is Different

    The Beatles were only half right. While it’s true that money can’t buy you love, what John Lennon and Paul McCartney forgot to mention is that financial woes can foretell the end of a relationship. Numerous studies and surveys have shown that finances are not only the leading cause of relationship stress, but …

  • Everything You Need to Know About Switching to a Credit Union DailyWorth - Mon, Mar 21, 2016 12:00 AM EDT
    Everything You Need to Know About Switching to a Credit Union

    Channeling Occupy’s spirit of resistance, it was established by activists and community organizers as a national day of action to encourage people to close their accounts at big banks and switch to local credit unions. Credit unions are community-focused, federally insured, nonprofit, and member-owned banks.

  • Your Guide to Financial Spring Cleaning DailyWorth - Wed, Mar 16, 2016 12:00 AM EDT
    Your Guide to Financial Spring Cleaning

    Ahh, Spring Spring is just around the corner. It’s the time of year for sweeping the dead leaves off the porch, scrubbing the windows, and clearing the cobwebs. But don’t stop with your physical spaces. ...

  • 5 Tax Things to Do for Your Business DailyWorth - Tue, Mar 15, 2016 12:00 AM EDT
    5 Tax Things to Do for Your Business

    In my two decades as a professional bookkeeper working with small-business owners and solopreneurs, I’ve come across some common sticking points that make taxes especially challenging for business owners. Many say it’s impossible to save when overhead costs are so high, and right there lies the mistake.

  • 4 women’s real tax nightmares — and how they solved them DailyWorth - Wed, Mar 9, 2016 12:00 AM EST

    What happened: A few years ago, Lindsay Daly, 29, lived in Massachusetts for the first three months of the year and didn’t have health insurance (which is required there). At the end of the year, Daly’s father mistakenly filed taxes for her as a full-year Massachusetts resident, which left her with a penalty of $2,000 …

  • Your New Must-Read List DailyWorth - Wed, Mar 9, 2016 12:00 AM EST
    Your New Must-Read List

    Does investing feel completely foreign and complicated? It doesn’t have to be. Building wealth takes more than just reading a book — you have to go out and actually invest — but any of these classic and new reads will help you on the journey to financial success. Get your basic questions …

  • 6 Ways to Do Your Taxes for Cheap DailyWorth - Tue, Mar 8, 2016 12:00 AM EST
    6 Ways to Do Your Taxes for Cheap

    TurboTax Absolute Zero lets you file free federal and state returns as long as you’re filing a 1040A/1040EZ your tax information is fairly simple: You made less than $100,000, you're not itemizing deductions, you didn’t sell investments, you’re not a homeowner or independent contractor, and you don’t have medical expenses. …

  • How Far Will Your Dollar Go? DailyWorth - Mon, Mar 7, 2016 12:00 AM EST
    How Far Will Your Dollar Go?

    The median household income in the United States is about $53,657. San Diego has the largest concentration of military personnel in the world, leads as a high-tech hub, and is home to six universities and more than 80 research institutes. You also have lots of options when it comes to using your free time, thanks to San …

  • What You Need to Know About Withdrawing From Your Retirement Early DailyWorth - Mon, Feb 29, 2016 12:00 AM EST
    What You Need to Know About Withdrawing From Your Retirement Early

    It’s easy to let your mind wander to all the money you have sitting in your retirement account, especially if you don’t expect to retire for many years. Making a withdrawal from your retirement account is rarely without strings attached. The decision of whether to cash out some of your retirement funds must be made on …

  • What You Need Before You File Your Taxes DailyWorth - Mon, Feb 29, 2016 12:00 AM EST
    What You Need Before You File Your Taxes

    Whether you love filing your taxes or push it off as long as possible in fear of what you might find, tax preparation is non-negotiable. Last year’s tax return: To file your tax return, the tax accountant will need some important documents. If it’s your first appointment, make sure to bring last year’s tax return for …

  • What Comes After an Emergency Fund? DailyWorth - Mon, Feb 22, 2016 12:00 AM EST
    What Comes After an Emergency Fund?

    Once you have your emergency fund in place, focus on improving your credit score. If you have consumer debt, like an outstanding credit card balance, paying it off can go a long way toward raising your score. “Always make payments on time, pay more than the minimum, and don’t close out old credit cards.

  • What Really Happens When the Woman Is the Breadwinner DailyWorth - Fri, Feb 19, 2016 12:00 AM EST
    What Really Happens When the Woman Is the Breadwinner

    In heterosexual relationships, there can be a stigma around a woman earning more than a man — but it’s becoming increasingly common. And when one partner becomes the breadwinner, Rachel Bellow and Suzanne Muchin, hosts of The Big Payoff podcast, say that the resulting relationship changes …

  • How to File Your Taxes: DIY or Professional DailyWorth - Fri, Feb 12, 2016 12:00 AM EST
    How to File Your Taxes: DIY or Professional

    There are plenty of individuals and firms vying to help you complete your taxes: The tax preparation industry represents more than $10 billion each year. If your employer provides you with a W-2, “taxes have already been taken out of your paycheck and going the DIY route is fairly simple,” says Shannah Compton, a certified …

  • 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, …

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