- BusinessInvestopedia•16 hours ago
Why You Shouldn't Pay Off Your Mortgage
Current low interest rates have created an environment where the old ideology about mortgages no longer applies. In the past, our financial goals included homeownership free and clear of mortgage debt. We have entered an era where we now suggest you refinance and maintain a mortgage for the rest of your life, or at least to a 30-year mortgage term. I think we all can agree that low mortgage interest rates benefit the homeowners that own a mortgage and qualify for these low rates. Before you start thinking we have lost our minds and there is no way you will attempt to maintain a long-term mortgage, let’s take a look at some of the benefits of holding a mortgage. What was once conveniently saved monthly for you by your bank or lending company is now your responsibility.
- BusinessMarketWatch•14 hours ago
This is why millennials can’t have nice things (or save any money)
Minor expenses can cause major financial problems. “Millennials are falling victim to common financial vices, such as spending money in coffee shops,” according to a new study by personal-finance site Bankrate.com. The average millennial dines at a restaurant or buys take-out food five times per week and nearly 30% of this age goup say they buy coffee at least three times per week. More than half of millennials (54%) eat out at least three times a week, compared to roughly one-third of Generation X-ers and baby boomers. “Often, it’s the minor, habitual expenses, such as take-out and alcohol, that wreak havoc on your budget,” Sarah Berger, a financial analyst at Bankrate, said. “Preparing meals
- NewsBloomberg•yesterday
Estates of Madoff’s Dead Sons Reach $23 Million U.S. Accord
The estates of Bernard Madoff’s dead sons have reached an agreement with the U.S. government to hand over a combined $23 million to victims of his Ponzi scheme, resolving an eight-year legal battle over the remnants of fortunes they amassed at their father’s bogus securities firm. Mark Madoff committed suicide in 2010, and his younger brother, Andrew, died of cancer four years later. Their estates were sued by the company’s court-appointed bankruptcy trustee, who accused the men of profiting from their father’s fraud for years and squandering more than $150 million of client money on their lavish lifestyles. Under the deal, the estates will transfer all cash, business entities and business interests
