When I started saving for retirement, I wasn't sure how much money I should save, so I set my first milestone at one million dollars. I'm not there yet, but I'm working on it. Of course, the more I save, the more I earn in interest. But if I save one million dollars, how much interest will I earn? How does interest work? How much interest you earn all depends on your interest rate. If you can match the average annual inflation rate, which … [Read more...]
Your Money Problems: Common Money Mistakes People Make
Do you have money problems? There are some common mistakes people make when planning a budget or trying to sort out their bills. Check our list below of bad financial habits to avoid when trying to take control of your finances. Paying Too Much For Housing Are you overspending on rent or your mortgage? Many people read advice that your housing expenses should not take up more than roughly 30% of your income, but in the 21st century, it’s more … [Read more...]
Protect Your Credit To Survive Coronavirus
That title is pretty sensational, but there are indications in the American economy that credit scores are going to be very important in the era of coronavirus and COVID-19. That’s not based on speculation; mortgage lenders across America are reconsidering their FICO score requirements for home loan approval, making scores in the mid to upper 600 range less of a sure thing for loan approval than they were previously. For the record, FICO … [Read more...]
Why You Should Not Apply For A Subprime Loan
Why is it a bad idea to apply for a subprime loan? What follows is not MY advice, but rather the advice from credit reporting agencies like Experian, and from government watchdog agencies like the Consumer Financial Protection Bureau. I preface today's article with that disclaimer because I want the message to be clear; applying for a subprime loan is something most consumers should think twice about doing. And that is according to the … [Read more...]
Why The Coronavirus Could Help You Refinance Your Mortgage
The coronavirus outbreak that has grabbed world headlines could also be partly responsible for you getting a better mortgage loan interest rate if you refinance an existing mortgage or even choose to buy a new home. What on EARTH are we talking about with a headline like this? It’s simple. The coronavirus has fundamentally changed the way we save, spend, and invest. The coronavirus and its’ related quarantines in Wuhan in the Hubei province … [Read more...]