Personal Finance - MoneyTips

What Is Debt Consolidation and How Does it Work?

Patrick Russo — Fri, 09 Feb 2024 15:53:38 +0000

Are you struggling to keep track of multiple debt payments? Managing the balances, due dates and required minimum payments for multiple credit cards, auto loans, personal loans or any other kind of debt can be extremely difficult. Thankfully, debt consolidation can turn these confusing payments into one, easy-to-manage payment. But what is debt consolidation? Find...

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What Is APY, and How Is It Calculated?

Ashley Kilroy — Mon, 10 Jul 2023 18:41:09 +0000

If you want to unlock maximized investment returns on your bank account and other financial vehicles, understanding APY is vital. This powerful metric allows investors to compare opportunities and assess long-term growth potential. By calculating APY, you can make informed decisions about allocating your funds and watch your profits soar. Here’s a guide to the...

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How To Plan a Vacation on a Budget

MoneyTips Writer — Tue, 25 Oct 2022 14:45:17 +0000

Who doesn’t need the occasional break from their daily grind? Vacations are a great way to get away from it all, travel and explore. And unless your idea of a vacation is watching The Great British Bake Off from your couch for a week (technically a staycation) – traveling can get real pricey real quick....

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What is a Trust Fund & How Do You Use It?

MoneyTips Writer — Fri, 21 Oct 2022 17:53:00 +0000

A trust fund is a financial tool where an individual can store assets for the benefit of another person or organization. If you’re in the process of planning your estate, you might be considering a trust fund to secure your family’s financial needs. They might be a popular option, but few people know all the...

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2023 IRA Contribution Limits and Eligibility

Amanda Petersen — Fri, 14 Oct 2022 03:08:25 +0000

It’s never too early to start saving for retirement. Investing in an individual retirement account (IRA) is a great way to save for the future. However, there are limits to how much you can contribute to these accounts each year. Keep reading to learn more about how IRA contribution limits work. 2023 Roth IRA Contribution...

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How To Create a Holiday Budget

MoneyTips Writer — Mon, 10 Oct 2022 12:31:07 +0000

The holiday season is right around the corner. Many of us are looking forward to spending time with loved ones, recreating annual traditions, gift giving (and gift receiving), and indulging in the season’s foods, desserts, and pumpkin spice everything (we see you, #TeamPSL). So many of us get wrapped up in the “reason(s) for the...

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Roth IRA vs. Traditional IRA: Making the Right Choice

MoneyTips Writer — Fri, 07 Oct 2022 15:54:55 +0000

Saving for retirement is one of the best things you can do to enjoy a comfortable lifestyle after you bid farewell to the 9-to-5 – and it’s never too early to start. You may know that some companies offer 401(k) plans to their employees to help them save for retirement, but there are other retirement...

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What Is Wealth Management?

MoneyTips Writer — Fri, 30 Sep 2022 20:42:38 +0000

Owning valuable assets is great. But it can be difficult to achieve meaningful growth over time without a broader financial strategy. To achieve a life well lived and leave behind a legacy well planned, consider using a wealth management firm. Wealth management firms can help you reach your full economic potential. Wealth management develops financial...

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What Is Portfolio Management?

MoneyTips Writer — Thu, 29 Sep 2022 13:09:22 +0000

An investment portfolio is a term that comes up quickly in any conversation about investing. The word “portfolio” comes from the Latin word “portafoglio,” which is a case for carrying loose papers. Before the internet, it was common for brokers to keep track of their clients’ investments in separate notebooks or binders (aka portfolios). These...

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What Is Negative Equity on Your Mortgage?

Jonathan Pressman — Fri, 16 Sep 2022 18:37:33 +0000

Equity represents how much you own of an asset. So home equity is the percentage of your home that you own. If you paid off your mortgage (or purchased the house with cash), you have 100% equity in your home. If your home is worth, let’s say … $400,000, and your outstanding mortgage balance is...

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401(k) vs. IRA: Which Retirement Account Is Best for You?

MoneyTips Writer — Thu, 15 Sep 2022 21:46:02 +0000

You know saving money for retirement is crucial. You know your quality of life during retirement will depend on your retirement savings. But do you know which retirement account will best suit your needs? Should you pick a 401(k) or an IRA (aka individual retirement account)? There is no right or wrong answer. Truth is,...

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7 Cryptocurrency Scams to Avoid in 2023

MoneyTips Writer — Thu, 15 Sep 2022 20:11:45 +0000

You’d have to be living under a rock not to notice cryptocurrency’s recent rise in popularity. Many curious and aspiring entrepreneurs have made fortunes in Bitcoin, Ethereum and other forms of digital currency – and many others have followed them, hoping to turn a quick profit. In turn, fraudsters have swooped in to take advantage...

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