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Mortgage Insurance? Not on Your Life!
Dear Mary: I just bought a house, and I've been getting a lot of flyers about mortgage protection insurance. Is it something good for a new homeowner or just a waste of money? — Donna, email
Dear Donna: Great questions. "Mortgage …Read more.
Tips That Make You Feel Like a Genius
Secretly, I feel like a genius when I discover a secondary use for this or that — in case I run out of this, but have plenty of that! Like using a paper coffee filter to wash a glass top or mirror when I'm in a pinch for paper towels. Or using …Read more.
Supermarket Tricks That Makes Us Spend More
I've always thought of myself as pretty sharp when it comes to spotting supermarket trickery. I'm not even fazed by an end-cap display announcing, "Special." I know their ways. They hope we'll just assume that "special" means …Read more.
The Struggle to Actually Use up Gift Cards
My love-hate relationship with gift cards has intensified. What a pain, really. I'm one who just forgets to use them, and when I remember, I try to figure out how to use each one to the last cent. I was reminded of my situation recently when I …Read more.
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3 Tools Make Retirement Planning EasyI learned the best piece of investing advice I ever received in the newspaper: "When it comes to investing, seek advice but never grant authority." It told me that I need to become responsible for making my own investment decisions instead of handing over that task to someone else simply because I don't know anything about investing. Making my own investing decisions has required me to learn on my own so I can understand and use outside advice wisely. Even if you can afford the services of a professional, you should learn the fundamentals. You need to be able to answer three simple questions for yourself: Am I on track to retire? How should I allocate my investments? What investment should I choose? You can come up with the answers to these questions if you have a computer and Internet access, said Elizabeth K. Miller, president of Summit Place Financial Advisors, in a recent interview with Bottom Line/Personal newsletter. Am I on track to retire? You can find out quickly by using the free "Retirement Nest Egg Calculator" at http://www.aarp.org/money. With this tool, you can discover how much you need to put away based on your age and the rate of return you think you can count on in the years ahead. The best part is you can play around with different scenarios. With the economy the way it is right now, Miller suggests trying 3, 5 and 7 percent returns to see how this changes your potential. How should I allocate my investments? Once you know how much you need to contribute each month, Miller advises that you look seriously at your individual risk tolerance.
What investments should I choose? Miller introduced me to a fantastic website, the Financial Industry Regulatory Authority's site (http://www.finra.org), which includes a very useful education component. At FINRA's website, click on "Investors" and then "Smart Investing." There you will find unbiased educational information that is easy to understand, which will help you figure out the types of investments you should choose. You will gain new understanding of the options your employer offers in your 401(k), as well as other investment and retirement accounts you might have. Once you know the kinds of investments you should make, pop over to http://www.morningstar.com. Select the "Funds" tab (for mutual funds) and then "Investing Ideas" and "Fund Ratings" on the left side of the screen as you build your portfolio. If you are looking for individual stocks, go to the "Stocks" tab at the top of the screen. You'll be building a strong portfolio in no time at all! Mary Hunt is the founder of www.DebtProofLiving.com and author of 18 books, including her latest, "Can I Pay My Credit Card Bill With a Credit Card?" You can e-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. To find out more about Mary Hunt and read her past columns, please visit the Creators Syndicate Web page at www.creators.com. COPYRIGHT 2010 CREATORS.COM
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