Ben Edwards's Blog: Money Smart Life, page 4

Why a Roth IRA is a Must Have Plan

You are probably aware of some of the virtues of a Roth IRA. But there are at least five reasons why a Roth IRA is a must-have plan.

Tax Free Income in Retirement

This is the most obvious benefit of a Roth IRA, and it’s repeated in virtually any discussion related to the plan. Even still, this advantage is well worth reemphasizing.

Virtually every other type of retirement plan is a deferred plan. That means that the tax liability on the account – both your contributions and the investment inc...

The Good and the Bad of Taking Online Courses

Technology has come to the classroom, or – maybe more to the point – technology is moving people out of the classroom. There is an explosion of online courses, whether included in a college degree program, or as part of continuing education. There’s good and bad in taking online courses, but either way, they offer an excellent alternative to traditional classroom based courses.

The Good of Taking Online Courses

Having taken a few online courses myself, I’m a big fan of them. Here’s what I’ve...

The Dangers of Paying Off Credit Cards With Home Equity

When people accumulate a little too much credit card debt, there’s always a strong temptation to work out some sort of debt consolidation that will make the plastic go away in one fell swoop. On the surface this can seem like an excellent idea. But debt consolidation is really about converting debt from one type to another – without actually paying it off. There are all kinds of riskS to this maneuver, but especially when you use your house for the consolidation.

Here are five reasons you shou...

6 Signs You Might Lose Your Job

One of the unfortunate realities of today’s workplace is that we’re usually not given advanced warning about an upcoming job loss. Many employers would have us tool along thinking everything is fine, right up until the day we’re asked to leave. But even if there is no formal notification that your job is in jeopardy, there several ways to knowif it is.

Here are several strong clues…

1) You’ve Just Had a Bad Review

You can virtually assume that you are on probation if you have just had a bad perf...

How to Teach Kids the Value of a Dollar?

Teaching my kids the value of a dollar is something that’s important to me and I’m always trying to find ways to help them understand that process of earning & spending money isn’t as simple as swiping your credit card.

There aren’t as many teaching moments as there were in my childhood because money is less visible in our society now. Credit cards, direct deposit, and auto bill pay mean that I hardly ever have actual cash in my wallet and my kids don’t have as much exposure to money coming in...

Cut Medical Bills With a Hospital Billing Negotiator

Have you ever received a great, big, ugly bill for services rendered from a hospital or other healthcare provider? This can happen to just about anyone, whether or not you have health insurance. When a bill of this size comes in, you can sometimes get it cut by using the services of a hospital billing negotiator.

That’s a person or agency who steps in on your behalf and negotiates a reduction in the amount of the bill, or can set up other terms that will make it easier for you handle the oblig...

Should You Let Your Family and Friends Know About Your Debt Struggles?

This is a touchy subject – it’s easy making a case for keeping personal debt problems secret from your family and friends. But let’stake the opposite side of that debate – should you let your family and friends know about your debt problems?

Despite the problems that are inherent in sharing negative information about yourself with people close to you, there are compelling reasonsit may be to youradvantage.

They may be able to help

Generally speaking, no one is in a better position to help you –...

Five Alternatives to Raiding Your Retirement Savings Early

Every year thousands of people raid their retirement savings early. It could be to get out of debt, to cover living expenses during a time of unemployment, to deal with a medical crisis, or even help a family member in trouble. While the reasons for doing so may be perfectly noble, it’s best to consider all possible alternatives before doing this.

There are at least four reasons why raiding your retirement savings early is not in your best interests:

Income tax liability – If the money is withd...

Four Ways to Lower Portfolio Risk in a Record Stock Market

Want a hot tip on the stock market? It’s more profitable to reduce risk at the top of the stock market than once a full-blown bear market develops. Is now the top of the stock market? We can’t know for sure, but what we do know is that the market remains in record territory, and that’s when it’s time to take steps to reduce your portfolio risk.

What can you do now to lower that portfolio risk?

Take some profits

There’s no need to perform a wholesale liquidation of your stock portfolio if you fee...

How to Not Out-Live Your Retirement Savings

One of the biggest fears that many current retirees have isthat they might out-live their retirement savings. That can be a particularly difficult problem, because once you’re retired there’s notmuch you can do about it. But if you’re planning for your retirement, there’s a lot you can do about a right now.

Here are five ways to not outlive your retirement savings:

1) Delay Retirement

This is something virtually anyone can do, as long as you are in good health. Actually, there is nothing sacrosa...