Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right
Loading
Tap on the profile icon to edit
your financial details.

Eric Reed

Retirement and Investing Expert

Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.

Posts by Eric Reed:

by Eric Reed Sep 22, 2022

SoFi and Chime are two popular financial technology (fintech) companies. Both offer online banks, with depository accounts and some lending products, and neither has a brick and mortar presence. This means that customers of SoFi and Chime bank entirely through their apps and websites. However, they operate in importantly different ways. If you’re looking for an online bank, here’s how you can evaluate these two products. A financial advisor could help you create a financial plan for your banking needs and goals. Read more

by Eric Reed Sep 20, 2022

A trust is a legal entity that holds money and assets for future distribution or management. For example, you might create a trust for your children’s college education, putting money into it which they can withdraw when they go to school. Or you might put the family home into a trust, creating a legal entity that will own the property potentially indefinitely to ensure that it will always stay in the family. The intersection of trusts and taxes can be complicated, but working with a financial advisor can help you clarify relevant issues so you can make good decisions. Read more

by Eric Reed Sep 16, 2022

Money market accounts are hybrid financial products that offer some of the advantages of a checking and a savings account. Specifically, money market accounts pay you an interest rate based on the money you hold on deposit, like a savings account. But they also allow you to write checks and withdraw money from ATMs like a checking account. While not without their drawbacks, money market accounts can be a good option for consumers who want to hold large amounts of cash on deposit. Here’s what you need to know. For more help with savings, consider working with a financial advisor. Read more

by Eric Reed Sep 13, 2022

Depending on where they live, student borrowers may soon face an unexpected tax burden. In August, the Biden Administration made news by announcing that it would forgive up to $10,000 in student debt… Read more

by Eric Reed Sep 13, 2022

With Fidelity and Vanguard, investors can access traditional, full-service investment platforms that allow you to individually manage your own account. Robinhood, by comparison, offers a very… Read more

by Eric Reed Sep 23, 2022

Interactive Brokers and Schwab offer similar products aimed at two very different segments of the market. With Interactive Brokers you will get a full-featured trading platform designed for… Read more

by Eric Reed Sep 13, 2022

Fidelity and M1 Finance are two very different services. With Fidelity, investors get a traditional, full-service trading platform. This is an online brokerage that allows you to execute your own… Read more

by Eric Reed Sep 07, 2022

Fidelity and Wealthfront offer significantly different approaches to investing. With Fidelity, users get a traditional online trading platform that allows them to execute their own trades and access… Read more

by Eric Reed Sep 07, 2022

Interest checking accounts, otherwise known as interest-bearing checking accounts, are checking accounts that pay an interest rate on the money held on deposit. There are key similarities and key… Read more

by Eric Reed Sep 07, 2022

Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a “beneficiary,” meaning that you have… Read more

by Eric Reed Sep 01, 2022

The House of Representatives and Senate are working along similar lines to reform laws governing retirement plans like 401(k)s and traditional IRAs. Initiatives in both bodies raise the age cap for… Read more

by Eric Reed Aug 30, 2022

Online banks, which offer online checking and savings accounts, have become increasingly popular among many consumers. As their name suggests, these are bank accounts that you access and operate… Read more

by Eric Reed Aug 30, 2022

Commercial banks and investment banks have similar names, but the overlap largely ends there. A commercial bank is a depository and lending institution that mainly works with business clients.… Read more

by Eric Reed Aug 30, 2022

Investing doesn’t happen in a vacuum. Every company depends on the law, government and infrastructure of the society around it. Every financial asset depends on market-making and regulation. How the… Read more

by Eric Reed Aug 30, 2022

Annuities and perpetuities are insurance products that make payments on a fixed schedule. An annuity makes these payments over a fixed period of time and then ends. A perpetuity makes these payments… Read more

by Eric Reed Aug 23, 2022

Most tax-advantaged retirement accounts are defined by ERISA, the “Employee Retirement Income Security Act.” This statute outlines how programs like 401(k)s work, including the laws around how those… Read more

by Eric Reed Aug 23, 2022

Insurance is a complicated topic, but it’s one that everyone needs to understand to properly protect themselves. There are a lot of types of insurance: car insurance, life insurance and homeowners… Read more

by Eric Reed Aug 23, 2022

When you open a 401(k) retirement plan, it typically comes with a series of advisors who help your business manage that account. Specifically there are three main types of 401(k) advisors, or … Read more

by Eric Reed Aug 17, 2022

The recently passed Inflation Reduction Act contains five new healthcare benefits for retirees. Because Congressional Democrats in the Senate passed the Inflation Reduction Act through the… Read more

by Eric Reed Aug 17, 2022

When it comes to pets and estates, there are two main rules to understand. First – and sadly for the eccentric among us – you cannot leave money to your pet. The law says that animals are property,… Read more

by Eric Reed Aug 25, 2022

The difference between discretionary and non-discretionary accounts is critical, but very few individual investors even know this difference exists. The biggest difference is that with a… Read more

by Eric Reed Aug 25, 2022

Some life insurance plans have what’s called a “waiting period.” This is the window of time between when you enroll in the plan and when it takes effect. If you die within the window, your… Read more

by Eric Reed Aug 15, 2022

A kick-out clause is a clause written in real estate contracts, usually in the context of home sales. It applies when someone has made a contingent offer to buy the house. The kick-out clause says… Read more

by Eric Reed Aug 11, 2022

Professional athletes need financial advice. Perhaps more than any other career, athletes suffer from a boom-and-bust lifestyle. For the highly-paid professionals in leagues like the NFL, NBA and MLB… Read more

by Eric Reed Aug 11, 2022

Doctors, as just about anyone in the medical field will tell you, aren’t always great with money. They can be brilliant with the human body and empathetic in their bedside manner. They can be… Read more