- Living Will vs. Living Trust: What’s the Difference?
Living wills and living trusts can both be useful tools for estate planning. Though they sound similar, they each serve a very different purpose. A living trust is something you might consider for managing the transfer of wealth and assets… read more…
- What Is a Certified College Financial Consultant (CCFC)?
When families are wrestling with the challenge of paying the costs of higher education, a certified college financial consultant (CCFC) can help. CCFCs have gotten specialized training in education funding, including tax consequences, credits and student loans. Most of the… read more…
- Liquid Net Worth: Definition and Calculation
As you assess your short- and long-term financial goals, it may be helpful to compare the value of your assets to that of your liabilities. That’s where net worth comes in; this value can ultimately help you determine whether you… read more…
- What Is Holistic Financial Planning?
Working with a financial advisor can help you craft a plan for paying down debt, saving and investing to build wealth. But financial advisors aren’t all alike when it comes to the approach they take for offering advice. Advisors that… read more…
- Can I Inherit a Home While Receiving SSI?
If you’re receiving Supplemental Security Income (SSI) payments, you might be wondering, “Can a person on SSI inherit a house?” Ordinarily, inheriting a home is a financial windfall. But for someone receiving SSI payments, it can present a problem, and potentially be a serious financial drawback. This is due to the fact that there is… read more…
- How to Build a Family Financial Plan
Family financial planning can help you create a comprehensive strategy for managing your money as you move through different life stages. It starts with the basics – setting up a budget, paying down debt and saving – but a family… read more…
- Will My Inheritance Affect My SSI Benefits?
If you receive an inheritance while you are getting federal Supplemental Security Income (SSI) benefits, it could make you ineligible to receive any more benefits. Federal law requires you to report to the Social Security Administration if you are the… read more…
- What to Do When You Inherit a House
Inheriting a residential property like a house marks the end of a life and the beginning of deciding what to do with the property and implementing that plan. The considerations in handling a house inheritance include taxes, financial issues like… read more…
- Does a Prenup Protect My Future Assets?
A prenuptial agreement is a legal document that couples contemplating marriage use to lay out financial and other obligations that would come into play in the event of divorce or the death of one of the partners. Prenups are primarily… read more…
- What Is Purchase APR?
Credit card issuers can charge you additional interest for making purchases while carrying balances on your credit card. This fee is known as purchase annual percentage rate, and it varies depending on your provider. In this guide, we tell you everything you need to know about purchase APRs. A financial advisor can help you manage… read more…
- What Is an Independent Contractor?
Independent contractors are professionals hired by individuals (or companies) to perform a service. Each one has different classifications under the IRS, which also means different tax obligations. However, it can sometimes be difficult to make the distinction between an independent contractor… read more…
- How Much Does a Prenup Cost?
When planning for a marriage, couples may not consider the possibility of divorce. However, many financial experts recommend that everyone get a prenup in case a divorce occurs. The marriage rate is 5.1 per 1,000 people while the divorce rate… read more…
- What Is a Sinking Fund?
Say you have a $10,000 loan and are considering how to pay for it. You have two choices to make. One way would be to increase the amount you pay or the frequency of your payments. However, a second way… read more…
- What Is a K-Shaped Recovery?
A “K-shaped” recovery is when different sections of an economy rebound from a recession at different rates. This can apply to many different forms of economic analysis, but in practice it most often means that low-income households lag behind high-income… read more…
- What Is a Glide Path?
Target-date funds can offer a streamlined solution for retirement investing. These mutual funds feature an asset allocation that automatically shifts over time as you get closer to your target retirement date. Each target date fund’s allocation shift is determined by… read more…
- What Is Trade Credit?
Trade credit is an arrangement that allows a business to acquire goods or services from another business without making an immediate payment. This ability to buy now and pay later is an important financing tool for businesses, especially those too… read more…
- What Is a Command Economy?
National economies can be run from the top down, so to speak, in what is sometimes called a command economy or they can be run from the bottom up in what is sometimes called a free market. In the former,… read more…
- What Is Indemnity Insurance?
Running a business or pursuing certain professional career paths often means having the right insurance in place to protect yourself against liability claims. Indemnity insurance is one type of business and professional insurance you may consider purchasing. This type of… read more…
- What Is a 501(c)(3) Organization?
The section of the Internal Revenue Service code that describes the requirements for nonprofit entities, including public charities and private foundations, is known as 501(c)3. This section explains the benefits of nonprofit status, including most notably the ability to deduct… read more…
- What Is A Lien, and How Does It Work?
Liens are bad news, at least if you’re on the receiving end. A lien is a legal claim placed on someone’s property, whether personal or business. It’s issued to settle a debt or enforce a judgment, or as a guarantee to… read more…
- What Is a Waiver of Premium Rider?
If you’ve ever wondered how you would make your life insurance premiums if you were unable to earn an income, then you need to know about the waiver of premium rider. When an insurance policy features a waiver of premium… read more…
- What Is Operating Cash Flow and How Does It Work?
Operating cash flow, or OCF, refers to the amount of cash a company generates from normal business operations over a specific period of time. It’s widely used to evaluate a company’s performance and prospects. Lenders and investors often consider OCF a… read more…
- What Is a Jumbo CD?
A certificate of deposit, more commonly known as a CD, is a type of bank account that pays interest in exchange for the depositor leaving their funds in the account until it matures. A jumbo CD functions in the same way,… read more…
- What Is Accessible Income?
In general terms, your income is typically the money you earn from jobs that you work. But accessible income accounts for more than just your paycheck, as it includes most of the money you receive over a year. This definition… read more…
- What Is a Co-Applicant?
A co-applicant is an additional person involved in the application of a loan besides the original applicant. They are equally considered alongside the applicant throughout the whole application process, including during the approval and underwriting. A co-applicant’s credit history can… read more…