Using credit cards is a convenient way to pay for things and a good way to build your credit if you use them responsibly. However, misusing credit cards can cause you multiple problems.
How To Properly Use Your Credit Card
The best way to use your credit card is as a convenience to buy things for which you could afford to pay cash. For example, it’s much easier and safer to carry around a credit card or two rather than large sums of cash.
Credit cards are also good to have for emergency expenses and also to use for purposes where a card is required, such as booking a rental car, airfare or hotel.
[click to continue…]
When you invest or save your money, there are a number of different places where you can put it including traditional savings accounts. You can also click here for more options to save.
As you make your choice regarding where to put your cash, you may have a number of different concerns about how much interest, if any, your money will earn and what fees you will be charged.
In many cases, you will also have concerns about whether it is possible to get your money out of your investment or to withdraw it if you need to.
When you put your money into an ISA or into a savings account, the purpose of putting the money there is to save it. This generally means that you aren’t supposed to be taking money out on a regular basis. If you are looking for easy access to your money and the ability to withdraw cash an unlimited number of times, you would be better suited to selecting a checking account.
[click to continue…]
While you can continue to contribute to your Roth IRA even while you are not living in the US, the rules and penalties will be somewhat different. First, you will only be able to maintain your Roth IRA for as long as you are are a US citizen. If at anytime you decide to apply for citizenship in another country, you will need to cash out your Roth IRA. Depending on where you decide to live, you may be able to withdraw and convert your Roth IRA into a foreign equivalent investment account.
Those that dual citizenship in the US and in another country will need to consult with a financial adviser in their home country. Even if you are able to cash out a portion of your Roth IRA in the United States with no penalties, it is possible that you will be responsible for paying taxes in your current country of residence. [click to continue…]
With the economy being what it is, it’s crucial for everyone to have a budget. But like new year resolutions, budgets are often forgotten a few days after they are made – and soon enough we are again overspending.
This time I will stick to it. How many times have that penned through? What most people don’t realize is sticking to your budget is more about changing habits than strengthening your willpower.
The good news is plenty of psychological studies have been done on the subject of changing habits. Here are some lessons we can learn from them:
[click to continue…]
