This great resource from the American Institute of Certified Public Accountants is must reading for students and their parents. Quoting directly from the article by James Sowell and Melissa Towell in the Journal of Accountancy: There are two types of student loans. Federal student loans (FSLs) are issued directly to students by the federal government.…
Preventing and resolving Identity Theft
With 17 million Americans affected by ID theft each year, and our increasing use of the internet, the chances of being affected grow with each year. USA Today explains how to avoid becoming a victim and what to do if your identity is stolen. Far worse than ID theft is identity take over. “The scarier…
When a diamond isn’t forever
“Couples who spend more on engagement rings and wedding festivities are more likely to wind up divorced.” “While student loans are a painful, long-term expense, they are also an investment in one’s career and earnings prospects. But what does lavish spending on a wedding provide? It can lead to divorce, according to a study by Emory…
Planning for the cost of children
“The U.S. Department of Agriculture’s handy, terrifying Cost of Raising a Child Calculator told me that the average two-parent household in the U.S. earning less than $61,530 a year spends $11,850 to raise a child in his or her first year. Such a big number might make you think that having a baby is impossible…
How to encourage donations to 529 college savings plans
Behavioral psychologist Dan Ariely responded to a parent who would like to encourage monetary gifts to a child’s 529 college savings plan in lieu of the usual gifts. As reported in The Wall Street Journal, Dan replied: “Giving money is often more economically efficient than giving stuff, but the feeling of social connection that we…
Pay your kids to eat vegetables?
Study finds short-term cash incentives yield more-healthful eating habits in the long term as reported in The Wall Street Journal by Beckie Strum, Oct. 16, 2016. “The strategy not only works in the short term, but can create healthful eating habits in children in the long run if the little bribe is carried out consistently…
Get help with Medicare Enrollment
The initial decision on Medicare enrollment can be very confusing. While there is a plethora of resources, plowing through multiple websites and articles left me, a personal finance professional, very confused. The Squared Away Blog offers help by providing links to numerous resources for persons signing up for the first time or renewing their enrollment.…
Couples who spend more on engagement rings and wedding festivities are more likely to wind up divorced
“While student loans are a painful, long-term expense, they are also an investment in one’s career and earnings prospects. But what does lavish spending on a wedding provide? It can lead to divorce, according to a study by Emory University researchers Andrew Francis and Hugo Mialon. More interesting, they suggest that the stress that comes with…
Should newlyweds have joint financial accounts?
I used to tell my students that they should share credit reports with any partner they are considering marrying or entering into a long-term relationship. With vehicle and student loan debt so high, you don’t want to be surprised when your financial plans are upended by a spouse’s high debt or bad credit. Whether a…
10 BAD Personal Finance Myths
“Though they may seem correct on the surface, these personal finance myths could be costing you a fortune,” writes Sean Williams. 1. I don’t earn enough to save money 2. A penny saved is a penny earned 3. Assets should be allocated based on a set formula 4. Cash is king 5. I have to…