Jan 14
Michelle Singletary writes the nationally syndicated personal finance column, “The Color of Money,” which appears in The Post on Thursday and Sunday. Her award-winning column is also carried in more than 120 newspapers. Her third book, “The Power To Prosper,” is scheduled to be released in January 2010. In her spare time, Singletary is the director of a ministry she founded at her church, in which women and men volunteer to mentor others who are having financial challenges. She was recently selected to receive the Distinguished Alumni Award from The Johns Hopkins University.
See her column on a financial fast. Good words here.
Tagged with: Financial Coaching
Dec 05
On Marketplace; Tess Vigeland interviewed Bob Sullivan, who covers Internet scams and consumer fraud for MSNBC.com. Listen to the show or read the transcript and learn about offers by credit card companies to pay your balance if you are laid off, injured, or fired, and how expensive they can be.
Tagged with: Financial Coaching • Personal Finances
Aug 05
With the attractive opportunity to receive up to $8000 from your fellow taxpayers if you are a first time home buyer or have not owned a home for three years, there are some important issues to consider before you buy a home:
Set realistic price guidelines:
Determine what size mortage payment will fit into your monthly budget. As a general rule, your monthly housing cost should not exceed 25 to 30 percent of your gross monthly income (before taxes). Monthly housing costs include your mortgage principal payment, interest payment, property taxes and home insurance.
Don’t forget the extras:
Remember the other expenses you’ll be paying each month. You may also need to pay for items such as moving expenses, new furniture, home appliances, and improvements and repairs. Ideally, you should include in the percentage given above an amount saved as a repair allowance.
Your credit situation:
Before starting your home search, evaluate your current credit situation and credit history. This allows you to take steps to repair your record before you apply for a mortgage.
Remember the tax advantages:
On your rearly tax return, you can deduct the interest you pay to buy, construct, or improve your principal residence. You can also deduct the real estate taxes you pay on your home.
Tagged with: Federal Income Tax • Financial Coaching
Mar 23
Did you know?
The average american family spends $1.22 for every $1 earned. Get on the financial scales and determine your current financial situation. What do you own and what do you owe (your net worth)? How much money do you make and how do you spend it? How much of it is used for things you absolutely need, such as rent, insurance premiums and credit card payments (fixed expenses)? How much do you spend for pleasure, on things like a new cell phone, pet care, clothing or vacations (variable expenses)?
A free budgeting worksheet is available at www.ValueYourMoney.org.
Tagged with: Financial Coaching
