More Than Finances

Get your finances in order!

By

Coverdell Education Savings Accounts – What Are They And How Do They Work?

Most parents hope to send their kids to college one day. But with rising costs, they look for different ways of saving to afford it. One method is through the Coverdell Education Savings Account. What is it? How does it work? What are some of its benefits and drawbacks?
Read more…

By

Why You Don’t Need An Emergency Fund

Talk to any financial planner, and they’ll suggest that one of the most important assets you can have is an emergency fund. “What if you lose your job? What if your car needs major repairs?” they’ll ask. The emergency fund is supposed to act as a safety net, helping you stay out of debt.

Media personalities also tout the importance of an emergency fund. Dave Ramsey recommends that you use some smart budgeting tips cover 3-6 months of expenses. Suze Orman recommends eight.

The Problem

I believe there is a problem with an “emergency” fund. But before we get into that, let me first say that saving for the future is definitely important. In fact, financial planning is about saving for a future we hope to create.
Read more…

By

The Rule of 72 – How It Helps, And How It Doesn’t

Would you like an easy way to approximate the rate of return or amount of time needed to achieve a financial goal?

The Rule of 72 is a great tool to use for this purpose.

This rule can estimate the time it takes to double your money when the interest rate on your investment is known. Additionally, it can estimate the interest rate needed to double your money if your time horizon is known.
Read more…

By

Want An Automatic Raise? Contribute To Your 401K!

The easiest way to give yourself a raise without having to ask your boss for one is to start contributing to your 401k at work.

Read more…