A Financial Literacy Blog for All
A reverse mortgage can be a valuable financial management tool for seniors and their families. However, if misunderstood or misused, borrowers and their heirs can encounter any one of a number of different challenges. In this post, I’ll define “reverse mortgage” and provide illustrations of …
A mortgage is key to buying a residence for most people. Mortgage loan documents are often lengthy and full of technical terms. As such, many people either don’t read them in their entirety or don’t understand the details. As with all contracts, I recommend that …
Building home equity can increase your financial security, but it isn’t necessarily the best way to maximize your net worth. That is, building home equity quickly isn’t necessarily the right choice for everyone, not even those who have the financial wherewithal to do so. I’ve …
Your residence is likely one of your biggest expenses. The most common options for residences are renting and purchasing. There are costs and benefits to both approaches, some of which depend on your lifestyle and goals and some of which depend on your finances. In …
Is buying a used car really all that important to your financial health? I’ve seen lots of articles and posts that say that financially responsible people buy only used cars. Being the data geek that I am, I was curious so looked into the question. …
The finances of buying a car can be tricky. In addition, there are so many other things to consider. What kind of car do I like? How often do I want to replace my car? How many people (and pets) do I need to be …
Chris @Money$tir asked other financial literacy and financial independence (FI) bloggers, in a post on March 9, 2019, whether he should pre-pay his mortgage or invest the money. He provided his thought process and calculations. In this post, I will review his calculations and then …
Homeowners, condo-owners and renters insurance policies cover you for loss or damage to your property and liability that emanates from your residence. All three policies cover your belongings regardless of where they are as well as injuries to others that happen at your residence. In …
If you own a car, you buy car insurance coverage. In the process, you have to make lots of decisions. Do you want to buy Comprehensive? Collision? What limit for Bodily Injury? For Medical Payments? For Uninsured Motorist? What deductible? As with other insurance products, …