“We have all heard your advice on not closing credit card accounts and its impact on one’s credit score. My bank recently changed underlying card providers and my Visa was changed to a Mastercard with a new account number, etc. The bank said it will not affect my credit score or appear as if I closed one account and opened another. Is this true?” – Brian
You’re right – closing a credit card will typically impact your credit score in a negative way. That’s because your credit score is partially based on something called your utilization ratio – which has to do with how much credit you have available to you, and how much of it you’re using at any point in time. This accounts for about a third of your credit score – so it’s an important thing to consider when looking at your accounts. More…
Last week, when I wrote about crunching the numbers to see if you could afford to be a stay-at-home parent, I mentioned that income isn’t the only consideration. Benefits weigh heavily on this decision too. Not just health and other insurance benefits (many employers provide life and even a basic disability policy, both of which are important, particularly for parents), but saving for your retirement.
Unfortunately, when you give up a job, you may be giving up matching dollars, if your company contributes to your 401(k). That can mean big money, but it doesn’t mean you have to stop saving for retirement. Banking your own cash is so important, even if your spouse is socking away a lot of money, because we just never know what’s going to happen. No one wants to hear it, but I’ve spoken to too many people who were left struggling to fulfill their retirement needs because a divorce came out of leftfield. Plus, even if things go exactly as planned, it’s nice to have a stake in the game.
So how, exactly, do you save for retirement without the help of an employer? More…
WHAT:Hands On Gourmet – Corporate team-building in the comfort of a kitchen.
WHERE: San Francisco, CA
WHEN: 2004
HOW: Working a desk job for a measly, hourly wage, Molly Fuller decided she needed a change. She had been working too long in a job where she didn’t see a future for herself. So she quit, and decided to instead spend her time doing something she loved.
Passionate about two things – food, and culture — Fuller began hosting singles cooking classes at a San Francisco restaurant. It wasn’t until the restaurant received a request from a corporate customer, however, that the gears started turning. The corporate client was looking to host team-building cooking classes for their employees – and a light bulb went on. “Companies are always looking for ways to bring their employees, colleagues, partners, clients together to build community and have fun,” says Fuller. “Food, and specifically cooking together is a wonderful vehicle for this.” With that concept, Hands On Gourmet was launched. More…
The word “taxes” isn’t usually associated with good news — but this morning’s edition of Good News on the TODAY show highlighted a tax break that you may not know about. Watch the video below for details, and to see if you qualify.
During a recent trip to the mall, I found myself watching a young couple. They were hand-in-hand (or hand in pocket) walking between stores and sharing a soft pretzel. It was clear that the woman, who had several shopping bags in her hands, was having a good time. Her guy, however, seemed to be losing steam. The expression on his face told me clearly would have preferred to be somewhere else – maybe just about anywhere else.
It got me thinking about my own feelings about the mall. While I don’t want to spend every day there – and while my tolerance tops out at about 2 hours – I rarely object to getting in the car to go. I like to check things out when I hear about a new store opening, or when there’s a great sale. Sometimes, I’ll go myself, sometimes with a friend, rarely with my husband. More…
This morning on TODAY, the experts answered your money questions. Whether you’re struggling to overcome medical debt, trying to determine how to best invest some extra cash, or wondering how to really determine your credit score, watch the video below for this morning’s edition of Money 911.
Wondering what Obama’s health bill means for you and your family? Watch the segment below from this morning’s edition of the TODAY show. We broke the bill down for you, so you know how your coverage — and your wallet — will be affected.
“I have a money market that I opened online 1 year ago with $1. One year later, it still has $1 because guess I don’t know that I fully understand what a money market does for me, not to mention I forgot about it. Could you help me understand this?” – Monica
Money market deposit accounts are a lot like your run-of-the-mill savings accounts. Both will help you accumulate money in a safe, FDIC-insured (up to $250,000 per depositor) place. But there are some differences as well:
MMAs historically have paid more interest on deposits. I say “historically” because – especially today – there’s no hard and fast rule. According to bankrate.com, right now the highest-yielding MMA is paying 1.45% annually, while the highest-yielding savings account is paying 1.50%. More…
Last week, I had the opportunity to sit down with Vice President Joe Biden for an exclusive (!) interview on taxes. He announced that tax refunds had crossed the $3,000 average threshold per filer — an increase of $266 on average an a result of the American Recovery and Reinvestment Act. We talked about the different tax credits available this year — including ones for first time home-buyers, those paying for college tuition, and ones for switching to energy-efficient appliances — as well as a new tool from the White House to help you ensure you get the most out of your tax refund (even if you’ve already filed). Watch the video below to see the interview, as well as some additional tips I shared this morning on the TODAY show.
Can I afford to be a stay-at-home parent? It’s a question I get again and again, and a hard one to answer as an outsider. The only way to truly know if you can afford to stay home after having a baby is by dusting off the calculator and doing some number crunching. But first, you need to know what to consider. Here’s a run down:
* Your finances, of course. It sounds obvious, I know, but if you have a lot of debt – not a mortgage but high interest rate credit card debt – or you don’t have an adequate emergency fund of at least six to nine months worth of expenses, you’re probably going to have to continue working, at least part time, until you’re standing on firmer ground. More…
“We have all heard your advice on not closing credit card accounts and its impact on one’s credit score. My bank recently changed underlying card providers and my Visa was changed to a Mastercard with a new account number, etc. The bank said it will not affect my credit score or appear as if I closed one account and opened another. Is this true?” – Brian
WHO: Molly Fuller
During a recent trip to the mall, I found myself watching a young couple. They were hand-in-hand (or hand in pocket) walking between stores and sharing a soft pretzel. It was clear that the woman, who had several shopping bags in her hands, was having a good time. Her guy, however, seemed to be losing steam. The expression on his face told me clearly would have preferred to be somewhere else – maybe just about anywhere else.
“I have a money market that I opened online 1 year ago with $1. One year later, it still has $1 because guess I don’t know that I fully understand what a money market does for me, not to mention I forgot about it. Could you help me understand this?” – Monica
