There are many consumers holding too many credit cards. This may be because they’ve signed up for new cards for the offers or they’ve accumulated credit card debt and opened a few additional ones to survive. Whatever the case, this may be the year to consider closing a few accounts. This can be achieved, but act with caution. Read More.
Some consumers may have stashed away money for future emergencies. We actually advocate that individuals maintain an emergency fund in a highly liquid account to cover unexpected issues such as medical emergencies, unemployment, theft or casualties. This fund should cover at least six months worth of living expenses. If that’s the case, you’ve likely opened up a money market or savings account and haven’t looked back. Unfortunately, money held in inactive savings and money market accounts can be subject to fees by the bank. Learn how to avoid these inactivity fees. Read More.
The hurricane season is now upon us and forecasters are predicting above average activity levels. Those in the northeast last year, experienced the wrath of Super Storm Sandy with some outages lasting several weeks. If you’re concerned about the upcoming hurricane season and future storms, now may be the time to start thinking about investing in a generator to power your home or business when the electricity goes out. Should you invest in an automatic or portable generator? Read More.
Mortgage rates are now on the rise again as was the case six months ago. The difference this time is that average rates on a 30 year mortgage have jumped 25 basis points to 3.99% as compared to a 10 basis point increase to 3.52% in December (source: Bankrate weekly surveys). In addition, the market appears to have moved in response to the Federal Reserve Chairman’s recent comments about pulling back on its historic easy money monetary policy. What should you do with this recent rise in rates? Read More.
Last year, the new cost basis reporting rules went into effect. This greatly impacted brokerage houses as well as taxpayers because of the time required to meet this new requirement. More paperwork is on the way. Specifically, in addition to stocks, you and your broker are now both responsible for reporting the cost basis of mutual funds shares, dividend reinvestment plans (DRIPs) and most exchange traded funds (ETFs) for the sale of such securities during the 2012 tax year. Read More.
Inflation is beginning to take hold as food prices are rising at a greater rate than in the prior year. In addition, the core inflation reading, which excludes food and energy, increased at the highest rate in a year. While the actual core inflation data provided by the government suggests just under a 2% rate year over year, anyone that’s been to the grocery store lately will notice higher prices. Will this trend continue throughout 2013? Read More.
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