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From mortgages to credit cards, investing your money, and minimizing your taxes, we cover it all.

Compounding: Your Best Friend or Worst Enemy Print E-mail
(5 votes, average 5.00 out of 5)
Personal Finance - Credit Cards
Written by Omie Ismail   
Thursday, 01 October 2009 14:15

I remember when I was a kid, and I first heard about compounding.  I had a passbook savings account with the standard rate of 5%.  My mom and I were talking about how the savings would grow.  I said, “so every year I am going to get $5 on my $100” “No,” she said, “Its going to be more than $5 because you are going to get interest on the interest”.  I didn’t understand this for a long time and it all seemed very confusing, why couldn’t it just be $5 and make it easier.

Thankfully for all of us investors, that $5 ends up being a little bit more due to compound interest.

Read more: Compounding: Your Best Friend or Worst Enemy
 
Learn to Hate Your Debt Print E-mail
(7 votes, average 4.57 out of 5)
Personal Finance - Credit Cards
Written by Omie Ismail   
Thursday, 17 September 2009 11:21

It used to be that debt was truly a four letter word.  If you had debt on anything but your house, there was something wrong with you. Then came the financing revolution that let you borrow for everything from cars, to boats, education, vacations, and even cosmetic surgery. Even groceries can piled onto your credit card balance. With the proliferation of credit cards with higher limits, some households purchase virtually everything on credit. A massive acceleration of the instant gratification lifestyle took place with people pulling forward 3 to 5 years of purchases with nothing more than a slide of a little plastic card.

Read more: Learn to Hate Your Debt
 
Learn to Live by the Tax Code Print E-mail
(1 vote, average 4.00 out of 5)
Personal Finance - Taxes
Written by The Frugal Nomad   
Monday, 14 September 2009 18:05

Death and Taxes, both are inevitable. Right?  Well sort of. I mean the government taxes you even after you die by taking a bite out of your estate. It's their way of kissing you goodbye and making sure you're a good loyal citizen in the great beyond.

Read more: Learn to Live by the Tax Code
 
Low Rate Mortgages: The Benefit You Never Heard Of Print E-mail
(6 votes, average 4.17 out of 5)
Personal Finance - Mortgage
Written by Omie Ismail   
Sunday, 13 September 2009 08:02

Everyone wishes they had an ultra low rate mortgage because of the low monthly payments.  A 30 year mortage under 5% would classify as low interest today.  The monthly payment for a $400,000, 30 year loan at 4.5% is $2,027.  Compare that to a higher cost loan of 9 percent that might be given to someone with lower creditworthiness.  The same loan at 9 pecent is $3,218 a month, almost $1,200 more.  But there is something that very few people understand that may be far more important in today's flat or declining markets than the obvious lower monthly payment.

Read more: Low Rate Mortgages: The Benefit You Never Heard Of
 
How to Get a Cheap Mortgage - The Basics Print E-mail
(2 votes, average 5.00 out of 5)
Personal Finance - Mortgage
Written by Omie Ismail   
Friday, 11 September 2009 15:57

Getting a cheap mortgage has gotten is much easier with the Internet.  You have the ability to research rates, submit applications, and get a quote within minutes or hours.  However, getting a great rate means you have to be ready.  Here are some basics that you should know:

1) Your FICO score is the single most important factor in determining the interest rate you will be charged.  If you want the rates that everyone is touting keep your FICO above 720.  Don't know your FICO you can check Experian or one of the other rating agencies to get your latest score.  If you don't know your score, don't apply for credit.

Read more: How to Get a Cheap Mortgage - The Basics
 
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