If you’re carrying around a tattered old wallet that you can barely close because it is filled with crumpled receipts, credit cards, rewards cards, spare keys, lip gloss, and whatever else you can fit in it , some financial advisers say you shouldn’t be surprised that you are having some trouble getting a handle on your finances.
Read MoreFinancial advisers are joining the exodus from Pacific Investment Management Co. funds in the wake of co-founder Bill Gross’s abrupt departure last month.
Read MoreNEW YORK (MainStreet) — Paying off your mortgage quickly means you could lose money for your nest egg in the future.
Since inflation erodes the value of your existing finances, working to pay off only the entire mortgage may wind up costing consumers in the end. If a consumer has a $1,600 a month mortgage, the money will have about a third of its purchasing power in 30 years.
Read MoreSeptember 9, 2014
“Tim Kim, Analyst at Francis Financial, Inc., notes that 58% of Americans don’t have a standard will and 69% don’t have a living will. That’s bad news. ‘[W]ithout a will, your estate will fall into the minefield of intestacy laws and becomes hostage to the legal system,’ Kim says.”
Read MoreMarch 29, 2013
Keep in mind that you’ll “need to have some cash on hand to close the mortgage, but we have seen clients cut their monthly payments by $200-$500 and be able to make up the closing costs in a year or two,” says Timothy Kim of Francis Financial, a wealth management firm in New York.
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