Loans, Taxes, and Law
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What is a Reverse Mortgage and How Does it Work?
A reverse mortgage is a unique type of loan that allows homeowners aged 62 and older to convert part of the equity in their home into cash. With a reverse mortgage, you receive money from the lender while still retaining ownership of your home. Unlike a traditional mortgage, you don’t make monthly payments with a reverse mortgage. Instead, the lender…
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How to Get a Personal Loan with Bad Credit – Complete Guide
Having a poor credit score can make getting approved for a personal loan more challenging. However, there are still options available even if you have bad credit, which offer guaranteed approval loans. Here is a complete guide on how to get a personal loan with bad credit. 1. Check Your Credit Score and Reports The first step is to check…
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Mortgage Rates in January 2024
Mortgage Rates in January 2024 Mortgage rates in January 2024 remain elevated compared to historic norms but have edged down from the highs seen in late 2022. With inflation showing signs of cooling and the Federal Reserve pausing its aggressive rate hike campaign, expectations are for mortgage rates to continue moderating through 2024. However, volatility remains in the near-term forecast.…
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Biden’s Student Loan Announcement for Huge Loan Relief
The Biden administration recently announced approval of an additional $5 billion in federal student loan debt cancellation. This brings the total amount of relief provided under President Biden to over $132 billion for more than 3.6 million borrowers. While Biden’s broad student loan forgiveness program was struck down by the Supreme Court, his administration continues finding ways to deliver debt…
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Simple IRA vs 401k: What makes the MOST PROFIT?
Deciding between a Simple IRA and 401k plan for your small business can be confusing. Both plans have advantages and disadvantages in terms of costs, contribution limits, employer requirements and more. In this comprehensive guide, we’ll compare Simple IRAs and 401ks to help you determine which option may lead to the most profit for your business. What is a Simple…
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Tax Saving Strategies for High Income Earners (2024)
High income earners often pay a higher percentage of their income in taxes. However, with some planning and smart financial moves, high earners can reduce their tax burden and keep more of their hard-earned money. This comprehensive guide outlines the best tax saving strategies for high income earners, including effective cash flow management. Understand Your Tax Bracket The first step…
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Steps to Apply for Student Loan Forgiveness: A Guide to Qualifying
Over 43 million Americans carry almost $1.6 trillion in student debt collectively. For borrowers facing financial hardship, applying for federal student loan forgiveness could provide a lifeline – but navigating eligibility requirements can be tremendously confusing. This detailed walkthrough aims to clarify all aspects of qualifying for and completing loan forgiveness applications. Follow these 13 key steps to pursue the…
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IRA vs. 401(k): Key Differences and Benefits to Consider
As a retirement saver, you likely know about common tax-advantaged accounts like IRAs and 401(k)s. But understanding the nuances of how these accounts differ is key to creating an optimal savings strategy. This guide examines everything you need to know about IRAs and 401(k)s when planning for your nest egg. What is a 401(k)? A 401(k) is an employer-sponsored retirement…
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How to Easily Check Your 401k Balance in 5 Minutes
“Retirement is not the end of the road. It is the beginning of the open highway.” – Unknown Monitoring your 401k balance is crucial to ensure your retirement savings stay on track. But you may be wondering, how exactly can I check my 401k balance? This comprehensive guide will walk through the entire process from start to finish. What is…
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These States Need Insurance to Register a Car
Except for New Hampshire, all states mandate minimum liability coverage or insurance to register cars. Requirements range from $10,000 to $25,000 for injury and property damage. Some also require no-fault, uninsured motorist, and medical payments coverage. The Importance of Insurance Having insurance protects other motorists should an accident occur. It also covers damage to your own vehicle. Failing to maintain…
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