(2606 - SE Members Blog post - syndication express2024-03-29T02:06:29Zhttps://syndicationexpress.ning.com/profiles/blogs/feed/tag/%282606Wise Money Moves for 2016https://syndicationexpress.ning.com/profiles/blogs/wise-money-moves-for-20162016-01-23T03:30:00.000Z2016-01-23T03:30:00.000ZJack McLaughlin (JMAC)https://syndicationexpress.ning.com/members/JackMcLaughlinJMAC<div><table class="main" align="left" width="98%"><tbody><tr><td align="left" width="100%"><font size="3"><strong>Wise Money Moves For 2016</strong></font><br /> <br /> <img src="http://www.ibosocial.com/images/linkarrow.gif" alt="linkarrow.gif" /> <a href="http://www.your-daily-income.com/wordpress">VISIT WEBSITE</a> <font size="1">(learn more)</font></td></tr><tr><td align="left" width="100%"><div class="rstclass"><p align="center"><img src="http://www.your-daily-income.com/ibotoolbox/PRimages/meandvegas300borderkb.jpg" alt="" border="0" height="200" width="150" /></p><p align="center"><span><em><a href="http://www.ibosocial.com/ibotjmac" target="_blank">About Me</a></em> </span></p><p align="center"><strong>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</strong></p><p align="center"><span>Follow Me:</span></p><dl><dd><p align="center"><big><a href="http://www.facebook.com/YourDailyIncome"><img src="http://www.your-daily-income.com/images/Facebook.png" alt="Facebook.png (2174 bytes)" border="0" height="37" width="37" /></a><a href="https://plus.google.com/101676442129130661667"><img src="http://www.your-daily-income.com/images/GooglePlus.png" alt="GooglePlus.png (2606 bytes)" border="0" height="37" width="37" /></a><a href="http://www.linkedin.com/pub/jack-mclaughlin/2a/685/404"><img src="http://www.your-daily-income.com/images/LinkedIn.png" alt="LinkedIn.png (2444 bytes)" border="0" height="37" width="37" /></a><a href="https://myspace.com/yourdailyincome"><img src="http://www.your-daily-income.com/images/MySpace.png" alt="MySpace.png (2658 bytes)" height="37" width="37" /></a><a href="http://www.pinterest.com/pinterestjmac/"><img src="http://www.your-daily-income.com/images/Pinterest.png" alt="Pinterest.png (1952 bytes)" border="0" height="37" width="37" /></a></big></p></dd></dl><p align="center"><strong>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</strong></p><h1>Wise Money Moves For 2016</h1><h2><span class="font-size-4">Get your financial house in order with these monthly tips</span></h2><p> </p><h3><span>January</span><img src="http://www.your-daily-income.com/ibotoolbox/irs.png" alt="" height="222" width="225" /></h3><p><span class="font-size-3"><strong>File ASAP.</strong> </span></p><p><span class="font-size-3">The earlier you file your tax return, the less likely a thief will beat</span></p><p><span class="font-size-3">you to the punch, claiming a refund using your stolen Social Security</span></p><p><span class="font-size-3">number. Maryland financial planner Kirk Kinder says three clients</span></p><p><span class="font-size-3">who filed late during the last tax season discovered they were victims</span></p><p><span class="font-size-3">when the IRS rejected their returns — because someone had already</span></p><p><span class="font-size-3">filed using their information. "File as soon as you can. That's the best</span></p><p><span class="font-size-3">way to avoid it," Kinder says. New: The IRS recently changed its policy</span></p><p><span class="font-size-3">so that victims can request a copy of the bogus return to determine the</span></p><p><span class="font-size-3">extent of the identity theft.</span></p><p><span> </span></p><h3><span>February<img src="http://www.your-daily-income.com/ibotoolbox/PRimages/refinance.png" alt="" height="162" width="250" /></span></h3><p><span class="font-size-3"><strong>Prep for bigger payments.</strong> If you're among the millions who took</span></p><p><span class="font-size-3">out a home equity line of credit before the housing bust, your monthly</span></p><p><span class="font-size-3">payment could soon jump by hundreds of dollars. That's because these</span></p><p><span class="font-size-3">loans usually allow interest-only payments for the first 10 years, then</span></p><p><span class="font-size-3">require borrowers to begin repaying principal, too. About $50 billion in</span></p><p><span class="font-size-3">loans will enter this phase in 2016 — more than double the amount</span></p><p><span class="font-size-3">in 2014. Compounding the problem, variable interest rates on these</span></p><p><span class="font-size-3">loans will likely rise each time the Federal Reserve boosts rates.</span></p><p><span class="font-size-3">Contact your lender to discuss options if you anticipate you'll have</span></p><p><span class="font-size-3">trouble making payments, says Keith Gumbinger, vice president of HSH,</span></p><p><span class="font-size-3">a home loan information service. Or, refinance into a new loan with</span></p><p><span class="font-size-3">interest-only payments, he says.</span></p><p> </p><h3><span><span class="font-size-4">March</span><img src="http://www.your-daily-income.com/ibotoolbox/PRimages/roth.png" alt="" height="128" width="247" /></span></h3><p><span class="font-size-3"><strong>Convert to a Roth. </strong>Investments down? Consider taking advantage of</span></p><p><span class="font-size-3">falling stock prices to transfer some shares from a traditional IRA into a</span></p><p><span class="font-size-3">tax-friendly Roth IRA, says Tim Steffen, director of financial planning</span></p><p><span class="font-size-3">with Robert W. Baird & Co. You'll owe ordinary income tax on the value</span></p><p><span class="font-size-3">of transferred shares. But with lower stock prices, you'll be able to transfer</span></p><p><span class="font-size-3">more shares into the Roth without paying more in taxes, he says. Ideally,</span></p><p><span class="font-size-3">once in the Roth, those shares will recover, and future gains won't be taxable</span></p><p><span class="font-size-3">to you or your heirs. And don't forget, you have until April 15 to make an</span></p><p><span class="font-size-3">IRA contribution for 2015. Those who are 50 and older can contribute up to</span></p><p><span class="font-size-3">$6,500 annually to an IRA. Also, if you have the cash, why not make your</span></p><p><span class="font-size-3">contribution for 2016 at the same time? The sooner the money is invested,</span></p><p><span class="font-size-3">the bigger your nest egg will eventually be.</span></p><p> </p><h3><span> </span></h3><h3><span><img src="http://www.your-daily-income.com/ibotoolbox/PRimages/hsa.png" alt="" height="121" width="267" /></span></h3><h3><span class="font-size-4">April</span></h3><p><span class="font-size-3"><strong>Fund a health savings account.</strong> More employers offer a high-deductible</span></p><p><span class="font-size-3">health plan combined with this savings account, and you have until April 15 to</span></p><p><span class="font-size-3">contribute to one for 2015. Individuals can invest $3,350 pretax — plus another</span></p><p><span class="font-size-3">$1,000 if age 55 and up — in that account, where it can be withdrawn tax-free to</span></p><p><span class="font-size-3">pay medical expenses. Plus, this income won't trigger higher Medicare premiums</span></p><p><span class="font-size-3">or taxes on Social Security benefits, says Mary Beth Franklin, contributing editor at</span></p><p><span class="font-size-3">Investment News. If you use the money for non-medical expenses, however, you</span></p><p><span class="font-size-3">will owe income taxes and, if under age 65, a 20 percent penalty, too.</span></p><p> </p><h3><span>May<img src="http://www.your-daily-income.com/ibotoolbox/PRimages/emergencyfunds.png" alt="" height="140" width="246" /></span></h3><p><span class="font-size-3"><strong>Build an emergency fund. </strong>By now you know about setting aside</span></p><p><span class="font-size-3">three to six months' worth of living expenses to pay for unexpected</span></p><p><span class="font-size-3">expenses. It's basic financial planning, yet many people still don't do this.</span></p><p><span class="font-size-3">Nearly 1 out of 5 Americans ages 50 to 64 raided their retirement savings</span></p><p><span class="font-size-3">in the past year to pay for an emergency, according to Bankrate.com, a</span></p><p><span class="font-size-3">website that tracks savings products. Those withdrawals can trigger taxes</span></p><p><span class="font-size-3">and penalties. Avoid this by gradually building a cash reserve to be tapped</span></p><p><span class="font-size-3">when emergencies arise.</span></p><p> </p><h3><span>June<img src="http://www.your-daily-income.com/ibotoolbox/PRimages/fees.png" alt="" height="136" width="245" /></span></h3><p><span class="font-size-3">Check those fees. How much of the money in your 401(k), IRAs, and other</span></p><p><span class="font-size-3">retirement accounts is being eaten up by fees? An AARP survey found that</span></p><p><span class="font-size-3">73 percent of 401(k) participants age 50 and older thought they didn't pay</span></p><p><span class="font-size-3">any fees or were unaware of the amount. "If you don't know how much you</span></p><p><span class="font-size-3">are paying, you're probably paying too much," says Yoav Zurel, cofounder</span></p><p><span class="font-size-3">of FeeX.com. This free service provides fee information on several thousand</span></p><p><span class="font-size-3">employer plans, grades retirement accounts and can recommend cheaper</span></p><p><span class="font-size-3">alternatives if you're paying too much.</span></p><p><span> </span></p><h3><span>July<img src="http://www.your-daily-income.com/ibotoolbox/PRimages/credit%20card.png" alt="" height="158" width="245" /></span></h3><p><span class="font-size-3"><strong>Fix your credit card.</strong> Most cards have a variable interest rate. But if</span></p><p><span class="font-size-3">you carry a balance, look for a low fixed-rate card that could save you</span></p><p><span class="font-size-3">money in the long run and hedge against future rate hikes by the Federal</span></p><p><span class="font-size-3">Reserve, says Curtis Arnold, founder of CardRatings.com. Consumers with</span></p><p><span class="font-size-3">good to excellent credit — a FICO score of 720 or higher — can find cards</span></p><p><span class="font-size-3">with a fixed rate of 10 percent or less from credit unions and community</span></p><p><span class="font-size-3">banks, Arnold says. Or, if you favor a card for its reward program instead</span></p><p><span class="font-size-3">of the interest rate, review the terms to make sure you're getting the best deal.</span></p><p><span class="font-size-3">Some issuers have doubled their rewards in the past year or so, and even</span></p><p><span class="font-size-3">offer $100 to $150 to sign up for their programs.</span></p><p> </p><h3><span>August<img src="http://www.your-daily-income.com/ibotoolbox/PRimages/net%20worth.png" alt="" height="244" width="244" /></span></h3><p><span class="font-size-3"><strong>Crunch your net worth.</strong> It's a simple yet critical checkup to be</span></p><p><span class="font-size-3">done every year to show you where you stand financially. To figure</span></p><p><span class="font-size-3">your net worth, add up the value of all your assets — homes, cars, cash,</span></p><p><span class="font-size-3">retirement accounts, other valuables and investments — and then subtract</span></p><p><span class="font-size-3">liabilities, such as mortgage, auto loans, lingering student loans, credit card</span></p><p><span class="font-size-3">debt and other debt.</span></p><p><span class="font-size-3">Use an online calculator at AARP.org or Bankrate.com to help determine</span></p><p><span class="font-size-3">your net worth. Ideally, your net worth will continue to rise annually as your</span></p><p><span class="font-size-3">investments grow and debts decline. Of course, a stock market crash or</span></p><p><span class="font-size-3">housing bust can cause your net worth to temporarily drop. But if your</span></p><p><span class="font-size-3">net worth falls year after year, maybe something other than the economy</span></p><p><span class="font-size-3">is at fault — something such as overspending, which you can take steps</span></p><p><span class="font-size-3">to control.</span></p><p> </p><h3><span>September<img src="http://www.your-daily-income.com/ibotoolbox/PRimages/insurance.png" alt="" height="185" width="244" /></span></h3><p><span class="font-size-3"><strong>Shop for insurance.</strong> Premiums for auto and homeowner insurance</span></p><p><span class="font-size-3">aren't determined just by risk factors. Some companies set premiums</span></p><p><span class="font-size-3">using "price optimization," meaning they charge more — as much as</span></p><p><span class="font-size-3">25 percent — if you're unlikely to shop for coverage elsewhere, says</span></p><p><span class="font-size-3">Bob Hunter, director of insurance with the Consumer Federation of</span></p><p><span class="font-size-3">America. Though about a dozen states ban price optimization and others</span></p><p><span class="font-size-3">will likely follow, it's worth browsing periodically for a better deal. If you</span></p><p><span class="font-size-3">find one, tell your insurer, which will then likely meet or beat that offer,</span></p><p><span class="font-size-3">Hunter says.</span></p><p> </p><h3><span>October<img src="http://www.your-daily-income.com/ibotoolbox/PRimages/open%20enrollment.png" alt="" height="132" width="244" /></span></h3><p><span class="font-size-3"><strong>Open enrollment</strong> to buy health insurance through one of the</span></p><p><span class="font-size-3">state-sponsored exchanges starts Oct. 15 and runs through Dec. 7.</span></p><p><span class="font-size-3">The penalty for being uninsured is steep, and rising. In 2016, the</span></p><p><span class="font-size-3">penalty is the greater of 2.5 percent of your income or $695 per adult</span></p><p><span class="font-size-3">and $347.50 per child, though not to exceed $2,085 for a family.</span></p><p><span class="font-size-3">Thereafter, the flat dollar penalty will be adjusted for inflation.</span></p><p> </p><h3><span>November<img src="http://www.your-daily-income.com/ibotoolbox/PRimages/bank%20account.png" alt="" height="180" width="244" /></span></h3><p><span class="font-size-3"><strong>Break up with your bank.</strong> Is your bank taking you for granted?</span></p><p><span class="font-size-3">Charging you for checking? Paying nothing on savings? If so, maybe</span></p><p><span class="font-size-3">it's time to switch. "There are better alternatives. Free checking is</span></p><p><span class="font-size-3">widely available at smaller community banks, credit unions and</span></p><p><span class="font-size-3">online banks," says Greg McBride, chief financial analyst with</span></p><p><span class="font-size-3">Bankrate.com. And many online banks pay more than 1 percent on</span></p><p><span class="font-size-3">savings for little or no minimum deposits, he says. Search for</span></p><p><span class="font-size-3">federally insured online banks at Bankrate.com. Many of these are</span></p><p><span class="font-size-3">established community and regional banks that use the Internet to</span></p><p><span class="font-size-3">market to a national audience or are divisions of other larger financial</span></p><p><span class="font-size-3">institutions, McBride says.</span></p><p> </p><h3><span> </span></h3><h3><span><img src="http://www.your-daily-income.com/ibotoolbox/PRimages/giftcard.png" alt="" height="144" width="247" /></span></h3><h3><span class="font-size-4">December</span></h3><p><span class="font-size-3"><strong>Sell those gift cards.</strong> About one quarter of people who receive a gift</span></p><p><span class="font-size-3">card have yet to spend it after one year, according to Consumer Reports.</span></p><p><span class="font-size-3">Don't let cards go to waste. If you're not using them because you don't</span></p><p><span class="font-size-3">like the retailers, sell the cards for a discount at sites such as </span></p><p><span class="font-size-3">GiftCards.com, GiftCardRescue.com and MonsterGiftCard.com.</span></p><p><span><strong>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</strong></span></p><div><p align="center"><a href="http://www.your-daily-income.com/"><img src="http://www.your-daily-income.com/images/ydi%20banner250x250.png" alt="ydi banner250x250.png (115478 bytes)" border="0" height="246" width="247" /></a></p></div><p align="center"><span><strong>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</strong></span></p><dl><dd><p align="center"><big><span><span><a href="http://www.facebook.com/YourDailyIncome"><img src="http://www.your-daily-income.com/images/Facebook.png" alt="Facebook.png (2174 bytes)" border="0" height="37" width="37" /></a><a href="https://plus.google.com/101676442129130661667"><img src="http://www.your-daily-income.com/images/GooglePlus.png" alt="GooglePlus.png (2606 bytes)" border="0" height="37" width="37" /></a><a href="http://www.linkedin.com/pub/jack-mclaughlin/2a/685/404"><img src="http://www.your-daily-income.com/images/LinkedIn.png" alt="LinkedIn.png (2444 bytes)" border="0" height="37" width="37" /></a><a href="https://myspace.com/yourdailyincome"><img src="http://www.your-daily-income.com/images/MySpace.png" alt="MySpace.png (2658 bytes)" height="37" width="37" /></a><a href="http://www.pinterest.com/pinterestjmac/"><img src="http://www.your-daily-income.com/images/Pinterest.png" alt="Pinterest.png (1952 bytes)" border="0" height="37" width="37" /></a></span></span></big></p></dd></dl><p align="center"><span><strong>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~</strong></span></p></div></td></tr></tbody></table></div>