A 403(b) plan is common in public schools, nonprofits and religious groups. It is a defined contribution plan where employees add money to a pre-tax or Roth account. The money is usually invested in mutual funds or annuities. Growth depends on contributions, investment performance, fees and time. Some employers may…
Certificates of deposits (CDs) continue to be worth considering as a component of your savings strategy in 2025. Yields on the best CD rates increased to highs not seen in years, thanks to the Federal Reserve raising its benchmark rate 11 times in 2022 and 2023. In 2024, yields dipped…
When the Federal Reserve changes interest rates, consumers feel the ripple effects in all sorts of ways. For savers, banks offering top interest rates tend to pay more when the U.S. central bank hikes rates and less when it cuts them. “Regardless of what the Federal Reserve decides to do,…
When the Federal Reserve cuts interest rates even by just 0.25%, it will have a direct impact on your finances. While a quarter of a percent may sound small, even slight changes in rates can ripple through the economy affecting everything from credit card payments to mortgage rates (more on…
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The Show-Me State has a little something for everyone, whether it’s the barbecue scene of Kansas City, the historic charm of St. Louis or the natural beauty of the Ozarks. And unlike many states, Missouri’s housing market still offers a level of affordability that can…
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What if you had access to a turbo boost with the power to turn your business into a booming success story? You do! It’s a process every successful company uses to gain momentum—strategic planning. If that sounds like a lot of crunching numbers and analyzing trends, you’re right. But that’s…
Key takeaways Comparing mortgage offers is crucial, as even a slight difference in the rate lenders offer you can add up to big savings over the life of your loan. When you shop for a mortgage, compare APRs and closings costs (not just interest rates) to be sure you’re getting…
Key takeaways Collateral can make loans less risky for the lender since the assets can be seized if borrowers don’t repay their loans. Collateralized loans are generally easier to get and come with more favorable terms than unsecured loans. Some lenders may require a personal guarantee in addition to business…
If you regularly make a monthly budget (or you’re ready to start), that’s awesome. I mean it! Budgeting is the first step to taking control of your money, and you’re taking that step. But maybe you’re wondering if you’ve got everything you need in your budget. Here’s something that will help:…
Key takeaways The frequency of natural disasters is increasing, and the cost to rebuild a home is at record highs. It’s essential to maintain accurate records and document any impacts from extreme weather to support your insurance claim. Homeowners may have other recover options, such as FEMA disaster assistance, but…
Money’s tight for just about everybody right now (thanks, inflation). As you look for ways to cut costs, you’re probably wondering, Is everyone spending this much on food? What are the average monthly expenses? Well, here’s what we do know: The average monthly expenses for an American household are about $6,440.1 That adds up to…
In these difficult financial times, managing your expenses wisely is crucial. How can I prioritize expenses when money is limited? Concentrate on essential costs, be cautious with discretionary spending, and regularly review your budget. Start by asking yourself: What are my absolute necessities? Using the “needs vs. wants” approach helps…
For individuals who require long-term care but earn too much income to qualify for Medicaid, a type of trust called a Miller Trust can help bridge the gap. Sometimes called a qualified income trust (QIT), this type of trust allows individuals to meet Medicaid’s income requirements while still using their…
Look at you! You’re either kicking butt as your own boss or you’re killing it as an employee of a small business. In either role, you’re the backbone of the American economy. So, you’ve got your business plan in place and you know where you’re headed—but what about your retirement…
JohnnyGreig/Getty Images: Illustration by Issiah Davis/Bankrate Key takeaways Conventional loans are mortgages that aren’t guaranteed or insured by the U.S. government. They’re the most popular kind of mortgage, available from virtually all types of lenders, including banks and online lenders. This type of mortgage comes with a fixed or adjustable…
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