Credit cards: A minimum payment might help you in the short term but could be one of your most expensive decisions.
Want to be your credit card company’s favorite customer? Just max out your card’s limit, agree to pay interest at a rate of 18 percent to 25 percent, and make only the minimum payment each month.
Wealth management is a financial services term that gets thrown around a lot and, yet, is not well understood even by people in the business. Wealth management and financial planning are very similar paths. They both assist clients with investment decisions and goals. However, what uniquely distinguishes the field of wealth management from financial planning is the clients.
It can be both fun and educational for your kids.
When it comes to teaching children about money, you should get them involved early…as young as 7 or 8 years of age. Have them help with the bill paying. Expose them to preparing your tax return. And, if you have the money, set up a brokerage account for them. Let them pick a stock or two.