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Understanding Health Insurance

Understanding Health Insurance One of your biggest financial risks is confronting unexpected expenses that you can’t afford, no matter how careful you are with your money. That’s why learning how to navigate health insurance could save your health and your bank account. There is no way to predict what will happen; you may lead a lucky life without serious illness …

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Working with a Lender

Working with Your Mortgage Lender Investing is like life – nothing ventured, nothing gained. And, purchasing a home may be the largest investment you ever make. Most lenders require you to complete a mortgage application—a comprehensive financial statement, which can feel overwhelming and complicated. But with the right lender, you’ll be able to easily navigate the necessary steps it takes …

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50/30/20 Rule

50/30/20 Rule The 50/30/20 rule is a practical rule of thumb for individuals who want a budget that is easy, yet effective, to implement. It offers guidelines for enjoying your income while putting savings on autopilot. Humans are fallible—sometimes we just need guidelines. If you struggle making sense of a sea of budgeting systems and mobile apps, consider the 50/30/20 …

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Transitioning to Retirement

Transitioning to RetirementThinking about retirement? Wondering if that’s something you can do? You may be mentally or emotionally ready but are you ready financially? If you have a pension or you’ve participated in a retirement savings plan where you work, and income from that source is a mainstay of your budget, the ideal solution is having your first retirement payment …

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Getting a Car

There are pros and cons to each method. Your choice will be based on various financial considerations, driving habits, and personal preference. Buying a used car is appealing to many people. Used cars are less expensive up-front, and they have the added benefit of not depreciating drastically when they leave the lot. Because you are buying a used car and …

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Buying A House

Start by defining your goals. Consider where you want to live, the features you’re looking for, what you can afford, and a realistic date for having the money you’ll need. Then apply your knowledge to making this key decision. The actual amount you’ll spend to buy a home depends on the part of the country you live in and the …

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Refinancing Your Loans

Essentially, refinancing replaces an old loan with a new one with terms that are better for your situation. But there can be trade-offs associated with refinancing. While mortgage loans may be most commonly refinanced, you can also refinance auto, personal, and student loans. You can even “refinance” credit card debt by transferring the amount left to pay to another credit provider with …

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The Cost of a Mortgage

For example, if you borrow $200,000 for 30 years at 6% interest, your total repayment will be around $431,680, more than two times the original loan. What seems like minor differences in the interest rate can add up to a lot of money over 30 years. At 7%, the total repaid would be $479,160, about $47,480 more than at the …