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MoneyTips You finally made it through college and graduated with a degree, a new set of friends, great memories, and most likely a significant amount of student loan debt. How can you manage paying such a substantial debt on a starting salary (assuming you were fortunate enough to find a job at all)? It is not easy, but by following some simple rules, you can increase your chances of successful student loan repayment . Consider the following dos and don'ts of managing your student loan: 1. Don't Splurge on Spending – It's tempting to take that first paycheck and splurge on some of the things you've always wanted and can now afford. Resist that urge and make it a priority to pay down debt. Devote at least the minimum payment amount to your student loan payments — and, if you can afford it, consider paying ahead to knock down th... from MoneyTips https://ift.tt/2YmXsiy

MoneyTips By Dawn Springer Mortgage rates may be rising but there's still room to refinance your home loan. You might have heard much said about the constant rise of interest rates over the past year, with some blaming that for a recent dip in home sales. Yet mortgage rates remain near record lows, presenting an opportunity for homeowners to save on their monthly mortgage payment if they buy now. As it stands, the average rate on a thirty-year fixed rate mortgage is 4.07%. Some expect it to move higher, potentially reaching 5% next year. It means that the clock is ticking for homeowners thinking about refinancing. However, it doesn't mean they should rush through the process, making costly mistakes along the way. There are a few different methods and tricks of the trade that can help you refinance your mortgage for greater savings. From knowing your credit score to comparison shopping, we... from MoneyTips https://ift.tt/2ZO0QDd

MoneyTips By Laurence Jankelow, cofounder at Avail Whether you've owned your two-flat duplex for years or you're trying to decide whether real estate is the right addition to your portfolio, it's important to think of rental property as an investment. Like any investment, your goal should be to maximize returns. You don't need to predict which neighborhood in town is about to see skyrocketing home values. Instead you should buy a property that has a lot to offer tenants – over time, sustained revenue from rentals is a savvy way to earn money. Once you have the property, you'll need to know how to manage it successfully, from repairs to tax payments. In this post, I'll outline four strategies to help you maximize your ROI. 1. Take the Time to Invest Wisely When looking for an investment property, it's important to consider its location, amenities, and construction quality. You should also look for a property that's already fully rented. I... f

MoneyTips Even though retiring is the furthest thing from the minds of most twenty-somethings, you need to invest sooner, rather than later for one reason – you have an advantage over everyone else: time . Time to let your money grow exponentially. There is a reason Albert Einstein is credited with calling compound interest "the 8th wonder of the world." It can work either for you or against you. Those who understand it, earn it. Those who don't, pay it. Let me elaborate. To understand truly how time affects money, let's look at Einstein's Rule of 72 . This rule shows how long it will take to double your money, based on an anticipated interest rate. It's really easy to figure out and super-important to understand. In my opinion, it's one of the most important things to learn and apply throughout your life. For example, if you were to earn a 4% return on your money, it would take 18 years to d... from MoneyTips http://bit.ly/2Y4bN3h

MoneyTips Congratulations! You've made it through college and are looking forward to using your new skills in the real world. Here's our gift to help you start your journey – a copy of your credit report. If you aren't familiar with your credit report and how it works, now's the time to check it out. Your credit report is a collection of all of your borrowing activities. Whenever you borrow money and make payments (or miss them), your creditors report that information to the three major credit reporting agencies (TransUnion, Experian, and Equifax). If you have part of America's nearly $1.5 trillion in student loans, your repayment record will show up here. Your future credit cards and loans will show up here, too. The credit reporting agencies use your credit report information to calculate your credit score – a single number between 300 and 850 that tells creditors how risky it i... from MoneyTips http://bit.ly/2RlGgai

MoneyTips Congratulations! You've made it through college and are looking forward to using your new skills in the real world. Here's our gift to help you start your journey – a copy of your credit report. If you aren't familiar with your credit report and how it works, now's the time to check it out. Your credit report is a collection of all of your borrowing activities. Whenever you borrow money and make payments (or miss them), your creditors report that information to the three major credit reporting agencies (TransUnion, Experian, and Equifax). If you have part of America's nearly $1.5 trillion in student loans, your repayment record will show up here. Your future credit cards and loans will show up here, too. The credit reporting agencies use your credit report information to calculate your credit score – a single number between 300 and 850 that tells creditors how risky it i... from MoneyTips http://bit.ly/2RlGgai

MoneyTips Congratulations! You've just finished paying off your mortgage – probably the largest debt you'll ever have in your life. Should you expect your credit score to increase as a result? Not necessarily. Your credit score is calculated from your credit report , a history of all of your borrowing and payment activity. While your mortgage was probably a huge part of that history, it's just one part. Credit reports also consider other installment loans, your credit card payments, and any payments for non-borrowing related charges (like cable or utility bills) that have gone into collections. Every account matters and contributes to your credit score. Consider the factors that go into calculating a credit score, starting with payment history – the most influential factor. Mortgages require regular payments for a long time. With those payments removed, that's one less regular payment that proves you... from MoneyTips http://bit.ly/2WLYGXM

MoneyTips Congratulations! You've just finished paying off your mortgage – probably the largest debt you'll ever have in your life. Should you expect your credit score to increase as a result? Not necessarily. Your credit score is calculated from your credit report , a history of all of your borrowing and payment activity. While your mortgage was probably a huge part of that history, it's just one part. Credit reports also consider other installment loans, your credit card payments, and any payments for non-borrowing related charges (like cable or utility bills) that have gone into collections. Every account matters and contributes to your credit score. Consider the factors that go into calculating a credit score, starting with payment history – the most influential factor. Mortgages require regular payments for a long time. With those payments removed, that's one less regular payment that proves you... from MoneyTips http://bit.ly/2WLYGXM

MoneyTips Total student debt in America is almost $1.5 trillion, while the average person with education debt in 2018 owed between $20,000 and $24,999. This massive debt load threatens the ability of recent and future graduates to reach their goals of home ownership and economic independence. How can you successfully get your children through college without subjecting them to suffocating debt obligations? You may not be able to escape completely debt-free, but here are five ways to lighten the load of student debt as much as possible. 1. Start Saving Early – You can't beat the preemptive approach. Use the power of compound interest and start saving as early as possible for your child's education. Don't wait until the junior high or high school years — establish your fund before he or she starts grade school. Put away wh... from MoneyTips http://bit.ly/2XC0Rd2

MoneyTips Congratulations! You made it through college armed with a degree, and hopefully a job. Now it's time to move on to the next stage of your education: life. The tests are all open book, the deadlines are varied, and some lessons are much harder and carry higher stakes than others do. Worst of all – there is very little grading on the curve. Sure, you know your GPA, but do you know your credit score? You can see it for free right now by joining MoneyTips . One of your first post-graduate lessons should be on the proper use of credit. Poor early decisions regarding credit can have adverse effects for years. In the words of millennial money expert Stefanie O'Connell, "It's really important for millennials to understand what a critical role credit plays in your life ... it's cr... from MoneyTips http://bit.ly/2Wdteg0

MoneyTips Congratulations! You made it through college armed with a degree, and hopefully a job. Now it's time to move on to the next stage of your education: life. The tests are all open book, the deadlines are varied, and some lessons are much harder and carry higher stakes than others do. Worst of all – there is very little grading on the curve. Sure, you know your GPA, but do you know your credit score? You can see it for free right now by joining MoneyTips . One of your first post-graduate lessons should be on the proper use of credit. Poor early decisions regarding credit can have adverse effects for years. In the words of millennial money expert Stefanie O'Connell, "It's really important for millennials to understand what a critical role credit plays in your life ... it's cr... from MoneyTips http://bit.ly/2Wdteg0

MoneyTips When you were a first-time homebuyer, you were probably surprised by the total amount of fees and closing costs. Are you familiar with the costs on the selling side? A recent study from Zillow and Thumbtack calculated the average costs of selling a home both nationwide and in specific markets. The national average is $20,851, which is enough to make a down payment in many markets. The average costs of selling a home vary based on location, with cities ranging from the average $13,704 in St. Louis, MO, to a staggering $83,770 in San Jose, CA. Home prices drive the difference between markets. Most of the costs – $14,281 of the $20,851 average – are real estate agent/broker commissions and state transfer/sales taxes, both of which are percentages of the home's sale price. The remaining costs are mostly associated with home preparation. Between exteri... from MoneyTips http://bit.ly/2HVY3BU