Wex
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Archived Under: Law , Moneysmartz Editor , New and Notable
Tags: Law, Moneysmartz Editor, New and Notable
Are you looking for a top-notch source for legal information? Maybe you are worried about the reliability of information from Wikipedia. Try Wex, by the Legal Information Institute at the Cornell Law School. Wex is a collaboratively-created, public-access law dictionary and encyclopedia. If you are looking for information on personal finance related topics like real estate law, income taxes, estate taxes, and a lot more, then Wex provides a wealth of insight that will hone your financial decision-making and save time wading through search engine results.
PayScale
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Archived Under: Benefits , Compensation , Moneysmartz Editor , New and Notable
Tags: Benefits, Compensation, Moneysmartz Editor, New and Notable
How does your salary compare? What should you do to negotiate a pay raise? You'll find answers to these questions and more at PayScale, the market leader in global online compensation information for employers and individuals. PayScale was designed to give you the accurate facts and negotiation expertise you need in order to make smart, informed career decisions. A free compensation report and advice is available by completing a brief online questionnaire. If you are looking for an edge, then PayScale is worth a few minutes of your time.
Estate Planning Mistakes
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Archived Under: Estate Planning , Moneysmartz Editor , The Moneysherpa Pages
Tags: Estate Planning, Moneysmartz Editor, The Moneysherpa Pages
Providing for your family through estate planning can be very a complicated and confusing process, even for financial professionals. Michael T. Ohlman, columnist for the Bradenton Herald, compiled the following list of estate planning mistakes to watch out for:
Not funding your living trust.
Too much JTWROS property.
Leaving too many assets to a surviving spouse.
Not equalizing assets through gifts between spouses.
Not having a will.
Improper ownership of life insurance.
Being donor and custodian of a uniform-gift-to-minors-act/uniform-transfer-to-minors-act account.
Not knowing where all the "stuff" is.
Naming the wrong executor.
Not periodically updating an estate plan.
This list should be a helpful reference as you fine-tune your estate plan or work with estate planning experts to create your estate plan for the first time.
Rating College 529 Savings Plans
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Archived Under: College Financing , Moneysmartz Editor , The Moneysherpa Pages
Tags: 529 Education Savings Plans, College Financing, Moneysmartz Editor, The Moneysherpa Pages
The best way to combat the rising cost of college for your children is to begin saving as early as possible. A great way to jumpstart your savings and enjoy some valuable tax advantages is to enroll in an education 529 savings plan. With every state offering at least one 529 plan, it's important to understand plan differences and choose the one best suited to your situation. Savingforcollege.com will help you understand the nuances of 529 plans with their Five-Cap ratings on each state-sponsored plan. The rating system determines the usefulness of each plan based on more than investment attractiveness including plan flexibility and additional economic benefits. By combining the benefits of saving early and often and understanding which 529 plan is best for your situation, you'll have a fighting chance to help your children pay for college.
Financial Engines
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Archived Under: Financial Calculators , Financial Goal Setting , Financial Planning , New and Notable
Tags: Financial Calculators, Financial Engines, Financial Goal Setting, Financial Planning
There is little middle ground between paying an advisor for financial planning expertise (visit Fool.com for a comprehensive comparison of financial advisory services and rates) and going it alone. Financial planners offer experience and an array of tools, while the do-it-yourself route affords flexibility and cost savings. If you are looking for the best of both worlds, lower fees and greater sophistication, then Financial Engines may be your solution.
A Forbes favorite for 401(k) advice, Financial Engines is an advanced financial analysis and modeling system created with the assistance of a Nobel Prize-winning economist. For fees ranging from $39.95 per month to $300 annually, the site helps individual investors create a personalized retirement forecast, get advice on taxable and tax-deferred accounts, forecast employee stock options, and forecast non-retirement financial goals.
If you are confident about your ability to interpret the Financial Engines output, then the $39.95 to test the system will be money well spent. At the minimum, after giving Financial Engines a test-drive, you’ll be able to ask smart questions if you choose to work with a financial planner down the road.
Fix Your Finances in a Month
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Archived Under: Financial Planning , Moneysmartz Editor , The Moneysherpa Pages
Tags: Financial Planning, Moneysmartz Editor, The Moneysherpa Pages
The New Year is in full swing and many of us have already forgotten our resolutions. If personal finance is still on your list, then the Simple Dollar weblog has a series it posted in January called 31 days to fix your finances. The series breaks down the financial fixes into five stages, including figuring out your goals and values, evaluating your situation, building your own life budget, looking at your life, piece by piece, and setting the stage for lifelong success. It's February, so you'll need a little more than this month to fix your finances, but it will be worth the effort if you decide to get started.
Maximizing 401(k) Returns
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Archived Under: Retirement Planning , The Moneysherpa Pages
Tags: 401k, Retirement Planning, The Moneysherpa Pages
Are you looking to maximize your 401(k) returns? A group from Wharton and Vanguard say a portfolio of balanced or lifecycle funds is the optimal "trading" strategy earning the highest risk-adjusted returns. According to the research, this relatively passive investment strategy is more favorable than costly high-turnover trading. Special thanks to the Workplace Prof Blog for the tip.