How Long Do Collections Stay on Your Credit Report?

by Lucy Oake on December 12, 2017

How Long Do Collections Stay on Your Credit Report?

Your credit score is a direct reflection of your credit report. It’s considered an important measure of your financial responsibility. Along with the number of accounts or loans you have, your payment history, and your total credit available, past collections are an important factor that credit companies consider when calculating your credit score.

If you have some less-than-perfect credit history, like an account that went to collections, it can bring your score down. But there are things you can do to take control of your own credit history so it doesn’t control you.

Timeframe

Most creditors will send your account to a debt collection agency if you haven’t made payments for several months. Once an account goes to collections, it gets listed on your credit report. It can stay there for up to seven years. So for the next seven years, future lenders will be able to see the details of the account as well as the fact that it went to collections.

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Smart Decisions For Family Wealth Planning

by Sean Bryant on December 8, 2017

Family Wealth Planning

The primary concern for many investors is the amount of wealth they can transfer to the next generation. Wealth planning is complicated since the process involves tax planning, investment decisions, and possibly a business succession plan. Use these tips to create an effective strategy to accumulate wealth for your family.

Family wealth planning

A long-term financial plan includes estate and succession planning, as well as an investment plan to accumulate assets for future generations. Here are several key components of a family wealth plan:

  • Investment planning: An investor must choose an investment portfolio based on a specific time horizon. It should also include the investor’s risk tolerance, and the cost of investing.
  • Estate tax planning: Individuals who accumulate a wealth of $5 million or more have an increased exposure to paying the estate tax when they pass away. A wealth plan must include strategies to minimize the impact of the estate tax.
  • Succession planning: The investor must determine how assets will be distributed at death, and who will receive the assets. If you own a business, you can put a buy-sell agreement in place, so that your interest in the company can be sold at death. The proceeds from the sale can be distributed to your heirs.

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What to Do When You Lose Your Wallet

What to Do When You Lose Your Wallet

If you’ve never had your wallet lost or stolen, count yourself lucky. Over a five-year period, one out of every ten people will lose their wallet. Replacing debit and credit cards after a wallet is stolen takes an average of 110 hours, equivalent to four-and-a-half days. Meanwhile, thieves can be using your credit cards and impersonating you to commit crimes.

Fortunately, there are some steps you can take to protect your financial and personal data after your wallet is stolen. Here are four things you should do if you find your wallet is missing or stolen, along with some preventive measures to take to minimize the damage from losing your wallet.

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Investment Checkuo

With the end of the year approaching and tax season also starting to creep up, now is a good time for investors to think about their portfolios and overall savings and investing approach. It’s important to monitor your progress toward your financial goals and make sure your investments are working for you. In between your holiday parties and family time, consider these steps to help you minimize your tax liability for the current year and position your portfolio for the coming year.

Rebalance your portfolio

According to Schwab’s Modern Wealth Index, less than 40 percent of investors have rebalanced their portfolio in the last year. With the broader market up over 16% so far this year, as measured by the S&P 500, it’s possible your investments have strayed from your target asset allocation. That’s because over time, assets that have gained in value will account for more of your portfolio, while those that have declined will account for less. This can leave you exposed to unintended risk if the market environment should suddenly change, turning former “winners” into underperformers.

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5 Ways to Tackle Your Student Loans with a Low-Paying Job

by Sean Bryant on November 28, 2017

Student Loans With Low Paying Job

For many young adults, student loans are a necessary part of getting a good education. But a good education doesn’t always translate to a higher salary. Lots of people have to work with lower-than-desired incomes: like if you’re fresh out of school and still gaining experience, or in an industry like education that doesn’t always have a high payout.

Having a low-paying job doesn’t have to mean dealing with student loans for the rest of your life. Here are five strategies for paying off your student loans when your income is tight.

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Christmas Gifts for Mom – Homemade vs. Store Bought

November 24, 2017
Christmas Gifts for Mom

The question looms every Christmas.  You debate whether or not you should buy gifts for your loved ones, or use one of your many talents to create something that they will enjoy.  If you are reading this article, you obviously come from a frugal mindset.  It is tempting to handcraft a gift for someone in […]

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Christmas on a Budget – Saving Money During The Holidays

November 22, 2017
Christmas on a budget

It’s that time of year again! Holiday shopping makes it tempting to spend money, and even if you stick to a budget, it can feel like a stretch. So, if you need some ideas on how to make shopping less of a burden for your wallet, you’re in the right place! Christmas on a budget […]

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