Name beneficiaries to limit cost to heirs
An article appeared recently on the editorial page of the Wall Street Journal written by Warren Kozak, whose wife died earlier this year. Kozak indicated that his bankers had never recommended to him and his wife that they should name beneficiaries on their savings accounts. Kozak was under the false impression that the savings account in his wife’s name would automatically transfer to ... READ MORE
Freeze and unfreeze credit reports for free
Question: I’d like to freeze my credit record to protect against identity theft. I heard that Congress recently passed a law making credit freezes free. When can I get my free freeze? Answer: A credit freeze prevents new creditors from reviewing your credit report, making it harder for identity thieves to take out credit in your name. Congress recently passed a law that will... READ MORE
Entrepreneurs find niche at farmers markets
Farmers markets benefit our communities on so many levels. They provide the opportunity to support local businesses, which keeps our money in our own communities. They enable us to cut down on the carbon footprint of our meals because the fruits and vegetables we buy do not travel as far to our tables. Farmers markets also strengthen our communities by offering the chance to socialize ... READ MORE
Get your feet wet in water-related funds
As natural resources go, oil tends to get more attention from investors than clean drinking water, even against the backdrop of headline-grabbing shortages in Flint, Michigan, South Africa and elsewhere. But a few funds are showing that investing in utilities and water infrastructure and technology companies can pay off, especially for long-term investors looking to diversify their... READ MORE
Why to always use at least one credit card
Certified financial planner David Rae said he used to think that “anyone who could draw breath” could get an auto loan. Then one of his millionaire clients tried to buy a car — and failed. The 42-year-old client was turned down for a loan because he had no credit scores, said Rae, who is based in Los Angeles. Nineteen million American adults are “unscoreable,” lacking enough ... READ MORE
A scammer reveals his secrets
You pick up the phone and are told “This is Sgt. Johnson of the Howard County police. We’re holding your grandson on charges of drunken driving.” You are given your grandson’s full name, age and home address, and the name of his girlfriend who was in the car with him. You’re told that your grandson gave police your name because he didn’t want to have his parents informed. He... READ MORE
What to do with an older car: fix or sell?
You’re looking at a $1,200 repair estimate for your ailing car when an ad catches your eye: a brand new set of wheels for a mere $450 a month. At first, dumping your old car might seem like a no-brainer — and you can’t help picturing how good you would look in that new car. But automotive experts say you’ll almost always come out ahead — at least financially — by fixing old... READ MORE
Thinking, and writing, about your legacy
About half of Americans create at least one New Year’s resolution at the start of a new year, and most of those will have become a distant memory within months. But something you do at any time, and that can make a meaningful difference, is to draw up your own Personal Legacy Statement. It’s like an estate plan, but instead of focusing on finances, it focuses on what kind of life you ... READ MORE
Money market funds offering juicier yields
For years, money market mutual funds have paid practically nothing. But each time the Federal Reserve lifts short-term interest rates, yields on money market funds tend to rise in tandem. “That’s one of their most attractive qualities,” said Peter Crane, president of Crane Data, a money fund research company. Many money funds yield more than 1 percent, and Crane expects yields on... READ MORE
How rising interest rates affect your money
After years at rock bottom, interest rates are moving slowly and steadily upward. In late March, the Federal Reserve raised its benchmark lending rate to a range between 1.50 percent and 1.75 percent, the highest point since the 2008 financial crisis. The median forecast reported is for another three nudges upward this year. In April, Fed Chairman Jerome Powell reiterated the central... READ MORE
