The Financial Beat

Credit scores can be confusing.  Virtually everyone has a credit score, but most people don’t know what their credit score is, or what constitutes a good credit score vs. a bad one.  In a nutshell, credit scores typically fall in a range between 350 and 850.  Credit scores above 700 are considered very good (the higher the better), while credit scores below 600 are generally viewed as pretty bad.  Credit scores between 600 and 700 are marginal, meaning you may still be able to be approved for credit, but it will likely cost you more than it would if you had a high credit score. So if your credit score is in this marginal range, you want it to be as close to 700 as possible.

So how can you find out what your credit score is?  Read the rest of this entry »

Mutual Funds are a cornerstone of retirement and investment planning.  But they are widely misunderstood, and these misunderstandings can cost you.  So how much do you really know about mutual funds?  In commemoration of Financial Literacy Month, the Associated Press has created this short quiz to test your knowledge of mutual funds. Read the rest of this entry »

With the cost of a college education increasing at a staggering rate, anytime you can get totally free money for college, that’s a good thing.  I want to share with you a free service that gives you free money for your child’s (or your own) college education. Read the rest of this entry »

This article addresses an investment strategy known as a CD Ladder. With the uncertainty in today’s economy, many investors are taking a second look at certificates of deposit as a part of their investment and/or retirement portfolios.  Certificates of deposit (CDs) offer the advantages of guaranteed interest rates, guaranteed return of principal, and the security of FDIC insurance.

On the flip side, the disadvantages of certificates of deposit include relatively low interest rates and not having access to your money until the CD matures.  These disadvantages compound one another when you consider that to get higher returns on certificates of deposit, you have to invest in longer terms…typically 5 years.

There is, however, a strategy that allows you to enjoy the advantages of certificates of deposit, while minimizing the disadvantages of certificates of deposit.  The strategy is called a CD Ladder. Read the rest of this entry »

How much do you know about how your credit cards work?  Seventy-eight percent of U.S. households have at least one credit card, and the average American carries a balance of $3,000 in credit card debt.  In commemoration of Financial Literacy Month, the Associated Press has published this short quiz to test how much you know about the credit cards in your wallet. Read the rest of this entry »

Getting a free credit report is easier than ever before.  Your credit report is one of the most vital pieces of information about you, and it is important to make sure the information in your credit report is accurate.  Not only does it affect whether or not you can borrow money, and what interest rate you will pay, your credit report is also used by Read the rest of this entry »