Hope for your financial life and beyond

Here’s What a 529 College Savings Plan Covers

It’s no secret the cost of college has and continues to skyrocket. It makes it very difficult to go to college debt free. This is especially true if you do not start saving early enough. If you can start saving though, you have some options. A 529 college savings plan is one of the smartest investments you can make for your child’s future success.

college savings planA 529 college savings plan is a state-administered plan. The IRS does not tax withdrawals, as long as they are made for qualifying educational expenses. As an added bonus, a 529 plan can be used for a beneficiary’s tuition expenses for elementary through high school, in addition to college, graduate school or trade school.

The rules change however, when a withdrawal is made that the IRS doesn’t consider a qualifying expense. 529 college saving plans are federally taxed, even though they are administered at the state level. If you want to use the plan to pay for a non-qualifying expense, the withdrawal will incur a 10% penalty and receive the federal tax.

That’s why you should be absolutely sure which withdrawals qualify. So here is a brief guide to assist in your decision-making on whether this type of plan is right for you. 

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6 Money Management Tips For Seniors

There may be no other group more valuable to our society than the elderly. They have so much wisdom and life experience to share with the younger generation. They need to be respected, honored and taken care of as best as possible. 

There is something else though that seniors have over the younger generations. Generally speaking, they have more money. Good old-fashioned saving, budgeting and spending discipline has led many of them to accumulating a sizeable nest egg. 

Despite this, many seniors lack knowledge regarding financial decisions, despite managing their spending habits for years. Retirement is the phase of life that requires careful planning so that one can remain self-sufficient and live independently. It’s not the time for debts to continue piling up or for wild, spur-of-the moment spending to begin happening. If those were to begin and continue, it may damage their ability to care for themselves financially. 

Additionally, health concerns are a major factor in retirement, including the loss of some cognitive abilities. It’s reasonable to conclude that this is why scammers so frequently target this demographic. That’s all the more reason to be vigilant with managing money as one grows older. 

Other vital factors tied with retirement can take up a lot of a senior’s time. Managing money may be tricky for some, especially when juggling it alongside other responsibilities. However, it doesn’t have to be that way. Here are a few money management tips to help seniors.

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4 Steps To Getting A Social Security Number

All US citizens, permanent residents, and even those only temporarily residing in the United States can get a social security number (SSN). You may not have known that. As it turns out, social security numbers are open to more people than you think.social security number

My family has hosted international high school students for the last several years. We just helped one of them get a social security number so that she could obtain her driver’s license. She’s going to college in the states next year, so being able to drive is very important to her. Having that social security number helped expedite the process.

Social security numbers are of course very useful in business transactions with both federal and state government agencies. Even those who aren’t working would find it very convenient to have their own SSN. But there are some steps to go through to get one though. If you weren’t granted one at birth for some reason or are a foreigner to the United States, it will take a little bit of time.

For starters, you’ll have to submit an application to the Social Security Administration (SSA). Your number, once issued, usually comes with a corresponding social security card. So, if you want to know more information about getting and laminating a social security card, you might want to read on. 

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What You Should Know Before Putting Your Money on a Crypto Exchange?

Cryptocurrency as a medium of exchange or as an investment has certainly caught everyone’s attention in the past few years. You can’t turn to any financial news outlet without seeing news reports about who is and who is not accepting cryptocurrency as a form of payment. And some of the currencies have caught people’s attention as their values have soared to astronomical heights.

Cryptocurrency may be the future. It is also leading many to think about investing in it. In order to do so, you have to understand about the exchanges where these can be found. 

Crypto exchanges are the first step into the crypto world for many newbies who wish to trade or buy digital currencies. Also, if you want to utilize any token issued through an ICO (Initial Coin Offering), you should eventually exchange your other cryptocurrencies for them. So, it’s essential to choose a proper exchange service and know what you are doing there.

Here you will find some things to think about in the cryptocurrency exchange world.

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The Benefits to Hiring a Higher Education Marketing Company

Going to a college or a university whether in-person or online has become a competitive endeavor for high school students. However, within the world of higher education, it’s just as competitive. The marketplace for students is opening up, especially due to advances in information and communications technology. Colleges and universities are competing with one another now more than ever to draw in the best and brightest to their institution. 

It is therefore important to stand out in this industry. An institution that doesn’t won’t be successful. Many of the higher education businesses that are able to stand out do so because they have hired the services of a higher education marketing company. So, if you manage or own a business in this industry, this should be a consideration. If you don’t, your business may be left behind. 

Why so? Because these companies have insights about what is going on in the broader industry that you may not have. They exist to study the trends in the marketplace and relay those on to their clients. So, put simply, if you are not working with an agency trained for this, you are falling behind.

Here are several ways they can help you reach your goals.

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7 Benefits Of Hiring Millennial Workers For Your Business

It’s almost natural for any society to have stereotypes about the different generations that exist in their culture. For example, Baby Boomers, generally considered to be born between 1964 and 1964, were known to be mentally focused, resourceful, competitive, and disciplined.  Gen-Xers on the other hand, born between 1965 – 1980, were known for being independent and focused on maintaining work-life balance. millennials

Millennials, on the other hand, were frequently stereotyped as entitled, apathetic, and addicted to technology. This is the group born between 1981 and 1996. They grew up in an era that saw some of the greatest technological change the world has ever seen, mainly the creation and mass consumption of the personal computer. Oh, and let’s not forget the introduction of the Internet to the masses occurred at the later part of this timeframe. 

Despite some of negative stereotypes Millennials have, they also possess many positive characteristics that are surprisingly beneficial for any company or industry.

While Baby Boomers have already retired, both Gen Xers and Millennials dominate most workplaces today. And Millennials are in great supply. So, if you’re thinking of hiring more Millennials in your workspace and want to dive deeper into the research, you can check it here to learn more about what they can offer your organization. 

Here are some of the highlights.

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Home Insurance vs. Mortgage Insurance: Which Is The Better Option?  

Being a homeowner comes with many costs. Some you know are coming like repairs and maintenance. Others are less obvious. One of those is insurance.

If you are going to own a home, you need to have insurance. Most people have simple homeowner’s insurance that covers their dwelling and belongings if something happens. You may never have heard of another kind of insurance called mortgage insurance. This article will discuss the difference between the two.

In the case of financed homes, you would be required to have homeowner’s insurance. Also, you may have to shell out extra money for mortgage insurance, depending on the down payment size.

Often, property owners get confused between private mortgage insurance, homeowners’ insurance, and mortgage protection insurance. At the outset, you need to understand the provisions of each of these types. This will help you save money in the long run in that you won’t be spending money on something you don’t need.

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5 Ways To Build Wealth While You’re Still Young 

These days, a lot of young people don’t plan for their retirement as well as they should. There are many reasons for this. Some simply don’t know where to start. Others face challenges such as wealthunemployment, student loan repayments, or low salaries. And to many, the thought of planning for retirement seems so overwhelming, they just lock up and don’t move forward with any kind of plan.

Whatever the case may be, everyone needs to prepare for their future while they still have the ability to work, save and invest. It may sound a bit daunting, but building wealth is something anyone can do once they’re provided with the right information about it.

So if you want to ensure a good future for yourself, keep reading. Below you’ll find some simple yet effective strategies for creating wealth.

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6 Fun Low-Budget Weekend Activities for Families 

Weekends are important for family time. This is especially true when the kids are at school. And, if you have a job, that means you might not get too much time together during the week.

Weekends are a time to relax and have fun together as a family. Fun-filled weekends are a great way to bond and talk about our week. And the time together can help relieve us of our worries and to let go of the stress at work and school.

Additionally, weekend activities can help us get more exercise and fresh air. But ultimately, spending time together is about building shared interests. This will keep your family bonds strong, no matter what else might happen.

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The Benefits of Getting a Construction Management Degree

construction managerFor those that love to work with their hands, construction may be the career for you. As someone who worked construction for three years through college, I found it extremely rewarding. The people I worked with were great. And the skills I learned translated into adulthood, even though I didn’t pursue it as a career. I’ve been able to save thousands of dollars just doing my own handyman repairs around the house.

This industry has many exciting benefits to offer, even though it goes through some ups and downs at times depending on the economy. Within the industry, there are many jobs that are well-paid, reputable and highly convenient. One such career, construction manager, is highly sought after. For that career, you would likely need to have a construction management degree.

Construction managers are responsible for leading an entire construction team from the start of a project to the completion phase. So these individuals are highly skilled and experienced. Project managers are responsible for looking into each task precisely and ensuring that all jobs are being carried out correctly. That is why construction managers are so critical in the success of a construction project. 

So, what are the benefits of getting a construction management degree? We’ll explore that in this article. 

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Some Considerations When Re-Roofing a House

The most overlooked part of a home is the roof. We know it is up there and we see it every time we turn into our driveway. But we never actually get up on the roof to inspect it. And with the length of warranties that roofing materials usually come with, we pretty much put its maintenance out of our mind. 

Unless it breaks. The only way we pay attention to it is when it starts leaking. Then we obviously pay attention to what is going up there. To not inspect it at that point would be negligence and lead to thousands upon thousands of dollars of additional damage to your home.

You might be surprised to know that the National Roofing Contractors Association recommends you inspect your roof twice per year for any problems.  I certainly didn’t know that before preparing for this article. And honestly, I’ve never done that with any of the six homes I have owned. 

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