We have all have heard of or know too well about interest on a credit card or car loan, which simply is the cost of borrowing money from a bank or lender and is typically expressed as a rate. On the other side of that coin, when financial institutions borrow money from you (savings account), they pay you interest. The majority of these financial institutions typically pay interest on deposit accounts- such as savings accounts, […]
Saving is a financial goal as old as time itself. When we were kids, our parents would always encourage us to save in order to buy our bikes. Today, we face the same practice, saving to buy a home, a car, or for retirement. Financial goals simply represent the financial priorities that are most important to us. These priorities may be long-term or short-term and may involve large sums of money. Therefore, it is important […]
All employees and entrepreneurs are eligible for the 7702 plan. Basically, this plan may be used as a retirement savings plan, but not so often. This plan derives its name from Section 7702 of the Internal Revenue Code and does not constitute any type of tax-deferred savings plan such as 401(k) or 403(b) plans. Understanding the Section 7702 The section defines the criteria that the cash value of the life insurance policies have to meet […]
With the current market fluctuations mostly due to the pandemic, many people are concerned about their retirement options. In most cases, when there is a recession or when we speculate high chances of a recession, the most natural thing that most people do is to evaluate their retirement savings plan. Statistics show that the majority of Americans say that it is crucial protecting their retirement savings. At least, 72% of Americans agree that it is […]
Saving for retirement is not easy, more so when you are black living in America. As African Americans age, there seems to be an array of health financial problems that converge, posing a potentially devastating impact on their well-being. Compared to the other racial groups in the country, black people are more likely to suffer medical conditions that lead to more complications and insurance as they grow older. These health problems are more exacerbated by […]
