Jean Chatzky
Jean Chatzky
Jean Sherman Chatzkyis an American financial journalist, author and motivational speaker. Chatzky has given personal financial advice on various TV shows. She is the financial editor for NBC's Today Show...
NationalityAmerican
ProfessionJournalist
Date of Birth7 November 1964
CountryUnited States of America
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If you work in a home office, you can likely write off that space, as long as you use it only for work.
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You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.
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When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.
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A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
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For most, the largest asset is their home. This becomes a sentimental issue, I know, but if you're holding on to a home that you can no longer afford - or you need the liquidity - you need to think about solutions. One might be to bring in a tenant or roommate; a more drastic measure is to sell the home and downsize.
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Debt certainly isn't always a bad thing. A mortgage can help you afford a home. Student loans can be a necessity in getting a good job. Both are investments worth making, and both come with fairly low interest rates.
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Couples that do save have stronger, more stable, less stressful unions. In other words, you don't want to be fighting about saving; you just want to be saving, period.
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Generally, there are three rules when it comes to borrowing money: You need to have good credit, proof of income and cash for a down payment. Most people have the first two, but it's the third that trips them up. And nowhere does that come into play more than the mortgage market.
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Automate your savings so that you have money taken directly from each paycheck and deposited into a 401(k) or other workplace retirement account. If that's not an option, automatically have money transferred out of checking into savings each time you get paid.
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There's a laundry list of reasons why not to borrow from your 401(k). While the money is on loan, it's not working for you - and if you leave your job, you'll have to pay it back in 60 days or treat it as a taxable withdrawal.
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If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate.
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Knowing where you stand in your quest to accumulate enough money for retirement is an incredibly important part of the planning process.
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It's not exactly a big surprise that women mature earlier than men do. As a result, they tend to display better judgment, particularly when it comes to money.
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In fact, the bigger the bill, the less likely you are to spend it. If you want to really save money, spend only cash and carry only fifty-dollar bills.