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Personal Finance

We cover the basics, answering several frequently asked questions about personal finance basics, credit and debt, identity theft, saving for college, retirement, estate planning, insurance, taxes, job hunting, and raising money-savvy kids.

Financial Basics

  • Debt Collections - A reader wonders if bankruptcy or debt collections are worse. Ilyce explains the credit implications of debt collections and bankruptcy. Bankruptcy will stay on a credit report longer than debt collections will. The type of debt also affects how it is reported and how important it creditors deem it.

  • Consolidate Debt - A homeowner asks about how to consolidate debt. He says he’s been rejected to consolidate debt using a home equity line of credit. What can he do? 

  • Housing Market Outlook - If you’re unhappy with your current home consider the housing market outlook. It may be a while before the housing market outlook becomes positive so learn to love your current home. 

  • More Financial Basics Articles ...

Credit and Debt

  • Debt Collections - A reader wonders if bankruptcy or debt collections are worse. Ilyce explains the credit implications of debt collections and bankruptcy. Bankruptcy will stay on a credit report longer than debt collections will. The type of debt also affects how it is reported and how important it creditors deem it.

  • Credit History - A couple asks the impact of doing a short sale on their credit history and credit score. Their credit history could also be dinged if they file for bankruptcy, which they may do to dump a house. Either a short sale or a bankruptcy filing will hurt their credit history and credit score.

  • Consolidate Debt - A homeowner asks about how to consolidate debt. He says he’s been rejected to consolidate debt using a home equity line of credit. What can he do? 

  • More Credit and Debt Articles ...

Id Theft

  • Medicare Uses Social Security Number - A reader is frustrated to see that Medicare is using his social security number as part of his identification. Now his number is showing up on numerous mailings that anyone can see. Ilyce is actively working to help seniors protect their identity.

  • Credit Freeze - A security freeze, also known as a credit freeze, bars a credit reporting bureau from changing any of the information in an identity theft victim's credit report without permission. It's new and it may be key to stopping identity theft in its tracks.

  • Stopping Identity Theft - When it comes to identity theft, an ounce of prevention is worth a pound of cure. Wondering how to prevent identity theft? We show you how to keep your name off the long and ever-growing list of identity theft victims.

  • More Id Theft Articles ...

Saving For College

  • Cost of College Tuition - A parent asks about the cost of college tuition and about having a student start at a community college. Because the cost of college tuition is so high it's a good idea to start out at a less well known school and transfer.  

  • Pay Off Home or Invest Money? - Is it best to pay off a mortgage or invest the money for retirement? A reader writes Ilyce to ask how to invest a large amount of money. Ilyce provides suggestions on how to make this critical decision.

  • How to Save Money - Wondering how to save money? This article gets you started with saving and makes sure your savings plan works for your personal finance needs.

  • More Saving For College Articles ...

Retirement

  • Retirement Living - Baby boomers expect more active retirement living that the generation before them. Baby boomers look at amenities available for use during retirement living. The silent generation has different expectations for retirement living.

  • Retirement Home - A couple bought a retirement home and put their current home up for sale. They want to sell their current home before moving to the retirement home but they aren’t sure. Can they still move to their retirement home?

  • IRA Withdrawal - IRA withdrawal rules can be complicated. Ilyce helps this reader figure out how to use her IRA money to help her daughter buy a home.

  • More Retirement Articles ...

Estate Planning

  • Estate - Parents inherit a house from their son. He did not have a will and so the family is unsure how to settle his estate. What will it take to keep the house, especially with house values declining? To keep the house part of the estate, the parents will need to keep paying the mortgage, taxes and insurance. To make the right decision, the family needs to fully understand the assets in the estate. 

  • Property Owner - How do you change a property owner? An adult child says his father was a property owner and his mother is not but still lives in the home. What are the laws about property ownership? 

  • Inherit Property - A reader asks about the best way to inherit a property from his father. He asks about inheriting the property using an irrevocable trust or buying it before his father passes. Ilyce says to buy the property outright.

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Insurance

  • Medicaid Lookback Period - The Medicaid lookback period is 5 years. A ThinkGlink reader has a sick parent and is thinking of transferring her parents home to a sibling. Ilyce explains how the lookback period works for Medicaid qualifications.

  • Understanding Private Mortgage Insurance - Private Mortgage Insurance (PMI) becomes tax deductible in 2007. This doesn't mean you should run out and get a policy. Ilyce explains PMI and encourages this reader to hold onto his life insurance.

  • Cancelling PMI on Investment Property - A reader has purchased investment property and doesn't want to pay PMI (private mortgage insurance). Ilyce explains how the rules regarding PMI differ between owner occupied property and investment property.

  • More Insurance Articles ...

Taxes

  • Real Estate Capital Gains Tax - A reader says he sold his home after living there for more than seven years. He wonders about real estate capital gains tax and what to report to the IRS. If you’re married you can take up to $500,000 in profit without paying tax, after living in a home at least two of the last five years.

  • Inherit Property - A reader asks about the best way to inherit a property from his father. He asks about inheriting the property using an irrevocable trust or buying it before his father passes. Ilyce says to buy the property outright.

  • IRS Home Sale Exemption - A reader asks whether his mother can still get an IRS home sale exemption after his father died. Ilyce responds that yes, she can still get the IRS home sale exemption so long as she lived there two of the past five years.

  • More Taxes Articles ...

Budgeting

  • Financial Counselor - A wife writes that she and her husband disagree about money and asks how to find a financial counselor. Ilyce describes various financial counselors. A psychologist can also be a financial counselor.

  • Divorced Couple Stuck With Overvalued Mortgage - A divorced couple owes more money on a mortgage than the home is worth. Ilyce explains why this couple should be sure to continue payments on the mortgage.

  • Managing Financial Priorities While in Debt - A reader in debt wonders about the best strategy to pay off loans while managing financial priorities. Ilyce suggests getting on an interest-free payment plan while keeping track of every expenditure.

  • More Budgeting Articles ...

Money Savvy Kids

  • Cost of College Tuition - A parent asks about the cost of college tuition and about having a student start at a community college. Because the cost of college tuition is so high it's a good idea to start out at a less well known school and transfer.  

  • Keeping Up With Your Credit  - The difference between the Generation X and Generation Y is simply this: Today’s teenagers and toddlers will never have a time when their credit scores aren’t the most important number of their financial lives. Ilyce explains how to teach kids that every financial transaction they make, whether it is a purchase, opening up a credit card, or making monthly payments on a home loan, is mathematically weighted and then crunched together to form a three-digit number.

  • Kids and Money - You can't start money education too early. Helping kids to understand the world of work and basic concepts for managing their money can avoid the financial problems and stresses that affect so many adults. Ilyce Glink talks about some creative ways that some schools are teaching kids about financial literacy.

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Questions

  • Debt Collections - A reader wonders if bankruptcy or debt collections are worse. Ilyce explains the credit implications of debt collections and bankruptcy. Bankruptcy will stay on a credit report longer than debt collections will. The type of debt also affects how it is reported and how important it creditors deem it.

  • Cost of College Tuition - A parent asks about the cost of college tuition and about having a student start at a community college. Because the cost of college tuition is so high it's a good idea to start out at a less well known school and transfer.  

  • Breach of Construction Contract - A buyer says he’s having trouble getting earnest money back from his builder after deciding not to buy a home. The buyer can sue the builder for breaching the construction contract.  

  • More Questions Articles ...

Divorce

  • Divorce and Splitting the House - A woman asks about splitting the house in a divorce when her daughter’s name is on the deed but not the mortgage. Her daughter and son-in-law were married only two years before divorce. Splitting a house in divorce can be more complicated without an attorney.  

  • Prenuptial Agreement - A bride asks about buying property with her fiancé before they’re married. She’s concerned about whether to sign a prenuptial agreement. She doesn't want to be stuck with a mortgage she can't afford.  

  • Quitclaim Deed - Domestic partners own a home together and decide to split. They didn’t have a business partnership agreement outlining each of their interests in their property. What happens if one of them signs a quit claim deed?

  • More Divorce Articles ...