Income Articles and Videos - Page 2

Real Estate Minute with Ilyce Glink Is it possible for today’s twenty-something to put $1 million away in a retirement account over 40 years? You betcha.

Real Estate Minute with Ilyce Glink Sum Salary: Stay-at-home mom’s work worth $138,095 per year

Real Estate Minute with Ilyce Glink If you’ve got a fixed income, stop looking at million dollar homes.

Homeowners sold their home for less than the mortgaged amount, which is known as a short sale. The IRS considers this as a gift from the lender and will collect income tax on the amount forgiven. The forgiven amount of the loan is commonly referred to as "phantom income" simply because it doesn't…

Real Estate Minute with Ilyce Glink How Steady Is Your Paycheck? Original Air Date: October 16, 2006

I was interviewed on NPR this morning www.npr.org/templates/story/story.php?storyId=6123037 about what to do if you have an interest-only loan and want to sell in a deteriorating real estate market.

I got this response from one NPR listener:

I listened to your interview on NPR this morning. And I do…

I got a call on the show today from someone who earns $28,000 per year and wants to buy a house. He'll only qualify for about a $90,000 mortgage, and wanted to know if there were any other resources. After the show, I got this email that I wanted to share with you:

"I was listening to your show today…

I spent most of yesterday in the basement conference room of the 410 Club. The 410 Club is located in the renown Wrigley Building, a beautiful piece of white architecture that sits on the Chicago River, next to where Donald Trump is building his newest creation (Trump Chicago -- or whatever he is…

A real estate investors have created an LLC to separate their personal and business properties. They are having trouble financing due to an increase debt to income ratio. If a large part of your income is from your real estate business or you have enough buildings to affect your income, many…

If you're having trouble keeping track of your medical expenses, try Quicken's Medical Expense Manager software. It retails for $60, but you can buy it for less. It'll really help keep your insurance paperwork organized.

And if you own investment properties, and are looking for an easier way to keep…

When creating a budget it is important to understand what percentage of your income should be going to you housing costs. The 28/36 debt to income ratio is commonly used by home lenders. Lenders will allow you to spend up to 28 percent of your gross monthly income on your mortgage, real estate…

After you graduate from college, or drop below half-time enrollment, you will need to start repaying your college student loans. If you have a Federal (FEEL) or Direct Stafford Loan, you'll need to begin repaying your loans after 6 months. If you have a Federal Perkins Loan, you'll have to begin…

Looking for a job? This is the second in a two-part series on surviving the job search process with your ego intact. This great job hunting advice comes from one of the nation's leading resume consultants, Liz Handlin. The next time you interview for a job remember that you are analyzing them as…

When you're applying for life insurance you'll likely speak with an insurance agent who will ask you questions to assess your risk. After the life insurance agent has assessed your risk, he or she will provide you with a dollar amount for your life insurance premium. The life insurance premium is…

It's hard enough to sit down and create a financial plan when you have full-time job generating a regular income. Add an unsteady income and financial planning becomes an even bigger chore. Sometimes it takes a little unconventional investing and sometimes using an investment firm to help with that…

When you win a contest, it's like winning the lottery. You get the goods but you have to pay tax on your winnings as personal income rather than capital gains. The difference can be pretty dramatic in terms of taxes owed. Many people choose to take a cash payment instead of the prize, because they…

If you're going to buy a house or refinance your existing loan this year, you should take the time to organize your finances now. Gathering your paperwork together will make it easy to apply for a loan later. Keeping your insurance policies, checking and savings accounts, retirement accounts…

A senior citizen wants to take cash out of his IRA to supplement his Social Security Income of $1,200 per month. His income is so low that he will probably not trigger any taxes on this income. He may be able to qualify for a reverse mortgage if he needs more cash to live on.

A homeowner is refinancing their home after a divorce without any income but with an excellent credit score. Having good credit doesn't compensate for not having enough income to make the payments on the loan. A no-doc interest-only loan will help keep her payments as low as possible and get a loan…

When buying a home on a fixed income, an interest-only loan isn't the best way to go. With a fixed income, it's best to buy a less expensive property with a conventional interest-and-principal loan.

When you're in retirement you want a consistent, stable flow of income such as from a certificate of deposit. What should you do if your CD's rate of return can't match the income you need? You could move the money into a Roth IRA. But changing over to a Roth IRA may cause funds to be taxed at a…

When applying for a home loan, how should monthly income be calculated? This home buyer's income included stipends and overtime that added to their gross income, so what should be reported on the home loan application? Bringing in a copy of your income tax return will ensure you report the correct…

A buyer has a lot of assets but not a lot of income and is having a hard time getting financing. Most conventional lenders want to see that you have enough income to pay for the expenses of owning and maintaining your home. Without adequate income, it might be wise to liquidate assets to come up…

You may want some help in filing your income taxes electronically and not know where to go. The City of Chicago offered free income tax filing help to residents including filing for the earned income tax credit. Mayor Daley encouraged income tax filers to sign up for bank accounts so they could have…

A home buyer is having trouble getting a mortgage due to student loans. Mortgage lenders decide how much of a mortgage you can afford based partly on your debt-to-income ratio. What lenders do is simple math. A conventional lender will allow you to spend up to 36 percent of your gross monthly income…