Saturday, May 19, 2012
   
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Top trends in home remodeling

While many homeowners conduct unique home remodeling projects, there are certain trends which have become popular among a number of homeowners throughout the country this year. The Arizona Republic states these trending projects could work well for your home.

Making rooms bigger

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Homeowners undertaking mostly DIY home projects, delaying bigger ventures

Despite a desire by many homeowners to conduct home improvement projects this year, a report by the research firm Mintel shows more than a quarter of homeowners can't afford to do them.

According to the report, between 2005 and 2010, there was a 21 percent decline in home improvement store sales. Additionally 28 percent of homeowners want to undertake a major home remodeling project but lack the finances necessary to do so.

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Teaching Your Children the Financial Facts of Life

twenty-dollar-billHomeESP personal finance article provided by Paul Kandel, Financial Advisor at Morgan Stanley Smith Barney LLC.

By default, parents are usually the primary source of a financial education. However, many young people may receive allowances—or even sizable inheritances—without a sound base of knowledge in saving, budgeting, investing and financial planning. To help the children in your life develop a responsible attitude about money, it might help to consider these points:

Be a Role Model
There is a significant relationship between the way children view money and your own spending habits. Instead of viewing money and personal finance as a forbidden topic, discuss your own financial goals and plans. The level and amount of information shared is up to you, but bring the younger generation into at least a portion of your plans. How you deal with money issues—from the monthly bills to planning the family vacation of a lifetime—are important and long-lasting lessons about money management and the value of money.

Encourage Savings and Investments
One of the simplest ways to encourage a responsible attitude about money is to encourage children to save. This could include designating a portion of a child’s allowance to a savings account, or making gifts of cash directly to an account in their name. Discuss account statements together, and stress the concept of “paying yourself first” with dedicated, regular deposits.
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Protecting Your Retirement Investments During a Job Transition

brick_house_67HomeESP personal finance article provided by Paul Kandel, Financial Advisor at Morgan Stanley Smith Barney LLC.

The current economic and market environment has prompted many Americans to rethink their retirement strategies. If you are experiencing a job transition—particularly if the transition is unplanned and unexpected—such a reassessment may be particularly important for you. While it may be tempting to focus more on your immediate needs, you should not lose sight of long-term goals, especially your retirement strategy.

Some Basic Decisions
Your employer-sponsored retirement plan is likely to be a key component of your retirement strategy. Because it represents a key source of future retirement income, it is important to carefully consider your alternatives for administering these assets. During a job transition, you will usually have three options: take a lump-sum distribution, leave your assets in the employer-sponsored plan or move your assets into a Rollover IRA.

Taking a direct, lump-sum distribution—With this option, the assets in your plan are distributed directly to you in a lump sum, which provides you with immediate access to your funds. Depending on your short-term needs, that may appear to be an attractive alternative. However, a distribution will likely result in substantial federal and state income taxes and a 10% IRS penalty tax, which can significantly reduce the amount of the distribution. Because you will be receiving the distribution directly, the plan administrator must withhold up to 20% of the value of the distribution for federal income tax purposes. Moreover,
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How Your Borrowing Ability Can Vary As Your Life Stage Changes

borrowing-life-stageManaging your credit can be a dicey proposition even when your life is calm. Add a couple of drastic changes — like relocating to another state, getting married, even watching your child become a teenager — and your credit is one of the first places the damage will show.

Here are some ideas on what you should do when you’re faced with a major change in your life:

Getting Married
If you’re engaged, you may find it easier to talk about sex than finances with your future spouse, especially if one of you has a spotty credit record. Before you say “I do,” you should come clean about your ...
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