It’s Medicare Open Enrollment Period. As I wrote earlier, Open Enrollment this year is unusually important because of significant changes in Medicare Advantage and Part D prescription drug plans. Medicare is complicated, and most people have numerous options. The big changes this year make it especially important to seek help in evaluating the choices. I recommend using a local insurance agent or broker who specializes in Medicare and works with and evaluates multiple plans available in your area. Use more than one agent or broker if you can’t find one who covers most of the market. Or use your state’s…

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.Kids are often pretty good at being consumers. If you’re a parent with a small business, you have the opportunity to show your kids firsthand what it means to be a producer. Small Business Saturday, which takes place on Nov. 30 this year, may be a great time to do just that. Small Business Saturday was established by American Express in 2010 and…

529 plans are a great way to save for college. And over the last decade several states have started programs to several states automatically open and fund 529 college savings plans for newborn children. Unfortunately, reports are showing that millions of families who have these accounts don’t even know about them – leaving unclaimed college savings money. The benefits of these accounts can’t be overstated, even if you can only save a small amount of money each month or money a child receives for holidays or their birthday over the years. A recent report from national nonprofit Commonwealth “How Employers…

I have previously written about one of the tax schemes where folks would donate the interests in their LLCs or partnerships to a charity so that they could distribute the tax liability to the charity but retain the cash for themselves. These schemes are wired so that folks would get their interests back in the end, as opposed to a real charitable donation, so it was all just a scam. One of these schemes was described in my article Gain Elimination Plan Causes Three Promoters To Gain Convictions (May 18, 2024), and now we get to see the outcome for…

Paying off debt is no easy task, but this lofty goal is achievable with the right financial strategy. Starting your debt-free journey generally begins with simple steps such as sticking to a budget and gradually working towards increasing your income. How To Become Debt-Free Here are the five essential strategies for achieving financial freedom. 1. Create A Budget And Stick To It The first step to overcoming debt is to ensure that a portion of your income is always allocated to paying it off. The most efficient way to achieve this is to create a budget and stick to it.…

Total household debt jumped $147 billion to top $17.94 trillion last quarter with balances increasing in mortgages, credit cards and auto loans, according to the latest data from the New York Federal Reserve released Wednesday. Not only are Americans borrowing more, it seems they’re not paying it off at an increasing rate, as credit delinquency inched up from 3.2% to 3.5% for the same period. These data serve as a wake-up call for many to get their financial books in order over the next six weeks and help prepare for a fresh start with the New Year — and who…

Bitcoin prices have gone up over 65% during the last few months. Even though Bitcoin is a recent invention, thousands of years ago, a storytelling slave named Aesop, told a fable that partly explains this recent trend. The Dog And His Reflection One day, a starving dog was searching for food. After weeks of hunger, he was desperate. While scavenging near a town, a kind butcher took pity on him and threw him a generous-sized bone. Thrilled, the dog took the bone in his mouth and hurried to his home in the nearby woods. As he walked past a river,…

Credit Card Debt Surges to Another Record High Americans’ credit card debt continues to climb, hitting a fresh record at the end of September, according to a new report from the New York Federal Reserve. Total credit card debt rose to $1.17 trillion during the third quarter, an increase of $24 billion from the previous quarter, according to the report. It marks the highest level on record in Fed data dating back to 2003. While still above pre-pandemic highs, credit card delinquencies did ease some last quarter to 8.8%, down from 9.1% from the previous quarter. [Fox Business] 28% of…

Fifteen years ago, I discovered minimalism. A lifestyle of intentionally owning fewer possessions has changed my life in many ways. But as one might guess, a shift in how I view spending money was among the top changes that took place. Letting go of unnecessary possessions frees us to pursue happiness in places where it can actually be found. When it comes to our personal spending habits, even for someone who doesn’t embrace a minimalist lifestyle, there is still important research that can guide our decisions into smart spending. Science shows that after our basic financial needs are met, there…

A problem exists when people experience it. The problem is sometimes personal when those feeling the impact are few and far between. You have a cold and others around you don’t. So long as you stay isolated, they’re fine even if you aren’t. Your bank account is overdrawn because you made an error tracking your accounts. That is painful, but you will likely resolve it, and others don’t realize. When millions of people experience the problem, it is likely no longer personal but systematic and maybe systemic, inherent in how the country operates and lives. However, a fix goes beyond…