Making Solid Decisions With Your Life and Your Money
Wednesday April 23rd 2014
Money Matters: Tips from the Federal Trade Commission

Ramping up on Student Credit Card Offers

When I went to college back in the 90’s, I remember going to class and there would be tables set up in front of the school building. Credit card representatives had set up shop and were offering free T-shirts, water bottles, stuffed animals, bookbags, pens and anything they could in an effort to entice students to sign up for the credit cards they were marketing.

Fast forward to 2013 and fortunately credit card companies are no longer allowed to solicit students in this manner due to regulatory reforms. However, they are allowed to bombard college students with direct mail marketing. This is what is happening today. Companies are sending households with college students credit card offers left and right. Instead of giving out useless freebies like they used to, they promote their cards by offering rewards points, cash back on purchases ,credit cards with low or no annual fees or a waiver of the first late payment.

So, in addition to your heavy duty large student loan that you will inherit once you graduate college (if you weren’t able to get a full scholarship, which would count most of us), you have tons of opportunity to get into even more debt! Isn’t that awesome? The opportunities for starting out your professional life with a negative income is endless!!

Seriously, credit card companies want your money or the money you will make someday so be vigilant, be savvy with your hard earned cash.

The truth is it’s okay to get one of these credit cards, it’s a good way to build credit under your name. You need to do your research however and sign up for a card that has low or no annual fees and a low interest rate. Compare cards at sites like CreditCards.com and Bankrate.com. Keep the limit of the card you choose also low, say $800 to $1000 and don’t use it for everyday purchases that can quickly add up in a sneaky manner, like lunch or coffee. Use your card instead for legitimate purchases such as school supplies, books and maybe gas if you have a car. This way you build a transaction history. But pay diligently and try to pay before you start accruing interest charges so you don’t end up paying more for what you purchased.

Getting a card is a good way to start building an excellent credit history, but don’t go overboard on your borrowing and never pay late. School might not teach you how to handle your finances but there is no denying that this is a skill you will need. It is essential, so start building a solid foundation now for a stronger and more secure financial future for you and your future family.

Valentine’s Day

Happy Valentine’s Day! This is a day of love and friendship. You’ve probably been shopping around for the perfect gift, the card that says just the right words or the place that has a lovely and perfect ambiance. It’s nice to show someone you love that you are thinking of them and that you care. It’s also nice to be on the receiving end and be the one who is wine and dined. Whatever it is you decide to do today, make sure you do it more often than on Valentine’s Day. I’m sure whomever you care for will appreciate these gestures even more if you do them more often, spontaneously and for no particular reason. Make Valentine’s Day an every day event!

One way to save for retirement: Get married!

 

According to an ING U.S. Retirement Research Institute consumer study, those who were married (or living-as-married) had independently saved more for their retirement – a total of $40,000 more on average – compared to those who were single. Despite being an average of five years younger, married individuals in the survey also had greater retirement savings –$11,000 more per person – than those who were divorced. The study also indicated that a greater number of married couples felt better prepared for retirement as compared to single folks. Respondents to this survey were 4,050 adults between the ages of 25 and 69 who are employed full-time with an annual household income of $40,000 or greater. Check out the study here.

In terms of findings for men and women, the ING U.S. study indicated that the average retirement savings balance for married men was 51 percent greater than single men and 8 percent greater than divorced men.

Married women out-saved their single counterparts, although by a smaller amount – 28 percent. Data showed that married women had virtually the same balances as their divorced peers; however they were also seven years younger with more time on their side to save.

Whether or not this is an accurate representation of your household and how much you’ve saved for retirement is a question only you could answer, the truth is that saving for retirement now during your working years is key to how comfortable you will live in your elder years. So whether you are single, married or divorced, crank up you retirement savings sooner rather than later!

6 Cosas Que Debe Saber Sobre el Retiro

  1. Empiece a ahorrar temprano. Normalmente la recomendación es de 10% de su salario anual después de impuestos. Ahorre mas si puede o si esta mas cerca de el retiro,  ahorre un 15%  a 20%.

 

  1. Asegúrese que su empleador le esta sacando de su cheque la cantidad que corresponde para el Seguro Social sino cuando usted se retire no va a tener derecho a recibir beneficios del seguro social.  Los beneficios del seguro social son pagados del impuesto de 6.2% de su cheque semanal amas de 6.2% que paga el empleador. También sale 1.45% de su cheque y 1.45% que paga el empleador para Medicare.

 

-        Una buena manera de darse cuenta si su empleador le está sacando lo debido parea sus beneficios de Seguro Social es asegurándose que está recibiendo un formulario W2. Este formulario indica la cantidad de impuesto que está pagando usted y su empleador para el Seguro Social. Cuando usted tenga un trabajo nuevo asegúrese que le hayan dado el formulario W4 para llenar.  El formulario W4 es el documento que lo establece legalmente como un empleado de una compañía o negocio.

 

-        Para aquellos que están supuesto recibir seguro social, no todo los trabajos tienen este impuesto, los que son cubiertos son trabajadores domésticos, empleados federales, fuerzas armadas y los que trabajan por sí mismo. Si tiene una inquietud sobre su situación o alguna pregunta, llame al IRS al número 1800-829-1040 o vaya a la página del Seguro Social: www.ssa.gov/espanol/ .

  1. Es importante planear para el retiro desde ahora.  ¿Cómo? Primero que nada, averigüe cuanto va a recibir del seguro social cuando se retire. Vaya a la página www.ssa.gov/espanol/ ahí puede calcular sus beneficios por jubilación. Acuérdese que solo es un estimado, la cantidad puede cambiar asegún el costo de vida y la inflación

 

  1. Es mejor estar seguro, diversifica su plan de retiro con otras maneras de inversiones a demás de sus ahorros personales. Investigue bonos, certificados de depósito, acciones, cuentas corrientes, fondos mutuos, bienes y raíces o artículos de comercio (oro, plata, etc).

 

  1. Puede ser que tenga que modificar su estilo de vida. Si no a ahorrado lo suficiente para su retiro es posible que tenga que seguir trabajando durante su edad avanzada. Posiblemente también tenga que vivir un poco más modestamente de lo que está acostumbrado. Tenga estas cosas en cuenta.

 

  1. Hay que estar emocionalmente preparado para el retiro. Para la mayoría de personas el retiro es un episodio de la vida nuevo, es una experiencia nueva. Para una persona que está acostumbrada  a trabajar constantemente es como asumir una identidad nueva en el retiro. Su identidad esta asociada con siempre ganar dinero, es un cambio muy grande. Es importante tener un objetivó cuando se va a retirar, tener algo que prepara  acer, que le traiga felicidad, un proyecto, una nueva aventura.

 

Entrevista sobre el retiro para Univisión “Al Despertar” Canal 41

Gracias a Dios tuve una oportunidad muy bonita el 1 de Febrero. Hice mi primera entrevista en television! Fue para ustedes, el público Hispano en el programa de televisión “Al Despertar” en Univisión! Miren el video aquí:

http://univisionnuevayork.univision.com/videos/video/2013-02-01/finanzas-al-despertar-jubilacion-retiro?ftloc=channel4690:wcmWidgetUimStage&ftpos=channel4690:wcmWidgetUimStage:1

Interview on Retirement for Univision’s “Al Despertar” Channel 41

I had a really exciting opportunity on Feb 1st. I did my first television interview! It was on retirement issues for Univision! Check out the video here:

 

http://univisionnuevayork.univision.com/videos/video/2013-02-01/finanzas-al-despertar-jubilacion-retiro?ftloc=channel4690:wcmWidgetUimStage&ftpos=channel4690:wcmWidgetUimStage:1

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