Debt sometimes is treated like a bad word. When managed correctly, the right kind of debt can be a useful financial tool. Paying off debt in a timely manner and not letting it get out of hand is certainly important. But managing debt is still just one part of your bigger financial picture.
As a mortgage is paid down, the difference between what the home is worth and what is still owed — the equity — grows. This equity increases further if the value of the home continues to increase. Equity is considered an asset of the homeowner and is often the largest asset they hold.
As retirement draws closer, many of us cling to a false sense of security that Medicare will cover all of our health care costs. Once we hit 65, it’s all taken care of and we don’t have anything to worry about, right? Wrong. While it’s true that beginning at age 65 most Americans become Medicare…
Budgets get a bad rap. In reality, they give people power over their finances, and when managed well, can put a person in a position to decide if they want to seize an opportunity or not – while those who have not managed their money purposefully often have no such option. Instead of thinking of…
You may have been taught that debt is a bad thing to have in personal or business finance. The truth is a little more nuanced. Sometimes one kind of debt is better than another, and sometimes the same loan with the same interest rate and terms can be either “good” and “bad” depending how you’re…