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Color of Money: Are you responsible for taking care of your financially irresponsible parents?

Business / The Color of Money /

WASHINGTON -- What responsibility do you have to take care of financially irresponsible parents in their old age?

This is a question I get quite often. I believe that you honor your mother and father. But this doesn't mean you do so at your own financial peril.

During a recent online discussion, one reader wrote: "My mother is a financial ...Read more

Color of Money: The government's new retirement rule may not stop your adviser from giving you bad advice

Business / The Color of Money /

WASHINGTON -- You don't have to take the advice of your financial adviser.

I need to say this because, already, some investment professionals are scaring clients into thinking that the federal government is forcing them to invest a certain kind of way -- all to comply with the Labor Department's new fiduciary rule.

Under guidelines that went ...Read more

Color of Money: A millennial's refreshing (and informative) perspective on personal finance

Business / The Color of Money /

WASHINGTON -- Millennials get a bad rap when it comes to how they handle their money.

They are ridiculed for moving back home after college. They are maligned for wanting too much too soon. They are often referred to as the entitled generation.

But in my experience, millennials are just trying to find their financial footing in an economy ...Read more

Color of Money: A new rule on retirement savings advice is in your best interest

Business / The Color of Money /

WASHINGTON -- Investors are about to get some major help in determining which financial advisers are working in their best interest.

After a long battle, which still might not be over, retirement savers will get some common-sense protection that should bring to light conflicts of interest that could cost them dearly.

Here's some background on ...Read more

Color of Money: The class of 2017 still has more to learn about student loans

Business / The Color of Money /

WASHINGTON -- After all their hard work, the college class of 2017 is finally enjoying the real world and all its "perks," including having to pay back their student loans.

The Federal Reserve Bank of New York's latest report on household debt and credit found that outstanding student loan balances increased in the last year by $83 billion, to ...Read more

Color of Money: Millennials moving doesn't signal financial failure

Business / The Color of Money /

WASHINGTON -- There's a lot of debate about how to teach children to become financially responsible adults.

Should you give them an allowance? What about paying for grades or chores? Is it wise for a teenager to get a credit card?

And should you permit your young adult child to move back home to regroup financially after college?

The latter ...Read more

Color of Money: Five myths about 529 plans debunked

Business / The Color of Money /

WASHINGTON -- Even though it's been around for 21 years, many people still don't know what a 529 plan is.

Seven out of 10 Americans couldn't identity the tax-advantaged savings account, according to recent findings by financial services firm Edward Jones.

Under a 529, if the money is used for qualified educational expenses, your earnings are ...Read more

Color of Money: Like the Tinman, the president's budget proposal has no heart

Business / The Color of Money /

WASHINGTON -- Apparently the Trump administration wants to balance the federal budget in part on the backs of the poor, the sick and the marginalized.

In the budget proposal released Tuesday by the White House, the deepest cuts come at the expense of the most needy.

Taking major hits would be Medicaid, food stamps and other public aid for low-...Read more

Color of Money: Whether there's a 'Trump bump' or 'Trump slump,' keep a long-term view

Business / The Color of Money /

WASHINGTON -- There's at least one certainty about the stock market.

It'll go up and eventually come down.

Last week, we witnessed this truth about investing. The markets responded with trepidation after a series of scandals hit President Trump.

Trump shared highly classified information with Russian diplomats. He fired FBI Director James ...Read more

Color of Money: When it's time to pay off college debt, there's no place like home

Business / The Color of Money /

WASHINGTON -- How long is too long for young adults to live at home after college?

Responding to a recent survey by TD Ameritrade, teenagers on average said it would become embarrassing to still be living at home at age 26. Young adults ages 20 to 26 -- probably because they've already been out in the real world -- thought the cutoff should be ...Read more

Color of Money: 'Grandfamilies' deserve our attention and a helping hand

Business / The Color of Money /

WASHINGTON -- Pardon the interruption. But may I have your attention for a moment about some serious legislative business that impacts family finances? It hasn't gotten much attention amid the chaos involving the Russia investigation, the White House and the now-fired FBI director.

Across the country, there are households headed by grandparents...Read more

Color of Money: Understanding why families struggle financially would make for better policy

Business / The Color of Money /

WASHINGTON -- Twin reports by the Pew Charitable Trusts substantiate what too many people know first-hand.

Despite a better economy, a lot of families are struggling financially. And often it's because of financial emergencies or instability in their pay.

Pew has been studying the impact that income volatility and financial shocks can have on ...Read more

Give your millennial this all-in-one financial guide

Business / The Color of Money /

WASHINGTON -- Perhaps you're a good money manager and you taught your children well.

Or maybe you struggle royally with your finances and haven't passed on good habits.

Either way, we parents of young adults tend to think that when our children turn 18 our job is nearly done. They hit 21 and we're like, "It's party time."

After that point, ...Read more

Don’t let Congress hamper access to workplace retirement plans for small businesses

Business / The Color of Money /

WASHINGTON -- I’m at a loss as to why some Republicans on Capitol Hill want to block the creation of workplace retirement plans for small-business employees.

We know that Social Security will soon face some serious funding issues.

And with fewer companies offering pensions these days, we know that workers have to save for their own ...Read more

Color of Money: How my daughter managed to finish college debt-free

Business / The Color of Money /

WASHINGTON -- By May 1, high school students nationwide will decide where to go to college and, for many, with that decision will come debt.

In the classes we teach, my husband and I try to encourage parents, if they can, to start saving for their children’s college education as early as possible.

Recently, I wrote about our own daughter ...Read more

Don’t let Congress block consumer protections for prepaid card users

Business / The Color of Money /

WASHINGTON -- If you use a prepaid card -- and millions of you do -- take heed because there’s an effort in Congress to block new rules that would give you the kind of federal protections afforded to debit and credit card users.

General-purpose prepaid cards are increasingly being used to make purchases, pay bills and get cash at ATMs. ...Read more

Color of Money: Before you send your child to college, listen to my debt-free daughter

Business / The Color of Money /

WASHINGTON -- My husband and I recently invited our daughter Olivia to speak to students attending the money-and-marriage class that we teach at our church.

The couples were given free rein to ask her questions. They were dying to know what it was like growing up under such frugal parents. Eventually, the conversation got around to borrowing ...Read more

Color of Money: If debt were a person, I’d slap it

Business / The Color of Money /

WASHINGTON -- When it comes to your personal finances, you have to play mind games. Because the road to financial success starts with how you think about money.

When buying anything, repeat to yourself, “Is this a need or a want?” It’s a question that will give pause before a purchase and slow down your spending.

And when you’re ...Read more

Airlines have the right to bump you, so don’t get carried away

Business / The Color of Money /

WASHINGTON -- As if flying weren’t stressful enough, now some passengers may be worried about being dragged off a flight.

If you fly frequently, as I do, you become accustomed to overbooked flights. It’s a standard practice for airlines because history shows some people don’t show up for whatever reason.

When everyone does come to claim ...Read more

Color of Money: Fooled by fake news? Here’s how to protect yourself.

Business / The Color of Money /

WASHINGTON -- I’ve been tricked more times than I care to admit. You’ve probably been misled as well.

Does this ring a bell? You’re reading a real news story online, and below it -- or embedded within it -- is an interesting headline that captures your attention.

Click. Then bam!

You’ve been fooled by fake news. Perhaps you skipped ...Read more

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