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Financial Tip Of The Day
 

- Today is the last day to sell stock at a loss and claim the losses on your tax returns. Speak to your accountant to see if this makes sense for you. Keep in mind that if you sell stock now, you can re-purchase that stock in 30 days.
- This is more of a shopping tip:  During the holidays we tend to make many large purchases. Some of those are items which have the option of purchasing an extended warrantee. The decision to purchase that warrantee is one that only you can make. However what you should know is the cost of the warrantee is based upon the purchase price of the item. Before making a final decision on which item you are going to buy, ask the sales person to let you see the warrantee pricing schedule. Understanding the warrantee price breaks will enable you to make smart decisions. A recent example happened during a shopping experience for a TV. The price of the TV was $1549. I found out that the warrantee for a TV priced at $1500 - $1599 was $150 higher than a TV priced at $1499 or less. I asked the manager to reduce the price to $1499 if I agreed to purchase the extended warrantee. The manager agreed because their profit margin is higher on the warrantees and I saved $200.
- Borrowing from your 401k should be something you do in desperation and not the first place you look for extra cash. The funds you put into your 401k are pre-tax. However, when you repay your 401k loan, you are paying with taxed dollars. In summary, it could cost you as much as 30% to borrow from your 401k.
- This is a good time to look for cost savings at home. Call your home service providers and see what new programs they have that can save you money. For example, I recently called Verizon and we made some changes to my plan which saved $50 per month without giving up any of the features and benefits.

Financial Tips for Young Adults

 

 

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 Dream Home Financing is a marketing company that provides mortgage related information. Dream Home Financing does not arrange for or originate loans. The request quote and quick application pages, when completed will be sent to third party lenders for consideration.

 

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