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December 30, 2024
By
The Admiral Staff
A reader considering paying off $10,000 in debt with a loan from their retirement plan is advised against it, despite the appeal of paying interest to themselves and avoiding taxes. The financial advisor cautions that taking the loan would hinder retirement savings growth, prevent further contributions (potentially missing out on employer matching), and carries risks like immediate repayment requirements upon job loss, leading to taxes and penalties. Instead, they suggest exploring options like debt consolidation loans, balance transfer credit cards, or the debt snowball
October 16, 2024
By
The Admiral Staff
A reader with credit scores in the 500s is struggling to get debt consolidation loans. The advice is that while consolidation can simplify finances, securing a loan with a low credit score often means high interest rates, negating the benefits. Alternatives include credit unions, online lenders (though 600+ scores are often required), and seeking help from a nonprofit credit counselor accredited by the National Foundation for Credit Counseling. The article emphasizes that improving credit requires disciplined spending and avoiding debt settlement companies,
October 6, 2024
By
The Admiral Staff
This article offers practical tips for reducing common monthly expenses. It suggests performing a DIY energy audit to lower electric bills, switching to a budget-friendly cell phone provider like Tello Mobile, and comparing car insurance rates through SmartFinancial. To tackle credit card debt, MoneyLion can help find lower interest rate offers. For savings, Varo offers higher interest rates and no monthly fees. Finally, the Fetch Rewards app provides gift cards for simply scanning grocery receipts.
September 10, 2024
By
The Admiral Staff
The article explores options for getting financial advice without breaking the bank. While working with a certified financial planner can cost hundreds or thousands of dollars, there are several free or low-cost alternatives, including using budgeting apps, working with a credit counselor (often free initial consultations), attending community classes, seeking financial counseling (around $75/hour), participating in Financial Planning Day events (free), or hiring a financial planner for specific, à la carte services.
April 18, 2024
By
The Admiral Staff
TikTok can be a source of financial advice, but it’s crucial to be discerning. The article advises users to question advice from creators and provides several tips for evaluating credibility, including checking credentials, assessing transparency, watching for excessive product promotion, reading comments, verifying the advice is current, and looking for disclaimers and data-driven insights. Ultimately, the key is to be prudent, consider potential profit motives, and seek creators who offer clear, data-backed guidance to mitigate financial risks.
