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March 13, 2024
By
The Admiral Staff
Debt consolidation involves taking out a loan to pay off existing debts, most commonly credit card debt. It can simplify repayment and potentially lower interest rates and monthly payments, but it’s crucial to avoid mistakes that could hurt your credit score or cost more in the long run. Key considerations include comparing loan options (interest rates, fees, repayment terms), avoiding account closures after payoff, consistently making payments, and potentially refinancing for better terms in the future. While it can improve credit utilization and demonstrate creditworthiness,
March 9, 2024
By
The Admiral Staff
Expecting parents in the U.S. often face unpaid parental leave, creating a potential income gap. Financial planner Kim Tran suggests proactively saving to ease this transition. Her strategy involves scaling back non-essential expenses like student loan payments and diverting the extra funds into savings to cover income loss during leave and anticipate increased utility bills due to factors like winter and visiting family.
March 2, 2024
By
The Admiral Staff
The article advises keeping one to two months of living expenses in your checking account as an emergency fund. Once that’s established, it suggests three steps to grow your money: invest as little as 15 cents through a round-up app like Acorns, compare car insurance rates using a marketplace like SmartFinancial to potentially save hundreds of dollars annually, and secure a life insurance policy (starting around $20/month) through a company like Bestow to protect your family’s financial future
February 28, 2024
By
The Admiral Staff
The article uses the metaphor of “ghosts” representing past, present, and future financial decisions to encourage readers to take control of their finances. It offers seven strategies to “banish” these money ghosts: 1) use AmOne to consolidate credit card debt with a low-interest loan; 2) improve your credit score with Credit Sesame; 3) compare car insurance rates with EverQuote to potentially save money; 4) earn gift cards by scanning grocery receipts with Fetch Rewards;
February 17, 2024
By
The Admiral Staff
A 58-year-old man with significant assets—$1.4 million in real estate, $800,000 in retirement accounts, and an impending inheritance of two additional houses—is contemplating liquidating his assets into an annuity to secure a substantial monthly income. While annuities can provide guaranteed income and protect against outliving one’s money, the author cautions against it in this case due to the product’s complexity, fees, illiquidity, and potential inflation
