Borrowing money has become a part of life for most people. Unless you're sitting on a tremendous cash reserve, you'll need to borrow money to buy a home. If your car dies and you need a new replacement, you will probably finance some of the purchase. And with out of control college tuition costs a student loan might be the only option for getting an education. Taking on some debt isn't a bad thing as it's just a financial tool that helps you reach your goals. But like any tool, if it is misused you could find yourself doing more harm than good.
Understanding when borrowing money is appropriate, how your credit score is calculated, and where to go for help is important if you want to keep your money save. Here's a crash course that covers everything you need to know about credit and debt.
my dad recently died and left money to all of us. it was suggested that i put the money in a roth ira (vs. a traditional ira) i am 47, single and not planning a family. i make about 70k and dont expect to make that much more in my field (certainly not 95k in the next 5 years). I have read the difference in IRA’s with regards to tax exemptions but I dont see myself contributing each year to benefit from that as I already have a 401 K i contribute to from work. Any thoughts?
I work in a consulting firm , what i feel is maximum the credit debt we are at greater risk , hence management is important .