When it comes to unused credit cards, there are several schools of thought regarding whether or not to close the accounts or keep them open and use them regularly. There are both deterrents and benefits to closing accounts, so each person should review their own financial situations and credit card specifics before taking action. After all, any action regarding credit cards will affect, either positively or negatively, your credit score.
First, some financial advisors believe that closing unused or rarely used credit cards is a mistake. Many people keep “emergency cards” in their wallets or desk drawers to use in case of unforeseen expenses like home or car repairs. Unfortunately, all open accounts and credit cards costs banks money to maintain. Since unused cards do not accumulate any more debt, they are no longer profitable. This can often cause banks or lenders to preemptively cancel these unused cards.
Determining your highest income earning years is a tricky thing. There are so many variables that affect how much money a person can earn in their lifetime. Factors like career opportunities, economic stability, the industry you’re in and whether or not you own your own business all come into play. When you will land your first high-income job isn’t set in stone, but there are certain trends that help to identify when most people experience their highest earning potential.
- Photo: emdot
According to the Federal Reserve’s 2007 Survey of Consumer Finances, most people peak in earning power between the ages of 40 to 50 years old and then a sharp drop off occurs as they head toward their 60s. The SCF is conducted every three years, so 2010 results won’t be published until 2012 when the Fed has had enough time to gather and analyze all the information.
I live in an area that is rather homogeneous. Many people in my town belong to the same religion. Many of my neighbors are in my church congregation. When you have someone who shares something in common with you, it can seem easy to trust. And, while this is very common in cases where you share a religion (hey, we all have the same notions of good and God, don’t we?), trust is also strong — perhaps without real cause — between members of the same ethnic groups and races. Sometimes, you feel inclined to trust others because you are on the the parent board together at your child’s school, or because you are co-workers. Our social interactions provide us with ample opportunities to find fellow feeling with others and come to trust them.
- Photo: Design By Zouny
Unfortunately, it is just this trust that can lead to trouble when it comes to your investment decisions.
One of the biggest financial mistakes that people make is not ensuring that their assets are protected. Insurance is one of the ways that you can protect yourself from high costs, and financially protect your family in the event that something happens to you. Here are some great recent articles related to insurance:
Insurance Basics: How to Save on Insurance
Over at Get Rich Slowly, there is a series on insurance. This particular post offers some helpful hints on how you can save money on your next insurance policy.
Term Life Quotes
Consumer Boomer offers some helpful hints on evaluating term life insurance quotes. Learn a little more about term life, why it can be helpful, and how you can get a term life policy.
Cheap Term Life Insurance — What To Watch Out For
Neal at Wealth Pilgrim is also interested in term life insurance.
Is it better to take any job instead of not working at all? Or is it better to wait for the perfect situation to come along? Unfortunately, this isn’t a black and white situation and you can make a case for either option – especially in an economic climate such as the one we are currently experiencing. Let’s take a look at a recent question I received as a comment on my site, then look at the pros and cons of working for a bad company.
Q What if a company replies to your job inquiry a little over a month after you sent your resume? I received an e-mail today from a company asking if I could come in and meet some of the folks (yes, she used the word ‘folks’). Looked at the date I originally sent the e-mail and it was back in July. It was a job posting on Craigslist.
Since the HR rep was using her work e-mail, I decided to do some research on the company and found some reviews on Glassdoor and Jobvent, and they were NOT positive.
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