Miscellaneous

A: Here are the three main options: Credit Monitoring – does not prevent ID theft, but it can make you aware of it very quickly when someone opens lines of credit or accounts in your name. This can help minimize the damage. Set up a Fraud Alert – which requires a lender to verify verbally …View Article

A: Buying a car and driving it until the wheels fall off is the wealth-maximizing strategy. However, leasing requires less out-of-pocket expense in the short-term.  You will never have any equity in your car and will always have a monthly payment if you lease. However, leasing can make sense in certain situations; such as if …View Article

A: The exact formula is a mystery, but here is what we know: Your credit score is broken down into five parts. Approximately 35% of your credit score is based on your payment history, 30% is based on the ratio of current credit debt to total available credit, 15% is determined by the length of …View Article

A: Vacation homes can be a great place to make memories with your kids and grandkids, but they can also be a major expense and time commitment. Most buyers will need to come up with a hefty down payment because many banks require 25-35% down on vacation and rental properties, charge higher interest rates, and …View Article

A: The average age of a car on the road is approximately 11 years. Depreciation (decrease in the value) is the largest expense of owning a vehicle, but it only accounts for approximately 48% of the total cost of ownership. In general, the wealth-maximizing strategy is to buy vehicles based on reliability and fuel efficiency …View Article

A: I would give them a weak recommendation. Here’s why: They are better than nothing, but credit monitoring services do not actually prevent ID theft. They just notify you if ID theft happens, or when someone opens lines of credit or applies for accounts in your name. This can be somewhat helpful, but by the …View Article

A: Switzerland, Iceland, and Denmark are good picks if you want to go to the countries where people are the happiest. France or Spain are good picks if you are looking at the most commonly visited countries by Americans. Try the Philippines, Ghana, Ethiopia, or Kenya if you want to go where Americans are the …View Article

A: The answer to this question is usually not clear cut or compelling from a financial perspective. Solar panels may be beneficial for the environment, and may also save you money on electricity. The costs vs. benefits must be analyzed on a case-by-case basis and depend on the tax credits offered (state specific), the future …View Article