Money Girl

1066. Do you have high-interest credit card debt? Host Laura Adams answers a listener’s question about how balance transfers work and compare with personal consolidation loans. You'll learn how both options affect your credit scores and ways to slash thousands in interest while keeping monthly payments manageable.
Key Takeaways
A 0% APR balance transfer temporarily pauses interest, allowing you to avoid monthly finance charges and save money.
Balance transfers typically charge a fee, such as 3% to 5% of your balance, which gets added directly to your account.
Once a balance transfer promotion expires, any remaining balance resets to the account’s standard APR, which could be 24% to 29%+.
Missing a minimum payment on a balance transfer can void the low or 0% promotional rate and trigger a penalty APR up to 29.99%.
A personal loan that pays off higher-rate debt costs more in total interest than a balance transfer you pay off before the promotional rate expires, but can have a lower monthly payment.
You can use a balance transfer and a personal loan to eliminate debt with manageable monthly payments.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
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1065. But did you know an HSA has more tax benefits than a Roth IRA and a traditional 401(k) combined? Host Laura Adams breaks down the perks and how to build more retirement wealth with an HSA. You’ll learn the "shoebox strategy," what happens to funds after 65, and traps to avoid.

Key Takeaways
HSAs offer pre-tax contributions, tax-free investment growth, and tax-free withdrawals for qualified medical expenses.
The "shoebox strategy" allows you to reimburse yourself tax-free for qualified healthcare expenses at any time.
You can choose to pay healthcare expenses out-of-pocket and let an HSA balance grow, with no spending deadline.
At age 65, the 20% non-qualified withdrawal penalty disappears, which makes an HSA similar to a traditional IRA where distributions are taxed as ordinary income.
Enrolling in Medicare past age 65 automatically backdates your coverage by up to six months, which can trigger a 6% penalty on HSA contributions.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
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1064. What should you do with your retirement contributions when a layoff looms in your mid-50s? Host Laura Adams tackles a listener’s question about building a cash cushion without sacrificing growth for retirement. Whether you're navigating late-career volatility or job insecurity as a younger worker, these tips will help protect your financial future.
Key Takeaways
Even with a looming layoff, try to contribute at least enough to capture your full employer match to a retirement account, giving you a guaranteed 100% return.
For emergency funds you may need within the next year, prioritize savings in an FDIC-insured high-yield savings account.
Leaving your job in or after the calendar year you reach age 55 waives the 10% early withdrawal penalty on your current employer's retirement plan.
Distributions from traditional retirement accounts remain subject to ordinary income tax no matter your age.
While the rule of 55 eliminates the 10% penalty, you must have owned a Roth plan for at least five years for the pre-tax earnings to be tax-free.
Sole earners supporting family members should have at least six months of essential living expenses saved as a cash reserve.
Older job seekers should modernize resumes by trimming them to the last 10 to 15 years of experience, removing graduation dates, highlighting quantifiable business results, and showcasing proficiency in enterprise platforms, popular tools, and AI workflows.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
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780. Did you know a solid credit score can save you tens of thousands of dollars on a mortgage, slash your auto insurance premiums, and even help you land an apartment or a job? Excellent credit isn't just for frequent borrowers—it’s an essential foundation for everyday wealth building.
In this episode, Laura breaks down nine actionable, savvy strategies to build, repair, and maintain top-tier credit scores. You’ll learn:
The hidden perks of high credit: How your score affects utilities, rentals, and insurance rates—even if you never borrow money.
The credit utilization trap: Why closing paid-off credit cards can unexpectedly hurt your score.
Common myths debunked: The truth about carrying a balance and why being completely debt-free might leave you with a "thin" credit profile.
Starting from square one: How to leverage secured credit cards and authorized user status to establish credit safely.
How your score stacks up: A look at average credit scores across the country and the factors scoring models weigh the most.
Whether you're building credit for the first time or looking to jump from good to excellent, these practical habits will set you up for long-term financial success.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
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1063. Stepping away from the workforce to care for family is meaningful work. But relying on a single paycheck can leave parents vulnerable. Host Laura Adams answers a listener’s question about transitioning to a one-income household. Whether you’re married or are domestic partners, you’ll learn strategies to create a strong financial safety net.

Key Takeaways
Because a one-income family faces more financial risk, it’s important to build a liquid emergency cushion of at least six months of living expenses in an FDIC-insured high-yield savings account.
Life insurance shouldn't just replace the earner’s paycheck; having a term life policy on the stay-at-home parent protects against the annual expense of childcare.
Legally married couples filing taxes jointly can fund a spousal IRA up to annual limits for the non-working spouse.
A working partner can gift funds for a non-working partner using a brokerage account in their name.
A last will and testament (which names legal guardians for minor children), power of attorney, health care proxy, and living will ensure key decisions about your family’s future stay in your control.
Accounts with named beneficiaries, like 401(k)s, IRAs, and life insurance policies, bypass probate and transfer directly to the named individual, making regular beneficiary audits critical after marriage, divorce, or childbirth.

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Transcripts available at QuickandDirtyTips.com.
Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.
Hosted on Acast. See acast.com/privacy for more information.