Money Girl

1039. Laura answers a listener’s question about managing multiple 401(k)s with her current and previous employers. Find out the pros and cons of holding old retirement plans, how to streamline your strategy, and simultaneously reach other financial goals, like homeownership.

Key takeaways
Consolidating old retirement plans into one low-cost IRA or your current employer’s plan simplifies your asset allocation and protects your retirement growth from redundant account fees.
Always request a direct trustee-to-trustee rollover when moving funds between retirement accounts to eliminate the risk of missing the strict 60-day deadline.
Workplace retirement plans offer federal protection against creditors with no dollar limit.
IRAs are protected by state-specific laws, making plan-to-plan rollovers an attractive choice for those prioritizing maximum creditor protection.
First-time homebuyers can withdraw up to $10,000 penalty-free (but not tax-free) from an IRA ($20,000 for qualifying married couples) for a primary residence.
Early retirement withdrawals for a home down payment should generally be secondary to building a dedicated home down payment savings fund.
Discover more from Money Girl!
Facebook
Money Girl Newsletter
The Money Stack Newsletter
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.

1038. Are you thinking about buying your first home but feeling overwhelmed by interest rates, upfront costs, and hiring a real estate agent? Host Laura Adams walks you through 9 tips every first-time homebuyer must know to protect their finances and land the right deal.
Key Takeaways:
How subtle changes in your credit score can save (or cost) you tens of thousands in today's rate environment.
Most mortgage underwriters look for a maximum debt-to-income ratio of 45% to 50%, which includes your existing debts plus the new estimated housing payment.
Hidden homeownership expenses—from surging insurance premiums to HOA fees.
You should budget 2% to 5% extra for closing costs beyond your down payment to cover loan origination, appraisals, taxes, insurance reserves, and title fees.
Why you need an additional 5% of a home’s purchase price saved on top of your down payment.
A prequalification provides a loose baseline for house hunting, but you need a verified preapproval before making official offers on properties.
Contract contingencies, such as financing, appraisal, and home inspections, safeguard your earnest money deposit if unmanageable structural defects arise.

Discover more from Money Girl!
Facebook
Newsletter
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.

On a road trip, tackling a summer cleanup, or just catching up on podcasts? QDT has you covered with Summer Saturday encores from your favorite shows. See the full Summer Saturday lineup on Spotify and enjoy this episode, which first aired in June 2022.

Find out five ways to save and invest for your child's future and how it should fit into your big financial picture.

Money Girl is hosted by Laura Adams. A transcript is available at Simplecast.
Find Money Girl on Facebook and Twitter, or subscribe to the newsletter for more personal finance tips.
Money Girl is a part of Quick and Dirty Tips.

Links:
https://www.quickanddirtytips.com/
https://www.quickanddirtytips.com/money-girl-newsletter
https://www.facebook.com/MoneyGirlQDT
https://lauradadams.com/
Hosted on Acast. See acast.com/privacy for more information.

795. Laura answers a listener question about how to invest in a brokerage account, including the rules you need to know and the best strategy for diversification.

Discover more from Money Girl!
Facebook
Newsletter
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.

1037. What actually happens legally and financially when you say "I do"? Laura Adams interviews veteran New York City divorce trial lawyer Jim Sexton about the often misunderstood world of matrimonial law. Whether you are happily single, engaged, or decades into a marriage, Jim’s advice will completely change how you view love, risk, and asset management.

Key takeaways:

Be aware that if you don't create your own prenuptial agreement, the state’s default laws will apply at the time of a divorce.
Keeping a baseline of financial privacy and separate funds alongside a joint account can clarify your intentions in a divorce.
When dating, pay attention to someone’s risk tolerance so you understand how they feel about debt, gambling, or anything that could stress a family.
Even in the most trustworthy relationships, completely relying on a spouse to manage money is dangerous because an unexpected crisis could arise.
The secret to successful long-term relationships isn't flashy; it’s a series of small, consistent habits like regular check-ins, communication, and proactive financial transparency that prevent misery before it starts.

Discover more from Money Girl!
Facebook
Newsletter
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.