What Insurance Policies Does Your Family Need?

Picking the appropriate level of insurance coverage for your family can be a confusing and overwhelming task.

Not only are there multiple insurance companies to choose from for the various insurance needs you have, but there are so many different types of insurance that it can be difficult to know where to start.

Critical Insurance Policies to Have For Your Family

There are five critical insurance policies every family should have.

Life Insurance

The most critical insurance policy for a family is life insurance coverage on both spouses or parents regardless if they are working or not.
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Should I Buy Travel Insurance for My Next Trip – Pros and Cons to Consider

Travel insurance is one of those upsell services you see tacked on to your flight and hotel reservations when you book through most online travel sites.

You stop and think about it for a minute, but it can be frustrating.

Is insuring your trip worth the price asked?  What are the odds you need to use travel insurance?  Do you really need this type of insurance or is the travel company just looking to pad their pockets with your hard earned cash?

As is the case with most insurance questions, the answer to whether or not you need trip insurance is maybe.

Here are some pros and cons to consider.

Pros of Buying Travel Insurance

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Ally Bank Online Savings Account Review

It used to be revolutionary to hold your money with a bank that didn’t have any brick and mortar locations for you to visit.

Now high yield online savings accounts are more common and the decision comes down to which online bank you should open an account with.

There are many key factors in that decision — high interest rate, customer service, and account fees — that Ally Bank’s online savings comes out on top if you compare to other accounts.

What is Ally Bank?

Ally Bank Online Savings AccountAlly Bank’s story sounds eerily familiar to the mythical firebird phoenix that is rebirthed out of its own ashes.

That might sound strange for a bank, but Ally Bank is the new edition of GMAC or General Motors Acceptance Corporation.

GMAC was originally founded in 1919 and grew over the course of time, but like many banks a few years ago, got caught up in the financial crisis due to loose mortgage lending standards.  The bank had to take on TARP funding from the government and was rebranded to shed some of the bad image associated with the financial crisis.  A significant portion of the company is still owned by the US government, although the company is actively repaying on the funds it received.  (And a majority of the problems are on the mortgage side of the business, not on the personal banking side that Ally is on.) Continue Reading

What is a Spousal IRA and How Does It Work?

The rules surrounding your ability to contribute to an IRA generally require you to have earned income in order to contribute at all.

This prevents people trying to exploit loopholes such as parents opening and funding an IRA for a child well before the child earns any income.

However, there is one exception available for married couples that can allow for both individuals to contribute to an IRA even when both do not earn an income.

This exception allows stay at home parents and other non-working spouses the ability to still contribute to an IRA despite not earning an income.

Spousal IRA Contributions

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What is FOREX Trading and is it Right for My Portfolio?

Sometimes sticking to stocks and bonds just isn’t enough for the investor that wants to make his portfolio a little more exotic.

For the aspiring speculator, a wide range of options are available: trading options, trading on margin, owning precious metals, and FOREX trading.

Be forewarned: you should never dedicate more than 5-10% of your nest egg to any kind of speculative trade opportunity whether it be picking individual stocks on your own or doing currency trading.  You can survive losing that small chunk of your portfolio, but not a significant portion of your assets.

What is FOREX Trading?

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Do You Have to Pay Tax on Airline Miles?

You’ve been earning rewards for signing up for a credit card or using it to earn airline miles.

Are those miles now considered taxable income?

You would think not, but some Citibank customers received a 1099-MISC for airline miles they were awarded for signing up for an account in 2011.  These customers are understandably upset as there was no clear documentation as to the impact of accepting the extra miles.

The Internal Revenue Service hasn’t been clear on how they treat airline miles, either.

Some reports say taxpayers who fail to include the reported 1099-MISC income will not be pursued by the IRS, but do you really want to chance an audit over 20,000 airline miles?

Are Airline Miles Taxable Income?

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