Personal Finance Archives - Page 2 of 3 - Harbor Wealth Management

Is Travel Insurance a Good Idea?

To Buy or Not to Buy Travel Insurance One of the most popular goals our clients have for both pre and post-retirement is to travel. Recent shakeups in the travel industry due to Covid and problems with flights have made the decision to buy or not to buy travel insurance of greater consequence when planning…

Megan Miller, CFP®, CDFA® discusses “Women, Divorce and Retirement”

Megan recently contributed to an article published on ‘The Street’ website discussing women, divorce, and retirement. She offered 3 practical pieces of advice to women facing divorce. Read the full article here. Let’s face it, divorce is a confusing time, emotionally, mentally, and financially. Megan is a Certified Divorce Financial Analyst as well as a…

Talking to Your Children About College Costs

Thinking back to my high school days, I knew I wanted to go to college after graduation. My considerations for college were location, campus life and what I wanted to study. Cost was not at the top of my list. Now that I’m a parent, that priority list has shifted, and I feel it is…

How to Manage Your Finances When Interest Rates Increase

The Fed’s strategy to tame inflation by increasing interest rates has had widespread effects on the economy so far. The Fed began raising interest rates in March 2022, with the goal of slowing down an overheated economy by making it more expensive to buy goods and services, discouraging consumer spending and business expansion. There are…

Constructing a Home Inventory

Growing up with a mother who loved antique furniture meant that over the years of her life I ended up with several antique pieces of which I dutifully took pictures and then stashed the pictures in our safe deposit box years ago. Recently, when forced to evacuate our home due to a wildfire, it became…

Saving for the Unexpected

According to a July 2021 Bankrate study, 25% of Americans surveyed have no emergency fund. An emergency fund acts as a buffer that you can use without relying on credit cards or high-interest loans in the event of an unexpected expense or life event. If there is anything that the last 2 years have taught…

Changes to Child Tax Credits in 2021

Effective July 15, the IRS will start issuing child tax credits on a monthly basis to eligible families as part of the American Rescue Plan. This enhanced Child Tax Credit expands the benefit from a $2,000 credit up to $3,600 per child. Who is eligible? Qualifications for this increased credit is based on your income…

Health Care Costs and the American Rescue Plan

On March 11, 2021 the American Rescue Plan (ARP) was signed into law to offer financial assistance and economic stimulus for those effected by the Covid-19 pandemic. Some of the many elements of the plan address health care costs for 2021 and 2022. Following is a summary of some of the health care cost savings…

Unemployment Fraud and the Pandemic

The rate at which personal information is being used to file fraudulent unemployment benefits has been accelerating in recent years, and the pandemic environment provided the perfect opportunity for bad actors to amplify their effort. In fact, the Labor Department Inspector General estimates that roughly 10% of the federal funding for unemployment during the pandemic…

What Else is a Respectable Credit Rating Good For?

Much has been said about maintaining a good credit history and high credit score. But often overlooked is the fact that it can affect more than your ability to qualify for a mortgage or get the best interest rates on credit cards or auto loans. Here are a few other things your credit score can…