10 Dumbest Money Moves

Ever made a big mistake with your money?  Lots of us have.  In a recent article called "My 10 Dumbest Money Moves - And How You Can Avoid Them," Stacy Johnson of MoneyTalkNews discusses ten frequently-made money mistakes and what you can do to avoid making them.  The ten mistakes he describes include:

1) Not having a goal.
2) Not having a spending plan.
3) Attempting to derive self-esteem from possessions.
4) Doing what everyone else is doing.
5) Starting to save large and late rather than small and soon.
6) Paying interest to buy things that drop in value.
7) Turning down free money.
8) Buying a new car.
9) Buying more house than you need or can afford.
10) Not protecting your good credit.

To read the full article, click here.

How not to blow it with financial aid

In Rachel Louise Ensign's Wall Street Journal article "How Not to Blow It With Financial Aid," she explains common mistakes parents and students make when seeking help with college costs.  Some of the common mistakes include:

• Earning too much at the wrong time.
• Letting the wrong family members hold college money.
• Making assumptions about what schools will offer.
• Thinking merit money is all about grades and SATs.
• Not applying for all the aid you're eligible for.
• Figuring the "expected family contribution" is all you're paying.
• Going for the loan with the lowest interest rate.
• Thinking an aid offer is set in stone.
• Figuring aid will be about the same all four years.

Click here to read the full article for more information.

How short-term loans affect credit scores

In this week's Money Made Easy, Dan Danford, CFP®, Founder and Chief Executive Officer at Family Investment Center, addresses a viewer's question about the impact a short-term loan could have on his credit score. Danford explains the ways in which these quick-fix loans affect credit scores and why the more reputable your lender is, the more likely they are to report your loan.

Low interest rates = high opportunity

A recent article on MSN Money suggests 7 "smart moves" while interest rates are so low:

1) Buy a home or rental property

2) Refinance your home

3) Buy a car

4) Give money away

5) Review investments

6) Lock in student loan rates

7) Pay off credit card debt

Click here to read the full article for information on each.

Time to refinance?

Dan Danford, CFP® and Founder/Chief Executive Officer of Family Investment Center, answers this week's episode of Money Made Easy.

With interest rates so low is now a good time to refinance or are there disadvantages to refinancing?

Danford addresses the costs associated with refinancing (new appraisal, new title company, etc.) but says this is the best time to refinance in the last 50 years. He explains why everyone should consider refinancing not only their marital home but also their credit cards and vehicles.

How Co-Signing Affects Credit Scores

Dan Danford, Founder and Chief Executive Officer of Family Investment Center, answers this personal finance question:

"My son wants to purchase a car and have me co-sign for it. I have an average credit score so I don't think I would be rejected as a co-signer, but will the fact that I am co-signing for my son affect my credit score in any way?"

Danford explains that while co-signing may not affect your credit score, it may affect your ability to get loans in the future.

Remember that loaning money or co-signing is a business transaction. Treat it as such.