Term life insurance is the most affordable and most popular type of life insurance.

Disability insurance will cover some of your income in the event of serious illness or injury that leaves you unable to work, and many companies do offer it through a group plan.

Depending on the state you live in, a private room in a nursing home facility can cost as much as $90,000.

Since lifetime pension plans are effectively obsolete now, employees must plan for their own retirement.

Fraud and identity theft can affect your credit score and whether or not you can obtain jobs and loans for a home.

Do not keep any PIN codes, passwords, or banking information where it can be easily accessed.

Shredding documents that you no longer need will prevent potential scammers from finding out personal and/or financial information about you.

A thief can find out all about you, which could allow them to answer “challenge” questions that would give them access to your accounts and personal information.

Ask if you can provide a different type of identification. If not, verify who you are speaking to. Your Social Security number confirms your identity and sharing it with the wrong people can be highly risky.

It is advisable to read through a site’s privacy policy to ensure that your private information will not be shared. If you do not see or understand a privacy policy, it is best to move on and not continue using that site.

Auto dealers will run your credit report regardless of whether you buy your car or lease it.

A factory warranty covers most repairs on leased cars, so your repair costs will be low.

If you go over the 12,000-15,000 miles per year, you have to pay for every extra mile accumulated on your leased vehicle.

When you are done making payments, you own the car and can sell it or trade it in.

A down payment you make upfront upon signing the lease is called a cap cost reduction.

When you own your home, it is yours as opposed to renting, where the rate can go up or the building can be sold.

Lenders look for stability, so a drastic change in your pay structure and change in position and/or salary could impact your approval for a loan.

PMI is necessary when your down payment is less than 20%. It protects the lender from losing money in the event that the home goes to foreclosure.

Closing is usually between 4-6 weeks after the contract is drawn. Schedule a home inspection as soon as possible, since closing can be delayed if repairs are needed.

It is recommended that your DTI is no higher than 43%, with 36% or less preferred. Increasing your income and lowering your debt improves your DTI.

The repayment term on a fixed mortgage rate is typically 30 years and provides security of knowing what each monthly payment will be.

. There are mortgage assistance programs that are based on income, location, and military status.

If you sell your home, the primary mortgage and home equity loan need to be fully paid. This may result in ending up with less money.

Over time, your financial situation can and likely will change. Consider how much money you have available, how much you can feasibly afford to lose, and the timeline leading up to your retirement.

Interest on savings does not keep up with inflation.

Within an IRA, your invested money gains interest/profits, which are reinvested and earn you more interest/profits.

If your employer matches your contributions, your nest egg will increase exponentially. Also, your taxable income each year is reduced since the money going into your 401(k) is pre-tax.

Investing in the stock market is for money that you are comfortable leaving untouched for a substantial amount of time.

Stock splits means a company thinks that the price of their stock is too high for investors, so they split the stock. This does not change the value of the stock, however it does create more shares at a lower rate.

Mutual funds include stocks, bonds, and real estate and are overseen by a fund manager.

The 529 college savings plan can be started very early in your child’s life, you can control the account, and it does come with tax benefits.

Advanced Placement classes count towards college credits, which cuts back tuition costs

Unless your child withdraws from the school, scholarships and grants are sometimes called “free money” because you are not expected to pay them back.

The FAFSA form is the most important application for aid; very little can be done until the FAFSA has been submitted.

Private student loans do come with variable interest rates, as opposed to federal loans, which do not.

Run your credit report at least once a year  to ensure that your information is accurate, guard you against identity theft, and to provide you with your own financial health snapshot.

Approximately 45 million American adults do not have any existing credit history

Since a secure card uses your savings account as collateral, when the balance is low so is the credit line. If the account is in the negative, you will likely need to pay a fee and you may see your credit score lowered.

Multiple credit cards can have a negative impact on your credit rating, as your potential to accumulate more debt is higher.

Financial experts recommend using 30% of your credit limit so that you are able to efficiently pay it back.

If you cannot pay credit card bills on time, you will be charged late fees. If you have maxed out your credit cards, are using more than 20% of your monthly income to make credit card payments,  and can only pay the minimum, you may have some credit trouble.

Keeping a list of fixed and variable expenses helps you identify where you are spending money. You can then  prioritize the variable expenses I order to create a budget to help keep you on track.