Net Worth: Why You Need to Know It—and Grow It

When you hear the term “net worth,” they probably conjure up images of oil tycoons and Wall Street bigwigs—you know, those folks who have more money than many third-world countries. But tracking net worth shouldn’t stay relegated to the realm of billionaires because the concept actually has nothing to do with gratuitous wealth… READ MORE: … Read more »

Credit score myths that need to die

Want to get a loan? These persistent misconceptions can hurt your chances. Here are the facts… Read More:   Following this link means you will be leaving the Family of Banks website and going to a third-party website. Please be advised of the following: This external website provides additional information that is consistent with… Read more »

401(k) Loans: What You Should Know

When Ivy Simon, a 39-year-old from Chapel Hill, N.C., wanted to buy her first house in 2006, she borrowed $50,000 from her 401(k) for a down payment. She paid back her loan easily, within two years. “I’m glad I did it, and I would do it again,” says Simon, who is now the owner of… Read more »

6 Macroeconomic Factors—and Their Micro Effect on Your Own Money

Whatever “quantitative easing” is, it sounds like something you probably only need to pay attention to if you’re a politician—after all, you’ve got enough to worry about, like paying your mortgage and working on growing your retirement account. But what if we told you that the looming end of quantitative easing could mean a sudden drop in… Read more »

Money to-do’s for every decade of your life

You know the saying, “Life is a marathon, not a sprint”? Well, it’s actually a good money mantra too. Translation: All too often, we race through the nitty-gritty details of our finances and neglect to focus on crucial to-dos in the process—like saving for retirement long before those golden years approach. Read More:  … Read more »

Banks Had an Interesting Way to Check on Borrowers Before Credit Scores Existed

A credit score is used by a lender to assess risk before approving a loan.  In recent times, lenders have been able to use electronic credit bureau’s, or warehouses of information about a customers financial pasts, to obtain this score and asses if they think a client can repay on their debt.  However, in the past this electronic… Read more »