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Blogger-in-Chief at RetirementSavvy | a personal finance and lifestyle blog for the engaged
Menu Living an affordable lifestyle doesn't mean you have to give up on life's comforts (or fun)! Here's a series filled with life hacks on how to live the good life on a budget! All Articles in the Living Frugally Series:3. Reduce Your Living Costs in Five Simple Steps5
A mortgage accelerator program is a mortgage loan program that is tied to your home equity line of credit (HELOC). Basically, when you transfer money from your HELOC account to your mortgage and then pay off your HELOC account, you will clear your mortgage debt faster. Build home equity faster – with mortgage accelerator programs, you are able to build your home equity much faster. So if there is a company offering to change your bi-monthly plan to a bi-weekly mortgage plan for a fee, you are better off doing it yourself.
How to start building your own lazy portfolio To help you build a lazy portfolio here is what you can do: If you don’t have a 401k plan, to start investing you’ll need to set up an investment account. There are several lazy portfolios, but the easiest one to create is the Rick Ferri’s two-fund portfolio, which uses two Vanguard funds: Vanguard Total Bond Market Index Fund and Vanguard Total World Stock Index Fund. This fund also uses the 60/40 rule, but unlike the two-fund lazy portfolio, it suggests investing in the stock market index funds and the international index funds. For example, if you have invested 60% in stocks and 30% in bonds and you find that the stocks did well that year, you’ll need to re-balance that such that it matches your initial asset allocation.
Leave the funds in your old 401k account Roll over the funds to your new employers 401k plan or a new IRA plan Cash out all your money Have an old 401k? So it is better to just leave the funds in your old 401k plan or to roll over the old plan into a new plan. If you have a new job, but your new employer does not offer a 401k plan and you don’t want to leave your old plan with your former employer, you can roll over your old plan into an IRA plan. You can get the administrator of your old 401k plan to transfer the funds to your IRA account or you can withdraw the entire amount and deposit it in your IRA account within 2 months (60days).