Savings Corner

APRIL 4, 2024

Key takeaways Home equity loans and HELOCs are both financing tools that allow you to borrow against your ownership stake in your home. Both act as second mortgages, using your home as collateral, and may offer tax deductions if the funds are used for substantial repairs or upgrades. Home equity loan: What is it?

Home 52

Home Work Debt Credit 52

Savings Corner

APRIL 4, 2024

Home equity loans are best used for five-figure renovation or repair projects — which can garner you a tax deduction on their interest — or to consolidate other debts. You can use the funds from a home equity loan for any purpose, but there’s a possible tax benefit if you use the money to improve your home. to 10 percent.

Home 52

Home Debt Credit Cards Credit 52

Savings Corner

DECEMBER 25, 2023

Investing in the financial markets might sound like one of the scariest parts of managing your finances, but it’s also potentially the most rewarding. In a 401(k) plan, the money you contribute each paycheck will grow tax-free until you begin withdrawals upon reaching retirement age. A savings account just won’t build wealth.

Taxes 52

Taxes Growing Money College Tuition 52