Chances are, you’ve had a friend or family member ask you to co-sign a loan. If you did in fact agree to be a co-signer, hopefully the person you signed for has proven to be good on that loan, otherwise you may be needing our services at Richard Banks & Associates, P.C. in the very near future. Before you agree to become a co-signer, the lender is required to fully spell out your obligation to the loan, so you never go into the process “in the dark. Read on →

We’re in the midst of tax season, and here at Richard Banks & Associates, we thought these tax tips could come in handy! The normal April 15 deadline was slightly pushed back this year to April 18, so if you’ve not gotten around to filing your taxes yet, don’t worry, you still have plenty of time to get the IRS taken care of. Gather your Form 1099s and W2s, and get to your preferred accountant or log on to your chosen e-filing program. Read on →

When the cold winter temps descend upon us, it seems that bills almost always begin to rise, be it utilities or other winter expenditures. Luckily, there are many ways that you can actually save money during the winter season! Look for the places in your home where drafts are coming in and seal them. The most common culprits are around the edges of doors and windows. Extra caulking around windows can solve the draft problem and applying a sweep to the door is as simple as screwing a metal strip into the door. Read on →

It’s no secret that when it comes to issues that can lead to a rupture in marriage, financial problems are near the top of the list. Not only can financial problems stress us out individually, but they can also cause immense strain in a relationship. As debt piles up, tension builds as well and as we all know, money is one of the top reasons couples file for divorce. Money mistakes such as avoiding talks about finances, keeping secrets and having communication issues in general about the family finances can be especially hurtful to relationships. Read on →

When people are considering options for dealing with overwhelming debt and financial crisis, the idea of filing bankruptcy often comes with a number of stigmas. Due to the negative connotations that have become commonplace when bankruptcy is brought up, those who could truly benefit from it are likely to write the idea off. Bankruptcy no longer needs to be associated with emotional, social and financial stigmas! If you’re concerned about what people will think about your financial situation, remember that there’s no need to worry about anyone besides your creditors finding out that you have filed bankruptcy. Read on →

If you’re working to make 2017 the year that you get your debt situation under control or are looking to completely eradicate that debt, there are many methods that could help you. One of the more popular methods is the Debt Snowball method, which is a favorite of personal finance guru Dave Ramsey. It might just be the way to go if you’re looking to drive down that debt. The Debt Snowball method is simple enough, and involves paying off accounts with the smallest balances first, while making the minimum payments on larger debts. Read on →

With 2016 fast approaching its end, the time to figure out 2017 New Year’s resolutions is officially upon us. You could stick with the traditional “lose 20 pounds” resolution, or you could decide to go a different route and choose a resolution that will help your financial health! Since New Year’s Eve is only two week away, why not take the time to think about how these good money habits could positively impact your 2017? Read on →

The holiday season is upon us and you know what that means—the time for overspending is here as well! There are presents to be bought, decorations to be put up, dinners to be prepared. It seems that the jollier we get, the more of a hit our bank accounts take. This holiday season, we don’t want to see your family land in financial hardship, so here are a few tips to help get you through the holidays in a fiscally smart way! Read on →

Warren Buffett is a hugely successful investor, and his financial tips are surprisingly accessible. Most of his methods are simple, straightforward and timeless. Here’s some of Buffett’s best money advice. Borrow Wisely Buffett warns against excessive borrowing. Credit card debt or unnecessary loans can quickly get you into lots of financial trouble: “I’ve seen more people fail because of liquor and leverage—leverage being borrowed money. You really don’t need leverage in this world much. Read on →

When the time comes and you start getting closer to retirement, will you be prepared? Here are some tips to make sure you’ll be ready when you need to be. Build Up Your Cash Reserves The first step in any financial planning is to establish an emergency fund. Try to have a safe stash of cash set aside just in case the worst happens. By setting a small amount aside, you help build a reserve that can be used later for larger purchases or emergencies. Read on →