On a road trip, tackling a summer cleanup, or just catching up on podcasts? QDT has you covered with Summer Saturday encores from your favorite shows. See the full Summer Saturday lineup on Spotify and enjoy this episode, which first aired in July 2024.

Take stock of your finances with Laura’s mid-year checklist for more money success.

Money Girl is hosted by Laura Adams. A transcript is available at QuickandDirtyTips.com

Have a money question? Send an email to money@quickanddirtytips.com or leave a voicemail at 302-365-0308.

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1039. Laura answers a listener’s question about managing multiple 401(k)s with her current and previous employers. Find out the pros and cons of holding old retirement plans, how to streamline your strategy, and simultaneously reach other financial goals, like homeownership.

Key takeaways

• Consolidating old retirement plans into one low-cost IRA or your current employer’s plan simplifies your asset allocation and protects your retirement growth from redundant account fees.
• Always request a direct trustee-to-trustee rollover when moving funds between retirement accounts to eliminate the risk of missing the strict 60-day deadline.
• Workplace retirement plans offer federal protection against creditors with no dollar limit.
• IRAs are protected by state-specific laws, making plan-to-plan rollovers an attractive choice for those prioritizing maximum creditor protection.
• First-time homebuyers can withdraw up to $10,000 penalty-free (but not tax-free) from an IRA ($20,000 for qualifying married couples) for a primary residence.
• Early retirement withdrawals for a home down payment should generally be secondary to building a dedicated home down payment savings fund.

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Transcripts available at QuickandDirtyTips.com.

Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.

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1038. Are you thinking about buying your first home but feeling overwhelmed by interest rates, upfront costs, and hiring a real estate agent? Host Laura Adams walks you through 9 tips every first-time homebuyer must know to protect their finances and land the right deal.

Key Takeaways:

• How subtle changes in your credit score can save (or cost) you tens of thousands in today's rate environment.
• Most mortgage underwriters look for a maximum debt-to-income ratio of 45% to 50%, which includes your existing debts plus the new estimated housing payment.
• Hidden homeownership expenses—from surging insurance premiums to HOA fees.
• You should budget 2% to 5% extra for closing costs beyond your down payment to cover loan origination, appraisals, taxes, insurance reserves, and title fees.
• Why you need an additional 5% of a home’s purchase price saved on top of your down payment.
• A prequalification provides a loose baseline for house hunting, but you need a verified preapproval before making official offers on properties.
• Contract contingencies, such as financing, appraisal, and home inspections, safeguard your earnest money deposit if unmanageable structural defects arise.

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Transcripts available at QuickandDirtyTips.com.

Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.

Hosted on Acast. See acast.com/privacy for more information.