Better Financial Education
Larry was born in Duluth MN, and grew up in Cloquet MN. He has a B.S. cum laude in Physics from the University of Minnesota and a Master's Degree in Business Administration (MBA) from the University of South Dakota with a concentration in corporate finance and investments.
Larry retired in 1994 from the United States Air Force as a commissioned officer after a career as a Command Pilot where he flew helicopters, high performance acrobatic jets, and internationally to 47 countries on five continents with large multiengine aircraft. He was also a contingency and war planner during his career as a field grade officer. In addition to flying, Larry served on the Joint Staff at US Southern Command in Panama forming contingency plans for ousting Noriega, is a veteran of the First Gulf War 1991, and served as a Contingency Mobility planner at Scott AFB IL during Haiti, relief operations in Somalia, and Bosnia-Herzegovina.
Larry has years of financial planning research and real-life experiences showing people personal finance choices that are focused on how to make smart decisions to work towards growing and protecting their wealth, not income. Rather than make things complicated, his work has been focused around simplifying the complexities of prioritizing simultaneous financial planning issues, and their related calculations, so the person's living is sustainable.
A Registered Investment Advisor and a Certified Financial Planner™ practitioner, Larry is also the author of Wealth Odyssey, a book designed to help people make sensible plans for a successful retirement and pursuing their other goals by understanding how financial planning issues are related to each other through wealth. He has research published in the Journal of Financial Planning related to retirement planning.
Larry has served on the Board of Directors for the Financial Planning Association of Northern California, and has appeared in nationally syndicated articles and on nationally syndicated radio. He currently has syndicated columns that appear online at Forbes, Morningstar, The Motley Fool, Business Insider, the Online Investor, and many more.
Larry is a member of the Academy of Financial Services. Larry is also a member of National Association of Personal Financial Advisors (NAPFA), a national association of Fee-only advisors.
His hobbies include reading and travel, especially to El Salvador where he met his wife, Rosa Maria Cáceres. They live in Rocklin, CA and have four children and seven grandchildren.
They speak spanish in their home. Ellos hablan español en su hogar. Larry's blog can be found here.
BS, Physics, University of Minnesota
MBA, Corporate Finance and Investments, University of South Dakota
Disclaimer can be found here.
The Consumer Financial Protection Bureau (CFPB) has a good short description as to the difference.http://www.consumerfinance.gov/askcfpb/127/Whats-the-difference-between-a-prequalification-letter-and-a-preapproval-letter.html
Within that article is a link to their discussion as to what happens to your credit http://www.consumerfinance.gov/askcfpb/2005/What-exactly-happens-when-a-mortgage-lender-checks-my-credit.html
I quote their article in its entirety here for you so you don't need to try to find it:
"What exactly happens when a mortgage lender checks my credit?
The credit check is reported to the credit reporting agencies as an "inquiry." Inquiries tell other creditors that you are thinking of taking on new debt. An inquiry typically has a small, but negative, impact on your credit score. Inquiries are a necessary part of applying for a mortgage, so you can’t avoid them altogether. But it pays to be smart about them. As a general rule, apply for credit only when you need it. Applying for a credit card, car loan, or other type of loan also results in an inquiry that can lower your score, so try to avoid applying for these other types of credit right before getting a mortgage or during the mortgage process. Learn more about credit scores.
You can shop around for a mortgage and it will not hurt your credit. Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry. This is because other creditors realize that you are only going to buy one home. You can shop around and get multiple preapprovals and official Loan Estimates. The impact on your credit is the same no matter how many lenders you consult, as long as the last credit check is within 45 days of the first credit check. Even if a lender needs to check your credit after the 45-day window is over, shopping around is usually still worth it. The impact of an additional inquiry is small, while shopping around for the best deal can save you a lot of money in the long run. Note: the 45-day rule applies only to credit checks from mortgage lenders or brokers – credit card and other inquiries are processed separately.
You can check your own credit with no impact on your score. When you check your own credit – whether you’re getting a credit report or a credit score – it’s handled differently by the credit reporting agencies and does not affect your credit score. If you are applying for a mortgage and haven’t already checked your credit report for errors, do so now. You can get a free copy of your credit report at www.annualcreditreport.com. If you find any errors, get them corrected as soon as possible."
Wishing you the best as you investigate your home purchase options.
Your best answer would come from the firm you are representing, since they are the firm required to be sure you (and they) are compliant. Your firm is responsible to ensure you have the proper licenses to represent them properly. Here is a brief description of the series http://www.investopedia.com/articles/financialcareers/07/securities_licenses.asp . Wishing you the best in a rewarding career.
First, you're asking a common question, so don't feel bad. You are confusing the "title" of the account - IRA, Roth IRA, 401k, 403b, joint account, etc - with what kind of investment is held inside the account.
Second, the "higher" the interest rate (for example, on bank or bonds), or returns on things like stocks, mutual funds, etc., have technically different meanings and sources of returns. Not to get to technical though. The common feature regardless of what the return is called is that the higher the interest (or return), the greater the risk.
So instead of asking what the highest interest rate is, you should first ask yourself what level of risk you are willing to take. The higher the risk, the greater the possibility is that you won't get either the interest (return), principal (your money) back, or both (total or partial loss).
Highest interest rate or return = highest risk period!
So a better question to ask yourself is what level of risk you are willing to take (how much are you willing to lose some or all of the money you invested), and then what are the returns to expect based on that.
You ask a very simple question - but the answer is much more nuanced than that. Other esteemed colleagues who answer may provide other insights so you get a better sense of just what your question really gets into.
It is quite possible that your money has been "escheated" to the State you lived in when the accounts were located the last time you received a statement for them (may not necessarily be the State you're living in now if you moved). The State for the headquarters for each bank should also be checked since with name changes, sometimes where the bank's headquarters also changes. They may have escheated the accounts to one of those States. Financial institutions do not hold onto accounts forever. Here's a good article by the SEC on the escheatment process https://www.sec.gov/answers/escheat.htm.
You probably don't need a lawyer since they can't do much for you beyond finding the money if it still exists somewhere - and you can access public records as easily and for much less than what a lawyer would charge to do the same thing with the same public records. You can start on this website suggested by the SEC site: One non-commercial site, the National Association of Unclaimed Property Administrators, allows you to search by individual state which also has another site you could use as well http://missingmoney.com/.
If any of the States you've lived in, or bank headquarters may have been located, don't have records of any money that is yours, then it is unlikely you'll be able to find it anywhere else since the banks have already said they have no records from 1990. It sounds like you may have already done this - but have you checked all States since 1990? I can't tell if you've moved - as many people move over time and is the most common reason for the bank losing touch with you. They are required to reach out to you, but if you moved, they can't obviously contact you if you don't keep addresses current with them. If they lose contact with you, then the money would have gone to the State.
This is a good reason to consolidate accounts so you have fewer to track, keep your own records, and keep account information current with banks.
I wish you the best on your search.
Yes, you need help.
Here is a place to start so you may seek and interview an attorney to help you. Yes, you may pay attorney fees, but isn't that better than a trashed credit record?
American Academy of Matrimonial Lawyers http://www.aaml.org/
You have experienced harm and loss, so it seems you have a case to have your divorce decree restructured in this regard. A lawyer is the only one who can tell you and help you since this is really a serious legal matter. Who knows, you may get compensation back from your ex in the process (but having a legal decree and collecting are two different things). Another topic to discuss with a lawyer.