Videos

While your mortgage payment includes principal and interest, remember other recurring costs like property taxes and homeowners insurance. Property taxes vary widely but generally fall between 1-3% of your home's value. Homeowners' insurance costs depend on location and property value, so shopping for the best rates is wise. Some mortgage…

In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. discusses the crucial role of FDIC insurance in protecting depositors' money in the event of bank failures. He explains that while bank failures are rare, they do occur and can leave depositors vulnerable to losing their savings. However,…

When a bank fails, FDIC insurance protects your deposits. Usually, the FDIC arranges for another bank to take over, so you won't notice a difference—your checks will clear, debit cards will work, and your money will remain accessible. In rare cases, if no bank takes over, the FDIC will send…

FDIC insurance is a government-backed program that protects your money if your bank fails. It covers up to $250,000 per depositor, bank, and ownership category. This means individual, joint, and retirement accounts have separate coverage, ensuring your savings are safe across multiple banks and account types. #FDIC #BankSafety #FinancialSecurity #SavingsProtection…

To ensure your deposits are fully protected, spread your money across multiple banks, keeping no more than $250,000 at any one institution. Additionally, consider opening accounts in different ownership categories—individual, joint, and retirement accounts are each insured separately up to $250,000. For temporarily large sums, use a Certificate of Deposit…

Treat credit cards as you would debit cards—only spend money you have in the bank. If you can't afford to pay your balance in full each month, you're living beyond your means. In financial counseling, it's surprising how often people rely on credit without the means to pay it off.…

Credit cards, when used responsibly, can offer great perks like cashback, travel rewards, and purchase protection. However, these benefits come at a cost. Credit card companies aim to profit by enticing us with attractive offers, hoping we'll overspend. Be mindful of your spending to benefit from these perks truly. #CreditCardTips…

Don't settle for the first credit card offer you receive—shop around! With a good credit score, you can compare rates and rewards programs to find a card that matches your spending habits and financial goals. Look for perks that align with your lifestyle, like travel rewards if you travel frequently.…

Have you ever been enticed by a credit card offer that seemed too good to be true? In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. dives into the world of credit card perks, helping you separate the blessings from the burdens. Discover how to maximize credit…

Does the thought of retirement fill you with excitement or dread? In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. addresses the common fears surrounding retirement and provides actionable steps and spiritual encouragement to face the future with confidence. Learn how to replace fear with faith and…

Before diving into financial planning, start with prayer. Bring your anxieties to God, seeking His wisdom for the future. Philippians 4:6-7 reminds us to present our requests to God with thanksgiving, and His peace will guard our hearts and minds. Practicing gratitude shifts our perspective from scarcity to abundance, setting…

Creating a budget isn't about restriction but freedom. By being intentional with your money, you can achieve your financial goals, including a comfortable retirement. Track your income and expenses to see where your money goes, cut back where needed, and redirect those funds towards retirement savings. #Budgeting #FinancialFreedom #RetirementPlanning #SmartSpending…

As we age, rising medical expenses and inflation can strain our finances, and retirement might leave us searching for purpose. These concerns are real, but don't let fear hold you back. Embrace your role as a steward of God's gifts by planning wisely for the future. #AgingWisely #FinancialPlanning #PurposefulLiving #FaithAndFinance…

Considering buying out your leased car? It's already yours, and you could save on disposition fees and avoid mileage penalties, especially if you've kept it in great shape. However, be prepared for continued car payments and possibly needing a loan to cover the residual value. #CarLeaseBuyout #AutoFinance #CarOwnership #LeasingProsAndCons

Ending your car lease means freedom from monthly payments and the chance to drive something new. However, be aware of potential disposition fees and mileage overage costs. While you'll start fresh with no equity, the excitement of a new ride is worth it. #CarLeasing #NewCar #LeaseEnd #AutoTips #CarFinance

As your auto lease ends, you have options: turn in the car, purchase it, or lease another one. Buying it can be a great deal if you have equity, but always compare the market value to the residual value and negotiate wisely. Lower payments might make leasing again attractive. Remember,…

Are you nearing the end of your car lease and unsure about your next steps? In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. explores the three main options available when your car lease ends: turning in the leased car, buying the leased car, or leasing another…

Stop financially enabling your adult children if you want them to stand on their own two feet. Eliminate allowances, stop paying for streaming subscriptions, cell phone bills, and any other monetary support. Living independently is impossible without relying on the Bank of Mom and Dad. Removing this safety net encourages…

Setting a clear and reasonable move-out deadline for your adult children is crucial. Communicate a firm timeline tied to concrete milestones, like college graduation, securing a post-grad job, or saving enough for an apartment down payment. Establish these expectations well in advance to ensure it’s not a surprise. This helps…

Are you having trouble motivating your grown-up children to move out and lead independent lives? As every parent with an adult child living at home understands, it may be quite difficult to find a balance between encouraging and pushing your adult children to become self-sufficient. In this episode of the…

Adult children living at home can easily get comfortable and stay indoors. However, their non-work hours at home won’t help them build independent lives. Encourage them to volunteer, pursue hobbies, attend religious services, network, and engage in other activities. These experiences can help them grow and develop independence while contributing…

Did you know your Required Minimum Distribution (RMD) from an IRA isn't a fixed amount? It's based on your previous year-end balance and the IRS life expectancy tables. For instance, at age 73, with a $500,000 balance and a 25.6-year expectancy, you'd need to withdraw about $19,531 to avoid penalties.…

Charitably inclined? Qualified Charitable Distributions (QCDs) are a smart way to manage your Required Minimum Distributions (RMDs). By directly transferring up to $100,000 from your IRA to a qualified charity, you can avoid recognizing that amount as income on your tax return, reducing your taxable income and potentially lowering your…

Are you confused about Required Minimum Distributions and how to manage them effectively in retirement? In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. addresses the most common problems retirees face regarding RMDs, such as heavy tax penalties for non-compliance and uncertainty around minimizing taxes. Tune in…