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Ben Coleman

Ben Coleman is a veteran English teacher with a knack for translating complex concepts into bite-sized chunks. Having recently dug himself out of crippling credit card debt, he's passionate about providing excellent financial resources to folks who need them so they don't end up in the same position. Ben writes for SuperMoney from Rochester, NY where he lives with his wife and dogs (Yoshi and Pig).

articles from Ben

8 posts

What is the Cost of Owning a Boat?

Published 11/11/2022 by Ben Coleman

The cost of owning a boat will vary depending mostly on the type of boat you want and whether you have the space to store it yourself. If all you need is a dinghy, and you have a shed in which to store it, you could be in fishing heaven for as little as a couple of hundred dollars (if you don’t mind navigating the murky waters of Craigslist, that is). If you want a new boat, however, or even a used boat from a certified dealer, you’re looking at an initial investment of tens of thousands of dollars on the low end.

CDs vs. Bonds: Differences And Pros & Cons of Each

Published 11/03/2022 by Ben Coleman

Bonds and CDs are both relatively safe, long-term investment options. CDs tend to be shorter term (most with a maximum of five years), whereas bonds can have a lifetime of up to 30 years. Both offer interest rates that could make for great fixed-income investments should you use them for your retirement funds.

3 Tips on How To Get Out Of An Annuity

Published 10/04/2022 by Ben Coleman

You can get out of an annuity a few different ways, though not all of these ways are free of penalties or fees. This includes withdrawing your funds during the free look period, replacing your annuity, or simply withdrawing your money and accepting a penalty. If you surrender an annuity early, you’re likely to end up with a surrender charge from your insurance company. This is before you factor in any taxes you become responsible for or additional tax penalties assessed by the IRS, which can be up to 10%.

There are several disadvantages to annuities that may make them a poor investment choice for some. For instance, annuities can be quite expensive, especially if you need to access your money before you turn 59.5. Because of this, it’s rather difficult to ensure you make back your initial investment if you plan to annuitize too late in life. While you can purchase death benefits to mitigate these losses, these are also expensive and may simply not be worth it.

How Are Annuities Given Favorable Tax Treatment?

Published 09/28/2022 by Ben Coleman

Annuities are given “favorable” tax treatment because the IRS doesn’t require you to pay income taxes on funds within an annuity. You can choose between funding a qualified or unqualified annuity, which is funded with untaxed or pre-taxed funds, respectively. While you’ll still have to pay taxes on that money eventually, an annuity allows that money to gain interest first.

How Much Does It Cost to Change Your Name?

Published 07/28/2022 by Ben Coleman

From court fees to replacing important documents like your driver’s license, you can expect changing your name to cost you anywhere from $100 to $500, depending on which state you live in. These costs can be reduced, however, if you meet certain criteria, like getting married or divorced or applying for a fee waiver.

Biden Student Loan Forgiveness: What You Should Know

Published 07/18/2022 by Ben Coleman

Most Americans should not expect student loan forgiveness from the Biden administration anytime soon. However, if you’ve worked in the service industry, have a total disability, or if you were defrauded by a for-profit college, you may be eligible for partial or total loan forgiveness.

How Much Does It Cost To Tint Windows in 2024?

Published 07/18/2022 by Ben Coleman

The major determining factor of the cost to tint your windows is whether you’re going to do the work yourself or pay someone else to do it. DIY window tinters can tint all a car’s windows for well under $100, even when buying the highest quality film, whereas those seeking professional work should expect to pay at least that much per window. Many professional window tinting jobs end up costing over $1,000, especially when you invest in higher quality materials or if you have a larger car.

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