Whether you follow a spending plan, pay your own bills, and track your income, or you let someone else handle your money, you should know the following seven things about your finances. Your financial stability and ability to reach your monetary goals depend on these details. 1. Your Monthly Net Income Your monthly net income is the amount of money you bring home after the following deductions: Taxes Health insurance premiums Retirement plan contributions Flexible spending

If you are in the market to purchase a home, you likely need a mortgage. Understanding what it takes to qualify for a mortgage increases the likelihood of securing one. Your ability to get a mortgage depends on four factors: Your credit history Financial capacity Available capital Collateral Evaluating each factor helps determine whether you are ready to shop for a mortgage and purchase a home. 1. Credit Credit is the likelihood that you will pay back the home loan. You