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The Dow Hits All Time Highs – What This Means and Beware The Risks

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The market continued on its rampage reaching an all-time high, surpassing levels last seen before the 2008 financial crisis. This is despite Congress and the Obama administration squabbling about the impacts of sequestration and who would be blamed for a potential economic calamity due to the inefficiency of Washington. Looks like tax cuts (rises for [...]

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How Long Will it Take To Become a Millionaire?

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If you are an American, the answer is about 20 years. For Mexicans it’s over to 300 years. As you can see from the graphic below, based on a  country’s median income, America still provides the best opportunity for the average Joe to get to millionaire status within their lifetime.  The calculation for the table below is rather [...]

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Tax Planning for 2013 – Dealing with The Uncertainty and Making Smart Money Moves

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Being the finance wonk that I am, I rather enjoy reading some of the tax advice that the big accounting firms put out for their clients. While their target audience (based on their $250 to $500 hourly fee) is clearly higher net worth individuals, you can glean some pretty useful advice from their reports. Take [...]

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When Should You Start Saving for Your Child’s College Education? Right Now.

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A set of three couples sit around an oval table, discussing the future of their newborns. A father asks, “Has anyone actually started saving for college yet?” One parent cries, “Ugh not me.” Another parent tries to explain, “No, no you got time.” But then the “smart” couple confesses and says, “On no. We’ve actually [...]

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The Profile of a Well-to-do or Rich American

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A lot of people say “richer” Americans are an eccentric lot. But the fact is that, your co-worker or neighbor down the road is probably more likely to better fit the “well-to-do” or upper class profile than someone like Donald Trump. Based on information from the Census and IRS data, the tax policy center put [...]

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Combining Insurance Policies For Discounts and Convenience

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Buying auto insurance, whether it’s business auto insurance or private auto insurance, can prove to be one of the most exhaustive processes to go through, and can also prove to be one of the most expensive bills that you have as well. Consumers are constantly looking for ways they can reduce the cost of their [...]

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Opening a Roth IRA for Your Non-Working Spouse – Eligibility, Income and Contribution Limits

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Can you open a Roth IRA for your spouse? This question comes up a lot among married couples with just one income. After all, one of the requirements for opening and funding a Roth IRA is earned income, right? And as a general rule, if you don’t have taxable earned income as a result of [...]

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Call For Cheaper Auto Insurance With Your Current Provider By Getting Free Competitor Comparison Quotes

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The NY times had a great piece on the benefits of calling your auto insurance provider for a better rate on your current car insurance policy. In particular, if you can get cheaper auto insurance quotes from competitors, there is a good chance you can save a significant amount with your current provider; if they [...]

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Using Your Roth IRA as an Emergency Fund

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Have you considered using your Roth IRA as an emergency fund? In this era of tight budgets, a lot of people are finding it difficult (if not impossible), to save for retirement and maintain an emergency fund. Because of this, it’s become trendy to recommend using your Roth IRA as a sort of de-facto emergency [...]

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