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Annuities often times get a bad wrap. If they are sold correctly, they can be used as a tool. If you are considering an annuity make sure you ask these very important questions as they will come to light sooner or later.
7 Questions to Ask Before Buying An Annuity
When you are [...]
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Are you considering purchasing an annuity? If so, here are the basics. I encourage you to fully educate yourself when it comes to annuities. Like most financial instruments, they can be useful tools, if used properly.
What is an annuity?
An annuity is a contract that makes payments to you at regular intervals based on purchase [...]
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When you are looking for affordable life insurance it is important that you enlist an experienced and independent financial advisor who can help you choose the best policy. Finding the best policy means working with an advisor who acts as a fiduciary on your behalf, protecting you interest.
Term or Whole Life Insurance?
Term life insurance, also called [...]
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How to Find Affordable Health Insurance
When you are on your own or self employed, finding affordable health insurance can be a bit overwhelming. In this post I am going to give you a few tips on where to find affordable plans and then the questions you should ask about those [...]
ShareEver wish you had a quick back of the envelop method to value a house and tell whether is was priced right? Well, I’ll give you one that is really easy. A realtor who is trying to sell me a condo sent me an email regarding the following great deal:
“The unit is right on [...]
ShareCouldn’t resist - warning: Profanity Ahead.
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Here’s a short and funny video on how to save a few bucks around the house. Do I follow all of these? No; of course not. I work out at a gym and I even have paper towels. The idea, of course, is to get 1 or 2 ideas you can use right [...]
ShareI have to admit that writing about insurance isn’t the most exciting thing in the world. I mean I could think of about 25 more exciting things to tell you, right? Let’s hope so…But it IS quite important as it’s one of those expenses that sticks around.
And, right now our little blog is in [...]
ShareOne of the insurances you absolutely need to carry is auto insurance. Now, if the first thing you said to yourself was: “I already have the minimum.” you need to understand where the real risks lie. Of course you have to carry at least the state minimum for where you live. But is that really [...]
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For today’s post I want to talk about how to buy insurance if you’re self employed. This post will be especially helpful if you are looking at buying insurance on your own for the first time. Buying insurance can be seem a little overwhelming and confusing at times. By the time you read this [...]
ShareIn yesterday’s post I talked about the Types Of Insurance You Really Need These are the main types of insurances I believe you need come heck or high water (as my grandmother used to say). Those included: Auto Insurance, Health Insurance, Disability Insurance, Long-Term Care Insurance and Home Owners or Renters Insurance. There are [...]
ShareFor the month of February, The Wise Buck is going to focus on giving you tips about insurance. Life Insurance, Health Insurance, Auto Insurance, Home Owners Insurance, etc. And, while I know this probably isn’t your (or my) favorite or most exciting personal finance topic, it is very important in creating financial independence and safe [...]
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The short answer to this question is a yes. But it really has to be explained. Transferring your credit card to a lower interest rate will help, sure. But if you don’t quit buying things you don’t need and spending money you don’t already have, this will be a total [...]
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Today’s post is going to be a little brief. But don’t mistake that for the effect this little game changer can have on your ability to get out of debt and free up extra time.
Wednesday nights at 9PM. If you were to drop in on me on almost [...]
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Yea, that’s right, I want you to call your creditors and tell them that you are planning on getting out of debt. They won’t really care so much about your new found goal of having a debt-free lifestyle but you really do need to contact them.
Most people make the mistake of stopping talking [...]
Share1. BACK TO WHERE IT WAS – The S&P 500 hit a 15 ½ month closing high on Tuesday 1/19/10. The stock index closed at 1150 on that day, the highest close for the S&P 500 since 10/01/08 when it closed at 1161. The S&P 500 is an unmanaged index of 500 widely held stocks [...]
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You’re probably saying: “You already covered this when you told me to stop using my credit cards.” Well, I did but…………….if you really want to get out of debt, this is a step you will have to take.
Hey, you knew it would come to this. This is something you need [...]
ShareIf you’ve read the posts from the last week or so, you’ve hopefully decided that you really want to get out of debt? Did you? I hope so. Isn’t it time? If not now, when?? You’re also willing to do the work and make a few sacrifices, right? I wouldn’t be recommending this and focusing [...]
ShareThis post is the second half of yesterday’s posts 20 Ways To Cut Your Expenses This is part 2 (the next 10) So, feel free to share your ideas of how to save money and cut expenses.
11. Cancel Your Gym Membership and workout at home. Staying in shape is always a good [...]
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I thought I would change things up today and make a list of ways you can cut your expenses. Certainly when you cut your expenses you will have more money to pay off your debt or save money and/or spend on things you like. So, here is part 1 of the list [...]
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No!
This question has come up several times over the years. I have never seen a scenario where cashing out your 401k or IRA to pay off debt would make sense. Here is the main reason why:
You will lose upwards of approximately 40% of the principal amount to income taxes [...]
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Personally, I would hold off on buying more stuff. Getting out of debt requires a certain mind set for a period of time. For example, if you want to replace the kitchen countertops, I think you should wait until you are debt-free. You don’t need the countertops and they will be there when [...]
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The last couple of days we talked about how you got into debt in the first place; we made the choice. As I mentioned, taking responsibility is the first step in turning things around financially and eventually getting out of debt. I don’t want to kid you either, I [...]
ShareI said that getting out of debt was a decision. One of your reasons might be that food costs too much, right? Well, watch the following video to learn how to cut food costs.
This woman feeds her family of 6 on $4 per week almost completely eliminating her food costs. Personally, I am not this [...]
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As I mentioned yesterday, this month I will be writing mostly about getting out of debt. I am focusing on this so much because I believe this is one of those pillars you have to “get” if anything else is going to matter in your attainment of financial independence. First, a [...]
ShareFor a good portion of January, I am going to be posting on the importance of getting out of debt along with strategies to take to help get you there. But first, we have to examine why you’re in debt in the first place.
If you are ever going to get and stay out of debt, [...]
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One of my favorite and investors of all time was John Marks Templeton. One of his quotes that you’ll still hear today is:
“The four most dangerous words in investing are: This time it’s different.”
If you’re reading this blog for the first time or regularly I am going to assume that you have [...]
ShareThere is no question that we are “smack dab” in the middle of one of the worst job markets ever statistically.
Everyday, we’re deluged with information about the unemployment rate rising, corporations planning layoffs, how things used to be before 2007, etc. All the while, the stock market is going up and we’re technically out of [...]
ShareImportant Tax Dates for 2010
The beginning of the 2010 new year also means we have to file our income taxes for 2009. I put together the following calendar that can be used as a reference for W-2 workers. For a more complete list of the 2010 Tax Deadlines including those for self-employed workers, here the [...]
ShareLast week Blomberg Reported the following article. Of course this raises the hair on most people’s necks and begs the question: Is the US Government trying to prevent a collapse of the Treasury Market? As one of my sources from D.C. points out in an email:
“The feds are trying to figure out how to [...]
ShareWhen I posted that Central Banks and Investment Banks like Goldman Sachs would ultimately be the biggest buyers and profiters in the gold market, people had a good laugh. It’s no longer an opinion.
“This is unprecedented and is a fair reflection of the changed attitudes in the official sector towards gold and its role [...]
ShareWell the second week of 2010 is almost in the books. How are those Goals for 2010 looking? Are they still clear or fading into the background? In order to reach your goals in 2010, there is something you must have and that is focus. You already know what it is. But perhaps you need [...]
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Do These 5 Things To Get Out Of Debt Now
Well, it’s the first month of another new-year and what you need now is the action plan to see your goals through to the finish line. For many people, they choose “get out of debt” as their primary goal in 2010. [...]
Share“Simplicity is the peak of civilization.” – Jessee Sampter
Simplifying things means different things to different people. For me, simplicity means automating things that I don’t really enjoy or don’t want to do so that I can focus on what is really important. Simplifying things also brings clarity and eliminates chaos from my life.
Remember that “Getting There” (to simplicity [...]
ShareRoth IRA 2010, Basics
The Roth IRA legislation which passed on January 1, 1998 as a result of the Taxpayer Relief Act of 1997 created one of my favorite savings tools!
The Roth IRA provides no tax-deferral for contributions, but as long as you meet the criteria, all earnings are tax free when you or your beneficiary [...]
ShareConsider Converting Your Traditional IRA to A Roth IRA in 2010
In 2010, you can convert your Traditional IRA to a Roth IRA without the income ceiling limitations. The $100,000 modified adjusted gross income ceiling that previously prevented this conversion will be eliminated, gone, kaput! Thank god for small miracles. The maximum adjusted gross income (MAGI) [...]
ShareThis is the time of year to consider funding your retirement accounts. One of my personal favorite vehicles for retirement savings it the Roth IRA. Why? Because once you pay your taxes on this money and place it inside the structure of a Roth IRA, your money is able to grow ( and compound!) tax-free. [...]
ShareYour Privacy
Your privacy is important to us. To better protect your privacy we provide this notice explaining our online information practices and the choices you can make about the way your information is collected and used. To make this notice easy to find, we make it available on our homepage and at every point where [...]
ShareThe following are my predictions for 2010. Of course these are just my predictions and by no means investment advice. For these predictions, I do not pretend to know the exact dates, I just believe they are coming. You should only use these as a means to do further research if you believe there is [...]
ShareProductivity can be measured by the amount of important things that we follow through with to completion. Of course important has to be our own definition.
The problem or challenge facing us regarding goal setting and “dreams’ is that we don’t look at how we are spending our time in any measurable way. We have no [...]
ShareAs we say good bye to another year, we turn our attention to new beginnings. This is my favorite time of year because it’s focused around spending time with family and friends. If you’re like most people, at some time over the next week, you’re going to be taking a look at your life and [...]
ShareIf you are like me, you will be doing a little last minute Christmas shopping this week. Sometimes it can be hard thinking of “cool” gifts that are within your budget, right? Last night as I was doing some of my weekly reading, I came across this list of affordable Christmas gifts under $10. If [...]
ShareQuite an interesting article on the debt problem in the U.S. As this article points out, when evaluating the debt burden, we have to consider the Federal, State and personal debt levels, not one or the other. Then we have the coming wave of entitlements that has to serve the baby boomers. The crash [...]
ShareHow To Automate Your Personal Finances in 2010
One of the first things to realize about putting your personal finances in order is that it is rather easy. Once you learn how to do a few things like putting your checking and savings accounts on auto-pilot, you will be on your way to solving the “mystery” [...]
ShareTo consider politicians are going to tame debt In an election year? Or at all for that matter?
No one can spin the numbers to say that the current track we are on is not going to have an impact on our future. At some point debt simply becomes unsustainable or and can’t be paid back. [...]
ShareAre you earning a measly .25% on your checking account? There are other options and they are EASY to qualify for. Last week I posted on the topic of rewards checking accounts. This week, after a fair amount of research, I opened an account with Coulee Bank, that is earning over 4% interest. Not bad, [...]
ShareIs the recession over? I really wish I could say yes however; until there is a market improvement in unemployment, it’s a hard argue to make.
ShareHere we have Greece’s results from following the theory that unrestrained borrowing is the solution to a slower economy. How long before the U.S. has trouble convincing foreign entities to continue lending us money?
Greek lessons for UK debt
Greece’s collapse into a borrowing crisis this week has been swift. As Sarah Arnott reports, it is a [...]
ShareWith real estate sales down, payroll taxes taking a hit from unemployment, the result is less money for government spending and promises. The following has serious implications on unemployment.
“The governor said the state is going to run out of money this month, even after it taps its rainy day fund and borrows money from other [...]
ShareIn the midst of the economy being in shambles, unemployment rising and with the need for lower taxes, our government just keeps spending money we don’t have. Ultimately, this will end badly. When there is no one left to buy our debt, we will have to resort to quantitative easing, hence the printing of money. [...]
ShareWith foreclosures expected to reach record levels this year, we can expect a drag and eventual lag on the economy for 2010. The government intervention is not going to slow this process from happening. This is a cleansing process and needs to take place.
U.S. Foreclosures to Reach Record 3.9 Million in 2009 (Update1)
By Dan Levy
Dec. [...]
ShareThere will be no fundamental recovery (overall) in the economy until housing recovers. Foreclosures, as bad as they seem, are part of the cleansing process and will not be prevented by government intervention. Remember the A B C’s of the economy…as goes housing, so goes the economy….
Banks Take Losses on Short Sales as Foreclosures Soar [...]
ShareWhether you have already retired or you are approaching that magical day, you certainly realize the low-interest rate environment we are in. With money markets yielding a miniscule .3% to .5%, how are you supposed to create a fixed income that pays your bills without taking on too much risk?
In 2008 we were reminded of [...]
ShareOne of my other blogs is about gold and silver, The Gold and Silver Vault I had 2 requests to write about the gold market and the recent correction. So, while this is a little off topic for The Wise Buck, I want people to understand how important allocating a percentage of your investment portfolio [...]
ShareWith interest rates for almost all savings accounts approaching 0%, finding an interest rate that “counts” can be hard. This becomes especially challenging for retirees trying to live off of a fixed income. Given this environment, we have to keep in mind that with rates so low, we are exposed to interest rate risk, which [...]
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It’s no secret that with the increase in foreclosures, rising credit card defaults and unemployment, many people’s credit scores have taken a hit. I am not a proponent of taking on more debt, however; we can all benefit from a higher credit score when we apply for a car loan, mortgage [...]
ShareAs expected, the commercial property market is unwinding. This directly affects the residential housing market. How so? As the banks try to remain solvent, commercial defaults will lead to further toxic assets on the balance sheets of lenders/banks. This in turn will limit the amount of credit available in the aggregate. The problem is structural [...]
ShareUnderwater Mortgages, The Next Bubble
25% of home owners are underwater, meaning that the price of their mortgage is higher than the current market value of their houses. With the tightening of long-term money (30-year loans) this number will rise. To what level? I don’t know. But understand the trajectory and the trend so that you [...]
Share4 Ways to Cut Investment Costs
Investment costs can be charged as a percentage of the assets in your account. These are called asset based fees and are charged by mutual funds, ETFs, and many financial advisers. Then, there are commissions which are charged on a per trade basis. All investments have costs. The key is [...]
ShareReal Estate Forecast
When trying to understand the economic environment in which we live, most of us tend to think in the very short term. This is understandable because we need to take care of today by paying our bills, taking care of our families and making a living.
However, when trying to understand how to structure [...]
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Thanksgiving is my favorite holiday of the year. We all know what follows the day after Thanksgiving – Black Friday (Madness). It is important to take the time to carefully plan and purchase the Christmas gifts so that you do not overspend and put things on a credit card. It is good to give [...]
ShareClick on the following to see the progression of unemployment in the U.S.
ShareSo many of the things I write about are focused on how to achieve a better life through financial independence. But why is it that we want that? For me that reason is freedom. Freedom to live my life working on things that matter to me.
In this video Peter Ragnar goes much deeper into this [...]
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Here is a video from Free By 30 on a few simple steps you can take to get out of debt sooner. Getting out of debt is one of the core beliefs here at The Wise Buck. I believe that when you get out of debt, you can allow yourself to [...]
Share10 More Reasons to Exercise
I have always believed that when we feel good about our health and how we look, everything else falls into place. Then, when we are out of shape and don’t feel as good about our self, it carries over to other parts of our life. Decide today to implement a workout [...]
ShareInstead of writing an article and trying to explain why I have been a proponent of holding precious metals as portfolio insurance, I will yield to the following from Dollar Daze. As Central Banks have gone off any Gold or Silver Standard, they have been able to create money backed by nothing. Here is the [...]
ShareToday, I was listening to an interview of someone who has been massively successful in his industry. What is massively successful? He’s earned $40 million in his profession. That number isn’t as important as what he shared as the 2 main reasons for his success. Now of course you have to have your ladder leaning [...]
ShareAverage Index Annuity Beats CDs By 70% over Five Year Period
Advantage Compendium Ltd completed its 5-year Index Annuity Return Summary where by carriers are asked to send copies of actual customer statements, with the personal data blacked out, for the five-year period commencing at the end of September 2000 and concluding at the end [...]
ShareNothing like a little motivation to start your weekend. Kaizen is the concept of Constant Gradual Improvements. Over time they make the biggest difference. One of my favorite motivational speeches ever…helps explain this concept.
ShareHow To Increase the Yield On Your Bank Deposits by 45%
Those in a 31% tax bracket can increase the growth on their bank deposits by 45% with tax-deferred annuities. Here is how it works:
If your bank account earns $1000 in annual interest income, shortly after year’s end, you’ll receive a 1099 for $1000 to report [...]
ShareThe Leaner you are, the richer you’ll get.
In the immortal words of Dean Vernon Wormer in the film “Animal House”: “Fat, drunk and stupid is no way to go through life, son.” And it won’t make you rich.
A new study published in the British Medical Journal finds the healthier you are the richer you will [...]
ShareChoosing a financial adviser should be a process, not strictly based on a single recommendation of any friend. The Bernie Madoff story should have taught us that. You’ve spent your whole lifetime acquiring whatever money you now have – and – you need to be very vigilant with who you trust managing your money. [...]
ShareHow to Guarantee Your Lifetime Income – Retirement Income
The greatest fear of most retirees is the risk of longevity: outliving their money. The meltdown of retirement accounts, rising medical costs, uncertain entitlement programs and higher taxes have added to the risk. Facing 30 years of retirement living on past savings and Social Security benefits is [...]
ShareThe Housing Market has not bottomed and there is really no sense of talking “bottom” until 2012. Although there are good deals to be had, always remember that current events (as in vacancies) form future trends in price (as vacancies rise so do defaults) Any short term blip in the home market is just [...]
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Benefit of the Roth IRA, Tax Savings Benfits
A Roth IRA account can help you to manage your income taxes in a variety of ways. This article explores a number of these tax-savings benefits.
First, qualified distributions from a Roth IRA are paid free of federal income taxes. Reducing your federal income taxes in retirement can [...]
ShareFoods That Fight Cancer
As researchers continue to wage war against cancer, many have begun to focus on what could be the most promising ammunition to date: diet.
“The easiest, least-expensive way to reduce your risk for cancer is just by eating a healthy diet,” says Rachael Stolzenberg-Solomon, PhD, MPH, RD, a researcher at the National Cancer [...]
ShareSecrets to Getting the Best New Car Deals Today
You may not have a new car on your shopping list if your finances are reeling from the recession and the bear market. But if you want a new car and feel that you can afford one, this is actually a terrific time to buy.
Consider…Auto sales [...]
ShareHow to Make your Money Last Forever
Here, an outline of six vital steps you should take to guarantee you’ll never outlive your savings.
The oldest baby-boomers are nearing retirement’s homestretch, yet many of them still don’t know whether they are saving enough or how to convert those savings into a lifetime of income. If you’re one [...]
ShareHere are a few simple but powerful Personal Success Tips I implemented over a year ago:
I got more sleep. For years, I tried to get to bed by Midnight but rarely did. I couldn’t fall asleep even when I did lie down because the day’s problems were still running through my head. This year, I [...]
ShareRetirement Advice For Those Close to Retirement
If you are close to retirement, you should find couple tips helpful in planning for life after retirement. Remember people are living well into their 80s. So, it is important to plan and consider how your life will look when you get to retirement.
Plan to work full-time a little [...]
Share3 Secret Success Tips for Daily Living and Reaching Your Goals
Whether we like to admit it or not, most of us have a common misconception that people who are truly successful in life have some sort of gift or skill. We sometimes think they were given some kind of incredible break or opportunity during their [...]
SharePersonal Financial News that you can use. The following are a few helpful financial and health tips.
Reduce blood pressure while you sleep by taking a low-dose aspirin at bedtime. Recent finding: People who took 100 milligrams of enteric (coated) aspirin before going to sleep had their systolic pressure (top number) drop by five points and [...]
ShareLet’s be honest, home safety isn’t a particularly fun to talk about. It is just as important as any. If you haven’t noticed, home invasions are on the rise. So, you need to up your preparedness. If you have a family with kids you have an unwritten responsibility to them.
Here’s 10 Home Safety Tips to [...]
ShareThis is what happens on the other side of peak debt. (see article below) The amount of paper that has been issued (via government and corporate bonds. naked short selling, OTC derivatives, mortgage backed securitization, commercial debt, SIV’s, and every other alphabet soup concoction out there is unwinding. )
When you understand that the “assets” that [...]
ShareTop Ten Ways To Keep A Positive Outlook On Life
I was reminded of Abraham Lincoln’s comment that, “Most people are about as happy as they make up their minds to be.”The following are my Top 10 Tips to increase happiness and peace of mind in your life:
1. Decide to be a happy person. As Lincoln [...]
Share10 Things You Didn’t Know About U.S. Presidents Presidency – These are some interesting facts about past presidents during and before their presidency.
1. In warm weather, 6th president of the United States John Quincy Adams went skinny-dipping in the Potomac River before dawn.
2. 9th U.S. president William Henry Harrison was inaugurated on a bitterly cold [...]
ShareThere is no force on the planet that can stop the price of gold now. I realize that may sound somewhat simple; yet, when you understand the position of every major central bank, the consequences and what has already begun, you see where this is going – much higher for the price of gold and [...]
ShareToday, more than ever, people are looking for ways to save more money on things they routinely purchase. With the internet giving us a virtual front door to almost every vendor, there are literally countless ways to cut out unnecessary costs. Realize that the “big box” stores are simply third party “remitters” of merchandise.
Often times [...]
ShareEveryone has their own opinion of Michael Moore, but whatever that opinion is you must admit he has a timely sense of humor.
ShareGrocery Shopping On A Budget- Tips for Saving Time and Money – Bonus tip at the end.
In difficult economic times it is important to learn how to do things more effectively. Specifically, you want to learn simple tips to save time and money. Since food takes up a major portion of your time and budget, [...]
ShareThe Secret to Spending Less and Living Just As Well
By Gregory Karp, Spending Smart
Living through a recession doesn’t require that you become a full-time cheap skate—but you do have to budget smarter and spend purposely rather than by accident and habit. Bonus: By plugging the leaks of wasteful spending, you can redirect that money [...]
Share10 Everyday Ways to Lose Weight
Today’s post is about ways to lose weight and simple tips for overall health. Most of these are things you’ve heard; however, if you are like me there are at least a few you can improve on.
1. Drink plenty of water. Your body needs a lot of water. It is [...]
ShareHow to Plan for a Successful Retirement
Retirement planning is often mistaken as a purely financial activity. Life is about more than money; retirement is no different. What the terms ’success’ and ‘retirement’ denote to you is inherently subjective. Someone who defines success
in financial terms will have different retirement priorities as well.
When planning for a successful [...]
ShareOne of the benefits of being in the middle of a recession is that there are deals for consumers “everywhere.” But let’s consider why this is so, first.
One of the best ways to determine the health of any economy is to evalutate consumer behavior. An economy reacts to consumer behavior. When consumer spending habits slow [...]
ShareThe following article, courtesy of CNN, is a follow up to last week’s post Going Strong at 100 Years old – This article is about workers thriving at 70, 80, and even 100.
This isn’t just an occurence or happenstance, but a trend that will only become stronger. Here is the challenge and what you should consider: Whatever was [...]
ShareI don’t know if you know this or not, but according to the Social Security Administration 96% of Americans are not able to fund a retirement that will last for their lifetime…allowing them to live the lifestyle they wish to live! This is the case for highly compensated people as well as average wage earners. [...]
Current Unemployment Rate, Updated 2-5-2010
ShareAs you know this week, I’ve been writing about insurance! As important as insurance is to the most basic personal finance concepts, it can become a tab bit dry from time to time. So, I wanted to take a break today and show you the current rate of unemployment and how it’s progressed through [...]
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