Suppose you started with one penny on the first day of the month and then doubled it each day—to two cents, then four, then eight and so on.After 10 days, you’d have $5. After 20 days, you’d have $5,000 and, after 30 days, you’d have more than $5 million.Read the details in Jonathan Clements’ blog: https://humbledollar.com/2019/01/repeat-for-emphasis/…
Month: February 2019
Want to buy happiness?
Ross Menke’s five strategies:1. Help others,2. don’t let special treats become routine,3. favor experiences over possessions,4. hire others to do chores you hate, and5. pay now but consume later.Read Jonathan Clements’ advice at https://humbledollar.com/2019/01/spending-happily/ Source: Financial Planning for Women
Homeownership Reality
One of my favorite financial writers, Jonathan Clements, writes about “House Rules” in a recent blog post: “Real estate discussions almost invariably fall hostage to anecdotal evidence. We all know folks who supposedly made a mint in real estate, as well as people who lost their shirt. But forget the anecdotal evidence, and instead focus on statistics…
Do 401k and IRA Contributions Reduce My Social Security Benefits?
Mike Piper, author of The Oblivious Investor Blog, explains: “pre-tax contributions that you make to an employer-sponsored retirement plan such as a 401(k) reduce your income tax, but they do not reduce your Social Security tax. The same goes for traditional IRA contributions, as well as contributions to a SEP or SIMPLE IRA. And because…
Individual Retirement Account Update
The amount you can invest in an IRA is increased for 2019. You can still contribute for 2018 before you file your income tax return. Quoted from the IRS website: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than: $6,000 ($7,000 if you’re age 50 or…
Thinking of buying a condo? Do your homework first
Having lived in a homeowners association for more than 25 years and having recently bought a condo, I’m well aware of the differences between owning a single family home and living in some type of home owners association. A recent article does a great job of explaining what condo (and HOA) owners need to know…
Quick and easy retirement calculator
Writing for The Squared Away Blog, one of my favorites, author Kim Blanton describes a new online tool from Vanguard to help near retirees and retirees figure out how long their savings will last. She explains the tool and reviews some of the limitations of online calculators. Read her blog: https://squaredawayblog.bc.edu/squared-away/how-long-will-retirement-savings-last/Keep in mind that the…
So you think you’re a good judge of financial advice?
The vast majority of financial advisers do not take advantage of their clients. BUT… “About 7 percent of U.S. advisers have misconduct records in civil or regulatory proceedings.” And previous studies have shown it is easy to cover up these bad records.Squared Away Blog’s author Kim Blanton explains the study: “A new study finds that…
So you think you’re a good judge of financial advice?
The vast majority of financial advisers do not take advantage of their clients. BUT… “About 7 percent of U.S. advisers have misconduct records in civil or regulatory proceedings.” And previous studies have shown it is easy to cover up these bad records.Squared Away Blog’s author Kim Blanton explains the study: “A new study finds that…