Archive for Oct, 2012

How to Withdraw Needed Funds from an Inactive 401(k)

Question: I lost my job several months ago, and have exhausted my savings. However, I have some money in a 401(k) Plan from an old employer. I need to get to some of it to pay my rent, but I don’t want to pay tax on the entire amount in the Plan. What is the best way for me to get to a portion of [...]

What is GDP, and What is it Trending in the 3rd Quarter?

You probably hear about GDP on the evening business news all the time, but do you wonder what it means and what it indicates about our current economy? GDP stands for gross domestic product, and represents the output of goods and services produced by labor and property in the United States, and is [...]

Are We Headed for a Double Dip Recession in 2013?

Do you think we are headed for a double-dip recession in 2013?  Technically a recession occurs when business cycles retract, evidenced by down consecutive quarters of GDP, or a 12 month 1.5% or more rise in unemployment. The most recent recession officially started December 2007 and ended June of [...]

14 Most Fuel Efficient Cars

When you buy a car, what is most important to you: purchase price, cost of ownership (regular maintenance, repairs, insurance, MPG, depreciation), utility, performance (how fast and how well it handles), safety, image or the green factor?  Maybe you consider them all, but some prioritize the list [...]

How to Help Others Financially

Most financial articles are self-help so I thought it might be good idea to discuss how to help others. I suspect most people can’t fix their own finances without some kind of help from someone else. Yes, ultimately it is still up to each individual person to apply financial wisdom, but they need [...]

Homeowner Who Foreclosed, Other Personal Finance Headlines

Interesting articles worth checking out: Homeowners qualifying for new mortgage after short sale. Auto purchasing and the various fine print costly add-ons. Estate planning: Naming a trustee for your trust, and living wills. Roth IRA escape hatch, for those that already converted, but now regret [...]

Student Loan Articles

Here are a few very good and interesting student loan and college finance articles I’ve run across you might be interested to read: You Paid for College How? How Not to Blow it Financial Aid The Minuses of Parental Plus Loans

Are the Educated Smarter With Finances & Debt?

A new study shows that prior to the current economic crisis, it was the highly educated people that were more inclined to have unmanageable levels of debt. The percentage of Americans with more than 40% of their income going to debt payments increased from under 15% in 1991 to 27% in 2008. You [...]

Eye Glass Monopoly Ripoff?

60 Minutes ran a piece last Sunday night about a near monopoly on a eye glass company.  The story highlighted the largest company in the industry Luxottica, they severely inflate the cost we pay for eye-wear for corporate profits. Eye glasses and frames only cost the manufacturer about $30 but our [...]

Debt Collector Fraud in the News

Over the last 4 years we have seem an epidemic of people that have been late on their monthly debt repayments. Many of these borrowers have never been late on payments before, however during the recession people often have to deal with multiple problems. It used to be common that someone just had [...]

Is Black Friday the Best Time to Shop?

I ran across a great article in the Wall Street Journal today, The Myth of the Black Friday Deal compared prices of certain items over the term of a year, and many items actually cost more during the Holiday season than during other times. People lining up to buy ‘door busters’ of limited quantity [...]

Unemployment Numbers Released

Unemployment, New Jobs, and Jobless Claims Statistics:* Positive: Unemployment DECREASED in September to 7.8% from 8.1% in August: Is this a good indication of improvement? Any indication of positive change is good, and this is lowest rate since January 2009. However, this ‘Official Unemployment’ [...]

As Stocks Head Higher So Do Risks

The stock market is up this year 16.4%, so there might be some rationale for reducing one’s portfolio exposure to stocks, contends Daniel Roe of Budros, Ruhlin and Roe the largest financial planning firm in my hometown Columbus Ohio, as reported in the Wall Street Journal today’s article “As stocks [...]

Rules for Tax Deductions, Reporting and Privacy of contributions to Charities and Political Groups

There are many regulations regarding the reporting requirements, privacy and income tax deductibility of cash donations to organizations. Here is a brief list of some of the rules for cash gifts: Non-Profit charities 501(c)3 institutions include schools, churches, universities, hospitals and [...]

Are we headed into another recession in 2013?

What is a recession? Technically a recession occurs when business cycles retract, evidenced by down consecutive quarters of GDP, or a 12 month 1.5% or more rise in unemployment. When did the recession end? The most recent recession officially started December 2007 and ended June of 2009. Did the US [...]
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