Archive for October, 2008
MYM Mailbag # 3
Do you have any questions you would like MYM to answer? leave a comment or send us an email.
I participate in my companies 401(k) and I am confused if I will pay taxes on the entire amount I withdrawal when I retire, or just the earnings? – Jason
The entire amount, including earnings, will be [...]
The Tax System – Explained With Beer
From an email-
Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh [...]
Purchase Airline Traveler Vouchers to Save On Flights
Remember when airline tickets went up because the price of gas was around $4.00/gallon? Well, yesterday I filled up for $2.58/gallon, but yet airline prices still remain sky high. But don’t worry, we have your back, consider purchasing other customers travel vouchers to save on your next flight.
If you have ever been bumped or delayed, [...]
10 Steps to Retire a Millionaire
We have talked about this before numerous times and it seems as though Investopedia has made their own list, very similarly to ours. Its a decent list of steps to take, and we appreciate the fact that they focus on the end objective being retirement not buying something superfluous.
1. Set the Goal
Nobody plans to fail, [...]
Stop Paying Taxes on Work Bonuses—Legally
Christmas is around the corner and for many, this means it’s time for the annual work bonus. If you work for a publicly traded company, I hope your bonus is not tied to your stock price, or you might owe your company! What is the best way to handle a bonus? Save it? Blow it? [...]
16 Great Tips for Around the House
Thanks to our readers, and a few more tips from us, here’s another post of great tips to use around your house. Check out the original post titled, 27 Great Tips for Around the House. Do you have any tips that aren’t included? Leave a comment and let us in on the secret and see [...]
12 Important Moving Tips to Help Save Money
As I said yesterday, I recently moved and have quite a few tips that will help you save money and time. To start, lets talk about the actual moving process…
Make a list. We put a number on every box we packed and indexed on a notepad. So now when I am running around the new [...]
Losing Money To Vampire Power?
After a brief hiatus of buying a foreclosure, rehabbing it and moving in, I am back on schedule. Thank you Frank for filling in on your nights off, I owe you one! Now, in light of Halloween approaching…
Naturally, I have about a thousand new tips for this whole process but something came across my [...]
Really? Treasury Hires Thacher & Bartlett for Legal Advice for Rescue Package?
Who cares who the Treasury Department hires for advice when it comes to implementing the over $700 billion rescue plan? I know it, the headline is boring, but keep reading. I decided to look into Thacher & Bartlett to understand why the Treasury Department would use taxpayer money to get guidance—I mean is there not [...]
Alternative Home Equity Loans—Unregulated, Costly, and Dangerous
Credit seems to be easing a little, which means maybe the Government’s move to purchase shares of banks is working. I don’t think credit will ever be as assessable as it was just a couple years ago, which has meant opportunities for those with extra cash. Not only can you invest directly in people through [...]
Are You on Track for Retirement?
Ok, so hopefully by now you have all started to ignore the major dips and recoveries in our markets and only pay attention enough for water cooler talk at work. If you are still worrying about it daily, here is a productive way to get your mind off the market and your emotions back to [...]
Purchase Real Estate Within Your Self-Directed IRA
The increased volatility in the stock market recently has probably got you thinking where you should park your money. One interesting investment option that is overlooked by many is using your IRA to purchase real estate. If you think the real estate market has hit its low, you can purchase a rental home now; using [...]
Treat Your Personal Finances Like a Business
First allow me to say that what I am about to say type is going to be a little shocking. (No, this isn’t about the uptick in the market: I am not impressed, the Dow is only 30 companies. Check the LIBOR rates…as this stays above 2% or so, banks are still shaky.)
What [...]
Markets Tumble, Surpassing Records Set During the Depression
Wow. The Dow Jones had its worst week in its 112-year history, even passing records set during the Great Depression. The S&P 500 had its worst week in 75-years, falling 39 percent since Jan. 1, 2008. Have we finally hit the bottom? Are more turbulent times ahead of us? How can it possibly get any [...]
Most Useful Articles in Personal Finance
Wow. Today was scary. Yesterday we Frank wrote an article about how the economy is in such a state of decline that its like being in a time machine. Well today we went even further back.
To have front row seats in Washington, watching legislators like we have, and red numbers flying all over the place [...]
