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 [...]
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? [...]
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 [...]
Stock Market Trading at a Seven Year Discount
What if I could offer you the rare opportunity travel back in time seven years and allow you to purchase stocks, mutual funds, index funds or whatever type of security you want? Would you do it? I hope you would! Well guess what? Unfortunately, no time machine is needed. As of today, the market is [...]
Invest in Your Companies Stock Carefully
The fall of stocks such as Bear Stearns and Fannie/Freddie, have taught us not to overlook one of the most common elements of sound investing—diversification. Unlike traditional pensions and 401(k) match programs, some publicly traded companies will offer shares to employees as part of their retirement plan. Participating in such a program has many benefits, [...]
MYM Mailbag # 1
We weren’t sure what to expect when we decided to open up our mailbag to you, the readers. Frankly, we were worried that we wouldn’t get any responses. We were more than happy with the number of great questions that came in; it’s great to have such active readers! We still have a few more [...]
Borrow From Your 401(k) Account with a Debit Card No More?
We can’t stress enough how important it is for everyone to participate in their companies 401(k) retirement program, especially if there is a match involved. Sadly, people are starting to tap their 401(k) accounts early and easily by using a debit card linked to their retirement funds.
Debit card 401(k) withdrawals were actually created thinking people [...]
Are Dividend Heavy Stocks As Safe As You Think?
You’ll hear financial experts tell you, and deservedly so, that a safer way to potentially earn more on your investments is to invest in stocks that pay a substantial dividend. A dividend is money paid to shareholders coming from the company’s profits. Usually, higher paying dividend stocks tend to be financial companies or well established [...]
Is Your Patience Tanking with the Market?
If you have been paying any attention to the markets lately, then you probably have noticed the huge fluctuations the past couple of weeks. Key market events, like the Fed’s decision to keep the interest rate idle, and the rise and fall of the price of oil, seem to mean more to investors than companies actual [...]
The Best and Worst Discount Brokers
I have always wanted to be the guy whose phone rings in a crowded room and say, “Excuse me, I have to take this one – it’s my broker.” Unfortunately for me, this big-headed moment probably will never come, thanks to the rise of discount brokers. Discount brokers like E*Trade and Fidelity, are companies that [...]
Use Credit Card Rewards Programs to Save for Retirement
Participating in your employers 401(k) match program allows for a great way to accelerate your retirement savings, but have you ever considered using your credit card rewards program as a means to save? Although rewards programs are all over the map in their offerings, certain programs present a great way to add to your future [...]
When Should I Buy Into The Stock Market?
A volatile market, such as we are currently experiencing, can make timing the market seem impossible. When should you pull the trigger and buy into this unstable market? In my opinion, the best time for many is now. I am not saying this because of the current financial crisis, the announcements of possible mergers, or [...]
United State’s Newest Epidemic – Insufficient Financial Literacy
Opinion -
Congress, regulators, and the financial services industry are pointing fingers at each other in an attempt to pass the blame regarding who is at fault for our current credit crisis. In reality, everyone probably shares a piece of the blame; however, to leave a lack of sound financial literacy out of the equation [...]
Five Common Money Mistakes to Avoid
Anyone reading this article is probably already ahead of the financial game. Just by showing an interest and initiative tells us that you put more thought into your financial decisions compared to your peers. However, are you making money mistakes without realizing it? We are willing to be that many of you are guilty of one [...]
What is the Difference Between a Roth IRA and a Traditional IRA?
For many, not knowing where to begin when it comes to saving for retirement is determinant enough to never start. We hope by explaining the difference between a Roth IRA and a Traditional IRA we can help you decide which one fits best into your current and future financial situations. Of course, IRA’s are not [...]











