Category - Budgeting

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Full employment economy ready to surprise investors
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Gaining Wealth and Losing Weight
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At What Tipping Point Does Less Become More?
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Avoid Adding Your Child’s Name To Your Bank Account!
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The Top Nine Things That Busy, Technologically Savvy People Should Look For In A Bank Account

Full employment economy ready to surprise investors



Tomorrow the BLS releases the monthly “Employment Situation Report”. David Rosenberg of Gluskin, Sheff and Macroeconomic Advisors said if no fiscal tightening had occurred in 2013 then the unemployment rate would be 6.0% not 7.3%. Rosenberg said monthly new job creation next year may be 280,000 instead of the recent average of 180,000. My opinion is that at this level, after subtracting 100,000 to 125,000 a month for population increase, in a year the unemployment rate would improve from 7.3% to 5.8%. At that level workers would feel more prosperous and buy more things creating a virtuous cycle where the …

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Gaining Wealth and Losing Weight

Behavior change is a funny thing. We can tell ourselves we want to change, even that we have changed, and yet still continue the same behaviors. It only takes a moment to make a choice that runs counter to our intentions, and then we have regret, or guilt, which doesn’t tend to help us make better choices next time. I think that because we have good intentions more of the time than we make bad choices, we can sometimes delude ourselves into believing we have been “good,” when we really have been quite bad.

For several years I was a …

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At What Tipping Point Does Less Become More?

A reader recently discovered a terrific online financial resource – http://www.mrmoneymustache.com. Mr. Money Mustache controverts conventional thinking (or rather, lack of it) about spending and saving. The co-authors, husband and wife, reached financial independence at the age of 30 by saving aggressively in their 20s. They are raising their kids and spending time as and where they wish. They are by no means “deprived.”

Of course, “deprived” is a self-determined definition. Related to our self-definition of “deprived” is our self-definition of “enough.” What is enough for some might be deprived for others. What is enough at one point in …

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Avoid Adding Your Child’s Name To Your Bank Account!

Clients sometimes ask me if they can add their adult child’s name to their bank account(s) so the child can tap funds as needed or write checks on behalf of the client. While adding a child’s name seems like a harmless, familial gesture of love and trust, the financial consequences can be extremely negative to both parent and child.

June (age 65, widowed) has a $400,000 bank account in her name. She wants to add her son, Henry (age 35), to her bank account. June prefers to bypass her daughter, Matilda, since Henry is “more organized and better able to …

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The Top Nine Things That Busy, Technologically Savvy People Should Look For In A Bank Account

I’ve written this list to include some of the most important things that I look for when evaluating bank accounts. It also assumes certain baseline ‘must have’ things like no charge for incoming wires or direct deposits, a free debit card with a MasterCard or Visa logo, text and/or email alerts, and FDIC/NCUA insurance. Notice that ‘high interest rates’ is not on this list – with interest rates being as low as they are, it is more important to look at things like convenience, low fees, and security than a marginally higher interest rate.

9) Unlimited ATM refunds. Even if …

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