Saving
Teaching Children How to Save Money – But Also How To Spend And To Give
By Alex Summers
When it comes to children and money, the traditional perspective is that kids need to be taught how to save. Parents will give their son or daughter a piggy bank, hand them a quarter once a week, and then instruct their child to save those quarters until the bank becomes full and stuffed. At that point the money can be spent however the child chooses, but this is not the emphasis of the exercise. The main point is that the youngster learns to save.
Saving money is certainly a valuable and worthwhile life lesson. But Read the rest of this entry »
The Year of the Roth
By Terry Coxon, Casey Research
Until 2010 arrived, you couldn’t have a Roth IRA if your income exceeded certain limits. That restriction is gone. Now anyone with a traditional IRA can convert it to a Roth. But should you?
Background
Roth or traditional, the central advantage of an IRA is tax deferral. Earnings accumulate and compound free of current tax, so the total value grows faster.
An IRA is fed by annual contributions made out of employment income (salary, wages, and fees). With a traditional IRA, the employment income you contribute escapes current tax. Tax time for the contributions and their earnings comes when you withdraw the money. With a Roth IRA, you pay tax on the income you contribute, but the contributions and earnings eventually can be withdrawn tax-free (provided the Roth is at least five years old when you take the money out). Read the rest of this entry »
Savings Account Interest Rates
Many banks, whether they are online or local, now offer high APR savings accounts. The point of these accounts is to give you place to set aside money and see it grow. You should put money in a savings account in order to work toward something, such as a vacation or just to provide an emergency fund for yourself. A High Interest Saving Account will help you achieve this goal.
There has been a shift to the online side of the spectrum because of the convenience it offers. Most savings accounts are meant to be “piggy-back accounts.” This means they are attached to one or more accounts you already have, and you can move your money from account to account as you wish. That being said, some savings accounts do have a limit on the number of transfers you can make in a given time frame. Read the rest of this entry »
Your Income Tax Refund: Sofa, Pecs, or Freedom?
By Darlene Arechederra
What will your tax refund ‘buy’ for you this year? A lovely sofa? Perfect Pecs? Freedom?
I hate to admit it, but I almost bought the Pecs. I opened a colorful brochure that caught my eye…
And, there it was… the perfect way to *invest* my refund: in myself — with my very own home gym! Who doesn’t deserve those Abundant Abs, that perfectly Toned and Sculpted Body… All for under $1,200, with payments under $35/month! Read the rest of this entry »
Is your bank robbing you blind?
By Todd Williams
Banks play a major role in the economic development and financial growth of the entire country. The period following the great depression saw radical changes in the banking industry that proved to be beneficial for the building of consumer confidence in the banking system.
While our confidence has grown our knowledge and understanding of how banks work has not.
While one could write a doctoral dissertation on the banking system, these tips will focus only on a few things we should all be aware of: Read the rest of this entry »
Grow Your Own Money Tree
By Todd Williams
Many times when in pursuit of a goal or dream do you feel like giving up? Well if you do, you are not alone. All of us at one time feel like giving up right before we see the fruits or our labor.
When researching possible topics for this money tip, I came across an interesting concept. We have all heard the saying that money doesn’t grow on trees. However, I found a tree that at least gives an example of how we can make money grow like one! Read the rest of this entry »
