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PENT-UP DEMAND
What is 'pent-up demand? Economically speaking, it is the demand for a product or service that has been reduced or eliminated in the free market system. What happens when the supply of the product or service becomes available again? A rush to buy? Hoarding? What is...
Why Being Frugal Still Relevant
A frugal attitude is needed in booming, recessionary, inflationary, and deflationary times. Booming economic times affords us to set aside some disposable income as a hedge for leaner times. Setting aside a reserve will help individuals and businesses, with uneven...
Inflation
INFLATIONWinners and LosersWe are hearing lot about the word ‘Inflation’ these days. It is a ‘word’ Economists use that is not understood by the average consumer? Is it going to affect me? Should I be concerned? How can I mitigate its affects? Is it real? Yes,...
Habits
We are creatures of habits, for good or bad. Some become automatic, some become mandatory, some are unconscious or conscious. Some experts say it takes around 21 - 30 days to form or unlearn a habit. Habits need support, reminders and repetition to become permanent....
Why Being Frugal Still Relevant
A frugal attitude is needed in booming, recessionary, inflationary, and deflationary times. Booming economic times affords us to set aside some disposable income as a hedge for leaner times. Setting aside a reserve will help individuals and businesses, with uneven...
The Coming Out of America
A Coming-out event is big with all pomp and circumstances. How are you planning your debut? Quickly, or cautiously? We all have options in America. We all have different risk tolerances, e.g. insurances, stocks, health to name a few. Risk is especially true with...
‘Cacooning’ is the Key
What is 'cacooning'? It is a retreat from stressful conditions. Does today Qualify? I think so - bigtime. It was coined in a 1981 book, "The Popcorn Report", by Faith Popcorn. Her book suggested many future behaviors that we have seen fulfilled over the years. One of...
Solution for Families With Kids
This crisis takes many forms besides the obvious health and financial crisis. It affects all of us regardless of income, race, young, and old. The purpose of this article is to be proactive, positive as well as realistic since this will not last forever. We should be...
Start retirement planning as early as possible with your spouse
Two heads are better than one, especially when tackling an important, life altering situation such as retirement. When spouses or partners are both approaching retirement together, planning requires that both parties are involved in the decision making...
ROTH IRA ALTERNATIVE TO REGULAR IRA
Why a ROTH IRA? When you get a deduction for a contribution to an IRA - that is a benefit. The benefit is a reduction in income. When you receive this deduction, the tax has been deferred and becomes taxable when it is distributed later. Contributions to a ROTH IRA...
WHEN ARE GIFTS TAXABLE?
What is a gift tax? When is a gift taxable? When are we required to file gift tax returns? Who files the gift tax return? A gift tax is a wealth transfer tax while alive and together with the estate tax at death are both part of the unified transfer tax system. The...
NON TAXABLE GIFTS vs TAXABLE GIFT
What is a gift tax? When is a gift taxable? When are we required to file gift tax returns? Who files the gift tax return? A gift tax is a wealth transfer tax while alive and together with the estate tax at death are both part of the unified transfer tax system. The...
Spend your money wisely while on vacation and stay on budget
Vacations can be trips to foreign countries, trips to American sites, cruising the oceans, or visits to local recreation areas. They all have one thing in common: they all cost money. Some more than others, of course. But for each of these vacations,...
Make small changes in spending and reduce costs to boost savings
The challenge many of us face these days is how to make the most of the limited resources we have. There is no magic formula, no seminars to attend—yet this challenge can be met and overcome. An analysis of your everyday spending habits and a commitment to...
How to pay off credit card, student loan, and home mortgage debt
It’s so easy to pull out the credit card, apply for a loan, go with the financing option on a car or other large purchase. It’s not really money, many think. But hard earned money has to pay the bills, and all money borrowed—whether it’s a line of credit...
Gain control of your financial health for retirement with a budget
Two financial reports are a must throughout life, but are critical at and during retirement. They are the Net Worth and Income Statements which give you information about your financial health. As we age, our health changes and so does our financial...
An allowance will teach kids about the value of money
Money rules the world, even for children. A good time to teach kids about money is as soon as they become aware of pennies and loose change. Young children love to get those coins as if they were buried treasure. Very young children would rather have 100...
How families can work together and stay on budget each month
Let’s play the game How to Stay on Budget. Here’s how to play, and a few rules: We have to know the difference between gross and net incomes. Also, the difference among fixed, variable, and discretionary expenses. The objective is to end with a zero...
Teach your kids about money and how to budget, spend, and save
Money makes the world go round. How we use it, spend it, or save it is critical to our existence. Our money attitudes and habits were learned at a young age by our parents, relatives, and friends. Later, from education and, finally, from life. But the...
How to respond when a friend asks for money or a loan
This is a very tricky situation: Your friend is asking for money—a loan. If you say ‘yes,’ you risk being someone’s ATM. If you say ‘no,’ you might damage your friendship, or lose your friend altogether. Has this friend asked you for a loan before? Has it...
Save money and spend wisely—become a millionaire by living frugally
Today, with economic anxiety at epidemic proportions, we need to take charge of our lives more than ever by developing a frugal mindset. This advice will give you the basics for achieving millionaire status. Do manage your debt live within your means buy...