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Simple Interest vs. Compound Interest

By definition, simple interest is called simple because it ignores the effects of compounding.  With simple interest, the interest is always based on the original principal.  With compound interest; interest accrues on the initial principal and the accumulated interest of that principal.  So in layman’s terms, compound interest is interest on interest.   Let me share  Click to Continue

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Credit Card Spending

Procrastination is like a credit card: it’s a lot of fun until you get the bill. – Christopher Parker Credit Cards are making you dumb. The mechanics of using a credit card are so easy. Just swipe and sign. That’s it. It’s no surprise that people who have credit cards spend more money. Credit cards  Click to Continue

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Using Philanthropy to Create Tax Deductions

It has been researched that 85% of households give some money at some point throughout the year. So philanthropy is not new, it is encouraged by religious groups, social groups and certainly alumni associations and hospitals etc, etc. Historically the real impacting gifts are made by wealthy families but there is a new form of  Click to Continue

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Common questions on RMDs

You’ve been saving money in a qualified plan for years, and now you’ve reached the magic age of 70.5; now what?  The government is actually going to make you take out a small percentage each year from your qualified plan by April 1st following the year you reached age 70.5.  This is known as required  Click to Continue

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Greed Is Good

“greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.” Those words, spoken by fictional character, Gordon Gekko,  Click to Continue

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Avoiding the 10% IRS Penalty for Early Distribution from Qualified Plans

If you try to take money out of your IRA, 401(k), or any other qualified plan, you may be subject to a 10% IRS penalty if you are under the age of 59 1/2.  However, there are several exceptions to avoid this penalty. One exception is retiring early from your job.  If you retire early,  Click to Continue

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