Michael on April 29th, 2008
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This week’s Carnival of Personal Finance, hosted by Lazy Man and Money featured my recent post about 401(k) loans. In addition, here’s the number one article of the week, at least according to a statistically insignificant panel of one (That would be me.):
Take a look at Our Car Buying Experience – Part Three: 5 Lessons [...]

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Michael on April 28th, 2008
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I just read the results of a Wall Street Journal/Harris Interactive Personal Finance Poll. The emphasis of the press release (and related media coverage) is their finding that about one-quarter of those saving for retirement had prematurely withdrawn their funds. I’m not sure this is surprising. Personally, it seems like [...]

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Michael on April 25th, 2008
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It’s Friday, so it’s time for this week’s reader-submitted Q & A. If you’d like to submit a question, click here for more information or simply email a question.
I am considering declaring bankruptcy but I’m unsure of all the ramifications. I’m only 24 so I want to make sure this is the only [...]

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Michael on April 23rd, 2008
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A 401(k) loan is different from a distribution because a loan means you intend to pay the money back to your account. In essence, you borrow from yourself. Here’s how it works, subject to additional restrictions and criteria possibly added by your employer:

You request a loan from your plan.

Typically, the loan amount cannot exceed [...]

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I was thrilled to chat with the preeminent financial columnist Gail MarksJarvis of the Chicago Tribune last week. Over the weekend, the Trib (I can say that, I used to live in Chicago), published her article about a 48 year old man who had recently lost his job and was contemplating bankruptcy as a result.
You: [...]

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Michael on April 21st, 2008
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I’ll be presenting two free retirement planning seminars this week.
You: For real?
You: What’s the hitch?
No hitch. It’s free. You even get a free copy of my book if you attend.
You: Now you’re just talking silly-talk.
It’s the truth.
You: Okay, then, fine. When?
Tuesday at 6PM or Wednesday at 12:15PM. Join me after work or use [...]

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Michael on April 18th, 2008
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It’s Friday, so it’s time for this week’s reader-submitted Q & A. If you’d like to submit a question, click here for more information or simply email a question.
If I can’t do both a maximum 401(k) contribution and a maximum Roth IRA contribution, what should I do?
—Beth M., Ramsey, NJ
STRAIGHTFORWARD ANSWER: Contribute to your [...]

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Michael on April 17th, 2008
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A recent study by Scottrade and BetterInvesting found that 43% of Gen Xers do not expect to ever be able to retire. In addition, 26% were unsure that they would be able to retire one day. Here’s what Chris X. Moloney, Scottrade’s chief marketing officer, had to say about the study:
“Gen X is [...]

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Michael on April 15th, 2008
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It’s a bird, it’s a plane, it’s–
You: Cheesy.
You try coming up with one hundred different ways to introduce the carnival of personal finance! Not easy.
You: You’re the blogger.
Indeed. This week’s personal finance carnival which featured Five (Nonsensical) Reasons to Delay Saving for Retirement is hosted by Gather Little by Little. If you like [...]

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Michael on April 14th, 2008
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With a couple of little ones, Sunday night has become my personal “Beyond the Headlines” night. That’s when I try to get through the last few days worth of newspapers in more detail than I can manage to during the week.
So last night, I’m going through the Sunday paper and see Parade magazine (it comes [...]

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