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Get Rich Slowly – Personal Finance That Makes Cents.



Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more.



Last Build Date: Fri, 02 Dec 2016 14:21:18 +0000

 



What is a 702 Retirement Account?

Thu, 01 Dec 2016 13:47:35 +0000

Most people hate to pay taxes. That’s not hard to understand. What is baffling is the length people will go to avoid taxes – sometimes, the cost of avoiding taxes exceeds the taxes themselves. The reason this happens is that for some people, all they have to hear is that a scheme will help them avoid taxes, and they are on board. Remember though, avoiding taxes should not be your ultimate goal. The idea is...(image)

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Taking a Broader View of Refinancing

Fri, 18 Nov 2016 02:29:23 +0000

Thirty-year fixed mortgage rates have dropped from above 6 percent to below 4 percent. This has touched off an unprecedented refinancing opportunity for homeowners. However, unless they learn to take a broader view of refinancing, those homeowners may be missing out on the biggest money-saving opportunities. By now, home prices have recovered to levels higher than at any time other than the peak years of the housing bubble. Between that and the principal payments homeowners...(image)

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Guide to Small Business Checking Accounts

Thu, 17 Nov 2016 07:29:07 +0000

Small business owners have unique needs when it comes to their checking accounts. Here is a simple guide to understanding what features you need when it comes to small business checking accounts and exactly what you don’t. Getting started The first step is to think about what you will need the account for. Paying lots of vendors by check daily? Make sure you don’t get locked into an account with per-check fees. Unsure if you even...(image)

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Saving for Your Newborn

Tue, 15 Nov 2016 14:40:09 +0000

You’ve got the crib. The baby monitor. The stroller. The highest-rated-for-safety car seat. You’ve thought of everything for that newest member of your family. Or have you? What about your baby’s financial future? Related >> Household Budgets for Beginners: Simple Tips for Success What kind of account should you open for your child, and when should you do it? According to financial planning experts, it is never too soon to set up a savings account for...(image)

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How Much to Save for Retirement

Mon, 14 Nov 2016 22:27:42 +0000

According to a recent consumer survey, most Americans have very little — if anything at all — saved for retirement. Fifty-six percent of Americans have less than $10,000 earmarked for retirement, which is not even enough to cover a year of day-to-day living expenses for most people. This is echoed by a survey Get Rich Slowly did with Experian earlier this year. In that national survey, 71 percent of Americans felt they weren’t saving nearly...(image)

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Best Budget Apps 2016-2017: Mint

Mon, 14 Nov 2016 18:54:41 +0000

In the old days you had to wait to get that monthly statement from your financial institution to see how much money you had coming in, and how much money turned around and went out. Today all that information is on-demand and contained within your smartphone — but which apps are best to manage all that data? In this installment of our ongoing series: the best budget apps, we check out Mint. App Overview Mint is a...(image)

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What is a Spousal IRA?

Wed, 09 Nov 2016 18:35:34 +0000

A Spousal Individual Retirement Account (IRA) is a special type of IRA that is designed to benefit a non-working spouse and allows a married couple to each have an IRA to help fund their retirement. Internal Revenue Service rules require that you earn taxable compensation from work in order to have an IRA. The IRS defines “compensation” as income generated from a wage, salary, commission or self-employment. It also counts alimony, separate maintenance and tax-exempt...(image)

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Household Budgets for Beginners: Simple Tips for Success

Tue, 08 Nov 2016 23:35:54 +0000

We all know we should make and stick to a household budget if we want to be able to sock away savings each month—and end up financially comfortable. But building a household budget as a beginner can be daunting. Only one in three Americans takes the time to create a monthly budget, a recent Gallup poll showed. (I don’t need to tell you the rest of us are spending an inordinate amount of time looking...(image)

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Savings Strategies for High-Net Worth Individuals

Tue, 08 Nov 2016 23:17:21 +0000

A lot of things change as you start to rise up the income ladder. Most of them are good – the old junker is replaced with a comfortable new car, the apartment becomes a house, you order steak instead of a hamburger. At the same time, managing your money becomes more complicated. Savings strategies for high-net worth individuals can be different. Recognizing how that game changes as you start to earn more will help you...(image)

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How to Build a Savings Nest Egg (Even While Broke)

Tue, 08 Nov 2016 23:06:56 +0000

Living paycheck to paycheck is never easy, but it doesn’t have to mean you can’t save for the future. Everyone needs a savings nest egg or emergency fund. The solution is to get prepared now, no matter what it takes. (And know that you aren’t alone! One study by the Federal Reserve found that most Americans have $400 or less in cash savings.) Let’s start with one straightforward and relatively simple savings goal: setting aside...(image)

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How to Find the Best CD Terms

Tue, 08 Nov 2016 22:54:55 +0000

There are investors and there are savers. If you fall into the category of the former, you have a greater tolerance for risk. If you are a saver, your main financial concern is to protect your principal, which leads many to certificates of deposit. But how to find the best CD terms? Let’s start at the beginning. The goal of a CD is to ensure the principal can be spared no matter what happens in...(image)

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Market-linked CDs Explained

Tue, 08 Nov 2016 20:52:52 +0000

Many people have heard of CDs — certificates of deposit. But not many will say the same for market linked CDs, also known as equity CDs or market or indexed CDs. Though they’ve been around since the 1980s, renewed interest in market-linked CDs is a product of our current interest rate environment. Interest rates are low. Really low. So it’s understandable that people are looking for some risk-free or lower risk ways to earn the...(image)

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How Not to Overspend

Mon, 07 Nov 2016 13:25:38 +0000

Technology has given consumers unprecedented access to shopping opportunities — you can shop, literally, morning, noon and night. From your phone or tablet. Debit, credit, store cards, gift cards…the list is endless. There probably has never been a tougher time to resist the temptation to overspend. A few impulsive clicks and your carefully crafted monthly budget is kaput. So it’s no wonder our personal finance experts get this question all the time — how can...(image)

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What to Do if you Inherit an IRA?

Fri, 04 Nov 2016 11:50:33 +0000

Savvy savers open Individual Retirement Accounts for themselves to ensure that their golden years will be enjoyable and not fraught with financial worry. But what if you die before you reach retirement? What happens to your IRA? What to do if you inherit an IRA? First things first: When you open your IRA account, you will fill out a form listing beneficiaries. It is important to keep this form up to date throughout your working...(image)

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Guide to Using Micro-Jobs to Boost Savings

Wed, 02 Nov 2016 01:36:39 +0000

Sometimes you need extra income in order to meet unexpected expenses or to save for a major purchase or goal. With the rise of the sharing economy it is easier than ever to latch onto short-term gigs, especially if you have a strong Internet connection and some idle time. If this sounds like something you’ve done or are considering — you have plenty of company. A new study by the Brookings Institution showed a “surge” —...(image)

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Best Books for Beginning Investors

Wed, 02 Nov 2016 00:17:47 +0000

Experience is a great teacher for investors, but it can also be a very expensive way to learn. Rather than learning by trial and error, reading up on basic investment topics is a more cost-effective way to start, because it allows you to benefit from the experience of others. The following are six of the best investing books for beginners that can help you make an informed start: 1. One Year to an Organized Financial...(image)

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How to Invest $1,000, $10,000, or $100,000

Tue, 01 Nov 2016 22:55:38 +0000

“Got any investment tips?” It’s a common question, but there is no one answer to it. The right investment decision depends on the circumstances, and circumstances change over time. For example, the right way to invest can vary depending on how much money you have available. To look at how the size of the investment should guide your approach, consider the different actions you might take with $1,000, $10,000, or $100,000 to invest. How to...(image)

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Best Budget Apps 2016-2017: BillTracker

Tue, 01 Nov 2016 17:35:38 +0000

As far as money apps go, BillTracker is less about budgeting and more about reminding. So for anyone who’s ever been hit with a late fee for being a day or two late, the app is a valuable tool to help you stay current on all your bills, which ultimately may improve your credit. Here’s our review: What I Like The user interface is simple and easy to use. Hit the “Accounts” tab in the...(image)

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Best Budget Apps 2016-2017: Level Money

Fri, 28 Oct 2016 21:04:25 +0000

There are times in everyone’s life where you live paycheck to paycheck — college student, young professional, recently divorced, on the heels of unemployment. It’s during these times that we are most cost-conscious, yet we can still struggle to track where and how every penny is spent. In our ongoing series to find the best budget apps around, we take a look at Level Money, an app that analyzes your balances and bills due to generate...(image)

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Ultimate Guide to Mastering Your Money in College

Tue, 25 Oct 2016 23:21:12 +0000

With more than 20 million students enrolled in colleges and universities and with the average cost of a four-year degree at nearly $10,000 per year (triple that number for a private institution), scores of Americans will realize now or later that higher education comes with serious financial implications — for them and their parents. Many students will finance their education with student loans. The average 2016 college graduate has more than $37,000 in loan debt, but there...(image)

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Beginners’ Guide to Investing

Tue, 25 Oct 2016 17:00:53 +0000

Investing can be intimidating, but it doesn’t have to be. The key is to get a few basic concepts down first and then set clear goals for your money. Then it’s a matter of determining which tools will be best for the job at hand — do you want to be risk-averse, passive investor? Are you focusing on retirement and college savings at the same time? To the end, we’ve gathered all the basics in...(image)

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529 Plans vs. Prepaid 529 Plans

Mon, 24 Oct 2016 19:46:49 +0000

Saving for college is daunting enough, but as any parent of college-age kids can tell you, you also need to learn a whole new vocabulary — FAFSA, 529 plans, Coverdell accounts. It can be a lot to process. One common question is the difference between a 529 plan and a 529 “prepaid” plan. While pre-paid plans aren’t nearly as common as they used to be, it’s important to know the difference. Here’s all that you...(image)

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2016 Guide to IRA Contribution Limits, Deadlines and Deductions

Sat, 22 Oct 2016 01:15:19 +0000

Sometimes it’s hard to think about making those IRA contributions and taking the time out to understand IRA contribution limits because, well, retirement seems so far off. But the U.S. tax structure has several incentives that make both Roth and traditional IRAs worth the look. It also pays to make sure you know about deductions relating to your income level, so we’ll deal with that here as well. IRA contribution limits For tax year 2016,...(image)

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How to Save Money on Thanksgiving Day

Thu, 20 Oct 2016 11:00:51 +0000

While our bellies may be stuffed on Thanksgiving, our wallets will be thinner — Americans will spend nearly $3 billion on the holiday, according to data compiled by Statistic Brain. Three billion! That includes food, travel, parties and nights out, and various other items. But instead, we could focus on how to save money on Thanksgiving this year. The average cost of Thanksgiving dinner for 10 people in 2015 was $50.11, an increase of $0.70...(image)

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How to Start Investing in Stocks

Thu, 13 Oct 2016 21:14:54 +0000

In personal finance there are often more questions than answers, especially if you are new to the money game, from how to start investing in stocks to growing your childrens’ 529 plans. After all, every situation is unique. To help guide you on your financial journey, we’re featuring two questions we received recently via the Get Rich Slowly Facebook community and turned to Richard Barrington, a certified financial analyst and contributor to Get Rich Slowly,...(image)

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The 2016 Newlyweds’ Guide to Money

Mon, 10 Oct 2016 16:57:47 +0000

Talking about money is just as uncomfortable as any discussion about religion or politics. We’re raised to think it’s not a topic for polite conversation. Unfortunately, some of us hold onto that belief even when the person on the other end of the conversation is someone we should trust — our future spouse. Millions of Americans will tie the knot this year, but how many will have “the talk” — the one about marriage and...(image)

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Best Budget Apps 2016-2017: NerdWallet

Tue, 04 Oct 2016 18:29:26 +0000

App Overview NerdWallet is a personal finance site that provides tools and resources to help consumers make financial decisions. Their new mobile app, simply called NerdWallet, allows anyone with an iPhone to ask financial questions about any subject and get in-depth, one-on-one help for free from their in-house financial experts. We recently reviewed the app as part of our series highlighting the best budget apps of 2016-2017. What I Liked It’s a real person providing information...(image)

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Why Gym Memberships Can be a Smart Investment

Mon, 03 Oct 2016 18:36:39 +0000

I’ve just come from the gym. My arms are so spent I can barely type. My glutes are killing me as I sit on my wooden chair. I am guzzling ice water and still sweating a little. An hour of concentrated exercise with a trainer — part of my gym memberships — has left me feeling both exhausted and accomplished. I love my gym. My gym membership costs us $158.46 per month. I can hear...(image)

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The High Cost of Working Sick

Mon, 26 Sep 2016 22:42:53 +0000

It was big news recently when Hillary Clinton tried to go to work sick with pneumonia and was forced to leave a 9/11 memorial event. It became even bigger news when every woman in America pointed out she always “works sick” because there’s always something or someone who needs you. Heck, I remember that time when I had a brutal flu and was bedridden, but had to haul myself up and go pick up my...(image)

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Survey: 71% of Americans are Behind on Retirement Savings

Wed, 21 Sep 2016 20:13:53 +0000

Knowing you aren’t saving enough for retirement isn’t a great feeling, but at least you are not alone. A full 71 percent of Americans say they are behind on their retirement savings and more than half, 54 percent, believe they will never pay off their debt fully, according to a new national survey commissioned by Experian together with Get Rich Slowly and other top U.S. personal finance blogs. Entering retirement with a large debt load...(image)

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