Next month, thousands of kids are headed off to college for the first time. I remember it like it was yesterday. Based on my high school academic prowess, my parents decided it was a good idea for me to get a head start on college by sending me to summer school the summer before my […]
Helicopter Parents Beware!
New, Higher Tax Credits…Yours for the Taking
Reader Question: I heard that there are new rules related to the Alabama Accountability Act. Can you explain? Answer: Under the Alabama Accountability Act of 2013, you could receive a State of Alabama income tax credit of up to half of your state income tax liability by donating to a qualified Scholarship Granting Organization (SGO). […]
Best IRA Withdrawal Strategy
Reader Question: I am 64 and retired and will need to use some of my savings to live on for the next 5 years as I want to delay collecting Social Security. I will need about 3,000/month. Which would be the better financial solution: Would it be better to sell some stocks (all pay dividends) in […]
Readers Strike Back
Reader Comment: My daughter has a 401k match from her employer. Her total salary is $20K and the match is 3% if she puts in 5%. The fees and options are not as good as she can get without the restrictions of her employer plan. For a start, they do not offer a Roth option. […]
Is the Collapse of the Dollar Eminent?
Reader Question: I have about $100,000 in a 401K through my former employer and I’m thinking about taking either some or all of the money out. I would like to put it in some type of investment or CD that would allow me access to it fairly quickly and is fairly safe. I’m also concerned […]
Identity Theft Action Plan
Print or cut out this article and file it under “Help! Someone Stole My Identity!” Our government recently notified more than four million government workers that China had hacked the Office of Personnel Management and stolen personal data. Hackers have breached the Pentagon; Home Depot, Target, Google, Apple, Yahoo, AT&T, eBay, J.P. Morgan Chase… too […]
Identity Theft Tool Kit
Identity theft is more than a hassle. It can take a monumental amount of time to straighten out; at least temporarily devastate your personal finances; and create extreme emotional stress. Your best defense is a good offense so my recommendation is for you to establish your own ‘first alert’ system by doing the following: Order […]
Unexpected Liability
Reader Question: In order to avoid probate and to make certain that my child gets my home; I’ve added his name to my deed. My question is about liability if he were to be involved in a lawsuit. Could my home be at risk? I also own a property that my son now rents from […]
Buying Land with Your IRA
Reader Question: My mother has both qualified and non-qualified annuities. Could she use some of this money to set up a self-directed IRA and purchase raw land with it? What would be the consequences if she just bought hunting land with it? Answer: I get a lot of people who want to use their IRA […]
Life Insurance Refresher – Part II
In last week’s column I reviewed a few basics regarding life insurance. I suggested level term life insurance as the best choice for the family bread winner with the emphasis on being sure that you have plenty of life insurance while keeping your monthly premiums low. Most people underestimate just how much life insurance is […]