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How to Set Up an Emergency Fund

Today, Sue Stevens has an article on Morningstar.com on how to setup an emergency fund. Generally speaking, emergency fund is the money reserved to cover your daily expenses in case your income stops. An example of such cases is when you lose your job. There are some debates on how much money one should put […]

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A Financial Planner or a Financial Adviser?

Ever felt confused about what’s financial planner and what’s financial adviser? If you plan to seek professional help on your finances (I won’t, at least for now), you better know the difference these two. A short article on MarketWatch.com today says that a financial planner is an individual who helps you create a road map […]

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Eight Keys to Financial Security

Yesterday, an article on Kiplinger suggested some steps to secure your financial future, though I don’t agree with all the suggestions (especially the “pay cash for everything else”). 1. Invest in yourself Your own earning power is the most valuable asset you’ll ever own, and it can’t be wiped out in a market crash. Keep […]

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Wash Sales Rule

If you are looking to upload some of your losing stocks and take the losses for the tax purpose in the last week of 2006, you should keep in your mind the so-called wash sales rule. According to IRS Publication 550 (2005), you can’t deduct losses in a wash sale, which “occurs when you sell […]

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My Last Paycheck

Last Friday, I received my last paycheck of 2006. The statement shows that for 2006, I have Contributed $12,600.12 in the 401(k) plan Paid $14,128.85 of federal taxes Paid $7,363.68 of Social Security taxes Paid $2,570.03 of NJ state taxes In addition, my employer has matched $1,930.77 in my 401(k) plan (the free money). 2006 […]

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Holiday Spendings This Year

We usually didn't spend much money in holidays like Christmas and New Year, mainly because there were only two of us and we don't have the tradition of giving gifts in Christmas. In fact, we don't celebrate Christmas. To us, it's just a day off with nowhere to go (pretty much everywhere is closed at […]

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Where Are the Millionaires?

The latest Census Bureau statistics shows there are 3,510,000 millionaires in US based on a sample of federal estate tax returns (Form 706). Millionaire is defined as "those adults with net worth (assets minus liabilities) of $1 million or more." Here's a state-by-state break down of where those millionaires are. State No. ofmillionaires State No. […]

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Census Bureau: Mean Family Net Worth, Income, and Education

Last Friday, The Census Bureau released 2007 Statistical Abstract. In the Income, Expenditures, and Wealth part, I found some interesting numbers that show how much (on average) we make and the mean household net worth for the past decade (from 1995 to 2004). The first table is the mean family net worth for different age […]

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