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  • The 7 Costly Mistakes People Make with Their Money (Mistake #5)

    For most Americans, the 401(k) is their most valuable asset for retirement. Illustrated in the graph below is a 401(k) worth $300,000. Assuming we lived in a perfect world (no taxes on the 401(k) when we go to take money out), we’d have all the $300,000 to use and enjoy. Unfortunately, we’ve got to deal with our “progressive” tax system…

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  • The 7 Costly Mistakes People Make with Their Money (Mistake #4)

    While many people have a game plan for “saving and investing” money (it’s called the “accumulation phase” of life), those same folks do not have a game plan for “using and enjoying” it (the “spending phase”). It can happen to any of us: we work and worry ourselves sick about stockpiling more and more hay, and for what? To leave…

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  • The 7 Costly Mistakes People Make with Their Money (Mistake # 3)

    There once lived a farmer, who was well-known in the small community in which he and his wife lived. To the rest of the farming community, the farmer was doing well. But he knew better. He, along with his wife, had spent money they didn’t have, to buy things they really didn’t need, only in an attempt to impress people…

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  • The 7 Costly Mistakes People Make with Their Money (Mistake # 2)

    Mistake #2: Walking by Blind Faith The date: October 9, 2007. The Dow is at an all-time high: 14,164. Frustrated with low CD rates, Joe Lunchbox (who considers himself conservative – a saver) is one unhappy camper. Over the years, ole’ Joe enjoyed decent interest rates from his FDIC bank products, but on this particular day, a chance encounter convinces…

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  • The 7 Costly Mistakes People Make with Their Money (Mistake # 1)

    Mistake #1: Paying Taxes on the Same Dollar More than Once It has been said that great mastermind, Albert Einstein, once referred to compound interest as the “eighth wonder of the world.” If that’s true, then obviously ole’ Albert never lived under our nation’s present tax system. You see, in the U.S. of A., we are guided by what the…

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