Thu, June 12, 2008
Taxpayers who previously set up their tax refunds to be deposited directly to their IRAs this year will need to be vigilant: Economic Stimulus rebate checks will also be automatically deposited into any IRAs whose owners have set them up to receive tax refunds. Read the full article
Tue, June 10, 2008
In the Boston area – and probably elsewhere – residential contractors are looking for work. For most of the last 20 years, and especially in the last decade, it’s been hard to find contractors willing to do small renovation jobs, but with the slump in residential construction, there appears to be window of opportunity. Read the full article
Wed, June 04, 2008
April 15 has come and gone, so the opportunity to make a 2007 IRA contribution is firmly behind us. As you think about your 2008 contributions, here's a list of IRA slip-ups that you probably want to avoid. Read the full article
Mon, June 02, 2008
How much do you pay each year in mutual fund fees? Investors who ignore this question stand to lose a considerable percentage of their investment returns over the long-term. Read the full article
Thu, May 29, 2008
Recently the mutual fund industry has introduced a new type of financial product targeted at Baby Boomers: income replacement funds. Fidelity has initiated several of these funds and Vanguard's versions of the same idea, known as "managed payout" funds, were rolled out earlier this month. Other companies will doubtless follow their lead; Schwab and John Hancock are reportedly working on similar products. Like any investment product, these funds will be useful for some people. Consumers should be certain that they understand these funds in order to avoid any unpleasant surprises.
Read the full article
Tue, May 27, 2008
Mark Twain is credited with saying a great many things that he may or may not have actually said. Among these is the observation that "People commonly use statistics like a drunk uses a lamp post: for support rather than illumination." If Twain did say it, he might have had housing statistics in mind. If you pay attention to news reports, you're likely to hear widely-varying assessments of the state of the housing market. Who's right? Read the full article
Thu, May 22, 2008
There is a warm place in the Bostonian heart for locals who have become famous (or notorious, at least). One such was Charles Ponzi, the colorful fraud who emigrated to Boston in 1903 with a couple of dollars in his pocket and managed to become a millionaire by 1920 (before he got caught). Although he did not invent the "Ponzi Scheme," he carried it off with such flair that when it recurs — as it does fairly often — it is invariably referred to by his name.
The Associated Press reported recently that the SEC has frozen the assets of Safevest LLC and its proprietor, Jon G. Ervin of Mission Viejo, who apparently was seeking to follow in Mr. Ponzi's footsteps. Read the full article
Mon, May 19, 2008
Although hedge funds have been in the news a lot lately, the average person probably has only a vague idea what they are. A few years ago my wife asked me what a hedge fund was, and I realized that I couldn't give her a simple answer. Partly this was because there is no single answer, and partly it was because I couldn't think of a way to do it without lapsing into financial buzzwords. So this post is in honor of my wife, who gave me the idea for it. Read the full article
Fri, May 16, 2008
When I meet with a prospective client for the first time, I try to explain a little about my approach to investments. On a couple of occasions when I’ve mentioned “index mutual funds,” someone has asked me, “what’s an index?” I’m always happy to get this kind of question; such questions help me remember that not everyone on the planet is a personal finance geek (and that’s a good thing). Read the full article
Fri, May 16, 2008
Having taken the grueling 10-hour exam in March, I knew that it was getting close to the time when results are released. Naturally, the envelope in the mail this afternoon from the Certified Financial Planner Board of Standards, Inc. caught my attention immediately. Read the full article
Wed, May 14, 2008
Identity theft seems to get a lot more attention than it used to. I’ve given it my share by writing two client newsletters offering advice on how to avoid ID theft. But this is a topic that holds considerable personal interest for me, as I’ve been the victim of a series of thefts of credit card numbers over the years. Read the full article
Mon, May 12, 2008
An idea that seems to have gained a lot of attention through an article by financial journalist Scott Burns is worth examining. Basically, the idea is this: you retire at 62 and apply for Social Security benefits, which are reduced because you're retiring early. Then, at age 70, you withdraw from Social Security, pay back the benefits you've received, and reapply. Now you receive a much bigger Social Security check.
Read the full article
Fri, May 09, 2008
The Supreme Court is considering an appeal to Kentucky versus Davis, a lawsuit that could have an impact on the state tax treatment of both municipal bonds and some state 529 plans. Read the full article
Tue, May 06, 2008
For some months, the number of articles in financial publications on rising commodity prices has increased noticeably. I guess it's not a surprise that articles in the popular press on rising food prices are now cropping up with greater frequency. Read the full article
Mon, May 05, 2008
The question of whether one should use a passive investment strategy (in which you buy an entire market index) vs. an active strategy (in which you try to figure out which specific securities will outperform and invest in those) is one that can produce passionate responses. Express a strong opinion in favor of one dogma or the other in the midst of a bunch of financial types, and a brawl may ensue. Read the full article
Sat, May 03, 2008
At the time of his death in 1976, billionaire J. Paul Getty was the richest person in the world. It's said that he was once asked how much money he would need to feel that he had enough, to which he replied, “just a little bit more.â€
Many of the clients with whom I’ve worked feel that they don't have quite enough money to accomplish all their goals. On one occasion, a client who was trying to save for an ambitious goal asked me, “which would be better for me to do – reduce my spending or increase my income?â€
Read the full article
Fri, May 02, 2008
What does it actually cost if you don’t pay off your credit card balances each month? What does a credit card purchase cost if you just make the minimum payments? Read the full article
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