A Guide to Self-Employmenat

Newsweek recently published an article on "A Guide to Self-Employment." A must read if you are planning on working for yourself. http://bit.ly/RefPd

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Are You One of the Majority of Americans Postponing Healthcare?

The majority of Americans are postponing visiting the physicians due to economic conditions. A startling article reveals the alarming trend.


http://bit.ly/dv1Eq

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How Liquid is Your 401K?

Need access to your cash in your 401K? You better read the fine print on the withdrawal privileges before investing. You may not have access to your money in time of an emergency.

http://bit.ly/UdgdH

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No One is Immune from the Credit Crisis

Edmund Andrews, a business writer for the New York Times, give his own personal story about the mortgage credit crisis.

A must read for anyone struggling with making their mortgage payments and cash flow.

http://bit.ly/K7ARS

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Ford Motor Company - A Glimmer of Hope in Detroit

There is a glimmer of hope in Detroit - Ford Motor Company.

Ford didn't take any money from the Federal Government. It's boss, and biggest cheerleader, Alan Mulally, has kept Ford out of bankruptcy. He also has bet the farm on Ford's new and innovative cars.

Joe Nocera from the New York Times posted a great article on Ford and its future. Check it out. http://bit.ly/8PIqa

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The Irony of the Sin Tax

Lot's of talk about raising taxes on soda pop, fast food, alcohol and tobacco. Who is the tax really hurting?

Obama says he wants to raise the taxes on the rich (people making over $250,000 per year).

Is the population that consumes the majority of these items?

Great article by the Tax Foundation. Check it out.

http://www.taxfoundation.org/news/show/24710.html

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Health Savings Account (HSA) Contribution Limits Announced by IRS for 2010

The IRS has recently announced new HSA contribution limits for 2010
Individuals $3,050
Family $6,150

Keep in mind, this is the only financial instrument that contains all three components of tax deduction, tax deferral, and tax free withdrawals.

A family in the 30% tax bracket would save $1,845 in taxes if they contributed the maximum amount of money into their HSA account.

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Using Your Credit Card? Start Reading the Fine Print

“Those that manage their credit well will in some degree subsidize those that have credit problems.”

A recent article posted by the Wall Street Journa. A must read for credit card users paying their bills on time.

http://www.nytimes.com/2009/05/19/business/19credit.html?partner=rss&emc=rss

How High is High on Your High Yielding CD?

“Bulk up Yours Savings with Our High Yield CD -1.9%”

I was checking my bank balance this morning on-line and I ran across the banner from one of the largest banking institutions in the US, “Bulk up Your Savings with Our High Yield CD – 1.9%.”
I started thinking “how high is high?” Do the financial institutions really want us to believe this a high yielding rate? If so, what else do they want us to believe?
This is also the same institution that wants to charge over20% for unpaid balances on credit cards. This means the Bank wants to pay 9 times less on their CD’s then they want to charge on their credit cards.
The Numbers
If you run a balance of $10,000 on your credit card for a year you will pay $2,000 in interest. The bank will only have to pay $190 in interest for the same amount on the CD. This is not “chunk change.”
The Lesson
Instead of being a customer of the “Bank of A” we need to create our own bank and call it “Bank of U”.
We need to learn the secrets that banks know about the flow of money and how money really works. Learning these secrets, and creating our own bank, will have a major impact on creating wealth during our lifetime.

Are You Suffering from the Success Tax?

Do you think the Politicians have all of the facts when they make statements about making sure the rich pay there fair share in taxes?

The Federal Reserve recently released new data on income taxes paid in America for 2006.

The results.

People earning over $388,806, the top 1% of income earners, pay 39.89% of all income taxes.
People earning over $153,542, the top 5% of income earners, pay 60.14% of all income taxes.
People earning over $108,904, the top 10% of income earners, pay 70.79% of all income taxes.
People earning over $64,702, the top 25% of income earners, pay 86.27% of all income taxes.
People earning over $31,987,the top 50% of all income earners, pay 97.01% of all income taxes.

Summary - 50% of all income earners in the US (68 million Americans) pay little or no income tax.