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Single Women Going Broke By The Cocktail

For those that watched the glamorous life of Carrie Bradshaw and her cronies in Sex And The City, did you ever wonder what it really cost to maintain a Manhattan apartment, fabulous clothing, and dining and entertainment throughout the city?   One quoted number by Carrie Bradshaw herself is that she spent well over $40,000 on footwear alone over the course of her lifetime.  Could that be true and why is it that so many women now in their 20’s, 30’s, and 40’s are struggling financially? Recently, Pew Research collected data and published a report that a record amount of adults today in their 20’s and early 30’s are unmarried.  If the trends continue in the current direction, one in four will never ever get married.   The biggest reason given by this age group for not getting married was for a lack of financially being ready.   Women were especially concerned about tying the knot because of financial concerns.   As salaries and ...

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Preventive Medicine For Your Home

We all know that one the largest assets we will own in our lifetime is our home.   I’ve never really seen a ton of good articles on the cost of home ownership, but having personally owned over a half dozen homes, I can tell you that all homes required their fair share of upkeep.    Even though we may not be in the market to sell our homes, we are constantly watching the sale of our neighbors homes or checking out the prices on websites like Zillow to see where the value of our home stands.     We can convince ourselves that our home is in tip top shape until the time we get an offer on the home contingent on the dreaded home inspection.    A good home inspector gets paid in part to look within every nook and cranny in the house to find out what may be wrong with the property.    After the inspection, we can almost become incensed that ...

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4 Tax Law Changes We Need To Make Permanent

With the presidential election beginning to heat up in America over the next several months, we are all going to hear a lot about income taxes.  We all know that with thousands of pages of tax code, it is impossible for the average citizen to really understand all of the different ways they can save money in taxes.  There are many tax law changes set to take effect in 2013.   If I had the opportunity to set the wheels in motion to make some tax law changes that would be permanent and easy to understand, here are four of them that I would recommend we change to become permanent. 1. Social Security Taxation –   From the day you begin working and earning waged income, 6.2% of your paycheck (the last couple of years 4.2%) goes toward your future social security benefits.    This is also known as your Federal Insurance Contributions Act (FICA) tax.     You only see the 6.2% that comes ...

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Will Generation Y Live The American Dream Of Buying A New Home?

Since the real estate meltdown happened in the 2007/2008 time frame, many families across America have seen their home prices plummet far from the original purchase price they paid, even with home improvements.  Others that bought properties in the mid to late 90’s saw a spectacular run of home price growth only to see many of those gains wiped away over the past four years.   With much of the home ownership across America dispersed between the baby boomers and generation X, there is a looming question around whether Generation Y will even want to own a home in the future.    Is this actually still an American Dream or merely something that has turned into a Nightmare On Elm Street?   Here are three reasons why Generation Y may not be a major purchaser of new homes over the next decade despite the incredibly low mortgage interest rates we are seeing today.  Heavy Student Debt – Many people in the 20’s are ...

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Student Loans: Use Your Cash Or Take The Loan?

At Your Smart Money Moves, we get questions that we get from clients, through the website, or others that I see on the internet.   Here is a great one I recently came across around student loans. Q: I have about $40,000 saved up with an additional $6,000 in liquid assets that I am using as my emergency fund.  I’m attending graduate school, which will cost me about $50,000 by the time it’s over.  I will be working full time for the years of graduate school, so I believe that I will be able to save the extra $10,000 by the time I need to pay for it.    Should I pay the tuition out of pocket, or take out a low interest student loan at 5%?   I may be wanting to put a down payment on a house in the next five years, but I don’t want to begin accruing interest on student loans that I don’t necessarily have to incur. ...

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