income IRA

High-earners are in something of a Catch-22 when it comes to saving for retirement. On one hand, they have the extra income available to fully fund tax-deferred retirement vehicles — but that extra income often disqualifies them from the accompanying tax breaks.

The IRS limits tax-deductible contributions to Traditional IRAs to those individuals who earn $69,000 or less, and married couples who earn $115,000 or less. Roth IRA contributions are limited to individuals who are making less than $127,000, and married couples who are making less than $188,000.

So, what are the best investment options for these high-earners? Here are three ways high-income individuals and couples can still put away money for retirement—without feeling overwhelmed by the taxman: [ continue reading… ]


If you still haven’t thought much about taxes, now is a good time to start thinking about your tax returns. Tax season is coming up and you need to be ready to tackle the many new tax laws and how it applies to your situation. Part of getting ready, though, includes deciding whether or not someone else needs to prepare your tax return. Here are some things to consider as you make your decision:

How Complex is Your Tax Return?

One of the biggest reasons to hire a pro is due to the complexity of your tax return. If all you have is a Form 1040, along with a couple of Schedules, it’s usually not a big deal just to do your own taxes. The IRS has fillable forms online, and it is possible for you to get relatively inexpensive tax preparation software. For a long time, I actually just filled out my tax return by hand, all on my own.
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cell phone bill
Having a cell phone was a luxury years ago, but it’s now considered by many as a must-have. I bet most people would probably admit that they couldn’t live without their phones. The privilege doesn’t come cheap though.

Aside from buying the phone itself (which can cost hundred of dollars), you’re also paying a monthly bill that’s far from cheap. At more than $100 each month, that cellphone bill could be a huge drag to your wallet.

Luckily, you don’t have to pay a lot to get what you need. Let’s take a look at four simple ways you can save on your cell phone bill:
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low income tips

Most of us want to save money so we can build wealth and plan for the future. We have goals we want to reach (like traveling) or things we want to buy (like a dream home). However, this can seem impossible when you’re surviving on low income.

According to CNN, 25 million American households are living paycheck to paycheck. When money is tight, saving any amount can be the last priority on your list. You’re just trying to get by.

So how do you save more money when you’re making minimum wage? How can you reach your financial goals on a low income?

When it comes to finances, it’s important to not only think about the now but also the future. Even if you’re earning a minimum wage, you can still save little by little. Here’s how:
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I have no plans of allowing my son to have a cell phone until he’s old enough to drive. I just don’t. Part of my aversion toward children, tweens and young teens carrying cell phones stems from my years of teaching and the fact that I would really like to avoid adding another distraction to my child’s academic life.

I also worry about the financial aspect of cell phone usage. Small children are lacking in both an income and an understanding that easy-to-make phone calls and text messages cost money.

Still, I know that things may change in the next few years, and it’s certainly possible that I will want to give my peanut a cell phone sometime before 2026. So here are some things to consider as you are fielding your child’s daily pleas for a cell phone:
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thinking about finance

Financial success is a little bit like fitness — we all know what we should be doing, but for a lot of us, ramping up our retirement savings and jumping on the treadmill are two things that just don’t happen.

Even though making the rational decision to save or exercise is in our best interests, it’s awfully difficult to make the right long-term decision in our day-to-day lives. The question is, why? When we all know the right decisions to make, why is it so difficult to make it happen?

Psychologists and behavioral economists have some answers:

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