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I was watching the American Express Summit where Shaq was describing a time when he asked a wealthy restaurant owner how he was able to maintain his wealth. Apparently, the answer was blissfully simple, if you have the where withal to be able to accomplish it. I am...

Virtual Currency

Surprise, the IRS is intensely interested in filers who transact in virtual currencies. They are requiring more disclosure. Starting with returns filed this year, people must answer on Schedule 1 of the 1040 whether they’ve received, disposed of, sold, exchanged or...

The Financial reserve

Bankrate’s January Financial Security Index survey reveals that just four in 10 U.S. adults (41 percent) could cover the cost of a $1,000 car repair or emergency room visit using savings.  This is not surprising, since we have been hearing about these reports for...

Inherited IRA’s

There is now a tightening on the distribution timeline for inherited IRAs and workplace retirement accounts. Many need to be cleaned out within 10 years of the death of the IRA owner or 401(k) participant. The exceptions allow payouts over the beneficiary’s life...

Title loans

I have no idea why lately I have been intrigued with businesses that focus on targeting low income people.  I know that I have seen a commercial recently that was advertising payday loans.  I guess this piqued my curiosity that it was a profitable enough industry to...

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