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Archive for June 2017

Once-Per-Year Rollover Rule – The Exceptions to the Rule

As with most IRA rules, there are exceptions to the once-per-year rollover rule. The rule applies to IRA-to-IRA and Roth IRA-to-Roth IRA 60-day rollovers. Just to be clear, an IRA rollover occurs when a check is issued by the IRA or Roth IRA custodian that is payable to the account owner. The following are the…

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The Ricks Report – June 27, 2017

The Ricks Report  June 27, 2017    Numbers of $ignificance MORE RIGS, LOWER OIL PRICES – The number of operating oil rigs in the United States reached 941 last week, up +43% YTD.  The total has now increased for 23 consecutive weeks.  The price of oil closed last Friday (6/23/17) at $43.01 a barrel, down…

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The High Cost of IRA Mistakes

So you think you don’t need/can’t afford an advisor? Have you considered the cost of making IRA mistakes? Even seemingly simple transactions are subject to rules and restrictions under the tax code. Did you contribute too much by mistake? This mistake cannot be corrected by simply withdrawing the excess amount. There are rules on how…

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The Ricks Report – June 20, 2017

­­­­­­­­ The Ricks Report    June 20, 2017  Numbers of $ignificance A DRAMATIC RISE – Online shopping of retail apparel is predicted to grow from 17% of total sales today to 37% by the year 2030 (source: Credit Suisse). I AM ALL SET– 4 of 5 Americans surveyed (78%) are confident in their ability to…

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The 10% Penalty and Converted Funds–Five Things You Need to Know

Rules never go away as much as we may want them to at times, usually when we are just plain exhausted from life’s daily tasks and hardships. Whatever the case may be, it’s very important to increase our awareness and understanding of certain rules or else we can potentially face unwanted consequences, thereby making our…

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The Ricks Report – June 12, 2017

­­­­­­­­ The Ricks Report    June 12, 2017  Numbers of $ignificance THE TOP IN 2014 – The top 1% of US taxpayers paid 39.5% of total federal income taxes collected for the 2014 tax year (source: Internal Revenue Service). MEASURES TO TEND TO– Treasury Secretary Steven Mnuchin urged lawmakers on 5/24/17 to increase the nation’s…

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Winning at Life: Which Loan Should I Pay Off First?

On Winning at Life, Matthew from Bush, Louisiana asks Gregory Ricks’ advice on which loan he should pay off first. He’s a college student with two student loans, and needs a second opinion on how to get out of debt quickest.

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