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I opened my first credit card 5 years ago—here are the top 5 rules I live by to responsibly manage my finances
I opened my first credit card five years ago and have added more to my wallet as my credit score improved. Here are the rules I follow. Many people celebrate wedding and work anniversaries, but one thing you may not think to reflect on is the anniversary of your first credit card. I recently…
Read MoreExtra Time on Your Hands? Use it Wisely to Tackle Your Financial To-Do List
If you’re worried about losing your job or seeing your income fall (or if you’re just bored!), there’s no better time than now to do all you can to solidify your finances. The coronavirus has completely changed our everyday routines. Many people are working from home instead driving to the office and have a less…
Read MoreAre You Over 70.5 Years Old and Still Working? Understand Your Options With RMDs: This Week’s Q&A
This week’s Slott Report Mailbag examines RMDs when you are still working past 70.5 years old and inheriting multiple IRAs. As always, we recommend you work with a competent, educated financial advisor to keep your retirement nest egg safe and secure. You can find one in your area here. Question: I have read some of your…
Read MoreA Tale of 3 Cousins and Their Inherited 401(k) Plans
This is the story of Al, Bob and Carl. Each cousin is the non-spouse beneficiary of his father’s 401(k) plan. Their fathers worked together at the local automotive factory for their entire lives and were all covered by the same plan. The default distribution option in the plan for non-spouse beneficiaries is a five-year payout.…
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