Category Archives: General

The Government Wants To Limit Your Retirement Savings!

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uncle-sam

The US government wants to limit how much money you can save across your tax-advantaged retirement accounts (401k,IRA, Roth IRA…). President Obama released his budget plan the other day and one specific proposal really caught my attention. In the name of raising $9 billion in new revenue for the government, the President wants to limit the amount you can save in your retirement accounts to $3 million. The reasoning for the $3,000,000 limit is that it’s about equal to an annuity that would pay out $205,000 per year. A “reasonable retirement” in their terms. My initial reaction to the plan was some combination of shock and anger. “How dare they tell us how much we can save in our retirement accounts!” However, after taking the time to sit down and think about it some more, I can see both side of the argument.   Not many people are affected, at all. Currently 0.3% … Continue reading →

How To Avoid Fraud When Booking Your Next Trip Online

 
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The following is a guest post by Amy Johnson. If you’d like to have your own guest post featured on The First Million is the Hardest see my guest posting guidelines and send me an email! Avoid Credit Fraud when Booking Your Plane Tickets Online Buying travel tickets online is no different from online shopping. Experts remind travelers that the risk of credit card fraud is always present. They strongly advocate for safe computing habits and considerable amounts of common sense. And these measures need to take effect from day one that travel plans are set in motion.                               Safe Online Booking Tips for Your Vacation Travel Plans Online booking of airline tickets is essentially online shopping. Internet security experts strongly recommend the adherence to the same measures to protect consumers from becoming victims of credit fraud. The rule of thumb is to trust only reputable service providers and to … Continue reading →

The Case For A Higher Minimum Wage

 
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Last week during the annual State of the Union address, President Obama laid out his case for raising the national minimum wage. He said: “…Today, a full-time worker making the minimum wage earns $14,500 a year. Even with the tax relief we’ve put in place, a family with two kids that earns the minimum wage still lives below the poverty line. That’s wrong. That’s why, since the last time this Congress raised the minimum wage, nineteen states have chosen to bump theirs even higher. Tonight, let’s declare that in the wealthiest nation on Earth, no one who works full-time should have to live in poverty, and raise the federal minimum wage to $9.00 an hour. This single step would raise the incomes of millions of working families…” Raising the minimum wage always sparks an intense debate. In the days since the State of the Union address I’ve seen numerous blog … Continue reading →

The 99 Best Personal Finance Posts of 2012

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2012 marks my first full year as a personal finance blogger. In addition to everything I’ve written here, I’ve discovered a huge number of finance blogs that I’ve come to be a big fan of reading myself. So with 2012 winding down, I thought I’d take some time out and recognize some of the great posts I’ve read on other sites this year. So without further adieu, here are the 99 Best Personal Finance Posts of 2012!     The First Million is the Hardest (Twitter: @1stmillionblog) Is it selfish to start this list off with my own posts? Maybe, but I’m making the rules here! Here are five of my favorite posts that I’ve written on The First Million is the Hardest this year. Peer to Peer (P2P) Lending Explained – Lending Club Review. – The stock market has been wild and CD’s and savings accounts are yielding next to … Continue reading →

Weekend Reading & Links

 
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weekend reading

I hope everyone out there is having a great weekend, and Happy Hanukkah to those celebrating this week. I know you’re not going to believe it, but there were a lot of great post to read this week that were written by people other than yours truly! So after you’re done shopping for the day, or at halftime of the football games, check out the following great reads: How Living In a Small Town Effects Our Finances by Master The Art Of Saving Cheap vs Frugal: How Far is Too Far? by Edward Antrobus Overcoming Murphy’s Law – Our Journey Out Of Debt by WorkSaveSive Watch Your Money This Festive Period by Money Principle How to Negotiate Your Bills and Your Debt by Reach Financial Independence  The Vagaries of Life by Broke-Ass Mommy  Saving Money By Comparing Gas Prices Online or With Apps by Digital Personal Finance  The Most Important Thing You’ll Learn In College by FI Fighter  … Continue reading →

Everything You Need To Know About The Fiscal Cliff

 
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fiscal-cliff

The Fiscal Cliff is coming, and only our elected officials can stop it. You can argue among yourselves which part of that sentence is the scariest, but on December 31st of this year the United States is set to head over the “Fiscal Cliff”. Here is what you need to know about it: What is the “Fiscal Cliff”? The term “Fiscal Cliff” – coined by Fed Chairman Ben Bernanke – is basically an economic version of Hurricane Sandy, where all the right stars align to make an already powerful and damaging force all that much more destructive. The forces combining to create the fiscal cliff are numerous: 1. The Bush-era tax cuts are set to expire on December 31st of this year. If they are not extended income tax rates will rise by ~3% across the board. The 10% tax bracket will also disappear.  In addition the child tax credit will be … Continue reading →