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How Often Should You Rebalance Your IRA And What Funds Do You Choose?

Hopefully everyone reading this already has some form of retirement account set up or is planning to get started in the near future. I began contributing to my retirement plan as soon as I had a real job, which wasn’t until I was 26 (it takes a long time to get through optometry school!). I didn’t know anything about the stock market or planning for retirement. I only knew that my employer was offering a match up to 3%,  and I am not one to pass up free money. While I wish I had started saving a higher percentage of my salary from the beginning, hindsight is always 20/20, and I can only go forward. Now that I have been saving and slowly increasing my contributions, I always run into the dilemma of when to rebalance my IRA and what funds to invest in. Since I could never find the perfect answer, I have never really rebalanced. Knowing I should have done this a while ago,  I’m finally taking action, and October 2012 seems like the perfect time. While there are tons of ideas and formulas, it comes down to a few simple steps. As a disclaimer, please remember, I majored in science, not finance. What is your risk tolerance? If potential declines in ...

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Can Money Management Help In Any Way With Debt Consolidation?

The following is a guest post. If you would like to submit a guest post, please read the policy and contact me. Money management – how does it count with regards to your consolidation program? Debt management helps you with better management and better usage of the credit cards, and any other forms of credit. Thus, this is also supposed to help you with paying down your debts with ease. Now, in addition to managing your money wisely, you can also opt for debt consolidation, for this is going to help you with paying down your debts even more easily. Money management and debt consolidation Managing your money wisely In order to be able to manage your money more wisely, it is important for you to: Determine the total income– It is important for you to determine the total income which you can make. This may help you with better money management. Follow a budget– A very important step towards money management is following a budget. Budgeting helps you to keep proper tab on your total income and also the expenses. This is also supposed to help you with saving money on the expense. In addition, this is also supposed to ...

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Can You Avoid Spending Money on School Fundraisers?

We are about two months into the school year with our five year old. Kindergarten teachers are surely a special group. Two weeks ago,  I was able to attend the homecoming parade and help chaperone the kids. It’s really tough to take twenty four 5-6 year olds out to the parade and keep them from running out in the road while people are throwing candy at them. Teachers certainly don’t get paid enough! For all the wonders of kindergarten, I was not prepared for the onslaught of fundraisers that seem to come home each week. So far, we have had school sweatshirts and water bottles for sale, book fair, and the latest one, Little Caesars pizza kits and cookie dough for sale. Next week we have school pictures, which aren’t to raise money for the school, but I bet they aren’t free. Is there a way you can avoid spending money on school fundraisers? My honest answer is that I don’t know. I could boycott all things that cost money and be viewed as the villian parent whose child didn’t sell any pizza kits. I really hate that schools have to resort to asking kids to peddle overpriced dough to buy supplies and go on field trips, but that’s a whole ...

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Can’t Take My Eyes Off These Blogs #9-Brothel Edition

I’m sure everyone has been waiting on pins and needles for my weekly roundup, which is a day late. The family spent the weekend in Moab, UT in a cabin at one of the campgrounds. When we arrived, we noticed that the cabins were named after establishments in an old west town, like the saloon, blacksmith, sheriff, etc. Driving up to our cabin, we were quite thrilled to see that we were staying in the “Brothel.” I’ve giggled all weekend. Can’t wait to go to work on Monday and have someone ask what we did this weekend. “We stayed at the brothel!” The fun never ends. Eyes on the Dollar was mentioned in quite a few places this week. Thanks for reading and sharing. Carnival of Personal Finance #382-The Leaves are Changing at Walking to Wealth Personal Finance Week in Review for October 14 at One Smart Dollar Mid October Favorite Blog Posts at Modest Money Increasing Google Page Rank and Weekly Roundup at Making Sense of Cents Carnivals, Mentions, and Weekend Reading #33 at Work Save Live Friday Recap, a blogoversary, and a sold flat!! at Reach Financial Independence Frugal Friday: Posts that Ruled this Week, the BCS Edition ...

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A Valedictorian’s Advice On How to Raise a Scholarship Kid

What is the dream of every parent? I would imagine that it would be something to the effect of making sure your children become honest, productive members of society. Aside from that, wouldn’t it be wonderful if your kid went to college with a scholarship? Not every child will or should attend college, but if you want yours to have the best possible opportunity to go to college on a scholarship, you have to start early. I am not one to brag about myself, but after reading Do You Flaunt It? on My Money Design, I thought, why not? I am not very musical, terribly creative, or athletically gifted, but I always did well in school. When I was a freshman in high school, I decided I would be valedictorian and get a scholarship for college, and that’s what I did. My parents started grooming my sister and me for college since before we can remember. College was like 13th grade, and we never considered not going. Both Sis and I now hold doctorate degrees, and I thank my Mom and Dad for being tough on us. As a mother, I hope to do the same with my daughter. Here are some steps you might consider if ...

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