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Saving

How to Save a Million Dollars at Any Age: 35 Years Old

by Luke Landes

Kiplinger’s Personal Finance Magazine has some suggestions for saving a million dollars regardless of your age. The only catch is that it’s going to take several decades to get to that point. The passing time has a detrimental effect, however. Inflation will eat away at your purchasing power so $1,000,000 thirty years from now will ... Continue reading this article…

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How to Save a Million Dollars at Any Age: 25 Years Old

by Luke Landes

Kiplinger’s Personal Finance Magazine’s February issue has suggestions for saving a million dollars, whether you’re 25, 35, 45 or 55 years old. The authors assume that you’ve already been saving money every year, but provide a strategy to add $1 million to your net worth over time. At Age 25 * Contribute enough to your ... Continue reading this article…

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The New Emergency Fund: Five Components of an Emergency Plan

by Luke Landes

In an world of overly simplified platitudes and one-size-fits-all “advice,” there is little repeated more in personal finance than the importance of the emergency fund. Typical popular financial advice prescribes a high-yield savings account in which one can store three to six months’ worth of expenses. Suze Orman suggests aiming for eight months’ expenses in ... Continue reading this article…

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Put Your Savings in Hyperdrive: 6 Ways to Accelerate Your Interest

by Luke Landes

Over the last week or so, I’ve written a little about small changes you can make to your savings habits to speed up your interest earnings. This is a task that is getting more difficult with the economy possible heading for a recession and with the Fed lowering interest rates. With lower yields even in ... Continue reading this article…

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Put Your Savings in Hyperdrive, Part 6: Make Your Raise Invisible

by Luke Landes

This is the last installment of the series in which I offer a few suggestions for picking up the pace of your savings. For those not familiar with the concept of “hyperdrive,” the word refers to traveling faster than the speed of light, common in science fiction. This is the speed I would like my ... Continue reading this article…

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Put Your Savings in Hyperdrive, Part 5: Hide Your Savings From Yourself

by Luke Landes

Over the past week, I’ve been sharing some ideas for taking your savings to the next level. Try to take advantage of high-yield savings accounts while you sill can. With the economy in bad condition, it’s likely the Federal Reserve is going to lower the target interest rate, which will mean lower interest rates for ... Continue reading this article…

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Put Your Savings in Hyperdrive, Part 4: The Expensive Coffee-Related Drink Factor

by Luke Landes

I’m on a quest to determine a number of financial moves that will accelerate savings beyond the typical snail’s pace. I’ve written so far about opening a high-yield account, keeping your change creatively, and automatic your savings. These are all basic concepts that can be applied in interesting ways with a little bit of attention. ... Continue reading this article…

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Put Your Savings in Hyperdrive, Part 3: Automate Your Savings

by Luke Landes

If you’ve ever run from one point to another, you’re probably aware that there is a limit to your speed. With “analog” equipment like the bones, muscles, joints and tendons in your legs and feet, there are physical limitations that prevent you from going too fast. Don’t worry. Thanks to recent inventions, it’s quite easy ... Continue reading this article…

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Put Your Savings in Hyperdrive, Part 2: Keep Your Change

by Luke Landes

Whether you’re trying to establish an emergency fund or putting money away to take your dream vacation, you can reach your goal faster by putting your savings in hyperdrive. Unfortunately, scientists have not yet perfected time travel. When they do, saving for retirement might only entail traveling back to the 18th century to deposit $1,000 ... Continue reading this article…

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Put Your Savings in Hyperdrive, Part 1: Open a High-Yield Account

by Luke Landes

Hyperdrive, also known as warp speed or a number of other terms in science fiction, refers to traveling faster than light. While theoretically impossible for objects due to the special theory of relativity, moving at this incredible pace is possible for your money. While you have a savings account earning continuous interest, you are becoming ... Continue reading this article…

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Cashed In Series EE Bonds

by Sasha

In the interest of further consolidating my finances, this past week I cashed in a small collection of 1988 series EE bonds which I’d kept hidden away ever since. All had reached and surpassed their maturity dates long ago, so they were worth their face value and then some. Here’s what mine were worth, which ... Continue reading this article…

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10 Easy Ways to Save Money Without Much Effort

by Luke Landes

The holiday season is approaching, so I know I’ll be spending more money. I have even begun planning a vacation, and I want to make sure I can afford it. Additionally, I am projecting that my side business will make less money in the future and not allow for the career transition from full-time cube ... Continue reading this article…

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Grabbing the Last of the 5.65 APY CDs

by Sasha

Now that the Federal Reserve Board lowered the interest rate, it looks like we’re seeing the last of the 5.3 percent APY savings accounts, which appear to be a dying breed. I personally expect even these to disappear shortly; after all, why offer rates in the 5s when other banks are touting rates in the 4s ... Continue reading this article…

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Reader Question: What to Do After an Emergency?

by Luke Landes

Here is a question from a reader: I’d be interested on a post about what to do after you’ve dipped into your emergency fund considerably. How quick should you replenish it? What are the best ways to replenish it? Is it worth backing off on funding things like Roth IRA’s to build back your emergency ... Continue reading this article…

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Guest Post: Ditch the Car and Save a Bundle

by Luke Landes

Ryan Waggoner is an Associate Product Manager with CNET Networks, working primarily on GameSpot. He writes about entrepreneurship, real estate investment, and technology at ryanwaggoner.com. In this guest post, Ryan talks about his experience without a car in San Francisco. My wife and I moved to San Francisco from Colorado about 10 months ago. We ... Continue reading this article…

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Guest Post: Cutting Down the Cost of Razor Blades

by Luke Landes

This is a guest post from Matthew Paulson. Matthew writes about money on his blog, Getting Green. While I save money on shaving by using water rather than shaving cream or gel, Matthew has another idea. I noticed that my razor was getting dull the other day, so I did what everyone does and went ... Continue reading this article…

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Guest Post: Quality Clothes for Less than a Buck

by Luke Landes

Sharon Harvey Rosenberg is a columnist for the Miami Herald. She writes about about saving money and the art of being frugal in her column as well as on her blog, The Frugal Duchess. In this guest post, Sharon writes about making the best choices in clothing through the concept of cost-per-wear. It’s a cute ... Continue reading this article…

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ING Direct Offering 10% APY Promotion… In Spain

by Luke Landes

According to BlogAhorro, ING Direct is offering existing customers 10 percent APY for one month. Here is a rough translation: ING Direct has sent a letter to its customers offering a 10 percent APY for its Orange Savings Account for one month. In order to qualify, make a deposit from any other bank before April 5, 2007. ... Continue reading this article…

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Question from Reader: Swiss Bank Accounts

by Luke Landes

Here’s a question I received from a reader regarding the Premium Certificate of Deposit accounts at Millennium Bank: Have you ever heard of a bank called Millennium Bank? They are Swiss, not FDIC insured, and will give me 7.25 percent on a 1-year CD, which is not redeemable until maturity. I really want to do it, ... Continue reading this article…

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Americans Aren’t Saving, Little Splurges Add Up

by Luke Landes

Here are some interesting survey results from the Pew Research Center. 77 percent of Americans describe themselves as “always looking for more ways to save money,” while 18 percent don’t even try to save. 63 percent believe they should save more, while 32 percent believe they are saving enough. How about spending more than one can afford? Today, a ... Continue reading this article…

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