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Saving

Rate Update: HSBC Direct Offering 6% APY

by Luke Landes

There’s a catch: If you want to earn 6.0 percent APY, you’ll need to deposit “new money” into an HSBC Direct account. Money transfered out and then back in doesn’t qualify; only your net increase does. This special rate will only last until April 30, and their regular interest rate is currently 5.05 percent APY. It’s not ... Continue reading this article…

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Get Your Tax Info (1099-INT) From ING Direct

by Luke Landes

If you have a savings account at ING Direct, you should now be able to download the tax form that outlines the amount of interest you received throughout 2006. Here’s how to get it. Log into your account at ingdirect.com by providing your account security information. Click the “Tax Info Available Now!” icon located on ... Continue reading this article…

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Forget About the Latte Factor

by Luke Landes

See also: Put Your Savings Into Hyperdrive, Part 4: The Expensive Coffee-Related Drink Factor. I’m sure a number of regular Consumerism Commentary readers have heard about “The Latte Factor®,” the idea (trademarked by David Bach) that cutting back on a cup of gourmet coffee each day will result in wealth in the long term. My ... Continue reading this article…

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Rule for Building Wealth: Make Saving Automatic

by Luke Landes

In July 2002, I opened an account at ING Direct and created a scheduled transaction. Every two weeks, when my day job paycheck was deposited, a portion of this money was automatically passed through directly into my new Emergency Fund. A few months earlier, I became eligible for investing in my company’s 401(k). This is ... Continue reading this article…

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Saving for a Wedding Next Year

by Luke Landes

Word must be getting around the office that I’m up on the current personal finance issues in the world. A coworker who I don’t normally work with came to me to ask my opinion the other day. She’s saving for her wedding, seven months from now. The soon-to-be bride, who received some money earmarked for ... Continue reading this article…

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Extreme Savers Greg and Tara: We Have Some Things in Common

by Luke Landes

CNN Money seems to have switched its focus from “Millionaires in the Making” to “Extreme Savers,” and today they have an article about Greg and Tara Black. They earn $48,000 and live in Charlottesville, Virginia. They shop at Kohls and JC Penney for clothing, as I do. Their entertainment comes mainly from Netflix, of which ... Continue reading this article…

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Money Magazine: 25 Rules to Grow Rich By, Part 4

by Luke Landes

Money Magazine came up with 25 “rules of thumb” that will help your grow rich, albeit very slowly. Rules of thumb are often appropriate only for a fictional “average person,” but they can be good starting points for determining what is the right choice for any individual. I’ve looked at the first fifteen so far, ... Continue reading this article…

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Money Magazine: 25 Rules to Grow Rich By, Part 3

by Luke Landes

Last week, I started a short series looking at Money Magazine’s 25 rules to grow rich by. I’m breaking down the advice within the article into five separate blog entries here; you can find part one here and part two here. Here are the next five tips, with a bit of my own commentary thrown ... Continue reading this article…

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Money Magazine: 25 Rules to Grow Rich By, Part 1

by Luke Landes

Money Magazine seems to be publishing some good content lately. First, it was 7 shortcuts for major money hassles, and today it’s a larger feature on 25 rules to help you grow rich. I’ve never been one to play by the rules, which in my opinion, are made to be broken. In fact, I hate ... Continue reading this article…

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Money Magazine: 7 Shortcuts for Major Money Hassles

by Luke Landes

Money Magazine is running an extended feature targeting 7 of the most annoying money problems, and proving some easy solutions. Here is a shortcut to the seven shortcuts: 1. Ace your retirement. Buy a target-retirement fund in your 401(k). If you believe you’ll be retiring in 2030, you can buy a fund that targets that ... Continue reading this article…

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10 Examples of How You Can Be Penny Wise, Pound Foolish

by Luke Landes

Everyone loves saving money, cutting back, and reducing expenses. However, sometimes there is a tendency to focus on the wrong things. While you’re busy feeling good about reducing little costs here and there, every once in a while you neglect the larger picture. Here are some examples: 1. Saving money by not going to the ... Continue reading this article…

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Not Everyone is Perfect, Including Financial Columnists

by Luke Landes

MP Dunleavey, a columnist for MSN Money, recently came to the realization that her family’s finances were not in order. Wait a minute! Dunleavey has been writing about personal finance for years, and has covered the very issues she is facing. This cognitive disconnect is common in the world, so I can excuse her. Her ... Continue reading this article…

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What Should I Do With My Side Business Income?

by Luke Landes

I do a little random work on the side in order to bring in a few extra dollars in addition to my day job. Luckily, most of this “extra” income is over and above my expenses for the month. I generally use the income to pay for business-related expenses, but even afterwards I have some ... Continue reading this article…

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Savings Interest Rate Update: UFB Direct Up to 5.27%

by Luke Landes

The money market savings account at UFB Direct now offers the highest no-minimum interest rate (APY) at 5.27 percent. There are more interest rates here for comparison. I do not have an account at UFB Direct.

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Passed an Orange Milestone

by Luke Landes

Last month, I passed a small milestone. I’ve collected more than $1,000 (before taxes) in interest in my ING Direct savings account. While I no longer keep all of my savings there, with banks like Emigrant Direct and HSBC Direct offering better rates, it has been nice to see this particular number growing month after ... Continue reading this article…

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Capital One 360 Subaccounts: Here’s How

by Luke Landes

Today, I received this question from Lindsey, a reader: Hello! I have been reading through the archives that you have on your blog, and I see that when you had your ING Direct savings account you were able to set up subaccounts so that you personally could keep your money organized. I was wondering how ... Continue reading this article…

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New Nest Egg Index: How Well Are We Saving?

by Luke Landes

Last year, A.G. Edwards developed the 2005 Nest Egg Index, measuring how well people in the United States are saving money. They have updated the survey for 2006 and released the results today. Here are more details:

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Automate Your Emergency Savings

by Luke Landes

David Bach, author of The Automatic Millionaire, offers suggestions for making your emergency savings automatic. Before we get to the tips, most people agree that building an emergency stash of cash that can last long enough to cover three to six months should be one of the first financial priorities, even for those in debt. ... Continue reading this article…

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Increased My 401(k) Contributions

by Luke Landes

Since my side income seems to be growing more than I expected this year, I’ve decided to increase my 401(k) contributions to reduce taxable income. In February, I increased my income deferral rate from 4 percent — the minimum contribution necessary to maximize the company’s match rate — to 6 percent. I was already maxing out my ... Continue reading this article…

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Spending Philosophies: Five Tips for a Better Relationship

by Luke Landes

Money Magazine is profiling Michael and Brittany Abbate. Here is their situation. The couple used to have a total annual income of $135,000 to support them as well as their daughter, but thanks to a move from Chicago to Phoenix and a pregnancy, they now make less than half that amount. Due to the pay ... Continue reading this article…

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