05.16.2009
At first glance of the Sound Mind Investing (SMI) Handbook, I thought I was back in college. It really is, for all practical purposes, a textbook for helping you manage your money biblically. But while the size, shape, and scope of the book lend itself to a college textbook, the simplicity of the message does not. It is written at about the high-school reading level in a friendly and conversational tone…
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05.14.2009
Many people have a 401(k) retirement savings plan, which works like this: The plan is funded with pretax dollars taken out of your paycheck (through payroll deductions). … Let’s say you put $2,400 annually in a 401(k) starting at age thirty, and, for the sake of example, let’s assume you get an 8 percent annual return. … As stated above, you can put up to $15,500 into a 401(k) in 2008, and if you are age fifty or older, you are allowed up to an additional $5,000 in “catch-up” contributions.
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