One of the features of retirements accounts is that you have the ability to borrow against them. And, increasingly, Americans are turning to their 401k retirement accounts for money. Emergencies like job loss, unexpected medical problems and other economic troubles are causing Americans to consider taking money from their retirement accounts in order to smooth the way.
While there are ways to avoid penalties on the money taken out for 401k retirement accounts, it still reduces the overall money you save for retirement in the end. The 401k is preferred because it is easier to access that Roth accounts and pension …read more

My sister is a little worried. She completed the economic stimulus payment calculator and found that her family should expect $1,200 for her tax rebate. After looking at the economic stimulus payment schedule, she discovered that she should have received her stimulus payment, via direct deposit, just over three weeks ago.
So, she went to the IRS Web site to find out what the problem is. There is a feature called “Where’s My Stimulus Payment?” No matter how hard (and how much later) she tried, this is what she got:

Also, she got a message on another part of the Web site …read more

With worries about a recession coming in the midst of higher oil prices, it has come to my attention that my 5 tips for saving money on gas is missing something: Prayer. That’s right. We should be praying for lower gas prices. The Baltimore Sun has this story about one man’s quest to get God to intervene:
Standing alongside a row of gas pumps at a Shell station, Rocky Twyman joined hands with several cohorts, prayed to God for economic and social relief then sang “We Shall Overcome” – inserting the lyrics “We’ll have lower gas prices” the second time around.
…read more

Unlike a gas tax holiday, here is something that might really help you in terms of saving money on gas: Rebates from credit card companies.
My Money Blog has a review of credit cards that offer gas rebates. Just make sure you follow the basic rules of responsible credit card spending and pay off your balances each month.
Another thing you could try? Rewards and partnership programs. One of the grocery stores in my town has partnered with a local gas station. Every time you buy groceries, you get a discount on gas. Look around town for deals like this to help …read more

I’ve been thinking a lot about “economic stimulus” and the tax rebate. The tax rebate, especially, was brought to my attention on Friday when the announcement was made that direct deposit tax rebate payments will start today — ahead of schedule. Tax rebate time will continue through July, depending on when you filed your tax return, what your last name is and whether you are getting your tax rebate via direct deposit or check.
And whether or not we’re in a recession (which is debatable) it is important to keep in mind that with food prices inflation and increasing oil prices, …read more

One of the pet peeves I have about the debate over universal health care is this argument: “If we socialize health care, where will it end?” As if health care would be the first socialized institution in our country.
Our education system, police force, and even our mail system is socialized. When you look around and see all the social-type program we have, it seems rather amazing that only when health care comes up do people start to worry about socialism.
And, of course, one can’t forget socialized capitalism.
Er, isn’t “socialized capitalism” an oxymoron? In theory, I suppose so. In practice, though, …read more

One of the things I am constantly asked is whether it is time to get out of the stock market. Since, over the long haul, the stock market usually manages to come out ahead, I say. “No.”
But there is a qualification. Look at your investment portfolio and make sure that you are investing in companies with strong fundamentals. You can get some good deals right now while there is some turmoil in the market. Buy more stock when the prices are low (but choose your stocks wisely), so that when the market recovers you will be in better shape.
Here is …read more

Just thought I’d share a link that offers some tips for surviving a recession.

Today is B5 Business Channel Promo Day. All sorts of great business and personal finance advice to be had over at the post: You Say You Want a Resolution.
Now is the time to start thinking about next year: making plans and figuring out what you could do better. This is as true in your personal finances as it is in other aspects of your life.

Today is the B5 Business Channel Theme Day.  As the end of year approaches, we focus on “Wrapping It Up.” At Yielding Wealth, the focus is on reviewing your personal finances. But head on over to Home Biz Notes to read the other posts on Wrapping It Up.