Some articles that caught my eye this week…
There has been much talk lately about the upcoming “fiscal cliff”, a combination of the expiration of the Bush tax cuts along with enforced spending cuts, that could possibly cause us to dip back into a recession. Certainly, if Congress does not act then everyone will feel an extra bite from the tax man. The article has a link to a potential tax calculator that will help you estimate just what effect the increased taxes would have for your specific situation.
These are the kinds of things that can whittle away our financial freedom a few dollars at a time when we aren’t paying attention. While there is nothing illegal about these kinds of charges, they often result from deceptive business practices and in my opinion are sometimes borderline immoral.
One of the secrets to investing is the earlier you start the less you have to do. Especially if your kids have any kind of income, putting just a little away in a Roth IRA when they are young could literally turn into hundreds of thousands of dollars.
The key is to plan. Be intentional. Happen to Christmas. Don’t let it happen to you.
Much in life is often a process of two steps forward and one step back. The key is not to get discouraged and give up. Proverbs 24:16 says “The godly may trip seven times, but they will get up again. But one disaster is enough to overthrow the wicked.” This is certainly true with respect to money matters. Set backs will happen; the key is to keep doing the right things and you will succeed over time. Don’t allow a set back to cause you to quit.
Fun link of the week:
Recognize any of these Christmas shoppers when you look in the mirror?