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Personal Finance

Don’t Try Market Timing – Missing a Few Days Can Tank Your Returns

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Many people try market timing, following the old adage to "buy high and sell low". This is especially true when the market goes south. People are either proud that they sold at the top, or regret holding on to stocks during the downturn. How well does the "buy high, sell low" adage work in practice? According to a study by Fidelity, it doesn't. They found that the decisions … [Read more...] about Don’t Try Market Timing – Missing a Few Days Can Tank Your Returns

What is House Poor & How You Can Avoid It

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Owning a home is a major contributor to building your net worth. In fact, the median homeowner's net worth is 46x the median renter's net worth. While owning a home is crucial, you need to make sure you don't pay too much and end up house poor. What is House Poor? A person is house poor when they spend a large portion of their income on home ownership. This includes … [Read more...] about What is House Poor & How You Can Avoid It

Net Worth Formula From The Millionaire Next Door

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People often wonder what their net worth should be. Some compare themselves to the average, while others have a magic number in their head. Once they hit that number, they know they are financially set. The best net worth formula is courtesy of the Millionaire Next Door. The Millionaire Next Door is a groundbreaking book which revealed that the pop culture view of … [Read more...] about Net Worth Formula From The Millionaire Next Door

Average Net Worth by Age – Where Do You Rank?

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When it comes to your average net worth by age, everything is relative. Keeping track on your net worth will help you achieve financial freedom, and knowing where you rank will help you see how you're tracking for retirement. Below are the average net worth by age according to the Federal Reserve Consumer Finance Survey 2016: Under 35: $76k 35 - 44: $289k … [Read more...] about Average Net Worth by Age – Where Do You Rank?

What is an IRA & Why Everyone Should Have It

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A shocking 21% of Americans have nothing saved for retirement, and even fewer have an IRA. We'll explain what is an IRA, and why everybody in the United States should have one. What is an IRA? An individual retirement account, or IRA, is an account that you can set up at a brokerage firm or financial institution. It can be set up in just a few minutes, and most brokerages … [Read more...] about What is an IRA & Why Everyone Should Have It