The most commonly used method to transfer money is by ACH. It’s typically an overnight process, although some banks make it slower than others. There’s technically international ACH, but I haven’t seen it offered to consumers. If you need the money transferred sooner or if you are transferring money to a different country, you can […]
Latest Blog Posts
DALBAR Study Overstates Investors’ Bad Timing
We just passed the two-year anniversary of a recent stock market bottom. Numerous articles in the newspaper and on the web show investors as a whole are dumb. They took money out of the stock market near the bottom and they are now putting money into the stock market after the market recovered almost to […]
Credit Card Concierge Service: Free and Helpful
Credit card companies keep inflating the status of their cards. 20 years ago a Gold card was something worth bragging about. Now everybody gets at least a Platinum card. Look at the credit cards in your wallet. Chances are you have a Visa Signature or MasterCard World card. These cards come with a free concierge […]
Free File Fillable Forms: Not Directly With IRS
Am I the only holdout who refuses to use online tax software or e-file through a third party? I refuse to give my tax data to anyone except the IRS. Putting my tax data online with a third party is out of the question. I use tax software but only software I install on my […]
Retirement Income: OAS and CPP in Canada vs Social Security in US
Canada’s retirement programs OAS and CPP have a much better setup than Social Security in the US.
Dollar Cost Averaging: Don’t Stop Buying On the Way Down
Dollar cost averaging means investing a set amount on a schedule, for example $500 a month every month. Dollar cost averaging isn’t the same as periodic investing. Dollar cost averaging means you have the cash to invest in a lump sum now but you choose to phase in your purchases over time. Periodic investing means […]
In-Service Withdrawal: The Law and The Plan Rules
It’s a sad fact many 401k plans are bad: the investment choices are poor; the fees are high. People naturally ask if there’s a way to take the money out of the plan to their own account. We all know when you leave your job, you can. It’s called a 401k rollover. In most cases […]
Who Is A Millionaire?
I hear people use the word millionaire, but I’m not sure what exactly it means. For example, President Obama said in his latest State of the Union address, “Before we take money away from our schools or scholarships away from our students, we should ask millionaires to give up their tax break.” Who exactly are […]
Social Security Family Benefits Mess
Most of people think of Social Security as a government managed savings program similar to a 401k plan: you pay into the system when you are working; you draw from the system when you retire. More informed people will point out it isn’t so. It’s a pay-as-you-go inter-generation transfer program. The money you (and your […]
Claiming Parent As Dependent On Tax Return
Reader Bill asked me if it’s possible to list his parents as dependents on his tax return. Bill’s parents are foreign citizens. They came to visit him and lived with him for eight months last year. We are all familiar with children as dependents. Can parents also be dependents for tax purposes? I consulted my […]