Imagine this scenario: Your phone rings, and the caller identifies themselves as a representative from Social Security. They inform you that potential illegal activity has been detecting regarding your Social Security number, and that your account has been suspended. Alarmed, you ask the caller how you can get this fixed right away. He or she tells you to call another number, follow directions as prompted, and you can prevent your assets from being frozen. If you follow these directions, you will be asked to confirm certain types of information including your Social Security number, your birth date, your bank account
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Most of us dream of being “rich” or “wealthy” or experiencing “financial freedom”. But what do those words actually mean to most of us? What is our exact definition of “wealthy”? It probably wouldn’t surprise you to learn that to some degree, these terms are relative to one’s background and current circumstances. What is middle class to one person might feel “rich” to another, and what feels like freedom to someone else might feel too constrained to yet another person. But, to get an idea of what “wealthy” means to most Americans, GoBankingRates conducted a survey*. The answers might surprise
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Retirement presents a challenge for most people, both with regard to their changing lifestyle and their changing budget. In particular, shifting to a lower income and smaller budget can feel quite uncomfortable. While sound financial planning throughout your working years can help you to build as much retirement income as possible, preparing for your future budget is another significant part of retirement planning. One of the best steps you can take is to pay down debts during your pre-retirement years, so that your living expenses better fit within your budget. Most retirees report that housing is their number one expense.
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In the event of a financial emergency, how would you come up with the necessary cash for living expenses, medical bills, or a home repair? Asking yourself this question ahead of time, before a crisis ever emerges, is always a good idea. When we’re under pressure, it can be much easier to make big mistakes with money. Often, those facing a large, unexpected expense are tempted to take a loan from their 401k account. It looks like a good idea on the surface; you’re borrowing from yourself, rather than a bank, and the interest rate is often comparatively reasonable (usually
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