With the Federal Reserve engaged in an asset purchase program designed to increase the money supply in an effort to stimulate the economy, many are starting to worry about inflation.

Inflation represents a decline in the purchasing power of your dollar. Essentially, it is a rise in prices. However, not only are many consumers starting to worry about protecting themselves against inflation, but they are also concerned about hyperinflation.

(click here to continue reading…)

One of the more controversial (at least in financial circles) items to come out of the budget recently proposed by the Obama Administration is a cap on retirement accounts.

The idea is to cap retirement accounts, preventing further contributions to tax-advantaged accounts. The reasoning is that, at a certain level, enough is saved up for a “reasonable” retirement and there is no more need for the tax advantage.

Presumably, instead of contributing to tax-deferred accounts, those who reached the cap would no longer be able to take advantage of the savings, and pay taxes on that income, instead of getting a tax deduction. (Of course, there are issues surrounding the fact that, eventually, taxes would have been collected on the money if it were withdrawn from a tax-deferred account down the road.)

(click here to continue reading…)

College graduation is rapidly approaching for many students. Soon, graduates will be starting new jobs, and learning about how to operate in the “real” world. They will be leaving internships and classes behind and trying to figure out how to navigate the pitfalls of the modern workplace.

Money decisions need to be made at this point, including what to do with the money that is being earned. One of the most important decisions is to decide to invest in a tax-advantaged retirement plan, like a 401(k).

If you want to outlive your money, it’s important to take advantage of youth and time. However, it can be daunting to handle the decisions that come with a 401(k). Kevin Gahagan, CFP, CIMA, and Principal of Mosaic Financial Partners, Inc. offers four mistakes that young professionals often make. If you want to make the most of your 401(k), avoid this pitfalls:

(click here to continue reading…)

“This is most likely the largest financial investment you’ve ever made,” Chicago real estate attorney John R. O’Brien says.

When you buy a home, you are making a huge commitment. On top of that, buying a home is a complex transaction, requiring titles, insurance, escrow, and there are usually a number of players involved. As a first-time home buyer, things can become overwhelming.

If you are planning to buy a new home here are 7 essential tips to ease the process:

(click here to continue reading…)

Our tax code is large and often confusing. There are so many provisions that many of us don’t come close to knowing them all. Instead, many of use hire accountants to help us do out taxes.

It’s easy to skip over a tax we don’t know about, as well as miss deductions and credits to which we may be entitled. One of the things you might be missing (intentionally or not) is what is known as the “use tax.”

(click here to continue reading…)

One of the issues with new wealth is that it can provide you with a feeling of giddiness. If you’ve just graduated from school, it can be a heady feeling to know that you have a lot more money coming in.

Sometimes, the difference seems so big that you lose perspective and begin spending money at will. When you’re so rich now, it seems as though you’ll have plenty of money to do what you want.

Unfortunately, this wealth effect can lead to poor financial behaviors — and even to debt.

(click here to continue reading…)

My husband is reluctant to apply for full-time professor jobs. One of the things holding him back is something that, as someone with a Ph.D. in Psychology, he is well aware of. It’s called Impostor Syndrome.

“I feel like I’m wearing a mask,” he says. “My students, and even many of my colleagues tell me I’m great, but I sometimes I feel like a fraud. What if I’m not as good as they say I am?”

(click here to continue reading…)

One of the great traditions is the summer vacation. The kids are out of school, and many parents have saved up vacation days or flex time that can be used to go on vacation.

Unfortunately, a summer vacation can get a little expensive. Whether you drive or fly, you need to come up with the funds to pay for your excursion. You shouldn’t go into debt for your summer vacation, though. You should come up with a plan to save up enough money for a summer vacation.

(click here to continue reading…)