American - Author | June 5, 1951 -
I'm a big advocate of a work-for-pay setup rather than an allowance that isn't attached to chores - it's a great way to impart the value of money to your children.
Suze Orman
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The American dream is dead for the majority of America.
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I want to be clear here: It does not matter what you say in your will or trust; the beneficiary document attached to your IRA accounts and your life insurance policy overrides what you say elsewhere. If you want to change the beneficiary, you must change the beneficiary document.
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If you can't afford the upkeep of your home, it makes no sense to do a reverse mortgage. You will just end up having to sell eventually when you realize you can't afford the home, and whether you have any equity left after the sale depends on the size of the reverse loan that must be settled.
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For all your long-term investments, such as retirement accounts that you won't touch for at least ten years, you need a mix of stocks and bonds. Stocks offer the best shot at inflation-beating gains. But stocks don't always go up. That's where bonds come into play: They have less upside potential, but they also do not pack the same risk.
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Just because you can afford it doesn't mean you should buy it.
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Late payments also hurt your FICO score. And never, ever take out a cash advance on your credit card.
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When it comes to tackling your financial goals, whatever they might be, there's no time like the present.
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Sometimes your mind lets you do things with your money that make no sense.
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The key to making money is to stay invested.
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Here's my gift-giving rule: Respect your current financial situation.
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Credit card companies are jacking up interest rates, lowering credit limits, and closing accounts - and people who have made timely payments are not exempt. So even if you pay off your balance - and that's tough when interest rates are insanely high - there's a good chance your credit limit will be slashed, and that will hurt your FICO score.
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