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Economic Update 08/31/15

STOCKS CORRECT, THEN REBOUND After the record 1,000-point plunge the Dow Jones Industrial Average took Monday morning, all three major U.S. benchmarks ended up falling below correction levels – but then an impressive recovery began. Bargain-hunters, an interest rate cut … Continue reading

Economic Update 08/24/15

CHINA DATA, CRUDE PRICES DRIVE MAJOR SELLOFF Fierce headwinds hit Wall Street last week. A report showed that Chinese factory activity hit a 6-year low in July, raising serious doubts about whether that country’s economy was still maintaining 7% annual … Continue reading

Worried About a Tax Audit? Here are the IRS Audit Red Flags

Are you worried about being audited? The fear may be overblown as only 0.86% of taxpayers had their federal returns examined in 2014. Last year, 7.5% of millionaires had their returns scrutinized. Much of this is down to low staffing … Continue reading

Economic Update 08/17/15

SHOPPERS SPEND MORE IN JULY Retail sales rose 0.6% last month according to Commerce Department data, topping the 0.5% gain projected in a poll of economists. This was great news after the flat June reading (which was initially recorded … Continue reading

Economic Update 08/10/15

A GREEN LIGHT FOR A RATE HIKE? According to the latest Labor Department report, employers hired 215,000 new workers in July – 77,000 of them in professional, business, education, and health care occupations. The jobless rate held steady at 5.3% … Continue reading

Best Practices When Passing Wealth to Children

Some millionaires are reluctant to talk to their kids about family wealth. Perhaps they are afraid what their heirs may do with it. In a 2015 CNBC Millionaire Survey, 44% of families having at least $1 million in investable assets … Continue reading

Economic Update 08/03/15

CONSUMER CONFIDENCE DIPS WITH STOCK DECLINES July brought an 8.9-point drop for the Conference Board’s consumer confidence index; it fell to 90.9. The University of Michigan’s consumer sentiment index held up better, losing 3.0 points in July to descend to … Continue reading

Economic Update 07/27/15

EXISTING HOME SALES UP, NEW HOME SALES DOWN According to the National Association of Realtors, residential resales increased 3.2% in June with the median home value hitting an all-time peak of $236,400, 6.5% higher than a year ago. New home … Continue reading

Warning: Don’t Make These Financial Mistakes

Americans do many things with their money and invested assets, most of them on the up and up. There are exceptions, however – cases in which people unintentionally break the law, flirt with illegal behavior, or pay federal tax penalties … Continue reading

What Makes a Good Home + Auto Insurance Policy?

Have you thought about bundling your insurance? You may want to consider that, as insuring your house and vehicles with the same carrier could save you some money. Most people buy insurance without doing much homework. That holds true for … Continue reading