If the standard financial wisdom is true – that surviving a financial catastrophe requires a 6-month cache of emergency savings – then two-thirds of Americans may be in for a nasty surprise.
Only a quarter of U.S. adults have more than six months of funds set aside and readily accessible for such disasters; 28% had none at all, according to Bankrate.com.Read more »
Since January 2009, Canadian residents have been eligible to open Tax-Free Savings Accounts (TFSAs). They work almost exactly like Roth IRAs: you contribute after-tax dollars, and all withdrawals are tax-free. All Canadians 18 and older can contribute up to $5,000 (Canadian) a year to a TFSA, and you can stuff it with a variety of investments: regular savings accounts, CDs (called GICs in Canada), and mutual funds.Read more »
The recession and financial crisis have resulted in a significant change in the way many Americans feel about spending and saving. Six in 10 Americans (62%) now say they more enjoy saving than spending -- while 35% say the reverse.Read more »
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