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Rat out a tax cheat, collect a reward

08.03.10

If you knew coworkers, former bosses or exes who cheated on their taxes, would you turn them in? The Internal Revenue Service can make it worth your while.

Question: My 21-year-old daughter makes $80,000 a year working at a large firm. She has very low expenses, so I'd like to see her sock away a huge amount of money. I told her that if you get used to spending a lot each month on "fun" stuff, it will be much harder to save down the road. I'd also like to see her bypass the high-end investment firms in favor of less expensive alternatives. What do you suggest? --Tom F., Chatham, Illinois Question: I'm single, 38 years old and have about $900,000 saved up. I'm tired of the stress of the corporate world and am wondering: If I live a very simple life, can I afford to retire and not have to worry about going through all my money? --Don H., Marietta, Georgia



If you think you're immune to market panic, consider this experiment. Consumer bankruptcies surged in July to the highest level since October 2005 as U.S. households struggle under the burden of past debt and rising unemployment. Arena Resources has pleased investors with rocket-fueled growth, but the oil and gas producer seems to have hit a wall.

As the 10th anniversary of the bursting of the tech bubble is upon us, you've probably read a slew of stories about what an awful decade this has been for stocks.

The home-equity line of credit fueled thousands of extreme kitchen makeovers during the real estate boom. But the housing bust and the credit crisis stopped the HELOC party with a vengeance: Tens of thousands of homeowners had their lines cut or frozen, and most lenders stopped issuing new ones altogether. Question: Last year I put my money with an adviser for an annual fee of 1% of assets and told him my only criteria for evaluating him will be whether he beats the market. I have refrained from telling him where to invest, when to invest, etc. as I view that as his job. He "got into the rally late" last year and underperformed the broad indexes by 10% to 12%, although we did have a decent fourth quarter. This year he's off to a horrid start, however, and we are already 3% worse than the broad indices. I try not to be a knee-jerk investor and know that every adviser has his ups and downs, but I'm wondering....Is it time to pull the plug? --Mike, Elkins Park, Pennsylvania

The dollar has fallen for much of this decade, and lately the decline is picking up speed. Already down more than 15% against the euro since March, the buck is expected to sink another 10% by the first quarter. Usually, when a once-strong asset falls this far out of favor, the correct long-term strategy is clear: Be a contrarian and buy. The credit card reform bill tries to help cash-strapped customers, but companies are just coming up with new ways to boost profits. Just a few years ago you could count on getting the bulk of your money back for almost any home-improvement project you took on. Today merely replacing a toilet seat can feel like throwing caution, and cash, to the wind. According to a study from Remodeling magazine, the average return on value for an upgrade declined from 87% in 2005 to 64% in 2009. But these six new rules will help you maximize your return on your remodeling investment.



Americans are loaded up with credit card debt. What's worse is that some husbands, wives and even children hide those money woes from their families. The results are often devastating. After a tough 2009, you may be looking for some help in getting 2010 off to the right start financially. Unfortunately, finding objective, affordable, individualized advice from a live person can be a challenge. More people say they just don't have the money to retire these days.

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