Your Money Matters Weekender

I'd like to start investing for the retirement of my minor children with an account that they cannot access until age 25 or 30 without consent. I'm new to saving. Where should I begin? – Heather

Great question, Heather, and we applaud your efforts to start saving for your children’s future. Since the age at which a youngster may generally take control of his finances is 18 in many states, you should sit down with an estate planning attorney to discuss the option of setting up a trust for your children. Consider funding the trust with assets and stipulate in the trust documents that those funds may not be accessed by your children until they reach a specific age. Trusts are also a great tool for college savings. Learn how to maximize their potential with our guide here.

Trivia Winner

Last week I (Ken here) challenged everyone to another round of Dolan trivia, asking what the average life span of the new $5 bill is.

Congratulations to Barbara Pollack for correctly answering“16 months.” (That's according to the Bureau of Engraving & Printing—the folks who actually print our money!) Barbara will receive a copy of our
30-Day Quick-Start Plan, which is full of ideas to help you spend smarter and live richer.

Thanks to all who participated. Keep an eye out for more trivia questions and other fun games in future issues of Your Money Matters!

75% of Americans Believe We're in a Recession: Our Survival Guide
The Federal Reserve made another large interest rate cut this week, as the stock market resembled a yo-yo and gas prices had us digging out our bikes. A poll reported nearly 3/4 of Americans now believe the country is in a recession. No surprise to us; we’ve been saying for months that, as our economy continues to struggle, it's crucial you have a strong handle on your finances. Start with our recession survival guide for the top 5 ways to survive and prosper.

Don't Miss Out on These Home Business Tax Breaks!
Do you know one of the biggest advantages to running a home business? No, it’s not working in your pajamas—although that is a nice perk! It’s all the extra tax breaks you can claim if you know where to look. We don’t want you to miss out on a single one, so check out our three important tips for maximizing your tax deductions and keeping more of your hard-earned money.

5 Steps to Protect Your Identity
Identity theft is a serious and growing problem. A recent security breach at an East Coast grocery store chain led to more than 4 million stolen credit and debit card numbers, and 1,800 fraud cases—and those are just the ones that were reported. It’s pretty clear we are all at risk. Follow these five simple steps to protect yourself today. Trust us, we’re speaking from experience!

Turn $50 Into $1,000,000!
We promise that headline isn’t a misprint! Even in today’s economy, it is possible to reach millionaire status by retirement. Use our handy calculator to see for yourself how setting aside just a small amount each month will quickly put your savings in the seven figure range. We think you’ll be surprised!