Author: Arabian Media staff

Contributions to traditional and Roth 401(k)s are not tax-deductible. Your employer will have already lowered your taxable income by the amount of your contributions to a traditional 401(k), and Roth 401(k) contributions are made after you pay taxes. Key Takeaways Contributions to traditional 401(k)s or other qualified retirement plans are made with pre-tax dollars and aren’t included in your taxable income.If you have a Roth 401(k), contributions are made with post-tax dollars and cannot be deducted.Your employer will report your taxable income as part of your W-2; there is no need to track or manually deduct your 401(k) contribution from…

If you have a traditional individual retirement account (IRA), you must start withdrawing money from it by a certain age: the year that you turn 73. This rule is not negotiable and there is a hefty penalty of 25% of the sum you were supposed to withdraw if you don’t. Why? Because you haven’t paid income taxes on that money yet, and the Internal Revenue Service (IRS) wants its cut. The money you take out is then taxed at the ordinary income tax rate. Withdrawals can cause a problem because they can boost your annual income—sometimes into a higher tax…

You’ve probably heard that time can be on your side, and compounding interest makes that true if you’re saving and investing 30 years from retirement. Compound interest is paid on interest you’ve previously earned, and the more time you give your money to compound interest, the more you’ll have when you hit your target date. It’s not quite that simple, however, with several types of accounts to choose from and other issues you might want to consider. Key Takeaways A commonly accepted guideline is that you should have saved the equivalent of your yearly income by the age of 30.…

Image: Dubai Media Office The Dubai Maritime Authority (DMA), part of the Ports, Customs and Free Zone Corporation (PCFC), has launched a new service allowing visitors to obtain licences to operate pleasure marine vessels in the emirate, the authority said. The service is available to visitors holding licences issued by International Maritime Organization (IMO) member states, including the Gulf Cooperation Council (GCC), Europe, the US, and other internationally recognised countries. Alongside the initiative, the DMA released an updated manual governing crew licensing in Dubai, based on Administrative Resolution No (5) of 2024. The manual sets out conditions for obtaining licences…

Image credit: WAM The Ministry of Education in the UAE has firmly denied recent rumors circulating on social media about changes to the official school hours for public school students across all levels, including kindergarten. A statement clarified that the official timings remain unchanged: for kindergarten students, school hours are from 8:00 am to 1:00 pm, Monday to Thursday, and 8:00 am to 11:45 am on Fridays. For students in other grades, hours are 7:15 am to 3:15 pm from Monday to Thursday, and 8:00 am to 11:45 am on Fridays, according to a post by UAE Barq. The clarification…

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Key Takeaways If your college major has a high unemployment rate, it may be more difficult to land a full-time job in your field after graduation.Be flexible, stay open to all job opportunities, and don’t get tied to a ‘dream job’.If you don’t have any full-time experience to promote on your resume, highlight your volunteer work, internships, and part-time employment. When it comes to success in the job market, your college major can have a big impact, determining how much you’re paid and your likelihood of getting a job. For recent college students, the current job market may be especially…

Index Fund vs. ETF: Definition & Key Concepts Index funds and exchange-traded funds (ETFs) have revolutionized investing over the past few decades, offering low-cost ways for individuals to gain broad market exposure. While these two investment vehicles share many similarities, they also have key differences that investors should understand. “By taking a passive, index-based investment approach, an investor can keep fees low while diversifying the portfolio across industries, sectors, and geographies. This results in the investor approximating “universal ownership”—that is, owning a representative slice of the entire global economy—and positioning herself to benefit from broad economic growth regardless of the…

Key Takeaways Lawmakers make more trades on days Congress is in session and step up activity during periods of elevated geopolitical risk.High levels of volatility are associated with a surge in buy orders from members of Congress, suggesting some treat policy fog and market stress as entry points.While trackers shadowing particular politicians or bipartisan “long only” baskets have posted eye-catching returns, diversified “Congress long-short” strategies lag the S&P 500 after fees. A new peer-reviewed study of over 180,000 trades made by U.S. lawmakers finds that members of Congress are far more active in the market when Congress is in session…

Achieving financial literacy is essential to thriving or even functioning in today’s world, but its fundamentals are clearly not being passed along equally to all Americans. These are the basics of personal finance, budgeting, and investing. Once they’re grasped, an individual can make ends meet, invest for the future, take care of a family, manage debt, and make good decisions. Yet, according to national surveys, basic financial literacy is generally low in the United States, and it is significantly lower for members of some racial and ethnic groups. Key Takeaways Financial literacy is the possession of the basic skills needed to…