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5 things to know: 7-31-12

By Kim Fulscher ·
Tuesday, July 31, 2012
Posted: 10 am ET

December 2012 could bring the end of the world, according to the Mayan calendar. But if that whole thing doesn't actually happen, we could have a different catastrophe, according to year-end tax calendars.

1. The countdown to "Taxmageddon" is on. Will Congress act before the current tax rates expire?

2. If Armageddon doesn't happen, you'll still need to worry about collecting Social Security and how it'll affect the checks for all your exes. (Do they live in Texas?)

3. If you think the world will end, maybe you should buy one of the world's most expensive cars. Tell the dealer you're good for the loan -- since no one would be around to collect it.

4. Most certificate of deposit rates are in the gutter right now, but this gem of a banking product yields relatively high -- and the bank donates to the charity of your choice. Get the good karma in before Arma/Taxmageddon.

5. You too can be a millionaire -- and it won't have anything to do with stealing money after Arma/Taxmageddon. Learn a few investing tips from the wealthy.

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