For months, the financial media have been focused on the likelihood that the Federal Reserve will soon start the process of raising interest rates.

The expectation of rate increases is one reason the stock and bond markets have been in a funk lately. It hasn't helped that so many commentators have been hyperventilating over the subject.

Times like these are when it's especially important for investors to use their head, not their gut, in making decisions. That means keeping your money in the market and looking for opportunities. There's always money to be made, whether interest rates are going up or down.

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There's been a lot in the news lately about Greece and Puerto Rico, two areas in the midst of serious debt crises.

But behind the dramatic headlines, there's a big difference between what the two situations. First, Greece. The country of 11 million is in its fifth year of a severe debt crisis: Its debt of $271 billion accounts for a staggering 175% of the country's gross domestic product.

Greece's creditors are frustrated with the country's resistance to austerity measures and better tax collection. If the two sides can't agree on terms for another bailout, Greece risks crashing out of the euro. On the other hand, if Greece's creditors ease their demands, then other bailed-out Eurozone countries, like Spain, Portugal and Italy, could request easier terms as well.

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Over the past few weeks, I've heard from investors who feel that the stocks market may be near its top. Often these folks are feeling the need to delay putting more money in the market until after prices drop.

My answer is this: Don't try to time market; it doesn't work.

Investors should think of their money in two categories—short-term and long-term. Short-term funds are the money you plan on using within five years, to buy a house, pay college tuition or pay other expenses that are coming up relatively soon.

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Tax-deferred retirement accounts like IRAs and 401(k)'s are a great way to help build a nest egg—but you can be sure that Uncle Sam will expect to get his cut eventually.

That's the idea behind required minimum distributions. RMDs from conventional retirement accounts are required after you turn 70 ½. The distributions, which you must determine based on your age, life expectancy and account balance, and are taxed at your ordinary income rate.

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Over the past few years, investors have heard plenty of "experts" urging them to get out of bonds. But it turns out that the best move was to ignore that advice.

The bond market—as measured by the Barclay's U.S. Aggregate Index—has done very well despite the widespread predictions of disaster. Over the past year, it's returned 5%, and over five years it's returned an average of 4.33%. Meanwhile, the SPDR Barclays High Yield Bond ETF (JNK) has returned an average of 6.68% over three years and 7.5% over five years.

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