As Charles C. Noble quotes "First we make our habits, then our habits make us," we can get into a habit of living on debt, maybe starting in our youth as college debt and carrying on into our elder years as we become accustomed to the lifestyle it affords.
The way debt is used at various stages in one's lifespan is discussed in this piece "Life-stages of Debt" from Bankrate.com's website. Insight into how the habit is acquired may give you the ammunition you need to break the habit.
Do you agree?
3.30.2008
3.23.2008
The Money Taboo: Breaking the Taboo – Part 2
Missed Part 1 - Find it here.
How can we change?
Follow our Youth. Our young people seem to be a lot less concerned about privacy on many levels, as seen by the gravitation towards the You-Tube and social-networking phenomena. While I am less likely to adapt to some of the freedom on those networks, personal finance blogs provide a forum for financial education and some confessions, allowing folks to talk about their problems, issues and plans with anonymity. A few blogs have gone overboard, giving excruciating personal finance detail, but we won’t complain. This is a step in the right direction to breaking money’s taboo status.
Financial Literacy. We all more than ever have to take responsibility for our own financial future, become financially literate and financially mature. If we aren’t financially savvy, we should seek out people in our group who are. Folks, who may have made a money mistake or two in the past, might be happy to pass on that information to you to avoid repetition of the error. We often by pass receiving that good information because we are afraid to broach the subject, and possibly show our lack of knowledge. Until we make the move however, we are destined to remain financially illiterate.
Managing our money wisely really requires that we become educated about it. Start talking about your money to your friends. Start a “money-group.” Use it to foster discussions about all aspects of your money. Talk about the fact that , e.g. there is a universal clause on most credit cards, which can raise the rates on all of your cards, if you are late on one card, it allows your other cards, if they so choose, to raise their rates, even if you are current and early on those other card payments. Think about it, if you fell into that trap, why allow your friends to fall in too. In this particular example, it is possible that if you are unaware of the clause – and you are not the type to check your interest rate each month (a lot of folks simply look at the due date and the payment due) you may not realize for several months that your interest rate has been hiked sky high, sometimes to 30%, and you have been taken for a pretty expensive ride. After all, as far as you knew, you are current on those accounts.
Why talk about it? It can be financially beneficial. Almost 2 decades ago, in a general conversation with a friend of mine, we started talking about our properties (my first home purchase) and as we talked, I realized that I had not been taking advantage of the homestead deduction on my property taxes, for probably 5 years. Now I am quite the reader, so it is certainly probable that at some point I would have come across that information, but it could have taken another 5 years. It should be noted, however, that as a student of “continuous improvement,” I am happy to talk about anything, particularly if it will ultimately improve my process or yours. My friend also did not consider money talk as taboo, and both of us came out of that conversation a little better off financially.
Talking about money could help you determine that what you thought was an excellent compensation package is not so wonderful after all. Of course, because no-one will talk, nobody really knows what the measurement gauge is. Be careful on this front, as some companies still have policies that prohibit salary disclosure among employees.
By not talking we often make money comparisons based on presumptions or specific misinformation, and cause ourselves more stress and financial problems than we really need to. If we try to keep up with the Joneses we often use debt to mirror a lifestyle that is financially out of our reach, but which we hanker for, because if it appears that our peers can afford it, we question, why can’t we? The ability to talk to someone about our finances, whether family, friend, clergy, or financial adviser about the instruments that we are thinking of using, can at the very least educate us, give us another idea, option, or can sound the alarm. Of course, there is no guarantee that anyone in your circle is anymore financially literate than you are, but two heads in my opinion is often better than one.
At some point, I am confident that we will come around to the realization that we carry around an unnecessarily huge burden when we isolate our money issues. The more we hide our money issues, the more problems or damage we are liable to cause ourselves. Actually as Shira Boss states in her book, most people are eager to hear the money details of others, they are just not that ready to share their own, and therein lies the rub, maybe we start by reverting to the childhood – "I’ll show you mine if you show me yours."
Share your opinion. How do you see it? Should money remain under our kimonos, or is it time to shake off the taboo?
How can we change?
Follow our Youth. Our young people seem to be a lot less concerned about privacy on many levels, as seen by the gravitation towards the You-Tube and social-networking phenomena. While I am less likely to adapt to some of the freedom on those networks, personal finance blogs provide a forum for financial education and some confessions, allowing folks to talk about their problems, issues and plans with anonymity. A few blogs have gone overboard, giving excruciating personal finance detail, but we won’t complain. This is a step in the right direction to breaking money’s taboo status.
Financial Literacy. We all more than ever have to take responsibility for our own financial future, become financially literate and financially mature. If we aren’t financially savvy, we should seek out people in our group who are. Folks, who may have made a money mistake or two in the past, might be happy to pass on that information to you to avoid repetition of the error. We often by pass receiving that good information because we are afraid to broach the subject, and possibly show our lack of knowledge. Until we make the move however, we are destined to remain financially illiterate.
Managing our money wisely really requires that we become educated about it. Start talking about your money to your friends. Start a “money-group.” Use it to foster discussions about all aspects of your money. Talk about the fact that , e.g. there is a universal clause on most credit cards, which can raise the rates on all of your cards, if you are late on one card, it allows your other cards, if they so choose, to raise their rates, even if you are current and early on those other card payments. Think about it, if you fell into that trap, why allow your friends to fall in too. In this particular example, it is possible that if you are unaware of the clause – and you are not the type to check your interest rate each month (a lot of folks simply look at the due date and the payment due) you may not realize for several months that your interest rate has been hiked sky high, sometimes to 30%, and you have been taken for a pretty expensive ride. After all, as far as you knew, you are current on those accounts.
Why talk about it? It can be financially beneficial. Almost 2 decades ago, in a general conversation with a friend of mine, we started talking about our properties (my first home purchase) and as we talked, I realized that I had not been taking advantage of the homestead deduction on my property taxes, for probably 5 years. Now I am quite the reader, so it is certainly probable that at some point I would have come across that information, but it could have taken another 5 years. It should be noted, however, that as a student of “continuous improvement,” I am happy to talk about anything, particularly if it will ultimately improve my process or yours. My friend also did not consider money talk as taboo, and both of us came out of that conversation a little better off financially.
Talking about money could help you determine that what you thought was an excellent compensation package is not so wonderful after all. Of course, because no-one will talk, nobody really knows what the measurement gauge is. Be careful on this front, as some companies still have policies that prohibit salary disclosure among employees.
By not talking we often make money comparisons based on presumptions or specific misinformation, and cause ourselves more stress and financial problems than we really need to. If we try to keep up with the Joneses we often use debt to mirror a lifestyle that is financially out of our reach, but which we hanker for, because if it appears that our peers can afford it, we question, why can’t we? The ability to talk to someone about our finances, whether family, friend, clergy, or financial adviser about the instruments that we are thinking of using, can at the very least educate us, give us another idea, option, or can sound the alarm. Of course, there is no guarantee that anyone in your circle is anymore financially literate than you are, but two heads in my opinion is often better than one.
At some point, I am confident that we will come around to the realization that we carry around an unnecessarily huge burden when we isolate our money issues. The more we hide our money issues, the more problems or damage we are liable to cause ourselves. Actually as Shira Boss states in her book, most people are eager to hear the money details of others, they are just not that ready to share their own, and therein lies the rub, maybe we start by reverting to the childhood – "I’ll show you mine if you show me yours."
Share your opinion. How do you see it? Should money remain under our kimonos, or is it time to shake off the taboo?
The Money Taboo: 8 Reasons why Money is still taboo. – Part 1
When was the last time you had an open discussion about your salary, your mortgage payment, or your tax returns with anyone besides your partner or spouse? Many of us still aren’t even able to have those frank discussions with our partners and spouses. Discussing money openly may be the last taboo.
So exactly why won’t people talk? Money discussions are taboo for many reasons:
Belief that money is personal. Often there is a generational belief that money is not to be discussed, as noted in Jamie Johnson’s (heir of Johnson & Johnson pharmaceutical fortune) documentary "Born Rich." Watch the video excerpt on this page. His family was more than a little peeved that he chose to speak out about their money. Warren Buffet’s granddaughter (in-law) got a little harsher treatment, she was apparently disowned. Watch.
In speaking to an associate recently, she indicated that she would be most uncomfortable commenting to a family member about a particular financial transaction the family member had made. When I asked, what if your financial experience could provide a benefit? The response was, “that’s something that you just don’t do.”
Corporations have also long used a privacy policy on discussing one’s salary with others, to maintain their bargaining advantage, which also probably plays into an individual’s belief that money discussions should be personal.
Guilt. If you are financially set, you may feel a tad guilty that you have done much better than the other guy.
Superiority. You revel in your financial success and certainly don’t feel obligated to talk about it with folks who have been less successful, in fact you have a certain disdain for those who you feel can’t “get it together.”
Shame. If you are in a bad money space, you may have feelings of shame that you haven’t done better, whether it’s due to poor money habits, or because you feel that your opportunities are limited. This often causes some folks to “beg off” from attending those high-school reunions.
Inferiority. You may want to do a lot better financially, but just can’t figure out which of your habits are preventing you from progressing. Your income is competitive with your peers; they just seem to be doing better. You really just aren’t sure that what you earn, or what you have amassed is as acknowledgeable as you might feel it is.
Financial illiteracy. You feel that others around you are more financially savvy, and so you keep silent about your own financial situation. You won’t talk about the huge financial mistake you just made, for fear of ridicule, or for fear of showing your lack of knowledge of how money works. Lack of math skills could also have a part to play here.
Jealousy/Envy. You maintain an image, commensurate or ahead of your peers even though it has to be supported by massive debt, which you dare not disclose, as it would reduce or destroy your perceived status in your community. The interesting thing here is that it becomes a never ending tale of the dog chasing its own tail. Herd thinking fuels each person’s effort to out-spiral each other, when no-one can afford to. Obviously not much thought is given to the damage and debt that this causes.
In Texas, this is referred to as folks with a “big hat and no cattle,” being showy without any substance financially. One young student, stated in a local newspaper article, that she had no idea why her parents moved into a huge house in a great neighborhood, yet she was never able to participate in extracurricular activities, because there was never any money to support those activities.
Shira Boss in her book ‘Green with Envy: Why Keeping up with the Joneses Is Keeping Us in Debt', talks about how she miscalculated the financial status of their next door neighbor – by presumption, innuendo, and gossip. Their neighbor’s apparently “financially carefree” lifestyle basically made them feel somewhat inferior, until through a series of events and meetings they realized that the lifestyle they almost envied was supported by huge credit card debt, home equity loans, and mortgages.
Dishonesty. There are probably enough cases where folks would rather not talk about their finances, because of the existence of “under-the-table” components, which could include illegal sources of income, under-estimation of taxable income, or erroneous tax deductions. Here keeping silent avoids them tripping themselves up. If you have watched any of the episodes of CNBC’s “American Greed” the con men featured were rarely an open book.
So, should we change? We all have our own belief systems about money, mostly indoctrinated in our early years. But our inability to openly discuss the one item that we need almost as badly as we need air to survive, can be damaging. Like anything else open discussion brings more items to the table. We are charged more so now than at any other time in our history to be in control of our finances for a lifetime. Improving our financial literacy will only come with our ability to have frank and open discussions about our money.
Can we change? Yes we can. Change occurs even in the most unwilling situation when accompanied by crisis. Like every long-standing habit, change will be gradual, but the mortgage and credit card mess with its ability to potentially decimate the finances of a large percentage of the population, may cause us to remove more layers of the onion in a speedier fashion. In the effort to take control of our finances, we will be challenged to remove , or at a minimum lessen the taboo. Maybe we are on the brink of that change.
The Money Taboo: Breaking the Taboo – Part 2
So exactly why won’t people talk? Money discussions are taboo for many reasons:
Belief that money is personal. Often there is a generational belief that money is not to be discussed, as noted in Jamie Johnson’s (heir of Johnson & Johnson pharmaceutical fortune) documentary "Born Rich." Watch the video excerpt on this page. His family was more than a little peeved that he chose to speak out about their money. Warren Buffet’s granddaughter (in-law) got a little harsher treatment, she was apparently disowned. Watch.
In speaking to an associate recently, she indicated that she would be most uncomfortable commenting to a family member about a particular financial transaction the family member had made. When I asked, what if your financial experience could provide a benefit? The response was, “that’s something that you just don’t do.”
Corporations have also long used a privacy policy on discussing one’s salary with others, to maintain their bargaining advantage, which also probably plays into an individual’s belief that money discussions should be personal.
Guilt. If you are financially set, you may feel a tad guilty that you have done much better than the other guy.
Superiority. You revel in your financial success and certainly don’t feel obligated to talk about it with folks who have been less successful, in fact you have a certain disdain for those who you feel can’t “get it together.”
Shame. If you are in a bad money space, you may have feelings of shame that you haven’t done better, whether it’s due to poor money habits, or because you feel that your opportunities are limited. This often causes some folks to “beg off” from attending those high-school reunions.
Inferiority. You may want to do a lot better financially, but just can’t figure out which of your habits are preventing you from progressing. Your income is competitive with your peers; they just seem to be doing better. You really just aren’t sure that what you earn, or what you have amassed is as acknowledgeable as you might feel it is.
Financial illiteracy. You feel that others around you are more financially savvy, and so you keep silent about your own financial situation. You won’t talk about the huge financial mistake you just made, for fear of ridicule, or for fear of showing your lack of knowledge of how money works. Lack of math skills could also have a part to play here.
Jealousy/Envy. You maintain an image, commensurate or ahead of your peers even though it has to be supported by massive debt, which you dare not disclose, as it would reduce or destroy your perceived status in your community. The interesting thing here is that it becomes a never ending tale of the dog chasing its own tail. Herd thinking fuels each person’s effort to out-spiral each other, when no-one can afford to. Obviously not much thought is given to the damage and debt that this causes.
In Texas, this is referred to as folks with a “big hat and no cattle,” being showy without any substance financially. One young student, stated in a local newspaper article, that she had no idea why her parents moved into a huge house in a great neighborhood, yet she was never able to participate in extracurricular activities, because there was never any money to support those activities.
Shira Boss in her book ‘Green with Envy: Why Keeping up with the Joneses Is Keeping Us in Debt', talks about how she miscalculated the financial status of their next door neighbor – by presumption, innuendo, and gossip. Their neighbor’s apparently “financially carefree” lifestyle basically made them feel somewhat inferior, until through a series of events and meetings they realized that the lifestyle they almost envied was supported by huge credit card debt, home equity loans, and mortgages.
Dishonesty. There are probably enough cases where folks would rather not talk about their finances, because of the existence of “under-the-table” components, which could include illegal sources of income, under-estimation of taxable income, or erroneous tax deductions. Here keeping silent avoids them tripping themselves up. If you have watched any of the episodes of CNBC’s “American Greed” the con men featured were rarely an open book.
So, should we change? We all have our own belief systems about money, mostly indoctrinated in our early years. But our inability to openly discuss the one item that we need almost as badly as we need air to survive, can be damaging. Like anything else open discussion brings more items to the table. We are charged more so now than at any other time in our history to be in control of our finances for a lifetime. Improving our financial literacy will only come with our ability to have frank and open discussions about our money.
Can we change? Yes we can. Change occurs even in the most unwilling situation when accompanied by crisis. Like every long-standing habit, change will be gradual, but the mortgage and credit card mess with its ability to potentially decimate the finances of a large percentage of the population, may cause us to remove more layers of the onion in a speedier fashion. In the effort to take control of our finances, we will be challenged to remove , or at a minimum lessen the taboo. Maybe we are on the brink of that change.
The Money Taboo: Breaking the Taboo – Part 2
3.19.2008
Tax Tips: Purchased an auto, boat, aircraft or home in 2007? (Sales Tax)
If you did, do NOT forget to deduct the sales tax for these items in addition to the generic calculated tax on Schedule A. You have a choice which deduction to take, your sales tax deduction, or your state tax deduction. For states that do not have state taxes, e.g. Texas and Florida – you don’t have a choice – the sales tax deduction is the deduction available to you. However, you can only deduct the sales tax amount that is calculated with the same sales tax rate as the general sales tax rate. Here’s more detailed information.
Tell your friend about this blog, it could save them some money.
For more tax news, don't forget to check the IRS Newswire on the News Stand, located or the right hand side of the blog.
Tell your friend about this blog, it could save them some money.
For more tax news, don't forget to check the IRS Newswire on the News Stand, located or the right hand side of the blog.
3.13.2008
Get Your Will Off Your To-Do List!
I was sitting in a tax class many years ago, when I commented to a class-mate that I had purchased a couple of family history logs for my young son’s grandparents to complete, so my son would be aware of his ancestry. I told her that my in-laws were aging and I wanted to have them fill these books out so I could pass them on to him. She turned to me and said, you know, its time for us to create those history logs for our kids too. I suppose, intellectually I knew that I wasn’t as young as I used to be, but somehow, completing a heritage book seemed to be something grandparents did, not me. Her comment really landed like an arrow right between the eyes, it woke me up to the fact that even if I wasn't old, the years were going by, and I needed to be prepared.
3.08.2008
Should I Pay My Taxes With Plastic?
Source: SmartMoney.com
By Bill Bischoff
March 5, 2008
WORRIED ABOUT HOW you're going to pay your tax bill? It might be tempting to slap it on plastic. After all, you've probably heard you can charge taxes due on your 2007 federal income-tax return on your Visa, MasterCard, Discover Card or American Express. What if you want a filing extension? No problem. You can just charge what you expect to owe the IRS. And if you owe estimated taxes for tax-year 2008, you can charge those, too. In fact, in many states, credit-card payments are available for your state income-tax bill as well.
Clearly, charging your taxes is convenient. And with the right card, you can even rack up some extra frequent-flier miles or other goodies to boot. So what's wrong with this picture?
The "convenience fee," that's what. It amounts to a hefty 2.49% of the amount you charge. This is in lieu of the fee that merchants pay credit-card companies when you charge your purchases. Only in this case, the "merchant" is the Internal Revenue Service, and Uncle Sam isn't interested in turning 2.49% of his revenues over to the card companies, which means you have to pay it. Until now, you may have been blissfully ignorant of these merchant fees, but you will become painfully aware of their bite when they come directly out of your own hide. The money is collected by one of the two vendors that facilitate these transactions (Official Payments Corp. and Link2Gov Corp.), and split with the card issuers.
Granted, paying $9.96 for the convenience of charging a $400 tax bill to your credit card isn't really a sin. But what about paying $124.50 on a $5,000 tax bill? And in addition to that, your friendly credit-card company steps up and starts charging you interest (often at 13% or more annually), unless you pay off your bill within the grace period. Bottom line? You can probably find a better way to dig up the money to foot the bill.
Our suggestion? Try to find other (less expensive) ways to raise the cash needed to pay your taxes. Perhaps your credit union, your parents or your rich brother-in-law. Also, don't overlook the IRS itself. You may qualify to set up an installment payment plan with the government. If so, this may be the cheapest way to go. You'll be charged a $52 setup fee (assuming you arrange for automatic payments out of your checking account) and then a monthly interest rate on the outstanding balance. Currently, that interest rate is 0.833% per month (which equates to 10% annually). However, the interest rate is subject to change every quarter. File IRS Form 9465 to get that ball rolling.
Of course, if you have a credit card with a low APR — say 5% or less — this could turn out to be the cheaper option. That is, provided you really do pay off your tab in a reasonable amount of time (i.e., before that introductory rate jumps up to something much higher). If so, visit officialpayments.com or pay1040.com to process your payment.
SmartMoney.com
Attn: Customer Service
1755 Broadway
2nd Floor
New York, NY 10019
3.07.2008
Tax Savings Tips [VIDEO]
Eisner's Tim Speiss on year-end tax planning tips that can help you reduce your tax bill. Watch the Video from Forbes.com.
Make Millions...In 2010 [VIDEO]
Don't get out of debt, be a millionaire, says author Loral Langemeier. Check out the Video from Forbes.com.
Financial Planning the Right Way [VIDEO]
Write down your goals, don't get emotional, and stay on course. Watch the Video. from the Forbes.com Video Network.
Financial Compatibility - Don't Keep Secrets
Financial Compatibility Don't Keep Secrets (The Ladue News)
There may be disagreement about whether it's love or money that makes the world go round, but if couples don't see eye to eye on money matters, their world can implode. Diana Flower, associate managing director at The Private Bank and Trust Company, says couples should begin discussing their financial compatibility once talk of marriage comes up. If you know that person well enough to be engaged, you should have some idea of his or her financial history and habits, she says. It also depends on each relationship: If one party is in a better financial situation, bringing it up too early can convey the wrong intention. It's up to the couple to gauge the seriousness of their commitment. She says initial discussions should focus on three main topics: financial history, personal habits and goals. For more of this story, click here. --------------------------------------------------------------------
There may be disagreement about whether it's love or money that makes the world go round, but if couples don't see eye to eye on money matters, their world can implode. Diana Flower, associate managing director at The Private Bank and Trust Company, says couples should begin discussing their financial compatibility once talk of marriage comes up. If you know that person well enough to be engaged, you should have some idea of his or her financial history and habits, she says. It also depends on each relationship: If one party is in a better financial situation, bringing it up too early can convey the wrong intention. It's up to the couple to gauge the seriousness of their commitment. She says initial discussions should focus on three main topics: financial history, personal habits and goals. For more of this story, click here. --------------------------------------------------------------------
Annual Credit Report
Everyone is legally entitled to obtain a free credit report each year from each of the credit reporting companies, and you can do so at this website AnnualCreditReport.com. Consider requesting a different report every 4 months.
3.06.2008
Taxes: Other Opinions
Take a Look at the article from SmartMoney.com:
Should I Pay My Taxes With Plastic?
By Bill Bischoff
March 5, 2008
WORRIED ABOUT HOW you're going to pay your tax bill? It might be tempting to slap it on plastic. After all, you've probably heard you can charge taxes due on your 2007 federal income-tax return on your Visa, MasterCard, Discover Card or American Express. What if you want a filing extension? No problem. You can just charge what you expect to owe the IRS. And if you owe estimated taxes for tax-year 2008, you can charge those, too. In fact, in many states, credit-card payments are available for your state income-tax bill as well.
Clearly, charging your taxes is convenient. And with the right card, you can even rack up some extra frequent-flier miles or other goodies to boot. So what's wrong with this picture?
The "convenience fee," that's what. It amounts to a hefty 2.49% of the amount you charge. This is in lieu of the fee that merchants pay credit-card companies when you charge your purchases. Only in this case, the "merchant" is the Internal Revenue Service, and Uncle Sam isn't interested in turning 2.49% of his revenues over to the card companies, which means you have to pay it. Until now, you may have been blissfully ignorant of these merchant fees, but you will become painfully aware of their bite when they come directly out of your own hide. The money is collected by one of the two vendors that facilitate these transactions (Official Payments Corp. and Link2Gov Corp.), and split with the card issuers.
Granted, paying $9.96 for the convenience of charging a $400 tax bill to your credit card isn't really a sin. But what about paying $124.50 on a $5,000 tax bill? And in addition to that, your friendly credit-card company steps up and starts charging you interest (often at 13% or more annually), unless you pay off your bill within the grace period. Bottom line? You can probably find a better way to dig up the money to foot the bill.
Our suggestion? Try to find other (less expensive) ways to raise the cash needed to pay your taxes. Perhaps your credit union, your parents or your rich brother-in-law. Also, don't overlook the IRS itself. You may qualify to set up an installment payment plan with the government. If so, this may be the cheapest way to go. You'll be charged a $52 setup fee (assuming you arrange for automatic payments out of your checking account) and then a monthly interest rate on the outstanding balance. Currently, that interest rate is 0.833% per month (which equates to 10% annually). However, the interest rate is subject to change every quarter. File IRS Form 9465 to get that ball rolling.
Of course, if you have a credit card with a low APR — say 5% or less — this could turn out to be the cheaper option. That is, provided you really do pay off your tab in a reasonable amount of time (i.e., before that introductory rate jumps up to something much higher). If so, visit officialpayments.com or pay1040.com to process your payment.
SmartMoney.com
Attn: Customer Service
1755 Broadway
2nd Floor
New York, NY 10019
Are You Ready?
A harsh reality of life is that a disaster can occur on your door-step at any time. Should it occur you want to have done some planning beforehand, that may soften the blow. One thing that will give you some piece of mind is to have your family's household insurance inventory current and safeguarded.
Take a peek at this video, from the Insurance Information Institute. The Institute site also allows a download of their inventory software - Know Your Stuff.
Even if you dont care to use this downloadable software, put it on your "to-do" list today, to get out your pencil and pad and create your inventory. After a disaster, you want to be able to present your information to the insurance company, so they can make you as whole as possible, as quickly as possible. Not having to worry about how you will replace even basic possessions, will start getting your life back to normal.
If you have had such an experience, tell us about it, and how you managed afterwards.
Take a peek at this video, from the Insurance Information Institute. The Institute site also allows a download of their inventory software - Know Your Stuff.
Even if you dont care to use this downloadable software, put it on your "to-do" list today, to get out your pencil and pad and create your inventory. After a disaster, you want to be able to present your information to the insurance company, so they can make you as whole as possible, as quickly as possible. Not having to worry about how you will replace even basic possessions, will start getting your life back to normal.
If you have had such an experience, tell us about it, and how you managed afterwards.
3.05.2008
Economic Stimulus Notice - 2008
This is a copy of the Economic Stimulus Notice, from the IRS website, that you will be receiving in your mailbox this month. Click the title above.
Remember that in order to be eligible to receive the stimulus, you must file a 2007 tax return.
Remember that in order to be eligible to receive the stimulus, you must file a 2007 tax return.
3.04.2008
Consider Using a Financial Tool
Many of the people I work with tell me that they just cant get all their financial affairs straight. They never seem to be on top of everything. As a result, folks often side-step the financial management task and operate on a "wing and a prayer." That can sometimes lead to late fees, non-sufficient funds fees, over-limit fees, lost airline miles, increased credit card interest rates, lower credit scores, and on and on.
Sure if you aren't a numbers person, or a detail person, there is a certain amount of tedium present in not only keeping all your accounts current (or at least paid), but also being able to have accurate information as an input into your financial planning. If you are a ledger and pencil person, go right ahead, an EXCEL spreadsheet user - that's a good tool too. As long as the job is being done, congratulations are in order. I prefer to let my financial management software do the "heavy lifting" for me.
Using a financial tool makes almost every aspect of your financial management less of a tedious task. It is a very effective way to keep all your information in one system. One such product is Quicken - brought to you by Intuit.
It enables you to:
-Reconcile your accounts (bank, brokerage, credit cards etc.)
-Generate your net worth (Quicken keeps a running tabulation of your net worth on it’s initial screen)
-Generate saving’s goals and targets and track their progress
-Track your savings
-Track your spending - It'll give you a synopsis of your inflow and outflow, and any expected shortages and when they are scheduled to occur during the month.
-Create a budget and be alerted when you exceed it
-Track your credit accounts
-Develop a debt management plan – informs the most expedient way to reduce your debt
-Track your investments
-Create a watch list of investments
-Transfer financial data into tax preparation software
-Generate multiple customized reports at the click of a button.
Take a look at the Quicken site, (click here) where you can compare the product’s features, and make a determination of which product is best for you.
Sure if you aren't a numbers person, or a detail person, there is a certain amount of tedium present in not only keeping all your accounts current (or at least paid), but also being able to have accurate information as an input into your financial planning. If you are a ledger and pencil person, go right ahead, an EXCEL spreadsheet user - that's a good tool too. As long as the job is being done, congratulations are in order. I prefer to let my financial management software do the "heavy lifting" for me.
Using a financial tool makes almost every aspect of your financial management less of a tedious task. It is a very effective way to keep all your information in one system. One such product is Quicken - brought to you by Intuit.
It enables you to:
-Reconcile your accounts (bank, brokerage, credit cards etc.)
-Generate your net worth (Quicken keeps a running tabulation of your net worth on it’s initial screen)
-Generate saving’s goals and targets and track their progress
-Track your savings
-Track your spending - It'll give you a synopsis of your inflow and outflow, and any expected shortages and when they are scheduled to occur during the month.
-Create a budget and be alerted when you exceed it
-Track your credit accounts
-Develop a debt management plan – informs the most expedient way to reduce your debt
-Track your investments
-Create a watch list of investments
-Transfer financial data into tax preparation software
-Generate multiple customized reports at the click of a button.
Take a look at the Quicken site, (click here) where you can compare the product’s features, and make a determination of which product is best for you.
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