Have You Hugged Your Money Recently?

The brokerage statements are piling up on the piano.  The bank statements, if you still get them by mail are over in that basket, unopened, and if you get them digitally, you haven’t even opened the email informing you that they are available. Yes, I know you say, I check my balance a couple times a day, balances are good, but it doesn’t have enough money management mojo.

Yes, you’ll attend to your money right after you come back from vacation.  But of course, when you get back from vacation you’ll find yourself right back in the swing of things at work, and so it’ll have to wait until


Amending a Tax Return

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Made an error on your tax return?  You can fix that error by "amending" your tax return.  File the correction on IRS Form 1040 X.  Currently you have to make amendments on paper.

Make sure you indicate on the 1040 X, the year of the return that you are fixing.  If you want to fix errors for several years, you will need to submit separate forms for each year that you are fixing.

Unless you are amending the return yourself, it will probably cost you, so generally if you make


Financial Eclipses

So, where I am located in this great country, there was only a partial solar eclipse today.  Eclipses are a natural part of our lives, a solar eclipse where the moon blocks the sun, or a lunar eclipse where the earth blocks the sun’s light hitting the moon.  At any rate, its one large body blocking out the other.  The majesty of it generates a good feeling, as you could hear from all the oohs and aahs from the total eclipse viewers across the country today, and the sounds of incredulity lasted from seconds to a few minutes, but when we see our expenses totally eclipse our income, or our liabilities totally eclipse our

Pay Yourself First is just a Platitude?

Pay yourself first.  You have heard this phrase many times before I am sure.  What does it actually mean?  Well for me it means, removing from your spending plan, funds necessary for saving and investment before you satisfy your other operational expenses.

I have been told by acquaintances that are regularly in financial trouble that “pay yourself first” is simply a platitude. Is it?  I gently suggest that they rethink their position. If you operate from the other end of the deal where you wait until you have satisfied all your expenses, you could often find yourself with nothing left to save or invest.  We are very comfortable in our consumer culture and so we really must discipline ourselves to offload income ahead of time to make sure that it isn’t “accidentally” or “purposely” spent, on everything else besides savings or investment. 

As the CEO of your own economy, make sure that you are first on your own payroll.  The responsibility is on you to make these savings and investment decisions.  Spending decisions are often made unconsciously, and they can occur often.  You must make conscious decisions to save and invest and only you can do it.   You will need that stream of income in your future, you really don’t want to be caught without it.
"No matter who you are, making informed decisions about what you do with your money, will help build a more stable financial future for you and your family." Alan Greenspan