Posts Tagged ‘money’
Thursday, May 6th, 2010
The tax cuts instituted under President Bush are going to expire at the end of this year. Maybe you believe those in Washington will extend the current tax law, but that would take an act of Congress. If they’re not extended, how serious will this be to the average person? How will this tax increase of $2.4 trillion affect the average tax payer?
This lack of repeal will increase taxes for 17 million seniors an average of $2,034 per year according to the Heritage Foundation, a Washington D.C. non-profit think tank. That is approximately $170 per month! Many seniors will find themselves dipping into savings to pay the taxes, if they have savings at all. (more…)
Tags: business, debt, financial, income, money, retirement, save, tax
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Wednesday, May 5th, 2010
To save time and money on home renovations, consider these two ideas.
1. Prepare for the contractors. Ask your handyman if it’s okay to do prep work and purchase supplies. Buying supplies in advance can save big because contractors often charge a mark-up for materials.
2.
DIY advice for free. Go to
youtube.com and type in “askthebuilder” for how-to videos on simple procedures, like replacing a faucet or a light fixture.
Tags: electric, energy, financial, house, money, save, utility, water
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Wednesday, March 24th, 2010
In the nineties I was involved with a number of companies that brought Russian technology to the United States to develop businesses. At one point I asked one of the Russian gentlemen what he thought of our country. He said he was particularly taken by our privileged class. When I asked him to clarify the statement, he said, “You know, your teenagers.” He went on to explain how they drive the cars, buy the clothes and the electronic equipment, and they do it all at little to no cost to themselves. However, they are not the only group that has favor in this nation. There are other groups with favor based on age, health, income, net worth, and occupation.
(more…)
Tags: business, debt, family, financial, health, healthcare, income, inflation, medical, MEDICARE, money, retirement, save, tax
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Tuesday, March 2nd, 2010
Here are two ways to cut rising food costs.
1. Never shop on an empty stomach. When you’re hungry, you are bound to grab some extra, and most likely, unneccessary items. Always eat before you go shopping.
2. Leave the kids at home. Tired and cranky kids generally make shopping take longer and inevitably make you grab a couple things you normally wouldn’t have, just to keep them quiet.
Tags: family, food, money, save, shopping
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Friday, February 5th, 2010
Here are two ways to save some money on your electric bill during this winter season.
1. Heat on the rooms of the house that you are using. By using space heaters and ceiling fans instead of your whole-house, forced air system, you can dramatically reduce your ongoing heating bill.
2. Insulate well. Use weather stripping around doors and windows and put plastic sheeting over the windows. Don’t forget, you can get a tax credit for making some energy saving home modifications. Check out http://www.energystar.gov/index.cfm?c=tax_credits.tx_index for more details.
Tags: electric, heat, house, money
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Friday, December 11th, 2009
We live in such a complex world today. Each day brings more legislation to add to the complexity. How does the average person cope? Having counseled multitudes of people over the years, I find it fascinating that so much money is wasted by even the brightest people. We live under the belief that an accountant, a financial planner, a business executive, a banker, an insurance advisor, a lawyer, a physician, a mortgage broker, and a financial aid officer will provide our needed knowledge. I have counseled all of these types of advisors and found significant money they had thrown away because of their lack of knowledge. Are we all bright enough or have we as a people entered into such a specialized world that no one is taking time to address the bigger picture? There is money to be saved for everyone.
Proverbs 19:2 says, “It is not good to have zeal before knowledge.” We live in a society that has zeal and limited knowledge so we miss out on the hidden manna that is available to everyone. (more…)
Tags: appliances, business, debt, energy, financial, food, house, income, money, save, tax, utility, water
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Friday, October 16th, 2009
Tax Strategies to Consider Before 2010
If the recession has touched your life financially, you might want to do some tax planning to either postpone or accelerate your tax deductions and/or income. For those anticipating more income this year than next, it may be prudent to accelerate deductions and postpone income. For those anticipating less income this year than next, consider postponing deductions and accelerating income. Here are some ways to do that.
One example might be to do a conversion of a Traditional IRA to a Roth IRA. This will result in more income in the year completed, but will reduce taxes in future years, particularly after the Roth has been in place five years. It will be necessary to look at how the additional income will affect your taxes this year before you do complete the process. (more…)
Tags: business, car, employment, family, financial, income, money, tax
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Friday, October 2nd, 2009
This is the time of the year when employers ask their employees to select the benefits they wish to establish for next year. The proper selection of benefits can result in great values or high costs depending on the employees’ understanding of alternative solutions and the real value benefits being offered. Unfortunately, it varies with each person.
If you are healthy and have no chronic diseases, life insurance offered through your employer will likely be more expensive than what is offered through non-group coverage. Proper selection of the coverage for reduced rates and adequate coverage is necessary and we can assist in that process. Group insurance may be the best alternative for someone with chronic diseases. It should be noted that a loss of employment will also mean a loss of group coverage. (more…)
Tags: debt, employment, family, financial, health, medical, money, retirement, save, tax
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Monday, September 14th, 2009
Increasingly we are seeing more families facing a financial crisis because of their inability to make mortgage payments. The reasons vary from unemployment to too much credit card debt, reductions in salary caused by overseas competition or significant changes in cost of living. Many people are struggling in today’s economy. The question of course is, “What are the options for the family?”
The first option is to sell the home so as to have a more affordable housing expense. Many times homeowners are reluctant because the home would sell below what the family originally paid. This would obviously result in the seller losing money and leave the mortgage company with an unsecured loan for the remainder of the debt. We would call this type of sale a short sale. For such a sale to take place, the mortgage company would have to agree. The homeowner would then have to pay off the unsecured portion of the debt. The advantage would be to protect the family’s credit rating and avoid bankruptcy. (more…)
Tags: debt, family, financial, house, income, money, tax
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Monday, September 14th, 2009
Here are two ways to save money on some leisure activites.
1. Watch a minor-league ball game. You will pay less for a seat behind first base then you would nachos and a drink at a big-league park. And some even have family nights with tickets, food and beverages included in the package.
2. Catch an early movie. Instead of going to an evening show, watch a midday matinee. Most theatre chains dramatically discount shows that start before noon. You could save $4-$5 per ticket!
Tags: leisure, money, save
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