Concerned about the current state of the market? Not sure is you should hold ’em or fold ’em?
Walk away or run?
David Yeske, a financial planner in San Francisco, recently sent out a calming note to his clients explaining that downturns are inevitable, but he offered another strategy. He offered some “fun and uplifting” distractions from the scary headlines, and he provided links to videos featuring a rendition of “Stand by Me,” and a flash mob.
When I say “Reverse Mortgage” do you envision Fred Thompson talking about how your home has equity that you can use to live on in old age? In the past, this kind of investment has been viewed as risky at best, but now there may be something to it. Home equity could be just another part of your portfolio, and an important one at that.
Did you accrue debt when you were in college, from financial aid or student loans? Been dodging those phone calls in an effort to not payback what you owe? You might want to read this. What seems like insurmountable debt now may become more than you ever dreamed, when the government starts taking it out of your Social Security check in forty years. When it rains, it pours…
But can they do your taxes?
Some entrepreneurs say algorithms aren’t biased by commissions or complex fee structures.
Join the first community wide giving festival through Amplify Austin.
Visit this website (AmplifyATX.org) during Amplify Austin Day, which starts at 7pm, March 4 and ends 7pm, March 5.
At that time, this website will be transformed into a giving site; you’ll be able to search by the name of the nonprofits you love or the causes you’re passionate about.
You will have a greater impact by giving through this website on Amplify Austin Day because our sponsors have created an incentive pool to enhance your donations, and prizes of $1,000 will be given hourly to the nonprofits that garner the most dollars or donors.
On Amplify Austin Day, we are giving back to the city we love. Join us!
Many children aren’t learning much about money from their parents, a new survey shows.
Three in 10 parents never talk to their children about money or have had just one big talk with their children on the subject, according to a U.S. telephone survey conducted for the AICPA by Harris Interactive.
Read the whole article:
According to the report, the foods include a 16-pound turkey, a gallon of milk, a 30-ounce can of pumpkin pie mix, a half pint of whipped cream, 14 oz. of cubed stuffing, a pound of green beans, 12 rolls, three pounds of sweet potatoes, 12 ounces of fresh cranberries, 2 pie shells, a 1-pound relish tray (carrots and celery) and various other ingredients.
Read more: The Ten Foods Making Thanksgiving Much More Expensive – 24/7 Wall St. http://247wallst.com/2011/11/10/the-eleven-foods-making-thanksgiving-more-expensive-this-year/#ixzz1di2XbAao
How about Mama Stamberg’s cranberry relish?
Yes, you. We all should. Some expressions: failure to plan is planning to fail or without a goal, wherever you end up is your goal.
My favorite budget guidelines have always been Larry Burketts, Money Matters , financial planning guidebooks. In the referenced tribute to Larry, his philosophy of money is reflected:
One of the central principles Larry taught is that we don’t really own things; we are simply stewards and managers of what God has entrusted to us.
There are many budget preparation guidelines, but I’ve always liked the ones provided by what is now Crown Financial Ministries. Here is a link to Crown’s Suggested Percentage Guidelines for a Family of 4 (High Housing Cost Areas) (since I live in Austin!). There are also guidelines for singles, single parent, couples, etc.
Important to note is that these budget guidelines start with gross income so that a tithe comes off of gross. No funny business about giving on net or gross. I’ve heard other financial planners say that wherever you give your money, if you can’t live on 90% of your income, you have a problem.
The next reduction is for taxes. If you are an employee, you can use the amount withheld for taxes from your paycheck. Be careful not to have too much income tax withheld. It’s better to pay a $1 than to let Uncle keep your money for up to 16 months! If you are self-employed, you can look at the total tax paid on your prior year return. Taxpayers think that they are saving money, but in fact, saving a little money each month in a savings account generates more savings than the “income tax withheld” savings account. The tendency is to spend that tax refund impulsively rather than putting it into savings for planned spending.
After the reductions for both giving and taxes, then you compute your budget percentages. Your budget is based on your spendable income.
As you complete your budget, remember that many employees have additional reductions in their pay that need to be considered as you budget: health insurance premiums, 401(K) contributions, day care tuition, etc.
I started a 30-Day Diary to really check in with how I spend money on a daily basis. My dad (the first Newby CPA) used to keep a notebook in which he recorded all cash expenditures for the day. What discipline! Join me in the goal of tracking out of pocket expenditures (so to speak!) for 30 days. Let me know how you do.
From a great blog called: Pick the Brain.
“Worry, like a rocking chair will give you something to do, but it won’t get you anywhere.” – Vance Havner
Most of us are guilty of worrying about money, and whilst it might be justified in some circumstances, the actual worrying won’t solve any problems – and worse still, it can be bad for your physical and mental health.
Another rule that I have: Be kind to yourself. It’s hard to get out of debt faster than you got into debt.
Moolala is the most recent opportunity that I have been offered that operates like Grupon or LivingSocial Deals. Businesses offer reduced rates on services or goods; I am offered the opportunity to purchase them. Grupon offers me $10 if I refer friends. From Grupon’s website:
We’re giving $10 in Groupon Bucks for every friend you refer when they make their first purchase. It’s our way of saying “thanks” for spreading the word and increasing our collective buying power! Groupon Bucks can be used toward any Groupon purchase, and they never expire.
LivingSocial offers my deal for free if I share my purchase and at least three people buy it:
Share for a Free Deal
After you buy the deal, you’ll get a unique link to share. If three people buy the deal using your link, then your deal is free.
Here’s Moolala’s pitch:
There’s more – we want to help you make money, too!We will give you 2% back on each deal you buy. And for each friend you refer to Moolala, you will earn 2% of every deal they buy. And that’s not all: we’ll pay you 2% for each friend they refer, and again for your friends’ friends’ friends and your friends’ friends’ friends’ friends. It’s a 2% five-level reward system. That adds up to lots of rewards for you and your friends.Use your rewards to buy the Moolala deals you love or even redeem them for cash. It’s up to you.So start inviting friends and earning rewards now.There’s more – we want to help you make money, too! We will give you 2% back on each deal you buy. And for each friend you refer to Moolala, you will earn 2% of every deal they buy. And that’s not all: we’ll pay you 2% for each friend they refer, and again for your friends’ friends’ friends and your friends’ friends’ friends’ friends. It’s a 2% five-level reward system. That adds up to lots of rewards for you and your friends.
Use your rewards to buy the Moolala deals you love or even redeem them for cash. It’s up to you.
So start inviting friends and earning rewards now.
Whenever I see “we’ll pay you based on your friends’ friends” , I immediately think, “pyramid selling and chain letters.” It appears Moolala is an Austin based business that was formed in 2010. Here’s the LinkedIn reference. I joined Moolala to help my missionary, traveler friend receive his 2% should I make a purchase.
My least favorite is the LivingSocial offer. I’m not sure I know three people that would make the same purchases as I would make. My choice is between the immediate $10 of Grupon or a potentional stream of 2% commissions of Moolala. The Grupon offer seems more bird in the hand to me, so I would choose Grupon. Except, what if all of my friends have already signed up? Then I think that there’s “no soup for me.”
It will be interesting to see which company is most rewarded by the market place.