Friday, February 5, 2010
Tuesday, December 15, 2009
Christmas
Hello All,
Christmas is almost upon us and I would like to take this time to wish everyone a Happy Holiday's. FYI . . . the CEO is counting down the days to Santa bringing her even more stuff.
Christmas is almost upon us and I would like to take this time to wish everyone a Happy Holiday's. FYI . . . the CEO is counting down the days to Santa bringing her even more stuff.
The Roth IRA
In 2010 there will be new rules for converting your traditional IRA over to a Roth IRA which will benefit those who feel that taxes will only rise. The government is eliminating the threshold which was Modified AGI of $120k for individuals and $176k for married couples. This is only for conversions though. The standard thresholds remain in place for those who want to contribute.
Thursday, October 29, 2009
Get Your House In Order
And I don't mean where you live I mean your Financial House. As I just recently had another birthday I took some time to make sure my affairs were in order. Nobody ever wants to think about what happens if something happens to you but you have to. People have a hard enough time sitting down and preparing for retirement let alone their overall Financial House. So besides my retirement accounts, my investments and my savings I took some time to make sure I had enough life insurance and a will in place. As I reminisce on how quickly time passes as every birthday comes and goes I knew I had to make sure everything is in place so that little CEO of mine will always be protected. Just throwing this out at you to hopefully get you to take a look at your own house.
Wednesday, September 30, 2009
Saving for College
1. Pay yourself first
Saving for your own retirement is more important than saving for college. Your children will have ways to raise money for college other then from you as for your retirement you only have yourself.
2. Start Early
Even small savings can add up if you give them enough time to grow. Investing just $100 a month for 18 years will yield $48,000, assuming an 8% average annual return.
3. Stocks are best for your college savings portfolio
Tuition costs rising faster than inflation, a portfolio leaning toward stocks is the best way to build savings in the long term. As the time to use this money approaches you can shift the portfolio towards more bonds and cash.
4. You dont have to save the whole amount of tuition
There are federal, state, and private grants and loans that help make up the rest.
5. With mutual funds, investing for college is simple
Investing in mutual funds puts a professional in charge of your savings so that you don't have to watch the markets daily.
6. Tax break benefits
There is a wide range of benefits from the Hope Credit and Lifetime Learning Credit or if your income is too high to qualify for those credits, you may qualify for a higher education expense deduction that will be in effect through 2009 and is extended periodically.
Saving for your own retirement is more important than saving for college. Your children will have ways to raise money for college other then from you as for your retirement you only have yourself.
2. Start Early
Even small savings can add up if you give them enough time to grow. Investing just $100 a month for 18 years will yield $48,000, assuming an 8% average annual return.
3. Stocks are best for your college savings portfolio
Tuition costs rising faster than inflation, a portfolio leaning toward stocks is the best way to build savings in the long term. As the time to use this money approaches you can shift the portfolio towards more bonds and cash.
4. You dont have to save the whole amount of tuition
There are federal, state, and private grants and loans that help make up the rest.
5. With mutual funds, investing for college is simple
Investing in mutual funds puts a professional in charge of your savings so that you don't have to watch the markets daily.
6. Tax break benefits
There is a wide range of benefits from the Hope Credit and Lifetime Learning Credit or if your income is too high to qualify for those credits, you may qualify for a higher education expense deduction that will be in effect through 2009 and is extended periodically.
Friday, September 25, 2009
But Halloween Isn't Even Here Yet!!!
As me wife and I shop for Halloween cosutmes for our CEO we noticed something. There are Christmas items for sale already in every store. I am sure you noticed the same as I have, every year they are looking for our christmas dollars earlier and earlier. The thing is those dollars are my Halloween dollars.
So if you have read through my blog you probably have seen that our 22lb little CEO tends to get what she wants. Not that we spoil her but I am sure as in your family your little CEO gets what she wants whether it be from you or the grandparents or other family members. The key is to not go broke while still enjoying the holidays.
Here are a few tips that we have incorporated:
1) Gift Cards - Say NO. Why should I give a $50 gift card to my brother and him buy me a $50 gift card. Makes no sense, I would rather we both keep our money and just enjoy the Holiday's together
2) Online shopping - We like to take the CEO to the toy stores and see what she like to play with then find it cheaper on line. My wife just saved 33% on the little ones halloween costume by doing this.
3) Getting the word out - If you have little kids then most likely your friends have little kids. You would be amazed how many toys have been given to us or to our grandparents for the little CEO once they knew about her. We didn't ask for handouts but people just had toys that they no longer wanted around.
So at the end of the day some small adjusments can save a ton of money.
So if you have read through my blog you probably have seen that our 22lb little CEO tends to get what she wants. Not that we spoil her but I am sure as in your family your little CEO gets what she wants whether it be from you or the grandparents or other family members. The key is to not go broke while still enjoying the holidays.
Here are a few tips that we have incorporated:
1) Gift Cards - Say NO. Why should I give a $50 gift card to my brother and him buy me a $50 gift card. Makes no sense, I would rather we both keep our money and just enjoy the Holiday's together
2) Online shopping - We like to take the CEO to the toy stores and see what she like to play with then find it cheaper on line. My wife just saved 33% on the little ones halloween costume by doing this.
3) Getting the word out - If you have little kids then most likely your friends have little kids. You would be amazed how many toys have been given to us or to our grandparents for the little CEO once they knew about her. We didn't ask for handouts but people just had toys that they no longer wanted around.
So at the end of the day some small adjusments can save a ton of money.
Friday, September 11, 2009
Some Money Saving Tips
Shop once a week:
The more trips you make the likelier you are to buy on impulse. About two-thirds of purchases are unplanned.
Bottled Water:
Stop drinking bottled water and instead buy a filter for your faucet. Could save you up to $20 a month.
Save Gas:
Keep tires inflated properly. Keeping them properly inflated can improve your mileage by about 3%. Also keep your trunk, an extra 100 pounds in your vehicle could reduce your miles-per-gallon by up to 2%.
ATM Fees:
Use only your own bank's ATMs or skip the ATM and get cash back when you're paying for groceries with your debit card. At $2-$4 a pop you could save a lot of money over a years time.
The more trips you make the likelier you are to buy on impulse. About two-thirds of purchases are unplanned.
Bottled Water:
Stop drinking bottled water and instead buy a filter for your faucet. Could save you up to $20 a month.
Save Gas:
Keep tires inflated properly. Keeping them properly inflated can improve your mileage by about 3%. Also keep your trunk, an extra 100 pounds in your vehicle could reduce your miles-per-gallon by up to 2%.
ATM Fees:
Use only your own bank's ATMs or skip the ATM and get cash back when you're paying for groceries with your debit card. At $2-$4 a pop you could save a lot of money over a years time.
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