Personal Finance News Friday 11/30

Phil's Personal Finance Tip of the Day:

Second Acts: Turning Your Passion Into a Paycheck

By Arlene Weintraub | U.S.News & World Report LP – Wed, Nov 28, 2012 11:43 AM EST

When Marva Goldsmith took a buyout in 2001 after a 20-year career at a Detroit utilities company, she moved to Washington, D.C., in search of a job that would use her experience lobbying on energy as well as her training as an electrical engineer. But she was dogged by a question a career coach had once posed: "If you could do anything, without any constraints, what would you do?"

Inspired, Goldsmith unearthed an old dream of owning a clothing boutique (never mind that she had no experience in fashion retailing) and appended to it her talent for persuading people. Result: a consulting company that helps people buff up their image and the book Re-Branding Yourself After Age 50. She acquired her first customers by going to conferences in the utilities industry and networking with former colleagues who had watched her in action.

[In Pictures: 10 Best Places to Launch a Retirement Career.]

"Even if you're transitioning to something very different, your network knows your skill sets," says Goldsmith, 53. A former co-worker who was on the board of a local nonprofit handed her a $10,000 contract to put on four seminars for women transitioning from welfare to work--the start of what Goldsmith says is now a booming business coaching and running seminars for baby boomers changing careers.

Goldsmith certainly identified a hot market, and she exemplifies it. As housing values, job security, and nest eggs have shrunk, more and more American workers are finding themselves in her shoes.

Some are changing careers because they're itching to follow a passion; others because they've been downsized out or have had to reschedule retirement.

Nearly half of working Americans now worry that they haven't set aside the funds they'll need to retire comfortably, up from 29 percent in 2007, according to a survey by the Employee Benefits Research Institute. A 2011 report by the MetLife Foundation and Encore.org, an information provider for older job seekers, found that about 9 million Americans, or 9 percent of people between age 44 and 70, are in second careers--up 7 percent in the last three years. Another 31 million are interested in pursuing a career change.

To read the entire article from Arlene Weintraub | U.S.News & World Report LP:http://finance.yahoo.com/news/second-acts-turning-passion-paycheck-164307413.html

Inspirational Quotes@Inspire_Us from Twitter:

I am an optimist. It does not seem too much use being anything else. -Winston Churchill

Personal Finance News Thursday 11/29

Phil's Personal Finance Tip of the Day:

Mortgage Debt Relief Act set to expire

Fox and Friends/ Thursday November 29, 2012

Real estate expert Bob Massi explains

This could be another casualty of the Fiscal Cliff in 2013:

http://www.foxnews.com/on-air/fox-friends/index.html#/v/1996210728001/mortgage-debt-relief-act-set-to-expire/?playlist_id=86912

Inspirational Quotes@Inspire_Us from Twitter:

For every minute you are angry you lose sixty seconds of happiness. -Ralph Waldo Emerson

 

Personal Finance News Wednesday 11/28

Phil's Personal Finance Tip of the Day:

Top Jobs With Best Retirement Benefits

By Farnoosh Torabi | Yahoo! Finance – 23 hours ago

When it comes to retirement benefits, some jobs go above and beyond. From early retirement to tenure to a full pension, here are some of the country’s top jobs with the best retirement perks.

Utility Companies
Heavily unionized utility companies offer the highest retirement benefits of any industry, according to the Bureau of Labor Statistics. The unions negotiate and fight for traditional pensions and strong benefits for members. Employees working in areas such as nuclear power, electricity, water, sewage treatment or renewable energy can earn as much as $6.56 per hour toward retirement.

University Posts
Teaching at colleges and universities can provide pleasant working conditions, along with the possibility for tenure in just a few years. Last year, AARP cited Cornell University, West Virginia University and the Massachusetts Institute of Technology among their best employers for workers over 50. But you don’t necessarily need to be a professor to enjoy the same generous health and retirement benefits. Many higher education institutions extend these resources to staff at all levels, including aides and secretaries.

“A lot of what we see in terms of our applicants for best employers program are companies that actually do this for business reasons,” says Jean Setzfand, vice president for financial security at AARP. “There are skill sets that actually really value in experienced workers, so they want to keep and retain them for a long period of time.”

Aircraft Manufacturing
Another industry offering generous retirement benefits is aircraft manufacturing. Engineers, inspectors, testers, production managers and administrators receive retirement contributions of $2.87 per hour, considerably above the average.

To read the entire article from Farnoosh Torabi | Yahoo! Finance:

http://finance.yahoo.com/news/top-jobs-with-best-retirement-benefits-150912532.html

Inspirational Quotes@Inspire_Us from Twitter:

You cannot escape the responsibility of tomorrow by evading it today. -Abraham Lincoln

Personal Finance News Tuesday 11/27

Phil's Personal Finance Tip of the Day:

Year-End Housekeeping

By AVERY JOHNSON/The Wall Street Journal

With little more than a month left in 2012, it's the time to make the most of your health care.

Most health insurance plans run on a calendar-year schedule. They reset in the New Year, meaning that's when you can expect to see any changes you might have elected to your coverage.

If you're one of the millions of Americans whose health-insurance plan features a deductible, you likely have hit the limit for this year. That means any care you get now will cost you less out of pocket.

"If you have met your deductible, seek out services [your plan] might pay for from the first dollar," says Barry Schilmeister, a partner in the health and benefits business of consulting firm Mercer.

Some examples Mr. Schilmeister cites are having blood work done, dental cleanings, wart removal, getting benign polyps removed and hernia repair—all visits to doctors that he calls "discretionary but wise."

If you've been putting off a surgical procedure—say, a hip or knee replacement—try to schedule one before the end of the year.

To read the entire article from AVERY JOHNSON/The Wall Street Journal:
http://online.wsj.com/article/SB10001424127887324352004578131170548555926.html?mod=WSJ_RetirementPlanning_MoreHeadlines


Inspirational Quotes@Inspire_Us from Twitter:
A superior man is modest in his speech, but exceeds in his actions. - Confucius

Personal Finance News Monday 11/26

Phil's Personal Finance Tip of the Day:

Cyber Monday 2012: Best Deals from Macy's, Sears, Walmart, Kohl's and Others

By Jason Henry McCormick | CBS MoneyWatch – 3 hours ago

During the 2012 holiday shopping season, online sales are expected to rise 15 percent to $68.4 billion, according to Forrester Research. And "Cyber Monday" is a key date for retailers to lure in those online shoppers by offering unbeatable deals on popular merchandise.

According to a recent survey by BIGinsight and the National Retail Federation's Shop.org, 85 percent of online retailers will offer special Cyber Monday promotions, while 44.1 percent plan to offer free shipping without conditions.

Here's a peek at some of the best bargains on popular items up for grabs on "Cyber Monday," Nov. 26.

Sears

Sale will run from 12 a.m. CT Sunday, Nov. 25 through Tuesday, Nov. 27:

• Up to 50 percent off, plus an extra 10 percent off coats, cold weather accessories, sleepwear, dress wear and holiday dresses

• NordicTrack elliptical - $499.99 (saving of $400)

• Kenmore Elite 5-qt. stand mixer - $169.99 (saving of $80)

• Craftsman 192-pc. Mechanics tool set - $99.99 (50 percent off)

• Maytag 3.6-cu. ft. load washer and Maytag 7.0-cu. ft. dryer - $799.98 (saving of $430)

Amazon

Cyber Monday Deals Week will start at 12:00 a.m. on Monday, Nov. 26:

• "Worth It ... Not Worth It?" financial book - $11.75 ($8.24 saving)

• Smartphones with plans - 50% off and more

• Sony VAIO laptop - save up to $100

• Canon DSLR Lenses - save up to $200

To read the entire article from Jason Henry McCormick | CBS MoneyWatch:
http://finance.yahoo.com/news/cyber-monday-2012--best-deals-from-macy-s--sears--walmart--kohl-s-and-others-141640006.html

Inspirational Quotes@Inspire_Us from Twitter:
You can't let praise or criticism get to you. It's a weakness to get caught up in either one. -John Wooden

Personal Finance News Friday 11/23

Phil's Personal Finance Tip of the Day:

6 Ways to Celebrate a Debt-Free Christmas

From Dave Ramsey.com

Kelly Hancock now looks forward to Christmas without the guilt and overindulgence from debt

GUEST POST BY Kelly Hancock

When the bills came in from my first Christmas as a newlywed, I was shocked to discover that my husband and I had run up quite a tab. After avoiding debt for almost the entire year, we now faced a monthly payment for something I hadn’t even enjoyed.

Can you relate?

Make a Plan

Set up a gift-giving and holiday meal/party budget with a detailed list. Be sure to include family members, co-workers, teachers, babysitters and friends—anyone you feel is special in your life. Say your average gift price ranges from $15–25. When you plan ahead and shop throughout the year, you should be able to find special gifts when they’re on sale. That way you’re only spending one-third to one-half of the price. Plus, if you enter December with the bulk of your shopping list taken care of, a few late-minute additions or overlooked friends won't send your budget into a tailspin!

To read the entire article from Dave Ramsey.com:
http://www.daveramsey.com/christmas/blog/id/6-ways-to-celebrate-debt-free

Inspirational Quotes@Inspire_Us from Twitter:
If we did all the things we are capable of, we would literally astound ourselves. -Thomas Edison

Personal Finance News Thursday 11/22

Phil's Personal Finance Tip of the Day:

Boomers, Give Thanks This Holiday

by Casey Dowd

The Boomer

Published November 21, 2012

FOXBusiness

 

It’s easy for us to forget among the mashed potatoes, parade and football on Thursday to remember what the holiday is all about: giving thanks.

The 2012 news cycle has been jammed pack with political, economic, global and weather-related events that have impacted our bottom line. The job market is showing signs of recovery, but it still remains weak while Wall Street continues to fluctuate as it searches for solid direction.

We survived a long campaign season, a Supreme Court battle over health-care reform and are now waiting to see if lawmakers can work together to come to an agreement about our nation’s massive budget deficit. I know us boomers are keeping a watchful eye on the future of our Social Security and Medicare benefits as we try to plan for our future.

Mother Nature has also been active this year with devastating wild fires, earthquakes, tornadoes and hurricanes.

Despite all this, we are a resilient nation, and we need to remember to give thanks this season. My family has a tradition of  going around the table before Thanksgiving dinner and expressing what we are thankful for.

We share some laughs, shed some tears but from the oldest to the youngest--we all speak what is in our hearts.

Read more: http://www.foxbusiness.com/personal-finance/2012/11/21/boomers-give-thanks-this-holiday/#ixzz2DRhOlXWZ

 

Inspirational Quotes@Inspire_Us from Twitter:

Don't take tomorrow to bed with you. -Norman Peale

Personal Finance News Wednesday 11/21

Phil's Personal Finance Tip of the Day:
What NOT to Buy on Black Friday
By Farnoosh Torabi | Yahoo! Finance-6 hours ago

Black Friday traditionally kicks of the holiday shopping season and for many of us, a day of deals and discounts is a holiday unto itself. But before you camp outside of your favorite store in the cold, keep in mind not every sale on this day is the ultimate bargain. Here’s what not to buy on Black Friday.

High-End TVs
HDTVs are a hot holiday item, and on Black Friday, retailers will offer them at some of the lowest prices ever seen. DealNews.com, a site that compiles the best online deals, predicts 32” LCD TVs will go for as low as $159 – but these rock-bottom prices will only be available on lower-end brands. High-end HDTVs are actually priced lower in January, before the Super Bowl.

Doorbusters may be the exception, but of course there’s not always enough to go around. Retailers typically advertise extreme deals on a few items just to generate buzz and get shoppers through the doors. For example, last year Best Buy offered a Sharp 42” HDTV for $199 but only 10 sets were guaranteed per store.

Toys
While it may be tempting to buy early, DealNews says you can save up to 63% on popular toys by waiting until the two weeks leading up to Christmas for the lowest prices of the season. But of course don’t wait until the last minute. Decide.com, a site that helps consumers know when to buy, warns that some of the most sought-after toys could sell out quickly, rising by as much as 200% if they become scarce.

Jewelry
Looking for something sparkly for that special someone? It may already be too late to get the best price. According to Decide.com, watches and jewelry increase in price steadily from October through December. The best time to buy these items is actually during spring and summer months, when demand is typically lower.

To read the entire article from Farnoosh Torabi | Yahoo! Finance:
http://finance.yahoo.com/news/what-not-to-buy-on-black-friday.html

Inspirational Quotes@Inspire_Us from Twitter:
Successful people are not gifted; they just work hard, then succeed on purpose. - G.K. Nielson

Personal Finance News Tuesday 11/20

Phil's Personal Finance Tip of the Day:

8 Ways to Amp Up Your Career Using LinkedIn
By Hannah P. Morgan | U.S.News & World Report LP – Tue, Nov 20, 2012 12:57 PM EST

How do you use LinkedIn? The answers vary, but one thing is for sure, this is a must-use tool for managing your career. These are some tips to get more out of the site and to help you stay marketable in this rapidly changing world of work.

1. New to the workforce or changing careers. LinkedIn's "Skills & Expertise" is a real-time research tool. Enter one of your top skills or areas of expertise in the search box. The results include other key skills associated with the one you entered. Do you have these too? If you're lacking some of them, it would be wise for you to schedule an informational meeting with someone in that occupation to learn how important your missing skills might be. While you're on this results page, note the growth (or decline) of that skill, the professionals who are listed, the related groups on LinkedIn, the related companies and related jobs. This function is rich in data to help you do more and find people to network with to learn even more.

2. Two ways to get problems solved quickly. LinkedIn's Groups and Answers are under-utilized resources for finding answers to your business challenge. You can search the questions previously posed in the Answers section or submit your own. The other way you can get answers to your work problems is to submit your question as a discussion in a related industry group. Belonging to groups is a great way to stay up on trends and issues impacting what you do. One example is sourcing a new software provider or solution. If you post your question to an active industry group, see how long it takes to get responses. And not only will you get a wide variety of answers, you also have the opportunity to build new relationships.

To read the entire article from Hannah P. Morgan | U.S.News & World Report LP: http://finance.yahoo.com/news/8-ways-amp-career-using-142624717.html

Hannah Morgan is a speaker and author providing no-nonsense career advice; she guides job seekers and helps them navigate today's treacherous job search terrain. Hannah shares information about the latest trends, such as reputation management, social networking strategies, and other effective search techniques on her blog, Career Sherpa.

Inspirational Quotes@Inspire_Us from Twitter:
Perfection is not attainable, but if we chase perfection we can catch excellence. -Vince Lombardi

Personal Finance News Monday 11/19

Phil's Personal Finance Tip of the Day:
Money Still in Your Flex Account? Use it or Lose it
By Susan Johnston | U.S.News & World Report LP – Mon, Nov 19, 2012 2:23 PM EST

As the year draws to a close, many employees with a flexible spending account (FSA) for medical expenses will rush to the doctor or dentist to use up any remaining funds. For the uninitiated, FSAs allow employees to set aside pre-tax money to pay for qualified medical expenses, but at the end of the plan year--or two-and-a-half months into the following year, if the employer offers a grace period for FSAs--the employee forfeits any money left in the account. However, money in health savings accounts (HSAs) carries over from year to year.

[Read: Major Health Reform Changes Effective in 2012.]

"Typically, what people are going to do is schedule any medical procedures that they can, particularly elective procedures," says Matt Thomas, president of WorkSmart Systems, an Indianapolis-based professional employer organization. "A big one would be things that have to do with vision: if they need to get classes or contacts, or if they're interested in getting a LASIK procedure."

Here's a look at ways to use up FSA dollars and how FSAs will change next year:

Utilizing FSA money. Jeremy Miller, president and founder of FSAstore.com, a New York-based online shop dedicated to selling FSA-eligible products, says now is a good time to check FSA balances and pending transactions before creating a strategy for how to spend what's left.

But before you rush out to the drugstore and load up your cart, Tami Simon, managing director of knowledge resources for Buck Consultants, recommends reading your employer's summary plan description so you know what is and isn't eligible for reimbursement. "Eligible expenses are those things that are specifically linked to medical care--things like a blood pressure monitor, a blood sugar test kit and test strips, a breast pump for lactating mothers," she says. (Lactation supplies became eligible for FSA reimbursement last year.)

Items purchased for preventative care, such as a gym membership or an electric toothbrush, or for cosmetic purposes, including cologne and tooth-whitening strips, are generally not reimbursable.

Over-the-counter (OTC) medications previously qualified as FSA-eligible expenses, but as of Jan. 1, 2011, the IRS excludes OTC medications (except for insulin) unless the patient gets a prescription from his or her doctor.

To read the entire article from Susan Johnston | U.S.News & World Report LP:http://finance.yahoo.com/news/money-still-flex-account-lost-192336365.html

Inspirational Quotes@Inspire_Us from Twitter:
What lies behind us & what lies before us are tiny matters compared to what lies within us. -Ralph Waldo Emerson


 

Personal Finance News Saturday 11/17

Phil's Personal Finance Tip of the Day:
Use your ads to your advantage

By Harvey Mackay
A lion and a tiger were drinking beside a river when the lion let out a huge roar. The tiger said, “Why do you roar like a fool?”

“That’s not foolish,” said the lion, with a twinkle in his eyes. “They call me king of all the beasts because I advertise.”

A rabbit heard them talking and ran home. He thought he’d try the lion’s plan, but his roar was just a squeak. A fox came to investigate and ate the rabbit for lunch. The moral of the story: When you advertise, be sure you’ve got the goods and can deliver them.

For every hundred ads that run, only ten are effective. About 85 sink beneath the waves unnoticed.

The other five are noticed and give such negative sparks they work against the advertiser.

The Super Bowl presents an unequalled showcase for television ads — so much that folks who don’t care about the game watch just to see the commercials. The great ones run on air and online for weeks after, getting plenty of buzz. For those ads, the investment of $3 million for a 30-second spot, not to mention the $1 million to produce it, is worth it. Those that bombed will just leave their sponsors baffled, wondering where they went wrong.

What’s the difference between good and bad advertising?

Advertising is one of those soft sciences in which many people regard themselves as experts. The results often are ads designed for a target audience of one — the guy who pays the bills. Agencies may offer strong opinions, but there aren’t many that are going to refuse clients who insist on having their own way just because the ads are stinkers.

How do you avoid the pitfalls of bad ads?

To read the entire article from Harvey Mackay.com:
http://www.harveymackay.com/use-your-ads-to-your-advantage/

Mackay’s Moral: If you’re sold on what you’re selling, great ads will do the telling.

Personal Finance News Friday 11/16

Phil's Personal Finance Tip of the Day:

10 Tips on How to Avoid Losing your Digital Identity
Trend Micro Consumer Newsletter-November 2012

In an age of ever-more sophisticated malware, it can seem like cybercriminals have all the time and resources in the world to victimize ordinary people. It can feel like an unfair fight, because most of us have pressing obligations like family, work, and day-to-day living that interfere with our ability to keep our guard up every time we go online. But fortunately, there's plenty you can do to defend your digital identity that doesn't involve setting up your own research lab or getting a PhD in computer science.

 

Michael Sheehan is a blogger and a participant in Trend Micro's Digital Joneses program, which asks a group of bloggers to reflect on a different "challenge" every month. He recently wrote about 10 things you can do to protect your identity. Here's just a handful:

 

Use two-factor authentication. When you log into your email account from a machine the server doesn't recognize, you can get a notification (for example, a text over your cellphone) that sends you a second passcode that you need to supply before you can access your email. It's a lot safer than just logging in directly to your account.

 

Don't link all of your accounts. You've seen plenty of sites that ask if you want to just use an existing login—for example, Twitter or Facebook—in order to log into their site. If you do that, then all you need is to have your Twitter or Facebook account hacked and then you could see the repercussions all over the Internet.

 

Set up difficult security questions. In the age of Facebook, using a security question like, "What was your high school mascot?" is a very risky proposition—it's too easy for random strangers to find out that kind of information. So go for harder questions whose answers aren't so easily researched.

 

Read about all 10 things you can do to avoid losing your digital identity. >

 

Inspirational Quotes@Inspire_Us from Twitter:
Look at life through the windshield, not the rear view mirror. -Byrd Baggett

Personal Finance News Thursday 11/15

Phil's Personal Finance Tip of the Day:

The best and worst holiday jobs

Holiday Gift Guide-MarketWatch

November 15,2012

Best: Santa Claus

Each year, people hoping to boost their gift-giving budgets throw themselves into the part-time holiday-employment pool. But there’s a fine line between Santa’s workshop and his sweatshop. Would-be St. Nicks will be “ho-ho-hoing” all the way to the bank this winter. Santas can earn more than $100 an hour, making this gig one of the best holiday-season jobs, according to a new report from jobs site CareerCast.com. However, as the holidays end, so too does employment for Santas at malls and toy stores. Even while demand is hot, being a Santa isn’t all sugar plums: Santas must wear a smile beneath a scratchy fake beard as they endure hordes of squirming kids demanding the latest pricey gadgets.

To read the entire article from MarketWatch:
http://www.marketwatch.com/story/the-best-and-worst-holiday-jobs-2012-11-15?link=mw_story_kiosk

Inspirational Quotes@Inspire_Us from Twitter:
The way I see it, if you want the rainbow, you gotta put up with the rain. -Dolly Parton

Personal Finance News Wednesday 11/14

Phil's Personal Finance Tip of the Day:

Secrets from the Garage Sale Millionaire
By Farnoosh Torabi | Yahoo! Finance – Tue, Nov 13, 2012 2:16 PM EST

As the saying goes, one man’s trash is another man’s treasure, and Aaron LaPedis is living proof. Over the years he’s been so successful buying and reselling other people’s unwanted items, he’s earned the nickname The Garage Sale Millionaire and even written a book about it. His most recent gem: photo negatives of Elvis Presley’s famous appearance on the Ed Sullivan Show — the one where Sullivan told him he couldn’t shake his hips — that he hopes to sell for six figures.

I recently visited LaPedis in his hometown of Denver to learn how to spot valuable items.

What’s Hot and What’s Not

My first lesson came during our visit to his local Goodwill store. There, LaPedis found a signed graduation speech by President Lyndon B. Johnson. While the signature couldn’t be authenticated on-site, if it proved to be real, LaPedis was certain it could fetch at least $100. For a purchase price of $5, he was willing to take the risk. Later, a quick call to a local appraiser proved he was right.

Along with signed presidential memorabilia, the best items to consider purchasing for resale value, according to LaPedis, include fine art, antiques, Beatles or Elvis collectables, coins, toy trains, rare books, antique firearms, antique furniture, china and some baseball cards and comic books.

You should avoid purchasing the following items: autographed sports memorabilia (since so much is fake), antique rugs, old newspapers and magazines, or fad collectibles such as Beanie Babies. His rule of thumb is that if something’s been mass-produced, even if it’s historic, it’s not going to fetch much money since there are likely many more still in existence.

To read the entire article from Farnoosh Torabi | Yahoo! Finance:
http://finance.yahoo.com/news/secrets-from-the-garage-sale-millionaire.html

Inspirational Quotes@Inspire_Us from Twitter:
Every time you smile at someone, it is an action of love, a gift to that person, a beautiful thing. -Mother Teresa

Personal Finance News Tuesday 11/13

Phil's Personal Finance Tip of the Day:

Beware of scams that follow natural disasters
Reuters – Mon, Nov 5, 2012 2:54 PM EST

By Mitch Lipka

(Reuters) - Natural disasters can bring out the best in people, and also the worst.

Following disasters like superstorm Sandy, opportunists and scam artists prey on victims as well as those who want to help. You can expect scams related to home repair, tree removal, used auto sales, charities and investment - not to mention price gouging.

Hundreds of price gouging complaints, ranging from hotel rooms to generators, have already been logged by the New York attorney general's office. It is illegal in most locations to drive up prices in the aftermath of a disaster when demand climbs.

And many scams prey on people who want to help disaster victims.

"After practically every disaster, in the United States or abroad, charity scams pop up," says John Breyault, vice president of the National Consumers League. "We saw charity scams pop up after Hurricane Katrina, the earthquake in Haiti and the Indonesian tsunami, to name just a few."

Home-repair and tree-removal scams, for instance, count on local companies becoming overloaded. An offer to get work done quickly can be awfully tempting to a desperate homeowner.

"These fraudsters often show up unannounced at consumers' doors after a disaster offering to quickly repair damage at cut-rate prices," Breyault says. "All too often, they simply take the deposit and run, or take the payment and do purposefully shoddy work that may leave consumers' properties in even worse shape than when they started."

This can be a double-whammy for consumers since they lose the money they paid the scammer and may also have to pay to fix damage caused by the fraudster, Breyault adds.

To read the entire article from Mitch Lipka/Reuters:
http://finance.yahoo.com/news/beware-scams-natural-disasters-195427868.html

Inspirational Quotes@Inspire_Us from Twitter:
You cannot push anyone up the ladder unless he is willing to climb. - Andrew Carnegie

Personal Finance News Monday 11/12

Phil's Personal Finance Tip of the Day:

14 tax issues to watch after the election

By Bill Bischoff/MarketWatch

Bischoff: These personal tax matters could see changes in 2013, depending on who wins the White House.

Whatever happens in the election on Nov. 6, the next Congress and president will face a heaping helping of unfinished tax business. Here’s the second part of our two-part story on the most important unresolved personal tax issues — along with some fearless predictions.

Child Tax Credit

Starting next year, the maximum credit for each eligible under-age-17 child is scheduled to drop from the current $1,000 to only $500.

Prediction: The current deal will be extended through at least 2013.

 

Earned Income Tax Credit

Legislation enacted in previous years increased the earned-income credit for families with three or more qualifying children and allowed married joint-filing couples to earn more without having their credits reduced. These changes, which help lower-income families, are scheduled to expire at year-end.

Prediction: The current more-generous rules will be extended through at least 2013.

To read the entire article from Bill Bischoff/MarketWatch:
http://www.marketwatch.com/story/14-tax-issues-to-watch-after-the-election-2012-11-01?pagenumber=1

Inspirational Quotes@Inspire_Us from Twitter:
Before you can win, you have to believe you are worthy. -Mike Ditka

Personal Finance News Saturday 11/10

Phil's Personal Finance Tip of the Day:

 

Who's really important in the organization? Everyone!

By Harvey Mackay

A sea captain and his chief engineer got into an argument about which one was more important to the ship. Finally they decided to trade places for a day. After a few hours, the captain suddenly appeared on deck, covered with oil and soot.

 

 

"Chief!" he yelled wildly waving aloft a monkey wrench. "You'll have to come down here! I can't make the ship go!"

"Of course not!" replied the chief engineer. "We're aground!"

 

This story demonstrates that everyone is important. As I like to say, "The boat won't go if we all don't row." You must be committed to each other.

 

This concept is not new, but it is more important than ever in these challenging business times. Even as some businesses start to rebound, many of them have come to realize that their departments look radically different than they did pre-recession. They understand that workers who have worn several hats simultaneously have demonstrated better work flow and streamlined operations. And as those businesses slowly expand, they see that the old practices and procedures probably needed changing long before.

 

Jack Welch, the former CEO of General Electric, coined the phrase "the boundaryless organization." He believed that GE would be much more effective if the cultural, geographical and organizational barriers that separated the employees become more open. He put emphasis on the boundaries' ability to enable business to function, rather than to get in its way. In other words, everyone is important and must be included. Once every plant understood this, employees began talking to everyone across the aisle - shipping to sales, manufacturing to R&D, and so on down the line. 

 

To read the entire article from Harvey Mackay.com:

http://myemail.constantcontact.com/Who-s-really-important-in-the-organization---Everyone-.html?soid=1101309807919&aid=mKRHOw23b7Y

 

Mackay's Moral: No one is as important as all of us.

 

 

Personal Finance News Friday 11/9

Phil's Personal Finance Tip of the Day:

5 Tactics for Getting Exactly What You Want on Black Friday
By Casey Bond | Money Talks News – Sun, Oct 28, 2012 12:40 PM EDT

Shopping malls and retail outlets become war zones on Black Friday morning. So to get what you came for, you have to think like a warrior. That means going in with a solid strategy, and employing some stealthy tactics.

If you’re willing to do whatever it takes to get the best deals and save money on holiday shopping this Black Friday, try some of these maneuvers…

1. Follow a strategic schedule

Post-Thanksgiving sales can be time-sensitive down to the hour, so you have to be at the right place at the right time to get the best deals. Being the first one through the door at 3 a.m. doesn’t necessarily guarantee you the steepest discounts.

For instance, I was slowing down at about 11 a.m. last year, figuring I’d seen the best to be offered that day. But on a whim, I decided to pop into one more department store before heading home. Good thing I did – the store was offering an additional percentage off purchases from 11 a.m. to 1 p.m. only, and I scored some super-cheap Christmas presents by shopping late morning.

Before you head out and brave the crowds, sift through print and online Black Friday ads to determine which stores you really want to visit, find out what time of day the lowest prices will be offered, and then schedule your shopping trip accordingly.

2. Hide merchandise ahead of time

If you’re going after a popular item of Tickle-Me-Elmo-like proportions, don’t be one of the poor souls who wait in line for three hours and end up going home empty-handed. While not the most ethical solution, one thing that might work is to find the item you’re targeting ahead of time and hide it among other merchandise in the store.

Here’s what I’ve done: Find a table or shelving with stacked merchandise, like T-shirts, scarves, or shoe boxes, and put whatever you’re hiding at the very bottom. It will take a while for frenzied shoppers to make their way all the way down and you can go straight in for the kill when you get there.

While effective, this strategy will obviously be considered by some people, including store employees, as unethical. Your call.

To read the entire article from Casey Bond | Money Talks News:
http://finance.yahoo.com/news/5-tactics-getting-exactly-want-100019888.html

Inspirational Quotes@Inspire_Us from Twitter:
The worst thing about being lied to is simply knowing you weren't worth the truth. -Unknown

Personal Finance News Thursday 11/8

Phil's Personal Finance Tip of the Day:

College Not for Everyone: 4 Alternatives

by Emily Driscoll

Money 101

Published November 05, 2012

FOXBusiness

The persistently weak labor market and increasing student loan debt levels are making some high school graduates think twice about going to college.

The Bureau of Labor Statistics reports that 25% of college graduates are currently in jobs that do not require a college degree and of the 30 jobs projected to grow at the fastest rate over the next decade in the U.S., only seven typically require a bachelor’s degree.

In a sea of unemployed grads, a bachelor’s degree has become less attractive and has many students seeking out educational avenues without a hefty price tag, says Srikant Vasan, founder and president of Portmont College at Mount St. Mary’s.

“The return on investment in college education clearly goes down as the return decreases with the decreasing probability of finding employment, especially employment at higher salaries, and investment increases with the rising costs of college…. students should check out alternatives to college degrees,” he says.

With that said, the unemployment rate among college graduates is significantly lower than those without one. According to the Labor Department, the unemployment rate among college graduates stood at 3.8% while the rate among those with a high school diploma was 8.4% last month.

Read more: http://www.foxbusiness.com/personal-finance/2012/11/05/colleges-not-for-everyone-4-alternatives/?link=mktw#ixzz2BdzksReH


Inspirational Quotes@Inspire_Us from Twitter:
True wisdom comes to each of us when we realize how little we understand about life, ourselves, & the world around us. -Socrates

Personal Finance News Wednesday 11/7

Phil's Personal Finance Tip of the Day:

Tax Write Offs Every Homeowner Should Know

by Donna Fuscaldo

Published November 07, 2012

FOXBusiness

Home isn’t only where the heart is, it’s also where tax deductions reside.

Home values may still be depressed, but homeowners can rely on some sizeable tax breaks. “It really pays from a tax perspective,” says Les Kramsky, executive vice president and general counsel to title insurance agency Silk Abstract Company. “You can really get great tax deductions.”

The amount of tax breaks depends on the size of your mortgage and your income bracket. In order for it to make financial sense to itemize home deductions, you must exceed the standard deduction, explains Bob Walters, chief economist at Quicken Loans. “If you have $110,000 loan and pay $4,000 in taxes and the standard deduction is $12,000 you’re not exceeding it. The bigger the loan the better.” For 2012, the standard deduction for married couples filing jointly is $11,900.

Exceeding the standard deduction when you own a home isn’t that hard to do. Here’s a look at some of the bigger deductions that can save you money come tax time.

When you take out a mortgage you agree to pay interest on the life of the loan. With the home mortgage interest deduction you are allowed to reduce your taxable income by the amount of interest paid on the loan each year.

“Mortgage interest is the biggest deduction for a homeowner,” says Kramsky. “It’s a big tax advantage for homeowners.” In order to get the deduction you have to elect to itemize deductions and they must exceed the standard deduction. For example, if you have a $500,000 home and are paying 4% interest, you’ll benefit by taking the mortgage interest deduction, adds Walters.


Read more: http://www.foxbusiness.com/personal-finance/2012/11/07/tax-write-offs-every-homeowner-should-know/#ixzz2BZ5R0P00


Inspirational Quotes@Inspire_Us from Twitter:
If you can't outplay them, outwork them. -Ben Hogan

Personal Finance News Tuesday 11/6

Phil's Personal Finance Tip of the Day:

Best and Worst Buys of November 2012

You'll find the best prices of the year on many items -- but not everything goes on sale this month.

By Cameron Huddleston, Contributing Editor, Kiplinger.com

November 2, 2012

November is a great month for bargain hunters because the prices on many items fall to their lowest points of the year around Black Friday. Here's what you can expect to find marked down this month -- and what you should wait a little longer to buy, according to dealnews.com, which analyzes deals from past years to predict what will be discounted this year.

SEE ALSO: 12 Things Not to Buy During the Holidays

What's on sale this month ...

Apple products. The best place to score deals on iPods, iPads, iMacs and MacBooks isn't the Apple Store, which only takes 5% to 10% off these products during its Black Friday sale. You'll find more substantial discounts -- up to 20% -- at Apple resellers such as Amazon, MacMall and MacConnection.

Candy. All that Halloween candy that didn't make it off the shelves and into trick-or-treaters' bags gets marked down this month. So you can stock up and freeze it for next year. Now is also the time to find costumes and Halloween decor dramatically discounted.


Read more: http://www.kiplinger.com/columns/kiptips/archives/best-and-worst-buys-of-november-2012.html#ixzz2BSUld8QS

Become a Fan of Kiplinger's on Facebook

Read more at http://www.kiplinger.com/columns/kiptips/archives/best-and-worst-buys-of-november-2012.html#jEegsuLSZlmoU5oL.99


 Inspirational Quotes@Inspire_Us from Twitter:
 Always do right. This will gratify some people and astonish the rest. - Mark Twain

Personal Finance News Monday 11/5

Phil's Personal Finance Tip of the Day:

Secrets of the Credit Score Superstars

By Tim Sprinkle | The Exchange – Fri, Nov 2, 2012 11:55 AM EDT

It's the "white whale" of personal finance — the perfect credit score.

Get there, by reaching the ever-elusive 850 FICO score, and the world is yours. You'll enjoy the best interest rates, the choicest insurance options, the most flexibility in negotiating your debts and repayment plans.

At least that's the fantasy.

The reality is that a "perfect" score isn't really even possible, according to Rod Griffin, Experian's director of public education.

"I've personally never met someone with a perfect score," Griffin says, "and it's simply because there's always some level of risk. When you use credit there's always some risk that you won't be able to repay that debt. You may become ill or be in an accident. It's like driving a car; there's always a chance that you could be in an accident due to no fault of your own."

As a result, he says, perfect credit shouldn't be the goal. (Even defining perfection can be tricky, as each of the national credit bureaus calculates scores slightly differently, with maximums that range from 850 to 990.) But achieving an extremely high credit score — generally considered anything north of 800 points — is very much possible for everyday Americans, Griffin says, and can come with some great benefits in terms of lower interest rates and more flexible financing terms.

"Typically, the higher the score, the more favorable the interest rate," explains Heather Battison, senior director at TransUnion, who says it is in fact technically possible to achieve a perfect credit score based on her company's system. "So it is in the consumer's best interest to aim for the highest score possible."

It's all about perception.

"Lenders aren't looking for perfect scores," Griffin says. "They're looking for good lending risk, that you can manage your credit well."

We reached out to members of our Yahoo! Contributor Network who have credit scores of 800 and above to find out how they got there and how they maintain their stellar credit. A selection of their responses is below.

To read the entire article from Tim Sprinkle | The Exchange:
http://finance.yahoo.com/blogs/the-exchange/secrets-credit-score-superstars-155549627.html

Inspirational Quotes@Inspire_Us from Twitter:
Step through new doors. The majority of the time there’s something fantastic on the other side.

Personal Finance News Saturday 11/3

Phil's Personal Finance Tip of the Day:

Beware Sandy scams

Avoid 'storm chasers' while doing repairs

Angie Hicks-Founder of Angie's List

Fox and Friends-Fox News November 1st

http://www.foxnews.com/on-air/fox-friends/index.html#/v/1938089662001/beware-sandy-scams/?playlist_id=163193


Inspirational Quotes@Inspire_Us from Twitter:
Success is not permanent & failure is not fatal. -Mike Ditka

Personal Finance News Friday 11/2

Phil's Personal Finance Tip of the Day:

Sandy: Surveying the damage-Part II

What to know about your insurance policy

Fox and Friends-Fox News Friday November 2nd


Real estate guru Bob Massi weighs in:
http://www.foxnews.com/on-air/fox-friends/index.html#/v/1941104775001/recovering-from-sandy-surveying-the-damage/?playlist_id=86912



Inspirational Quotes@Inspire_Us from Twitter:
Take the first step in faith. You don't have to see the whole staircase, just take the first step. -Martin Luther King Jr.

Personal Finance News Thursday 11/1

Phil's Personal Finance Tip of the Day:

Sandy: Surveying the damage

What to know about your insurance policy

Fox  and Friends-Fox News Thursday November 1st


Real estate guru Bob Massi weighs in:
http://www.foxnews.com/on-air/fox-friends/index.html#/v/1938248985001/sandy-surveying-the-damage/?playlist_id=86912


Inspirational Quotes@Inspire_Us from Twitter:
Many of life's failures are people who did not realise how close they were to success when they gave up. - Thomas Edison