Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
Several weeks ago, my husband was horrified to find that some miscreant decided to key his beloved 1993 Volvo 240 while it was parked at our local Wal-Mart. The paint was scraped off all the way to the metal underneath, with the damage spanning two separate door panels.
Because the car is 20 years old, the “simple” repair will be fairly costly, as the body shop will have to mix the paint in order to match the now-faded factory color. Basically, some jerk’s 30 seconds of malicious fun will cost us $800. Since our auto insurance deductible is $1000, we’re going to be paying for this out of pocket.
But even if we had a $500 deductible, we would still decide to pay for this repair on our own. That’s because in the world of auto insurance, filing a claim isn’t just about having your insurer help you out with repair costs.
Your insurance company can adjust your rates depending on the number of claims you file, so it can often cost less in the long run to simply pay for certain repairs yourself.
The problem is, that with relatively small repairs, it can be difficult to figure out whether you’re better off filing or paying.
As a baseball player, I often see people using chewing tobacco. This got me thinking about habits — both good and bad — and what they cost us.
My wife and I enjoy getting coffee from Dunkin Donuts in the morning, while some people enjoy traveling or shopping. Anything that we do consistently is a habit, and these habits often come with a price tag.
Sometimes, the cost may not be worth the benefit. Here are some examples: [ continue reading… ]
One of the best ways for a business startup to raise funds is through Kickstarter.
Kickstarter is a crowdfunding site that allows business owners to raise money to complete projects. As a business owner, you can ask for money from a wide variety of people, and the power of numbers can provide you with the funds you need.
It’s important to note that Kickstarter requires you to have a specific project in mind. This isn’t a site that goes in for general “fund my business” type queries. You need to be developing a specific product or idea.
Jane has always wanted to see Aruba. She wants Robert to take her there to celebrate his late retirement. But Robert’s head is pounding from an unrelenting fear: they won’t have enough money to spare from their savings.
Fifty-six years (give or take a decade) working for a company, and you’d think there’d be a comfortable package waiting for him, but this year, Robert’s company is sinking and the funds aren’t there for him, or his retiring colleagues.
Now that Robert’s account is thinning faster than he thought it would, Robert isn’t loving — or even really enjoying — his retirement in the way he expected.
This didn’t happen only to Robert, though; Boomers across the country are struggling with financial shortages because most didn’t start saving until the average age of 35. Couple those late saving attempts with common mistakes, like purchasing cars and homes priced beyond their means, and well, you get the picture. So does Robert. [ continue reading… ]
According to recent housing market statistics, house flipping (the practice of buying an under-priced home with the purpose of re-selling it for a profit) is on the rise once again. As the market bounces back from the drop in home values and bankruptcy of the nation’s largest mortgage companies, speculators are feeling more confident about investing in homes.
While some like to buy up bank-owned properties and flip them over quickly with little personal involvement, others prefer to buy homes that need some TLC and increase their market value over a longer period to maximize their profit.
529 plans are an excellent way to help your children, grandchildren, or nieces and nephews save for college. Not only are they easy to set up and maintain, but they also grow tax-deferred, and distributions are completely tax-free if they’re used for qualified education expenses.
However, things can get a little complicated if you decide to make a large contribution to a 529 plan.
Because contributions to these plans are considered gifts under federal gift tax regulations, you might find that a generous gesture to your future scholar could become a tax headache for you.
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