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Now that we’re almost halfway through the year, it’s a good time to conduct a mid-year checkup on your finances and figure out whether or not you need to tweak your budget.
Here’s how to evaluate how you’re doing — and what you need to do next:
Review Your Progress
Have you been making progress so far this year? Check your net worth for a snapshot of where you’re at. Are you in a better financial position than you were at the beginning of the year? If not, see if you can figure out why.
There’s a difference between having a lower net worth because some of your investments aren’t doing as well as you thought and having a lower net worth because you’ve increased your level of debt. Look at the reasons behind your difficulties, and see if you can pinpoint a few changes to make.
Also, take a look at your spending plan. Have you been sticking to it? Identify the areas in which you’ve been the most successful. Figure out how to keep that momentum going. Next, look at the areas where you’ve struggled. What’s behind your struggle? You might have set unrealistic goals, or you might have experienced an unexpected financial setback that threw you off track. [ continue reading… ]
Usually when the IRS is mentioned in a headline about tax fraud, they’re the ones doing the investigating. But in recent headlines, the IRS itself is facing allegations of discrimination.
The IRS is being sued by numerous representatives of non-profit Tea Party groups whose tax-exempt status requests were either denied or are still in limbo — some for several years. Federal investigations into the IRS have already resulted in the removal of two key members, including the IRS commissioner, Steven Miller.
If you’re considering filing for a 501(c)(3), this news might be discouraging. After all, if the IRS can discriminate against certain types of groups for political reasons, couldn’t they just as easily deny tax-exempt status for other reasons, as well?
First of all, the IRS is under serious investigation by the FBI and Congress, and it won’t be allowed to continue this type of discrimination. There will undoubtedly be changes and heightened monitoring. Secondly, about 70% of requests for tax-exempt status are granted without further investigation. As long as your organization qualifies and files correctly, you shouldn’t have a problem.
Finding creative ways to eat out is important in my line of work. During baseball season, we’re on the road 50% of the time. During these periods, we’re given a certain amount of money per day to spend on food (more commonly known as a per diem). Many people travel for work on a regular basis, so finding ways to save money and eat right is important.
Here’s what I keep in mind when deciding when and where to eat:
Make It Last
Though we’re given a set amount of money per day for food, nearly half of it goes to the opposing clubhouse manager. He gives us food at the field, does our laundry, and makes sure we’re comfortable. He feeds us before and after the game, and provides snacks in between. After we pay him and tip him, we have about $10 per day for breakfast and lunch. While this doesn’t seem like much, minor league players can make do with just about anything. [ continue reading… ]
Welcome summer and all of its glories with your own summer camp.
This won’t be easy — banish that thought from your mind. But, the kids will LOVE you for it. And you’ll re-form those family bonds that were stretched so thin during the long school season.
What you’ll need for your successful summer camp:
1. A notebook
This will become your best friend this summer. You’ll keep your plans, ideas, and even results in here.
2. A plan
Sit now and start planning your activities. By starting early, you’re not only making sure you have enough excitement ready; you’ll have time to stock up on craft supplies without paying (toilet paper and paper towel rolls), or without paying for them all at once (markers, glue, etc).
3. A theme
If you want to make this da bomb for the kids, involve them in the planning. Let them help you come up with a theme for your summer camp. One year, we did Flylady’s “GonnaWannaFly” summer camp. It was truly amazing to watch the kids get excited about cleaning house! [ continue reading… ]
It may seem shocking after just a few short years from the greatest market panic of our lifetime but major stock market indices are hitting new highs almost on a daily basis these days. Are you thinking of adding to your investment portfolio? Are mutual funds part of your strategy? FutureAdvisor helped me put together this simple infographic listing a few key points you’ll want to remember about mutual fund selection by digging deep into their 401k database.
Last week, the House passed a bill that would require bondholders and Social Security beneficiaries to be paid first in case of a failure to raise the ceiling on the national debt later this summer.
While the bill passed, there’s doubt it will get past the Democratic majority in the Senate; the White House has already promised to veto it. Even if this legislation doesn’t make it farther than the House of Representatives, it is stimulating debate about the real issue behind it — the national debt crisis.
The U.S. has already maxed out its $16.4 trillion debt limit, but thanks to a movement by Congress to ‘stall’ the crisis in January, the government has until at least May 18th and, most likely, longer. Obviously, the national debt crisis is the main concern of this session of Congress. [ continue reading… ]
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