Do you have a particular hobby you just can’t get enough of? Some part of your lifestyle that identifies you? Something that you’d be happy to spend more time (and more money) on? For most of us, there are several parts of our lives that really make us tick. Sometimes it’s hard to justify spending money on these sorts of hobbies even though it’s what we want to do. But if you can make your lifestyle into a business, you can make those expenses deductible — which, at the very least, makes these expenses more palatable.
Note that not every aspect of a lifestyle can be turned into a business, but with the availability of easy options for business creation online, you might be surprised at your options. Playing video games, gardening and much of the other things you do can be turned into a business. Excited? Here’s what you need to know to get started.
[ continue reading… ]
I live in an area where one-income households are common. One question I am often asked is this one:
“How can I increase my retirement savings when my wife [husband] doesn’t work?”
This is a common conundrum for many who have maxed out an IRA, and wish that they could open another tax advantaged retirement account. They feel stymied (and punished) by the fact that their attempts to make a good home for their children limits the retirement options. Luckily, there is another option that I am happy to tell you about.
Spousal IRA
[ continue reading… ]
Dealing with a financial crisis is not easy, especially since they are almost always accompanied by other stressors such as losing a job, a divorce or a loved one experiencing a serious illness. Quite often, dealing with money is at the bottom of your list of priorities as all of your energy is poured into dealing with the emotions and logistics of dealing with other precipitating events.
Eventually, the time will come when you have to focus some of your attention on your financial situation even while your life is still in turmoil. It’s not easy. We’ve recently been through this in my own family after a sudden and tragic death in my husband’s family. We’re still in the process of getting our finances back on track and I’ve learned a lot from dealing with this crisis, pointers I want to share with you.
[ continue reading… ]
There are some forms of insurance you just can’t live without. Car insurance is mandatory in all states, homeowners insurance is required if you carry a mortgage, and any parent will tell you that medical insurance is crucial. With rising costs hitting all of these necessary protections, it pays to make the most of every dollar.
Car Insurance
Since you have absolutely no choice about having car insurance, you may as well shop around to find the best deal. I know that there are many advertisements trying to entice you to change companies, but before you do that, compare what you are getting right now to what they are offering. Frequently companies “save” you money by providing lesser coverage; in my book that is no savings. Shop around and do it early, insurance companies will almost always match any legitimate offers you find.
[ continue reading… ]
Did you know that companies pulling your credit may sometimes hurt your score and other times not affect it at all?
In the world of credit and credit reports, there are two types of inquiries: hard or soft credit checks. Basically, a hard credit check (or sometimes referred to as a credit “pull”) is a voluntary inquiry of your credit report by a third party. Since these are made with your consent, they appear on your credit report, are visible to anyone when they pull your credit report and will affect your score.
Soft credit checks on the other hand, also known as involuntary inquiries, may result from a company wanting to verify the information you gave them, or can also be used by a lender wanting to send you a pre-approval letter. These inquiries happen much more frequently, and though all three credit bureaus track this data, they are only visible to you and will not affect your credit score.
[ continue reading… ]
I remember them so vividly – a gorgeous pair of pink Nike running shoes. I wanted them so badly! They were my ticket to coolness, to being like the other girls. But my parents, working their way up from middle class into upper middle class, had different priorities. They said “no” to the brand name shoes and got me a cheap imitation instead.
Kids Are Expensive
It’s a well known fact that kids are expensive. Just type “cost of raising a child” into the Google search box and you will find that if you are a dual-parent family with a high income that lives in a city or a suburb along one of the U.S. coasts, you will spend about $250,000 per child from the day they are born and until they reach the age of 18. That’s before you pay, or help them pay, for college!
[ continue reading… ]
