Can you imagine how much extra money we’d have every month if we lived together?
Over the last two months, my parents stayed over at our two bedroom apartment. They were visiting from Canada in anticipation for Sara, and have been a huge help. Last week, a thought crossed my mind and I asked:
Mom, can you imagine how much money we’d save if we sold our houses and just lived in this apartment? On top of the several thousand dollars extra every month in property taxes, extra utilities and the like, we’d be making a killing just on interests from all the equity that we have.
If we made that step, we could be pretty irresponsible and still come out ahead. We could buy something nice almost everyday. We can eat out everyday if we wanted, or we could just save up and leave our heirs a huge estate.
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The first experience I had with the difference cash makes when you’re bargaining was when I was trying to get a desk as cheap as possible. The seller wanted about $20 more than I was willing to pay (or actually had). I pulled cash out of my pocket and explained that all I had was right there, and the stack of dollar bills got his attention: he said that, since I could pay cash, he’d give me a $20 discount.
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We are rapidly approaching the fifth month of 2010. This year is notable for many things, and one of those is that this year it is possible for anyone — no matter his or her income — to convert a traditional IRA to a Roth IRA. There are some advantages to having a Roth IRA, one of those being that when it comes time to withdraw funds, you can do so tax free. Earnings in a Roth IRA grow tax free (but the contributions you make to a Roth IRA are after-tax to make up for this).
While the future tax implications might be tempting, especially if you believe you will be in a higher tax bracket. However, it is also important to consider the tax implications that come now. Here are some of the things to keep in mind with regard to taxes when you make a Roth IRA conversion:
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Whether you choose to entertain inside your home or out, there is no reason to exceed your budget. There are many wonderful ways to enjoy good entertainment that don’t require you spending a fortune. Even a formal dinner party can be managed with aplomb and a limited amount of cash, as I’m sure you know. Why spend more and not get more?
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I have student loans and I’m wondering if it’s a good idea to consolidate them. Does it ever save money to consolidate student loan debt if you can afford your payments?
– Eileen Asks
Absolutely. There are three main reasons to consolidate your loans: financial, management and suitability.
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Today’s post comes from Odysseas Papadimitriou, who found that even him, a credit card industry expert, were caught off guard by a special fee called Dynamic Currency Conversion while he was traveling overseas. Learn what it is by reading below, and also an additional “must-know” tip when you travel in Europe these days.
I’ve been working in the credit card industry for almost a decade, and at this point I consider myself to be something of a subject matter expert. However, on a recent trip to London, I was humbled to discover some gaps in my basic knowledge of how to best use credit cards when traveling abroad.
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