There’s an old saying that goes something like this:
Show me your friends, and I’ll show you your future.
In my experience, it’s true. We seek to fit in with those around us, and that applies every bit as much to money-related decisions as it does to other life choices.
Money-Related Peer Pressure
It’s obvious when our friends and coworkers spend money. We see them going out to eat, going out on weekends, buying shiny new iPods, iPads, and iPhones. As a result, we experience peer pressure to spend–to “keep up with the Joneses.”
But it’s not obvious when our friends and coworkers save and invest money. You don’t see that Lauren has been building up her emergency fund or that Matt has been making big monthly contributions to his 401(k).
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Once you understand that failing leads to positive results, then it’s not a question of whether you will fail, but how fast and often you are able to do so.
Are you afraid of failing? Don’t worry if you are, because I am too. But think hard about everything you are at least semi-good at. Were you this good when you first started?
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Everyone wants to try and get the best deal they can when it comes to taxes. You’ve probably heard plenty about the home buyer tax credit, but unless you are a first time home buyer, or haven’t bought a home in several years, you don’t qualify. Additionally, there are different income eligibility requirements, depending on when you bought your home in 2009. With all these requirements, chances are good that you can’t take advantage of this one.
Don’t be discouraged though, because there are other new tax breaks available for the 2009 tax year. They may even help you get an unexpected tax refund, so let’s get on with these four tax breaks that you might have more luck with:
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With a lackluster economy, unemployment rising, and tax revenues plunging, Uncle Sam would love for you to generate more revenue for him. In fact, the IRS with increased funding has more personnel and capital than ever before, and will issue a penalty whenever you fail to file, fail to pay, or forget to file certain tax forms. Penalties are typically assessed by computers, but IRS personnel can add them to your tax bill as well. During these tough times, there are many things you can do to prevent unnecessary penalties. Below, you find the most common penalties imposed by the IRS and ways you can avoid them.
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You can save money on appliances both before and after the purchase. The first thing to do is assess if you really need a new one in the first place. Repairs on machines that are less than five years old are generally worthwhile, so as long as the total cost is less than half the price of a new machine, go ahead and make the repairs. If done properly, the machine should last for several more years.
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