New article posted at "Everything Finance"

[Everything Finance]

New article posted at "Everything Finance"

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Taking Charge of Your Retirement Fund at Any Age Posted: 09 Sep 2014 12:38 PM PDT Taking Charge of Your Retirement Fund at Any Age is a post originally published on: Everything Finance - Everything Finance - Its all about Money! Saving for retirement is a popular subject of money sites, but the average person does not spend a lot of time thinking about it. It is essential to plan your retirement fund whether you are 21 or 61. It can be easy to push off retirement savings saying, “I’m too young; I’ve got plenty of time” or “I am too old to save anything good”. Both cases are untrue, and it really is never too early or too late to start your retirement funding. Start Young Obviously, earlier is better to start saving for your retirement. If you are fresh out of college, this advice still applies to you; so don’t ignore it. The best way to supercharge your retirement savings is to take advantage of employer 401K matching. Sign up for this benefit as soon as you enter a new company because it is essentially free money, and it will motivate you to contribute to your 401K. Many 20-somethings will land a good job and not take advantage of this benefit because it means you have less to spend each year. If you have your contributions taken out automatically before you get your paycheck, you most likely will not even notice that money is gone. Yes, you may have to adjust your lifestyle to accommodate, but the pay off when you hit retirement age will be worth it. Just start with 1% of your income and try to increase it 1% each year if your budget allows. Catching Up When You Are Older If you are getting into the retirement game late, know that you are not alone. While you will have to contribute more to your retirement fund than a 25-year old, it is not impossible. The first thing to do is to ensure you are making the maximum contributions you can. Thankfully those over 50 can can contribute $23,000 to their 401K and $6.500 to their IRA a year. Take advantage of these numbers and pair them with employer matching. To reach these big numbers each year, you are going to have to cut back on your living expenses. This may mean moving to a smaller home, downsizing your car, or more. For most people aged 40-55, their kids are grown and are starting to branch out on their own, if they haven’t already. It is very important that your kids know you aren’t a bank account and that you have to save as much as you can for your retirement, or else, your son and daughter will be stuck with the bill when you are too old to work. Your children may be upset that you are not going to help them pay for college or help them buy their first home, but you are giving them a much better gift by taking care of yourself through padding your retirement fund. Advice for All Ages No matter how old you are when you start saving for retirement, it is essential to know how much you are going to need. Calculate expected living costs as well as costs for emergencies and insurance. Once you have your number, that should be your goal retirement savings. Another tip for everyone is to put contribute half of your raise check or tax return to your 401K or IRA account. This can help you painlessly hit those maximum contributions. Don’t let your retirement take the back burner anymore. Make a plan today that will allow you to have a financially secure retirement instead of one living off of government assistance and handouts.   RESOURCE CENTER Looking for a New Investment other than Stocks? Give P2P Lending a Try! Compare Mortgage Rates FREE Credit Score! Get the Best Car Insurance Rate Best Savings Account Join Personal Capital Now for Free Financial Tools!

A Lesson on Life Insurance Posted: 09 Sep 2014 06:07 AM PDT A Lesson on Life Insurance is a post originally published on: Everything Finance - Everything Finance - Its all about Money!   A Lesson on Life Insurance When I was only 16 years old, my father passed away after a short illness. My parents had never purchased life insurance, so the only help we received was from the Department of Veterans Affairs, since my father was a disabled veteran. I think we received approximately $2,000. My father’s funeral cost at least double that figure. My mother was now saddled with grief, debt, and an uncertain future. I watched my her hand-wring over how she would pay for the funeral. She didn’t know if she could provide for my sister and I. She freely admitted that we probably wouldn’t be able to keep our house. My sister was in college and my mom didn’t know if my sister would be able to stay there. My own college career was in deep jeopardy. My mother already worked full-time, but she had to take an additional job in order to make ends meet – one that called her out all hours of the night, seven days a week. She eventually rented out the house and moved in with family to keep costs down. But she also was quietly shoring up her life insurance policy. When she passed away seven years after my father’s death, my sister and I had enough money to cover the funeral, take care of pressing bills, and then some. I eventually used my share for a down payment on a house almost straight out of college. My sister tucked hers away in retirement accounts. The contrast of my parents has been a lesson to me on the importance of life insurance. Life Insurance Is Smart A recent State Farm survey shows that a large majority of Americans (84%) believe that life insurance is a smart way to care for their family’s future, but that we aren’t following through with the important conversations that are necessary. 42% of survey participants with living parents have avoided having estate planning conversations. That’s a marked contrast! Understanding that life insurance is important is not hard. If you are the main breadwinner, you have probably thought about what would happen if you were suddenly gone. Maybe it has even crossed your mind how a long illness (and extensive medical bills) would impact your family. Or perhaps your family mirrors my parents: both parents worked and both paychecks were needed in order to cover the necessary bills. Don’t Put Off the Conversation Even though we Americans acknowledge the importance of life insurance, if you are like my husband, you don’t like talking about life insurance because it seems morbid or depressing. Yet the same State Farm survey shows that, once people make the decision to purchase life insurance, they really do have positive feelings about it more often than negative feelings. Their purchase leaves them with feelings like “protected” (36%), “confident” (22%), and even “relieved” (21%). If you haven’t yet had a conversation with your loved ones about purchasing life insurance, there’s no time like the present. Taking Action You can start by assessing need here. Then set up a time to talk with your spouse or your parents (perhaps both). Address the concerns that each party has, but try to come out of the conversation with a timeline for purchasing a policy. Disclosure: This blog post was written as part of a sponsored program for State Farm to raise awareness about the importance of life insurance. All views expressed are entirely my own, and were not influenced or directed by State Farm. You can learn more about this blogger program and life insurance at GoodNeighbors.com, PlantingMoneySeeds.com, and by following #StartLiving on Twitter. RESOURCE CENTER Looking for a New Investment other than Stocks? Give P2P Lending a Try! Compare Mortgage Rates FREE Credit Score! Get the Best Car Insurance Rate Best Savings Account Join Personal Capital Now for Free Financial Tools!

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[Everything Finance]

New article posted at "Everything Finance"

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5 Cheap Ways to Get into A Better Mood Posted: 12 Sep 2014 05:14 PM PDT 5 Cheap Ways to Get into A Better Mood is a post originally published on: Everything Finance - Everything Finance - Its all about Money! There are some times in life where we feel like we just have a constant dark cloud following us everywhere we go. Sometimes it’s caused by a series of unfortunate events (a speeding ticket, your car breaks down, you lose something, etc), other times it’s caused by seasonal change, and even more often, it just happens that we feel…off. A lot of people cope with negative feelings by going on shopping sprees, but it often leaves you feeling not only unsatisfied, but with a huge hole in your pocket too. So how do you actually go about getting out of your funk and into a better mood? Here are five cheap ways to get into a better mood. Pamper Yourself There’s a reason that taking a bath is listed among the top ways to relieve stress. Anything that involves pampering yourself usually puts you in a calm state, and when you’re in a calm state, your breathing tends to be more relaxed. Studies have shown that steady breathing is a big contributor to stress relief. So get pampered! Take a hot bath but make it an experience–turn on some candles, get some bath bubbles, and turn on the low-key music to get your mind out of your funk and into relaxation mode. Bath isn’t enough? Try a cheap pedicure at your local nail salon, or listen to a mediation video on YouTube. Exercise Getting your heart rate pumping has long been known to be a great stress reliever. Stress relievers are always good to help you get out of a bad mood. I hardly ever feel like actually going for a run, but after I’m done, I feel great! Next time you’re feeling restless, strap on some running shoes and just go for a walk. Chances are you’ll start jogging just a little bit and eventually feel the endorphins pump through your veins that help boost your spirits. Have a Friend Night Anytime I get together with my friends, I always end up feeling refreshed afterwards. These days, between schedules, kids, and husbands, it’s tough to get together. But there’s something about talking with friends that always makes you feel good. We’re able to host cheap girls’ nights by simply inviting friends over and everyone brings an appetizer and a bottle of wine. Total cost per person is about $15-20. Read a Book If you’re an introvert, the idea of doing an extrovert activity like a friend night, may not be your cup of tea. If so, try and have a “Me Night” instead. My “Me Nights” usually involve take-out, the couch, and Netflix. But every now and then, I like to immerse myself in a good book. I always check out my books at the library so that they’re free! Find recommendations through GoodReads. Cook a fancy meal A lot of people find cooking therapeutic. Find a new recipe you’ve never tried, grab a bottle of wine, play some jazz and get cooking! Oftentimes, when we’re in a bad mood, we just need something else to take our mind off the issue that’s bothering us. Focusing on something else will help bring you some perspective and hopefully help you find joy in the things that actually bring you pleasure in life

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[Everything Finance]

New article posted at "Everything Finance"

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10 Useless Fees & Tips to Stop Wasting Money Posted: 15 Sep 2014 06:59 AM PDT 10 Useless Fees & Tips to Stop Wasting Money is a post originally published on: Everything Finance - Everything Finance - Its all about Money! Pointless charges can add up quickly and if you aren’t careful, you will end up wasting a big chunk of change. In fact, FeeX.com, a website offering fee analysis to consumers, recently revealed that Americans spend an average of$155,000 in useless fees over their lifetime. According to the claim, most of these fees are charged by banks, financial institutions and investment firms. Paying the equivalent of the price of a home in fees is a mind-blowing prospect. Considering how many fees there are these days, it’s understandable how this can add up quickly. To manage your money better, review these 10 common fees and how to avoid them. 1. Late Payments Late payment fees (or penalties) are not just burdensome on your budget, but they negatively affect your credit, too. Late charges on credit cards cost upwards of $35, and often bump you up to the “penalty APR” of nearly 30 percent. If you find yourself paying late fees frequently, you likely have a hole in your budget that needs to be filled. Review your spending and start cutting out the non-essentials. If you’re paycheck doesn’t cover your lifestyle, cultivate a side hustle to pull in the extra money you need to stay on top of payments. 2. Overdraft You forget about a pending transaction and casually swipe your debit card, only to find your account in overdraft a couple days later. It happens to the best of us, but there are ways to avoid it. While overdraft protection seems like a no-brainer, banks may charge a fee for using the service (though it will be less than the overdraft fee). Instead, download your bank’s mobile app to track your balance and transactions on-the-go. Alternatively, you can try to opt out of overdraft altogether, which will result in your card being declined if your funds are insufficient. 3. ATM Never, ever, ever, EVER pay ATM fees. If you need cash and your bank’s ATM is not in the vicinity, head to the nearest grocery store, gas station or other retail outlet and buy something small — a pack of gum, a yogurt, a greeting card — and withdraw whatever cash you need from the cashier. Since a quick ATM trip is often due to lack of planning or impulse buys, take a moment to determine if you really need the cash. 4. Checking Account According to Bankrate’s annual checking survey, only 38 percent of major banks offered free checking in 2013. What’s more, the average fee has jumped from less than $2 per month in 2009 to over $5 per month in 2013. If you’re paying these fees, consider transferring your checking account to your local credit union. Over three quarters of the 50 major U.S. credit unions offer free checking, and often offer lower-interest loans and better customer service. 5. Early Termination Gyms and wireless carriers are notorious for charging early-termination fees to dissuade you from cancelling your contract. Since consumers are less enthusiastic about services that tie them down, there are numerous, no-contract alternatives for you to explore. T-Mobile is an obvious choice for a no-contract wireless plan, but smaller services like Ting and PagePlus are worth your attention. Ting uses Sprint’s network while PagePlus is a good option for Verizon Wireless network users. 6. Shipping I can’t tell you how often I hear about the ubiquity of free shipping, even though most popular retailers don’t offer the real thing. Free shipping with minimum order requirements are everywhere, and unless you buy $35 to even $125 worth of stuff every time you order, you’ll likely get stuck with delivery fees (or overspend just to avoid them — tsk tsk!). To dodge these fees, look for coupon codes from sites like CouponSherpa.com, or hold off on ordering until a holiday weekend. By waiting, you’ll likely get your items for less and score free shipping. 7. Restocking Some retailers charge restocking fees on opened items they can’t resell as “new.” For example, Target charges a help/returns_and_refunds/TargetsReturnPolicy.html” target=”_blank”>15-percent fee for returned digital cameras, portable DVD players and other portable electronics. Crate and Barrel may also charge restocking fees on returned furniture. Ultimately, it pays to read the fine print on retailer return policies and ideally shop with those who don’t charge restocking fees. Otherwise, research the products you’re purchasing thoroughly to reduce the need for a return. Translation: no gadget impulse buys! 8. Credit Card Interest The National Federation of Credit Counseling estimates a person who charges $1,000 to his credit card (with an APR of 18 percent), and only makes the minimum payments, will spend 12 years paying off that balance. Bottom line: You must pay off your balance every month to avoid these fees. Set up alerts to receive email or text notifications when you’re bill is coming due. If you find you can’t pay off your balance, start using cash and focus on getting your cards paid off. 9. Foreign Transactions Swiping your credit card while traveling outside the country can result in foreign transaction fees, typically 2 to 3 percent of each purchase. Depending on how much you spend (or how much you travel abroad), it might be worth applying for a credit card that doesn’t charge these fees. Alternatively, you can withdraw cash to use during your trip, though you might check with your bank first to see if they carry the currency of your destination country. 10. Convenience From show tickets to toll road dues to vehicle registration bills, “convenience fees” are tacked onto everything these days. In addition to being a misnomer — there’s nothing convenient about fees — they’re also one of the toughest to avoid. Bills and invoices that charge a convenience fee for online payment always get a check from me! With show tickets, you can often shop third-party providers who make up for their convenience fees in the form of a lower ticket price. Andrea Woroch is a nationally-recognized consumer and money-saving expert for Kinoli Inc., who helps consumers live on less without radically changing their lifestyles. From smart spending tips to personal finance advice, Andrea transforms everyday consumers into savvy shoppers. She has been featured among top news outlets such as Good Morning America, NBC’s Today, MSNBC, New York Times, Kiplinger Personal Finance, CNNMoney and many more. You can follow her on Twitter for daily savings advice and tips. For all media inquiries, please contact Andrea Woroch at 970-672-6085 or email and...@kinoliinc.com.

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New article posted at "Everything Finance"

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When The Market Dips, Don’t Panic Posted: 16 Sep 2014 05:30 PM PDT When The Market Dips, Don’t Panic is a post originally published on: Everything Finance - Everything Finance - Its all about Money! When you think of the word investing, what is the first feeling that comes to mind? Excitement? Disinterest? Fear?  I can say that I’ve felt all this and more when it comes to being an investor.  In today’s financial climate, the stock markets change a lot faster than the four seasons and it’s hard to keep up with day to day business events. We hear of Argentina defaulting on their national debt but their stock market is at an all-time high.  Asian consumers will have managed to directly take a chunk out of McDonald’s profit margin in the third quarter of 2014 due to the tainted meat scandal.  Scotland is threatening to declare independence from the UK.  Scottish banks and insurance companies are very skittish about the prospects and depending on the outcome of the referendum, the larger institutions may relocate their headquarters to the UK. In short, world markets are being buffeted around by events occurring on scales of all proportions and American investors are undoubtedly feeling the impact of what happens within and beyond our borders. Stay The Course The majority of us are not financial experts and we often choose relatively easy to understand options such as mutual funds, ETF’s or index funds to invest our money in. Since it’s usually for the long term, we tend to set it and forget it until we hear that the markets are consistently dropping. When this happens, should you panic and bail out your investments before the market crashes in the way of 2008-2009 proportions?  Many financial pundits will tell you no and to do the opposite which is to stand your ground. Too many make the mistake of trying to “time” the market and this requires knowing when to sell and when to jump back in.  If you don’t follow markets on a daily basis, or read valuation reports on every single company that your mutual or index funds holds, then you will have a very inaccurate idea of the state of the economy overall and end up faring poorly with the market timing strategy. Misinformation along with hurried decisions based on fear, will often cause you to lose money over the long run if you cash out your holdings, rather than staying put in the market and waiting for it to rebound – as it always does.  It’s normal to feel concerned about your financial wealth when the markets do drop, yet it’s crucial that you don’t allow your emotions to challenge your investment goals. Seize The Opportunities Markets realistically cannot chart upwards without any end in sight.  Think of market downturns as an opportunity for you to buy more of the investments you currently hold while they’re “on sale”.  If you believe that stocks and bonds are a solid way to achieving long term returns, then buying when the market is low makes sense. This is also an opportunity for you to revise your current investments and see if they need rebalancing.  Evaluate the long term performance of the positions you own and consider whether your current holdings still fit your investment objectives or if those objectives have shifted. Perhaps you need more cash in the next five years because you’re planning to buy a rental property or you may be seven years away from retirement. Any major life changes will impact your financial objectives so take them into account when making any changes to your investment portfolio. Learn to tune out the noise of market doldrums to some extent and stay focused on the long term outlook that initially convinced you to start investing.  Whatever you decide to do during market downturns, don’t be quick to push the panic button.  Always make your decisions with a clear head and guided by reliable information.

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4 Ways to Reduce State Income Taxes Posted: 16 Sep 2014 06:35 AM PDT 4 Ways to Reduce State Income Taxes is a post originally published on: Everything Finance - Everything Finance - Its all about Money! I recently ran across an article that listed my state as one of the top 10 worst states for taxes. I didn’t even have to go verify the information – based on my personal experience, I knew it was true. Each of the past two years here, we have owed state income tax for the first time in our 10 year marriage. I don’t know about you, but it’s a sinking feeling when you owe thousands of dollars in taxes! The article was just what I needed to motivate me to do more research on how to reduce state income taxes. I came up with four ways to get out of that huge tax bill this year. Get a Move On The first solution to my tax burden is simply to move. OK, so moving states isn’t actually simple, but moving would definitely lower our tax bill. My husband and I previously lived in Tennessee and Texas – both states without an income tax. However, our current state’s income tax is quite high, so we would benefit by moving to any number of states with a lower rate. Here’s a good resource for determining where your state falls in relationship to other state’s income tax rates. To be very thorough about this, I would also want to look into a cost of living comparison - just because taxes are lower in one state doesn’t mean that the overall cost of living is. Get Paid Less This sounds counter-intuitive, but stick with me: decreasing my pay can decrease my tax bill. Income diverted to something like a 401(k) is pretax income, which means I have decreased my taxable income. This can be a win-win scenario – I save for retirement and also don’t shell out thousands of dollars in taxes. This isn’t a great option for my family, because we can’t spare too much money for our 401(k) while we are paying huge student loan bills. Get What You Deserve Either through your own research or through the use of a good tax professional, you can track down additional deductions or tax credits and use those to reduce your tax burden. Be smart about this – I’ve known people who buy a new truck because it meant getting a tax credit, but they didn’t actually need a new truck. The math doesn’t quite work out on this one; it only makes sense to purchase something if you would have purchased it anyway. Otherwise, you are paying for expensive appliances, vehicles, etc. to get a small tax deduction. When All Else Fails When you have tried all the above in order to reduce your state income taxes, consider withholding additional money from your paycheck. While you don’t want to owe a large sum of money at tax season, it’s also best to not get a big refund. Getting a big refund means you haven’t been putting your money to the best use, such as through investing. In our case, I researched the state tax laws and found that we have few deductions available to us. We have no other choice but to ask for more money to be withheld from our checks. Just a little over 3 months left in the year, so if you need to take action to reduce your state income taxes, the time is now!

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