Saving for a Large Purchase
Buying something on credit can be significantly more expensive than paying cash when you figure in the cost of borrowing the money for the purchase. Many people find that saving the money beforehand is a more efficient strategy. Here's a checklist that can help you along the way. Getting started Estimate how much money you will need to meet your goal. Although prices may vary over time for any specific item, you should be able to make a good estimate based on comparable items
Is a High-Deductible Plan Right for You?
"Save thousands on health insurance." "Cut your premiums in half." We've all seen the ads for high-deductible health plans (HDHPs), touting their low rates. But do lower rates mean less coverage? And if they are so good, why do so few workers opt for them? Like traditional health care plans, HDHPs usually cover a wide range of medical and prescription costs -- but only after a steep annual deductible has been paid. Such deductibles can run from as low as $1,150 for individual
Lower Your Tax Bill With Year-End Planning
As the end of the year draws near, the last thing anyone wants to think about is taxes. But if you are looking for ways to minimize your tax bill, there's no better time for tax planning than before year-end. That's because there are a number of tax-smart strategies you can implement now that will reduce your tax bill come April 15. As the year begins to draw to a close, consider how the following strategies might help to lower your taxes. Put Losses to Work If you expect to
Estate Planning for Small Business Owners
Traveling Down the Ominous Road of Financial Planning I stood there in awe as I watched friends and family enjoy our wedding. People were laughing, drinking, and having a good time celebrating our union. I took a drink from the 25-year-old scotch bottle my wife gifted me as a wedding day present and observed the varying ages of every couple in the room; from my wife’s cousin and her boyfriend who coincidentally caught the bouquet and garter. To ourselves, the newlyweds, then
Developing Your Financial Decision-Making Lens
Time is our most valuable resource. It cannot be made, grown, produced or slowed. I was once challenged by a professor of mine to live life by bettering myself every day, be a second faster at things I do, learn something new every day, and connect with different people whenever given the opportunity. Then and only then would I be successful. “Where will you be 5, 10, 15 years from today,” he asked. “Will you have a job vs. a career? A family or be alone? Be successful? Will
The Self-Employment Tax Trap: Business Deductions
I grew up around self-employed people. My dad was self-employed, my mom and brothers have been self-employed, and now I am. For the last few years of my life, I worked closely with CPAs, in a financial planner capacity of course, which fortunately prepared me for some of the tax consequences that came along with being your own boss. Before my intimate experience with taxes, the tax code, and planning in general, I was used to hearing, “We’ll expense it” or “It’s deductible” f
Paying Off Student Loans
Actively managing your debt is an important step, and your student debt may be one of the biggest financial obligations you have. There are many strategies that could help you manage student loans efficiently. Here is a checklist. Choose a federal loan repayment plan that fits your circumstances: The Standard Repayment Plan requires a fixed payment of at least $50 per month and is offered for terms up to 10 years. Borrowers are likely to pay less interest for this repayment p
Buying a Car
A new car could be the most expensive purchase you make apart from housing. Before you go off with the first vehicle that catches your eye, you should think about how you plan to use and pay for the car. Here's a checklist. The basics Determine how many passengers you may carry on a regular basis. The typical new sedan seats four or five adults. Larger vans, crossovers and SUVs typically seat seven adults. Some smaller crossovers, SUVs and station wagons can seat four or five
Tips to be Financially Happy Ever After
That beautiful couple up there are my good friends Nema & Ashlynn. We are at the peak of wedding season and I just came back from a beautiful wedding in The Woodlands, TX (Not of the two pictured above). With only a week left until my first anniversary, I couldn’t help but think about the weddings I’ve attended, the stressful planning that’s involved, and the sight of the bride and groom’s eyes when they finally say “I do.” This singular, beautiful moment is a promise to love
5 Financial Considerations When You Marry a Teacher
Not long ago (9/06/2015), I made the decision to marry a school teacher. Why not? Aside from the fact that they are organized to the 10th power, are always thinking about new ways to get their kids’ attention (even during the summer), correct your grammar (mine’s an English teacher), and tell you endless stories about students, parents, co-workers & administrators (which are all entertaining), they’re all smart, funny, nurturing, caring, and personable individuals. All of the
