Posted on Mon, Aug 31, 2009
The $8000 tax credit is a great deal for people who are first time home buyers. But let’s review the tax credit and it’s provisions:
First-time buyers can claim a credit worth $8,000 – or 10% of the home’s value, whichever is less – on their 2008 or 2009 taxes.
To qualify for the credit, the home must be purchased between Jan. 1, 2009 and Nov. 30, 2009.
You cannot have owned a house for the past three years to qualify as “first time” buyer. You also must live in the purchased house for at least three years, or you will be obligated to pay back the credit.
To get the credit, homebuyers have to earn less than $75,000 for singles or $150,000 for couples. If you make more than that you may qualify for a partial credit.
Getting the credit should be pretty easy, just claim it on your return. One caveat, however. You have to close on your new house by November 30th. That may sound like it’s a long way off, but in reality it’s coming a lot faster than you think.
The end of November is also tricky because of the Thanksgiving holidays. Keep in mind that with the holiday schedule, you’d be better off to try and schedule your closing for at least the week of November 16th, just to give yourself some extra time for unforseen issues that can often come up in the buying process (problems with the final walk-through, mortgage documentation problems, etc).
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Posted on Thu, Aug 27, 2009
The
Yahoo search engine has played runner-up to Google when it comes to most categories in the world of finding things online. However, one little known fact is that
Yahoo Finance has been the #1 Finance site for over a year and a half, while Google Finance has languished at #17.
The New York Times looked at all the various reasons Yahoo Finance is doing so well. Number one is a design feature that Google has made famous: a clean page layout. Google has long been known for its clutter-free homepage— not something you’d associate with Yahoo’s busy, info-packed portal page.
At the same time, Yahoo offers a very inviting diversity of articles. Yahoo Finance stories are appealing. (According to the NYT one highlight is“Where Rich Singles Live”).
But, as the NYT also points out, Yahoo suffers from a major flaw, completely and totally insurmountable to anyone who might ever want financial information: their stock ticker is up to a minute slower than Google’s, unless you pay a fee of up to $13.95/month. Yahoo also doesn’t use the Nasdaq or NY Stock Exchange data. Are these cardinal sins? Unless you’re an obsessive stock market gambler or a professional day trader, is the extra second really going to hurt?
Yahoo Finance’s content includes, primarily, stock quotes, charts, press releases, SEC filings, etc., plus a few syndicated and feature articles. About 5% of their content is original, though the NYT says they’re working on bringing that up to 10%, on par with Yahoo Sports.
Have you compared the two sites? What’s your opinion?
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Term Life Insurance Quote or Research how to
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Posted on Mon, Aug 24, 2009
Just as do-it-yourself plumbing could lead to disastrous results, so too could do-it-yourself financial planning.
According to a recent poll of Angie’s List members, one in five said they have no financial plan in place. Of those who do have a fiscal plan, nearly half said they devised it on their own.
“Many people have a misconception that financial planning is only for the wealthy,” said Angie Hicks, founder of Angie’s List (www.angieslist.com), the nation’s leading provider of consumer ratings on service professionals, including financial planners. “You don’t have to have a trust fund to make smart money decisions but you might need some good advice. Hiring a qualified, objective financial planner can help you get the most out of every dollar – and it could even help you avoid mistakes that could cost you big.”
Angie’s List recently contacted highly rated financial planners to share their wealth of knowledge on preparing a fiscal strategy.
“Whether it’s a life-changing event like a marriage, the birth of children, a career change, or you’re just ready to manage your overall financial strategy, a good financial planner should help you integrate all aspects of your financial life and bring into focus your financial goals,” Hicks said. “In light of some of the recent news events, trusting your financial adviser is at the core of consumers’ concerns, so before you hire, it’s important to interview at least three or more professionals and find someone with whom you are comfortable.”
A financial planner can help with:
Ø College planning
Ø Debt management
Ø Estate planning
Ø Insurance
Ø Investments
Ø Retirement
Ø Saving
Ø Taxes
“There are a variety of financial planners available – investment advisers, personal financial advisers, asset managers and comprehensive financial planners,” Hicks said. “Some work on a fee-only basis – meaning that they don’t take commissions from sales of investments, life insurance, or annuities – while others work on an annual retainer or take a percentage of the profits from your investments. Others make commissions on products they sell. A meeting with a reputable planner should clarify your needs and offer a guideline for the type of planner that best meets your situation.”
Angie’s List offers 10 tips for hiring a financial adviser:
1.) Check certification: Hire an adviser who is a Certified Financial Planner and/or Resident Investment Adviser. Check Angie’s List, the CFP Board of Standards, the National Association of Personal Financial Advisors and the Financial Industry Regulation Authority.
2.) Ask for references: Ask the adviser for referrals from at least three other clients with similar financial situations as yours and ask them how the adviser has performed.
3.) Review experience: Ask about the adviser’s experience, education, and continuing training. Do your research to see if there have ever been lawsuits against the planner. Ask the adviser for a copy of their Form ADV, which details all of that information and must be registered with the U.S. Securities Exchange Commission.
4.) Do your research: Become familiar with financial terms and planning strategies. Establish what you are looking for in a financial adviser and what you want out of the relationship. If the financial planner uses terminology you’re not familiar with, be sure to ask for clarification. Agreeing to something you don’t fully understand could be costly.
5.) Ask the hard questions: “Why should I hire you? How can you help me? How long have you been doing this? Have you ever been fired? What’s in your portfolio?” These are all questions you should ask, along with, “Where should I invest my money?” As one highly rated planner on Angie’s List said, if the adviser has an immediate answer for the last question without taking the time to get to know you and your financial goals, find someone else.
6.) Beware of guarantees: Avoid any adviser who guarantees a stock’s performance, accepts cash, asks for a check for investments in his or her personal name, or says anything that sounds too good to be true.
7.) Ask how the adviser is paid: Fee-only advisers only make money on the advice they give and do not earn commissions on products they sell. Hiring a fee-only adviser can help ensure that the advice you receive is in your best interest, rather than resulting in a large commission for the adviser.
8.) Ask how often you’ll meet: This will vary depending on what you’re asking of the planner and the type of relationship you’re looking for, but it’s important to understand how frequently you should review your finances with the adviser. For investment planning, you should expect proactive meetings and updates.
9.) Ask about investment statements: You should receive investment statements from a respected custodian that can independently verify the value of your investments, rather than directly from your financial adviser.
10.) Don’t settle: If you’re uneasy with the financial planner’s recommendations, get a second opinion. Trust your instincts. If you feel like the planner is trying to sell you something rather than listen to your needs and goals, look for another planner.
“Ultimately, you want to hire an adviser who is going to listen to you and customize a plan that fits your lifestyle,” Hicks said. “It’s important to have a well-structured plan in place to help secure your current financial status, address unexpected expenses, pay off debt, fund your children’s education and your retirement.”
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Thu, Aug 20, 2009
It seems like only yesterday that binders, looseleaf paper, book covers and #2 pencils were the staples (and scotch tape) of a back-to-school shopping list. Now the latest high tech gadgetry, from calculators to thermos bottles, and backpacks to netbooks are vying to make the list. Here’s how to keep it economical.
1. Go Green. Recycle supplies from last year,
Get kids to think green about reusing the markers, binders, pens and pads that have been gathering dust since last semester. The more students you have under your roof, the more likely your surplus pile is full of buried treasure.
2. Make the “A” List first. Save the “B” List for later.
Like overpacking for summer vacation, it’s easy to overload a shopping cart with more than what is needed for the first few weeks of school. Put the “must haves” on your A-list and the extra niceties on a “B” list. Some teachers have specific requirements fur supplies which may only be know after the first day of school. Avoid stockpiling unnecessary items until you know exactly what’s needed.
3. Budget for School Events
Pens and paper are only part of the expense of a back-to-school budget. Often overlooked are the start of year “Student Association” fees, cafeteria meal plans and snack tickets, sports team contributions and after school clubs and activities. The extra-curriculars can be budget breakers if you don’t remember to include them.
4. Nab the Grab Bag of Loss Leaders
Lots of big discount, drug and department use school supplies as loss leaders for more expensive purchases like Fall wardrobes. Take these stores up on their very best offers and shop around. Your local newspaper is full of coupons galore and more deals are being promoted through electronic coupons online.
5. Avoid the Crush, Harvest Values Throughout the Year
Don’t confine your back-to-school shopping to late Augest and early September. Often prices fall as fast as the day after Christmas once school gets underway, Keep an eye out for sale items and bargains in the “off-season” and when you find something buy it and put it away for next year.
More Tips for College Students
- Buy used books – Campusbooks.com lets you compare prices on new and used College textbooks.
- See if your friends or roormmates are taking the class or have taken it so that you may use their books.
- Look for student fares/passes for transportation.
- If buying electronics — shop around and see where you can get student discounts
- Scholarships can come before you enter, or during college, as the result of good grades or for doing specific volunteer work.
- Enjoy free music. iLike, Pandora, Last.fm, finetune, or gotuit (music videos).
- Shop for insurance. Car insurance bargains are there if you look. Research online.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Mon, Aug 17, 2009
Could it be that using a SmartPhone (which aint cheap) to actually save a few bucks on the things you spend money on everyday is not as crazy a concept as it might sound? Here are 5 practical ways to save money with the help of 9 very handy iPhone apps.
Save on Groceries. Which is cheaper, a 10-ounce bag of chips for $2.59 or a 2-pound bag of pretzels for $4,99? If your store does not list per-unit prices, CompareMe, ($1.99) can help you make smart buying decisions.
Free Kids Meals. You’ve heard of those “Kids Fly Free” promotions. The KidsEatFree app ($1.99) finds the special bargains where kids eat free. We recommend calling aheaad to make sure the listings are accurate.
Shop Around. You’re in a store and spot what looks like a sweet deal. But how can you be sure the same product isn’t available for less money online? Pricecheckah ($4.99) searchs Amazon, Froogle, Buy.com, Overstock. eBay, Wal_m,art, Target and Costco, and you c an add in up to three other online retailers besides.
Watch Woot. If you’d like to keep an eye on the superdeals over at Woot sites (woot.com, sellout.wootcom and wine.woot.com) as well as the Amazon Daily Deal, Amazon Lightning, and Tiger Direct Daily, iDealyzer, (free), will stare them all down at no charge. Just remember, you’re not “saving money” if you’re impulse buying stuff you don’t need.
Coupons Galore. No scissors required. Cellfire Mobile Coupons lets you load coupons onto your grocery store discount card. Coupon Sherpa Mobile Coupons, mobiQpons and Yowza! Mobile Coupons are all cut out to save you on groceries and more! Grab your iPhone and get a grip on extra savings.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Thu, Aug 13, 2009
The
Consumer Assistance to Recycle and Save Program, more commonly known as the
Cash For Clunkers Bill, has been one of the more popular financial incentives to come out of Washington in years.
The provisions in the bill allow for two different governmental rebates in the form of vouchers, either a $3,500 or $4,500 rebate based on the fuel economy of the vehicles involved in the deal. Vouchers can only be used to offset the purchase price or lease price of a new vehicle. The calculation that counts is the “combined” fuel economy of both your “trade in” and the new vehicle. Find the fuel economy figures at fueleconomy.gov
How to Qualify For a $3,500 Voucher:
Purchase or lease a new passenger automobile with no less than 22 combined mpg and at least 4 combined mpg higher than your trade in vehicle. Or,
Purchase a new Category 1 Truck (pickup/SUV) with no less than 18 mpg and at least 2 combined mpg higher than the eligible trade in vehicle, or
Purchase a new Category 2 Truck (Large Pickup/van) with no less than 15 mpg and at least 1 mpg higher than an eligible category 2 truck trade in.
How to Qualify for a $4,500 Voucher:
You must purchase/lease a new passenger automobile with no less than 22 combined mpg and at least 10 combined mpg higher than your trade in vehicle. Or,
Purchase a new Category 1 Truck (pickup/SUV) with no less than 18 mpg and at least 5 combined mpg higher than the eligible trade in vehicle, or
Purchase a new Category 2 Truck (Large Pickup/van) with no less than 15 mpg and at least 2 combined mpg higher than an eligible category 2 truck trade in.
What is an Eligible “Trade in”?
To be eligible, under cash for clunkers, to trade your vehicle must:
- Be drivable
- Have been insured consistent with state law and registered to the same owner for no less than 1 year
- have been manufactured not more than 25 years ago
- in the case of an automobile, have a combined fuel economy of 18 mpg or less (does this include trucks?)
Is there anything I can’t buy?
According to program restrictions, you cannot use the money to buy:
- A car that is worth more than $45,000
- a passenger car with less than 22 mpg
- a Category 1 truck with less than 18 mpg
- a category 2 truck with less than 15 mpg
Note: The bill only applies to vehicles purchases between July 1, 2009 and November 1, 2009.
The bottom line: If you are already looking to buy a NEW, fuel-efficient car, and have an older, inefficient trade-in the “Cash for Clunkers” offer could be a great source of some extra money to put towards the purchase. New cars always sell at a premium, though. You are likely to save more in the long run to shop around for a good used car.
Read the full text of Title XIII – Consumer Assistance to Recycle and Save Program for more details.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Fri, Aug 07, 2009
Smart phone devices like the Apple iPhone herald a new age of mobile computing by putting more computing power at your fingertips than a desktop computer could boast just a few short years ago. With the latest crop of downloadable applications or “apps” for the iPhone, you can keep an eye on your banking, trading or brokerage accounts 24/7. Here are 10 iPhone apps that place more convenient management of your money in one handheld solution.
1. Forbes Intelligent Investing provides access to feature stories and video conversation from Forbes, as well as forecasts and market commentary. Take a chance and use your shake function to pick from a lottery of quotes and video clips of Steve Forbes himself. Watch rare one-on-one interviews with financial luminaries Cost: Free.
2. Morningstar offers an investment app that focuses on mutual funds. but also provide analysis of stocks, companies, mutual funds, and more all inside a simple loading app. Cost: Free.
3. Bloomberg Mobile Wall Street Traders swear by the Bloomberg Terminal to analyze real-time financial market data, place trades, and get news and price quotes. Bloomberg Mobile isn’t quite the same thing but does provides up-to-the-minute news, stock quotes, company descriptions, and price chart and market trend analysis. The My Stocks feature is a more detailed replacement for Apple’s stock Stocks app. Cost: Free
4, iFutures gives you an instant snapshot of the major Commodities markets from the convenience of your mobile device. Multiple markets, any contract, configurable User Interface, charts, and more.st: $2.99
5. Mobile Banking Bank of America’s iPhone app, Mobile Bankingm is little more than a wrapper around its existing mobile site (which isn’t optimized for the iPhone) but if this is your bank you’ll still find it useful. You can use it to check available balances, pay bills, and transfer funds on-the-go 24/7. Its best feature is its ability to find the nearest ATM and Banking Center locations using the GPS in the iPhone, something that isn’t possible with the mobile site. BofA’s Online Banking Guarantee is its assurance that you won’t be responsible for any unauthorized transactions and it uses advanced encryption technology to prevent unauthorized access to your accounts and to protect your online identity. Cost: Free
6. E*Trade Mobile Pro offers those with an E*Trade account the ability to access it from anywhere. As long as you have cell service or Wi-Fi access, you can check your account and execute trades in real-time. Cost: Free.
7. iStockManager is for TD Ameritrade customers but offered by a third party. . You can get access to your TD Ameritrade account and execute real trades. You can also see streaming level II quotes as well as option chains Cost: Free.
8. SplashMoney is a mobile checkbook that is already well known fby Palm and Windows Mobile users. SplashMoney allows you to track different account types: checking, savings, credit card, cash, asset, liability, money market and line of credit. You can create a budget and track and analyze your spending with customizable reports and charts. SplashMoney bests PocketMoney by connecting wirelessly to many online US banks using the same DirectConnect service as Quicken and Microsoft Money. In order to sync with the desktop, you’ll need to purchase the desktop version of SplashMoney separately. Cost: $9.99
9. Pennies Pennies is a slick expense tracker with an interface that looks like it could have come straight from Apple. It doesn’t pretend to be a full-featured money manager like SplashMoney but it does let you quickly establish a monthly budget and record and track your daily expenses against it. Large finger friendly buttons and fun features such as a fuel gauge that indicates how much money is left in your budget make Pennies a joy to use. If you still rely on cash for your daily purchases and only want to make sure you are meeting your budget goals, Pennies is a good choice. Cost: $2.99
10. Mint.com provides an all-encompassing way to keep track of your money. While not aimed specifically at investors, Mint does include the ability to get up-to-date information on your investment accounts. Indeed,Mint.com offers you the ability to see your investments in context with the rest of your financial picture. A great bonus from one of the premier personal finance applications. Cost: Free.
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com
Posted on Mon, Aug 03, 2009
In today’s economy, success depends on productivity. Businesses most often lay off employees because they view departments as not cost-effective enough. One way to ensure your value to your company (or to maintain the effectiveness of your small business) is to keep yourself working hard and task oriented. This is obviously easier said than done, as anyone who has ever felt the need to procrastinate can tell you. Here are some tips we’ve found successful in keeping ourselves task oriented.
Create penalties for failure
This does not mean the already present punishments for failing to do your job. If you don’t do your work, well, there’s a good chance you won’t have a job much longer. But there are other ways to set up incentives. You want to force yourself to not only do your work, but do it especially efficiently. There are two options you can use to make yourself work faster: create rewards for success, or punishments for failure. We think punishments are more effective. It is easy to live without a reward, its much harder to live with a punishment. Maybe you can’t make your boss punish you, or you don’t want your boss to. Other options exist though. You could have your spouse make you do laundry for a month, or make your roommate promise to make you take out the garbage for a year. Something along these lines should do the trick. Just make sure the punishment is something sufficiently annoying to do, and make someone promise to enforce it.
Conquer the most important tasks first
Its really easy to convince yourself you have all the time in the world and you will definitely finish your project if you start it later. This is usually a recipe for disaster. It’s a wonder why people continually push important tasks off, knowing there is a good chance that they won’t finish as a result. Every morning when you get to the office or start work, start with your most important task. Push off until later the things that are less important. Don’t do a task just so you know you can complete something on a given day. Work on the most important first.
Create competition
Plenty of businesses are already exploding with a competitive atmosphere. Plenty of employers already create small contests throughout the year to promote friendly competition. A little competition can go a long way. Make a small wager with a coworker or friend about your productivity. Even the small bit of pride that comes from winning can spur you to work significantly harder.
Cut your time on your smartphone
How much time do you waste playing with your phone? How much time do you waste responding to every email you get on your phone? Try to not respond to a few unimportant emails a day, to see how much more productive you become.
What do you do to ensure efficiency? What keeps you productive at work? As always, your comments are appreciated!
To get a
Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com