My Link 2 Cash - Money,Finance,Debt,Mortgages

$4 Million Not Enough to Retire on If You’re Young

Wed, 22 Feb 2012 20:45:00 +0000

CNN Money had a reader write in with this question : I hope to have $4 million saved by the time I retire in 30 years. That sounds like a lot of money, but how much would that be in today’s dollars? Their response talks about how the reader is right to ask this question because of the impact inflation has on purchasing power — especially over a long period of time. Here’s the heart of CNN’s answer: Even if inflation were a relatively modest 2% a year, $4 million in 30 years would have the purchasing power of about $2.2 million today. And if inflation heats up to a 4% annual pace, $4 million in 30 years would be the equivalent to about $1.2 million today. Hardly chicken feed, but a long way from $4 million. They suggest that instead of looking at total dollars saved, potential retirees should instead look at the income generated by the savings — since that’s more meaningful. Their thoughts: For example, using the 4% rule, a common metric for turning assets into income with a high probability of it lasting at least 30 years, a $4 million nest egg would generate about $160,000 in annual retirement income. That’s in 2042 dollars, however. In terms of purchasing power, $160,000 would be the equivalent of about $88,000 today, assuming 2% inflation over the next 30 years, or roughly $49,000, at 4% inflation. Still meaningful sums, but they don’t conjure up that feeling of having hit the jackpot that $4 million does. A few thoughts here: 1. It used to be that a million dollars was enough to retire. Now, if you’re going to retire in 30 years, $4 million might not be enough. Man, I hate inflation! 2. The information above emphasizes what another FMF reader said when he commented that the cost of inflation was his biggest surprise in retirement . 3. I’ll share my plans for dealing with inflation/retirement in more detail in a future post. But for now let me simply say that my plan is to save enough so I never have to withdrawal a penny of retirement savings principal — that I can live off interest/earnings only. And if I can generate much more than I need in the early years, I can actually increase my savings — which will offset inflation losses in future years. Anyone out there dealing with the same issue (inflation) when you’re working on planning your retirement savings?

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$4 Million Not Enough to Retire on If You’re Young

5 Reasons to Take a Gap Year Abroad – Benefits & Strategies

Wed, 22 Feb 2012 18:25:45 +0000

While the traditional route of education is to go straight from high school to college – and, hopefully soon thereafter, a first job – some students do not feel ready for university right after high school. Similarly, some university graduates might not want to take on a job immediately following college graduation. If this describes 5 Reasons to Take a Gap Year Abroad – Benefits & Strategies is a post from the Money Crashers personal finance blog .

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5 Reasons to Take a Gap Year Abroad – Benefits & Strategies

FMF March Money Madness, Round 1, Posts 33-36

Wed, 22 Feb 2012 18:15:00 +0000

Here we go with the first round of Free Money Finance March Money Madness (to follow all the action click on my March Money Madness category link and scroll down to read all the posts involved in this subject.) I’ve listed each “game” (one post versus another) in segments along with the wording provided by the author when the post was submitted. I’ve also listed a keyword after each post title to make it easy to vote (as a made-up example, you can just comment: Game 1: Saving; Game 2: Investing, etc.) Be sure to comment which one you like the best out of each set of two — you will help determine the winner! Criteria for the best article is somewhat subjective, but you can use these factors as a guide: 1) practicality of the post 2) how interesting/provocative/unique it is, 3) the “personal-ness” of it and 4) its impact on net worth. Here are today’s games: GAME 17 5 Reasons You Should Never Buy a Video Game at Launch (Launch) – The video game market has gamers rejoicing as Triple A titles are released, and lamenting these reasons you should never buy a video game at launch. Rejoicing as fantastic video games are released, and lamenting because their wallets are empty. VERSUS The Dark Side of Being Self-Employed (Dark) – Being self-employed means you set your own hours and be your own boss. It can be refreshing to be responsible only to you. However, being self-employed isn’t always sunshine and rainbows. GAME 18 Personal Finance Lessons From Harry Potter (Potter) – The end of popular series Harry Potter brings personal finance lessons from every book or movie. Here are 7 lessons I learned from the 7 installments of Harry Potter. VERSUS Time is Money: How Many Hours Did You Work to Buy That? (Time) – When deciding whether or not to make a large purchase, try thinking in terms of how many hours you have to work in order to buy it. What you find out can be eye opening!

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FMF March Money Madness, Round 1, Posts 33-36

Tax Form 8949 – Instructions for Reporting Capital Gains & Losses

Wed, 22 Feb 2012 17:45:59 +0000

In an effort to help make filing taxes easier this year, we are breaking down the various IRS tax forms to help you know if you need them, and how to use them. If you have capital gains or losses to report on your taxes, you’ll want to be aware of a new process change. Instead of Tax Form 8949 – Instructions for Reporting Capital Gains & Losses is a post from the Money Crashers personal finance blog .

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Tax Form 8949 – Instructions for Reporting Capital Gains & Losses

FMF Cruise Review, Part 6

Wed, 22 Feb 2012 15:45:00 +0000

This is a follow-up post to part 5 . Today we hit two more islands! Friday, January 20 This was our best day of the whole trip. Absolutely amazing! We were up early and it was a bit overcast and raining. But by the time we went to breakfast and came back, the sun was out! We exited the ship in Antigua at 9:20 am and walked along the dock. We quickly came to our catamaran named “Excellence.” And it truly was excellent. Our excursion was called “Antigua by Sea” and the basic concept was that it gave you a tour of the whole island from the water. About 120 people or so were on our boat. We sat near the front which was a GREAT location (we could see clearly, feel the breeze, and got the full bounce — which was fun — from the Atlantic Ocean once we got out into it.) If you ever go to Antigua, I highly recommend the “Antigua by Sea” excursion on the Excellence. We pulled out of the bay and into the Caribbean Sea. The guide pointed out various landmarks along the way as we cruised at a pretty good clip. The water, sky, land, and really everything was completely beautiful. Imagine the perfect tropical day in your mind — that’s what it was like! We drove for an hour or so, then pulled up on a secluded beach (there was no one but our group there). From there we snorkeled for an hour or so and then had lunch — chicken the crew had grilled on the back of the boat. We then spent a couple more hours swimming, eating, drinking, visiting, and just enjoying the tropical location. After that, we hit the water for more sight-seeing for an hour or so, returning to our ship around 3:45 pm. It was a wonderful day — as I said, the best of the whole cruise and absolutely picture perfect. We showered when we got back on the boat and then went to dinner. There was a different procedure for dinner this evening. Instead of us serving ourselves, now the crew members were serving us. The reason: some virus had broken out on the ship and they were trying to control its spread. We never saw anyone sick and were not sick ourselves, but we heard of groups where 10 of 40 people were confined to their rooms (because of sickness) and the like. Yikes! (In case you’re interested, here’s a piece on a cruise outbreak that occurred after we were home as well as a listing of outbreaks over the past few years ). That night’s entertainment was a Las Vegas-style singer/impersonator (he did songs and sounded like Johnny Cash, Elvis, etc.) It was a decent show. Afterwards, we went back to our room and had a massive Uno tournament. I’d tell you who won, but modesty forbids me to. Saturday, January 21 Another fantastic day — this time on Barbados . We were up at 8 am, had breakfast, and were off the ship at 11 am. In Barbados, the ships dock a bit away from the main terminal, so we took a bus to the terminal, then got on another bus to take us on our excursion. We got into a “speed boat” with 40 other people or so and drove to an area where endangered tortoises were known to swim. We all jumped off the boat (in snorkel gear) and the guide started putting small bits of fish into the water. Almost immediately, two turtles and a ton of fish were swimming amongst us. We were not allowed to touch the turtle (doing so would supposedly spook them), but they swam freely around us. It was very cool. We then hopped back into the boat and drove a bit to a nearby location. We jumped back off and swam over to a shipwreck that was 20 feet or so below the surface (but still very visible — the water was so clear). We snorkeled there for an hour or so before getting into the boat and heading for a nearby beach. We spent about an hour swimming and enjoying the warm and crystal-clear water before heading back to the boat’s home and then the terminal. We did a bit of shopping there, then took a bus back to the ship. We spent a couple hours at the ship’s pool and hot tub and then had dinner brought to our cabin. Later that evening we went to the “Chocoholic Buffet” — the regular buffet replaced with all sorts of chocolate desserts. It was GREAT! Afterwards we shopped a bit, walked around the boat, then headed back to the room and enjoyed sitting and talking on the balcony. Overall, another great day! That’s it for this post. Come back next time to hear about our final island stop and our last days on the ship. For now, enjoy these pictures — 1) the Excellence, 2) one of the turtles we swam with, and 3) the table leading to the Chocoholic Buffet. (click images to make bigger)

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FMF Cruise Review, Part 6

My Credit Card Rewards for 2011: Almost $2,300

Wed, 22 Feb 2012 09:29:00 +0000

Last year was a banner year for me in credit card rewards. Why? Because I hit the trifecta: I increased the amount I spent using my credit cards, I got some cards with terrific cash back levels, and I received some very nice bonuses for getting new cards. Before we get into the specifics of 2011, here’s what I’ve earned historically: $330 in 2006 $500 in 2007 $412+ in 2008 $845.47 in 2009 $833.26 in 2010 The results for 2011 show how my strategy evolved over the course of the year. Here’s what I earned by card. FIA Services card: $496.48 . This is the old “Schwab” card that I used for much of the year until they tried to replace it with the cut-rate Bank of America card (which I cancelled). When this card was discontinued I re-evaluated my credit card strategy and changed to a new, multi-card effort . Citi Dividend World card: $550 . This is a card offer I received in the mail (and have never seen online.) It is a 1% cash back card but for the first year they gave a bonus 1%, so it’s a 2% card (on everything). It also came with a sign-up bonus which I believe was $150. I got this card shortly after the FIA card died and I’ll use it until the bonus runs out. I was able to rack up so much on it because I charged a good amount of business travel as well as many of my charitable contributions on it. Chase Freedom® Visa : $351.02 . I maxed out most of the 5% cash back bonuses this year as well as added on extras because I have a Chase checking account . This card still heads my list of the best cash back credit cards — especially if you carry only one or two cards. (FYI, it still has a $200 cash bonus if you get a new one.) Chase Sapphire℠ Preferred Card : $625 . Absolutely wonderful bonus for signing up — saved me a ton of money on the flights (which I purchased in 2011) we used for our cruise. It also has no foreign transaction fees, so we used it on our trip. This was my first points-based credit card in some time, but given the great reviews it’s received , I may be using more of it in 2012. (FYI, this card is still on my shortlist of the best credit card bonus offers since $625 is nothing to sneeze at.) American Express Blue Cash Preferred : $275.95 . This is the 6% cash back card on grocery purchases that converts to 6% on other things if you can buy a gift card for it at your grocery store (FYI, do a test charge before assuming this will work at your store). I wish that there were more gift cards to use and that it wasn’t such a hassle managing them. Or better yet, I wish this card just gave 6% cash back automatically on everything. That would be GREAT!!!!! TrueEarnings® Card from Costco and American Express : $299.43 . I used this card for three things: 1) purchases at Costco, 2) gas (when I didn’t have a gift card at 6% or the Chase Freedom card didn’t have a 5% bonus), and 3) (the biggie) our cruise purchased through Costco (which earned 2% cash back.) Gold Delta SkyMiles® Credit Card from American Express : $187.50 . This is the value I assigned the points I received for signing up for the card, but it does NOT include the $150 I saved by using the card to skip baggage fees (because these savings were in 2012). I’m expecting this card to save me $300 to $400 this year in baggage fees alone. All these add up to a grand total of $2,288.90 ! Wow! What a year! Over $2k for simply taking some time and effort to buy things in one way (with a card) over another (with cash or a check.) Of course that’s still a ways behind what this guy earned , but I’m catching up to him. One thing I haven’t included is the amount I charged this year. That’s because with the number of cards I opened and closed as well as both the rewards themselves and the bonuses, it was difficult to get an exact amount charged — and I didn’t want to tell you a false number. But an educated guess would be that I earned 2.5% to 3% cash back on average in 2011, so that would mean charges somewhere between $40,000 and $48,000 if I take out the large bonuses I know about. I was able to reach these levels because 1) I traveled for work a lot this past year and charged the costs (and was reimbursed by my company), 2) I charged almost everything pertaining to our cruise, and 3) I made a significant portion of my charitable contributions with a card, including those from my Red Kettle Challenge . How about you? How much in cash back rewards did you earn in 2011?

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My Credit Card Rewards for 2011: Almost $2,300

Build Your Foundations

Tue, 21 Feb 2012 20:45:00 +0000

The following is an excerpt from Dollars & Uncommon Sense: Basic Training for Your Money . If you don’t change the way you think about money , there is no way you will change the things you do with your money. To achieve your financial goals, or in fact any goal, you need to start out with a strong foundation. Without a strong foundation, you will fall back into the same routine you have been in for years. In order for you to start thinking differently, you will need to change the three Ps: your principles, priorities, and plans. When you change all three, you will establish the foundations for how you will make decisions about your finances. You will finally be able to reach your personal money goals. Let’s begin with principles. Principles A principle is a basic truth that serves as the foundation for how you live your life. It is a core belief. In chapter 1, we talked about a number of principles that people hold about money. One person might believe that only people who are born wealthy or win the lottery will ever have money and that it doesn’t matter what ordinary people do, they will never have money. Another might believe that if people spend less than they earn, always put a little away in savings, and make financial decisions with their heads rather than their hearts, they will grow their wealth. Naturally, these different principles will lead these two people to do very different things with their money. Priorities Every day we set ourselves priorities, basing them on what we think it is most important or urgent for us to do, or what our main concern is. But when we’re busy, we can get so caught up responding to what needs to be done right now that we lose focus on the big picture. Here is a simple question to ask yourself: What am I spending my time on, and what am I spending my money on? If you give yourself a moment to think about this, you might be surprised to find that what you are actually prioritizing might not be what you should be prioritizing. Most people do not make their finances a priority. That is a big mistake. Think of a time when you had to reset your priorities at work or at home because something urgent came up. As soon as you changed your priorities, you started thinking differently and doing different things. For this reason, in this book we are going to take a close look at your money priorities. No one else is going to start managing your money better for you. You need to reset your own priorities, then things will start changing for you. The fact that you have purchased this book shows that you already have some of your priorities in order. You have spent money on something that is important. You have acknowledged to yourself that you want your finances to be different, and you put your money where your mouth is. Plans I have heard over and over again that people do not plan to fail. I don’t believe that. Most people fail because they don’t have a plan, so the real truth is that they are planning to fail, they just haven’t written it down yet! Because you do not want to be like most people, you are going to change that, starting today. Most people have good intentions and know it would be a smart idea if they wrote down a plan for their money. So why don’t they? They equate planning with changing, and you know as well as I do that most people do not like change. The tragedy here is that by avoiding the short-term pain of adapting to change, these people are missing out on long-term positive change in their finances. Most of these people in fact are at risk of a retirement in which they may not be able to pay their heat bill or buy groceries. To build wealth, you need to change your attitude and actions with money, and that means acknowledging to yourself that you need to plan. Planning involves long-term thinking, and if you want more money, you have to start thinking longer term. In the chapters that follow, we will go step-by-step through setting up plans for your spending, debt repayment, and saving and investing. In each instance, you will assess where you are now, then you’ll develop the right plan for you, and finally you’ll put it into practice. From time to time, you will review and adjust the plan so that it’s still leading you toward your ultimate goal. A final word on plans: They need to be written down. If you write a plan down, you have a much higher probability of following it. How the Three Ps Work Together The person who believes that it is only those who are born wealthy or win the lottery who will ever have money probably follows few or no rules about how to spend money, doesn’t give money a high priority, and does little or no planning. On the other hand, the person who believes people can change their financial destiny probably follows a number of money rules, gives money a high priority, and has a long-term financial plan. (I think you know by now which of these people ends up with the most money.) It is important to remember that while changing your principles is the crucial first step, you will then need to follow it through by actually doing something different with your money. Your priorities and plans will be the new framework for what you do with your money. As an example, let’s consider this principle: “If you identify and reduce your wasteful spending, you will have more money.” The first stage is to embrace this principle and admit that you are wasting money. Then you will need to set new priorities; your first will be to spend on what you need rather than what you want. Finally, you will make a new spending plan to ensure that you cut your wasteful spending by 15 percent. If you believe that you are wasting money, you will reduce the amount you are spending. If you then follow the plan of cutting your wasteful spending by 15 percent, you will have more money. What I have just shared with you isn’t anything miraculous, but the truth is that most people say they want to be better with their money, but they don’t do anything differently. It’s important to balance thinking and doing, so in the following chapters, we are going to look in turn at the principles, priorities, and plans you need to follow in order to become a wealth builder. Your First Principle People who write down their goals have a higher probability of reaching them. In fact, a prominent psychologist has stated that it is possible that people are 11 times more likely to reach a goal when they write it down, as opposed to simply thinking about the goal. I believe that the physical act of writing transforms a thought into an action. Keep this in mind: Most people do not write down their goals. Most people fail to reach their goals. You do not want to be like most people, so from now on, write your financial goals down. Throughout this program, you will be setting goals and using worksheets to assess and plan your spending and saving, so now is the time to set up a system for keeping all of that material on record. Some people like to buy a blank journal to write in; others like to file their money goals and plans in a folder. The key is to find a system that suits you and enables you to keep everything in one place, where you can easily access it. Your First Priority Make finances a top priority. Did you know that most people watch an average of 35 hours of television a week? I want you to spend at least one hour of your time each week on your money. Choose the same day and time each week, block out that hour in your diary or on your calendar, and then show up like you would for any appointment. Your money has to be one of your top priorities, so don’t allow anything else to take your attention at that time. Your First Plan Read this book right through to the end. The sad truth is that most people read only the first few pages of a nonfiction book. Dollars and Uncommon Sense is basic training for your finances, and it is designed as a program to be followed from beginning to end. Only by approaching it that way will you be able to completely transform the way you think about money. That’s why I’ve kept it short, clear, and easy to follow: I want you to read it from cover to cover in one sitting, so that you get the big picture. The book is designed to be read in just a few hours. If you have the time right now to keep on reading, that’s great. Otherwise, pick a good time—one night during the week or one weekend—when you can make it a priority to read and absorb this book. Write that day down in your diary or calendar as you would any appointment, and show up on time. This is about your financial future, so treat it as though it’s a doctor’s appointment that you have been trying to schedule for the past six months and you know there won’t be any other openings anytime soon. Because Dollars and Uncommon Sense is all about retraining the way you think about and act with money, the changes I’m recommending won’t happen overnight. This is a step-by-step process that will change the way you spend, pay off debt, save, and invest. When you complete one step, you will need to open the book again and take a look at the next step, so that you remember what you need to do. This is the kind of book that I hope you will use your highlighter pen on, so that later on you can find key ideas again when you need to refresh your memory or renew your commitment to the principles. As in basic training in the military, repetitiveness is a key to building competence and confidence. When you read things over and over again, they start to become second nature and you are able to start thinking differently without any effort. Once you start thinking differently, goals you thought you could never reach start seeming reachable, because you have the tools and competence you need to succeed. And as each of your goals are met, you build more confidence. Congratulations, you have just completed your initial orientation! In the next chapter, you will learn how to start taking charge of your money. You will start telling it where to go, instead of having no idea where it went. The Take Home To start thinking differently, you will need to change the three Ps: your principles, priorities, and plans. Principles are core beliefs that influence what you do with your money. Priorities are what you spend your time and money on. As soon as you change your priorities, you start thinking differently and doing different things with your money. Write down your long-term financial plans and goals, and review and adjust them regularly. Spend at least one hour of your time each week on your money. Set aside a time to read this book through, then review it again each time you complete one of the steps.

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Build Your Foundations

How to Find a Good Contractor for Home Improvement Repairs

Tue, 21 Feb 2012 17:20:56 +0000

April 27, 2011 is a day that many people in my small neighborhood in Knoxville, Tennessee won’t soon forget. An outbreak of tornadoes and other devastating weather systems wreaked havoc in Tennessee, as well as Alabama, Arkansas, Georgia, Mississippi, and Virginia, changing the lives of millions. Looking back on that experience, the hailstorm was probably the How to Find a Good Contractor for Home Improvement Repairs is a post from the Money Crashers personal finance blog .

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How to Find a Good Contractor for Home Improvement Repairs

34 Fun, Free Things to Do in London for Families With Kids

Tue, 21 Feb 2012 15:40:56 +0000

Full of beauty, history, and a vibrant culture, London is a wonderful family vacation destination. I spent 17 years living in the vibrant city of London, England, and now that I live abroad, my family and I only get to visit once or twice per year. But I’m determined not to pay tourist prices and am always 34 Fun, Free Things to Do in London for Families With Kids is a post from the Money Crashers personal finance blog .

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34 Fun, Free Things to Do in London for Families With Kids

FMF Cruise Review, Part 5

Tue, 21 Feb 2012 09:29:00 +0000

This is a follow-up post to part 4 . Today we hit two more islands! Wednesday, January 18 The weather was still “ok” today — “ok” being defined as 70-75 degrees, a bit windy, and overcast. Better than Michigan, but not the tropical feel we wanted. In addition, the waves were high, so our excursion today (we pulled in to Tortola, British Virgin Islands this morning) was cancelled. We were supposed to go to the Virgin Gorda Baths and do snorkeling, but the waves were too high and the trip was cancelled. Because we had booked our excursions through the ship, we received notice of this early in the morning with a note left on our door (and our account was credited with a refund.) Later in the day we talked to another couple we had befriended and their experience illustrated another advantage of booking an excursion through the ship (or at least on your own with a reputable company.) They had cruised several times and headed out to the baths on their own. They took a series of transports to get there. I can’t remember them all but it was something like a boat, then a bus, then a cab — each costing them something along the way (plus costs on the way back). Then they even paid to get into the park where the baths were only to find out that they were inaccessible that day due to waves. They had no way of finding this information out ahead of time (or at least didn’t think of it.) So what seemed to be a “cheap” way to see the baths ended up costing them more than what those of us who went the “expensive” way paid. With our plans cancelled, we hopped off the ship and decided to wing it. There was nothing really close to the ship to do, so we walked a bit and ran into several 20-person (or so) open-air busses. These were private companies offering various tours to the cruisers. We selected one and ended up getting a 2 1/2 hour tour of the island (with stops at a rum maker and the beach) for $15 per person. You can’t get a sneeze from the ship for $15 per person (all excursions cost in the $60 to $100 range per person). So we snapped it up and had a GREAT day touring the island. While the temperature was cool for water activities, it was fine for seeing the sights — shopping areas, villages, the coast, etc. I’ve included a couple pictures of their beaches at the end of this post so you can see how beautiful it was. We were back at the ship by 1 pm or so, cleaned up, ate, then spent the afternoon in the hot tub and the ship’s pool (the weather had started to turn warmer by the time we got back). That evening we went to the ship’s magic show. I can’t remember who the magician was, but he was VERY good. Thursday, January 19 This was our second-best day of the whole trip (hint: the best day is tomorrow). We pulled into St. Maarten , the Dutch side of the dual-country island (the other portion is St. Martin, governed by France.) It was a warm, sunny day, the type of day you hope for/imagine when you go on a tropical vacation. We hadn’t purchased an excursion for St. Maarten because we couldn’t find one we liked. We heard that there was nice shopping near the dock, so we go off and started walking. About a mile or so later (I could be off — I’m terrible with distances — but it did take us 10-15 minutes to walk it), we hit the gold mine — both a nice shopping area and a beautiful beach. At one of the stores my son and I got soccer jerseys from teams we like. We paid $30 each for what would have cost $50 to $75 for a “great” deal online, so we were happy. We spent a couple hours shopping and walking the city and after that we were HOT. We decided to walk back to the ship, change into our swim gear (we didn’t know a beach was close so we had worn shorts and t-shirts), then walk back to the beach. Which is what we did. We spent a couple of beautiful hours on a gorgeous beach (see below for a picture of it). The water was warm and clear and the sun was shining. Afterwards, we went and picked up a t-shirt for my daughter and headed back to the ship — exhausted from all the walking, swimming, and sun. After a late lunch/early dinner, we relaxed a bit on our balcony (watching a Royal Caribbean ship docked close to us and then enjoying the water/scenery as we pulled out), showered, then went to see comedian Dave Heenan . He was funny, but a bit raunchy for the kids (and we went to the early show where that is supposed to be a non-issue.) Afterwards we topped off with a late dinner (yes, you can eat as much as you like on a cruise, and we did), took showers, and got ready for the next day. St. Maarten was one of our favorite places and I can see us going back there someday. That’s it for this post. Come back next time to see how our visits to Antigua and Barbados went. For now, enjoy these pictures — two high up shots of Tortola beaches and one (closer view) of our beach in St. Maarten. (click images to make bigger)

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FMF Cruise Review, Part 5