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Daily Financial Advice Mallard 2-21-2014

Daily Finance Advice

Daily Financial Advice Mallard 2-21-2014

If you are unsure if you can afford something you can not afford it.

Simply put if you have ever questioned whether or not you can afford something it is best to not buy it. Instead you should wait one week and see if you still want it. If you still can’t afford it then do not buy it. You do not want to take on debt especially credit card debt if you do not need it.

Best Finance and Investing Apps

Now we can stay in touch with our day-to-day financial investment activities anywhere and anytime because of our powerful feature oriented smartphones. It is seen that investors use smartphones to take care of their investments time-to-time due to availability of information on mobile devices, especially the valuable information found in finance and investment applications. These investment apps are very handy to use for both novice and experienced investors.

investingapps

By working on these apps, you can draw stock charts, maintain virtual portfolio and get necessary live stock prices on your smartphones or tablets at a click. Many of these finance and investment apps can be downloaded for free but for some you may have to shed a little money. Some of the apps are listed here that may help you to manage your finances efficiently and effectively.

  • ChartIQ Practice Trading Simulator:This app is available on iPad and costs around $1.99. By using this app you can choose a market scenario like a trending market and can analysis several charts which can make you accustom in the different trading environments.
  • FRED Economic Data: – This app which is downloaded from app stores for free is available on iPhone, iPad and Android. It is very useful for those customers who are unaware of Federal Reserve Economic Data.
  • Chaikin Power Tools: – This app is available on iPhone for trading and market watching. Marc Chaikin, a stock market expert, developed this app which aims at providing all the necessary financial information needed by an investor for buying and selling of stocks. Both stock as well as options trading is supported on this app with relevant real time alerts of various news stories.
  • ABUKAI Expenses: – ABUKAI is a great app which helps you to track and manage all your expenses for a financial venture. This app can be downloaded from Android market, Apple’s app store and Blackberry’s AppWorld.
  • PageOnce Money & Bills: – PageOnce, another famous app, provides finance services to the investors on mobile. According to market trends the demand for this app has increased by 300% in the last one year. It helps you to manage your finance account on your phone in one location by delivering a complete overview of cash, investment, due payment and credit card transactions.
  • WikInvest Portfolio Manager: – This app is available on a number of platforms like iPhone, iPad, Android, Blackberry and Windows Phone 7 and can be downloaded for free from various app stores. By using this app you can pull your account related information from anywhere and can manage your portfolio’s performance with time.
  • CNBC Real-Time: – This app can be downloaded for iPhone, iPad and Android for free. This app make you visualize the real-time data and provide you with live quotes for future market.
  • uValue: – Aswath Damodaran, stern valuation guru, designed this app for valuation modeling on iPad.

This represents a very short list of apps. There are many more available in the market which you can consider to enhance your investment options.

What Are the Most Commonly Missed Tax Deductions?

Every April, businessmen, entrepreneurs, and other self starters anticipate that dreaded day of filling out those familiar W-2 and 1099 workbooks. While some look forward to receiving a refund, many lack the necessary education to help them maximize their tax earnings. The following are some tax deductions that are commonly overlooked by all types of taxpayers.

Whether owning a small business or large company, keeping tight records of all business transactions is the key to a worry-free tax season. This includes keeping track of all receipts related to the business. Lunch expenses can be an acceptable write-off if it is purchased as it relates to business. If using a car to carry out business related tasks, then expenses used for the car can be deducted at the end of the year. This includes gas mileage and any other necessities to keep the car in good condition while conducting business. Oil and tire changes, tune-ups, and any other cost related to car maintenance are examples of deductions that suit independent contractor delivery jobs or sales jobs that require a great deal of independent travel.

Materials that are needed to produce sellable goods can also be deducted. This benefits artists and craftsmen who make their living selling their art and crafts. For example, if an artist sells their work for $200 and their materials needed to produce it costs $40, then the artist can write that off come tax time as long as he or she keeps all of their receipts. These are all considered business expenses that ideally should not cut into the entrepreneur’s individual profit margin.

If a business needed to close down and thus resulted in a loss of income, then the business owner can report that as a loss on their tax forms. Each individual taxpayer needs to pay attention to what amount of profit loss constitutes a “loss” because each state may have different laws regarding these specifics.

Other forms of deductions that often go unnoticed are sometimes not so obvious. Most people may not know that charitable contributions made to organizations can also be deducted. This may include foundations such as Muscular Dystrophy or non-profit agencies.

Many homeowners reap the benefits of paying those monthly mortgage payments around tax season, but renters may not know that they might benefit as well. As long as he or she is the head of household and it’s their primary residence, some states will allow them to deduct rent from their taxable income. When filing Federal tax returns, the residence must be used for a business purpose in order to qualify for deductions.

Whether a business owner or average Joe trying to make an honest living, tax deductions are not always the most obvious. By identifying commonly overlooked deductions, taxpayers can now be a little more cautious this tax season. Hopefully, this article is helpful in helping the average taxpayer determine what an appropriate deduction is and which is applicable in their individual situation.

The 30 Greatest Investing Lessons from 30 Rock

30 Rock was one of those great shows that comes around once every ten years or so with the perfect amount of awesomeness, guaranteeing it to be amazing. Asics Gel Lyte Pas Cher But low and behold, there are only so many liberal New York Democrats in the world to watch it, and its rating has been in the crapper. So after seven long seasons it is sadly coming to an end. 30 Rock has taught us a lot during it’s run, most important being:

live every week like its investing week“Live every week like it’s shark week”

However that isn’t the most important life lesson this show should leave you with. Even though it will soon be leaving the air it can still leave behind thirty of the greatest and easiest to follow financial and investing lessons you need to succeed in life. If you don’t read on you might end up just like Liz Lemon and who wants that? However if you read on you too can climb the corporate ladder in life and one day be a Jack Donaghy and maybe even have that penthouse office complete with a bathroom door that looks like a wall. 1. Yeezy Boost 350 Donna Never keep more cash than you need in a bank account. If you are lucky you will earn 1% tops. Most likely you will only earn .1%. Do yourself a favor and don’t pull a Liz. Liz lemon investing 2. Making money and saving it too is very important. Liz Lemon: Alright, I need my job back but this is not crawling, this is proud begging like those kids that dance on the subway. Jack Donaghy: Of course you can have your job back, Lemon. Liz Lemon: Oh thank god! It was terrible. I went to her apartment. I don’t think she has a toilet! I saw my future, Jack. Jack Donaghy: Never go with a hippie to a second location. [hands Lemon a glass of wine] Liz Lemon: [sighs] I can’t end up like that. I have gotta make money and save it. And I have to do that thing that rich people do where they turn money into *more* money. Can you teach me how to do that? Jack Donaghy: With my eyes closed. Liz Lemon: Oh good, because I want to send Rosemary $400 a month for… forever. Jack Donaghy: You should, that woman is unemployable. 3. Being rich allows you to do the things you want in life no matter how old you get. Liz Lemon: Rosemary said that women become obsolete in this business when there’s no one left that wants to see them naked. Jack Donaghy: You make enough money, you can pay people to look at you naked. 4. air max pas cher and 5. Don’t keep all your savings in a coffee can, and don’t invest in unstable currencies. Jack Donaghy: Kenneth, just how much money do you have in your savings? Kenneth Parcell: Well, let’s see! [Kenneth reaches down and picks up a coffee can filled with cash] Kenneth Parcell: Eighty thousand dollars! Jack Donaghy: If you don’t include Confederate money. Kenneth Parcell: Four thousand dollars! 6. Investments in houses can often turn into money pits or money sinks. Tracy Jordan: I’ve poured more cash into Donald’s restaurant than my money pit in Connecticut. Jack Donaghy: You have a house in Connecticut? Tracy Jordan: No, I do not. fjallraven kanken 7. If you have lots of money feel free to share it to keep everyone happy. Liz Lemon: Guys! Guys, I’m not going to keep it. I’m going to take this money and open a tab for all of you after work at hurley’s. 8. Sometimes opportunities for making money only exist for a short time. Tracy Jordan: Your teeth. You got to think like these strippers, Lemon. They know the window of opportunity is only open for a moment. You got to get in while you’re young, get the money, and get out. 9. Many places don’t accept bills greater than $50 so you are better off taking out smaller bills from ATMs. Liz Lemon: Oh this is so annoying. I just went down to the ATM to get money and it gave me a $100 bill. Liz Lemon: It’s like having confederate money. no one’s gonna take that. 10. Sometimes marriages can result in unforeseen costs if it doesn’t all work out. Jack Donaghy: Yeah, that was her engagement ring. Uh, you know, l took the money from the sale of those pieces, and l bought a sailboat. And l named it after my ex-wife, and l sank it. Nike Roshe One Uomo 11. It’s best to keep friendship about being friends and not about making money. Liz Lemon: You tried to take advantage of our friendship to make money. Jack Donaghy: I don’t need you to make money. In fact, I’m meeting with your replacement tonight. 12. This is called the freeloading principle. It also works great for holiday donations and going away gift pools for coworkers. Pete: Good stuff, listen. every Christmas, i collect money from the staff and give it to the cleaning ladies. Pete: She does this every year. she doesn’t give the money because she knows that the card says ”from the cast and writers of t.g.s.” and she’ll get credit for it anyway. I should make up new cards that say ”happy holidays from everyone except Jenna”. But that would require me to have some remaining life force, Danny. So I’m going to go have a drink alone at the oyster bar. Pete: For the most wonderful reason of all. Christmas vengeance. Jenna will finally be punished for all the times I had to pay her share of the money for the cleaning ladies. 13. Cameo Matt Lauer has this gem on how to save money when traveling: Matt Lauer: If you want to save money on the trip, consider taking a sandwich. 14. Always be looking for new opportunities to make money. Nancy Donovan: well, there’s no money, jack. if i can get some cash out of this place, then i can start a new life. buy a condo in marina bay. open a store for red-headed girls to buy cosmetics from someone who understands. 15. Watch out for relatives who might just use you for money. Jenna: This isn’t a relationship. This is some woman who shows up every couple of years to ask for money. To her, I’m just a gorgeous, naturally blonde ATM. Jenna: But when I wanted to sing a duet in a mother-daughter pageant, she blew it off because there was no prize money. 16. Be careful what websites or TV shows you consult for financial advice. Liz Lemon: No, C.N.B.C. gives me a headache. I get all my money advice from P.B.S. 17. Sometimes both choices have their advantages when it comes to investing. So always keep the portfolio approach in mind and never invest more than 15% of your money into any one industry or company. TV: Where should I put my money? In tech stocks? Or the housing market? Liz Lemon: Tech stocks, foxy moneybags! Tech stocks! 18. Be wary of any company that generates a large percentage of its profit from just one product. Dave Hess: But do you know how much of our profit comes from men ordering adult movies? 91 percent. They churn this stuff out, people at home push a button, and we make money off it. We don’t do anything.

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  19. Sometimes in life you just have to do a job for the check no matter how hard it can be to do it. Jack Donaghy: Of course. I apologize. Verna, you have a very simple decision to make. Quit, don’t get paid, and drive around with one headlight out, or swallow your pride and get the money you need tomorrow. 20. If you are moving for a job be sure they give you money to cover your expenses. Pete: Well, you start in two weeks. And they’ll give you some moving money to help you get to L.A. 21. Sometimes being the most expensive person on your office’s payroll isn’t the best thing. Jenna: A line item budget! Ooooh. Nike Air Max 2017 Dames zwart O love this! It takes people and turns them into amounts of money. Except for Tracy, I’m the most person on the show. 22. When planning your estate consider donating some of your money to charity or to your church. This will make you feel better about yourself and might even grant you special powers. Jack Donaghy: [to video camera] As you go through life, I will always be here for you through these tapes. Also, I have given a great deal of money to the Catholic church, and have been assured that I will have certain powers in heaven. Sending you messages through animals, for instance. In the unlikely event that you encounter something that is not covered here, find a woman named Elizabeth Lemon, get her advice… and then do the opposite. 23. Don’t trick yourself into thinking you are richer than you are. Liz Lemon: My memory has Seinfeld money. 24. adidas superstar Always watch your spending. watch your spending Dotcom 30 Rock

Shout out to Kevin Brown (@dotcom30rock) he saw Tracy’s spending habits first hand. 25. Watch out for scams. Make sure all investments seem logical and sound before investing in them. Kenneth: They do need help. And with enough money they could buy those magic beans from that old hermit! We’d be rich! Hang on. Nike Air Max 2016 Dames Rood Why isn’t the hermit rich? Oh wait. He is. He has a lot of friends. 26. Stealing is always wrong even if it is from a big corporation. Jenna: Well, here’s your cut. [hands kenneth money] We’re not hurting anybody. Carvel’s got plenty of money. 27. Being a Teacher isn’t a very lucrative career choice. Jack Donaghy: Letting morality get in the way of making money. I might as well go and… [whispers] be a teacher. 28. and 29. Bosses steal and employees extort. Jack Donaghy: Who the hell do you think you are? [stops elevator] This is not the way the world works, Kenneth. Bosses steal and employees use it for leverage. So what do you want? Money? A promotion? I can get you into a restaurant where you watch a child play with a bunny, then you eat the bunny. 30. Most importantly money can make you very happy. money cant buy happiness it is happiness Money can’t buy happiness. It is happiness.

Do Young Adults Need Life Insurance?

Life insurance is not always a topic in which families take a moment to sit down and talk about. It is almost a taboo subject; a horrifying prospect for parents, and young adults tend to think death only happens to the old. Life insurance can greatly aid families in this time of grief. Those that have the added stress of financial complications struggle more through this difficult time, something that can be avoided. Families can feel secure that they can provide the best service for their passed loved ones without financial burden.

young adults life insurance

Young adults also tend to think they can wait until they find a job, in which the employer will provide them with life insurance as an added benefit; however, while those types of life insurance policies are helpful they usually do not give quite enough coverage. A little research will quickly show life insurance companies can easily assist young adults in finding the right policy to fit their needs and lifestyle.

There are many other advantages to a young adult acquiring life insurance besides the financial assistance and peace of mind for family members and loved ones. Applying for life insurance is easier when you are young and in good health, options for different policies are broader and chances of being accepted into them greater. Also keep in mind the younger the applicant the cheaper the policy can be with a greater pay out.

A benefit of a policy that has a larger pay out is the ability to help with the future of college loans for children, payments for mortgages and paying off any debt that may have been accrued. A life insurance policy is an essential in assisting families and having security that they will continue to be taken care of after one is gone.

Another added benefit of a young adult obtaining a life insurance policy is contribution to a retirement fund. Some life policies offer a broad range of products including a nest egg for retiring, buying a home or paying off a large debt. One way a policy like this works is, the insured individual pays a monthly amount that is then invested by the company. The money earned on the investments are allowed to be used by the insured in anyway they so choose, it is a great to have money aside for a retirement fund.

In reality no one wishes to ever use their life insurance policy early; however by remembering it is truly for the long term benefit of family, the decision becomes clear. A young adult can acquire a better policy, have more security for their family and even have security for themselves in retirement and creating a nest egg. Realize by speaking with a young adult about life insurance it is not only about the uncomfortable topic of death but, a smart choice for an individual to ensure peace of mind for themselves and loved ones.

How do I Pick My Insurance if I Have a Choice at Work

Choosing a health plan at work can be confusing and often overwhelming. The specifics will vary with each employer, but there are ways employees can evaluate their options to find their best mix of cost and coverage.

Picking Insurance

Cost
Cost for the employee falls into two categories:
1. Up-front premiums.
2. Charges at the time of service.

The premium is the amount taken out of each paycheck for the employee’s share of the insurance company’s charge for the plan. Most employer plans are designed so that premiums are deducted pre-tax, meaning the employee saves on federal income and Social Security taxes and possibly also state income taxes.

Charges at the time of treatment are the out-of-pocket amounts patients must pay to receive medical services. Co-pays, deductibles, and co-insurance can vary a lot depending on the chosen plan and services used. In evaluating this factor, the employee must remember that, under healthcare reform, any service designated by the federal government as preventative should be provided at no charge to the patient.

The cost factor in choosing a plan often comes down to balancing higher premium cost against lower charges for treatment and vice versa. But this relationship between premiums and out-of-pocket does not always hold because of the variable of coverage.

Coverage
Depending on plan design, coverage will vary among plans in multiple aspects:
1. Is a service covered at all?
2. Is there a cap on the service (number of visits, frequency of tests, etc.)?
3. How much flexibility does the patient have in choosing the provider or opting for a procedure?
4. How often are referrals and preauthorizations required?

Don’t assume a service is covered by all plans just because it is covered by one. If an individual plans to use a particular service, she should review all the plans she is considering to make sure coverage is available for that service.

Perhaps the service is covered but the plan puts a limit on the number of visits. The employee should compare any such limits with his anticipated use of the service. If the plan will not cover his full utilization, the employee must determine if, for him, the extra out-of-pocket expense is worth the service or if another plan is the better approach. Depending on the employer, the employee might also have options such as a Flexible Spending Account (FSA), a mechanism for the employee to set aside pre-tax dollars to use for any medical expenses not covered by insurance.

As a general rule, the more flexibility the patient has to choose doctors and services without getting a referral or preauthorization the higher the premium cost. Plans can range from the HMO, which requires all medical services be arranged through a primary care physician, to a traditional indemnity plan, which places almost no restrictions on where the employee can seek care. The employee must look at her own situation to decide how much choice and flexibility she is willing to pay for relative to the other factors.

Five Smart Financial Moves if You’re Starting a New Job

Making the switch to the new job is often an exciting experience,one where the new challenge and and new opportunities help make one look forward to reporting to work. But before everything is done and dusted, there are a number of steps or precautions that you need to ensure are in place before you start off on a new job.

Financial Moves Before a New Job

Taxes

You need to make sure that your job takes into consideration the tax requirements of whichever area you are working in, so that you do not get a rude awakening when calculating your net income. This is important because apart from federal taxes, taxes may vary from state to state in the United States or if you are working abroad. The methods that the firm uses when filing returns is also important, so that your federal mandatory earnings may not be misplaced.

Benefits

You need to take into account what benefits accrue to you, and how these affect your net income and your standard of living. These of course should include health insurance, housing and transportation allowances, meals as well as allowances that ease the execution of your job, like travel allowances.

Pension Fund Schemes

You should always query what schemes are in place in terms of pension or saving schemes, as these vary from work place and are critical to securing your future livelihood as well as your future finances. Sometimes firms develop their own schemes which have slightly higher returns and encourage their employees to invest in these schemes and it is aspects like these that one should look out for. Firms also work closely with different schemes that offer them preferential rates. You may want to examine these options as well.

Direct Personal Savings

Despite all official saving schemes that one has in place, one would wisely have a way of putting aside a nest-egg of sorts. This may be in the forms of direct remissions from your salary to that particular savings account that you put aside for a rainy day. When you are starting on that new job, try and ensure that this practice, if it has been in place, is maintained, or if it hasn’t, then now would be a good time to start.

Credit Management

In a society or economy that thrives on deferred payments, managing your credit is an important aspect of daily financial management. When you start on a new job, ensure that pending credit payments can be servicing in a planned and systemic manner, one that helps keep interest payments from accumulating as well as ensuring your credit rating remains good.

Several other aspects of financial management come into play when starting a new job but these five should at least get you on the way to making the transition to financial security significantly easier.

Investing In Penny Stocks

Penny stocks, also known as cent stocks in some countries are stocks of small public companies that trade at low prices per share. These are usually below $5 per share.

investing in penny stocks

Investing in penny stocks is easy, as long as the investor understands what they are doing and the fundamental market drivers to look out for.

Getting the Right Stock Broker

Before beginning, it is important to choose the right stock broker. Investors choose stock brokers who charge low commissions, provide platforms that are easy to use and provide other investment options such as stocks, bonds and mutual funds. Opening an account with a stock broker includes depositing money into an account that allows you to start trading. The platform an investor chooses should also provide financial news and information in real time.

Use a Virtual Money Account

Based on the broker an investor chooses, access to an online virtual account can provide the needed training ground before investing in real money. This allows investors to understand how the platform works and how to trade in the penny stocks market. Only after trading in a virtual environment should investors put in real money? Investors should take their time to get a feel of the market conditions and learn the needed disciplines of money management and risk mitigation.

Start Small

The trick behind trading penny stocks in to understand how to manage and grow a small portfolio. If a trade can successfully grow their account and to their principal. Additionally, newbies are usually advised to only trade money that they are comfortable losing in case anything goes wrong with their trading strategy. In case you lose money on your first trades, it is not advisable to keep increasing money into your account. It may be advisable to go back to the virtual account until you are confident to trade profitable again.

Avoid emotional trading

Investors new to trading penny stocks should use the tips that they get from their analysts to dictate the way they trade rather than the emotions of greed and fear. Successful investors get past these emotions to make successful trading decisions.

Reinvest in Penny Stocks

To grow your portfolio and make even bigger margins, investors should put off taking out their profits and rather invest into the program. Having additional funds allows investors to diversify into new stocks over time.

The Six Best Websites for Retirement Help

It is now possible for retirees to find help on various topics using retirement tools available online. Six of the best places to find retirement help are below. Some are common like the AARP’s homepage and some are not places you would commonly look like the New York Times. Check out the list below and please share any of your favorites in the comments below.

retirement help

AARP.ORG

The first place for many retirees in aarp.org. This website has various tools including calculators, videos and articles that are intended to better the lives of people who are 50 year olds or more. Some of the online resources include information on social security and Medicare, housing, food and nutrition, care giving and more.

MyMoney.Gov

This website created by the U.S. government is geared towards helping Americans of all ages to correctly handle their finances. Already, 20 federal agencies and bureaus provide information on this website so that you can make smart financial choices. Specifically, the website gives enough information on how to plan for retirement. Information available includes how to apply for social security retirement, how to take advantage of work and social security benefits at the same time and how to detect and avoid fraud and protect oneself from victimization.

MyMoney.gov provides various links to different government websites allowing retirees access to information they need to apply for social security and learn the various laws that protect retiree benefits in the event of a job loss.

Fidelity

Fidelity helps many to plan for their path to retirement. Despite the age one starts planning fidelity provides information divided into the initial stage of planning, getting ready to retire and planning on how to live through retirement. As the initial step in planning for retirement, Fidelity guides you through the prioritization process. Specifically targeting how to spend less than you earn, pay off debt, invest and choose the right investments.

Vanguard

Vanguard provide educative resources that assist people in planning for their retirement. Included in their live webcasts, opinions and information from experts can quickly guide retirees in the right direction when it comes to choosing the right plans. Also included on their website are a retirement income calculator and educational and news information.

NY Times

The New York time provides useful tips including how to protect accounts from creditors, how to plan for retirement in regard to spending and investing and other how-to articles.

T.Rowe Price

T.Rowe Price is a global financial firm that offers retirees investment management and guidance. As a retirement planning advisor, T.Rowe Price can help retirees get a sure footing into their retirement through a commendable investment approach.

Seven Great Tips for Renting a Car

When renting a car there are a little of secret tips that can help you save money, cash, and time. Here are six of the best and in MEME form to help you remember them!

1. When renting a car online reserve a compact at the last minute. They likely won’t have a compact handy and will give you a free upgrade.

renting car

2. Buy the insurance! Even if the car is totaled in an accident that’s your fault you won’t see a single charge.

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3. Rent from locations at car dealerships. They close early, meaning you can drop it off overnight and not get charged extra.

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4. Ignore the no smoking stickers. Every car gets hit with an industrial deodorizer after every ride.

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5. Do not let someone else drive. If they are pulled over and not on the contract. The car will be taken and you will be heavily fined.

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6. If you have a dog put a blanket over the seats.Dog hair is the only thing we charge for.

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7. If you don’t like the car they give you, complain about the brakes, they legally have to give you another.

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