Keeping Records

Most people store their old records, (such as old tax documents, receipts, and bills), in boxes in their basement. There will be a section of the basement devoted to boxes of old documents that people keep for those “just in case” moments that will probably never happen. However, many people would rather be safe than sorry, so they stockpile all of these old documents and hoard them until they finally see that there is no use for them any more.

The IRS has some tips on what documents are good to keep, how long you should keep them, etc. so that you can store other useful things in your basement.

What tips do you have for storing your documents?

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Recordkeeping

Wealth in America

wealth

What does wealth in America look like to Americans? Most of us probably look at celebrities and how they have large homes with six exotic cars in the driveway and describe that as wealth. Others just believe it is having enough saved for financial emergencies. And some may not even have a concept of what wealth looks like.

But many wealthy Americans do not view themselves that way. Maybe they think they have just enough or they are not satisfied with the amount of money they have in savings. Brad Tuttle (TIME) states, “Compared with the huge portion of the population that barely has any savings — about half of Americans don’t have an emergency fund that’d cover three months of expenses — it sure seems like the people in the survey are doing quite well financially.”

Our views on wealth are also varied when it comes to our location in the country. Certain states might have a very high bar for being considered wealthy or rich, such as New York or Massachusetts. Other states, like those in the Mid-West will probably have a lower expectation of what rich is compared to New England. Expenses in some areas almost require people to be wealthy so that they can afford to pay the bills.

Wealth is a continually varying thing and many people have differing views on what wealth looks like in our country and in our world. There are too many variables that we cannot truly pinpoint what wealthy looks like for each individual person

What is your view on wealth, and what do you consider wealth to look like? Comment below.

http://business.time.com/2013/07/24/what-it-means-to-be-wealthy-in-america-today/

Babies and Taxes

Duchess Kate

With the Royal Baby on it’s way into the world, we would like to inform you of how those little bundles of joy can actually be quite handy on your tax return. Turbo Tax gives us a list of things that babies help save you money on when it comes time to fill out your 1040 form. Can you think of any other ways that having a baby might save you money?

http://blog.turbotax.intuit.com/2013/01/01/life-events-series-how-having-a-baby-can-save-you-money-on-your-taxes/?cid=soc_tw_f_soc_ttfan_blg_20130722_10019294

The Skinny on Vacation Homes

beach house

Do you have a vacation home, condo, apartment, etc. that is weighing you down financially? The IRS has some useful tips on how to rent your property so that you can make a few bucks while you are away from your beloved abode. They have information on how renting works with your taxes as well, so that when the time comes, you are not confused about how your second property will effect your taxes.

http://www.irs.gov/uac/Newsroom/Renting-Your-Vacation-Home-1

Comment below with thoughts!

No Shame In Growing Old

For the elderly, the feeling of being dependent on other people, especially their children, can be a tough pill to swallow. So how can one encourage their parents to stay independent? There are so many ways that one can help their parents keep their home, or get a part time job. Here is an article by Business Insider that gives adults the know-how to keeping their parents feeling independent and confident in themselves.

http://www.businessinsider.com/keep-your-parents-financially-independent-2013-7

Top Grossing Comedians

Who doesn’t love a good laugh? These top earning comedians have certainly gotten their money’s worth from making the world giggle. Starting with none other than Jerry Seinfeld, this list of funny guys only scrapes the surface of the successful people in the business of laughter. Who is your favorite comedian?

http://www.forbes.com/sites/vannale/2013/07/11/jerry-seinfeld-tops-list-of-the-highest-earning-comedians/?utm_campaign=forbestwittersf&utm_source=twitter&utm_medium=social

Can You Live Without Your Credit Card?

credit cards

Our world today has become overly dependent on our credit cards, as we use them for most all of our purchases. The use of plastic has far exceeded the use of cash. I can honestly say that while working the retail jobs I have had, I rarely have a customer use cash.

Because of this growing dependency on cash, people have also accumulated far more debt than they can control. Those who are graduating or have just graduated from college or grad school have accumulated thousands of dollars in debt and continue to gather debt with credit cards. We have become a society that has become completely dependent on our credit cards to pay for things online or for our credit score. But how many of us pay our credit card bills in full? I can honestly say that I have always done this, but many people pay the bare minimum, getting themselves into more trouble than they realize.

There are many ways to control credit card usage, such as not using credit cards, but using debit cards instead. A method that I have used for my personal finances is that I only use my credit card for gas and groceries. What are ways that you keep your credit card use under control?

Here is more on how to detach yourself from your credit cards and live with less debt:

http://www.businessinsider.com/how-to-live-without-a-credit-card-2013-7