Owner: Personal Money Tips URL:http://blog.personal-money-tips.com Join Date: Sat, 19 Apr 2008 19:56:11 -0500 Rating:0 Site Description: This site, as the name implies, is dedicated to personal finance. I intend to provide tips, tricks, and techniques to save money, increase income, and improve your general quality of life. Hopefully you will find this site insightful and enlightening as Site statistics:Click here
Simple Strategies to Pay Off Your Mortgage 2008-04-18 15:47:30 One of your largest investments is the home you live in. The advantage of home ownership is in the equity you build into your home. The impact is twofold: First you are reducing the amount you owe the bank and thereby increasing the amount of value you can eventually extract. Second, the value of your [...] Read more:Simple
, Strategies
, Mortgage
Studio Tax - Electronic Tax Return at the Right Price 2008-04-14 15:16:00 Being an accountant my friends always ask me to prepare their returns for them. I’m not a public accountant so I don’t use the latest and greatest tax software used by public tax accountants. Frankly those packages are really expensive. So I’ve always prepared my personal returns and friends returns using Quick Tax.
I’ve heard about [...] Read more:Studio
, Electronic
, Return
, Right
Up To Your Eyeballs In Debt 2008-04-10 15:22:00 You go out to your mail box to see if there is a birthday card from your aunt Sue but low and behold the only thing in the box is your monthly credit card statement. The envelope is really fat this time and you cringe as you reach inside your mailbox to retrieve the monster. [...]
Why Have a Will? 2008-04-09 14:17:00 Why Have A Will?
The Will is a legal document that serves three essential and important purposes. First, the Will documents who you have identified as beneficiaries in your estate. Second, the Will appoints who will administer your estate after your death by appointing an executor. Finally, the Will documents how you would like your estate [...]
Tips To Reduce Credit Card Debt Problems 2008-04-07 13:08:00 The Moneygardener recently published an article defending the assertion that credit cards are a tool for managing discretionary spending and encouraging saving. Three reasons why credit cards are excellent vehicles for getting ahead financially are presented:
There are zero transaction costs. Bank fees on your personal chequings accounts can be expensive.
Credit cards are widely accepted and [...]
Random Thoughts on Interesting Jobs in Sports 2008-04-05 08:41:00 I was at a major league basket ball game last night and I began to wonder how much money some of the stadium people made for their work. The jobs were varied from dancers, to cheerleaders, to the girls who squeegee the floor after a throw in.
I would think some people would do the work [...] Read more:Random
, Sports
, Random Thoughts
Tips To Save Money & Build Wealth 2008-04-02 13:17:00 I have put together a list of ideas you can use to save money.
Save Interest - Pay your credit card balance in full when it is due. The cost of credit card debt is extremely high and is not tax deductible. One simple and often overlooked technique is that you should never spend more than [...] Read more:Money
, Build
, Wealth
Tax On The Principal Residence After Death 2008-04-01 20:29:00 I had a visitor send in an e-mail with a rather interesting scenario to which I am completely perplexed.
The visitor was the executor of an estate where the deceased’s principal residence was included in the assets of the estate. At no point during the life of the deceased was the property rented nor was it [...] Read more:Principal
, Residence
Renting Property - A Little Tax Planning Can Go A Long Way 2008-03-31 12:49:00 So you have decided to take the plunge. You have a house and lot picked out. The price is right and it looks like you will have a positive cash flow. Perhaps you even have some renters in the pipeline all ready to move in. But you still have questions about the tax implications.
A little [...] Read more:Renting
The Tax Free Savings Account (TFSA) 2008-03-28 14:53:00 Excerpt from the Government of Canada Budget Presenation.
How the Tax-Free SavingsAccount
Will Work
Starting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward.
Contributions will not be deductible.
Capital gains and other investment income earned in a TFSA will not [...]
How To Create A Personal Financial Plan 2008-04-21 09:56:24 We all have desires and goals we wish to achieve in life. Saving for retirement, your children's education or buying a home is attainable by most of us. However, at the end of the month you may wonder where your money went and how you will ever reach your goals. Regardless of your stage in life, income, or wealth, a financial plan helps you clarify and prioritize your goals and set objectives for reaching your goals.
These six simple steps will point you in the right direction.
Step 1 - Track Your Household Net Worth
Step 2 - Track And Manage Cash Flows
Step 3 - Establish Your Goals
Step 4 - Establish A Savings And Investment Plan
Step 5 - Cover Your Risks
Step 6 - Review Your Plan Annually Read more:Personal
, Financial
Should I Invest Or Pay Off Personal Debt? 2008-03-12 13:04:00 One question that I am often asked is whether it makes more sense to invest or pay off loans and other debt. The general answer to this question is to pay off your debts first because you will pay more in interest on your debts than you will earn on investments. A variation on this [...] Read more:Personal
, Personal Debt
Household Net Worth Planning: The Cornerstone Of Personal Finance 2008-04-23 06:00:40 Imagine you are planning an exotic vacation. Questions you want to ask yourself is:
When will the vacation start?
Where do I want to go?
What type of vacation do I want?
How much can I afford to spend on the vacation?
In establishing your financial plan you need to ask yourself very similar questions to establish where you are financially, where you want to be in the future, and what financial resources you will have when you get there. Read more:Household
, Worth
, Personal
Insulate Your Income Through Diversification 2008-04-22 08:43:45 The seasoned investor knows that by diversifying their portfolio they can reduce their risk of loss (and also gain) if one or more of their investments does not perform as well as the entire portfolio. By investing in a basket of securities your risk can be reduced to no more than market risk.
For example, if [...] Read more:Income
, Diversification
Budgeting vs Cash Flow Planning 2008-04-24 05:00:55 The dreaded "B" word drums up a lot of emotions in people. Often budgets are associated with cost cutting or even financial failure or bankruptcy. However budgets are by businesses and other successful people to establish a spending plan and to map out their financial future. Budgets are a useful starting point in establishing your financial plan but they are narrowly focused and typically only look at your expenses. Read more:Budgeting
10 Everyday Tips to Save Money 2008-04-25 05:00:45 Here are ten everyday tips any of us can do to lower our expenses.
1.> Turn down your furnace in winter and your air conditioning in summer.
In the winter, put on a sweater and some thicker socks. In the summer, use electric fans as opposed to the air conditioner.
2.> Turn off unused lights!
The average electrical [...] Read more:Money
Plan Your Savings 2008-04-26 05:45:26 This Week I have posted some articles on creating a financial plan, net worth planning, and budgeting and cash flow. Carrying on with this theme, my next topic of discussion is the subject of planning your savings.
The net worth statement and cash flow statements are not the primary goals. These statements are there to help you plan how you are going to achieve your financial goals. They are used to help convert vague aspirations of retirement, home ownership, and vacations into clearly stated objectives. Net worth, cash flow, savings, and debt planning helps you convert your aspirations into objectives. Read more:Savings
Saving Money On Auto Maintenance 2008-04-28 09:32:38 The fuel filter took me about the same time, and I even remembered to disconnect the battery! Mission complete. I took the car for a drive and it's running well one again. The parts to do the job cost me $20 and I think I saved about $200 in repairs. Read more:Saving
, Money
, Maintenance
Four Quick Ways to Increase Household Net Worth 2008-04-29 16:10:10 Last week I wrote about household net worth, cash flow and budgeting, and creating a financial plan. To add to that chain, here are four ways to improve your household net worth:
1.> Improve Your Investment Returns
If you’re looking for more income to invest, switch some of your equity positions to preferred shares, bonds, or higher [...] Read more:Quick
, Household
, Worth
, Net Worth
Favorite Blogs Of The Week 2008-05-02 13:17:04 I’ve been sick with the flu the last few days and have not had the urge to write anything new. So instead here is a round-up my favourite blogs this week.
Practical Gifts for College Graduates
The Housing Myth - Busted!
The Nuances of Good and Bad Debt
Create Your Own Dollar Plan: Step 2
Don’t Want To Work Forever? [...] Read more:Favorite
, Blogs
What Kind Of Personal Records Do You Keep? 2008-05-05 15:13:02 I was cleaning out my desk at the office a few weeks ago and came across my file marked “Personal
Stuff” that I regularly place personal bank statements and other personal information that I’ve brought to work to review over my lunch. In the past, I would bring the information back home and drop it [...] Read more:Records
Student Loan Tips For The New Graduate 2008-05-07 14:39:48 Many Americans leave college with $20,000 of student loan debt and lenders are eager to have your business. Here is a list of things you can do to pay down your student loan debt faster.
Things you will want to consider when deciding to consolidate will include:
The Amount Borrowed - Does the loan cover all of [...] Read more:Student
, Graduate
, Student Loan
What To Do When Interest Rates Fall? 2008-05-09 11:59:51 The Fed has dropped rates a fair bit lately. Great news if you are looking for a loan or are refinancing your mortgage but no so good news if you have money in your savings accounts. So what should you do when interest rates start to fall?
Emergency Funds
It’s always a good idea to have three [...] Read more:Interest
, Rates
How To Create A Financial Plan 2008-05-11 07:03:20 We all have desires and goals we wish to achieve in life. Saving for retirement, your children’s education or buying a home is attainable by most of us. However, at the end of the month you may wonder where your money went and how you will ever reach your goals. Regardless of your stage in [...] Read more:Financial
Lessons From Mom 2008-05-11 04:00:47 Today is mothers’ day and all over the country Americans are making plans to get together with their moms or give them a call if they are a distance a part. As we all get older we get fonder of our parents and mom will always hold a special place. As I think [...] Read more:Lessons
Kill The Lights - Save Money On Power 2008-05-13 07:00:30 We moved to a new home last year that had an older air conditioner. Now we live in the north east and so it doesn't get used at all in the winter but is on, full-time in the summer. My first summer in the new home and my first summer power bill almost sent me to the grave. It was ridiculously high and I was tempted to turn the air conditioner off completely and force my family to endure the hea Read more:Lights
, Money
Multiple Bank Accounts Help Manage Your Money 2008-05-12 07:00:19 How many checking accounts do you have? Do you write checks every month and the wonder how much cash you really have available? Did you accidentally bounce a check?
Managing our money on a daily basis can be a real challenge especially of we have a large volume of checks, pre-authorized withdrawals, debit card [...] Read more:Money
, Multiple
, Accounts
, Manage
Why Down Markets Are The Best Time To Buy 2008-05-14 07:00:04 The Dow Jones Industrial Average and S&P500 have been choppy for the last many months. Perhaps you hear that people’s portfolios are down 5%, 10% or even more. The housing market is a shambles. The news has abundant stories of an economic slowdown and recession is being whispered freely. Surely I should wait until things [...] Read more:Markets
Signs of Financial Trouble 2008-05-15 08:00:30 The onset of financial trouble is some times obvious: The loss of a job, fire, or accidents can put financial strain on the best of us. However, there is a number of warning signs that can appear that we may not recognize and are self inflicted. Read more:Financial
, Trouble
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