After reading numerous articles about the pitfalls of gift cards and the estimated $1.9 billion (yes, that’s a b) that are never redeemed, I can't help but wonder why people don't just give cash (or even checks).
It is critical to teach children to save and you'll teach them the exact opposite message by giving a gift card. With cash (or equivalent) parents can encourage their children to save some and even set some money aside for donations. One lament I hear from women is how they wish their children would learn better financial behaviors. Think about what lessons you are teaching your children this holiday season (and I don’t mean just about gift cards).
Secondly, in today's economy many adults need money to pay the rent, mortgage, or utility bill, although it may not be obvious and they may be trying to hide their situation. I guess I'm conservative and old fashioned but I view gift cards as simply a very effective marketing strategy to encourage Americans to spend more than is prudent.
December 4, 2011
December 3, 2011
Beware of fake IRS emails
My husband received the following email which directed him to click on an attachment. The IRS will NEVER contact you by email. Obviously something nasty was in the attachment. Don't be a victim!
Dear Taxpayer!
You are encouraged to pay a penalty for the failure to file income tax returns prior to January 31, 2011.
Note, IRC [Section 6038(b)(1)] provides for a monetary penalty of $10,000 for each [Form 5471] that is filed after the due date of the income tax return or does not include the complete and accurate information described in [Section 6038(a)].
No penalty will be imposed if the company shows that the late filing was due to reasonable cause.
For more information please refer to attached file.
Thanks,
Internal Revenue Service United States Department of the Treasury.
December 1, 2011
Money Talk: A Financial Guide for Women
Money Talk: A Financial Guide for Women ($23.00; 192 pages; 2009). This workbook teaches women the basics of smart money management.
Money Talk provides answers to questions like: How much do I need to save for retirement?; How much insurance should I have?; How and where should I invest my money?; and How do I create a will? Over 45 worksheets help readers evaluate their personal finances, set goals for financial well-being, and implement a plan to reach those goals.
The book is divided into five sections -- Financial Basics; Are You Covered? Insurance Basics; Investing Basics; Investing for Retirement; and Planning for Future Life Events. Each section includes lessons that demystify important financial concepts and exercises that allow readers to apply the information.
To learn more about the book: http://extension.missouri.edu/publications/DisplayPub.aspx?P=NRAES160
Money Talk provides answers to questions like: How much do I need to save for retirement?; How much insurance should I have?; How and where should I invest my money?; and How do I create a will? Over 45 worksheets help readers evaluate their personal finances, set goals for financial well-being, and implement a plan to reach those goals.
The book is divided into five sections -- Financial Basics; Are You Covered? Insurance Basics; Investing Basics; Investing for Retirement; and Planning for Future Life Events. Each section includes lessons that demystify important financial concepts and exercises that allow readers to apply the information.
To learn more about the book: http://extension.missouri.edu/publications/DisplayPub.aspx?P=NRAES160
Health Insurance for Uninsured Utahns
Uninsured adults can apply for basic health insurance through Utah's Primary Care Network (PCN). Beyond the annual enrollment fee of $50, the program is free and covers doctor’s visits, emergency room care, prescriptions (birth control included), and some dental and eye care.
Requirements: age 19-64, U.S. citizen or legal resident, no other health insurance, not eligible or Medicaid, and meet income requirements (i.e., Max. $33,525/year for family of four).
Apply online: http://www.health.utah.gov/pcn
Or call 1-888-222-2542 Open enrollment for parents with children: December 10 - 23, 2011.
Requirements: age 19-64, U.S. citizen or legal resident, no other health insurance, not eligible or Medicaid, and meet income requirements (i.e., Max. $33,525/year for family of four).
Apply online: http://www.health.utah.gov/pcn
Or call 1-888-222-2542 Open enrollment for parents with children: December 10 - 23, 2011.
Retirement Planning Tools from SSA
One of the best ways to begin retirement planning is with the Social Security Administration’s Retirement Planner at www.socialsecurity.gov/retire2. The Retirement Estimator at www.socialsecurity.gov/estimator gives you the ability and flexibility to test different retirement ages and learn how to maximize retirement benefits by delaying retirement.
Another great resource is www.mymoney.gov. This government site has a wealth of information from multiple agencies covering an array of topics—from buying a home to paying for college.
Another great resource is www.mymoney.gov. This government site has a wealth of information from multiple agencies covering an array of topics—from buying a home to paying for college.
12 Myths about Bankruptcy
Will you lose your house and retirement savings? When will you be able to borrow money again? Get the facts on these questions and more from MSN.money. I hope you don't need this info but here it is. http://money.msn.com/credit-rating/12-myths-about-bankruptcy-bankrate.aspx
November 29, 2011
Early Retirement Scams
Tempted by seminar offers of early retirement? Be careful.
Scam artists know the appeal of retiring early. If you find yourself receiving an invitation to an “early retirement seminar,” be leery because most seminars offer flawed or fraudulent investment pitches.
"To help you spot trouble, the Securities and Exchange Commission, along with the Financial Industry Regulatory Authority, has published “Early Retirement Seminars 101: Smart Tips for Spotting Retirement Scams.” The guide explains how such ruses work, particularly those that “dangle the prospect of early retirement with little or no reduction in income compared to your working years.” The publication also offers real-life examples of fraudulent pitches and where to turn for help."
http://www.finra.org/Investors/SmartInvesting/Retirement/P038342
Note that these scams are not related to legitimate early retirement packages that may be offered by your company
Source: Glenn Ruffenach's Smart Money blog.
Scam artists know the appeal of retiring early. If you find yourself receiving an invitation to an “early retirement seminar,” be leery because most seminars offer flawed or fraudulent investment pitches.
"To help you spot trouble, the Securities and Exchange Commission, along with the Financial Industry Regulatory Authority, has published “Early Retirement Seminars 101: Smart Tips for Spotting Retirement Scams.” The guide explains how such ruses work, particularly those that “dangle the prospect of early retirement with little or no reduction in income compared to your working years.” The publication also offers real-life examples of fraudulent pitches and where to turn for help."
http://www.finra.org/Investors/SmartInvesting/Retirement/P038342
Note that these scams are not related to legitimate early retirement packages that may be offered by your company
Source: Glenn Ruffenach's Smart Money blog.
November 28, 2011
Taking Over a Loved One’s Financial Affairs
Join AARP and National Family Caregivers Association on Wednesday, November 30, 2011 at 7 pm ET (5 pm MST) to discuss “When it’s Time to Intervene—Taking Over a Loved One’s Financial Affairs.” This free Webinar will help caregivers and loved ones alike understand:
- What happens to our bodies as we age.
- What to assess when evaluating your situation.
- How to recognize signs that something is wrong.
- The need to create a plan for the future, and
- How to get help.
November 26, 2011
Credit Repair: How to Help Yourself
“You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail, and maybe even calls offering credit repair services. They all make the same claims:
'Credit problems? No problem!'
'We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!'
'We can erase your bad credit — 100% guaranteed.'
'Create a new credit identity — legally.'”
The Federal Trade Commission (FTC) says, "do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan.”
Learn more from the FTC at: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
'Credit problems? No problem!'
'We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!'
'We can erase your bad credit — 100% guaranteed.'
'Create a new credit identity — legally.'”
The Federal Trade Commission (FTC) says, "do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan.”
Learn more from the FTC at: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
November 23, 2011
Before you spend all that money on Black Friday...
Will you really "save" money by spending?
Do you really need to give gifts to all the people on your list? Or might you honor them by donating to their favorite charity or with tickets to a play or concert?
Is it time to start teaching your (grand)children about giving (especially on Thanksgiving)?
Do any of us need more clutter in our house? We are getting new floors in our house so all the furniture (and most of the stuff in closets) needed to be moved into the garage or from room to room as the work progressed. As part of the process my husband and I have been getting rid of STUFF! Some will go to Somebody's Attic thrift shop (couch and double bed with frame) but a lot of little stuff will go into the trash where it should have gone long ago.
"It's time to say goodbye to all that stuff" Jane Brody recently wrote in the New York Times. Brody refers to a new book “The Hoarder in You: How to Live a Happier, Healthier, Uncluttered Life” (published Tuesday by Rodale Books) by Robin Zasio, a clinical psychologist and a star of the show “Hoarders.” If you need motivation to clean out excess stuff and to reduce your gift buying, read Brody's article.
Happy Thanksgiving!
Do you really need to give gifts to all the people on your list? Or might you honor them by donating to their favorite charity or with tickets to a play or concert?
Is it time to start teaching your (grand)children about giving (especially on Thanksgiving)?
Do any of us need more clutter in our house? We are getting new floors in our house so all the furniture (and most of the stuff in closets) needed to be moved into the garage or from room to room as the work progressed. As part of the process my husband and I have been getting rid of STUFF! Some will go to Somebody's Attic thrift shop (couch and double bed with frame) but a lot of little stuff will go into the trash where it should have gone long ago.
"It's time to say goodbye to all that stuff" Jane Brody recently wrote in the New York Times. Brody refers to a new book “The Hoarder in You: How to Live a Happier, Healthier, Uncluttered Life” (published Tuesday by Rodale Books) by Robin Zasio, a clinical psychologist and a star of the show “Hoarders.” If you need motivation to clean out excess stuff and to reduce your gift buying, read Brody's article.
Happy Thanksgiving!
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