Sunday, January 31, 2010
We used the online version for the first time, and highly recomend it. You don't have to install any sofware, and can access your tax filing from any computer. All of the version like Basic, Deluxe, Primere, Home Business, and Business are all available online.
Thursday, January 28, 2010
Monday, January 25, 2010
Friday, January 22, 2010
Instead of just staring at the road listening to the radio, you might consider an educational audio books. You could learn Thai, investment strategies, or even how to win an argument. If you are going to be stuck in the car for hours on end, you might as well get something out of it.
Tuesday, January 19, 2010
Tuesday, January 12, 2010
Tuesday, January 5, 2010
A while back I opened a Roth Ira Account, as should any financially responsible 29 year old. My contributions are automatically deducted from each paycheck, and deposited into my Tradeking account. I like Tradeking because they only charge $4.99 per trade, and make trading easy for a novice like me. I plan to max out my Roth IRA contributions once I get out of credit card debt, but for now I contribute $200.00 a month.
Since I am fairly new to investing, I would just invest the money as soon as it cleared the bank. I thought that the sooner it was invested the faster it would make money. The problem is that I would pay $4.99 each time I bought more stock. This greatly affected my earnings for each small purchase, especially since I'm paid bi-weekly. Here's why:
A modest $100 is deposited into my Tradeking account bi-weekly. I use to invest it as soon as it cleared. After doing this for six months, I was paying $59.40 in commission fees for a mere $1200.00 invested. Those commission fees eat up 4.95% of earnings.
I believe spending 1% to invest $500 is an acceptable cost, but ideally you want to save up as much as possible and buy in bulk. How do you regularly invest your Roth IRA contributions?
Monday, January 4, 2010
After reading the article "Should You Pay Your Kids for Good Grades" on fivecentnickel, I developed a formula to calculate a weekly allowance for kids based on their grades.
[GPA-Unacceptable] x Rate = Allowance
Using this formula, each report card could set the tone for allowance payments. This enables an allowance to increase or decrease with the grades on each passing report card. I have no idea what the average allowance is for children these days, but changing the rate provides flexibility.
Your son Michael brings home a report card with a 3.29 GPA. He is not allowed to get less than a 2.5 GPA (C average). His pay rate is $10. And his allowance is paid weekly.
[3.29 - 2.5] x $10 = $7.90 per week
Your daughter Rachel brings home a report card with a 3.50 GPA. she is not allowed to get less than a 2.5 GPA (C average). Her Pay rate is $10. And her allowance is paid weekly.
[3.5 - 2.5] x $10 = $10 per week
Your other son Paul brings home a report card with a 4.0 GPA. He is not allowed to get less than a 2.5 GPA (C average). His Pay rate is $10. And his allowance is paid weekly.
[4.0 - 2.5] x $10 = $15 per week
Your oldest daughter Megan is starting high school, and brings home a report card with a 3.50 GPA. she is not allowed to get less than a 2.5 GPA (C average). Her Pay rate is $15 because she is older. And her allowance is paid weekly.
[3.5 - 2.5] x $15 = $15 per week
If you want to be really mean, you could even charge or fine your kids if they get less than an acceptable GPA.
[2.36 - 2.5] x $15 = -$2.10 fee per week
This formula rewards kids for working hard, and teaches them that there are consequences for their actions. It could also provide a platform for teaching personal finance and money management.
Please comment on whether this formula could work for your kids.