Archives for April 2006

Everyone’s Complaining About Gas Prices…

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…but I’m not. Funny how small talk with people has shifted from the weather to complaining about gas prices these days. From the grocery store to neighbors to well, the guy pumping my gas! The reason I don’t really stress about it is that combined, the both of us drive less than 10,000 miles a year. I don’t track my MPG or even look at the receipt when I fill up. The sad thing is that gas prices can really affect those barely making ends meet anyways. But if you’re loading your groceries into your 4WD Land Bruiser or Ford Extinction, watch me not sympathize.

Anyhow, I should give some tips. Lots of good info at FuelEconomy.gov. Also save 10-15 cents a gallon by using a 5% cashback card from Citibank or Discover. If you haven’t noticed, I’m still a bit grouchy today. =/

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


Predicting the New I-Bond Rates: Yawn.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Just like last October, using the information in my How To Predict I-Bond Savings Bond Rates post, we can now try to predict the upcoming I-Bond rate announcement on May 1st. For more information on savings bonds, check out my Savings Bond category, starting with my intro to I and EE bonds. Let’s just jump into it:

The CPI-U in September 2005 was 198.8.
The CPI-U in March 2006 was 199.8.
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My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


Audits: Another Reason to Form a Corporation or LLC

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

I forgot about another reason to form an LLC or corporation: Tax Audits. Here are some stats from 2004:

IRS Audit Rates
Sole Proprietors with income < $25k: 3.15%
Sole Proprietors with income $25-100k: 1.47%
S-Corporations (all): 0.19%
C-Corporations, assets under $250k – 0.18%

According to this small data set, sole props are 7 to 17 times more likely to be audited than corporations, and about 3 times more likely than indviduals without business income. Couldn’t find info for LLCs.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


Reasons to Incorporate or Form an LLC

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

LLC Corp Book I’ve been reading LLC or Corporation?: How to Choose the Right Form For Your Business by Nolo Press, which writes a lot of do-it-yourself legal books aimed for the public. Some of the little details just make my head spin, but here are the main benefits of forming a corporation or limited liability company (LLC) for an individual:

1) More job opportunities. Many companies won’t hire an independent contractor unless they are an LLC or corporation. This is because they are afraid of the IRS classifying you as an employee later, and then charging them possibly years of back employment taxes.

2) Limited liability for business debts. As a sole proprietor, if your business goes under you are personally responsible for all the debts. That means your house, your car, and everything else you own can be taken away to pay off those debts. This doesn’t protect you from everything all the time, though.
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MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


Taking Advantage Of Comcast New Customer Deals

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I hate moving. But one perk is that I get to become a ‘new’ customer again for Comcast. You may recall that I bargained myself down to $19.99/mo for six months for Comcast High-Speed Internet last year (saving $138). Now that those six months are over, I need a new deal! Well, right now the Comcast offer for new customers is:

» 6 months at $19.99/month
» Free cable modem after $80 mail-in rebate ($9 shipping)
» Free wireless modem
» $75 cash back rebate. (now maybe $100?)

Well, new address + wife’s name = new customer. =) Not counting the modem, that’s a savings of ($43-$20)x 6 months + $75 = $213! I usually don’t like rebates, but I’ll do these. If you are a current Comcast customer and can live without internet for 60 days, you can also get in on this deal.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


Always Put Everything In Writing!

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

I’ll explain later if I can, but always. put. everything. in. writing. Handshake or verbal agreements that involve money or services promised are stupid. Even if it’s between ‘friends’. Me stupid.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


How Long Should You Keep Records?

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

shredder.jpgSince the taxes are done and the IRS has already cashed my check (funny how quick they are at that!), it’s time to throw away some of the paperwork that I’ve accumulated through the year. I usually keep all my pay stubs, bills, and other papers in their own folders in a creaky filing cabinet. By this time of year, I can barely open the drawer anymore. But how long should you really keep your papers?

I got this list from a Fidelity newsletter I received a few years ago. Not sure how accurate it all is, but it seems like a good general guideline:
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My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


mBlogs.org: Get Your Own Free Money Blog!

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

There has been a big jump in money-related blogs recently, and I would like to support that with my new free blog community – mBlogs.org (short for moneyBlogs). I’ve been sitting on this idea for months now, mostly because it won’t be very profitable considering the amount of work I’ll have to put into it. But I think if I don’t give it a try I’ll probably regret it too, so I spent most of today working on it.

If you’ve thought about starting your own money weblog to share tips or track your own financial progress, and would like to join a community that will help you do so and that is free, read on!
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My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


Emotional Attachment To Inanimate Objects

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

As we pack up our things for our move down the road, my wife and I are constantly arguing about what to throw away and what to keep. Of course, I think all her stuff is “stuffed animals and junk”, and all my stuff is “useless gadgets and crap”. I think both terms are accurate!

I call this weird human condition the EATIOs (kinda like Cheerios). It’s short for Emotional Attachment To Inanimate Objects. This is not even restricted to things like cars or houses. There are things in our basement that we have not touched or thought about within the last year, but yet when the other person moves to throw it away or sell it, the other gets this deep visceral reaction to keep it. Some disputed items:
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My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


Some Cheap Financial Magazines

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

I just ran across MagazinePriceSearch.com, which helps you compare prices on subscriptions, with some even rivaling those on eBay. Beware that some sites listed auto-renew you when the subscription expires! Some current examples (none of these auto-renew):

Kiplinger’s Personal Finance – $4.91 for 3 yrs. (36 issues)
Forbes$6 for 2 yrs. (52 issues) $6 for 1 yr (26 issues)
U.S. News & World Report – $8.73 for 1 yr. (52 issues)

I just picked up Forbes for some cheap bathroom reading. [Update: My initial Forbes order was cancelled. What a waste of time. You can get $6 for 1 year from another site.]

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


2006 Q1 Financial Goals Progress

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The first quarter of 2006 is over, time to check in on my progress towards my 2006 Financial Goals.

Separate business and personal financial worlds. – Partially done, but not completely. Still need to research LLC v. S-Corps.
Open a SEP IRA for 2005 business income at Vanguard.Done.
Do my taxes and research to maximize tax return. – Done.
Roll over Traditional IRA to Roth IRA. – Holding off for now since we may not be in the 15% tax bracket, will reconsider at years-end.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.


Scottrade Referral Program Details – 3 Free Trades

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone.

Thinking of opening up a new account at Scottrade? I’ve had an account with them for years. They offer 3 free online trades if you are referred by an existing customer. The referrer also gets 3 free trades.

To get the the three free trades that you have six months to use, simply enter the referral code when filling out your application. Let me make sure all the terms were clear:

The referral bonus applies to all accounts except IRAs or custodial accounts. You must open the account with at least $500 for cash accounts ($2,000 for margin accounts). The free trades should show up about one week after you open and fund your accounts, and expire after 6 months.

Here is a screenshot of what you should see when you login, after you get the 3 free trades:

Screenshot of Scottrade referral 3 free trades

Something to get you started! 🙂

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.