By Christopher Odonnell on 27-09-2014
Recently I was interviewed by Mint.com and as I did this interview I came across 3 underlying financial lessons that cost me thousands of dollars over the years.
Ill admit these mistakes were brutally painful. Their isnt a day that I wish I could have taken back the things Ive done wrong with my finances. Rather I just have to keep moving forward and accept what Ive done and learn from my mistakes.
So I hope you find these tips helpful and as useful as I did.
As one of my good friends, financial blogger, and podcaster Steve Stewart from the Money Plan SOS blog would say -
Pay Attention, Not Interest
This advice makes so much sense to me because every time I wouldnt pay attention to my finance things would get out of control fast.
Back a few years ago when I was building my new house I learned this lesson well.
By Devin Reese on 24-09-2014
My wife and I have paid off our mortgage, we have no car loans, and we pay our credit card balances completely each month, which means that we basically pay no interest. We have four credit cards that are active and a couple more that are rarely used. My FICO score is currently just above 800. At some point we will need to replace our cars and will need car loans, so our FICO scores will be important. Since we currently have no mortgage, no car loans or any other loans, will our FICO score slowly drop, and will that affect our car loans?
Answer: Paid-off loans typically dont disappear from your credit reports, at least not immediately. Many lenders continue to report these closed accounts for years, which contributes positively to your scores.
Even if none of these paid obligations show up on your reports, though, your responsible use of credit cards should support your high scores. Just continue to use your cards lightly but regularly and pay off all balances in full.
Since you have time before you plan to replace your cars, consider paying cash for them, or at least making a substantial down payment.
By Billie Nguyen on 24-09-2014
LIGHTNING RELEASES More adult women are getting pimples than ever before, according to a study presented in March at the American Academy of Dermatology annual meeting. Today, clinical acne afflicts the complexions of 45 percent of women ages 21 to 30, 26 percent of women ages 31 to 40, and 12 percent of women ages 41 to 50, according to the study, conducted by researchers at Massachusetts General Hospital.
There is no definitive proof that specific foods cause breakouts, but some medical professionals say diet can play a role in keeping clear healthy skin.
Whatever the cause, hormonal havoc can overstimulate oil glands to pump out extra sebum, but aging skin is also drier, in part because of the cumulative effects of sun exposure. “So when it comes to treatment, less can be more, especially when it comes to adult acne,” says Dermatologist, Dr Penny Adams.
She suggests tossing out creams, gels or lotions containing benzoyl peroxide, the old standard antiseptic for teenage acne and opt for the new generation cleansers containing milder Salicylic Acid.
“My personal favourite, and the one I refer all my patients to now, is a product regime created in Australia, called 28 Days to Clear Skin. It co
By Devin Reese on 19-09-2014
Continuing our series on Famous Tax Quotes (quotes from court opinions and rulings with language that is colorful or that concisely states an important tax principle) today’s tax quote is from a case where the government was awarded $2,000 of sanctions against a taxpayer’s attorney, where the attorney filed motions containing frivolous arguments intended to delay court proceedings.
Baxley’s assertion that the defendant is not the same individual as named in the complaint because he does not spell his name in all capital letters does, in fact, fail the “laughable” test. Thus, despite knowing what was coming, when Baxley stated his contention at the hearing, I spontaneously laughed. This, it seems to me, establishes the frivolousness of the contention.
U.S. v. Sweet, 88 AFTR 2d Par. 2001-5446 (M.D. Fla. Sep. 17, 2001)
By Billie Nguyen on 12-09-2014
The Seychelles is the latest country to commit to the automatic exchange of tax information as part of a scheme piloted by the Group of Five (G5) nations.
The G5 pilot are the 5 countries – the United Kingdom, France, Germany, Spain, and Italy. These countries aim to deter and crack down tax evasion. They hope that their framework for the automatic exchange of information will be used as a template for the conclusion of a wider multilateral agreement.
Up to now, 46 countries and jurisdictions have agreed to implement a new global standard on the exchange of information. The first exchange is scheduled to take place in 2017, with respect to data collected from December 31, 2015. Parties to the new standard will provide signatures at the October Organisation for Economic Co-operation and Development (OECD) Global Forum meeting to be held in Berlin.
The finance ministers of the G5 nations said: “We warmly welcome Seychelles’ decision to join the initiative for early adoption of the new global standard on automatic exchange of information. We ca