Prosper With Money

It’s that time again.  Over 2,700 athletes from over 70 countries are in Vancouver to compete against each other for Olympic glory.  Some teams will be big, like over 200 athletes from the US and Canada; and others tiny, like the lone Jamaican and Ethiopian athletes.  Some are favored to win, others are just happy to make the trip.  Obviously some athletes have advantages.  Aside from the obvious (coming from a country with some snow probably helps) some of the athletes have Olympian parents, corporate sponsorships, or the best possible equipment.

All of them will try their best, but in the end there will only be 258 total medals and only a third of them will be gold.   When it comes to our personal finances though, all of us can win. To me, winning with money doesn’t mean having the most toys or accumulating the biggest pile of cash.  It means being in control of your finances and knowing your future is secure, rather than living pay-to-pay and letting your money just happen to you.  Yes, some people have higher incomes or come from wealthy families.  But with hard work all of us can become debt-free, save for emergencies and build wealth for our future.

This brings us to another fact about the Olympians in Vancouver right now.  All of the athletes, certainly the ones who do well, have committed themselves to hard work.  They have been willing to sacrifice many things to achieve.  Are you committed to working hard and sacrificing to win with money?  In addition, top athletes have coaches to motivate and spur them on to their best performance.  For you, this might mean finding the right books to learn from, attending a Financial Peace University course near you, or the services of a trained Financial Coach.  Depending on your circumstances, one or more of these could be ideal to help you move to the financial winner’s podium!

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I am often asked in late December and early January, what can I do to be better prepared to have my taxes complete. Here are my top 5 answers:

1. Get a folder and label it Taxes 2009. Everything that comes in the mail related to your 2009 tax return goes in the folder. Even if you are not sure if the item relates to your tax return, put it in the folder and let you tax preparer sort through it. When I am preparing taxes one of the most frustrating things (for me and my client) is when we are missing an item and can not complete the tax return until we have the item.
2. Get your charitable giving in order (church contribution statements, Goodwill/Salvation Army receipts, and any out of pocket giving). This will help cut down on time when you and your tax preparer are going over your tax return.
3. Review your tax return from last year and make sure you have all the documents that you had last year.
4. Get your appointment to have your taxes prepared scheduled early this year. As we have all felt the economic slow down over the last year, I believe that a rush could happen (more than usual rush) to get your taxes prepared (to get your refund faster) from January 15^th – February 15th.
5. If you are not sure about a Federal or State tax rebate or tax reduction program, call your local tax preparer, the IRS or your state’s taxing authority. Having all of your documentation and receipts in order will help to make this a smooth process.

Overall, if you are organized and follow the tips above, getting your tax return prepared should not be a process to cause you any concern. The concern at tax perpetration time should be how much money we are giving our Federal and State governments!

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I am ready for all of the after Christmas sales. How about you? It seems that even just a few days after Christmas most retailers have even better sales then they did before Christmas. Last year my wife and I went to Kohl’s and bought a ton of clothes for at least 70% off. I am looking forward to finding some great deals this time as well! Where have you seen great deals? Anything that you purchased at a great price? Let us know so that we can spread the word when it comes to saving money!

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Debt is all around us. Need a car, get a loan. Need to go to college, get a loan. Need some stuff for Christmas, use a credit card (get a loan). Had an emergency, get a home equity loan. These are the common beliefs that we have about money. We need to be weird and live without borrowing any more money. Get on board and do not be a slave to your lenders. Add up all of you monthly debts payments, how much is it a month? $500, $1,000, $2,000 or more? What could you do with that money? How much could you save, invest or give? Live a different life and be weird, don’t use debt and live a life that is focused on spending less than you make.

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I was reading a USA Today article this morning about the new FED rules for overdraft fees. I was blown away when USA Toady stated that the financial institutions for 2009 will generate approximately $38.5 Billion in overdraft fees in a single year! We must get control of our money. If you balance your check book, have a budget, and use cash envelopes there is no reason that you should ever have an overdraft fee. Overdraft fees are a sign that you do not have control of your money or you spending habits. Stop the madness, $38.5 Billion in overdraft fees, come on America and Canada we are giving them our money because we are not paying attention! New rules go into effect at 7/15/10 for new customers and 8/15/10 for existing customers. The financial institution can still offer the service but will need your permission for the overdraft.

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