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Great Small Business Tax Deductions

oXYGenFinancial — Wed, 10 Mar 2010 14:53:04 +0000

Don’t miss these fourteen tax deductions for your small business.

It’s simple: The more tax deductions your business can legitimately take, the lower its taxable profit will be. Also, in addition to putting more money into your pocket at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a small cost, or a combination business trip and vacation. It all depends on paying careful attention to IRS rules on just what is — and isn’t — deductible.

When you’re totaling up your business’s expenses at the end of the year, don’t overlook these 14 common business deductions.

1. Auto Expenses

If you use your car for business, or your business owns its own vehicle, you can deduct some of the costs of keeping it on the road. Mastering the rules of car expense deductions can be tricky, but well worth your while.

There are two methods of claiming expenses:

Actual expense method. You keep track of and deduct all of your actual business-related expenses.
Standard mileage rate method. You deduct a certain amount (the standard mileage rate) for each mile driven, plus all business-related tolls and parking fees. In 2010, the standard mileage rate is 50 cents per business mile driven, a decrease from the 55 cents per mile rate in effect for 2009.

As a rule, if you use a newer car primarily for business, the actual expense method provides a larger deduction at tax time. If you use the actual expense method, you can also deduct depreciation on the vehicle. To qualify for the standard mileage rate, you must use it the first year you use a car for your business activity. Moreover, you can’t use the standard mileage rate if you have claimed accelerated depreciation deductions in prior years, or have taken a Section 179 deduction for the vehicle. (For more on Section 179, see “New Equipment,” below.)

If your auto is used for both business and pleasure, only the business portion produces a tax deduction. That means you must keep track of how often you use the vehicle for business and add it all up at the end of the year. Certainly, if you own just one car or truck, no IRS auditor will let you get away with claiming that 100% of its use is related to your business.

2. Expenses of Going Into Business

Once you’re running a business, expenses such as advertising, utilities, office supplies, and repairs can be deducted as current business expenses — but not before you open your doors for business. The costs of getting a business started are capital expenses, $5,000 of which you may deduct the first year you’re in business; any remainder must be deducted in equal amounts over the next 15 years.

** If you expect your business to make a profit immediately, you may be able to work around this rule by delaying paying some bills until after you’re in business, or by doing a small amount of business just to officially start. However, if, like many businesses, you will suffer losses during the first few years of operation, you might be better off taking the deduction over five years, so you’ll have some profits to offset.

3. Education Expenses

You can deduct education expenses if they are related to your current business, trade, or occupation. The expense must be to maintain or improve skills required in your present employment, or be required by your employer or as a legal requirement of your job. The cost of education that qualifies you for a new job isn’t deductible.

4. Legal and Professional Fees

Fees that you pay to lawyers, tax professionals, or consultants generally can be deducted in the year incurred. However, if the work clearly relates to future years, they must be deducted over the life of the benefit you get from the lawyer or other professional.

Business books, including those that help you do without legal and tax professionals, are fully deductible as a cost of doing business.

5. Bad Debts

If someone stiffs your business, the bad debt may or may not be deductible — it depends on the kind of product your business sells.

Goods. If your business sells goods, you can deduct the cost of goods that you sell but aren’t paid for.
Services. If, however, your business provides services, no deduction is allowed for time you devoted to a client or customer who doesn’t pay.

6. Business Entertaining

If you pick up the tab for entertaining present or prospective customers, you may deduct 50% of the cost if it is either:

directly related to the business and business is discussed at the event — for example, a catered meeting at your office; or
associated with the business, and the entertainment takes place immediately before or after a business discussion.

**Make notes. On the receipt or bill, always make a note of the specific business purpose — for example, “Lunch with Joyce Slater of Ace Manufacturing Co. to discuss widget contract.”

7. Travel

When you travel for business, you can deduct many expenses, including the cost of plane fare, costs of operating your car, taxis, lodging, meals, shipping business materials, cleaning clothes, telephone calls, faxes, and tips.

What about combining business and pleasure? It’s okay, as long as business is the primary purpose of the trip. However, if you take your family along, you can deduct only your own expenses.

8. New Equipment

Some small businesses can write off the full cost of some assets in the year they buy them, rather than capitalizing them — deducting their cost over a number of years. (See Current vs. Capital Expenses for information on expenses that must be capitalized.)

Section 179 of the Internal Revenue Code allows you to deduct up to $250,000 of the cost of new equipment or other assets in 2009 (scheduled to go down to $133,000 in 2010). This is subject to a phase-out if you place more than $800,000 of equipment in service in 2009 ($510,000 in 2010). Some assets don’t qualify for this Section 179 deduction, including real estate, inventory bought for resale, and property bought from a close relative.

There is also a first-year bonus depreciation deduction in effect for 2009 (and 2008). This special deduction allows taxpayers to depreciate 50% of the adjusted basis of qualified property during the first year the property is placed in service. This deduction can be taken in addition to the Section 179 deduction and offers tremendous tax savings on property purchased in 2009 and 2008.

9. Interest

If you use credit to finance business purchases, the interest and carrying charges are fully tax-deductible. The same is true if you take out a personal loan and use the proceeds for your business. Be sure to keep good records demonstrating that the money was used for your business.

10. Moving Expenses

If you move because of your business or job, you may be able to deduct certain moving costs that would otherwise be non-deductible personal living expenses. To qualify, you must have moved in connection with your business (or job, if you’re an employee of your own corporation or someone else’s business). The new workplace must be at least 50 miles farther from your old home than your old workplace was. (Technically, moving expenses aren’t business expenses; there’s a special place to list them on your Form 1040 tax return.)

11. Software

As a general rule, software bought for business use must be depreciated over a 36-month period, but there are some important exceptions:

Computer software placed in service from January 1, 2003 to December 31, 2010 is eligible for a Section 179 deduction, which means that 100% of the cost of software can be deducted in the year purchased. Starting in 2011, you will no longer be able to use Section 179 to deduct off-the-shelf software.
When software comes with a computer, and its cost is not separately stated, it’s treated as part of the hardware and is depreciated over five years. However, under Section 179, you can write off a whole computer system (including bundled software) in the first year if the total cost is less than a certain amount ($250,000 in 2009; scheduled to go down to $133,000 in 2010). See IRS Publication 946, How to Depreciate Property.

12. Charitable Contributions

If your business is a partnership, a limited liability company, or an S corporation (a corporation that has chosen to be taxed like a partnership), your business can make a charitable contribution and pass the deduction through to you, to claim on your individual tax return. If you own a regular (C) corporation, the corporation can deduct the charitable contributions.

**If you’ve got some old computers or office furniture, giving it to a school or nonprofit organization can yield goodwill plus a tax benefit. However, if the equipment has been fully depreciated (written off), you can’t claim a deduction.

13. Taxes

Taxes incurred in operating your business are generally deductible. How and when they are deducted depends on the type of tax:

Sales tax on items you buy for your business’s day-to-day operations is deductible as part of the cost of the items; it’s not deducted separately. However, tax on a big business asset, such as a car, must be added to the car’s cost basis; it isn’t deductible entirely in the year the car was bought.
Excise and fuel taxes are separately deductible expenses.
If your business pays employment taxes, the employer’s share is deductible as a business expense. Self-employment tax is paid by individuals, not their businesses, and so isn’t a business expense.
Federal income tax paid on business income is never deductible. State income tax can be deducted on your federal return as an itemized deduction, not as a business expense.
Real estate tax on property used for business is deductible, along with any special local assessments for repairs or maintenance. If the assessment is for an improvement — for example, to build a sidewalk — it isn’t immediately deductible; instead, it is deducted over a period of years.

14. Advertising and Promotion

The cost of ordinary advertising of your goods or services — business cards, yellow page ads, and so on — is deductible as a current expense. Promotional costs that create business goodwill — for example, sponsoring a peewee football team — are also deductible as long as there is a clear connection between the sponsorship and your business. For example, naming the team the “Southwest Auto Parts Blues” or listing the business name in the program is evidence of the promotion effort.

(source: www.nolo.com)

Easily Overlooked Business Expenses

Here are some additional routine deductions that many business owners miss. Keep your eye out for them.

audiotapes and videotapes related to business skills
bank service charges
business association dues
business gifts
business-related magazines and books
casual labor and tips
casualty and theft losses
coffee and beverage service
commissions
consultant fees

credit bureau fees
office supplies
online computer services related to business
parking and meters
petty cash funds
postage
promotion and publicity
seminars and trade shows
taxi and bus fare
telephone calls away from the business

Note: Just because you didn’t get a receipt doesn’t mean you can’t deduct the expense, so keep track of those small items.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Physician Shortage Now and Ahead

oXYGenFinancial — Mon, 08 Mar 2010 13:46:13 +0000

Physician Shortage Now and Ahead

by Eric Gadlage

Physician Shortage Gives Rise to Preferred Access Solutions

According to the AAMC, the United States is expected to face a shortage of 124,000-159,000 physicians by 2025. This does not include another 25% projected shortfall should policies such as universal healthcare coverage pass through congress. The growth of the U.S. population age group 65+ through 2025 is a staggering 4 or 5 times the growth of the number of physicians during the same time period. According to the AAMC the number of physicians selecting family medicine careers has dropped 27% between 2002 and 2007. General surgeons also dropped nearly 26% since 1981. Physicians will become increasingly overloaded due to this shortage along with lower insurance reimbursement rates; patients will see longer and longer wait times for appointments and office visits. Emergency room average wait times are on the rise as well mainly due to an increased number of ER visits. Average ER wait times have been estimated between 1-4 hours.

Many Americans who have lost their jobs or do not have health insurance are now using the ER as their means of primary care. Although the American Recovery and Reinvestment Act (ARRA) reduces the COBRA premium in some cases. After losing her job with a pharmaceutical company, a pharmaceutical representative saw her health insurance premiums decrease from $241.77 as an employee to $84.62, a substantial decrease. There are restrictions on who qualifies and the length of time they are valid, so consult with your human resources manager or individual health care insurance representative for more details. An immediate solution which has seen a major rise since 2005 is concierge medicine. Physicians charge an annual fee for preferred access. This creates more revenue to meet operational costs for the physician and a decrease in the number of patients they need to see on a daily basis. Patients opting in to the preferred access solution pay the annual fee and receive same or next business day appointments and expedited office visits. Patients who opt out, depending on the type of concierge practice will either have the option to stay with the doctor (hybrid medical concierge) or will have to leave their doctor (traditional medical concierge model). A substantial number of physician practices will be integrating either of these medical concierge models as a solution.

There has already been a rise from 500 concierge (some type of fee for service outside of insurance) type practices in 2005 to 5000 currently according to the Society for Innovative Medical Practice Design.

Eric Gadlage
Chief Operating Officer
Team Doctors Preferred Access, LLC
www.theteamdoctors.com

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

Introducing – The 40 Year Old Business Virgin

oXYGenFinancial — Fri, 05 Mar 2010 14:49:12 +0000

40 Year Old Business Virgin – Business Radio

Come join Ted Jenkin and Kile Lewis;
CEOs of oXYGen Financial

This and EVERY Friday at 12pm as they interview local Atlanta Area CEOs to learn the do’s and don’ts of starting up, running, and growing a new business in today’s economy.
Visit the 40 Year Old Business Virgin Radio Show Online

This Weeks Show features:

Rhonda Duffy and Frank Duffy of Duffy Realty of Atlanta

Rhonda Duffy, mother of 2 and wife
-Born and raised in Texas.
-Graduated Texas Tech University, B.S. in Business 1986
-Moved to Atlanta in 1990
-Work history includes Saturn, Buy Owner and Remax
-Started Duffy Realty in 2002
-#1 Agent in Georgia 6 years in a row for SOLD properties, #6 in the U.S.
-Licensor of Real Estate business model to 56 cities
-Hourly Real Estate Coach
-Licensed Auctioneer
-Provides pro bono auctions for community
-Accredited home Stager
-Master Coach in NLP
-Visit Rhonda Duffy’s #1 Real Estate Site – Duffy Realty of Atlanta

Listen to Duffy Realty Radio

Tune in 9 to 10 a.m. every Sunday on 640 WGST

Frank Duffy age 49
-Born and raised in New Orleans, LA
-Moved around southeast with corporate relos until moving to Atlanta in 93
-Graduated LSU in 87 in Advertising/Marketing
-Married Rhonda in 97
-Son Sean Patrick 11
-Daughter Ryan 8
-Entrpreneur-
-age 12 grass cutting business
-age 18 record spinning company
-age 24-28 owned and operated restaurants/bars
-age 41 co-owner and marketing director of Duffy Realty
-age 43 licensed business model in 56 cities with Rainmaker Realty
-Corporate World-
-age 29 – 43 worked for Discover Financial Services/Morgan Stanley in Merchant Sales
-Miscellaneous-
-age 43-49 host of call-in radio show
-age 46-49 perform charity auctions

Visit the 40 Year Old Business Virgin Radio Show Online

Life Insurance For My Children?

oXYGenFinancial — Mon, 01 Mar 2010 15:20:22 +0000

Someone asked me the other day, “Ted, is it morbid to ask you whether I should buy life insurance on my children?” It was an interesting question, and one we often get from parents. The American Council of Life Insurers says that only about 15% of the people under the age of 18 have life insurance. An average policy for people under 18 is around $5,000 with the primary purpose to cover funeral expenses and burial costs. There are varying schools of thought on this subject in the financial community, and here are some considerations to think about around this subject.

Remember that you as the parent are the real wage earner and the person that needs to be insured the most. It is not recommended to buy life insurance on your children until you are adequately insured. Since children for the large part don’t earn wages, any additional cost will be an extraneous expense to your budget.

On the pro side of this argument, it can be very legitimate to purchase a small policy to cover funeral expenses, burial costs, and other expenses at the death of a child. If you work for an employer with a quality group benefits plan, you may be able to purchase a unit (generally $10,000) through work for a cheap price. If you have a current policy such as a whole life or universal life insurance policy, you may be able to add a children’s rider for a few bucks to accomplish the same goal of having money in case of a premature death. Some parents have started a permanent policy where they save from $25 to $100 a month that builds up some cash value generally with a face amount of $25,000 to $50,000 in death benefit. This can be seen as an alternative savings plan for your kids, and in addition may allow your child to have a permanent policy without having to prove evidence of insurability down the road.

On the con side, nobody wants to think about the death of their child or even remotely consider what may happen financially. If you think statistically about the probabilities of a child passing away, the percentages are so small that it may not be a quality financial decision at all. Even if the premiums are very cheap, every dollar you don’t spend on insurance could be put towards a college savings plan.

There is never a wrong or right to this decision. Looking at life insurance as a whole can be a tricky part of building your financial plan. Remember that most term insurance policies will be the same price for a child under 18 no matter what their age (i.e. 9, 11, or 15), and some companies like Genworth will offer a 30 year term policy on a child under 18. If you have more questions, e-mail me by clicking here

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Do you need disability insurance?

oXYGenFinancial — Thu, 25 Feb 2010 14:51:40 +0000

There are many types of insurance programs to manage these days. Yet, one of the programs most misunderstood by employees of companies and small business owners is the need for disability insurance. Since there are so many nuances of disability insurance, here are some key questions to ask yourself regarding your personal situation.

What percentage of my income will you replace if I become disabled? At most employer programs it will be between 50% and 66%.
Will you cover commissions or bonuses on top of a base salary? In most cases, your employer will only cover your base salary. If you have a large bonus program or work commissions, you need to really review the fine print of your group policy.
What about 401(k) or other retirement contributions? Generally, this is not covered. The big question then is how will you continue to fund your retirement goals?
Can the payout go up as my income goes up in the future?
Can it go up as the cost of living increases?
Is there a maximum payout that you’ll make (in dollars) per year, no matter what I earn?
Is the payout taxable? If your employer pays for the coverage, then it will be taxable income to you. If you pay for the premium, then it will be tax free to you when you receive benefits.
If I can’t return to the job I had before, can I continue to draw payments forever? Until I’m 65? Or some shorter period of time?
If there’s a time limit for coverage related to my old job, can I still collect if I can’t work at all, in any job?
Will you guarantee that I can renew the policy each year, at the same price? What about at a higher price? If so, is that only until a certain age? It is truly important to have a program that is guaranteed renewable and non cancellable.
If I’m paying the premium on time, are there any circumstances under which you can cancel my policy?
What if I’m unemployed and can’t pay the premium for a short period of time?
Is there a waiting period after you start working for a company that provides disability insurance (or after you buy a policy on your own) before you can make a claim? The big question here is that you need to have an adequate cash reserve if your company program does not have a good short term disability program.
Is there a waiting period after you become disabled before you can start collecting on a claim?
Can I pay a smaller premium in exchange for a longer waiting period?
I work at home, so what can I do to convince you that my workspace is not hazardous?
I work for myself. How much do you need to know about the details of my job and what I do all day in order to underwrite my policy at a decent rate (or at all)?
What injuries or illnesses does my policy exclude? If I’ve already been treated for depression or back pain or cancer will you not cover those maladies at all in the future?
Does my policy cover some illnesses – mental illness says – for a more limited period of time than other conditions?
Is it possible to erase some of these exclusions a few years after my policy goes into effect if I don’t come down with those afflictions during that period?
Will you make me apply for federal Social Security disability benefits before paying a cent of my claim (and then offset anything you pay with whatever I collect from Social Security)?
If I change jobs, can I keep the policy as long as I continue paying the premium?Source Of Questions (New York Times: February 5th, 2010)

Most people view a disability with thought in mind of being able to not work at all. With new disabilities such as depression and carpel tunnel syndrome, you really need to review whether your policy covers your own occupation or any occupation as this can be paramount on how much you may be able to collect. If you have never reviewed this, now may be an important time to do this so you can make sure that your financial house is adequately protected. Request a FREE consultation

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

10 Most Overrated Players In The NBA

oXYGenFinancial — Mon, 22 Feb 2010 14:01:59 +0000

There is a big free agency year coming up in the NBA for the summer of 2010. While I don’t often comment on sports, I thought I would give you my most 10 overrated players currently in the NBA.

10.) Steve Nash- While there is always ooh’s and aah’s about his wizardry passing the basketball and his free throw shooting, Nash still doesn’t realize that defense wins titles. He will be sure fire Hall of Famer with Charles Barkley, both with no rings.

9.) Gilbert Arenas- Who knows if he will even return to the NBA with the recent gun antics, but even if he does who really cares? Agent Zero had a few good years of chucking the basketball as a scorer, but really hasn’t done much more including getting past the first round of the playoffs. I’d take Antwan Jamison or Caron Butler over him any day to start a team. Nice investment Washington!

8.) Ray Allen- Here is another guy who has scored on bad teams for years until he joined the Celtics, but really has had below average numbers on everything but scoring and free throw shooting. He doesn’t pass or rebound well let alone defend. No title for this guy without Garnett and Pierce. Is there still a team in Seattle?

7.) Vince Carter- They call it Vinsanity on the court. I call it not being able to figure out how to win a championship. Vince is over the hill, and needs to learn a post up mid range game like Michael and Kobe have done in their careers. Shooting 30% from 3 point land won’t get it done. Orlando was better off with Turkgolo in the lineup.

6.) Elton Brand- Wasn’t he the guy who was supposed to bring the big double double to Philadelphia to make them a contender again? Instead it has been 14.5 points and slightly over 6 rebounds a game. Enjoy the summer Philadelphia.

5.) Lamar Odom- Some people say he is the best 6th man in the league. I say here’s guy who shoots less then 30% from the 3 point line and under 70% from the free throw line. Every once in a while he posts a huge rebound game, but he isn’t near as good an all around player as the hype. Sorry Mr. Kardashian.

4.) Manu Ginobili- Respectfully, a few years ago Ginobili was truly one of the games top players. However, people keep talking about the Spurs and them making a run to take the Lakers. Guess again. Ginobili isn’t even shooting 40% from the floor, and is showing signs of his age.

3.) Brandon Jennings- One 55 point game doesn’t make you a superstar. With a shooting percentage of less than 38%, that won’t cut it to be a premier player in the league. The game doesn’t match the hype, and the NBA teams have finally started to figure out how to shut this kid down.

2.) Tracy McGrady- I can never figure out why people like this guy so much. Who cares if he is Vince Carter’s cousin? They both belong on this list. He never got it done in Orlando, and even if he and Yao return together they won’t get it done in Houston. McGrady has flashes of brilliance, but has never put together an all around season.

The number one winner in my book is Greg Oden. What is there to say but disappointment and more disappointment? Kevin Durant probably sure looks good to Portland right now. Maybe Oden has a future in the adult film industry, but it won’t be as an NBA center.

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You can also visit a great Top 10 List Community Website

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Text HELP! For Detroit

oXYGenFinancial — Fri, 19 Feb 2010 14:07:49 +0000

There isn’t a day that passes by now where I don’t see a continued commercial for raising money to save Haiti. I feel awful for the people of Haiti over this terrible tragedy, but I keep coming back to the major issues we have going on in our own country.

Americans donated $150 million in the first four days after the Haiti earthquake, according to the Chronicle of Philanthropy. Donations to Hurricane Katrina efforts in 2005 only totaled $108 million in the first four days after the disaster, the chronicle said. Who knows exactly how much money we have donated between the U.S. Government and American citizens, but doesn’t anybody find it strange that we raise more for other countries than our own?

We don’t know the exact numbers, but one study had the unemployment rate last year in Detroit at 28.9% (Source: The World Newser August 28th, 2009). At those levels of unemployment, you ultimately have a tidal wave of foreclosures, crime, and poverty. I haven’t heard of George Clooney doing a telethon to help support the relief efforts in Detroit. At 20%+ unemployment, that is about as big of an economic earthquake as we have seen in many years. Where will the relief effort come for cities in the United States like Cleveland, Detroit, and Buffalo?

We need to start getting serious about our country being a business. If you worked for a Fortune 100 company, you have probably noticed cutbacks on bonuses, fringe benefits, and charitable contributions from the company. That is because they realize to grow their business you need to be able to grow profits. I’m not sure we have realized that yet. Maybe will just keep printing money. If we do, we might as well text HELP!, and give some to Detroit.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

Small Business Owners – Want to Retire?

oXYGenFinancial — Wed, 17 Feb 2010 14:19:27 +0000

Can you still set up a retirement plan for 2009 if you are a small business owner?

If you own a small business or are just an independent contractor, there may still be time to set up a retirement plan for 2009 before you file your taxes.

The main type of retirement plan that can still be set up is called a Simplified Employee Pension Plan. A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified method to make contributions toward their employees’ retirement and, if self-employed, their own retirement. Contributions are made directly to an Individual Retirement Account or Annuity (IRA) set up for each employee (a SEP-IRA). See Publication 560 for detailed SEP information for employers and employees.

A SEP is established by adopting a SEP agreement and having eligible employees establish SEP-IRAs. There are three basic steps in setting up a SEP, all of which must be satisfied. (source: www.irs.gov)

A formal written agreement must be executed. This written agreement may be satisfied by adopting an Internal Revenue Service (IRS) model SEP using Form 5305-SEP, Simplified Employee Pension – Individual Retirement Accounts Contribution Agreement. A prototype SEP that was approved by the IRS may also be used. Approved prototype SEPs are offered by banks, insurance companies, and other qualified financial institutions. Finally, an individually designed SEP may be adopted.
Each eligible employee must be given certain information about the SEP. If the SEP was established using the Form 5305-SEP, the information must include a copy of the Form 5305-SEP, its instructions, and the other information listed in the Form 5305-SEP instructions. If a prototype SEP or individually designed SEP was used, similar information must be provided.
A SEP-IRA must be set up for each eligible employee. SEP-IRAs can be set up with banks, insurance companies, or other qualified financial institutions. The SEP-IRA is owned and controlled by the employee and the employer sends the SEP contributions to the financial institution where the SEP-IRA is maintained.

How much can you normally put away to these types of plans?

Annual contributions an employer makes to an employee’s SEP-IRA cannot exceed the lesser of:

25% of compensation, or
$49,000 for 2009 and 2010 (subject to annual cost-of-living adjustments for later years).

The limits in the preceding sentence apply in the aggregate to contributions an employer makes for its employees to all defined contribution plans, which includes SEPs. Only up to $245,000 in 2009 and 2010 (subject to annual cost-of-living adjustments for later years) of an employee’s compensation may be considered. Contributions must be made in cash. Property cannot be contributed. (source: www.irs.gov)

Due to the rules of SEP plans called the 3 of 5 rule, you may be able to legally discriminate against employees who are part time or have not worked for the business for a specific period of time.

There may be other options for you if you own a business or are self employed, but the SEP could be a low-cost administrative plan to set up if you are still looking to save money for 2009.

For more information, please visit oXYGen Financial.

Check out these articles for more information -

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Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Top 5 Insurance Policies To Avoid

oXYGenFinancial — Mon, 15 Feb 2010 14:21:00 +0000

Doesn’t it seem like there is always an insurance decision to make? Whether it is from a new purchase you make, a decision at work, or someone calling you to buy something over the phone, insurance decisions are being made every other month in our financial plans. It is often confusing to figure out which insurance programs make sense, and which is just a waste of money. While hindsight is 20/20, here are five insurance policies you want to avoid in the future.

Mortgage Insurance- When you buy a new home, you will typically get a mailer to buy an insurance policy that will completely pay off the mortgage upon your death. If you are reasonably healthy, buying a level term insurance policy through any of the major insurance companies will often be much cheaper than buying this type of insurance.

Wedding Insurance- Isn’t there a big problem if you are buying insurance in the event your wedding doesn’t happen? While the premiums on these policies may only range from $200 to $500, you need to really review what exactly the policy covers. Spend the money on doing something fun for your guests at the wedding. The risk trade off just isn’t good enough on this one.

Credit Life Insurance- This type of insurance will typically pay off your credit card at death. The premium will seem minuscule, usually costing less than $1 per month. However, if you are reasonably healthy, getting appropriate term or permanent life insurance coverage will be a better buy in the long run.

Air Travel Life Insurance- You need a certain amount of life insurance . . . not more life insurance if you die in a plane. If you want to go to Vegas to have some fun and bet, go ahead and book a room. You probably don’t want to be betting on your own death with a double down on the next Delta flight? Air Travel is still the safest form of travel, and the least likely place for you to collect on this type of insurance.

Private Mortgage Insurance- How do you avoid this? Make sure you put 20% down on a house. I know that is a novel idea, but maybe you just aren’t ready to buy the type and size of house you are shopping for unless you can make the down payment. This insurance can be very costly for a new home owner.

These are five favorites of mine not withstanding how much I hate any type of warranty for electronics items bought from stores. Make sure you read the fine print of any type of insurance policy you buy, and don’t get ripped off!

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Health Insurance by Arthur Benz

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

What Tax Deductions Could Go Away In The Future?

oXYGenFinancial — Thu, 11 Feb 2010 14:32:11 +0000

All of us know that the United States is in a massive federal deficit. Most pundits on television are letting us know that taxes in some way, shape, or form will have to up. That seems reasonable. Any business that is losing money will eventually have to cut expenses, and figure out how to generate more revenue. We couldn’t cut expenses near enough to solve our problem, so the certainty of some form of increased taxation is an inevitability we will face in the future in my opinion.

The one thing that I don’t hear much talk about is that increasing taxes isn’t the only way to generate additional revenue, but you could certainly choose to reduce overall tax deductions that we take today as another source for increasing additional revenue.

According to a recent study done by the Joint Committee On Taxation (source: Fiscal Year 2010 Budget: Analytical Perspectives. OMB./Table 19-3), here are the top 5 potential sources of tax revenue:

Employer Provided Healthcare $924 Billion
Mortgage Interest Deduction $646 Billion
401(k) Plans $343 Billion
Charitable Contributions $273 Billion
State & Local Taxes $268 Billion

If you think about the deficit we are in as a country, the revenue must ultimately come from somewhere to pay the bills. If you think this may be far fetched for any of these to be reduced or eliminated, remember that history has a way of repeating itself. This is why it is more important than ever to really do some financial planning, and build out a truly comprehensive tax management strategy.

We can never be sure what direction fiscal policy will ultimately go in the near future. We do know as a general rule of thumb that borrowing too much money when you don’t have it can be a catastrophic financial decision. Just look at the recent real estate problems, and ask yourself what might be coming next?

Looking for other articles? 2010 Mileage Rates! , The Top 10 Most Overlooked Tax Deductions , Tax Changes For 2010 , Do You Pay Your Taxes By Credit Card?

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

Ten Things To Include In Your Will

oXYGenFinancial — Tue, 09 Feb 2010 13:14:11 +0000

Ten Things To Include In Your Will

Here is a great article By Barbara Kate Repa,
Caring.com Senior Editor that I came across on www.caring.com

1. Name a personal representative or executor.

In an individual will, your parent can name a person or institution to act as personal representative, called an executor in some states, who will be responsible for making sure that the will is carried out as written and that the property is divvied up and distributed as directed. It’s also wise to name an alternate in case the first choice is unable or unwilling to act.

2. Name beneficiaries to get specific property.

Your parent’s will can specify separate gifts of property — called specific bequests — including cash, personal property, or real estate. Likely beneficiaries for such bequests are children and other relatives, but they may also include friends, business associates, charities, or other organizations.

3. Specify alternate beneficiaries.

In fashioning their wills, most people assume that the beneficiaries they name will survive to take the property they’ve specified for them. The most thoughtful wills provide for what should happen if those beneficiaries don’t survive — either by naming a backup recipient or indicating that the person’s spouse or children should take the property instead.

4. Name someone to take all remaining property.

If your parent has opted to make specific bequests of property, a will is also the place to name people or organizations to take whatever property is left over. This property is usually called a “residuary estate.”

5. Give directions on dividing personal assets.

If your parent wants assets divided among children, charities, or other beneficiaries, the will should note precisely what property is included in that pool. It should also specify whether assets are to go directly to beneficiaries or whether they’re to be sold and the value divided among the beneficiaries, either equally or according to stated percentages.

6. Give directions for allocating business assets.

Business assets are often separate from personal assets — and most business owners have very specific ideas about what should be done with them after their deaths. If your parents don’t have a written plan covering the windup of their business, encourage them to see an experienced estate planning attorney to ensure that their wishes are clearly indicated in each of their wills.

7. Specify how debts, expenses, and taxes should be paid.

The will should spell out your parent’s wishes regarding how to settle debts and final expenses, such as funeral and probate costs, as well as any estate and inheritance taxes. Usually a specific source, such as a bank account, will be tagged to cover these costs.

8. Cancel debts others owe.

A nice added touch is that people making wills can use the documents to relieve those who owed them money from the responsibility of paying that debt — along with any interest that accumulated on it — to them or their survivors.

9. Indicate special instructions for maintaining real estate.

If your parents name someone to keep their house, they should list any specific instructions for its care and upkeep in each will.

10. Provide a caretaker for pets.

Since the law considers pets to be property, the best way for your parents to assure a good home for theirs is to leave the animal to someone named in each will who has agreed to give it a good home. Many people also leave that person an amount of money to help cover the caretaking expenses.

Check out these other articles -

Update Your Beneficiary Designations, What do you do when you lose a spouse? , Long Term Care Insurance . . How Does It Work? , Top 10 Estate Planning Mistakes!

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

How do your next door neighbors spend their money?

oXYGenFinancial — Thu, 04 Feb 2010 14:56:31 +0000

Didn’t you always wonder what your next door neighbor spends on their money on every year? Or maybe you were curious on whether you spend more or less than you should based upon your current income levels? The answer to these and many other questions can be discovered on a new website called www.bundle.com.

Bundle is a fresh new website still in its testing stage that aggregates data from many different vantage points to give you incredible details on what people just like you spend from utilities to home repairs to dining out.

For example, if you are ages 36 to 49, are married with kids, and make $100k to 125k, here are the statistics according to Bundle. They say in Alpharetta, GA that the average demographic spends $1,144 in food and drink, $1,723 in shopping, and $405 in travel and leisure. Perhaps Bundle hasn’t been to Alpharetta as of late to see what kind of shopping is being done at the mall.

These new tools can be fabulous for looking as some fun financial statistics, but they simply don’t replace doing a comprehensive financial plan with your personal data. While you may have a great interest in the overall economy, what you should focus on most is that your personal economy. I often wonder what people around me spend their money on, but I know for sure that they won’t help me retire. Bundle up!

Other Great Articles – Share A Taxi And Save Money , What did it cost a decade ago? , What If Tiger Woods Was A Stock? , The Top 10 Travel Websites , Analyze Your Cell Phone Bill , Complete Stain Removal Guide , 7 Money Tips for a New Marriage.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Request a FREE consultation: www.oxygenfinancial.net

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Health Savings Account Limits For 2010

oXYGenFinancial — Mon, 01 Feb 2010 15:30:54 +0000

Health Savings Account Limits For 2010

Many Americans have switched over to a Health Savings Account. This would be a great time of the year to assess what you actually spent in your Health Savings Account in 2009, and assess your investment strategy of your Health Savings Account for 2010 (that is if you have over $2,000 balance in your account). Since Health Savings Accounts are not use or lose, this will become an important asset in the financial picture for families that have a Health Savings Account.

High Deductible Health Plan (HDHP). For HSA purposes, the minimum annual deductible of an HDHP increases to $1,200 ($2,400 for family coverage) and the maximum annual deductible and other out-of-pocket expenses limit increases to $5,950 ($11,900 for family coverage).

Limits on contributions. The maximum HSA contribution increases to $3,050 ($6,150 for family coverage). (Source www.irs.gov)

Go to oXYGen Financial INC. to get your free guide called, “Is A Health Savings Account Right For You?”

Check out these articles – Do we need this type of Health Care reform?, Health Insurance- Where are we headed?, Long Term Care Insurance, Is a Health Savings Account the best medical plan option for you?, Health Insurance by Arthur Benz

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Should I keep my old car or buy a new one?

oXYGenFinancial — Fri, 29 Jan 2010 15:05:37 +0000

I get this question all the time, especially in Atlanta where people are car conscious. The debate around how long to keep the old car you have been nursing the scratches and bruises versus getting the latest and greatest new ride to put on the highway. Take the emotions out of it, and I can give you some sound advice around how long to hold on to the clunker. Remember, the car you buy (unless it is a collector’s item) is one of the sure fire assets to constantly depreciate on an annual basis the moment you take it off the lot. However, here are some thoughts you should consider before you make the plunge.

Compare your current overall repair and maintenance bills versus the cost of the new car payment. While a new car will have some maintenance on a yearly basis, you really need to compare the total annual cost of all of your repair bills versus the cost of a new car payment. On a $25,000 car that you put down $2,500 and finance the rest over 4 years, your monthly payment would be $525 per month at a 6% loan interest rate. This means that your annual repairs and maintenance would need to exceed over $6,300 per year to make an equal comparison. Odds are if your annual repairs on your current automobile are costing you more than you can afford right now, you won’t be likely to afford a car payment that is more than the annual outlay of your current repair expenses.

It may be that your current automobile may not have some of the up to date safety features such as driver, passenger, and side air bags. Or, perhaps there are gadgets in the newer automobiles that may help you save time over what it takes you today such as a built in GPS system. Remember, that there are new mobile technology such as Garmin’s and TomTom’s, and the dealer or a local mechanic may be able to install some of those new safety features. Your old car may not look as cool as the new one, but you would still be able to have some of those great features.

Your lifestyle has changed. The easiest example may be around a family change. Perhaps you had a new addition to the family (or two!). You moved from a warmer climate area to a colder climate area or vice versa. These types of changes could be a real reason to trade your old vehicle and make a purchase of a new one. I won’t even discuss the I want to look cool factor as no person can measure how much this means to you.

Interest rates. This is an important factor when looking at this decision as sometimes you can find a deal with low or no interest on the new automobile purchase. With the borrowing problems we saw over the past couple of years, I suspect you will see fewer of these as finance companies simply cannot take on the risks of someone who has a lot of debt, or does not have the income to support the purchase over a four or five year time frame. However, if you believe interest rates are going to go up over the next few years you may be able lock into a fixed rate now to borrow for that new car.

Look at your warranty. The last point I would make is to review your warranty. Each warranty has a different set of fine print, but if your warranty on major repair items runs out at 100,000, then this may be a consideration on when you trade in for a new car. Certainly mileage is one of the key factors for trade in value, but the lapse of a warranty could prove to be a big blow to your budget if a major part in your car needs repair.

I have never been a big fan of buying new cars as I see them as a serious drain on cash flow. The asset never increases over time with the exception of a few collectibles, and most of the cars end up back up at the dealership where you are looking at $100 per hour for labor when you take it in for service. If your ego can stomach it, keep that old car for eight to ten year rather than three to five years. You just might find out you can put a few more dollars away to the financial goals that you have.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

2010 Mileage Rates!

oXYGenFinancial — Wed, 27 Jan 2010 14:05:02 +0000

As each year changes, so do the deductions we can take every year as it relates to mileage with business, charitable, and medical mileage. I often find that people I meet don’t keep the best track of these records, and every dollar you save can help you increase your bottom line.

The Internal Revenue Service issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Beginning on January 1st of this year, the standard mileage rates for the use of a car (vans, pickups, or trucks) will be:

50 cents per mile for business miles driven
16.5 cents per mile for medical or moving purposes
14 cents per mile driven in service of charitable organizations

The new rates for business, medical and moving purposes are slightly lower than last year’s. The mileage rates reflect generally lower transportation costs compared to a year ago. The standard mileage rate for business is based on annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study. (Source www.irs.gov)

Most people miss out on these deductions by not simply deploying a system to track your mileage. Remember that you cannot deduct the miles for your regular commute to and from work or if your employer reimburses you for those business miles. However, for those employees whose employer does not reimburse them for business travel, this can represent a great deduction. If you own a small business, you should absolutely sit down with your accountant or your financial advisor to figure out what methodology for automobile expenses or mileage would be the best deduction for you. The key is planning this out early in the year, and then having a tracking or log system for the mileage.

I hardly ever see people log their miles for charitable work. Most people seem to be unaware that this mileage deduction exists, yet they are giving time each year to help out from a charitable perspective.

I recommend that you get a tracking system early, and figure out in your own situation what kind of deductions you can potentially take here in 2010.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TOP 10 Atlanta LATE NIGHT Restaurants

oXYGenFinancial — Mon, 25 Jan 2010 14:00:55 +0000

The Top Ten Atlanta LATE NIGHT Restaurants:

1.) Au Pied de Cochan
(404) 946-9070
Open 24 hours a day
Classification: “French Cuisine that is located at the Intercontinental Hotel in Buckhead”
3315 Peachtree Road Northeast
Atlanta, GA 30326-1007
www.aupieddecochonatlanta.com

2.) Ok Café
(404) 233-2888
Mon-Thu. 7:00 a.m. – 11:00 p.m.
Fri-Sat. 7:00 a.m. – 12:00 a.m.
Classification: “Diners, American Traditional”
1284 W Paces Ferry Rd NW
Atlanta, GA 30327
www.okcafe.com/takeaway.html

3.) R Thomas
(404)881-0246
Open 24 hours a day
Classification: “New American, Vegetarian, Vegan”
1812 Peachtree Street, NW, Atlanta, Georgia 30309
http://www.rthomasdeluxegrill.net

4.) Holman & Finch
(404) 948-1175
5:00pm until 1:30am
Classification: “New American, Gastro pubs”
2277 Peachtree Road
Suite B
Atlanta, GA 30309
http://holeman-finch.com

5.) Gladys Knight and Ron Winan’s Chicken and Waffles
404-874-0798
Monday – Thursday 11:00 AM – 11:00 PM
Friday & Saturday 11:00 AM – 4:00 AM
Classification: “Southern, Soul Food”
Atlanta, Downtown
529 Peachtree Street NW
Atlanta, GA 30308
www.gladysandron.net

6.) Taco Cabana
(404) 874-6152
Open 24 hours a day
Classification: “Tex -Mex, Mexican”
1895 Piedmont NE
Atlanta, GA 30324
www.tacocabana.com

7.) Landmark Diner
(404) 816 – 9090
Open 24 hours a day
Classification: “Diners”
3652 Roswell Rd. NE
Atlanta, GA 30305
http://www.landmarkdiner.com

8.) Majestic Diner
(404) 875-0276
Open 24 hours a day
Classification: “Diners”
1031 Ponce De Leon Avenue Northeast
Atlanta, GA 30306-4215
www.majesticdiner.com

9.) Waffle House
(404) 231-0023
Open 24 hours a day
Classification: “Restaurants”
3016 Piedmont Road Northeast
Atlanta, GA 30305-2628
www.wafflehouse.com

10) The Varsity
404-881-1706
Sunday-Thursday 10:00am-11:30pm
Friday-Saturday 10:00am-12:30am
Classification: “Fast Food”
The Varsity Downtown
61 North Avenue
Atlanta GA 30308
www.thevarsity.com

(Classification was sourced from yelp.com)

Check Out These – The Top 10 Most Overlooked Tax Deductions , Top 5 Ways to Help Someone Who Is Unemployed , Top 10 After Christmas Deal Websites , The Top 10 Travel Websites , Top 10 Credit Card Comparison Resource Sites , The Top Ten Great Deal Websites , 5 Financial Secrets to Know When You Look For a New Job , 10 Ways to Save – Ideas for saving thousands in operations costs. , 9 financial tips for Generation Y

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS® Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites, nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

How Not To Go Broke with oXYGen Financial – 01/21/10

oXYGenFinancial — Fri, 22 Jan 2010 14:44:49 +0000

Enjoy this weeks show if you missed it on the Regular Guys on 100.5 FM
“How Not To Go Broke with Kile Lewis and Ted Jenkin” of oXYGen Financial – 01/21/10

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEOs Kile Lewis and Ted Jenkin are both some of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Do You Pay Your Taxes By Credit Card?

oXYGenFinancial — Thu, 21 Jan 2010 13:39:47 +0000

Some business owners or people who pay estimated tax payments end up paying their federal income taxes with a credit card.

If you pay your income tax (including estimated tax payments) by credit or debit card, you can deduct the convenience fee you are charged by the card processor to pay using your credit or debit card. The deduction is claimed for the year in which the fee was charged to your card as a miscellaneous itemized deduction on line 23 of Schedule A (Form 1040) (and is subject to the 2% of the adjusted gross income floor). (Source: www.irs.gov)

However, I always suggest that you look at what it net to you and don’t necessarily let the tax tail wag the dog. The deduction of those fees may sound great, but you really need to analyze what the cost of the convenience fee is relative to the rewards points/frequent flier miles you are earning by using the credit card on a net basis. It may be the your reward program plus the deduction is a better deal than the convenience fee, but it still may stand that it costs you more than it is worth its while.

Check out these other articles – Is It Time To Change Credit Cards? , The Top 10 Most Overlooked Tax Deductions , Tax Changes For 2010 , Top 10 Credit Card Comparison Resource Sites , Overdraft Changes On Your ATM Card

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

The Top 10 Most Overlooked Tax Deductions

oXYGenFinancial — Wed, 20 Jan 2010 14:18:42 +0000

Top 10 Most Overlooked Tax Deductions

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc. Request a FREE consultation: www.oxygenfinancial.net

Get the most out of your Tax Return for 2010 – Here is the list of the MOST Commonly Overlooked Tax Deductions:

Miscellaneous Deductions On Your Itemized Deduction Form
(investment and tax expenses, unreimbursed employee expenses, etc.)
Business Owner Deductions
(especially if you file a schedule C or have a single member LLC)
State Sales Taxes
(especially for individuals that live in states with no income tax)
Non-Cash Charitable Contributions
(do you really know what that bag of stuff is worth?)
Teacher Expenses
(I’ve hardly ever met a teacher who didn’t buy some supplies out of pocket)
Points
(on new mortgages and on refinancing)
Mileage
(charitable, medical, business, and moving)
Private Loans
(if you have documented and if they haven’t paid back)
Student Loan Interest
(often missed after someone graduates college)
Including Reinvested Dividends To Your Cost Basis On The Sale Of A Mutual Fund
(people often don’t include because they don’t understand)

You can also check out these articles – Tax Changes For 2010

Go to www.oxygenfinancial.net to request a consultation to figure out how build a tax management strategy that is right for you in 2010.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Tax Changes For 2010

oXYGenFinancial — Mon, 18 Jan 2010 14:56:51 +0000

With 2010 rapidly approaching, you should take some time to review your tax management strategy and get your financial plan in place. Here is a list of some of the important changes that could have an effect on your bottom line.

Estate Tax Repealed

The federal estate tax is scheduled to be eliminated for estates of individuals who die in 2010. We expect Congress to act in 2009 to keep the tax alive.

Roth IRA Conversions

Starting in 2010, individuals with more than $100,000 of modified Adjusted Gross Income are free to switch a traditional IRA to a Roth IRA. For conversions in 2010, taxpayers can spread the tax due over two years. Half the tax will be due in 2011, and the remaining half will be payable in 2012. Removing the limit on conversions effectively eliminates the income limit on contributions to Roth IRAs. A taxpayer with income too high to use a Roth will be able to contribute to a traditional IRA (which does not have income limits for contributions) and immediately convert to a Roth. Use the oXYGen Financial INC Roth IRA Calculator Here

State and Local Sales Tax Deduction

The opportunity for itemizers to choose to deduct their state sales tax payments instead of deducting their state and local income taxes ends after 2009, unless Congress acts to extend it.

Educators’ Deduction

This deduction for up to $250 of classroom supplies purchased by educator’s lapses after 2009, unless Congress acts to extend it.

Tuition and Fees Deduction

The deduction for up to $4,000 of college tuition and fees expires after 2009, unless Congress acts to extend it.

Direct Donations of IRAs to Charity

Beginning in 2010, the opportunity for IRA owners age 70½ to directly donate part of their IRA balance to charity will disappear, unless Congress acts to extend it.

Additional Standard Deduction for Property Taxes

Starting in 2010, non-itemizers will no longer be allowed to increase their standard deduction by up to $1,000 of property taxes paid, unless Congress acts to extend this break.

Limits on Deducting Farm Losses

Beginning in 2010, the amount of farm losses you can enter to offset nonfarm income is capped at the greater of $300,000 or your net farm income over the past five years. But this limit will apply only if you get federal farm payments or Commodity Credit Corporation (CCC) loans. You can take suspended losses in later years. The caps will also apply to partners and S firm owners.

Exemptions for the Alternative Minimum Tax

For 2010, the exemption levels drop to $45,000 for married filing jointly, $33,750 for singles and heads of household, and $22,500 for married couples filing separately. Congress is likely to act in 2009 to prevent this from happening. Otherwise, more than 20 million filers will be added to the AMT rolls.

Partial Exclusion for Unemployment Benefits

For 2010, the first $2,400 of unemployment benefits you receive is no longer tax-free.

Sales Tax Deduction for New Vehicles

Beginning in 2010, buyers of new vehicles no longer get a tax benefit for sales tax paid on new vehicles, unless they itemize and elect to deduct sales taxes instead of state income taxes.

Credit for Energy-Saving Home Improvements

The 30 percent tax credit of the cost of energy-saving home improvements reverts to 10 percent after 2010, and is capped at $500.

(source of tax information: www.turboxtax.inuit.com)

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

How Not To Go Broke with Kile Lewis – oXYGen Financial – 01/14/10

oXYGenFinancial — Sun, 17 Jan 2010 15:36:31 +0000

How Not To Go Broke with Kile Lewis of oXYGen Financial – 01/14/10 radio show on The Regular Guys

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Kile Lewis is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Best Things To Buy In January

oXYGenFinancial — Fri, 15 Jan 2010 14:40:11 +0000

I am all about saving money, and here are some of the items I think you will be able to find deals on in the month of January:

Jewelry
Bedding
Furniture
Calendars
Toys

If you have more . . . leave me a comment!

Also Check Out – Top 10 After Christmas Deal Websites, 9 financial tips for Generation Y, The Top 10 Travel Websites , How Not To Go Broke with Kile Lewis of oXYGen Financial – 12/17/09

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Watch out Georgia speeders!

oXYGenFinancial — Wed, 13 Jan 2010 13:10:17 +0000

Attention all speeders! Effective January 1st, 2010, the new Super Speeder Law takes effect in the State of Georgia. This law on interstate highways could cost you as much as $200 more on a speeding ticket if you are going 85 miles per hour more on the highway. On two lane roads, the fine can begin with speeds of 75 miles per hour. These fines are in addition to the regular fines you will pay when you are caught speeding. (source: www.safespeedsgeorgia.org)

Fees collected under the new Super Speeder law will be used to help fund Georgia’s trauma care hospital system where approximately sixty percent of all trauma care patients are crash related. Now, for the first time Super Speeders will help pay for the hospital beds where their crash victims are being treated. (source: www.safespeedsgeorgia.org)

So keep your speeding in check for 2010, or it could put a big dent in your budget!

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ted Jenkin, CFP^®, AAMS^®, AWMA^®, CRPC^®, CMFC^®, CRPS^®

Co-CEO and Founder oXYGen Financial, Inc.

Visit oXYGen Financial Here

Request a FREE consultation: www.oxygenfinancial.net

Share A Taxi And Save Money

oXYGenFinancial — Fri, 08 Jan 2010 12:31:07 +0000

I recently stumbled across a cool website call www.taxi.to. Here is how it works. You enter your travel information including name, e-mail, flight number, date of travel, and destination city. The systems then links up to find individuals who are looking for taxi transportation in the same place where you are looking for a taxi. For example, let’s assume you are traveling to New York City at LaGuardia airport on December 28th landing at 10 a.m… This system will connect you to the other party who is looking to share a taxi into New York City at the same time which can save you taxi fare.

This may not be handy all the time, but I would consider taking a look at this when you are traveling into a major city.

Check out these other Travel Related Money Savers – The Top 10 Travel Websites, Have you lost your baggage traveling? , 150 Free American Airlines Miles, Back to the Brown Paper Bag!

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Update Your Beneficiary Designations

oXYGenFinancial — Wed, 06 Jan 2010 15:08:15 +0000

Many people today are experiencing significant and sometimes sweeping changes in their family situations. Perhaps a recent divorce, separation, or marriage. Or, your children have moved out on their own and perhaps have a new relationship of their own. Maybe someone in your family recently passed away. Changes in any type of family situation could be a very important trigger to review your beneficiary designations.

This point is emphasized in a recent decision by the U.S. Supreme Court. In this 2009 case (Kennedy v. DuPont Savings and Investment Plan), a spouse divorced in 1994 was awarded all rights to her ex-husband’s retirement plan benefits (in a dispute with his daughter) even though the ex-wife had waived all claims to the benefits in the divorce decree. The problem is that prior to the the death of her ex-husband in 2001, he had failed to change the beneficiary named in the plan documents. Thus, all of his $400k in retirement benefits went to his ex, and none to his daughter. Ouch. Talk about unintended consequences! (source: www.gotoretirement.com)

Even though you may update your will and make changes, your beneficiary designations will override what you put in that will. In order to have a smooth transition of your assets, you should consider having both a primary and a contingent beneficiary designation. Review these designations yearly in your overall financial plan as your overall financial picture changes.

If you haven’t done this in several years, make sure to add this to your holiday activities! You might also want to check out these for the New Year – Long Term Care Insurance . . How Does It Work? , Save More For Retirement? 401(k) Limits, Social Security – Take it Now Or Later? , What do you do when you lose a spouse?

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

What did it cost a decade ago?

oXYGenFinancial — Mon, 04 Jan 2010 14:49:13 +0000

All I need is a bottle of Martini & Rossi Spumante, a pack of batteries, and a can of coffee. That is what you may have heard if Steve Martin was doing his best impersonation as The Jerk telling you what cost you less than it a decade ago.

As you build your financial plan, you will always have to consider a guesstimate for inflation. While most financial planners use some whole number such as 3% or 4%, those with newborn children should pay special attention to the past decade where the cost to raise a child to the age of 18 went up over 75%! Or, if you are the type that likes a lot of entertainment in your budget, keep in mind the skyrocketing cost of tickets to your favorite events.

Inflation can often be the silent killer for retirees, but is really generation X and Y who need to pay close attention over the next decade. With already large mortgages and debt payments, the daily cost of living could sneak up on you to deplete your hard earned savings. Now is the time at the beginning of this decade to build a smart spending plan, learn money saving tips to purchase items at the best cost, and keep in check the rule of paying yourself first. See the results from the last decade:

Product	1999 price	2009 price	Change
Observation deck, Empire State Building, adult	$4.00	$20.00	400.00%
Gold, one ounce	$279.11	$1,106.00	296.26%
New York Times daily edition	$0.75	$2.00	166.66%
Slurpee, largest, 7-11	$0.99	$2.12	114.14%
Superman comic book	$1.99	$3.99	100.50%
Toll (auto), Golden Gate Bridge	$3.00	$6.00	100.00%
Gallon of gasoline	$1.30	$2.56	96.92%
Apple (AAPL) stock, one share	$102.81	$198.10	92.69%
Average ticket price, Boston Red Sox	$28.33	$50.24	77.34%
Cost to raise newborn to age 18	$165,630.00	$291,570.00	76.04%
Disneyland, one day adult ticket	$41.00	$72.00	75.61%
NYC YMCA summer membership	$125	$200	60.00%
Average expanded basic cable (per month)	$31.22	$49.65	59.03%
Average ticket, NFL Denver Broncos	$49.00	$76.65	56.63%
ATM transaction cost	$2.28	$3.54	55.26%
Babysitting per hour	$7-$10	$10-$15	50.00%
Budweiser, six pack of cans	$4.01	$5.99	49.38%
Home value, average	$119,600.00	$173,100.00	44.73%
Electricity per 500 kwh	$45.38	$65.21	43.70%
Movie ticket	$5.06	$7.18	41.90%
Time magazine, newsstand	$3.50	$4.95	41.43%
Aspirin, Bayer, 100-count	$3.47	$4.81	38.62%
Sugar, 5 lb.	$2.13	$2.90	36.15%
Cheerios, one box	$3.89	$5.15	32.39%
Stamp, USPS, 1st class	$0.33	$0.44	33.33%
Cigarettes, Marlboro, per pack, Calif.	$4.65	$5.95	27.96%
Harley-Davidson 883 Sportster	$5,595.00	$6,999.00	25.09%
Average cell phone bill	$40.24	$49.57	23.19%
McDonald’s Big Mac	$2.50	$2.99	19.60%
Levi’s, men’s, 505	$36.99	$44.00	18.95%
Coca-Cola, one liter	$1.14	$1.34	17.54%
Ty Warner penthouse, Four Seasons, NYC, per night	$30,000.00	$34,000.00	13.33%
Car, Toyota Camry,base model	$17,518.00	$19,395.00	10.71%
Wedding, average cost	$18,900.00	$20,398.00	7.93%
Nike shoes Jordon vs. LeBron James	$150.00	$160.00	6.67%
Gallon of milk	$2.88	$3.05	5.90%
Top 100 Music CD	$13.65	$13.98	2.42%
Bestseller novel, Grisham vs.Patterson	$27.95	$27.99	0.14%
Tom Cruise earnings, per movie	$20 million	$20 million	0.00%
Windows 1998 vs Windows 7	$209.00	$199.99	-4.31%
Coffee, Maxwell House, 34.5 oz.	$9.99	$9.49	-5.01%
Average domestic airfare	$329.00	$301.00	-8.51%
Credit card average APR	15.07%	13.71%	-9.02%
Batteries, AA, 4, Energizer	$3.99	$3.49	-12.53%
Wal-Mart stock	$69.12	$52.80	-23.61%
$100,000 mortgage, 30 year fixed, total cost	$265,154.54	$184,549.59	-30.40%
iMac desktop computer, Apple	$1,499.00	$999.00	-33.36%
Hummel “To Market” #49 figurine	$120.00	$79.95	-33.38%
Martini and Rossi Spumante, 375 ml	$12.99	$8.29	-36.18%
Prime rate	8.50%	3.25%	-61.76%

Source AOL Wallet POP

While there is no Y2K scare in sight for the decade ahead, we have a scarier proposition. DTD, which is the decade of trillions of debt that is now called our federal deficit. Think now about your financial plan, and if you’re smart you will plan using assumptions that are more conservative than the last decade of inflation.

Notes: 1999 prices are in 1999 dollars, 2009 prices in 2009 dollars. For some items, a true apples-to-apples comparison is not possible, since the product/service has evolved; the iMac, for example. The earlier prices were taken from the last half of 1999 or the first half of 2000. For statistics that are only gathered annually, we have used the most recent figure available; usually at 2008 year end. (source AOL wallet POP)

check out these other money saving articles Should you lock in your natural gas rates? , Save More For Retirement? – 401(k) Limits , 9 financial tips for Generation Y , So you wanted to have a child?

Ted Jenkin, CFP^®, AAMS^®, AWMA^®, CRPC^®, CMFC^®, CRPS^® Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Top 5 Ways to Help Someone Who Is Unemployed

oXYGenFinancial — Thu, 31 Dec 2009 15:15:16 +0000

With the unemployment rate continue to hover above 10%, everyone is feeling a little pinch in the wallet. If you know someone who is currently unemployed, here are some ideas on how you could help them with their bottom line.

1) Babysit (for those who have kids): I’ve got three kids, and getting a babysitter is not cheap at all. It can run from $7 to $18 per hour depending on whether you can get someone local from the neighborhood, or you use a professional babysitting service. For a couple who wants to get out for 3 to 5 hours, you could help them save several days worth of money to put food on their table.

2) Find them one job (or job interview): If the person you know is starting a business or consulting operation, you could either patronize their business or find them one new customer. If they are looking for a new job, use your connections, and help them get in the door with someone you know to get an interview.

3) Have them over for dinner: If you live in a neighborhood, you could organize a pot luck dinner where each person brings a dish. This can be a very inexpensive way for everyone to try different types of dishes or food while bringing your community together. If it is a neighbor, friend, or relative- have them over for dinner one night. Not only can this help them save a little money, but it could brighten their spirits in their transition period.

4) Help them with a home improvement project: The cost of labor is never cheap. If the person you know has always wanted to do some fix up project from painting the house to building a new deck, just giving your time to help out can save them money.

5) Give a gift: I don’t like the idea of giving someone a loan. If you decide to help a friend or relative out, do it because you want to see them get back on their feet. If you treat it like a loan, it may cause more pain around your expectations of when you will get your money back from them.

Other Unemployment Resources : Unemployment Extension: F.A.Q.’s , What happens when the Unemployment Check runs out? , 5 Financial Secrets to Know When You Look For a New Job

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

Top 10 After Christmas Deal Websites

oXYGenFinancial — Mon, 28 Dec 2009 17:17:06 +0000

Top Ten After Christmas Shopping – Savings and Deal Websites

This is not a be all end all list, but a few of my favorites:

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

Visit oXYGen Financial Here

Request a FREE consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Unemployment Extension: F.A.Q.’s

oXYGenFinancial — Wed, 23 Dec 2009 14:45:41 +0000

So here are answers to some of the most frequently asked questions about the Unemployment extension:

Q. Who’s eligible for extended unemployment benefits?

A. Unemployment benefits will be extended by 14 weeks to all people in all 50 states without a job. Benefits will be extended for an additional six weeks to those in about 26 states where the unemployment rate exceeds 8.5 percent.

Q. Who will be helped by the unemployment extensions?

A. The extensions are aimed at people who have been out of work for a long time, or about a year to a year and a half, according to Andrew Stettner, deputy director of the National Employment Law Project.

“This was really a stopgap measure to address the fact that a large number of people were running out of the extensions before Dec. 31,” Mr. Stettner said. “People who have been out of work since July of this year are not going to get any extensions. People who were laid off since Jan. 1 will get some extensions, but they won’t get full extensions.”

Basically, your benefits need to run out by the end of this year to qualify for the latest extension, he added, though he said it’s likely that Congress will pass another one later this year, given the unemployment rate. “I don’t think the administration is talking about limiting or phasing out extended benefits just yet,” Mr. Stettner said.

Q. Is the unemployment extension retroactive?

A. No. If your unemployment checks have stopped for, say, a month, you will not get a check for the past four weeks. Your new benefits will start after you apply for the extension.

Q. Will I be eligible for the extensions if I was recently laid off?

A. No. The recent round of extensions will only apply to people who have been laid off for a long time and whose benefits have been exhausted this year. So if you recently lost your job, your benefits are likely to last a maximum of 26 weeks (and up to an additional 20 weeks of unemployment benefits in certain states) unless Congress passes new legislation.

Q. Where can I get more information?

A. You should contact your state’s labor department. You can find your state’s unemployment insurance program in the directory on CareerOneStop.org , a Web site that is run by the Department of Labor. You can also call 1-877-US2-JOBS to learn more about unemployment benefits.

Do you have any questions about your unemployment benefits or eligibility? Please drop them in the comment section below and we’ll try to round up some answers.

You can also find out more in this article “What happens when the Unemployment Check runs out?”

and “Are You Prepared for a Job Layoff?”

(source of this article: New York Times)

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

What If Tiger Woods Was A Stock?

oXYGenFinancial — Mon, 21 Dec 2009 14:39:51 +0000

Have you ever asked yourself around a specific investment you have whether you should buy, sell, or hold the investment? If Tiger Woods was a stock in today’s marketplace, the big question you should be asking yourself is should I buy, sell, or hold Tiger Woods?
(make sure you cast your vote in today’s poll)
The media currently has an insatiable appetite around the Tiger Woods scandal. In my opinion, this lesson around Tiger Woods could be one of the most important lessons around how investing should be viewed in the future, and most something certainly to consider around how you go about portfolio development for the future.

The traditional approach to investing had always been a buy and hold philosophy through some level of asset allocation based upon your time frames, risk tolerances, tax brackets, etc. with the approaching of re-balancing on a periodic basis. In large, this has been the Warren Buffett way of investing. I believe that part of the future of investing will have to include a component of the Jimmy Buffett way of investing which says that “it’s always 5 o’ clock somewhere”. One real thing that should be questioned in the investing world is that can any company you own have a favorite holding period of forever?

If you polled people over the past 5 years before the Tiger Woods scandal and posed the question “Would you buy Tiger Woods if he was a stock?” , most individuals would have lined up to get at many shares of him as humanly possible. Of course, how could it be possible that Tiger Woods could ever take a hit?

When the media broke the story, I thought that Tiger Woods was seriously injured or almost dead. If he was a stock when the story broke, you likely would have seen a sharp decline in his price. Then, just a few hours later we learned that he just had some minor dings and scratches. This may have stabilized his stock. After that, we started to learn that there may have been more to the story which led the public to learn of one extra marital affair, then two, and you know how the story goes from there with the Tiger Woods stock plummeting in the market place. If this was real investing, how could you have insulated yourself from the massive downfall in his stock?

My commentary behind this valuable lesson to be learned from Tiger Woods. Never say forever. Be sure you have strategies to protect the gains you have earned in your portfolio. Even the best and seemingly most stable positions you own could someday take a tragic hit which you might not recover from if you don’t deploy a smart disciplined strategy.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

How Not To Go Broke with oXYGen Financial – 12/17/09

oXYGenFinancial — Sun, 20 Dec 2009 14:17:42 +0000

How Not To Go Broke with Kile Lewis of oXYGen Financial – 12/10/09 weekly radio show on The Regular Guys on 100.5 FM – Thursday mornings 8am.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

The Top 10 Travel Websites

oXYGenFinancial — Thu, 17 Dec 2009 15:07:35 +0000

Like Saving Money?

Are you traveling?

Looking for Travel Deals?

oXYGen Financial once again bringing you the resources to do so!

The Top 10 Travel Websites:

Check out other Top 10 Lists :
Compare Credit Card Websites , Top Ten Great Deal Websites , 10 Ways to Save Money in Business , Top 10 First Time Home Buying Mistakes , Top Ten reasons NOT to Buy Bottled water, Top Ten Late Night Cheap Eats, Top Ten Reasons To Buy A Used Car, The Top 10 College Planning Mistakes

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

Visit oXYGen Financial Here

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Could sitcoms help you get out of debt?

oXYGenFinancial — Tue, 15 Dec 2009 13:55:32 +0000

Pop culture is poised on the precipice of a mid-season replacement lineup as networks get ready to roll out their latest offerings, hoping millions will tune into their channels. Many will watch in the hopes of sharpening their punch line delivery skills or getting a hearty chuckle.

But few viewers realize that the laughable and lovable characters we welcome into our homes once a week can actually teach us some valuable lessons about managing money and protecting our credit.

Whether they’re fiscally frugal or free-spending, here’s some practical advice from a few classic characters.

Seinfeld

The characters: Jerry, George and Kramer

This gang wasn’t cheap, but they were extremely thrifty. Jerry saved money on vacation lodging costs by staying with family in Florida or visiting friends in the Hamptons as a get-away. Kramer filled his closet from thrift stores and George never paid more than his fair share of a tab.

The lesson: “These examples show you don’t have to cut out everything to make ends meet,” says Ted Jenkin, CFP®, founder and CEO of oXYGen Financial in Atlanta, GA. “You just need to pay close attention to where every penny goes.”

The fix: Don’t wait for your monthly credit card or bank statement. Track all purchases and expenses online to see what you’re spending in “real time”. “That will help you see where you can cut a few corners, without cutting out lattes and the occasional dinner out,” says Jenkin.

The King of Queens

The Characters: Doug and Carrie

Against Carrie’s intentions, Doug takes $100 from the “emergency fund jar” to bet on a boxing match. When he and Deacon win $5,000, Doug realizes he can’t let Carrie know he won big or she’ll realize he took the money. Deacon and Doug set out to burn it all off in a day of luxury spending. Meanwhile, Carrie is offered a new job, but when she finally works up the nerve to give notice, the offer ends up not being as firm as she thought.

The Lesson: It pays to be honest. “In this episode, it would have prevented a major, unnecessary expense,” says Bruce McClary, credit counselor at ClearPoint Credit, a non-profit agency specializing in financial literacy. “It could have also helped Doug and Carrie enjoy his windfall and better prepare for the future.” Not to mention that financial deception can cause stress and weaken your relationship.

The fix: Designate a neutral spot (perhaps a park or other public place) to routinely discuss financial matters and decisions. Agree to listen, not just talk. Honesty truly is the best financial policy, McClary says.

Friends

The Character: Rachel Green

Growing up the daughter of a well-to-do doctor afforded this princess the charmed life. But suddenly, a dose of reality (and no paycheck) left her unable to afford even a semi-charmed life. The well-coiffed Green refused to face the reality of not being able to afford her lifestyle and instead, bought herself new expensive boots.

The lesson: It’s OK to splurge now and then. But experts say you’ve got to feed your savings account before your closet. And burying your head in the sand won’t fix your financial woes.

The fix: McClary says even though avoiding your financial reality provides temporary relief, it can spell disaster in the long run. Instead, he suggests meeting with a credit counselor to help you outline your monetary goals — even if they include new boots. “You might uncover goals you didn’t realize you had.” You also might discover a few monetary mistakes you didn’t realize you were making.

The bottom line

As you’re settling into your comfy chair and cozying up to your “clicker”, keep in mind that a little TV can go a long way. When you’re identifying with a character’s penchant for fashion or failed romance, take a minute to see if you identify with their financial habits, too. Then ask yourself if you’re happy with the financial direction the character is headed, since his or her outcome just might wind up being yours, too.

Gina Roberts-Grey is a freelance writer specializing in health, celebrity and consumer issues.

Source - Gina Roberts-Grey

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

How Not To Go Broke with Kile Lewis of oXYGen Financial – 12/10/09

BHGDigital — Fri, 11 Dec 2009 17:40:30 +0000

How Not To Go Broke with Kile Lewis of oXYGen Financial – 12/10/09 radio show on The Regular Guys on 100.5 FM

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

Top 10 Credit Card Comparison Resource Sites

oXYGenFinancial — Tue, 08 Dec 2009 15:23:35 +0000

Top Ten Compare Credit Card Web Sites

You can also check out the other Credit card articles I have written : Is It Time To Change Credit Cards? , Overdraft Changes On Your ATM Card , Calling All Students- Credit Card Last Call
and Should you finance your company with a credit card?

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation. Visit oXYGenFinancial Now

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites, nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Do Kids Need The Brand Names?

oXYGenFinancial — Fri, 04 Dec 2009 14:45:57 +0000

My kids are now 12, 10, and 8 years old. Every once in while I will make the excursion to the indoor or outdoor shopping mall where I see parents do things that I simply cannot understand if the goal is to achieve financial independence.

It seems like every mall or suburb strip outlet you go into today has virtually all the same stores. What would a mall be without a GAP or an Abercrombie & Fitch? What amazes me the most is how we as parents can get caught up in making sure that our children have the very best in brand names without thinking about the price or whether it is affordable in our monthly budget.

If your kid needs a pair of jeans, is there really a difference between the non-brand jeans at $20 vs. the designer jeans that cost $120. Some parents will argue yes, but I haven’t heard a case yet that makes me think there is really a $100 difference. More importantly I haven’t been to a bowling party or a Gymboree party when my kids were younger where I heard one kid say to another, “Wow, where did you get that really cool Ralph Lauren shirt?”

As a 40 year old Gen X’er, I was caught up for a few years with my kids and the brand names until I decided to get smart and make some good financial choices. One thing you can consider that has worked well for me is to find another family to essentially “trade” clothes. If you have boys or girls at different ages with a friend that has similar taste, this can be a great way to get value out of some of those pricey clothes you bought already. Another thing you can do is look for discounts through outlets that carry brand names. Recently, I got a great deal on two pairs of Nike sneakers by getting a low price on the first with a 50% discount on the second. Will anyone really know they weren’t from the “Nike” store?

Last, is to realize that brand names at the end of the day aren’t go to pay for what really counts, which is your children’s college education. If you spent $1,000 less per year on brand name clothes and put it toward a college account (read about creating a college saving plan here), what will really count at the end of the day?

By making good money choices about clothes, you will have more money in the bank for the future. As a side note, I can’t remember seeing a kids list by Mr. Blackwell any time in recent history.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

How Not To Go Broke with oXYGen Financial – 12/03/09

oXYGenFinancial — Thu, 03 Dec 2009 13:48:25 +0000

How Not To Go Broke with Kile Lewis of oXYGen Financial – 12/03/09

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

Overdraft Changes On Your ATM Card

oXYGenFinancial — Wed, 02 Dec 2009 14:54:25 +0000

In a move to show the Federal Reserve is now here to protect consumers, the Federal Reserve banned ATM and debit card overdraft fees unless customers have opted to pay to ensure balance busting transactions don’t automatically go through. (source LA Times)

The new rules, which take effect July 1, 2010 mean that if you don’t have enough money in your account for the ATM withdrawal the transaction will be rejected. With any level of human reasoning, this should have always been the case. However, in the past, the bank would approve the transaction and tack on overdraft fees which can cost the average consumer hundreds of dollars per year.

Overdraft fees can typically range from $10 to $40 per transaction, and you will now have to sign a detailed written explanation if you want to be able to have these transactions in the future be approved. I am really curious to see the whole documentation and reading part as this has never stopped banks before. Be sure to read all and any fine print before you sign on the dotted line of anything regarding to overdraft charges on your checking account.

Such fees and other service charges on bank-deposit accounts have been an increasing profit center for banks in recent years, totaling $21.5 billion in the first six months of this year, nearly as much as the total for all of 1999. (source FDIC)

At the end of the day, you likely need to sit down and get a quality financial plan in place if you are constantly running into these type of situations. Make sure you check your balances frequently, and be aware of the new legislation put into place by your friends at the Federal Reserve.

Also check out these articles “Is it time to change Credit Cards” and “Calling All Students- Credit Card Last Call“

Warren Buffett’s Secret Millionaire’s Club

oXYGenFinancial — Mon, 30 Nov 2009 14:51:16 +0000

It seems like cartoon movies are everywhere, with Hollywood celebrities cashing in doing animated sequels like Ice Age and Madagascar. I’ve got three kids, so I know what it costs to take a family of five to the movies for an evening showing. I also recently wrote an article about the upscale cost of the new theaters that are designed to show the 3-D movies.

Now, guess who is getting into the cartoon game? Yes, none other than Warren Buffett. In his own effort to teach kids fiscal responsibility, (I guess Warren thinks maybe that time has passed for adults) he is starring as a cartoon character in a new web series called “Secret Millionaire’s Club” which goes live in January of 2010.

The club is made up of a young group of aspiring Nebraska kids who sell baseball memorabilia on line, and use whatever profits they make to begin an investment business. Warren serves as their advisor.

I own Berkshire Hathaway (A), and recently it was announced that Berkshire Hathaway (B) was proposing to do a 50 to 1 split (source seekingalpha.com). It was the first time in history that this type of split of Berkshire shares had ever come up as a possibility for new shareholders. Now it all makes sense . . . it was just for the kids

If you would like to see more of the interview, or a preview of the cartoon check out the link below:

http://www.huffingtonpost.com/2009/07/24/warren-buffetts-cartoon-t_n_244281.htm

Ted Jenkin, CFP®, AAMS>®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Ideas Worth Spreading – TEDX Peachtree Convention

oXYGenFinancial — Fri, 27 Nov 2009 18:07:04 +0000

oXYGen Financial, Inc. is a proud to sponsor the TEDXPeachtree Conference and hopes you will be joining the event on Dec. 4th 2009!

Ideas Worth Spreading – TEDXPeachtree
Bring the essence of the TED experience to Atlanta.

Interested in attending? *Please apply here.

Visit TEDX Peachtree Website

In the spirit of ideas worth spreading, TED has created a program called TEDx. TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. Our event is called TEDxPeachtree, where x=independently organized TED event. At our TEDxPeachtree event, TEDTalks videos and live speakers will combine to spark deep discussion and connection in a small group.

The TED Conference provides general guidance for the TEDx program, but individual TEDx events, including ours, are self-organized. To learn more about TEDx, please visit ted.com/tedx.

The inaugural TEDxPeachtree will be held on December 4, 2009. Through TEDxPeachtree’s 2009 theme “What if…,” we hope to:

1. Bring the essence of the TED experience to Atlanta.
2. Showcase some of Atlanta’s most interesting thinkers and doers who have “ideas worth sharing.”
3. Inspire and challenge attendees to put ideas into action.
4. Provide a meaningful event experience that will allow us to produce a larger, more far-reaching event in 2010 and beyond.

This first TEDxPeachtree conference will follow the TED form and spirit. Attendance to the conference is by application only. Interested in attending? *Please apply here.
*Note that tickets are non-transferable and issued upon approval of your application.

For questions regarding TEDxPeachtree, please contact us here.

About TEDx, x=independently organize event

In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x=independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.*

(*Subject to certain rules and regulations)

About TED

TED is an annual event where some of the world’s leading thinkers and doers are invited to share what they are most passionate about. “TED” stands for Technology, Entertainment, Design — three broad subject areas that are, collectively, shaping our future. And in fact, the event is broader still, showcasing ideas that matter in any discipline. Attendees have called it “the ultimate brain spa” and “a four-day journey into the future.” The diverse audience — CEOs, scientists, creatives, philanthropists — is almost as extraordinary as the speakers, who have included Bill Clinton, Bill Gates, Jane Goodall, Frank Gehry, Paul Simon, Sir Richard Branson, Philippe Starck and Bono.

TED was first held in Monterey, California, in 1984. In 2001, Chris Anderson’s Sapling Foundation acquired TED from its founder, Richard Saul Wurman. In recent years, TED has expanded to include an international conference, TEDGlobal; media initiatives, including TED Talks and TED.com; and the TED Prize. TED2010, “What the world Needs Now,” will be held Feb 9-13, 2010, in Long Beach, California, with a simulcast event in Palm Springs, California. TEDGlobal 2009, “The Substance of Things Not Seen,” will be held July 21-24, 2009, in Oxford, UK and TEDIndia will be held in November 2009.

About TEDxPeachtree

TEDxPeachtree seeks to develop and share the TED experience on a regional level by bringing together inspirational leaders, innovators, artists and entertainers in metropolitan Atlanta. An all-volunteer effort from a team of dedicated professionals led by local entrepreneur Al Meyers, the TEDxPeachtree Planning Committee is comprised of those who answered the twin calls to “volunteer” and “spread great ideas” posted on LinkedIn in May of 2009. Committee members include Chris Allen, Edward Rosenfeld, Eric Hammond, Francesco Scordato, Jacqui Chew, Jason Allen, Mike Schinkel, Richard Leber, Sarah Smith, Sonia Viteri, Teresa Roth, Yonathan Gebreyes. The TEDxPeachtree 2009 event will be held at the Savannah College of Art and Design-Atlanta (SCAD) in the heart of midtown Atlanta.

About SCAD

The Savannah College of Art and Design is the most comprehensive art and design university in the world, offering more degree programs and specializations than any other art and design university. SCAD is a private, nonprofit, accredited institution conferring bachelor’s and master’s degrees in distinctive locations and online to prepare talented students for professional careers. SCAD offers students a choice of degree programs in 46 majors and more than 50 minors at locations in Savannah and Atlanta, Georgia, in Lacoste, France, online through SCAD eLearning, and soon in Hong Kong.

Date:     Friday, December 4, 2009
Time:     8:30am – 6:30pm
Location:     SCAD – Atlanta, Georgia
Street:     1600 Peachtree St NW
City/Town:     Atlanta, GA

Follow TedxPeachTree on Twitter here

Ted Jenkin, CFP^®, AAMS^®, AWMA^®, CRPC^®, CMFC^®, CRPS^®

Co-CEO and Founder oXYGen Financial, Inc.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM.
Linked sites are strictly provided as a courtesy. Investacorp, Inc. and its affiliates do not guarantee, approve, nor endorse the information or products available at these sites, nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Is Black Friday The Best Day To Buy A Car?

oXYGenFinancial — Tue, 24 Nov 2009 14:10:06 +0000

Black Friday has always been know as the day to get great deals on toys, appliances, electronics, and clothing items. Could 2009 be the year of the car? I have attached a great link to an article you should read if you are in the market for a new ride. Here is a snippet from the article:

“When people think of Black Friday shopping, they usually think of things like flat screen TVs, toys and sweaters. Now you can add cars, trucks and SUVs.

Black Friday, the day after Thanksgiving, is the best day to buy a car, according to car pricing researchers at the Web site Truecar.com

Analysts looked at day-by-day car pricing for the last several years. That data revealed that discounts on Black Friday are, on average, the biggest of the year.

“The discounts from dealerships, as well as manufacturers’ incentives, generate the highest discounts of the year on Black Friday,” said Jesse Toprak, an analyst for Truecar.com.

Unlike typical Black Friday sales where customers know exactly what they’ll pay for an item, car prices are individually negotiated the day of the sale, so it’s difficult for customers to know ahead of time they’ll be getting a deal. But there’s been a clear trend, Toprak said.

The average new car discount on Nov. 27 is projected to be 7.5%. The average discount the day before and after is expected to be just over 6%. On a typical day throughout the year, car shoppers usually pay about 4.7% less than the sticker price.

Truecar.com projected particularly large Black Friday discounts on certain models. For instance, consumers should be able to pay about 28% off sticker price for a 2009 Suzuki SX4 compact car, 26% off for a 2009 Nissan Titan or Ford F-150 pick-up or 20% off a 2009 Hyundai Sonata sedan.” (source)

I hope you enjoy the holiday shopping season. If you are just beginning, be sure to check out our 100 money saving websites guide to help you get an early jump on it for 2010.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

Black Friday Is Coming!

oXYGenFinancial — Mon, 23 Nov 2009 14:59:00 +0000

Some of love it. Some of us don’t. Black Friday is the one day of the year where you are supposed to get the deals of a lifetime. It is the ultimate early shopping day known as Black Friday which is the day after Thanksgiving. If you are ready to wake up at the crack of dawn, you may be able to go down to one of your favorite stores to find the lowest of bargains in the market place.

Here are three Black Friday websites you can check out over the next few days to help you with the deals that are out there for Black Friday:

www.blackfriday.info

www.theblackfriday.com

www.blackfriday.fm

I hope you enjoy the holiday shopping season. If you are just beginning, be sure to check out our 100 money saving websites guide from oXYGen Financial to help you get an early jump on it for 2010.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

The Top Ten Great Deal Websites

oXYGenFinancial — Fri, 20 Nov 2009 14:39:45 +0000

Top 10 Money Saving Websites

1. www.1saleaday.com

2. www.dealoftheday.com

3. www.woot.com

4. www.yugster.com

5. www.techbargains.com

6. www.slickdeals.net

7. www.fatwallet.com

8. www.dealighted.com

9. www.gottadeal.com

10. www.dealigg.com

Breathe Easier^® About Your Financial Future

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites, nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Analyze Your Cell Phone Bill

oXYGenFinancial — Mon, 16 Nov 2009 14:39:40 +0000

Ted Jenkin, CFP^®, AAMS^®, AWMA^®, CRPC^®, CMFC^®, CRPS^®
Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

If you are concerned about your cell phone bill, it may be time to take a trip into your local vendor. I have been in the habit now of taking my phone (and family plan) into my cell phone provider quarterly to run a diagnostic on the bill. Some vendors will allow you to do this exercise on their website when you log in as a customer. If your vendor doesn’t offer that service, then take it in to the store. With plans changing all of the time between voice, data, and more, this could be an easy way to help you shave some expense money off of your monthly bills.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites, nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Do we need this type of Health Care reform?

oXYGenFinancial — Fri, 13 Nov 2009 13:32:32 +0000

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc.
Request a FREE consultation: www.oxygenfinancial.net

There has been much debate about the hyped up nearly trillion dollar health care reform that has been in the media every day.   Heck, I hope you like novels because the last full draft I read on the bill was over 1,000 pages.   I’m sure that you can get the condensed version on some news source which will tell you the 6 or 8 key bullet points that they think you need to know.   I wanted to let you know that I am not a huge fan of this and neither should you be when you think about the bill.
There is a surcharge tax of 5.4% on income earners who are single and make more than $500,000 adjusted gross income, and married filing joint that make more than $1,000,000 adjusted gross income.   This is supposed to raise $460 billion dollars over the next 10 years.   Wouldn’t common sense tell you that those that make more than $1,000,000 would figure out a way to build tax strategies to keep their income under that level?
The bill has your Flexible Savings Accounts moved down to a limit of $2,500 from $5,000 at its current level along with a host of penalties if the accounts aren’t used for certain types of expenses.   For many families, this will represent a tax increase by essentially taking away the ability to use pre-tax dollars in these accounts by cutting the amount you can put away in half.
Most of all, the Government is coming into the market with a public health option.   What can be said except anytime the Government competes with you it almost defeats the purpose of free market capitalism.   Maybe I should get excited next that they will come into the market place with their own financial advisory division. But of course, you wouldn’t hire a financial advisor to take your family into trillions of dollars of debt.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427
oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.
TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites, nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Be wary of “hypotheticals” in insurance policies!

oXYGenFinancial — Wed, 11 Nov 2009 14:15:40 +0000

Many people consider buying into permanent insurance policies. Almost always, I see an illustration when people bring it to me with a hypothetical illustration. On some policies these projected illustrations carry a hypothetical rate of return of 10% to project where cash value accounts will be over the next 20 to 25 years.

The key to remember on all of these policies is that a hypothetical illustration is exactly as it sounds, hypothetical. Once your insurance policy is in force, the illustration is only as good as the actual performance. You should ask your insurance agent every year to run you an in-force ledger statement so you can see exactly what your policy is doing. If actual performance is below what you were originally projected, you may need to add more money to the policy in order to keep on track with your stated objectives.

With the returns in the market over the past 5 years, pay close attention to your policies so they don’t fall behind your goals.

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites, nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

7 Money Tips for a New Marriage.

oXYGenFinancial — Mon, 09 Nov 2009 14:17:00 +0000

Kile Lewis, CRPC® and Ted Jenkin, CFP® co-CEO’s oXYGen Financial 800-355-9318 for a free consultation

You just got married, but you may not have realized that your money did as well. One of you is a spender and one is a saver! How in the world will you make it work. Here are 7 tips from about.com on money strategies for your new marriage.

1) Create Separate Accounts and One Joint Account:

To mingle or not to mingle your money is one of the most important decisions the two of you need to make regarding your finances. Having your own money that you can spend however you want can lessen arguments about money. We disagree that having separate joint accounts lessens the sense of unity in marriage and shows a lack of trust in one another.

2) Track How You Are Spending Money:

Tracking your spending is not a way to point fingers at one another as to who is spending what. Tracking your spending is not having someone looking over your shoulder every time you buy something. Tracking your spending is critical to being financially secure. Unless you know where your money is going, it is impossible to set up a budget and set financial goals you are both comfortable with.

3) Discuss Finances Together on a Regular Basis:

Sure, talking about money isn’t easy because money can symbolize different things to each partner. One may view money as security and the other as power. If the topic of debt, bills, savings, and goals makes one or both of you uncomfortable or defensive, seek the help of a financial counselor or planner. It is important that both of you know where you stand financially and have common financial goals.

4) Save 10% of Your Income:

Couples living month-to-month often rationalize that they just don’t have enough money to save. Make the decision to save at least 10% of your income. After saving enough cash as an emergency fund, invest in a retirement account. The earlier the two of you start saving money for your retirement years, the easier it will be have a retirement lifestyle that you both hope for.

5) Handle Debt as a Couple:

Make a plan to pay off existing debt. Drawing a line in the sand and saying that your spouse’s debt isn’t your problem is not going to work because even if the debt existed before you married, your credit rating can be negatively impacted as well as the bottom line of how much money the two of you are paying monthly in interest charges.

6) Live Debt Free:

Couples often don’t want to wait to have a new television, new car, and other new gadgets. They rationalize that people just don’t live without credit cards and debt. Although it may be true that many people are heavily in debt, that doesn’t mean it is a healthy way to handle your finances.

7) Don’t Keep Big Financial Secrets:

Not being honest about the cost of large financial purchases or keeping debts hidden is considered financial infidelity by many people. Such secrets can destroy your marriage.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO’s Kile Lewis and Ted Jenkin are two of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation. Learn more by visiting www.oxygenfinancial.net to see what the professionals at oXYGen Financial can do for you!

TED JENKIN and KILE LEWIS ARE SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. SEC REGISTERED INVESTMENT ADVISORY FIRM.

Complete Stain Removal Guide

oXYGenFinancial — Wed, 04 Nov 2009 12:32:13 +0000

The Basics of Stain Removal… How to Remove A Stain

1. TAKE QUICK ACTION – The sooner a stain is treated the better. Time can “set” stains. Almost any stain can be removed if action is taken quickly enough, however almost any stain will become permanent if left untreated too long. Ideally, all stains should be treated within the first 24 hours.

2. BLOT & SCRAPE – Whenever possible, immediately after the stain occurs, blot up any excess liquid with a paper towel or clean white cloth. Scrape solids from the fabric if the stain is dry. Try to remove as much excess as possible before further stain treatment.

3. DO NOT APPLY HEAT – Do not apply heat of any kind to stained fabric. Heat can “set” stains. Before ironing, pressing, or drying a garment in a dryer, check to make sure that the fabric is completely free of stains. If you don’t know the origin of a stain, don’t use hot water. Hot water can set protein stains such as blood, egg, and milk stains.

4. TEST THE FABRIC – Before attempting to remove a stain, test the stain removal agent on an inside seam or hidden area of the garment to make sure it doesn’t damage the fabric. Sometimes the stain removal agent may damage the fabric more than the stain itself.

5. READ CARE LABELS – Garment manufacturers normally attach a “care label” inside the garment, usually at the back of the neckline or at the waistline, indicating the recommended cleaning method. Read the garment care label carefully. The recommendations are based on the fabric, trim, elastic, interfacing, or adhesives. If garments are labeled “dry-clean only” don’t attempt to remove stains from them yourself, immediately call 1-800-DryClean for free pick-up & delivery service. If garments are labeled “washable”, it may be possible to remove stains from them yourself. Many natural fabrics, such as silk, wool, linen, leather, suede, and fur garments must usually be dry-cleaned.

6. DRY-SIDE vs WET-SIDE – Stains can be divided into two main groups, dry-side and wet-side. Wet-side stains are water-based. Consequently, it takes some form of water to remove these stains. Examples of wet-side stains include soft drinks, milk, ice cream, wine, coffee, tea, mustard, grass, and most food stains. Dry-side stains are oil based. Special dry cleaning fluids or powders are needed to remove these stains. Examples of dry-side stains include rouge, mascara, foundation, ballpoint ink, rubber base adhesives, cooking oils and greases, oil and tar, candle wax, and salad oil and dressing. There are also “combination stains” that dissolve partially in cleaning fluid and partially in water. Lipstick is an example of this. It contains wax and dye. When treating combination stains always use the dry-side stain removing agents before you use the wet-side stain removing agents. Other examples of combination stains are shoe polish, gravy, paint, and salad dressing.

Stain Removal Supplies

Drycleaning Fluid – Oil based stain and spot removers are available at grocery and hardware stores. Look for products that contain petroleum solvent, petroleum hydrocarbon or petroleum distillate.

Laundry Detergent – 1 tablespoon per cup of warm water

Household Ammonia – 1 teaspoon per cup of water

White Vinegar – 1 part vinegar to 3 parts of water

Oxygen Bleach – 3 percent hydrogen peroxide

Chlorine Bleach – 1 part chlorine bleach to 4 parts water

Enzyme Detergent – Laundry detergent with enzymes added for presoaking

Treating Common Stains

PROTEIN STAINS – Blood, chocolate, egg, ice cream, milk, baby formula, vomit, perspiration – Blot with water and a clean cloth. Then treat with an enzyme detergent. If the stain remains, treat with household ammonia. If the stain remains, treat with white vinegar. If the stain remains, treat with oxygen bleach.

TANNIN STAINS – Coffee, tea, mustard, wine, soft drinks, tomato sauce, soy sauce – Blot with water and a clean cloth. Then treat with laundry detergent. If the stain remains, treat with white vinegar. If the stain remains, treat with oxygen bleach.

OIL STAINS – Butter, furniture polish, grease, lipstick, foundation makeup, mayonnaise – Blot with drycleaning solvent and a clean cloth. If the stain remains, treat with laundry detergent. If the stain remains, treat with household ammonia.

WAX & PAINT - Candle wax, crayon, paint – Blot with drycleaning solvent and a clean cloth. If stain remains, treat with laundry detergent and household ammonia. The last traces of color matter may be removed with oxygen bleach.

INK STAINS – Apply drycleaning solvent. Blot until all bleeding stops, moving the stained area as the towels absorb the ink. If the stain remains, treat with laundry detergent and household ammonia.

MILDEW – Wash with chlorine bleach. Be sure to test the fabric before using chlorine bleach. Never use bleach on silk, wool, nylon or spandex.

NAIL POLISH – Never use this method on acetate fibers and test the fabric before proceeding. Blot the stain with acetone, moving the stained area as the towel absorbs the nail polish.

Disclaimer: The above article contains recommendations provided by 1-800-DryClean and are meant as a guide. For best results consult with your dry cleaner or call 1-800-dryclean directly. They offer free pick up and delivery service.

To Schedule an appointment with me for a wardrobe consultation contact me, Clayton D. Turner, at (678)697-8574 or by email c.turner@tomjames.com

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. INVESTACORP INC., AND ITS AFFILIATES, DO NOT GUARANTEE, APPROVE NOR ENDORSE THE INFORMATION OR PRODUCTS AVAILABLE AT THESE SITES, NOR DO LINKS INDICATE ANY ASSOCIATION WITH OR ENDORSEMENT OF THE LINKED SITES BY INVESTACORP INC., AND ITS AFFILIATES.

You can’t retire by scanning Google.

oXYGenFinancial — Mon, 02 Nov 2009 12:55:00 +0000

I’m dumbfounded. No I’m amazed. Maybe it is dazed and confused. Never in the history of the United States have we had more college graduates nor M.B.A’s. Yet, it seems our level of street smarts on decision making around personal financial decisions continues to worsen by the day. We have more credit card debt than ever before. We have more foreclosures than ever before. Only recently have personal savings levels risen, where just a short while ago they were the lowest since the Great Depression when unemployment was more than 25%. (USA Today) Why is this happening?

I have a theory, and it boils down to the fact that people in the X and Y generation just don’t read anymore. Remember when you were a kid and had to take those tests where you read a short story, and then had to answer a bunch of multiple choice questions around the story? I didn’t fare so well on those tests, but if people had to take them today based upon what they think they learned on the internet . . . surely we would be a failing class.

I’m humored when someone I know tells me they learned something they got off the internet, and then I ask them what website. Sometimes they can recall the website. What makes it worse is when I ask them the source, which they never know who wrote the article. Only recently, someone congratulated me for having one of the fastest growing companies in Atlanta. I was puzzled, because I didn’t know that we had won that award so I asked them where they read the story. It turns out, they had clicked on something they scanned in Google, and we had sponsored an event for the fastest growing companies in Atlanta. We were not a winner.

In less than 3 seconds you can Google financial advice, investments, and retirement and get over 5 million different links to view. Since we don’t read anymore, you may scan and click a few pages and then come to some conclusions about how to reach your goals. You might scan a few more and find a mutual fund to put your money into not knowing exactly what it invests in or whether it is right for your situation. This isn’t the way to get street smart, and isn’t the way to prudently go about reaching your retirement through investments and savings.

The people who become best at what they do always have a coach by their side who has a level of expertise to help them get to the top of their game. Tiger Woods has a golf coach. Michael Jordan had a basketball coach. You should think about getting a coach to help you sort through the maze of everything you scan from credit cards to mortgages to investments, so you can make the best decisions for your financial future.

Remember the main character in this story is you, and you can control how you write the ending!

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites, nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Should you lock in your natural gas rates?

oXYGenFinancial — Tue, 27 Oct 2009 13:15:59 +0000

We have seen that natural gas rates are at an all time low. Here are some points that I thought I would share with you for those in the state of Georgia around your natural gas bills, and the upcoming winter season ahead of us.

Point 1: With colder weather setting in, it’s a good time to think about fixing your natural gas rate

Generally speaking, 6- and 12-month fixed rates are lower than variable rates right now. Based on natural gas futures prices, this is likely to remain the case through the winter when most customers’ usage increases dramatically. With rates now starting to rise, fixing your natural gas rate is an easy, effective measure that consumers can take to manage their household budgets this winter. And that leaves more money in your pocket.

Point 2: Don’t put your gas service on “auto pilot”

Many consumers have been with the same gas company since deregulation a decade ago. But not all gas marketers are the same. It can pay to shop around to choose the gas company with the right mix of price, customer service, and reputation.

Point 3: Consumers can save with Gas South.

Gas South currently has the lowest 12-month fixed rate in the market, and consistently offers some of the best fixed rates available. And, if you mention the promotional code “oxygen”, you’ll receive an additional 2-cent per therm discount off all of Gas South’s published rate plans. The oxygen discount is available to new customers as well as existing Gas South customers currently on a variable rate. With the oxygen discount, your rate will be $.79 per therm for 12 months, which is lower than that of any other gas marketer in Georgia. Visit www.gas-south.com to enroll on this great rate – just remember to provide the coupon code “oxygen” when selecting your rate plan. Gas South is a locally owned and operated company with over 230,000 customers, and also enjoys an A+ rating from the Better Business Bureau — thus providing a great mix of low rates, great customer service, and commitment to our communities

Hope you enjoy this, and save money this winter!

Breathe Easier^® About Your Financial Future

oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. INVESTACORP INC., AND ITS AFFILIATES, DO NOT GUARANTEE, APPROVE NOR ENDORSE THE INFORMATION OR PRODUCTS AVAILABLE AT THESE SITES, NOR DO LINKS INDICATE ANY ASSOCIATION WITH OR ENDORSEMENT OF THE LINKED SITES BY INVESTACORP INC., AND ITS AFFILIATES.

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