Should You Lend Money To A Co – Worker?

Here’s a situation I heard the other day…what do you think you should you do. Ted, I’ve got a co-worker of mine and we’ve known each other for more than 10 years. I have always known them to be a pretty responsible person and one that never brings drama to work. We are both in our late 30’s. I have a pretty good idea what they make because we have reasonably similar jobs. It was strange, but the other day as we hit the breakroom, they asked me if I would consider loaning them $7,000 for just a few months some money so they could pay off some of her debts, and then they would pay me back after they get the upcoming bonus we should be receiving in a few months. Details: They specifically told me there were some unexpected family medical expenses that caused this 7k of debt and they didn’t get into too many more details beyond ...

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Four Moves Every Business Owners Needs To Make With A Business Will

Most people are familiar with the term ‘will’, but those that own a business often can’t make a distinction between having a personal will and a business will.   Far too often, a business owner has an unforeseen situation which could be a divorce, disability, or death. This leads to massive complications about the succession plan on what will happen with the business.  Does your partner want to work with your wife?  Are your children ready, willing, and able to take over the day to day operations of the business?  Will your family get the value of your business should you pass away?   Here are four moves every business owner needs to make when you put together a business will. Have a valuation method or a business valuation done within the business will. One of the questions that comes about if an owner passes away is determining the actual value of the business.  As a business owner, you never want someone ...

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What Women Need To Rethink About Their Money After Divorce

  Have you ever heard that term ‘they traded in for a new model’ when it comes to discussion around a divorce?   While divorce is never emotionally easy, the more challenging part especially for women is thinking about how to get their finances set after the divorce is finalized.  Many women don’t build a financial plan to recalculate their own goals and objectives, nor do they always fully understand the implications of child support, alimony, or how to best get the assets set up that they took over after the divorce.  Here are five important consideration every woman should rethink after the divorce. Your Home – The last thing in the world you want to do is to sell the house that your kids are used to or move to a new school district. Just the thought of making new friends, new neighbors, and navigating a new school traffic pattern in the morning can be daunting.  However, many women take ...

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5 Ways To Pays For College Without Student Loans

The Economist reported in June 2014 that U.S. student loan debt exceeded $1.2 trillion, with over 7 million debtors in default. Public universities increased their fees by a total of 27% over the five years ending in 2012, or 20% adjusted for inflation. Public university students paid an average of almost $8,400 annually for in-state tuition, with out-of-state students paying more than $19,000. (source:Wikipedia).  With, costs rising out of control for four years of college, how can someone build a plan to pay for college without incurring student loans?   Seek out all and any scholarships – While this may sound like a “no duh” type statement, the reality is that most families are woefully unprepared when it comes to searching for scholarships and often think they will not get any at all if they make too much income. There are two great websites to begin with including fastweb.com and www.collegeboard.org which can help with starting you off on the track to ...

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5 Ways You Are Wasting Money Without Even Realizing It

The truth is that more people are struggling with cash flow issues in their finances than they do with their investment assets.  The challenge is that we often blow our money in places where we don’t even realize it is going out the back door.  $20 here…$100 there…it can seem at times that we are nothing more than our own ATM machine.    It’s hard to define the difference between spending money and wasting money, but making quality decisions as the CEO of your family finances is paramount to having a successful personal financial picture.  Here are five ways I see that people waste money. Buying Too Large A House – We can convince ourselves that buying a large home is a great idea because we expect long term growth of the value of our home. Remember that primary residence should never be considered an investment, but rather your home.  The place you will raise your family or use a source ...

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When You Realize The Best Things In Life Are Free

Sometimes, people will make fun of me for driving a car with 204,000 miles of wear and tear on it.    There isn’t a month that goes by that someone doesn’t ask me, “Ted, when are you going to get a new car?”  On top it, I’m not the kind of person who buys myself much anymore.  I don’t spend a lot money on clothes, I don’t have an expensive hobby, and I don’t even wear a watch anymore.   You’d think I was bunkering up for a financial Armageddon, but in reality a few years ago I realized that no matter how much money you make the best things in life are free. Growing up as a child, we would have NEVER even thought about going to a four star hotel.  Now, for most families it isn’t even about taking a vacation.  It’s about the style points associated with the vacation.   “Hey, have you gone to the Ritz Carlton in …..?” ...

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Is It Time To Consider I Bonds

I was reminiscing the other day about the gifts that my grandmother used to give me for my birthday and at holiday time.    She wasn’t a great gift giver, especially when I would get a sweater vest with the big letter “T” etched right in the middle of the sweater. Oh yeah, I also got socks a few years which is a swell gift if you want to end up on the loser list at middle or high school.   But, the one gift that didn’t mean much to me at the time and paid dividends later were the series EE savings bonds that I stuck in an envelope and let sit in my drawer until they matured.   Those very bonds helped me be able to put a down payment on my first car so I can thank my grandmother for that. With interest rates hovering at an all time low over the past seven or eight years, hardly anybody talks ...

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Make Money By Renting Your Car Out?

One of the planning items that most people have when they go on vacation is whether or not to rent a car.  With the evolution of services such as Uber and Lyft, some people are skipping the rent a car altogether and trying to manage the cost of having a car service take you around the city you are traveling through for vacation. However, we love showing people how to make money and one of the up and coming ideas is to rent your car out to others while it is just sitting there in the driveway.   Some people leave the country for an extended period of time and won’t be using their car and others have a weekend car that does nothing but sit and collect dust during the week.   Being smart about making money is getting your assets to work for you instead of you working for your money. The first service you need to learn about is ...

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HELP! Someone Filed A Tax Return In My Name!

With the deadline looming for taxpayers, the crunch will be on for people scrambling to get their final documents together and submit their official tax return. Imagine this scenario. You submit your tax return only to receive a rejection notice from the IRS several weeks later saying that they have already received a tax return submitted by you already. How’s that for a situation that is sure to rock your world. Unfortunately, in today’s world all you really need are some social security numbers and the internet to start winning at the tax return identity theft game.  According to TIME Magazine, in 2013 alone more than 5.8 Billion in refunds were issued to criminals who were using other people’s personal information.  The scale, scope, and execution of these fraud schemes have grown substantially in size. What should you do if someone stole your tax refund? Don’t panic. You will likely only figure this out after the IRS rejects your ‘real’ ...

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What Happens To My Frequent Flyer Points When I Die?

When a loved one passes away, there are often many financial matters to deal with in the estate planning process. Often, you have to deal with collecting life insurance policy proceeds, closing out bank accounts, and dealing with the transfer of IRA and 401(k) accounts. In most families, there is also lots of discussion over possessions including automobiles, jewelry, or other collectibles. But, what about all of those frequent flyer points? Will they continue on to a beneficiary or just drift away into a black hole of frequent point oblivion? Before we discuss various programs and what the potential outcomes are at death, let’s talk about some best practices. Most families don’t even really track their miles or points. This is why we encourage people to use the online personal financial dashboard with oXYGen Financial because you actually have the ability to track all and any point programs to know exactly what you have. It’s not a great idea to ...

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