The big change coming to the movies

HOYTS has a cashed-up new owner, and he’s splashing millions on revamping the movie experience. But will the “less is more” approach work?

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Johnny Depp says he channeled his inner evil to play Whitey Bulger

Johnny Depp says he did not have to dig deep to tap into his evil side for his portrayal of the Irish-American gangster James "Whitey" Bulger in the film "Black Mass", screened out of competition on Friday at the Venice Film Festival.

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Noted card-counter to address gaming industry executives at G2E

A principal behind the card-counting exploits of college students that was outlined in a book and movie will be the keynote speaker later this month at the gaming industry's largest trade show and conference in Las Vegas.

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Not Investing Yet? Here’s How to Get Started

Everyone knows that saving for retirement is important. Unfortunately, far too many of us aren’t saving nearly as much as we should. But why? A recent investing and retirement survey from Charles Schwab shed light on this issue, and with telling results.

Out of the 1,000 adults ages 25-70 who responded to the Schwab poll, a full third said they weren’t saving enough for retirement because they didn’t want to make lifestyle sacrifices today. Yep, you read that right. Instead of saving enough for retirement, 33% of your neighbors are living it up and choosing to worry about the future, well, in the future.

• Related: The Truth About Your Future Self

But that’s not all. Another 31% of respondents said unexpected home repairs and bills were standing in their way, while 26% blamed their lack of savings on everyday bills. Meanwhile, 24% were too busy focusing on credit card debt to worry about retirement, and 22% were choosing to prioritize college savings for their kids.

You get the picture. When it comes to actually saving money, coming up with a reason to procrastinate is easy as pie. For some people, it’s bills, roof replacements, and credit card debts that stand in the way. But for others, it’s dinners at Applebee’s and Florida vacations. Sounds about right.

Unfortunately, the consequences can be dire if you’re one of those putting off investing for retirement altogether. Without a nest egg, you could easily wind up struggling in old age, living paycheck to paycheck, or — worse yet — working until you die.

Fortunately, it’s never too late to start investing for your inevitable golden years. But for many people, knowing where to start is the hardest part.

Not Investing Yet? Here’s What You Need to Do

If you’re not investing and saving for retirement yet, it’s time to take actionable steps to change that. Consider these tips from some of the top financial planners in the country:

Quell your fears

Although the recent market correction caused a firestorm, it’s important not to make decisions out of fear or weakness. At the same time, investors have reason to tread cautiously, says Michael Ojo of Golden Door Asset Management. Instead of panicking, Ojo suggests looking for hidden opportunities.

“More active participants will find numerous investment opportunities for the long term hidden during this turmoil,” says Ojo. “If you do not invest yet but have been thinking about it, then this may be a great time to begin.”

In the meantime, it’s important to remember that investing for retirement is a marathon, not a sprint, says Shannon McLay, financial planner from FinancialGym.net

“If you are not investing because you have a fear of losing money, you need to remember that investing is a long-term commitment and the money that you invest in the stock market should be money that you won’t need for more than two years,” she says. “The markets will always move up and down like a roller coaster; however, over time, you should see your portfolio grow.”

Obey the power of compound interest

As the Schwab poll shows, a lot of people don’t save enough for retirement because they prioritize their debts above all else. That’s a mistake, says Joseph Hogue, investment analyst from PeerFinance101.com.

“Spending is too much fun and you may never be completely out of debt,” Hogue says. Even worse, “waiting to start investing means you miss out on the power of compound interest and may never get started on your nest egg.”

According to Hogue, you should try to put at least 5% of your income toward a retirement or investment account, even if you’re paying down debt. Then, when you’re debt-free, ratchet it up to 10% or more.

Melissa G. Sotudeh, a Certified Financial Planner from Halpern Financial, is advising her adult son the same as he enters the workforce.

“I’m recommending that he start out saving 10% right off the bat, and increasing that percentage every year,” Sotudeh explains. “He’s used to living the life of a poor student, so it’s easier to start off on the right foot — and rewarding too, because compound interest is so powerful when you start investing early.”

Make sure you’re taking advantage of your work-sponsored retirement plan

While all the advice offered so far is excellent, the question most people want to know is where to invest. According to Sotudeh, you should start with your work-sponsored 401(k) plan, if you have one, and work from there.

“At a minimum, you should contribute enough for a match, usually around 5%,” says Sotudeh. And if it feels like you don’t have enough money to save, Sotudeh recommends looking at the big picture.

“Retirement plan contributions are taken out of your salary before taxes,” she says. Think of it this way: “Would you rather have 75 cents in your pocket after taxes, or a whole dollar in your investment account?”

Matt Becker, financial planner and author of “The New Parent’s Guide to Financial Independence,” echoed that sentiment, adding that it’s important to take advantage of the “free money” your company may be offering. And if you’re worried about getting the ball rolling with your work-sponsored plan, don’t stress; instead, reach out for help, says Becker.

“As a starting point, ask your HR rep how you can set up automatic contributions from your paycheck, and how much you should be contributing to get the full employer match.”

Consider easy long-term investments

If you don’t have a work-sponsored 401(k), are self-employed, or simply want to invest extra dollars beyond your company’s 401(k) match into a plan you design, you have a ton of options. With that being said, the best strategy is often the simplest, says Hogue. In other words, you need an investment strategy that you can “set and forget.”

“The worst thing a long-term investor can do is to fixate on the daily — or even yearly –performance in stocks and lose sight of their long-term goals,” says Hogue.

That’s probably why several of the financial planners we spoke to suggested investing in index funds, or specifically target-date funds that are designed to adjust your holdings for you as your retirement approaches.

With these investments, the portfolio managers pick the stocks and bonds and manage them daily, and you just have to decide how much risk the portfolio should take.

“If you won’t need the money for a long time, then pick a later target date fund or a more aggressive asset allocation fund,” says McLay. “If you need the money sooner, then pick an earlier target date fund or a conservative asset allocation fund.” It’s as simple as that.

Take advantage of your IRA options

But where should you set up these index funds and target date funds? According to the experts, a traditional IRA or Roth IRA is a good choice. Thanks to generous IRS rules, anyone who earns an income can contribute to a traditional IRA. Meanwhile, married couples with a combined modified adjusted gross income (MAGI) of less than $183,000 can opt to max out a Roth IRA instead.

The main difference between the traditional IRA and the Roth is how the money is taxed. While traditional IRA contributions can be taken as a deduction at tax time now, you’ll pay taxes when you begin taking contributions in retirement. With a Roth IRA, contributions are made with post-tax dollars now, but are eligible for tax-free withdrawals when you retire.

With either type of IRA, the most you can contribute each year is $5,500 (for 2014 and 2015), or $6,500 if you’re age 50 or older by the end of the year.

Either investment option is a good one, but the best option probably depends on your tax outlook in the future. Many experts say that, if you believe your tax rate will be higher in the future, you should choose a Roth. Meanwhile, if you think your tax rate will be lower in the future, you should invest in a traditional IRA and pay taxes on the money later. It’s your choice.

Daniel Zajac, certified financial planner and author of the Finance and Flip Flops blog, is partial to the Roth for those who are eligible.

“Establish and max-fund a Roth IRA,” says Zajac. “Open a Roth IRA and contribute the maximum allowable amount. If you have money sitting in the bank, you should definitely consider moving it into a Roth.”

According to Zajac, you can open a Roth IRA at your bank, at an online provider, or with a financial advisor of your choice.

If you’re comfortable with it, turn to online options

And when it comes to where to invest your money, Zajac’s advice highlights part of the challenge. In today’s technology-fueled world, it’s time we all become comfortable with our online investing options.

Fortunately, online investment firms like Wealthfront, Betterment, and Personal Capital exist to help in your investing journey. Also, sites like Motif Investing and Drivewealth are there for investors with smaller starting balances. With so many online investing options, it’s really up to you to pick the right firm to invest your retirement dollars.

• Related: Best Online Stock Brokers for 2015

To set yourself up for success, Zajac suggests automating the process. Typically, that just means calling your bank and setting up a monthly deposit right into your investment account. You may even be able to do it online.

“By setting up a systematic investment that goes from your bank account to your investment account, you force yourself to save,” says Zajac. “Most people don’t have the diligence to write a check every month.  By automating the process, you force yourself to save and invest!”

Consider a fee-only planner

If all of this stresses you out, you’re not alone. The fact is, some people can’t or simply don’t want to take care of their investments. When that’s the case, it might be wise to hire a financial planner or other professional to help manage your accounts.

“If you don’t want to learn anything about investing and want someone else to manage it for you, then find a fee-only financial advisor to provide you with guidance and advice,” says Kirk Chisholm, financial planner and author of InnovativeWealth.com.

Where some financial planners are paid a commission based on which types of investments they sell you, fee-only financial planners are paid one flat fee for the best advice they can offer. Since many people are concerned about being sold bad investments that pay high commissions, hiring a fee-based planner is one way around that.

And while hiring a personal financial planner doesn’t guarantee a better outcome than if you had handled things yourself, it can provide you with some peace of mind and help you steer clear of big mistakes.

“While no one can know the future about how your investments will perform, an experienced professional can at least guide you in the right direction and away from the lemons,” explains Chisholm.

If you decide to go this route, try using a firm like XY Planning Network that only uses fee-only planners.

The Bottom Line

While financial planners can sometimes have different ideas about exactly how and where to get started, they all agree with one basic principle — that you need to get started. Because when it comes to investing, the longer you wait, the harder your investments will have to work to catch up.

As CFP Becker notes, another crucial lesson to remember is that it’s OK to make mistakes.

“For the first decade of your investment life, the returns you earn, good or bad, barely matter at all,” he says. “It’s your savings rate during that period that will really determine your success or failure as an investor. Keep the focus on saving more rather than finding the perfect investment strategy and you’ll find yourself with a lot more money down the road.”

And once you get started, stay confident in your decision and your investment strategy. When the market tanks, don’t panic and pull your money out. Remember that investing is for the long haul and the ups and downs don’t matter much in the big picture.

As Aja McClanahan from Principles of Increase is quick to say, time is money.

“Build confidence in your staying power,” says McClanahan. And when you’re ready, “up the ante for a consistent growth approach.”

What is your investment strategy? Have you started saving and investing for retirement?

The post Not Investing Yet? Here’s How to Get Started appeared first on The Simple Dollar.

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22 Creative Ways to Cut Your Food Budget in Half and Still Eat Well

Want to save more? Click here and we’ll help you make over your grocery budget!

Whether you’re a singleton living off takeout or a mom feeding a growing family, food is something we all have to spend money on, and many of us could stand to spend less than we currently do.

From the simple and easy to the somewhat extreme, here are 22 smart ways to cut your food budget down drastically.

1. Create a Grocery Budget

The first step to saving money on food is to think like a Boy Scout (i.e. “Be Prepared”). Setting up a monthly or weekly grocery budget will help you stay on track and keep your spending in check.

Want proof? One woman managed to get by on a mere $4 a day, while another feeds her family of five for only $64 a week. They manage these feats by knowing how much they intend to spend before they ever set foot in a store and developing clever ways to make their goals happen.

2. Plan Your Meals

Planning your meals for the week enables you to shop only for the ingredients you’ll use that week, reducing food waste, cutting meal prep time and saving you from that dreaded moment in front of the fridge where you ponder what on earth you’re going to make that night.

3. Use Coupons

This is Savings 101, but you’d be amazed how many people skip it. You don’t need to spend hours each week clipping and organizing like the overzealous savers on Extreme Couponing; all you need is this simple, efficient system.

4. Make More Meals at Home

The more you cook from scratch rather than buying premade and prepackaged convenience meals, the more you’ll save.

If you don’t like cooking every night, invest in a slow cooker and make a big batch of something over the weekend, then store it to reheat over the course of the week. Brown-bagging your lunch and brewing your coffee at home will also cut back on your costs.

5. Grow a Kitchen Garden

You can save a ton by growing your own produce — but make sure you know which produce to grow, and which is actually cheaper to buy from the grocery store. Here’s a breakdown of the most and least cost-effective veggies to grow yourself.

6. Regrow Your Veggies

It sounds like magic, but it’s not: You can actually regrow certain vegetables you’ve already used, getting the most bang for your produce buck.

7. Raise Your Own Animals

Already got a garden? Take things one step further by keeping animals. You don’t have to live on a farm to raise rabbits for meat or keep chickens for eggs — all you need is a little plot of backyard for them to roam in.

8. Cut Back on Food Waste

Tossing food in the trash is essentially throwing away money. To reduce food waste, schedule a leftovers day each week to clean out your pantry and fridge. Omelets, soups, salads and wraps are great ways to get creative with whatever odds and ends you have on hand.

You can also repurpose some of the food you’d normally toss. Stale bread can be made into croutons, for instance, and past-ripe bananas are ideal for banana bread.

9. Go Vegetarian

Meat can be expensive, and there are plenty of great recipes out there that use protein substitutes like soy, tofu and beans. Whether you go totally vegetarian or plan a few meatless meals each week, you’re bound to save money (and eat healthier!).

10. Buy In-Season Produce

Buy fruits and veggies in season, when they’re fresh and growing locally, to save money. Buy in bulk to save even more; you can freeze them or turn them into things like applesauce, preserves and more to enjoy them throughout the year.

11. Get Cash Back

Saving money on your groceries is one strategy, but you can also make money for the food you buy. Apps like Ibotta, Nielsen Consumer Panel and Checkout 51 will give you cash back for the things you’d purchase anyway.

12. Cut the Excess Weight

Not on you — on your produce. Remove any stems, stalks and leaves before you buy to reduce the weight for items that are paid for by the pound. Even if you only remove 5% of the produce, you’re still cutting 5% off your grocery bill!

13. Stockpile

When you can find an item for a great deal and you know that a) you’ll use in the future and b) it won’t expire for a long time, stock up on it.

Set up some shelves in your basement to keep overflow items in a cool place. An extra freezer can help you stockpile frozen food (and enable you to save more leftovers, big-batch meals and in-season produce).

14. Go Freegan

You’ve heard of dumpster diving, and some of you may have even tried it for items like electronics and furniture, but have you ever considered dumpster diving for food?

Freegans buck the system, reduce food waste and cut back on their expenses by reclaiming the food that’s thrown out daily by restaurants and grocery stores. (Obviously, sanitation is an issue here, so you’ll want to look for items that are wrapped and sealed.)

15. Go (Urban) Foraging

A close relative of freeganism, but a tad less gross-sounding, urban foragers scavenge for edible plants like weeds, mushrooms and herbs that grow throughout their neighborhoods. You can’t wander into someone’s garden and call it “foraging,” but anything growing in public parks and green spaces is up for grabs. Just do some research online beforehand to learn which plants are safe to eat and which are not.

16. Know the Tricks of the Trade

Grocery stores want you to spend as much money as possible, so learning the strategies they use to compel you to do this can help you stick to your list — and your budget.

For instance, stores like to lure you into purchasing more than you intend by placing more expensive items at eye level, using end caps to grab your attention and placing staples like milk, eggs, bread and milk at the back of the store so you’re forced to pass through several aisles to get to them.

17. Know Your Store’s Secrets

In addition to being aware of general grocery store sales tactics, you can also save by knowing what day of the week your store slashes its prices and the specific tricks and tactics you can use to save there. For instance, here are some ways to save money at Target, Walmart and Whole Foods.

18. Ignore Expiration Dates

You don’t necessarily have to throw out an item just because you’ve passed the date stamped on the package. “Sell by” simply means the date by which the store should sell an item in order to guarantee maximum freshness and taste for the consumer. “Best if used by” is also a means of ensuring best quality. If your item is a few days past its date, it should still be perfectly safe to consume so long as its appearance, smell and consistency seem normal.

19. Haggle

Think the only place you can negotiate price is at garage sales? Think again.

When it comes to the deli counter and bakery department, freshness is of ultimate importance. If a clerk isn’t able to move an item before it hits its expiration date, it will be tossed and the store will lose money. If you notice any meats or baked goods that are at or close to expiration, ask to speak with a manager to see if you can get a discount for what is essentially a “clearance” item.

20. Store Your Food Properly

How and where you store your food plays a big role in how long it will last (and still taste yummy). Check out sites like StillTasty to find out the best way to store your food and learn which zones in your fridge and freezer are best for keeping which items.

21. Pre-Game Before Dining Out

What about those nights you decide to splurge and eat out, or your friends invite you to join them somewhere for dinner? Do a little pre-meal munching so you don’t arrive at the restaurant starving.

Snack before you go and you can skip the appetizer, share an entree or just get dessert while you hang out with your friends and enjoy good company and conversation.

22. Take Home Leftovers

Of course you take home your own doggy bag from restaurants (right?), but you can also score some next-day meals by volunteering to clean up after office luncheons, school fundraisers and other events, where you snag yourself things like free slices of pizza, extra sandwiches or leftover baked goods.

Want to save more? Click here and we’ll help you make over your grocery budget!

Your Turn: What other ways do you save on food? Share your tips and tricks in the comments!

Disclosure: We have a serious Taco Bell addiction around here. The affiliate links in this post help us order off the dollar menu. Thanks for your support!

Kelly Gurnett is a freelance blogger, writer and editor who runs the blog Cordelia Calls It Quits, where she documents her attempts to rid her life of the things that don’t matter and focus more on the things that do. Follow her on Twitter @CordeliaCallsIt.

The post 22 Creative Ways to Cut Your Food Budget in Half and Still Eat Well appeared first on The Penny Hoarder.

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