The fate of USMCA rests in the lap of House Speaker Nancy Pelosi. Will she free up her caucus to provide the votes to approve a Trump initiative that's good for all three nations?
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الأربعاء، 20 فبراير 2019
3 Simple Ways to Do Your Own Taxes
If you’re considering doing your own taxes this season, it’s important to remember that federal income tax can be quite complicated, so it’s essential to have a reliable guide to go by to ensure that your taxes are filed correctly.
Any mistakes you make can subject you to hefty fines, and you could limit yourself from getting the highest return possible.
If you want to avoid both of those scenarios, read on to learn how to do your own taxes effectively without much hassle.
Guide to Doing Your Own Taxes
How to Do Your Taxes Yourself
There are three primary ways to prepare your tax return:
- You can do your taxes by hand and mail them to your local IRS collection address.
- You can use the IRS’ online free file fillable forms.
- You can file your taxes through an online tax software program or mobile app.
The choice of the method you use should depend largely on the complexity of your tax situation.
If your situation is not complicated, in that you take the basic deductions and haven’t had any significant life changes, you may only need to use the simple Form 1040EZ. You won’t even need to use a tax filing software.
Manual Filing vs Tax Software
If your tax situation is somewhat complicated, in that you need to fill out Form 1040 and other supplemental forms, then you’ll need a tax filing software. The software will help you handle the workload.
If you opt to do your taxes manually, you’ll download and fill out the necessary IRS forms and send them to your local collection address. You can get these forms at IRS.gov. You won’t pay for them.
To make a tax payment, you have the option of mailing a check to the IRS directly or using the credit card, debit card, or same-day wire transfer via the IRS online payment system.
This option usually takes more time, but it can be a great option if you have a simple return. You can also use their free e-file system to fill out the necessary forms online.
If you have a complicated return or don’t have a lot of time at your disposal, you may need to use a tax filing software to guide you through the process.
Using tax software is ideal if you generate regular income through the stock market and need to determine investment taxes, you own rental properties, or you run a business and need to calculate capital gain taxes.
What You’ll Need
There are several steps you need to take before you file your own taxes. They include the following:
Determine Your Filing Status:
It is imperative that you choose your filing status before you can prepare your tax return. If you don’t understand your filing status, the IRS can help you figure it out by asking you a few questions.
Here are five common filing statuses that could apply to you:
- Single
- Married filing separately
- Married filing jointly
- Unmarried head of household
- Eligible widow or widower with a dependent child
Have Your Documentation in Order
Before you start preparing your tax return, get all the pertinent information required for filing your taxes. These may include:
- Your W-2s
- School taxes
- Interest statements
- Receipts for deductible expenses
- Property taxes
- A copy of your last year’s return, if applicable
- Other applicable forms like Form 1099 if you receive some kinds of income, such as a taxable interest of at least $10
You should keep all of your documentation safe and conveniently accessible. You might need them when you prepare taxes for future years or for other reasons like applying for a loan.
Find the Right Tax Filing Software
There are numerous tax software products to choose from. Take your time to review your options and determine which one suits your situation the best. These software products can easily be found online.
While some programs are designed specifically for personal tax filing, others are ideal for business tax preparation, and others can effectively handle both. Some of the popular tax preparation software include TurboTax, TaxAct, H&R Block, and TaxSlayer.
When you use tax filing software, you will typically be asked questions that are designed to ensure that you pay the right amount of taxes.
Moreover, most paid versions of these software products are packed with valuable information and education that will walk you through every step of the tax filing process.
If you have more questions or don’t seem to understand some things, you can always find help from the IRS website. You also have the option of calling the IRS directly to seek help. The customer service representatives at the IRS usually are very hospitable and helpful.
Best Tax Software for Filing Your Taxes
There is a wide selection of Tax Filing Software options available on the market today, but let’s explore the top three that you can choose from:
Turbotax
If you have a basic tax return, you can benefit from TurboTax’s free online tax preparation package.
If your return is more complicated, however, you may need to upgrade to the most appropriate of its paid versions, which include deluxe, premier, and self-employed plans.
If you are a freelancer, for example, you’ll need to pay $89.99 to be able to file self-employed returns.
With TurboTax, you get access to experienced tax experts to review your returns and if necessary, chat with a real CPA on an “on-demand” basis.
File your taxes with Turbotax>>
H&R Block
H&R Block also offers a free online tax filing package that is ideal for filing basic returns. It’s paid packages range from $29.99 to $74.99, and they are ideal for self-employed individuals and small business owners.
You won’t be charged to file a state return with the free package. However, you may need to pay $39.99 for each state return depending on the tax preparation model you choose. H&R Block offers its users a maximum tax refund guarantee.
With H&R Block, you also get to enjoy an interest-free loan if you get a federal tax refund not exceeding $3,000.
What sets H&R Block apart from its competitors is exceptional customer support.
This company gives you access to face-to-face support, with specialists available at its 12,000 offices spread across the U.S.
File your taxes with H&R Block>>
TaxAct
TaxAct also allows you to file simple returns for free. If your returns are considered complex, however, you’ll have to upgrade to an appropriate paid packages. The packages include:
- Basic+ Plan – Ideal for taxpayers with dependents, college expenses and other tax-prep add-ons. It costs $9.95 for federal filing and $19.85 for each state return.
- Deluxe+ Plan – Ideal for homeowners and tax filers with a lot of deductions and adjustments. It costs $29.95 for federal filing and $39.95 for every state return.
- Premier+ Plan – The best thing about this package is that it offers prioritized customer service. It costs $34.95 for federal filing and $39.95 for each state return.
TaxAct also offers some exciting perks. For example, if you put a part of your tax refund on the gift card from TaxAct’s list of qualifying retailers, you stand to receive a $100 refund bonus.
With TaxAct, you’ll also have an easy time importing past year’s tax returns from other tax filing services like H&R Block and TurboTax.
This helps to save time when you’re preparing your taxes. It also makes it easy to switch to TaxAct from other tax filing services.
Who Should Do Their Own Taxes?
Generally, people should do their own taxes if they have a straightforward financial and tax situation. In other words, you can do your own taxes if you don’t have dependents, investments, businesses, charitable contributions, or a considerable number of assets.
Conversely, if you make at least $200,000 a year, it can be overwhelming to do your taxes on your own.
It would be a good idea to hire a professional to do the tax preparation for you. This is because you become more susceptible to an IRS audit once your household income exceeds $200,000.
You could also consider hiring an expert to file your tax returns if you have gone through a life-changing event in the past year.
Engaging a professional may also be essential if you have a more complicated tax situation that may encompass dependents, assets, investments, and businesses.
Another great reason to work with a professional is if you wish to itemize your deductions. While these factors don’t mean that you can’t do your own taxes, they can make it a bit more challenging.
In Conclusion
Doing your own taxes can be a great way to save money on tax prep.
You can file by hand, online, or by using one of the best tax filing software programs like TurboTax, TaxAct, or H&R Block.
If you have a more complicated tax situation, it may be a better idea to hire a tax professional to avoid making mistakes that will subject you to IRS audits.
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God's Financial Advice: The Bible Makes It Clear that All Things Belong to God
Since the beginning, God has given humanity the great gift of dominance over all living things, but also a responsibility to be good stewards of His creation. Therefore, we owe it to our Maker to use our money wisely.
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Best WordPress Popup Plugin – (Review Updated For Winter of 2019)
Popups are a controversial topic, to say the least. Are they effective? Are they annoying? Do they work?
Truthfully, the answer depends on who you ask.
According to a study from Sumo that analyzed nearly two billion popups, the average conversion rate for a website popup is 3.09%. The top 10% of high-performing popups convert at an average rate of 9.28%. Some websites saw conversion rates that topped 50%.
Let’s put these numbers into perspective. According to a recent study from Impact, the average conversion rate for any website landing page is 2.35%. The top 10% of websites have an average conversion rate of 11.45%. So popups on average outperform the average traditional landing page. And, the average conversion rate of the highest performing popups are still in the ballpark of the highest performing landing pages.
On the flip side, HubSpot reported that 73% of consumers dislike online popups. Although this study focused on pop-up advertisements, as opposed to popups for something like email opt-ins.
I could spend all day arguing both sides of the spectrum. But I’m not here to convince you to add popups to your website, or talk you out of implementing them either.
Popups are like anything else. It’s all about context and application. To give you an analogy, think about social media marketing. Social media marketing works (in theory), but that doesn’t mean every company has success with it.
I created this guide for those of you who’ve already decided you’re ready to add popups to your WordPress site. I’ve narrowed down the top seven options so you can find the best WordPress popup plugin for your website. Let’s dive right in.
1. Ninja Popups
Ninja Popups is definitely one of the most popular WordPress popup plugins on the market. I’m not saying you should always follow the crowd, popularity is usually a telling sign when it comes to quality.
Of the reason why Ninja Popups is one of my favorite plugins is because they offer an extensive list of features, the popups are extremely responsive and work well on mobile devices in addition to desktop browsers and it’s easy for anyone to configure this plugin, even if you don’t have any coding experience.
With Ninja Popups, you can customize the design of your popups to match your trending website color schemes. Ninja Popups also lets you customize things like the size of your popups and colors of the buttons. This is important because this plugin also offers A/B testing. You can try different variations of your popups to see which is the most effective and yields the highest conversions. In addition to the A/B tests, Ninja Popups has a detailed analytics page. You can see other KPIs with charts to help you improve your popups. This plugin has page level targeting as well, so you can have different popups for each page on your site depending on your goals.
The regular license for a single website starts at $26, making this plugin extremely affordable. It’s ideal for nearly any type of popup campaign you want to run.
2. Layered Popups
The Layered Popups plugin lets you create popups that are, you guessed it — layered. Basically, these popups can have multiple layers, which can attract the attention of website visitors and let you get creative. I’d recommend this to anyone who wants to implement website popups that are far from boring and separate themselves from the crowd.
This plugin has a visual editor, which makes it easy for anyone to create and make changes to the design of these popups. Layered Popups has several options for display modes as well. These are some of the options for triggering a popup:
- Exit intent
- Scrolling
- Idle pages
- Once per session
- Once every specified number of days
- Every visit
- HTML element click
- Specified delays
These options make it easy for you to get more email subscribers without annoying your website visitors.
Layered Popups is also compatible with some of the top email marketing platforms on the market. As a matter of fact, the plugin supports 56 of these email systems, but some of the biggest names include:
- MailChimp
- Constant Contact
- GetResponse
- AWeber
- Campaign Monitor
- Active Campaign
So it’s safe to assume that whatever software you’re using for email is on this list.
When you install Layered Popups to your WordPress site, you’ll have access to more than 150 templates. You can also create an unlimited amount of A/B tests for different elements of your popups. With pricing starting at just $21, this is definitely one of the best WordPress popup plugins available.
3. Popups by OptinMonster
OptinMonster is a popular lead generation software. Some of you might even be using this platform to help you with other marketing strategies. More than 700,000 websites have used OptinMonster for something. In addition to its standard lead generation solutions, OptinMonster also has a WordPress plugin called Popups by OptinMonster.
I like this plugin because the drag and drop builder is easy for anyone to use, regardless of their technical skill level. In addition to popups, this plugin allows you to create other campaigns like:
- Slide-in forms, or scroll triggered boxes
- In-line forms
- Mobile-specific forms
- Floating headers
- Footer bars
- Welcome gates
OptinMonster has advanced targeting based on personalized behavior for each unique website visitor. This technology is made to trigger popups at the most optimal time to drive conversions. They specialize in popups with exit intent technology. The software can determine when a website visitor is going to leave your page based on their browsing behavior. For example, if they open a new tab, there’s a good chance they are going to navigate to that tab. So that’s a time when an exit intent popup would be triggered. This is great because you don’t want popups to be intrusive to a user’s browsing experience, but you do want to catch visitors before they leave.
OptinMonster claims that this plugin has helped some websites boost conversion rates by up to 785%. While I can’t guarantee you’ll get those same results, I’d definitely say it’s worth a try.
All of the campaigns built with the Popups by OptinMonster plugin are mobile friendly and highly responsive. The plugin integrates with your email marketing software as well. You can run A/B tests with this plugin. And you’ll have access to Google Analytics data for all of your campaigns.
4. Icegram
Icegram is another popular WordPress plugin with tons of features. It’s a top option if you want to implement more than just popups to your website, without having to install multiple plugins. In addition to popups, the Icegram WordPress plugin offers:
- Overlays
- Inlines
- Floating action bars
- Messenger slide-ins for live chat integration
- Toast notifications
- Sidebars
- Interstitials
- Tabs
- Stickies
- Ribbons
- Badges
Icegram offers advanced targeting options for elements like:
- Time on page
- User activity
- Exit intent
- Scrolling
- Call-to-action targeting
- Geotargeting based on location parameters
Icegram will work with your email marketing service as well as your form and lead capture plugins that you’ve already installed. Icegram lets you run A/B tests to see which campaigns are performing the best as well and you’ll get detailed analytics and reports for everything you implement. As you can see, your options certainly won’t be limited here.
5. ConvertPlus
The ConvertPlus WordPress plugin is designed for driving conversions with popups. Here’s what the plugin offers
- Popups, of course
- Fullscreen popups
- Top bar information
- Bottom bar information
- Slide-ins
- Sticky boxes
One of my favorite features of ConvertPlus is the template selection. You can take one of the 100+ templates and make slight tweaks to personalize it for your own website content.
ConvertPlus has more than 700 fonts that will make your popups stand out. They offer custom CSS, animations, and background settings as well. You’ll also benefit from real-time analytics for your popups and other campaigns. This information will help you track KPIs like views, clicks, and conversions.
This plugin integrates with email marketing software, as well as other CRM solutions such as:
- WooCommerce
- Contact Form 7
- Zapier
- WP Registration Form
6. Bloom
The Bloom WordPress plugin is designed specifically for email opt-ins. There are six different ways to display these opt-in forms on your website.
- Automatic popups
- Automatic fly-ins
- Inline opt-in forms
- Below content forms
- Widget area forms
- Required opt-in for content unlock
The last option is something that’s unique, and makes this plugin stand apart from other available options. Here’s how it works: Depending on what your website is offering, you can restrict content to the average user. This is a great way to entice opt-ins or registrations. In order for a website visitor to gain access to premium content, they’ll need to opt-in first.
Popups can be triggered based on a number of different actions.
- Delay based on time
- Triggered based on scrolling
- After comment popups
- Post-purchase popups
- Inactivity popups
Bloom also works with 16 different email marketing platforms, including:
- Campaign Monitor
- AWeber
- MailChimp
- GetResponse
- SalesForce
- HubSpot
- iContact
- ActiveCampaign
Bloom has hundreds of templates for your popups. You can also customize things like the borders and edges of your popups. The color options are virtually unlimited, so you won’t have to worry about finding a color scheme to match your website design.
7. Elementor Pro
With Elementor Pro, you can build any type of website popup from scratch. Like some of the other plugins we’ve seen, Elementor Pro has other features that will benefit your website.
You can create popups for specific reasons like:
- Capturing leads
- Making announcements
- Keeping users on the page with exit intent notifications
- Growing your email list
- Content lock and upgrades
- Full screen welcome mats
- Generate sales by showcasing products and upsells
- Build login forms
Elementor Pro offers advanced targeting options as well. For example, you can trigger a popup after a specified number of page views or a specified number of sessions. You can even control popups by the device a user is browsing from.
Popups are triggered based on actions such as scrolling, clicks, page loading, inactivity, and exit intent. You can show certain popups on posts with specific tags, authors, or categories. This plugin also offers WooCommerce integration.
I like this plugin because it allows you to hide popups for users who are logged in. That way you won’t be asking for an email address that’s already been added to your subscriber list.
Subscriptions start at $49 per year for Elementor Pro, which is a bargain, in my opinion, considering all of the advanced features you’ll get for that price, plus design elements that are second to none. You can create beautiful popups that are visually appealing and attractive to your audience.
Conclusion
Do popups work? That’s a conversation for another day.
For those of you who are ready to add popups to your website, you’ll need to install a WordPress plugin that will make this process much easier for you.
So what’s the best WordPress popup plugin?
It all depends on what you’re looking for. I’ve narrowed down the top seven options for you to consider.
You’ll want to install a plugin that lets you create the type of popups you want, but also integrates smoothly with any other software you are using.
Some plugins have more templates and custom design features than others. While other popup plugins offer better analytics, A/B tests, and advanced targeting options. You’ll even find some options with all in one features.
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My Strategy for Making Large Purchases
As I’ve mentioned before, when I’m making a purchase that clocks in at above the $20 mark or so, I tend to invest some time in that purchase to make sure I’m making the right decision. I don’t want to make a purchase that isn’t going to work for me, nor a purchase that isn’t going to work well over the long run.
This process is basically the same for any significant purchase. It doesn’t matter whether it’s an item for my kitchen or an appliance or a musical instrument, I tend to go through the same process when deciding on a significant purchase.
Here are the steps that I follow.
Step One – Do I Actually Need This Item?
The first step doesn’t involve any research whatsoever. Instead, it starts off with a question I ask myself independent of any research or any outside influences.
Do I really need this thing?
Honestly, it’s a very rare situation where I need to make a significant purchase now. Those situations don’t actually come around very often and they’re usually centered around replacing a broken but crucial item. I can think of exactly once in the last year where genuine emergency pushed me into making a fast purchase.
Almost always, I have some time to consider a purchase. If it’s a new item that I haven’t owned before, I’m generally not addressing something that I need right this second. It’s something that I think I’ll have a use for, but if I don’t have it today or tomorrow, it’s not the end of the world. If it’s a replacement item, I’m usually shopping around because I’ve noticed a problem with something I use regularly where that item is going to need to be replaced soon, but I have a little bit of time to think about it.
In short, I start thinking about a purchase well before I’m going to actually make that purchase, and the first thing I think about is whether I actually need to make that purchase.
Step Two – What Features Do I Need?
If it’s an item to be replaced, I consider whether or not I actually need to continue to own this item. Is it really filling a need that isn’t filled by something else I already own? Do I use it frequently enough that I can’t just borrow it from someone on the occasion when I need one? If I decide that I do need to continue owning this item, I ask myself whether it is something I could repair myself, or something that would be a low-cost repair from a repairperson.
If I do decide to replace an item or if the item is something new, I make a list of the features I consider essential for that item. What exactly do I want this item to do? Again, I do this thinking and make this list of features without doing any research. The reason? I don’t want to be influenced by “features” that never occurred to me until some publication influenced me to want that feature. I want to stick with the features I want.
Some features that consistently pop up include reliability (this is pretty much a given if I’m replacing or upgrading an item), minimal electronic features beyond the features I’m looking for (as electronics are often a failure point in devices), and a brief list of the things I actually want to do with the item.
Let’s say, for example, that I’m about to replace our washing machine because it’s making ominous noises. I consider whether or not we actually need one and conclude that we do need one, as we have five family members that need fresh laundry. Without looking at any sort of reviews, I start making a list of features I want. I want it to be reliable. I want minimal electronic components. I want it to be able to handle a large load of clothes. I want the clothes to be well cleaned without an excessive beating. I’d like minimal water use, but this isn’t a huge deal breaker. Those are the features I actually need from a washer; the other features a washer might have are things I either don’t care about (lots of different washing programs) or actually don’t want (digital displays, wi-fi, etc.).
I can make a list of features like that without looking at a single review. In fact, I don’t want to look at washer reviews. I want to think independently about the features I want.
What if I’m buying something for the first time? In general, I want an entry-level item, possibly even a used one, but one that’s generally compatible with standards out there. That’s basically my standard for my first purchase of everything – I usually look for a decent entry-level model that’s used. My reason for using the item is often the most obvious use or two – I buy a musical instrument for the first time to learn the basics of playing it, not to have an absolutely perfect sound, for example.
Step Three – Turn to Trusted Sources
The first trusted source I turn to is people in my social network. If I personally know someone who has some significant knowledge about a particular type of item, I’ll ask that person before looking anywhere else. I’ll explain what I’m looking to buy, what features I want, and maybe what features I don’t want, and ask for their opinion.
I do this for two reasons. One, there’s often a level of back and forth and understanding of my particular needs that a person can understand but a written review cannot. I can’t describe my usage and my needs to a magazine article, for example. Two, talking to actual people often points me to bargains and suggestions that I would have never found from simply researching the item.
In the past, simply because I asked a few questions of people who know what they’re talking about in my life, I’ve wound up with free small appliances, free musical instruments, huge discounts on larger appliances, and many other benefits.
If I don’t have a trusted source in my personal social network or those sources don’t really point me to a good solution, I turn to a very small group of trusted professional sources, the first of which is Consumer Reports. They have coverage of a wide range of consumer goods and, most of the time, their “best buy” options and reliability ratings point me directly toward a great option.
If I can’t find a Consumer Reports article, I usually look at a bunch of sources and try to find some consensus viewpoints among all of them. What models tend to show up frequently in lots of reviews as an example of a reliable one that has the features I’m looking for?
My goal is to identify two or three models that match up with that list of necessary features I made earlier. I tend to ignore features that go above and beyond what’s necessary, which usually cuts off expensive high end models for most purchases.
Step Four – Wait
If I’ve made the decision to buy an expensive item and it’s not an urgent purchase, I give myself a waiting period to make sure that it’s not just an impulsive thing. Typically, my waiting period is one month.
During that month, I do keep an eye out for huge bargains on the item, but I usually just sit in a holding pattern, giving myself time to decide not to buy.
Step Five – Buy
If a month has passed and I’m still convinced the purchase is a good idea, I move forward and start seriously looking for the item.
If this is a new item for me and not an upgrade or replacement, I start looking at secondhand shops and Craigslist and other sources for used items. There’s really no need to go pay a “new item” price for something like a bread machine or a banjo or something else I might want to try out or learn how to use. If I’m buying used, I’m not worried about getting the best item that nails all of my desired features. Rather, I want something functional at a very low price that I can use for learning purposes, so that I can upgrade it later if it becomes an essential part of my life or get rid of it with minimal financial loss if it doesn’t.
Often, when yard sale season rolls around in the spring, I have a short list of these kinds of items that I’m looking for. For example, if I see a banjo at a yard sale this spring, for example, I’ll probably pick one up.
If this is an upgrade or replacement, I’ve usually settled on two or three specific models and I vigorously price-hunt for those models. I’ll look at lots of retailers, both brick and mortar retailers and online retailers, and try to find the best prices I can on the models I’m considering. In this scenario, I usually don’t pull the trigger instantly; I give it a few weeks to see if any sales pop up. Often, I’ll add the item to an online cart but not buy it, which will sometimes cause a price drop or an email from the retailer offering an additional discount.
I’ll give it a few weeks and make sure I’ve budgeted for that amount, and then I’ll pull the trigger, usually during a period when I think I’ll have adequate time to actually learn how to use the item well. If I’m in a busy period in life, I’ll wait a little longer to make the purchase, giving me longer to hit a sale and also giving me a better window to actually appreciate the item.
Final Thoughts
Every significant purchase I make that isn’t extremely urgent – and I define a significant purchase as being a purchase of an item that costs $20 or more – goes through this process. I consider what features I want in the item before researching it at all so I’m not swayed. I give myself plenty of time to realize I don’t actually need or want the item, as well as time to find a sale. I check with trusted sources – either people in my social network, Consumer Reports, or a wide range of reviews where I look for overlaps. If it’s an item that’s new to me, I’ll try to buy an entry-level used item first.
If I manage to get through all of those steps, then I make the purchase.
You’d be surprised how often a purchase falls by the wayside due to this process. I’ll decide I don’t really need the item. Someone will give me an item. Even if I do buy, sometimes I’ll walk into a tremendous bargain.
It’s worth the process, every time, even if I do end up paying full price for something.
Good luck!
The post My Strategy for Making Large Purchases appeared first on The Simple Dollar.
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Money and Marriage: Four Tips for Successful ‘Matrimoney’
It’s a fairly well-known fact that money can be one of the biggest sources of strife in a relationship.
In fact, according to a survey of professional certified divorce financial analysts, it’s the third leading cause of divorce in North America (behind basic incompatibility and infidelity, respectively).
February is among the most popular months to get engaged, so there’s no better time to review some of the ways new couples can lay the groundwork for a successful financial union. Because in addition to planning for your emotional partnership, and all the fun your new life together will include, it’s equally important to be sure you’re on the same page (or at least somewhat close) on financial matters.
Define Your Roles
Relationships have a romantic side, which must be tended to regularly. But once you’re married, the stakes go up and you must also tend to the business side of your partnership, suggests George Krueger, co-founder of BIGG Success, a website devoted to helping people create personal, professional and financial success.
“This creates angst for many couples, but trouble awaits if you ignore it,” says Krueger. “It’s essential that you agree to the roles each of you will fill – from little things to major purchases. Who will take out the garbage? Who will pay the bills? How will you decide on major purchases? Lay the ground rules for the business side of your relationship.”
In addition to defining your roles, it’s a good idea to define how money will be handled, says Leslie Doares, a marriage coach and relationship expert who hosts the radio program “Happily Ever After Is Just the Beginning.”
“You can put it all in one big pot. You can have one joint account for household expenses and two individual ones for the rest. You can have a main account and individual ones for small, personal expenses like gifts or hobbies,” says Doares, who devoted a chapter in her book, “Blueprint for a Lasting Marriage,” to the topic of managing personal finances. “Whatever you choose, be clear as to why it’s set up that way.”
Know What’s Important to Both of You
Ideally you and your significant other have shared values and under the best of circumstances, this also applies to the way you handle money and financial goals.
“Try to start a conversation by determining what your shared values are,” says Misty Lynch, a behavioral financial advisor and certified financial planner at Twine. “If you both agree family and education are important to you, it will be easier to spend in those areas. On the flip side, if one of you values travel and the other prefers home improvement, it may seem like money is the obstacle to compromise. But really your values are misaligned.”
As part of identifying what’s important to each of you, it’s a good idea to openly establish the big picture financial goals for the marriage. Where do you want to be next year at this time? Or five years from now and 10 years from now?
“Setting financial goals will help you achieve those goals and they help to ensure that everyone knows the plan,” says Denise Myhand, a personal finance advocate and co-founder of The Wealth Culture. “Create short, mid- and long-term goals.”
Put All Your Cards on the Table
As you embark on your new life together, there should be no secrets, and this applies to financial matters. “Share your current financial situation and your financial history,” says Myhand.
This effort includes revealing such things as your debt, credit score, salary and investments. It’s important to know what you have or don’t have in order to properly plan for the future.
“Also, any attitudes, reservations or fears about money you may have should also be discussed,” said Myhand.
Indeed, Tiffany Welka, wealth management advisor and vice president at VFG Associates, says getting to know why you each feel the way you do about money is very important.
“Understand why your future spouse may be a spender,” says Welka, who works with couples to guide them to a life of financial happiness prior to and during marriage. “Did they have parents who lived paycheck-to-paycheck? Are they savvy investors because they learned from their grandparents? Are they afraid of taking financial risk because of something that happened in their past? Knowing about your partner’s financial past will allow you to be more understanding and communicative when making financial decisions together in the future.”
Doares refers to this process as learning about each other’s money story. Before you can successfully deal with money, you have to know what it means to each of you, she says.
“Is it love, security, freedom, status? What role did money play in your family when you were growing up?” explains Doares. “Money is never just about the dollars and cents. Your money story influences how you deal with finances.”
Talk Early and Talk Often
Many people hate talking about money. And that’s where the trouble begins.
“Most money conversations don’t happen until there’s a problem. And then it’s a big problem,” said Krueger. “The best time to talk about money is when everyone is happy. That’s why the earlier you start talking about money with your mate-to-be, the more productive the conversations are likely to be.”
Set a regular day and time to talk about money, suggests Krueger, and use the time to review how you’re doing and determine what adjustments may need to be made before the next meeting.
Lynch agrees when it comes to the importance of communication, noting that money can be an emotional topic in a relationship. Having a way to manage your finances together can help, she says.
“The good news is that technology has made managing money, and talking about it, easier than ever,” said Lynch.
There are countless collaborative saving and investing apps available that not only help couples define shared goals when it comes to their finances, but also help them stay on track to meet those goals.
Honeydue, for instance, is designed to help couples track shared bills, review accounts in one place, comment on transactions and add big-picture goals. Betterhaves is another popular app for couples. It allows for syncing with your partner on spending, quickly tracking expenses via the popular “envelope” method and also setting money aside for joint savings.
Twine also offers its own collaborative saving and investing that helps couples define a shared goal when it comes to their finances and stay on track to meet those goals.
Ultimately, you want to talk about money regularly enough that you get very comfortable discussing it. Regular discussions help eliminate the fear and taboo associated with the subject. To lighten the discussions even further, take your financial conversations on the road, says Myhand.
“Go for a walk or grab a coffee,” she says. “Having a relaxed atmosphere also can be very helpful.”
Mia Taylor is an award-winning journalist with more than two decades of experience. She has worked for some of the nation’s best-known news organizations, including the Atlanta Journal-Constitution and the San Diego Union-Tribune.
Read more by Mia Taylor:
- Five Situations Where Money and Emotions Don’t Mix
- Supporting Family Members in Need Without Risking Your Own Financial Future
- Three Apps for America’s Money Management Woes
The post Money and Marriage: Four Tips for Successful ‘Matrimoney’ appeared first on The Simple Dollar.
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Have women born in the 1950s been short-changed?
In 1995, the government announced plans to increase women’s state pension age from 60 to 65 in line with men’s. As a result, many women in their early 60s now are facing financial hardship. We hear from the campaigners seeking redress
Valda Marks, 64, was devastated when she discovered the state pension age had risen.
Just before her 60th birthday, she asked for a state pension forecast but, to her horror, found out she would have to wait another five years before she could claim.
“I felt absolutely robbed when I found out about the age change. I was looking forward to a comfortable retirement, but when you find out you are not getting a pension it can be quite difficult,” Valda says.
Valda, who lives with her husband in Suffolk, says the decision to raise the state pension age has cost her £44,000 and that, as a result, they have had to sell their home and rent.
“Our house is now our pension fund. We could have stayed but we would have had very little income. Without selling it, we would have found it more difficult but we should not have had to do it.”
After leaving school, Valda started working in the unemployment benefit office and then became a self-employed bookkeeper.
“I felt robbed when I found out about the age change”
She adds: “After I turned 60, I had to carry on working because of the pension changes but, last year, I had to go down to two days a week for health reasons. I work part-time as a bookkeeper, but this will be ending soon and I will have to look for a new job, which will be a worry.”
Like millions of women in their early 60s, Valda has had her dreams of a relaxing retirement crushed by the government.
Having experienced a lifetime of inequality, women entering retirement are finding they are even getting a raw deal when it comes to pensions. Changes to the state pension have left millions of women born in the 1950s poorer, with many now having to wait up to a further six years before they can claim.
Some, who have worked for decades and were expecting to retire have found they are now years away from receiving a state pension.
Many of these women are also unable to work because of poor health. Some are having to claim universal credit and have been forced to use food banks, while others, like Valda, have even had to sell their homes.
Valda Marks (above) says the decision to raise the state pension age has cost her £44,000 – and her home
Changes to state pension age
The decision to equalise the state pension age was first announced in 1995, bringing the qualifying age in line with men by 2020.
The government then decided to accelerate its plan to increase the state pension age in 2011, so that men and women were on an equal footing by 2018. Women who thought they would receive a state pension at 60 suddenly found out they would not get it until they were 66.
The state pension age for women was raised last November to 65 – the same as men – for the first time.
It has been steadily rising from 60 since 2011 and in 2020 the age for both sexes will rise to 66.
This means that 3.8 million women born in the 1950s (on or after 6 April 1951) who thought they would be able to retire at 60 have had to wait another five or six years.
However, the increase in the state pension age has drawn widespread criticism.
Campaign groups such as BackTo60 and Women Against State Pension Inequality (Waspi) argue that many women born in the 1950s were not warned of the changes and have suffered financial hardship as a result.
While the government insists it did enough to notify affected women of the changes, many disagree.
Debbie de Spon, a spokesperson for Waspi, says: “Women who have worked hard all their lives and thought they would be retiring at 60 are suddenly finding out they can’t work and are having to live off the money they saved for retirement.”
Ms de Spon says that some women who stop work can struggle to return to the workplace.
She says: “Many women often give up work to look after elderly parents or sick partners and then find they have to return to work to finance themselves. Entry back into work for women in their late 50s and early 60s is not easy. Despite legislation, older women still face discrimination in the workplace.”
Fighting back
While the increase in women’s state pension age has been debated in parliament on a number of occasions, the government has refused to budge.
Last year, work and pensions secretary Amber Rudd said the government would make “no further changes to the law on this issue”.
However, women hit by the changes to the state pension age are refusing to be silent on the issue and are fighting back.
Waspi was set up in 2015 to campaign for compensation for women affected by the state pension age change.
Since its launch, thousands of women have taken part in rallies across the country and last year they marched at Westminster.
While Waspi agrees with equalisation of the state pension age with men, it is unhappy with the way it has been implemented.
The group is calling for a bridging pension to help women born in the 1950s, with compensation for those women who have reached state pension age and lost out.
Ms de Spon says: “Equalising the state pension age does not give women born in the 1950s equality. The government needs to do more. There are women claiming benefits each week when they thought they were going to be on the state pension. There needs to be some kind of compensation for all women who were not given adequate notice and time to make new arrangements.”
“Women who have worked hard all their lives and thought they would retire at 60 are suddenly finding they have to live off their retirement savings”
The decision to raise the state pension is now set to be fought in the High Court.
BackTo60, which claims to have 738,000 supporters, has won the right to judicial review to determine whether recent increases to women’s state pension age were lawful.
This case will be heard this summer, and the campaign group is hoping the government will reverse its decision.
The group is calling for the state pension age to be kept at 60 for women born in the 1950s, but the government has ruled out this idea as it would cost more than £70 billion.
Patrick Connolly, a chartered financial planner at Chase de Vere, says: “Based on everything the government has said so far, it seems unlikely that it will revise its plans for the state pension age, although it would be good to see the government making some steps to help those people who need it most.”
Valda is equally pessimistic.
She says: “I would like to see my pension backdated, but it is not going to happen. The government can’t afford to do it for all of us as the money isn’t there.
“I wouldn’t have minded if it had phased in fairly, but I had no notice whatsoever. The government made a mistake and we should be compensated.”
Members of Waspi (Women Against State Pension Inequality) protest outside parliament
Why is there a pension gender gap?
Millions of women experience a gender pension gap and face poverty in retirement because of low pay and taking career breaks to raise children.
A recent report from Fidelity International suggests a 25- to 34-year-old woman’s pension would be worth £126,784 at the state pension age of 68, compared to £142,836 for men – a gender pension gap of over 10%.
One of the main reasons why women face a pension shortfall is that men earn, on average, more than women during their careers, so they contribute more to their pension.
To qualify for the full state pension you need a total of 35 qualifying years of national insurance contributions or credits (NICs).
However, as women take time out from work to raise children or become carers, they are more likely to have gaps in their NICs. Taking time out means women have lower lifetime earnings and end up with smaller workplace pensions.
Women who work part-time are also being penalised. If they earn below £6,032, they will not receive NICs for their state pension.
The Trades Union Congress (TUC) estimates that as many as three million part-time women workers are excluded from workplace pensions because they do not meet the minimum earning criteria.
Employers must enrol staff earning above £10,000 into a pension as part of auto-enrolment rules. However, as many women work part-time and do not earn this much, they don’t qualify for automatic pension contributions.
Divorced women can also miss out on pension money. During a divorce, pension assets often get left out of settlements, leaving women worse off in later life.
Mr Connolly says the best approach to retirement is to start saving early.
“While part-time workers may not earn enough for auto-enrolment, that does not mean they can’t have a pension. Their employer can still pay into a pension for them.
“Maternity rules have also improved over time. so women who have children can still pay in, although you need the finances to do this.”
Mr Connolly adds: “While women are still getting short-changed in many cases, we do now have a culture where many doing the same careers as men and are getting better opportunities, so over time you would expect the gap to close.”
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Wimbledon debentures: an ace investment for tennis fans?
If you are a well-heeled tennis enthusiast, then you could gain entry to an exclusive circle, enjoying the best view at the championships with the potential to net a profit by selling on your much-prized seats
For two weeks every summer, a seat on Wimbledon Centre Court is the hottest ticket in town. Despite Andy Murray’s imminent retirement, it is still a safe bet that the UK will go tennis crazy come July.
For tennis fans, investing in a Wimbledon debenture could not only guarantee a seat close to the action, but net a decent profit too.
What is a Wimbledon debenture?
A debenture is a five-year season pass to Centre Court or No.1 Court during the Wimbledon Championships.
Centre Court debenture holders are guaranteed a prime seat for every day of the competition, while a No. 1 Court debenture gives you a seat for the first 10 days. Debenture holders can also access exclusive bars, restaurants and other facilities within the Wimbledon grounds, as well as their own car park.
The All England Lawn Tennis and Croquet Club (AELTC) issues debentures through a subsidiary, the All England Lawn Tennis Ground Plc. The funds raised are used to finance improvements to Wimbledon’s facilities. These include the roof on Centre Court, which has been in use since 2009, and the roof currently being installed on No. 1 Court, which should be operational in time for the 2019 championships, starting on 1 July.
A limited number of debentures are issued by the All England Club every five years. They are allocated via a ballot, with existing debenture holders given priority. However, it is also possible to buy a debenture on the secondary market.
In 2014, 2,500 debentures were issued for Centre Court and covered the championships from 2016 to 2020. No. 1 Court debentures are issued at different times – the current batch of 1,000 debentures covers the tournaments from 2017 to 2021.
Should I invest?
Debentures are not just a ticket to a high-profile sporting event – they can make you money too. Holders can sell their debenture for a day, the whole tournament or the remainder of the debenture.
The next Centre Court debenture series, running from 2021 to 2025, will go on sale within the next few months. The full prospectus and price will be published online at Wimbledon.com, but investors can register their interest now. The big question is: should you invest?
Prices range from £2,300 to £8,650 for a pair of Centre Court tickets
Debentures don’t come cheap. Prices for the next batch of Centre Court debentures have yet to be disclosed, but they are almost certain to be higher than the £50,000 people paid in 2014. No. 1 Court debentures are cheaper – the current tranche cost £31,000 each in 2017. However, it is important to understand that most debenture owners hold two debentures – it is rare to own just one – so you’ll be looking at more than £100,000 to buy your Centre Court pass.
“Wimbledon debentures, especially for Centre Court, represent a significant capital outlay and should only be considered by passionate tennis fans who have readily available funds,” says Martin Bamford, financial planner and managing director of Informed Choice.
“The ability to sell debenture tickets on secondary ticketing websites can make them quite attractive financially, but there’s certainly risk involved.”
If you buy a debenture purely because you love tennis, you will be paying a lot for a seat at a tennis match, albeit one with a great view. A quick calculation shows how much.
The last Centre Court debentures cost £50,000. This entitles you to 13 days’ tennis each year for five years – a total of 65 tickets. This works out at £769 a ticket. This is far more than it costs to buy tickets via the public ballot. Centre Court tickets for the 2019 Wimbledon Championships range from £64 at the beginning of the tournament to £225 for men’s final tickets.
How to net a profit
There are two main ways investors can make money from debentures: selling individual tickets for Wimbledon tournament days or selling the remainder of a debenture at any time.
Debenture tickets are the only Wimbledon tickets that can legally be sold on. Tickets sold via the public ballot are not transferable, and Wimbledon is notoriously strict about policing this policy.
Selling tickets for specific days can be lucrative. The best way to do this is probably via the Wimbledon Debenture Holders’ website (Wimbledondebentureholders.com) but you are also free to sell the tickets privately or on public marketplaces such as Gumtree or eBay. Hospitality companies are also keen to buy debentures, while Wimbledon itself also buys back debenture seats.
Due to their prime position and entry to various exclusive club facilities, debenture seats for the day cost much more than those sold in the public ballot. Prices for each day depend on the matches scheduled, with tickets for the quarters, semis and finals, costing the most.
At the time of writing, seat tickets for the 2019 tournament on the Wimbledon Debenture Holders’ website range from £2,300 to £8,650 for a pair of Centre Court tickets, and from £1,030 to £3,450 for a pair of No.1 Court seats. The price list is not fixed: as interest increases, so do the prices. Tickets are usually sold as pairs.
Using the ticket prices currently listed on the Wimbledon Debentures Holders website for 2019, someone holding two Centre Court debentures and selling the pair of tickets for every day of the tournament could pocket a total of £57,290 this year alone.
Alan Higgins, chief investment officer at wealth management firm Coutts, says: “People buying a debenture should really be a tennis fan, as I am, I don’t like the pure investment stance.”
“They are designed for tennis fans rather than as investments. People who own debentures normally go to Wimbledon for a couple of days each year, then sell the remaining tickets.”
Tennis fans buying debentures, or any other tickets for Wimbledon, need to understand there is no guarantee they will see a specific match or player. Rain delays and long matches can mean the schedule being re-jigged with matches moving to different courts or different days than planned. No player’s appearance is guaranteed and drop-outs due to injury are common.
“You could go to a few matches and sell the rest of your tickets”
If the tournament looks on track for a classic ‘big four’ showdown, it might be tempting to put tickets to the men’s final up for sale. For example, when Andy Murray beat Novak Djokovic in the 2013 final, a pair of debenture seats was listed for £71,000 on a resale ticket site.
As well as selling individual tickets, debenture holders can also sell the debenture itself at any point in the five-year term. Debentures are financial instruments and are freely transferable. Due to high demand, they regularly change hands for much more than their original price.
“To make money, you could go to a couple of matches and sell the remaining tickets for three or four years, then sell the remainder of the debenture,” says Mr Higgins. “However, this would make it tricky to buy another debenture as existing debenture holders get priority.”
Selling a debenture is normally done via a stockbroker or privately. Dowgate Capital Stockbrokers operates a weekly auction of debentures. Details of the most recent transfers can be found advertised in the Financial Times on the first Saturday of every month and on the Wimbledon debenture website.
There is the potential to make a decent profit this way. According to Wimbledon.com, the three most recent representative market value transactions for Centre Court, as notified to Wimbledon, at the time of writing are two for £110,000 each and one for £116,000, which all completed in the last three months of 2018. This is despite there only being two tournaments left until they expire.
No guarantee of knockout returns
Mr Bamford is quick to point out, however, that debentures, like any investment, are not risk-free and any profits very much depend on continued interest in tennis.
“I would urge investors to think carefully about the possibility of falling demand for tickets during the five-year term, due to factors outside of their control, such as boycotts or scandals reducing interest in tennis grand slams. Anything can happen when this much money is at stake,” he says.
A particular concern for investors should be what happens when the men’s game is no longer dominated by Roger Federer, Novak Djokovic, Andy Murray and Rafael Nadal. Andy Murray’s retirement is imminent, while the others are also in the latter part of their careers. We have yet to see whether other players will come forward to replicate this rivalry. On the ladies’ side, one of the cheapest debenture seats is often for the ladies’ final, partly because Serena Williams has had so little competition over the years.
It’s not just tennis…
It is not just Wimbledon that sells debentures. Other sporting bodies and arts organisations such as Twickenham and the Royal Albert Hall sell them too.
Prices and rules vary from venue to venue. But, in general, the buyer pays a one-off fee, which goes towards the upkeep of the facilities, and in return they get either tickets to all the major events held at the venue or the chance to buy tickets first at face value.
For example, a 10-year debenture at Twickenham costs from £8,500 and guarantees the right to buy a ticket to all England Men’s 15-a-side home internationals including the Six Nations and Autumn Internationals.
Debenture membership at Surrey County Cricket Club’s Kia Oval costs £2,300 plus VAT for 2019 to 2022 (four years). Each debenture member has the opportunity to buy a ticket in the debenture area for all international fixtures, including the Ashes Series in 2019. Members can either attend the game or sell their ticket.
Emma Lunn is a personal finance journalist who writes for the Guardian, Daily Telegraph, Mirror and Thisismoney.co.uk
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Why 14K Wells Fargo Customers Have Already Switched to This Account
The big banks are everywhere.
Wells Fargo, Chase, Bank of America — they’ve got a million locations, a billion account holders, a trillion ATMs, and branches located on every last street corner in America.
That’s why you’re just a number to them.
Hey, nothing personal, but the big banks aren’t for everyone. That’s why more than 14,000 account holders have switched from Wells Fargo to Aspiration, according to Aspiration’s figures.
Why Are Customers Leaving Big Banks?
Well, not everyone trusts the big banks. Wells Fargo had a huge scandal just a few years ago. Its CEO stepped down, thousands of employees got fired and the bank got slapped with a $185 million fine for secretly opening millions of unauthorized bank and credit card accounts without its customers’ knowledge.
Aspiration, on the other hand, is a fast-growing California startup that focuses on sustainability and commits to donating 10% of its profits to charity.
There’s also this: Young, web-savvy customers are discovering they can simply get a better deal from a choice like Aspiration.
You just have to be comfortable using an online account — and they make it super easy.
An All-in-One Account — With Perks
What’s the difference? Here it is in a nutshell:
- The Aspiration Account gives you a debit card with no ATM fees, so you can use any ATM you want.
- You can earn up to 2.00% APY on your savings.
- It also comes with a debit card that gets you 0.5% cash back on purchases. It basically turns your debit card into a cash-back card.
- You also get access to two investment funds for middle-class investors. They require only a $100 minimum investment.
The Joys of Making the Switch
Also, Aspiration makes it easy and intuitive to use an online account.
Its mobile app makes it easy to access the account from anywhere and deposit checks when you need to. It offers unlimited ATM fee reimbursements. It’ll pay your ATM fees anywhere in the world.
There’s no monthly fee and no minimum balance. Instead of a monthly fee, all of Aspiration’s services work on a “pay what is fair” model. You choose your price and pay as a “tip” — up to $10 a month and as little as $0.
It’s also easy to set up. The whole sign-up process takes about 20 minutes.
The big banks have millions of customers. They don’t need you. And you don’t need them.
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He’s trying to go from analog to digital.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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