Money on my Mind – Habits of Highly Successful People

Be Like Water

financial-wellness

GET UP INSANELY EARLY

It sounds scary, we know, but consider what would happen if instead of watching reruns of bad movies at night, you went to bed at a reasonable hour, thus allowing yourself to wake up early and be SUPER productive?

Waking up before anybody else allows you to work out the logistics of the day to come, track your time, and (most importantly) unplug for a few hours.

Take Paul Dejoe, who gets up at 4 a.m. (you heard that right) for maximum productivity:

What I was depriving myself from was time in the day where there was no pressure and no expectations. For the same reasons that I felt most creative on Saturday mornings and on planes, 4 a.m. has become a place of productive peace. That feeling is why I love what I do. I don’t need a vacation. I don’t need to step…

View original post 701 more words

Money on my Mind – San Francisco Guarantees Paid Family Leave – What are your thoughts on the ruling?

3

On Tuesday, San Francisco became the first city in the country to mandate businesses provide fully paid leave for new parents. This was seen as the most recent move to address income inequality in the nation. The unanimously approved measure by the Board of Supervisors will allow new mothers and fathers six weeks of fully paid time off, a rarity currently offered to a few government sector workers and some private employees. Before the vote, supervisor Scott Wiener said, “The vast majority of workers in this country have little or no access to paid parental leave, and that needs to change.”

The Psychology of Blowing Your Money Away

2

The psychological factors that encourage people to waste their hard earned wealth and a hidden (and enormous) benefit of precious metals ownership. This is a great video about how we all use our money and how advertising affects us on our decisions on purchasing goods or services. 

The Dragon’s Philosophy – School is always in Session

2

image

Happy Winnie the Pooh Day!!! Which character best describes you?

7

image

What Happens When You Win The Lottery?‬ & the big tax bite if you do win $1.5B Powerball

4

simp20_03_02

According to CNBC, That estimated $1.5 billion prize is only if the winner opts to take the winnings in 30 payments over 29 years. If you want the money now in one lump sum, the jackpot is a mere $930 million, a cut of 38 percent.

Next up is the federal tax bill. Lottery winnings are taxed as ordinary income.

“If they win the jackpot, they’re going to be subject to the highest federal tax rate of 39.6 percent,” said Melissa Labant, director of tax advocacy for the American Institute of Certified Public Accountants. “It’s a lot more significant than folks expect.”

The U.S. government automatically withholds 25 percent of such large prizes if the winner is a citizen or resident with a Social Security number. For someone choosing the lump sum, that reduces take-home winnings by $232.5 million. Residents who don’t have a Social Security number, or fail to provide one, will have 28 percent withheld and foreigners, 30 percent.

Winners will have to pony up the remaining 14.6 percent in federal taxes come tax time in April 2017. That’s a bill of roughly $135.8 million you don’t want to forget about amid early splurges.

So after federal taxes, you’d be left with about $561.7 million.

Tallied up, a state and local tax bill could shave as much as another 15 percent — $139.5 million — off the lump sum, she said. That reduces your net winnings to as little as $422.2 million. (Those taxes may not be withheld, so factor that in as another tax bill come due next April.)

Still, it’s still better than having no money!!!

Money on my Mind – Ways to SAVE Money in 2016

financial-wellness

1. Shave some extra cents off your gas costs by checking out GasPriceWatch.com to find the cheapest offerings in your area. For example, you’ll find that the Chevron on Olympic Boulevard in Los Angeles is selling gas for 22 cents less than a Mobil station a few blocks down the road. 

2. Nix name brands and start buying generic toiletries and cleaning products in bulk. Better yet, take shopping trips with friends to Costco so you can all split that bulk pack of toilet paper.  

3. Join your local library. You might be shocked to find that its DVD collection is stocked and up-to-date (not to mention totally free). If you normally rent one movie per week from the video store or Netflix, you can save over $200 in a year!

4. Unplug your appliances like coffee pots, toasters, hair dryers, and computer cords when you leave the house. According to Energystar.gov, it costs you $100 per year to power appliances in standby mode (especially ones with features like clock displays). When you go on vacation, it’s a good idea (both for your wallet and the environment) to unplug large energy consumers like entertainment centers. 

5. Cliché as it may sound, skip your morning Starbucks latte. You’ll save about 190 calories and $3 per day. You can still make your homemade coffee feel special by adding a pinch of cinnamon or nutmeg.

6. Get cash back on your clothing purchases. It sucks when you buy a piece of clothing full-price, then see it on sale a week later. Hang on to your receipts, because larger chains like the Gap, Banana Republic, and Old Navy will refund you the difference on items that go on sale as long as you present a receipt within 14 days of the original purchase.

7. Need new furniture? Before heading off to Ikea, check out Freecycle.org, a site where users list things they don’t want anymore. Or, try your local Craigslist.com listings for moving sales (oftentimes people are in a pinch and will sell items for “best offer” just to get rid of them).

8. Work out for free. Look up donation-based yoga studios in your area so you can pay what you can (instead of a normal $12-$20 per class). Similarly, many yoga, dance, and Pilates studios offer new student incentives such as two weeks of classes for only $20. Can’t afford a personal trainer? Check out iTrain.com,where you can download personalized workouts for your iPod for as little as $7.99 a session. Other cheap options: Go for a hike in the fall foliage, jog outdoors, or organize a game of touch football with friends (a great excuse to get them to invite single guys!). 

9. Think about your cash. Always know exactly how much money you have on you. It will prevent mindless spending (and the shock when you realize you’re out). Also, plan out your day so you withdraw the money you need from your home bank, avoiding ATM fees.

10. Do your holiday shopping on the cheap by hunting down cool stuff at thrift and vintage shops where you can find heartwarming items for less than 20 bucks. Think music boxes, quirky costume jewelry, vintage postcards to frame, or collectors’ plates. 

11. Bring the party home. Ask friends to come over with a bottle of wine for a game night on Saturday. Offering a simple, homemade dessert like cookies or a pie won’t cost more than a few bucks if you already have the basic ingredients on hand. If you absolutely have to get out, then organize a get-together at a bar with a happy hours special. Make the occasion more festive by creating a Facebook invite with a quirky theme like “International Talk Like a Pirate Day!” One more tip: check out Myopenbar.com, a site that lists events at bars with free booze in several cities including New York, Miami, and Chicago.

12. Do more research. It might be painful to actually look at the breakdown of your expenses, but it’s the best way to cut down on costs.  (Hint: you can probably get both used or at your local library instead of paying full price).

Powerball jackpot, largest ever, now $800 million!!! – What would you do, if you won?

10

homer_winning_lottery_ticket

It hit $800 million on Friday. The previous jackpot record was held by a 2012 MegaMillions game worth $656 million.

The current reached $700 million Thursday after nobody won the jackpot on Wednesday night — the 18th drawing without a winner.

The next drawing is on Saturday night.

This jackpot first broke into the top largest ranking last night ranking last weekend, when it hit $400 million, and ticket sales have continued to soar.

What would you do, if you won the lottery?

The Dragon’s Philosophy – Shoot for the Stars

1

image

The Dragon’s Philosophy – Chose the Latter

3

image