The 5 Things You Must Know To Be Audit Proof At Tax-Time

As tax time approaches, are you concerned about your record keeping should an audit happen? When I created my corporation in 2004, I knew that there were advantages to having a business with which to run expenses through. I’d read Rich Dad, Poor Dad and The Cashflow Quadrant (multiple times by then!) and Robert Kiyosaki had written ad nauseum about the benefits of a self-employed person or business owner over a W2 employee when it came to taxes. But armed with just that information didn’t seem enough. I wanted to know how to legitimately protect myself from a tax audit …

5 Beneficial Ways To Use Your Tax Refund

5 Beneficial Ways To Use Your Tax Refund While tax time can be a dreaded time of year, your tax refund can set you up for greater financial success IF you use it to your benefit. Seemingly unlike everyone else, I really enjoy tax season. Working at a financial firm for years, we were consistently busy just before tax day. While our clients were stressing to make the deadline, I had started preparing my taxes January 1. Minus the fact that I am a finance nerd, the excitement of  filing my taxes and deciding what to do with my refund made the …

Credit Carbs

Credit has become the carb of the financial world. We know it’s not good for us in excess, yet we stuff our faces at the slightest hint of temptation. Using credit outside of our ability to pay a monthly balance in-full leaves us bloated, guilt-ridden, and overweight in debt. So why do we do it? Let’s check out some science: It turns out that just like fast-digesting carbs stimulate regions of the brain involved in cravings and addiction, use of credit cards can also have a physiological effect on users. In Credit Cards as Spending Facilitating Stimuli: A Conditioning Interpretation, …

Valentine’s Day Costs WHAT?

About $19.5 billion was spent on Valentine’s Day last year. Hard to believe that we pour that much money into a holiday designed to show loved ones we care about them.  Even spending $100-$200 on this special day can put a serious hole in your budget if you’re not prepared. What does Valentine’s Day mean to you? To me it is a time to be creative and show my loved ones how much I value them. I always try to come up with fun ways to express my feelings without being too over the top. I do my best to avoid …

3 Money Lessons from a Fender Bender

Ice Sucks! If you’ve never been in an accident, it’s awful. Your nerves get all riled up, your hands shake and you have to concentrate really hard to figure out what to do next. It’s an emotional rollercoaster. The whole 200 feet I slid downhill (if not further), my tires may have just as well been skis. I knew by the last 15 feet that I was going to hit the car in front of me. He was stopped at the light, and I had nowhere to go — no median, no curb, nothing to stop me but his bumper. …

Need Help With Getting Out Of Debt?

I totally thought my wife had hit the Listerine too hard that morning. “$20,000 in a savings account?!” “Yes” she said as calm as can be. “Twenty-thousand dollars would make me feel safe and secure and then you can do whatever you like to do.” At the time we were 23 years old and working to blast away about $50,000 worth of debt between credit cards, car loans and student loans (not to mention a couple of car repairs I’d had to finance). All of this on an annual gross combined income of roughly $76,000. The question she answered from …

Should You Do Allowance With Your Kids? Here’s What We Do…

To pay or not to pay, that is the question. On the heels of my TEDx London Business School talk now on YT, I’ve been getting lots of questions about how we do allowance in our family. And truthfully, the answer would’ve been, not well… up to just a couple years ago, but in preparation for my talk I dove headlong into allowance programs that work with kids, how much to pay, what to pay for, if chores are tied to pay, etc. But before I dive into the mechanics of how and what we pay our kids, let me first …

Is The Scholarship System Legit?

With the high (and ever-rising) cost of college, many people turn to scholarships to help fund their higher education. Hear how one debt-free graduate did it and turned her knowledge of scholarships into a business. And you’ll finally get the answer to the question – Is The Scholarship System Legit? Student loans are predicted to push past the $3.3T mark by the year 2024 which should have parents, students and Universities quaking in fear. Parents because they’ll be on the hook for a chunk of those loans, students because they’ll be paying off the loans for the next 20+ years, …