Determine what Your Needs and Wants Are and Save Money

Generation Selfish

During the Great Depression, people made do using what they had since it was the way to survive in those days. The kids of that time learned from their parents and also lived with that mindset. And then came the current adult generation. Due to the good economy, the 1980’s saw essentially the most materialism in the 20th century. This created the “give me” generation who wants everything handed to them. Large debts are now being charged as this generation of adults are still trying to get everything they think they need.

Defining Needs

Because Individuals have gotten everything they wanted as kids, they don’t understand the distinction between needs and wants. A pc is classified as a “need” by them. This logic is also applied to “needing” a television. These are not needs. Needs help us stay alive in our chosen environment. Needs being met does not put us into debt, and you can get out of debt as you figure out how to distinguish them. Needs are an element that keeps you alive and healthy. The very best electronics are not basic needs.

Meaning of Wants

When someone claims that they just "need" to possess that one-of-a-kind coat, it is possible to pretty much bet that they don’t understand the concept of "wants". A want is actually something you desire and think you need it. Debt is mostly from the “wants” category. The contents of your house most likely fit in this category.

Separate both and Save Money

Really the only way you are going to save cash ultimately is to separate your needs from your wants. Survival takes very little, so get very clear with what you truly need. To aid, you can make a list with two columns. You will label the left side NEEDS. WANTS will be the label for the right side. Sustaining things that help you stay healthy should be written on the left side. Clothing, food, shelter and water are going to be here. Also, include anyone’s special needs items here, such as an oxygen tank. Now, write down all the other things on the right side that does not fit the left side. Make sure to include things such as toys, furniture along with your computer.

Evaluate Both

Now, check out both sides. Because you do not need much to survive, the longer list should be to the right. Getting real with your finances can help this exercise be revealing to you. Do you see that you spend a lot more money than you need to? Absolutely nothing is wrong with indulging in your wants. To save money and get rid of debt, get very clear on your needs first. It is fine to spend money on your wants. Recognize that needs and wants are not the same. Because you have let your wants get you into debt, you need to reduce the total amount you spend on them.

How to make Auto Accident Claims Easy

This is a Reason for Worry during the Holidays and Winter

Holidays certainly are a time when people are on the roads more often, while winter is just the opposite. There is something common between both these seasons. An increase in traffic with the dangers of an impending accident waiting around the corner. People would inevitably have made sure that their vehicles are insured. The truth is, many states employ a law in place that state you must have at least liability insurance. Is everyone aware about the correct way to proceed with a claim with their insurers? This matter has given rise to several disputes with insurers. People making claims, have seen the figure either being reduced or rejected by the insurers in many cases. How will you get a claim processed without trouble?

No Reason to Panic

One of the first things you should do if you are in an accident is avoid any type of panic. You could land into more trouble than imagined if you panic after an accident. You have to remember that you are involved in an accident and a claim needs to me made for it with your insurers. Collect all information by staying calm and using the following tips to help process your claim smoothly.

What should be Looked For?

Should you be involved in an automobile accident, report the matter to the police immediately if someone is injured. Report any injury with no regard to the extent. Any damage to the car and property should also be reported. Remove your car to a safe place that is away from the flow of traffic. While it will be best to take images of the accident, you should at least make a note of the license numbers of the vehicles involved. The police will provide you a driver information exchange form. Make sure that you have all details of the other party associated with the accident. Collect details of all witnesses that may be around at the time of the accident. Do not accept fault or money from the other party in an effort to stay away from reporting the accident. This will impact your claim. Make sure you file your claim by getting in touch with your insurer right after the accident. The form for the claim should be completed in all respects. Have a word with your insurers about ! any preferred repair shops they may have before taking your car to a repair shop of your choice. Confirm that your insurer agrees to pay for all repairs before you get the work done, if they appoint an adjuster. Supplementary damages, if seen at the time of repair, must be reported and approvals sought for the repair. Repairs that have been carried out should be checked to make sure that the car is back in good condition. You should get a receipt for all work completed with the name and address of the mechanic shop visible. Your insurers will make a demand for this from you. Issues that people have with insurance claims for auto accidents have more to do with a lack of knowledge of the rules. Insurers will just follow the rules they have set with no compromises.

Obama holds health care summit | HHS does too

Obama holds meeting with Congress about health care

From Wikimedia Commons

President Obama has initiated a health care summit with Democrats and Republicans from Congress at the Blair House in order to create a bipartisan consensus on what is supposed to be done about health care reform.  Some Republicans have been receptive, others combative.  Thus far, two issues seem to have emerged - that the health care system as it stands is unfair to consumers, and that the U.S. Government cannot afford to begin picking up the tab.  The most common cause of bankruptcy is medical bills, and it is also one of the things that routinely sends people running for payday loans.

Obama, McCain spar

Some of the quotes from the proceedings, from MSNBC, indicate verbal sparring between Sen. John McCain (R, AZ) and President Obama.

"Let me just make this point, John, because we're not campaigning anymore. The election is over." — Obama
"I'm reminded of that every day." – McCain

Republicans strongly contend that market solutions are the better course, which seems to be consensus in other circles.  A recent article in the Wall Street Journal upholds that contention, and two of the authors of the piece are professors of Business and Stanford and Columbia. As it stands now, the government is spending out of control, with Social Security Medicare/Medicaid dangerously close to insolvency, to say nothing of foreign policy.  (One seems to recall not one, but two wars going simultaneously.)  The House and Senate are also currently holding hearings on whether or not to lift the exemption clause that exists for health insurance companies. ... click here to read the rest of the article titled "Obama holds health care summit | HHS does too"

Last Call for Home-Buyer Tax Credits

The federal home-buyer tax credits

Qualified first-time and repeat home buyers can still take advantage of the federal home-buyer tax credits. The credits are back, after a short hiatus, and prospective  home buyers stand to save thousands of dollars by taking advantage of them.  They should be used wisely,however. Here are a few things to keep in mind:

The deadline is approaching

The deadline for the federal home-buyer tax credits is April 30, 2010. That means that if you want to use the credit, you have to have your home under contract, or in escrow, by that date. In addition, the transaction must close within 60 days. Although 60 days may sound like a long time, consider that the average home takes just under that to close. Also, if you are a first-time buyer, you should start looking soon.

The amount of the credit varies

People need to understand that the amount of the tax credit is not set in stone. In fact, it's actually 10% of the sale price of the home. Remember though that there is a maximum on the credit of $8,000 for qualified first-time buyers and $6,500 for qualified repeat buyers. For example, let's say a first-time buyer finds a home for $75,000. Their tax credit would be $7,500. On the other hand, if repeat buyers find their dream home for $110,000, the maximum tax credit would be  $6,500.

Consult the experts

It's never a good idea to try to sort through complex tax laws yourself, even if you do some research. Make sure you find the right people to guide you through the purchase and help you out. You want to have a mortgage lender who helps you find the right loan product, a realtor who can help you find homes with the right requirements and a tax preparer who knows the details of qualifying for the credit. Working together, they can create a sure-fire plan of action so you can take the tax credit and have all the necessary paperwork to prove your eligibility. ... click here to read the rest of the article titled "Last Call for Home-Buyer Tax Credits"

$15 billion jobs bill passes Senate 70-28

13 Republicans and two Independents cross the aisle

Ohio Rep. Dennis Kucinich (D) calls it "investing in America."  After a 70-28 vote in the Senate, the $15 billion Democratic jobs bill to stimulate job creation has passed with 55 Democrats, 13 Republicans and two Independents saying yes. Considering just how far the American workforce and their pay day loans have to come, that $15 billion is considered to be "modest in scope," as the ! New York Times puts it.

What will the jobs bill do?

Our recent coverage of the jobs bill referenced Fox News, which broke down the $15 billion bill into $13 billion in payroll tax breaks for employers who start hiring workers unemployed for 60 days or more; $35 million for "small business depreciation"; $2 billion for infrastructure bonds; and a highway bill extension.

Bipartisan support suggests it could speed through the House

This is turn would mean that the jobs bill gets to the president's desk quickly. The only way Americans will be able to stimulate the economy long-term is if they are employed, so the current jobs bill comes at just the right time. ... click here to read the rest of the article titled "$15 billion jobs bill passes Senate 70-28"

IHOP to it!

Looking for a way to brighten your Tuesday? Head on over to IHOP to celebrate National Pancake Day! For the fourth year in a row, IHOP is offering a free short stack of pancakes to celebrate.

The restaurant is asking for a donation in the amount you would have paid for the pancakes in order to raise $1m for children's hospitals. You have until 10pm to get them! If you're too late, you can always find pancake recipes and make your own.

The Olympic competition continued last night in Vancouver, and the host country had a big reason to celebrate as Tessa Virtue and Scott Moir snagged Canada's first-ever go! ld medal in ice dancing. You can catch more Olympic ice skating action tonight as the women skate their short programs. Other events today include bobsled, curling and speed skating. You can keep pace with all of the events (and see the current medal count) using our Winter Games toolbar!

Hot Searches From February 23, 2010
1. IHOP - Free pancakes today to celebrate National Pancake Day
2. Olympic Ice Dancing - Canadian pair wins the gold
3. Celebrity Cruises - Mor! e than 300 fall sick on ship Mercury
4. Luke Air Force Base- Shooting and fatal car crash
5. 'The Bachelor' - Rozlyn speaks out on her scandal
6. Jayson Williams - NBA star sentenced for shooting
7. Dick Cheney - Resting comfortably after being hospitalized
8. Stila One Step Make Up - A primer, foundation, concealer & powder in one?
9. Electrolux - Creates cooktop of the future; makes pots and pans obsolete?
10. Medal Count - Germany is second with 21; who is in the lead?

Not all of the night's television drama happened in Vancouver, however. Things got heated on 'The Bachelor' reunion show when booted contestant (and single mom) Rozlyn Papa lashed out at the show's producers who she claims fabricated a story about her on-set behavior and refused to let her call her son. Do you watch The Bachelor? Tell us what you think really happened!

For more on today's hottest stories, check o! ut our top searched list. Also check out AOL News Search for breaking news around the world. What other big stories happened today? Let us know! Come back for tomorrow's Hot Searches and follow us on Twitter and Facebook for daily updates.

Also Try: vancouver olympics schedule, vancouver olympics, olympic results, winter olympics, sports blog

 

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How to Give Tax-Free Gifts to Children

Two ways to give a tax-free gift

A small investment can grow into a substantial tax-free gift

Wealth education includes knowing how to give a tax-free gift of money or assets. The Uniform Gifts to Minors Act, also referred to as the UGMA, was created in order to make it easier to gift tax-free assets and money to children. Parents, grandparents and others can open a UGMA account or a similar UTMA account, which stands for the Uniform Transfers to Minors Act, in a child's name. The account can then be used to give financial gifts, as well as to purchase investments, such as stocks and bonds for the child. The adult who opens the account is the account's custodian until the child reaches the legal age required to manage their own account, and accounts are always governed by the laws of the particular state where they were established.

Tax-free UGMA and UTMA investments

With either a UGMA or a UTMA investment, yearly taxes are not due until the gains on the account total a minimum of $1,700 dollars. When taxes are due, however, they are based upon the child's parent's highest marginal tax rate until the child turns 18 and then the taxes are calculated according to the child's lower tax rate. In fact, the initial unearned income totaling $850 is tax exempt for the child regardless of age. The second $850 in unearned income is taxed based upon the child's current tax bracket. When the unearned income from the account grows beyond $1700, the child's age is used to determine whether taxes will be based upon the parent's tax bracket or the child's. ... click here to read the rest of the article titled "How to Give Tax-Free Gifts to Children"

It Is a Good Idea to Create a Budget

Budgets Save Time

These days, it is harder than ever to find time to do the little things, let alone handle your finances. Being unorganized will leave your finances in a mess. Getting organized means creating a budget. You do not need to create an elaborate budget. You can know what bills you must pay with a simple budget. As you are paying the bills, you will then have all your information in one place. You can save a lot of time in the long run by knowing where and when your money is going out.

Money Not Wasted

All the experts seem to agree that when you create a budget, you will save money. You can see where your money is going by creating a budget. Grocery or gas spending will be curbed with a budget. Your lack of responsibility in your finances will also show up in a budget. This will help show the way out of debt for you. One word of caution: this will only help you save money if you stick to it. You cannot save money if you do not stick to a budget. Besides, a budget is only as good as your willingness to stick to it. Being debt free, as well as saving money, depends on you sticking to a budget.

Budgets Keep Away the Stress

If you have a financial mess on your hands, you will end up being very stressed. This stress will then create health problems. Your health problems will then cause you to miss more work. Because you miss work, then your earnings will go down. As a result, your debts will begin to go up. Not having a budget can really destroy your finances by giving you a lot of undue stress.

Knowing where your finances are at with a budget can really help you reduce this stress. You will have your financial power back when you know this. You can be debt and stress free with this power. If you are not stressed out over money, you will not be sick as often. More money can be earned if you are healthy. You can be debt free if you earn more money. By creating a budget, you will save yourself a lot of stress and money.

Live Well By Creating a Budget

As you have seen, creating a budget is a good idea if you want to live well. Family and friends will enjoy your time more. You will have more money to save for a rainy day. You will feel better so that you can enjoy your extra time and money. Why should you not desire to create a budget? This budget will allow you to plan for those expenses that could bring financial ruin otherwise. Having your needs met with a little time and money left over is what living well is all about.

Managing Retirement Cash Now that You've Been Laid Off

Getting laid-off

Managing retirement cash now that layoffs are common can be tricky. Being laid off is not an employee's fault. The economy is creating more and more issues for businesses and often the only option is to let go of good employees when finances get too tight. If you are laid off, there are some ways you can protect your retirement assets. It's important to take the necessary steps to safeguard savings.

Cashing out

Many workers choose to cash out when they are laid off. Though this may be an immediate solution, it isn't always the right decision. Cashing out is expensive and involves taking on a big tax liability. The reasoning is different for a consumer, though. They believe that taking a small unemployment check combined with a long period of job searching is just too much to deal with. In today's market, the average unemployed American has been looking for work for 14 to 17 months. That's a long time and many consumers are considering taking as much emergency money as they can upfront to make it through as many months of bills as they can.

If you are laid off and are considering cashing out, remember that you will be penalized. You may have a good chunk of money to make it through the time of unemployment, but your retirement savings will be gone. There are some other options to consider before cashing out.

Evaluate the other options

If your company downsizes and lays you off, there are normally three things to do with your retirement money:

1. You can leave it in the existing account
2. You can take the lump-sum
3. You can transfer the money to another retirement account

If you choose to stay with your existing play, it normally means your balance is over $5,000. This is the best way to avoid taxes and continue compounding interest without interruption. You won't be able to contribute to the plan, but you still have a say in how the money is invested. The good news is that keeping it live means that you keep reaping the benefits of what cash now is saved. … click here to read the rest of the article titled “Managing Retirement Cash Now that You've Been Laid Off“

Paczki not enough for you? Try some king cake this Fat Tuesday!

New Orleanians have been scarfing down king cake for 40 days

There's a buried baby in that king cake, just so you know.

Where have you been? If Fat Tuesday has just sprung itself on you like a new Tiger Woods mistress, then you probably haven’t been partaking of the cake and buried baby.

Buried baby? OK, here’s the deal, thanks to The Guardian. King cake has its origins in the French settlers of New Orleans, who celebrated the coming of the three kings with a similar bun-like confection. It’s all part of the feast of Epiphany, or Twelfth Night, or King’s Day. As you’ll see in the photo, the icing is colorful, which is significant: purple signifies justice, green signifies faith and gold signifies power.

Speaking of gold, if your coffers are a bit short and you crave king cake, short term loans might help. Please use discretion.

The buried baby is little Jesus

It used to be that a woman who got the slice of king cake that contained the buried baby was crowned the queen of Mardi Gras. Thus, king cake has a great deal of ritual significance. They also take a lot of time to make and are by all accounts quite yummy.

Haven’t the Saints Super Bowl victory and the current popularity of the new Disney movie The Princess and the Frog got you thinking New Orleans already? If not, king cake should do the trick. … click here to read the rest of the article titled “Paczki not enough for you? Try some king cake this Fat Tuesday!“

Loans have Pros & Cons

Management of Loans can get Difficult with Easy Availability

It is extremely easy to get loans of all kinds these days. You can find any type of loan that you need by just looking for it. In many cases, you do not even have to leave the comfort of your home to do that. Apply online and the money will be in your account within a few hours. People with limited capabilities end up borrowing and exceeding their limits due to the easy availability of these loans. High interest rates are a deterrent to people in many countries who are looking to apply for loans. America is different in this case. As interest rates are cheap, people can apply for, and get loans. People depend on these loans for expenses that they have not budgeted for due to the speed of approvals. It is better to understand the facts before making an application for a loan, rather than having to worry about it at a later stage.

Make an Application after Everything has been Understood

When applying for a loan there are a few things you should about before you apply. Ask yourself, whether you have enough cash flows to repay the loan you are trying to get? In many cases, people take out loans they find difficult to repay on the scheduled date. Rollovers of loans take place due to lack of funds coming in or other expenses. This results in an increase in their debts and disputes with lenders and collectors. Enormous amounts of stress will have to be faced by the borrower. One should not adopt the adage of “enjoy now pay later”. You will be indebted when the time comes to make a repayment, after having enjoyed the money you had borrowed.

When to Take a Loan

Before taking a loan, be sure to weigh all of your options. Sometimes people cannot manage with a loan. Consider other options that can help raise the money before approaching a lender. Your application for a loan will be approved even if you have below par credit scores. The money will be made available to be, but at a slightly higher rate of interest. If your position is absolutely unavoidable, apply for the loan. Do not borrow more money than required. Remember that the scheduled date of repayment will arrive shortly. If you find yourself in need of the money, go ahead and make the application.

What does a Loan Stand for

A loan is a debt from the start of your application. Any experiences with loans that are bad will also leave you with bad credit scores. Staying with the payment schedules that you are given will bring in a different experience. You will be welcome to apply for more loans by the lenders if you maintain a good record. What you require and the time that it is required for should always be borne in mind. Your understanding and reputation with the lenders will stand enhanced.

Enjoy Planning a Vacation

Everyone wants to know how you are to plan a great vacation

Sometimes vacations can go wrong if planned poorly. Luckily it shouldn't be too hard to prevent this.

Begin by using a budget

Begin your vacationing experience with a budget. Hopefully you can use the budget to decide what hotels to stay in, where to go, and what money you can spend. The budget is so important because you know beforehand what you will be spending. Make sure to budget out transportation in the budget. Decide how much to spend on hotels and food. Spend your money according to this since it shows exactly where to spend it.

What to do

It is important to first decide where to go for your vacation. Avoid looking at a ton of places since this will make you unsatisfied with your choice no matter what. You need to decide between sight-seeing and lounging around. Check your budget so you know whether or not you can really do this. After deciding this, you need to make sure you get any passports that you may need for the vacation. The budget needs to include this. Try to go through an agency with insurance if your trip is really expensive. To avoid losing all of your money in an emergency, it is great to have insurance.

Choose your transportation

For your vacation you will need to decide between flying and driving. You may only have to option to fly sometimes. Make sure you weigh the good and bad. If you fly then you will have no transportation when you get there. You should factor in all the extra money you will pay for transportation into the budget. If you drive then you will probably go on a long road trip. A lot of people like road trips and a lot don't. Depending on how many people come in the car with you, you might save a lot. If you drive then you have to option of stopping at a lot of places.

Hoping the weather is good

My one last piece of advice is that you check the weather before you go. Having rain instead of the warm weather you want makes things go wrong. Pack your bags according to the weather.

Homeowners are Taking in Boarders to Find Extra Money Now

Getting by post-recession

Americans are getting more and more creative when it comes to finding money now. The employment rate is still high and the jobs being created are still sparse. That leaves a nation of consumers who have to find their own ways of making money to cover bills. For over 18-months now, the recession has had a hold and a heavy affect on the nation. Although the recession is over, according to experts, some true signs of recovery most likely won't be seen until mid-2010 at the earliest.

More and more consumers are looking to non-traditional methods of generating cash. Second jobs, freelancing and taking in boarders are all viable options for a financially hurting public. In earlier years, taking on boarders was thought of as a risky move that only the most desperate utilized. Today it's becoming a more popular choice for those looking to cover their mortgages.

Mortgages and boarders

According to RealtyTrac, in 2009 there were a record number of 3.96 million foreclosures in the country. Add to that another 7 million who lost their jobs and that could mean the number of foreclosures is still going to rise. Consumers are resigning to do whatever it takes to make their mortgage payments, and that includes renting rooms. Offering a non-homeowner the luxuries of a home at a discounted price could work out well for people. It's a good exchange and lets the homeowner cover their mortgage payment while giving the renter a place to stay that they normally couldn't afford. There are some cautions however, and here are some of the major concerns: … click he! re to read the rest of the article titled “Homeowners are Taking in Boarders to Find Extra Money Now“