By David Lucas
Friday, February 13, 2009
By David Lucas
Thursday, February 12, 2009
By Lara Turner
Wednesday, February 11, 2009
Posted by Yoshikuni Asaba
Wedding is one of the most important event for your life and hopefully anyone of us wants to experience more than once.
So, maybe all of us wants to experience the best moment of the time and live happy forever.
However, we all need to know how much money we need for the happy moment and save it when the time has come.
According to studies report, the average cost of wedding in the US to be about $30,000 while the median is around $15,000.
**This research include the outliner who is rich enough to throw huge party.
The Yahoo! Answers explains the following detail
Dress - $500 or less
Tuxed - $125
Food - $400 appx 200 ppl catered
Decorations - $250
Flowers - $200
Honeymoon - $1000 (not to expensive but give a little cushion)
Use a DJ instead of a band - $200 (dj)
Wedding planner if needed - $200
Chapel and Pastor - $200 (donations usually)
Hair/Makeup/Nails - $250
Gifts for your girls/guys~appx 15-25$ each
In Japan the average wedding cost is about Least $25,000 to $40,000
Average cost of the wedding is different according to which resourse you are using.
Cost of Wedding
- On average, couples that live in (Syracuse, NY)
Spend between $15,947 and $26,578 for their wedding. This does not include cost for a honeymoon or engagement ring.
*Estimate based on spending not vendor prices
US couples spend $28,732 for their wedding.
The majority of couples spend between $14,366 and $35,915 while their wedding budget is typically 50% less than the amount spent.
This does not include cost for a honeymoon or engagement ring. Understanding average wedding cost now can help you with your wedding budget later.
My Money Blog
- According to studies report, the average cost of wedding in the US to be about $30,000 while the median is around $15,000.
**This research include the outliner who is rich enough to throw huge party.
Probably between $14,000 to $36,000 will be needed for the Wedding.
Are you able to afford this?
Money and Marriage Saving for the Future
Cost of Wedding
If you fail to draw a connection yet to real life, assume you pass away and you have a family, who will get your house. The truth is, it won’t go straight to your family, if nothing is written the government will take it over. Keep the government out of your life. No matter how big or small your income is, having an estate plan is necessary so that all your belongings stay in your family and don’t end up in an auction leaving your surviving family members with nothing.
How you deal with money can provide insights into how you deal with people
even in a marriage setting. Additionally, how money is viewed, spent and saved can impact how you function in a relationship with someone else. Before making that relationship mostly permanent, you should talk about money, and establish a solid foundation from which to discuss money in the future.
By: Asim Mohammed
During today’s tough economic challenges many workers who are being laid off are either taking new jobs with significantly less pay or staying put at a job that they don’t find amusing or staying at a job they know wont help them achieve their career goals.
There are two different stories in each situation. Many workers who are being laid off from well paying jobs, such as six figure salary jobs are now accepting any job just to get by and support their families. For example, Shaun Chedister worked for Washington Mutual making about $125,000. After being laid off last year, Shaun spent about a year looking for a job, he finally found one with Ernest and Young as a executive administrator making a mere $66,000. Chedister and his family have had to significantly re-adjust the way they live. Their lifestyle is totally different now by looking at more affordable homes and there car being repossessed because of late payments.
The other situation is only similar in that workers have their original jobs but are afraid to move on because of the sluggish economy. Many workers are staying at their jobs even if they are unhappy. About 96% of workers said they were likely to achieve their career goals at another company. Another 46% said taking a new job in the current economic environment is risky.
Many families are feeling the crunch of a slow economy, whether it’s a family needing to adjust to a different lifestyle because of pay cuts, or a family experiencing problems at home because their spouse is unhappy with their job but they are afraid to move because of the risk of not finding another job. However there is the small niche of workers who have no fear of being laid off because of the specific companies they work at. Such companies like Southwest Airlines, FEDEX, and Aflac among others do not have a formal layout policy and many of these companies haven’t had any layoffs for lengthy periods of time, even during tough economic times. As a result these workers have nothing to fear.
Tuesday, February 10, 2009
Families with a high net worth should encourage their high school and college age children to invest in an Individual Retirement Account (IRA). Individuals can make a deductible IRA contribution equal to the lesser of $4,000 or earned income for the tax year. In addition to the immediate deduction, starting an IRA at a young age will increase savings at retirement age dramatically. Parents can also use part of their annual $10,000 gift exclusion to fund the $4,000 contribution for the child if their working money is needed for living or education expenses. This is attractive because it enables the high net worth parents to remove assets from their taxable estate and ensures that the child will not be able to access the funds (without penalty) until age 59 1/2. Starting an IRA at the age of 18 instead of 25 will significantly increase the individuals’ wealth by the time they turn retirement age. Assuming an 8% annual increase in value, an IRA started at age 18 with yearly additions of $2,000 will be worth over $905,000 at age 65. If the account were opened at age 25, it would be worth only $518,000. The additional $14,000 in contributions results in additional savings of nearly $400,000.
Monday, February 9, 2009
Braving blustery winter winds and frigid Northeast temperatures, mom Barbara and dad Scott take their two daughters to scour a dreary Staten Island parking lot.
Here are some tips that will make the whole gruesome process more convenient. The first step is to pull your credit report. It is the fastest way to take an overview of the outstanding loan balance, mortgage and credit card debts that the couples need to divide up. You should open your individual bank accounts and close out all the joint accounts. The house that you and your spouse lived in should be sold. It is important to change the beneficiaries, if necessary. The retirement plan and your health coverage also should be modified. Lastly, dust yourself off and start living.
But exactly how do you persuade material boys and girls to enjoy giving as much as they love getting? Here are seven tips to help instill some big-heartedness in the little ones.
There is no doubt about it. No matter how much you love each other, you will eventually have unavoidable contingencies during your marriage. Studies show that money is the number one reason why couples engage in such arguments. While talking about money issues might solve the quarrelsome battle, there are something more than conversation that should be fulfilled to have harmony when it comes to marriage and money.
Couples are overwhelmed by the uncertainty on how to handle their finances. Assuming that the couples are both in a hospitable financial status, finding a way to blend finances comfortably can dramatically reduce money arguments.
Of all the money arguments there are, debt is the most common reason why couples separate. It is highly possible that one spouse might enter the marriage with a lot more debt than the other. Even though some might disagree, once you are married, your spouse’s debt can become your problem. With this in mind, it is recommended to pay down the debts as quickly as possible.
Believe it or not, studies show that men and women spend the same. Because the type of expenses differ between a man and a woman, it is very easy to scapegoat each others for the excess amount of expenditures. The solution to this is to keep a tight budget!
By Nicholas Hall
Nothing is more important then family, and making sure that your parents are on the right page for retirement is very important to keeping you family in good shape. Some people just never really put any thought into saving for retirement when they were younger, and now your 50 year old mother might be in trouble. Children are obligated to take care of their parents as they get older in the same way that their parents took care of them as kids. So asking your parents about their retirement plan and financial situation is important.
In result of poor retirement financing the first question to ask is why. Did your parents never make enough money? Did they spend too much? Were there to many expenses throughout their lives? It is never to late to introduce your parents to a 401(k) or IRA accounts. Starting later is better then being left with nothing at all, plus you don’t want to be caught holding the ball for all their financial needs during the later years of their lives.
It is wise to exercise some sensitivity when you approach your parents about saving, but the sooner you can reach them the better. If your parents are willing to save, then starting now will give them more time to improve her retirement prospects. Remember that family is everything and making sure your parents will be living comfortably into old age is paramount to their happiness, they deserve it.
Sunday, February 8, 2009
Copied and Pasted by Asim Mohammed
New York (Money) -- Lisa and Bruce Brown are fortunate enough to have plenty of assets to protect. Foremost of these is their children: The Browns are the proud parents of four-year-old Emma, and they have another baby on the way.
Click to read more.
I believe these tough economic times are coming because consumers have incurred far too much debt, the government has incurred far too much debt at all levels of government, and because many companies have incurred far too much debt.
There are many steps that I would encourage each and every one of you to take:
1. Make a written budget and stick to it. This budget should be a monthly budget if you are new to budgeting or an annual budget if you are an old hand at budgeting. My wife and I have had a written budget since a couple of weeks before we got married. We are currently working on next year’s budget and will have it done in the next week. Every December we prepare a budget for the next year and analyze how well we followed our budget in the current year.
2. Evaluate your job skills and improve them so that you can find a better job.
Click here to read more
Saturday, February 7, 2009
Posted by Brendan Boesch
Each year there are nearly 1 million divorces in the United States, or about 50% of all marriages1. The real tragedy, however, is the financial devastation that occurs to many individuals after their divorce.
Too often, a divorcing individual accepts an unfair settlement and finds that a few years later he or she is experiencing serious financial challenges. Was he or she intimidated or pressured to settle? Did the offer appear to be equitable? What ever the reason, this outcome can be significantly improved upon, if not altogether avoided, if you first understand the seven most costly financial mistakes commonly made in divorce settlements.
Following are brief summaries of these seven mistakes. Each of these areas can be quite complex, so we strongly recommend that you consult a professional prior to making a financial decision that may affect the rest of your life.
Click Here to Read More
Thursday, February 5, 2009
Posted by Nicholas Hall
Financial problems in marriage such as uncertainty and financial hardship will hurt your marriage if the two of you are not talking with one another or if either of you is hiding your head in the sand.
Don't hide your heads in the sand. Talk about your financial situation. Focus on what you can do about your financial problems and then try to do it. "23 percent of survey respondents said they won't do anything differently, even if the economy continues to weaken. Hoping for the best isn't a strategy; planning ahead is the best way to protect your family and build a strong financial future."
List your fixed expenses and your flexible expenses. Identify where you can cut back such as subscribing to fewer television stations, looking for a less expensive telephone plan, having fewer meals in restaurants, etc.
Click here to read the full article.
Wednesday, February 4, 2009
Investing in home security for family
How to Choose the Best Investment option when saving money
Posted by Yoshikuni Asaba
Family budget planning is important, and especially so during the financial crisis that is present all across the globe. Many people have never used a family budget, and with the financial crisis they are forced to start one. A budget planning template can help, because these usually offer an easy to follow layout where you can list all of your income and expenses, so that you can ensure your family budget stays on track and comes out correct. Family budget planning does not have to be complex or hard to do, but it does need to be thorough. For your family budget to be accurate, all income and expenses must be listed. The first step is to determine what the household income is, from all sources. Add together any income that comes into the household, and this is the total household income.
With government help like this not saving for your child’s education is border line criminal.
Posted By: Brendan Boesch
There are many preparations a family must make when planning to have a child. One of the most important considerations when bringing a baby into the world is to make sure that your personal finances are in order. It is never too early to start planning for the additional costs that having a child will bring. Such costs include the prices of furniture, baby food, formula, clothing, and toys. These costs can exceed expectations, with a bottle of formula costing up to $22 a can alone. Most items will cost more than you think they will. Having a sound financial plan will ease the stress of keeping a new baby healthy.
Other important factors need to be considered during times like this. Parents need to have a good life insurance policy, so that their kids will be taken care of if something happens to them. Another consideration that is important is a will. Having a good life insurance plan and a will ensures that your child will always be protected. With all of these events many families forget to plan for their retirement during this time period, but this is a mistake that many cannot afford to make. In addition, it would be wise to start saving for your child’s college expenses when they are still a young age.
Tuesday, February 3, 2009
By Lara Turner
Vanessa Lloyd Platt, a lawyer and author on divorce law, says women tell her that they feel like they are penalized for working during their marriage. Judges, she explained, will expect women who have worked to return to the work force after a divorce, even if they have children, whereas women with no former career typically will receive alimony for the rest of their lives.
By: Keun H. Maeng
Some believe money trouble is best resolved with family members. Think again. According to recent studies, intra-family loans can lead to terrible relationships, deeper financial problems and even trouble with the IRS.
Borrowing money from someone very close seems like the most convenient transaction. However, for those people who previously lent money to close family members often complain about the lack of appreciation, delayed payments and strained holiday dinners. Vice versa, the borrowers complain about the lack of trust they receive from the lenders. Just these few possible examples clearly state a point about money association with family relatives: “Don’t do it.”
Even though this advice is indeed a fact, many of us cannot ignore the obligated sympathy that family members unconsciously have. So how can family members ignore the financial struggle that they loved ones might have? Or, in another way, how can there be a friendly transaction without family feud? Luckily, there is a solution to this. CircleLending is a company that was organized to solve this problem. Located in Cambridge, Massachusetts, CircleLeding, with the whole idea of family relationship as priority, charges low interest rate to the borrower, and has a $199 one-time fee, plus $9 a month. According to Asheesh Advani, the CEO of CircleLeding, the company is, in effect, formalizing the world of “informal loans” between family members and friends.
By Craig Rozelle
Monday, February 2, 2009
By: Asim Mohammed
Many people believe that wealthy couples spend lavishly and extravagantly on things they don’t even need. People assume that these affluent couples have nothing to worry about except to spend money and always have the finer things in life.
To the contrary, a lot of wealthy couples try and save their money instead of spending it generously. For example the Schmitt’s, sold interests in their two companies in the same week making about $10 million each. Instead of living expensive lives, the Schmitt’s drive a 2006 Honda minivan, and live in a 2000 sq. ft house. Another couple the Shifrins, an army couple who make about $133,000 each. At first they never thought about saving but since they got married they are obsessed with saving. So far they have saved $87,500 in retirement funds and invest $500 a month in mutual funds, which now total nearly $44,000. Another couple, the Wisneski’s earn $90,000 a year together. They have no debts, or loans on their heads, so one would expect them to live in an upscale area, however they live in Oneida Wis., home to the Oneida Indian Nation. They drive two cars, a 1998 Saturn and a 2005 Chrysler. They spend very little in terms of leisurely activities. They rarely travel, opting to stay home instead, and spend about $85 on entertainment, including movies, etc. So far the couple has $44,000 in retirement savings and put in $200 a month in their Roth IRA accounts.
I always thought couples or families who were financially sound would live comfortably than most people. I never thought couples, as the ones mentioned above, would ever worry about saving their money for the future.
By Lara Turner
By Dan Kadlec
"Responsibility increases with children," says M. Sophie Beckmann, a certified public accountant and certified financial planner at A.G. Edwards in St. Louis. "You're now responsible for your spouse and the children. That means planning."
Click Here to Read More
Planning for a baby is a very arduous and expansive task; and while there are many issues to touch on, financial planning is probably the most important. It is vital to make sure you have the funds necessary to support your child before going about having one. However in most cases, if you waited to have a baby until you could afford it, you'd never have children at all. So here are a few things to consider when thinking about financing a baby.
The U.S. Department of Agriculture estimates it costs the average middle class family $184,000 to raise a baby from birth to age 17. Firstly, during pregnancy you will want some extra money for a variety of needs. There are classes, books, medical expenses, and clothes that are all going to break your wallet before the baby is even born. The child birthing process is a large expense as well. Then there will be all the expenses regarding actually raising the child until he/she is independent. Don’t forget that women will also have to take leave from work during a portion of this time as well, so planning ahead and saving properly is tremendously important.
The first thing you need to do is to make a minimum budget; this is just to get an idea for all the expenses you will certainly incur (note that this will be much less than all the expenses you will eventually incur come the end of the cycle). Talk to friends who are parents to get a better idea about all the expenses of having kids (diapers, formula. Etc). It is a good idea to add at least 10% to your budgeted number for emergences as well. Lastly, you always want to be thinking ahead toward college for your kids, so it is probably a good idea to start putting some money aside to earn interest while your children grow.
Posted By: Brendan Boesch
If you're anything like me, you graduated from college and perhaps even took a finance class or accounting class here or there, but you didn't learn anything about managing your personal finances. In fact, there probably wasn't even an opportunity to take any such class in either high school or college. But if college is partly about training us for a job, shouldn't we learn what to do with the money we earn from a job? Especially in a country where 45% of college students are in credit card debt and 40% of all Americans say they live beyond their means, I think it's time to wise up to some of the challenges of money management. A few (say, 102) simple financial tips can help get your money life (back) on the right track.
Click here to Read More
Sunday, February 1, 2009
Think about it. Since the time your kids could reach up to the bathroom sink you've been teaching them to brush their teeth everyday, right? Every morning before they go to school and at night before they go to bed. You've also tried to get them to clean up and put away their toys before they go to sleep, instilling a good daily habit of orderliness and organization.
As they grow up and become young people, you try to keep up with their homework, their friends, what television shows they are watching. Why do Moms and Dads do it? It's simple. You're trying to instill good habits in your children, no matter what their age--not only cleanliness and mental hygiene but self-worth and ultimately self-confidence, all principles which hopefully they will take with them safely through their life, into their own independence.
Greetings students. Here is your recommended reading for this week in Finance 378. In addition to reading chapter 5, this should all be read by Monday, February 8, 2009:
Investing vs. Paying Credit Card Debt - also a video on the DrBoycePersonalFinance blog
"Renting vs. Buying: Which one is for you?" - DrBoyceRealEstate blog