If you have a high-deductible insurance, health saving account (HSA) is a great way to pay for medical expenses with triple-play tax benefits: Deposit tax free, grow tax deferred and withdraw tax free. Every year we have been contributed the maximum for family coverage into HSA. We then invest the money in broad-based index mutual funds offered in the plan. For those with limited investing options “you aren’t trapped,” said Kimberly Lankford at Kiplinger. You can still grow your health saving account. If you contribute outside of your employer’s HSA you might have to pay Social Security and Medicare tax on contributions. It’s best to continue contributing into HSA through payroll deduction to avoid the FICA taxes and to receive the matching fund if available. Then transfer the funds a few time during the year to an HSA with better investing options. (kiplinger.com)
4 Moves to Achieve Long-Term Financial Goals in Your 40s
The modern 40s are so busy with life and kids. Your income also reaches a higher level as your career takes off. It’s time to play financial catch-up. Kiplinger describes 4 tips to achieve long-term financial goals in your 40s:
- Beef up investing
- Juggle saving for college and retirement
- Max out your earnings
- Pay off debt
Watch Out for 3 Popular Social Media Money Scams
Nowadays online users are aware of government officials from Nigeria or other foreign country asking for your help in placing large sums of money in overseas bank accounts. What about other online money scams? Jeanie Ahn writes on Yahoo Finance explains 3 social media money scams you need to watch out for:
- Fake coupon that trick you into clicking
- Facebook profile viewer tracking to see who has been checking your profile
- Phishing emails about closed accounts on how to reactivate because it’s been cancelled or closed
Law Graduate Who Says She Can’t Get a Lawyer Job After Applying to 150 Firms Loses Her Lawsuit Against Her School
After applying to 150 firms without getting an attorney job, law graduate Anna Alaburda sued the school for fraud. The San Diego Union-Tribune reported that the 37-year-old graduate of the Thomas Jefferson School of Law loses her lawsuit against her school. She was seeking $92,192 in lost income and $32,475 in tuition and fees reimbursement. Jurors ruled 9-3 in favor of the school and “rejected the claim that she based her enrollment decision on misleading information, and one juror said he also was influenced by Alaburda’s decision to turn down a law firm’s job offer in 2008.” (sandiegouniontribune.com)
Victim of Fourth Industrial Revolution: Blue-Collar Workers and the Poor
From manufacture to the oilfield, automation is gradually taken over the manual labor. Sooner or later artificial intelligence and robots will be capable of doing the same work as financial advisors, taxi drivers, bartenders and speechwriters. Bryan Wright writes on Lost Angeles Times that “the so-called Fourth Industrial Revolution has found its first victims: blue-collar workers and the poor.” Most occupations that pay less than $20 an hour are likely to be “automated into obsolescence.” Consulting firm McKinsey & Co. forecast that 45% of today’s workplace activities could be done by robots and AI. According to a report from the 2016 World Economic Forum, by 2020 7.1 million jobs around the world will be destroyed by these technological changes. The simple reason is that robots don’t need paychecks, health insurance, pensions, and vacations. Meanwhile, most workers are in denial as they think their job will still be there in 50 years and only 11% worried about job loss to automation. (latimes.com)
You’re Probably Overpaying For Wireless Service
According to Consumer Reports, between 50 percent to 70 percent of Americans overpay for mobile-phone plans. Consumers should be paying no more than $50 per phone line. “Carriers, by and large, unless you make a move, aren’t likely to inform you. They’ll never call you to tell you how to save money if you are already their customer,” said Michael Gikas, senior editor for electronics and technology at Consumer Reports. However, consumers tend to be loyal to wireless carriers to a fault. In a survey, only 6 percent of 90,000 mobile phone subscribers switched providers in the past year. Their wireless bill decrease by $20 or more a month when they switched. Carriers normally offer special prices to subscribers threatening to leave, but it’s up to consumers to find the deals. (bloomberg.com)
American Cars Are Not Popular In These Cities
Do you buy American or foreign cars? Startup YourMechanic analyzed a huge dataset of the country’s largest markets to come up with the American car index. In San Jose, Calif., only 25% of cars is an American brand, while in San Francisco it’s a bit higher where 27% of cars are American brand. Bridgeport, Conn., New York City, and Boston round out the bottom five cities for American cars. When it comes to buying American, the Midwest reigns supreme with Detroit on the top of the list with 77%. (yourmechanic.com)
Give Up These 5 Habits to Reach Success
Steve Job reminds us that: “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.” To reach your success it takes certain amount of patience and self-sacrifice. Lifehack points out some habits successful people give up to increase their productivity. Here are 5 habits to give up in order to reach success:
- Don’t work in your comfort zone
- Don’t fear asking for advice
- Don’t multitask
- Don’t let the past dictate the future
- Don’t hang around negative people
It’s Okay to Leave Some Money On The Table
While high standard is good, perfectionist can hinder your personal finance in the long run. The Finance Buff writes: “What I observed is a tendency among some people to over-optimize, in other words trying to wring out every last drop. It’s not necessary. It can even be counterproductive in some cases. It’s better to leave some money on the table.” It’s okay to pay off debts instead of squeezing out extra returns in risky investments while paying the minimum. As long as you max out your backdoor Roth IRA contribution, it’s okay to take your time to convert the money. For your emergency funds, it’s okay to put your liquid fund in 1% saving account instead of switching to 1.1% saving account. “Leaving some money on the table when you win the big battles minimizes the chances that something goes wrong. I see it as small prices to pay for the big wins,” said The Finance Buff. (thefinancebuff.com)
How to Make Six Figures a Year
While the median household income is $53,657, making $100,000 a year or more can seem like a far-off goal but it is possible. The Practical Saver writes: “When you think that making six figures a year is impossible, think again. If you want to make a lot of money, there are necessities that you need to be aware of and that you need to take control of. While I do believe in luck (just like winning in the lottery), I do believe that earning six figures is directly tied to a ton of hard work and some or combination of other factors.” The key ingredients on how to make six figures a year are your abilities, education, career and network. (thepracticalsaver.com)
Personal Finance Expert Turned a School Bus Into a Mobile Personal Finance Hub
Personal finance expert and blogger Marsha Barnes turned a school bus into a mobile financial literacy hub. Barnes, 40, bought a school bus to deliver personal finance advice to people on the belief that financial literacy shouldn’t be considered as a luxury and any willing person can turn their financial situation around. “A school bus, to me, speaks to learning and being in a classroom environment,” Barnes, told Yahoo Finance. Barnes has taken her bus on the road to college campuses and domestic abuse shelters where people need affordable financial education. This year Barnes plans to launch a free two-hour event where women in her community can gather to discuss their financial challenges and seek advice. She’s also partnering with a local radio station to run a 52-week series called “Getting Your Money Right in 2016.” (yahoo.com)
Is Artificial Intelligence the Way Forward for Personal Finance?
Artificial intelligence (AI) has progressed constantly and has performed better than human in many fields. Earlier this month AlphaGo AI developed by Google’s DeepMind has beaten the world’s top player Lee Sedol in a complex game that enthusiasts hoped it would be decades before machines would be able to triumph over the best human players. AI is already competent at self-driving, but is AI the way forward for personal finance? San Francisco-based start-up Wallet.AI already tries some breakthrough in this field of personal financial management to “build machines to help consumers make smarter decisions about their money, especially when they’re out spending it,” according to its CEO Omar Green. He sees data analysis with the help of AI as the “key to a smarter way to manage finances than a spreadsheet or piece of paper.” Perhaps, one day AI will help human on a small scale financial decision, which eventually saves a lot of money for that person. (wired.com)
10 Things to Do When You’re About to Be Laid Off
Instead of being blindsided by HR, savvy professionals always are on the lookout for signs that their jobs are in danger. Business Insider has excellent tips that you can do as soon as you realize you’re about to be fired. Here are 10 things to do to reverse the bad news before it’s too late:
- Don’t panic
- Ask your boss for honest feedback
- Do your best work possible
- Keep your boss and others in the loop
- Brush up on necessary skills
- Get stronger — mentally and physically
- Document everything
- Stay visible
- Never assume you are safe
- Start working on your resume and looking for references
Homeownership Increasingly Difficult For Average Americans
Reuters reported that “home prices are rising faster than wages in most of the United States, making homeownership increasingly difficult for average Americans in some of the most populous areas of the country.” Among the populous areas, San Francisco and New York City become much less affordable. “While the vast majority of housing markets are still affordable by their own historic standards, home prices are floating out of reach for average wage earners in a growing number of U.S. housing markets,” said Daren Blomquist, senior vice president at RealtyTrac, which monitors housing market trends.
Those Who Have Financial Knowledge Earn an Extra 1.3% Higher Annually
There ain’t no such thing as a free lunch, but by being more knowledge in personal finance principles you will earn more in investment return over the lifetime. The National Bureau of Economic Research with professors from the University of Pennsylvania, George Washington University, and North Carolina State University, released a study entitled “Financial Knowledge and 401(k) Investment Performance.” The authors found that individuals who had the most financial knowledge — as measured through five questions about personal finance principles — had investment returns that were on average 1.3% higher annually — 9.5% versus 8.2% — than those who had the least financial knowledge. Over a working period of 30 years, the gain would enhance the retirement nest egg of the most knowledgeable by 25%! (cnn.com)
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