How Old Money Lives

Originally posted on The Old Money Book:

In The Old Money Book , I detail the values, priorities, and habits of individuals and families who’ve enjoyed wealth and privilege for three generations or more.  Not by accident, the book begins with Old Money Values. If you don’t know what’s important–to you or someone else–mimicking certain behaviors will be a short-lived endeavor with hit-or-miss results in terms of improving your quality of life. (How Old Money Does It is the second section.)

But if you know the know the underlying philosophy behind a way of life, it will make more sense and adopting it will be easier. An OMG (Old Money Gal) I spoke with recently summed it up nicely when she said dryly, “No matter what happens, we aren’t going to behave any differently.”

She was speaking in financial terms, noting that regardless of whether or not her family made a lot of money this year or…

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Key 2014 Tax Information

Originally posted on Janet Sienicki EA, ABA:


Item 2014 2013 Change
Maximum income tax rate 39.6% 39.6% -
Maximum Medicare tax rate 2.35% 2.35% -
Social Security employee rate 6.2% 6.2% -
Max Dividend/Capital Gain rate 23.8% 23.8% -
Personal Exemption $3,950 $3,900 +$50
Standard Deductions
Single $6,200 $6,100 +$100
Joint or Qualifying Widow 12,400 12,200 +$200
Head of Household 9,100 8,950 +$150
Married Filing Separate 6,200 6,100 +$100
Elderly/Blind: Married Add $1,200 Add $1,200 -
Elderly/Blind: Unmarried Add $1,550 Add $1,500 +$50
Key Credits
Child Tax Credit $1,000 $1,000 -
Adoption Credit $13,190 $12,770 +$420
Lifetime Learning Credit $2,000 $2,000 -
American Opportunity Credit $2,500 $2,500 -
Savers Credit $1,000 $1,000 -
Retirement Plan Contributions
Traditional IRA $5,500 $5,500 -
(age 50+ catchup) Add $1,000 Add $1,000 -
Roth IRA $5,500 $5,500 -
(age 50+ catchup) Add $1,000 Add $1,000 -
401(k), 403(b), 457 & SARSEP $17,500 $17,500 -
(age 50+ catchup) Add $5,500 Add $5,500

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Seal your financial leakages this year

Originally posted on Arihant Capital Markets Ltd:

As the famous adage goes, “Change is the only constant in life.”

Financial planning is not a one-time process. Life, your goals, tax laws, and your financial world have a way of changing, sometimes dramatically. It is quite unfortunate fact that though we spend more than half of our lives working and saving, but we hardly spend any time in contemplating on putting our hard-earned money to work more effectively for us. This approach leads to various Financial Leakages which often causes a financial disaster in the long run. Keeping a regular eye on our personal finances and sealing these financial leakages helps us to make the most of our money.

Let us take a resolution for this new year that we will take charge of our finances wisely as we alone are the architects of our financial future. Reviewing provides us an early signal and prevents us from potential…

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Interesting article

Originally posted on Daily Mercury Chronicle:

10 Characteristics Of Debt-Free People

AJ SMITHCREDIT.COM 
FEB. 4, 2014, 3:00 PM 
 

Whether you’ve resolved to get debt-free in 2014 or you have a long way to go, it’s good to be inspired. Look at people you know who are already living debt-free lives. 

Whether it’s a friend, family member or co-worker, the person you are thinking of probably shares similar qualities with other debt-free people. 

Here are 10 common characteristics you can copy to live within your means. 

1. They Pay Attention to Details 
You won’t notice that recurring fee on your credit card for the gym you’ve stopped using if you’re not checking your statement regularly. People without debt monitor their personal finances closely. They are less likely to waste money by forgetting about payment due dates or overdraft fees. You can start paying more attention also. The key is just to…

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The Top 5 Things Nobody Told You on How to Get a Job

Originally posted on Ujima Solutions:

Getting a job can be difficult, frustrating and challenging. After finishing school, many young people find it tough to successfully gain employment and become self sufficient. With the worldwide economic downturn, finding a job has become even more difficult. In fact, it is estimated that the number of young people looking for jobs has increased by 30% since 2007. (http://www.economist.com/news/leaders/21576663-number-young-people-out-work-globally-nearly-big-population-united)

Quite often, information is shared on how to get a job. Good grades, dressing well, or interview preparation are all given as ways in which to quickly and easily land your “dream job.” However, in many instances, this information simply does not help. Many young people do well in school yet never manage to get a reply to their job application or simply can’t find a job suited to them.

Instead of giving the same old suggestions, here are the top 5 things that nobody ever told you…

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The networked car is no longer just an idea; it will be mandated in future vehicles

Originally posted on Gigaom:

For the last two years, automakers and the U.S. Department of Transportation have been investigating the idea of cars talking to once another, putting thousands of Wi-Fi connected smart vehicles on a track in at the University of Michigan to see if they could cooperate with another and avoid accidents. Apparently the feds are convinced that the technology is ready for prime-time because on Monday, the National Highway Traffic Safety Administration said it is kicking off a process that will one day make inter-networking a requirement in all new vehicles.

The technology is called vehicle-to-vehicle communications, or V2V for short, and NHTSA is billing it as a safety technology similar to seat belts and airbags. A car that can communicate its intentions, can let other vehicles know if it’s slamming on its brakes or just turned on its blinker, signaling a lane change. Drivers could then react to those cues…

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Savings Programs

I have seen multiple posts about Savings Programs lately, and some of them have been complicated to follow/read.

Simple Explanation: Saving money on a regular basis towards a financial goal.

It’s that simple! Make it even easier on yourself to save and setup an automatic transfer with your bank to a savings account. It doesn’t matter how much you start with, the important thing is to get it setup and develop a good savings habit.