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Joe is a former financial advisor and media representative for American Express and Ameriprise. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. He’s also appeared in Bride, Best Life, and Child magazines, the Los Angeles Times, Chicago Sun-Times, Detroit News and Baltimore Sun newspapers and numerous other media outlets.  Joe holds B.A Degrees from The Citadel and Michigan State University. 

Systems for Better Money Management – 2 Guys & Your Money #40

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Have shows come automatically to your iPod! Use the 2 Guys iTunes page here.

Listen to shows on your smartphone! Try the Stitcher app here

Want to listen at your computer later? Right click the podcast and save the file to your desktop.

Wondering WHY  your budget, money and investments aren’t performing as well as they should? We have the answers on this week’s show. Also, we welcome the Makin’SenseBabe to the show, as she joins Dominique Brown and Len Penzo to discuss people who place restrictions on estates….you know those people who say “You can’t inherit my money unless you quit smoking….OR…..you can’t have the cash until you finish college….” Is that wrong? Should people do that with their money?

We discuss the new Stacking Benjamin’s podcast and how to subscribe next week to the new show AND we share our feelings about Iron Man 3…and much much more.

Just for fun, check out our brand spankin’ new logo:

StackingBenjamins_Podcast_300x300

As always, these notes will fill in during the day on Monday.

 

Podcast Show Notes

<> Open

<> Stat of the Week: 37% of people say they can reach their retirement goal without using stocks.

<> Shortwave: Ruling your inheritor’s lives after you’ve died. Should you?

<> Top 5 Money Management Systems

<> End Show

Iron Man 3 (Both Joe & OG saw it this week!)

(OG & Joe both…thumb sideways)

Stacking Benjamins notes

– New Feed Next Week

– 3 Shows During First Week (Mon/Wed/Fri)

– Please give us a review on iTunes and use social media to share the new podcast!

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Surprising Mother’s Day Facts

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Mother’s Day is almost here. Did you buy flowers? Plan something special? Remember that Mother’s Day doesn’t have to be expensive to be fun…it needs to be personal and warm. If you think that expensive equals expensive and warm, I’d say that….yes…..you’ve drank the consumerism Kool-Aid.

This was too good to pass up. Here are some surprising Mother’s Day facts that you can share with the family (I recommend the ones about sex….follow up that conversation with religion and politics…..).

Enjoy!

mothers_day_2013

Infographic brought to you by: Rather-Be-Shopping.com

 

What’s your favorite Mother’s Day memory?

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I Forgot To File My Taxes

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Every year I meet a couple people who tell me “I forgot to file my taxes.” How do you forget to file???? Here’s the steps to make it all right with the government.

Did you file your taxes this year? Did you know that nearly 10 million U.S. citizens fail to file by April 15th each year? Some avoid filing on purpose, but many just plain forget. So don’t worry. If it slipped your mind, you’re not alone.

If you still have yet to calculate your refund/payment, do this immediately. Even though you’re late, the process is still the same. Get the appropriate forms and gather all of your tax information and either head to your accountant or calculate your taxes yourself (whatever it is that you typically do). Once you know whether you owe money into the government or if you’re getting a refund, you can take the next steps to file.

 

What Is The Penalty?

 

For most of us, we plan on receiving a refund each year. Some of us even plan on getting as much back at $4,000 or more. This shouldn’t really be your goal since you’re basically allowing the government to use your extra money interest free, but that rant is for another article I suppose. If you have always received some money back each year, then you have absolutely nothing to worry about for filing late. There is no penalty. I was actually surprised to learn this, but it makes complete sense. Why should the government charge you if they just get to keep your money a little longer. In fact, they would probably rather that you never filed your taxes!

If, however, you typically owe money into the government each year, then you will most likely have to pay in a little extra for your late payment. There are three types of penalties that you’ll have to pay: Failure to File Penalty, Failure to Pay Penalty, and Interest.

Failure to File Penalty

This penalty occurs because you did not file your taxes by the deadline and you owe money to the government. The amount of money you owe depends on how late you are to file. If you’re a month late, then you owe and additional 5% on top of what you already owe. For each month that it’s late, you have to add an additional 5%, up to a maximum penalty of 25% (if you’re 5 months late or more).

Failure to Pay Penalty

This penalty occurs when you file, but you just don’t pay the amount you owe. The penalty is 0.5% for each month that you have still not paid in full. There is not maximum penalty, so it’s definitely best to pay the full amount as quickly as you can.

Interest

In addition to the traditional penalties, the government also want’s the money back with interest. While this amount changes all the time, it is currently set at 3% interest per year, but it is calculated based on every day that your return/payment is late. Again, it’s best to pay this sooner rather than later.

Basically, to sum it up, if the government owes you money, you have nothing to worry about. Just file your taxes and you’ll receive your check shortly, with no penalty. If you owe money in, then you’ll have to pay quite a few penalties. So, rather than play the “wait and see” game, you should calculate your taxes and file them as soon as possible.

Photo: 401(k) 2013

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The Most Overrated Investments – 2 Guys & Your Money #39

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Only one episode left! Man, are we excited for the launch of Stacking Benjamins on May 20th.

On this episode we kick guests to the curb to gift you with another of our famous Top 5 lists: The Top 5 Most Overrated Investments. PK discusses inflation. We give a lucky listener a copy of Jean Chatzky’s Money 911. Of course, we top it all off by talking about the movies we saw this week.

As always, more detailed show notes will appear here during the day on Monday.

 

Show Notes:

 

<> Open

<> Stat of the day: New Study….Money DOES make you happier.

<> PK’s Fractional Sense: Inflation in your portfolio

<> Let’s Give Something Away: Jean Chatzky’s Money 911 is going to a lucky listener this week.

<> Top 5 Most Overrated Investments

<> Movies:

OG “Unforgiven”

Joe “42”

 

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My Plan to Save $1,200 by Streamlining Subscriptions AND a Giveaway!

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Before working from home, I spent a ton of time in the car and could justify XM Radio. After a long day on the road, I wanted good television or a movie available on a whim. That led me to investigate Netflix and finally sign up. At that point, I had two subscriptions monthly: XM and Netflix.

That was just the beginning.

I love the Tour de France, so when changing my cable over to dish, I signed up for a premium package. At the time I felt lucky. The total number of channels I was about to receive dwarved the cable lineup and the price stayed exactly the same. Bonus!

Oh, but I wasn’t done.

We’re Detroit Tiger baseball fans, so through our Xbox (and its Gold subscription annual fee) we sprung for the MLB Baseball season ticket so we could watch our favorite sports team. Of course, ESPN shows a full slate of sports over my satellite provider, too, also through the Xbox.

In short: I’m wired to the gills…and paying for it.

 

Paring down my electronics

 

You may think, “Man, he’s wasting money hand over fist!” In the old days, when I owned my business, nothing could have been further from the truth. Sure, I was spending every month on subscriptions, but I was also able to justify the expense by the large sums of money I was bringing home. Now, as a financial writer, I don’t see that same level of income. I also find that because I’m wired to the internet constantly, my needs have changed. I enjoy reading blogs and perusing Flipboard.

It’s time to cut back.

First, I need a plan. This is the plan:

 

Satellite

 

It’s time to broach the subject with Cheryl: I’m investigating options such as Roku, that would allow us to stream channels via the internet over our television. I also have discovered that I can get the Tour de France over the internet. If I’m streaming this event over the internet, I can save tons of money.

Cost of Roku (x2 for two televisions): $160
Cost of Hulu Plus: $8 / mo.

Cost of Tour coverage: $20

Savings from Cutting Satellite: $80 / mo.

 

Total Savings: (COST of $80 first month, then monthly savings of $72 per month – July, which will be savings of $52)

 

XM Radio

 

This is a no-brainer. We have XM in two cars now…we’ll pare it back to a single vehicle. While I can hear the frugalistas yelling, “Get rid of it completely!” I travel too much to do that. We’ll keep it in the car we constantly travel across country in, but dump it in my car. I’ve gone from 45k miles per year in the car to less than 5k, while our primary car has already been driven 55k miles in just over a year.

A holdover from my working days: I have the expanded sports package to hear every sport, rather than the ½ and ½ (they totally rip you on this) in my existing car.

XM Radio Subscription cut savings: ($14.50/mo.)

 

Total Savings: ($14.50 / mo.)

 

Netflix:

 

If you listen to our podcast, you’ll know how much I enjoy movies. I saw 72 films last year alone. However, the disc service isn’t getting the use from me that it once did. Sure, I want it around Oscar time to watch my favorite flicks, but now I can stream videos for a low fee through the iTunes store or Amazon. There’s no need for Netflix on my monthly subscription. I love the original programming and access to older television series available through Netflix, so I’m holding onto that subscription for now:
Cutting to Streaming Only Savings: ($12.00/mo.)

 

The Big Finale

 

Total Savings: $98/mo. (except the first month, when I’ll pay $180 for two Roku boxes and July of each year for Tour de France, when I’ll only save $78 on July bill).

Not bad….nearly $1,200 a year and I’m not missing out on any of my entertainment options!

 

A Giveaway: How About Winning A Great Television?

 

Nothing helps you streamline all of this media like a quality television. Luckily, I’m part of a big giveaway this month to help you get just that! I know, you can thank me later. However, by spending just a few moments following some good financial blogs on Twitter and liking them on Facebook, you’ll be signed up to win a Samsung UN50EH6000 50-Inch 1080p 120Hz LED HDTV!

Check it out:

(That’s an affiliate link, if you’d prefer to just buy one!)

If you’d like cash for annuities, you’ll love the folks who helped us bring this contest to you, by the way. It’s great to have partners to give this stuff away, isn’t it?

The contest ends May 31, so enter quickly!

 

a Rafflecopter giveaway

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Dress For Success Without Breaking the Bank

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What type of job do you have? Are you trying to climb the ladder in Corporate America, but don’t have the money to drive around in flashy cars and brand new designer clothing? Well, let me tell you a secret. You don’t need to spend a lot of money to fit into the corporate world. Sure, it helps to look the part, but rather than rack up your credit cards with mountains of debt, it’s much wiser to pay for your clothing with cash.




“But clothes are expensive!” you might be thinking, “…and to get quality pieces, you’ve got to pay top dollar.” I’ve heard these complaints many times before, and while they sound relevant, they are absolute myths. First of all, sure, clothes can be expensive if you buy them from the retail store when they’re not on sale, but this is a complete waste of money. And, if you think that spending more money means that you’re getting higher quality goods, you’re absolutely wrong there too. Much of the time, you’re just paying for the designer name, not the quality of the clothes.

Avoid paying retail prices. Let’s explore where you can get high-quality clothes for less than half the cost of retail.

Second Hand Stores

Many people stick their nose up at the second hand stores, but hear me out on this one. Don’t head down to your local slummy second hand store because they’re going to have slummy looking clothes. Instead, drive yourself to the nearest ritzy town and walk into their “gently used” stores. You’ll quickly notice that the clothing there is far different than from the bad part of town, and it’s severely cheaper than at the retail store!

Platos Closet

This store sells gently used clothing as well, but you know that it’s in good shape and that it’s the latest fashions. They often have more trendy items, which could only be used for “weekend wear”, but the men might be able to find a few dress shirts, slacks, or dress shoes as well. For the ladies, dress shoes can easily be found here, and at a far reduced cost from retail. Other items that can be found are skirts, dresses, and plenty of accessories.

Search Online

There are many big players coming onto the online scene these days, and since they don’t have the liability of a huge retail store on their books, they can charge far less for their clothing than the other guys. For big events, it might make sense to rent clothing. My daughter is headed to the prom in a dress from RentTheRunway.com. On top of this, you could check out RetailMeNot.com and find a promo code to reduce your overall bill even more!

The Key to Dress For Success

These three areas are a great place to search for some new clothes, but be smart with your purchases For women, when you purchase a new wardrobe, don’t buy complete outfits that can only be worn together. Buy versatile pieces that can be interchanged with one another. When you buy a few neutral colored skirts, a few solid colored blouses and a couple of decorative scarfs, you end up with not just two outfits, but 10+ outfits that can be worn all different ways! While men generally don’t buy matching sets, the same is still true: focus on clothing that can easily be worn in multiple combinations and you’ll be able to lower your cost while still looking great.

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Around The World In Less Than $20k – 2 Guys and Your Money #38

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Have shows come automatically to your iPod! Use the 2 Guys iTunes page here.

Listen to shows on your smartphone! Try the Stitcher app here

Want to listen at your computer later? Right click the podcast and save the file to your desktop.

 

Monday, Monday. It’s the perfect day to peer out the window and dream about…..well, how about traveling around the world on less than it would cost to sit at home?

It sounds good to us, too, which is why this week on the show we interview Adam Shepard. Maybe you’ve read the book reviews, so you’ve heard everyone else’s thoughts about Adam. Now let’s hear Adam’s story from his own mouth. He’ll talk about fighting bulls, his favorite countries around the world, the places he’d never return to in a million years, and more. Of course, he’ll talk about how he saved up the $20k to take the trip in the first place. Inspirational? It was so inspirational I wanted to get off the interview and tell Cheryl we were leaving right now.

Here’s Adam:

 

Want another one?  Here’s Adam bullfighting:

 

We’ll tell you how he ended up in the bull ring on the podcast.

The rest of the show ain’t slouchin’ neither (welcome to Texarkana, folks!). OG & Joe discuss the stat of the week (a third of the population ENJOYS doing their taxes!), the shortwave gang discusses the fact that 41% of people surveyed say they can’t contribute to a retirement plan because their bills are too high, and PK discusses the ridiculousness known as benchmarking.

Of course, that autographed Jean Chatzky book is still up for grabs, so you could win that, too. All you have to do is guess the name (and this is our easiest name-guess ever).

Finally, we discuss the future of the show. Three show left until this grasshopper becomes a butterfly.

PS – Oh, yeah! I almost forgot movies! OG saw Lincoln, and Joe saw Oblivion.

As always, show notes will appear magically throughout the day on Monday.

 

Show Notes

 

<> Open

<> Stat of the Week: 36% of people enjoy doing their taxes

<> Adam Shepard: One Life Lived

<> PK’s Fractional Sense: Benchmarking

<> Let’s Give Something Away

<> Shortwave: Can’t Afford To Save???? Huh????

<> End Show –

– The future of the show.

– Movies: OG – Lincoln (thumb up) Joe – Oblivion (thumb sideways–movie isn’t as advertised)

Saving Money on Athletic Equipment: How Do You Lower The Cost?

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Todd is the co-founder and content manager at Fearless Men, a blog on Manliness that inspires men to grow strong, get fit, be wise, kick fear in the face and become a better man.

There’s no way to count how many pieces of athletic equipment are out there. They claim to burn fat, build muscle, and to make Chuck Norris appear in your bedroom. Or Sofia Vergara. Whoever you prefer.

Working out can be expensive. Whether you’re going to an expensive gym or buying paint buckets of protein powder, it’s a realm that you can easily blow cash on. Not that your health, wellness and nutrition don’t deserve the absolute best—that doesn’t mean that the best equals the most expensive.

For the anti-gym rat, the person who wants to build body strength and burn fat at home, here’s a comprehensive list on saving money on athletic equipment.

 

1. Free Weights, Bar Bells and Benches

 

If you’re allergic to the gym but want to gain muscle in a traditional manner (weightlifting) it’s hard not to lower the cost. Generally free weights equate to a cost of one dollar per pound. So if you want a pair of 25 pound dumbbells, you’ll need to spend $50. Two 50 pound dumbbells? Another $100. If you want to buy all the increments in between, you’re talking about spending mad cash.

Deals on this front can be found, but trust me, they will be quick and competitive.

Where you can save is the previously aspiring weekend warrior that bought a nice bench press set and weights to slap on it. Once they’ve used it three times it often then slowly gains a collection of dust for months or even years. That’s when you can find a good garage sale or Craigslist list deal if you can haul it away with a truck.

 

2. Treadmills, Ellipticals and Stationary Bikes

 

These megaton beasts will break a man or woman’s back, and their wallet.

If you prefer hitting the revolving pavement rather than braving the outdoor elements, purchasing a treadmill or elliptical machine may be ideal. And you don’t have to blow up Fort Knox to afford it either.

First you need to decide upon what piece of cardiovascular equipment you want. If you want something easier on the joints, go with an elliptical machine. If you want to practice your running skills, go with the treadmill.

There are other options as well, stationary bikes of course. If you don’t know what you enjoy and feel comfortable with, the best option for you is to get a free week-long membership at your local gym and try out the equipment several times. That’s a free way to self-review the product!

Next, look on eBay and Craigslist for what’s cooking locally and up for auction. Beware on eBay of shipping costs! It’s possible this could exceed what you’d actually pay for your exercise equipment.

Finally, look online and in the paper for deals at stores like Sears. They frequently want to get something off their floor. You can even give the store a call and see if a less-than-current display model is ready to be carted off. You could possibly enjoy a 30%-70% discount on a big ticket item.

 

3. Cable and Pulley Based Systems

 

Now this is a pretty broad category. Whether it’s Bow Flex, Total Gym, or some other pulley based system a washed up celebrity is selling, you can find a big win or a big loss when dealing for these.

It’s easy to look up the going rate for pulley based athletic equipment and compare that to deals on Amazon, eBay, and what people are listing in online classifieds.

Where you can go wrong is not knowing if the elaborate pulley system is fully functional. If one cord or pulley is misaligned, and you don’t know how to fix it, then you’ve bought a worthless piece.

These at home gyms can be dynamic and provide a lot of different toning exercises. Do understand that you run a higher risk if you buy it aftermarket of losing out because there is no valid warranty for you to call upon if it breaks.

 

4. P90X, RushFit, Insanity, and other video based exercise programs

 

Many of these programs require minimal or no actual athletic equipment. You may need to buy some resistance bands or a pull-up bar, but investment aside from the DVDs is commonly minimal.

Expect to spend $80-$150 for a DVD series like P90X or RushFit. This can save you a large amount of money on athletic equipment compared to a treadmill, tons of free weights, or a cable-based system.

Many of these videos will challenge your cardio, and help you tone your muscles. They can build overall athleticism. But don’t be fooled in their ad pitch that you’ll gain enormous muscle if that is what you are aiming for. The guys on the box art or the infomercial most certainly hit the weights aside from doing pushups in the videos.

 

Saving Money On Athletic Equipment

 

If your goal is to grow healthier and more active within the comfort and safety of your home, I salute you. I’ve done P90X before at home and it did help me on my journey back to fitness. If I lived in a cold state I have no doubt I’d be on the market for a treadmill. Whatever you do, invest your money into something you know is in good condition. And ensure you invest in something you are committed to using!

[Image credit Luc Latulippe / http://dribbble.com/luc]

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3 Easy Steps to Increasing Investment Returns

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Hello Free Financial Advisor readers! I’m Marvin from Brick By Brick Investing, a blog that focuses on teaching the average joe how to invest in the stock market and grow their wealth in order to achieve financial independence. It’s my pleasure to have you as my audience today. If I could explain one thing to investors it would be this…

Investment returns are not the number one factor in regards to building wealth through the stock market. Now before you strike me down and start to curse my name hear me out. I pride myself in being completely honest with you and if our roles were reversed I would want you to do the same. Here are the three things that you have complete control over that matter most.

 

Earn More Money

 

While some make the noble attempt to educate themselves financially it has been my experience that they prematurely start investing and in return lose a substantial amount of money. I would advise instead of focusing all that energy chasing hot stock tips, attempt to be the best in your field. Strive hard for that promotion at work or for that bonus and when you achieve success allocate your increase in income to your overall portfolio. I would much rather see a safe low risk return of 6-8% on a portfolio of $100k+ than a high risk return of 15-20% on a portfolio of $10k.

Throughout college I worked hard and was able to levy that hard work into a favorable job market where I obtained a very coveted job skill. In return I was able to start making a large sum of money compared to my peers that I graduated with the year before. It wasn’t easy, there was a lot of sacrifice not only from myself but from my family as well. I basically sacrificed three years of my young adult life in order to acquire a nice salary. Now I am able to make low risk trades and investments and compound my wealth.

 

Increase Your Savings Rate

 

Stop trying to keep up with Joneses and stop living above your means. Eliminate your debt and spend less than you earn while investing the rest. I believe a good bit of us have been deployed and lived under basic conditions. Therefore I believe it is safe to say you can do without some of the luxuries that deplete cash from your wallet. I personally recommend that individuals should strive to save 50% of their income AFTER tax.

Time and time again I hear that this cannot be done but I did it for two years of my life. In fact I use to save 80% of my after tax income before I got married. I will never forget the day my wife discovered that I used shirts on hangers as curtains for my room, her facial expression was priceless. For six months I had nothing more than a mattress, laptop, and gorilla case in my room. These are the things that allowed me to save so much money at a young age. Since then my wife and I have come to happy medium and we save 50% of our after tax income and indulge in some luxuries but if it were up to me we could save a lot more.

 

Choose A Great Financial Advisor

 

While no fault of their own a lot of individuals believe all financial advisors are created equal, but the harsh reality is they are not. It is imperative that you verify potential advisors credentials, fee structure, and capabilities. Some advisors may try to use a broad stroke with all their clients and you need to verify that your potential advisor has a plan for your specific situation. Do not feel that you cannot ask questions. In fact you are interviewing them for a job to manage your investments. Ensure that you leave no questions unasked and make sure you understand the answers that are given to you. Albert Einstein said, “If you can’t explain it simply, then you don’t know it well enough.”

 

Increasing Investment Returns Can Be Simple

 

If you do these three things I guarantee you will outperform 90% of your peers in terms of investing and ensure a successful retirement. These are the things I live, preach, and teach.

Photo: Tony Crider

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Building Wealth with Barbara Friedberg – 2 Guys and Your Money #037

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It’s a short show this week as we give the team a much deserved week off. Instead, Joe discusses Barbara Friedberg’s new book, How to Get Rich: Wealth Building Guide For The Financially Illiterate.

This month is Financial Literacy Month. For more great posts on financial literacy and how you can learn more about successful money management, check out Shannon’s carnival at The Heavy Purse.

Enjoy!

As always, show notes will materialize here during the day on Monday.

 

Show Notes

 

<> Open

<> Barbara Friedberg: How to Get Rich

Amazon link to the book

Sites mentioned by Barbara during the interview:

Bankrate.com

KnowYourBank.com 

GoBankingRates.com

<> Close