My Life as a Volunteer Tax Preparer – Week 6

This was yet another unique week of experiences for me in the volunteer tax preparer office.

I had 5 appointments plus I picked up a 6th so one of the other volunteers could leave early.  This 6th appointment was the most enlightening to me.  More about that in a moment. Read more

The Declines of 401(k) Matching and Mr. Ponzi

I will be posting something tonight or tomorrow about yesterday’s volunteer tax preparer experiences.  One client visit was probably once-in-a-lifetime (for me) unique so I want to take a little more time to think and write about it. Read more

How to Probe for Signs of a Market Bottom

We had a bounce yesterday.  Was it one of proverbial “dead cat bounces” that are all too common in bear markets?

The buzz from stock market analysts about finding or predicting a market bottom seems to be increasing.  Everyone wants to be told that this is it, things are as bad as they are going to get, that it’s time to make strategic buys back into the market.  Who or what is going to make this pronouncement?  President Obama?  Barney Frank?  Warren Buffet? Read more

Banks Teaching the Futility of Chasing Credit Scores

Banks and other lenders are now teaching many of us a lesson.  The lesson is the futility of focusing on credit scores as a financial planning strategy. Read more

The Cynic’s Activity Guide to Contentment in a Bad Economy

I admit it – I am a professional cynic.  I also believe in using a little cynical humor to lighten the mood when things aren’t to my liking.   Sometimes that humor contains hard truth that comes at the expense of others.  But I mean no harm.  I just want my money back.

Today I experienced a burst of cynical energy coupled with a need to smile my way out of economic gloom.   This is the list of activities that resulted from that combination of character traits (or flaws).  Yes, it’s a strange way to find contentment in tough times but it works for me.  Maybe it will work for you as well.  I hope it sets a positive mood for the rest of the week. Read more

My Weekly Money Reader – Daylight Savings Edition

I have family visiting this week from Florida (Mrs. ToughMoneyLove’s cousin Bill and his family).  Bill’s wife is trying to score a slot on a musical reality show and tryouts were this morning.  Don’t know how that will turn out but it did require a substantial investment of time and money yesterday getting a demo CD produced at a local recording studio.   Everyone has dreams and you need to take your shot when opportunity arises, so kudos to her and to Bill for his support.

I read a few money things of interest this week. Read more

How Taxpayers are Making Your Home Affordable

The Treasury Department this week released more information about Obama’s “Making Home Affordable”  program.  It should be called the “The Taxpayers are Making Your Home Affordable Because You Won’t” program.

Mr. ToughMoneyLove has a few comments. Read more

My Life as a Volunteer Tax Preparer – Week 5

Today was my fifth opportunity to assist mostly lower-income senior citizens with their federal income tax returns.  (I say “mostly” because one of my fellow volunteers showed me a return she prepared this week for a 20-something married (dink) couple with an $86k income.  I think if that pair had showed up at my desk I would have had to ask “Are you sure you are in the right place?”) Read more

Why 401(k) Can Spell “Lousy Retirement Plan”

Mr. ToughMoneyLove doesn’t have have a pension plan or a golden parachute.  When I leave my job for good, my employer will say thanks (by then, probably more like “thanks for finally leaving”) and cut me a small check for the book value of my stock in the business.  

Our retirement income will depend on other assets plus Social Security.  A large (but shrinking) part of those assets is my 401(k) plan.  Discounting 2008 and 2009, I’ve been happy with it.  But for many people, 401(k) plans can make lousy retirement plans.  That’s why I will continue to do a lot of investing outside my 401(k) plan.  I actually have reasons, starting with…. Read more

For Success in Finance, Discipline Beats Brains Every Time

Not long ago, I wrote a piece on “life’s little money mysteries” which included this well known rhetorical question:  If you’re so smart, why aren’t you rich?

Mr. ToughMoneyLove thinks the number one reason why smart people – most people actually – fail at money and personal finance is a lack of discipline. Read more

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