Obama’s Economic Stimulus – How Should it Be Spent?

Should Obama offer an economic stimulus to the country by investing in infrastructure?  Lately its sounding as though stimulus checks are out and tax breaks and infrastructure spending are in. 

So how should the billions of dollars for public works be spent?  I ran across some interesting commentary recently on this topic from a wide range of people including industry CEO’s, secretary’s of transportation, and the Environmental Defense fund.  Here are some of the things they had to say:

Janet F. Kavinoky, Director of Transportation Infrastructure, U.S. Chamber of Commerce

There are thousands of “ready to go” transit, highway, aviation, water, and other infrastructure projects worth tens of billions of dollars awaiting funding.  Many of these projects could be initiated in the short run to preserve and create jobs and generate economic activity.  So the U.S. Chamber believes that investment in ready-to-go projects should be a key component of any stimulus package.  There is no question that infrastructure investment supports jobs. It directly puts people to work in construction. At a time when unemployment in construction is higher than in any other sector of the economy – at 10.8 percent up from 6.1 percent a year ago – stimulus is critical.  Infrastructure investment also supports jobs in manufacturing construction equipment, quarrying materials, design, engineering, planning and finance.  The best news is that when projects are done, infrastructure draws businesses to the location, inducing even more jobs.

Pete K. Rahn, Director, Missouri Department of Transportation

Congress and the Obama administration should commit at least $50 billion of a stimulus package to highway and bridge improvements – $25 billion a year for two years. The funds should be distributed by the existing SAFETEA-LU formula, because any attempt to select projects from Washington, D.C., would surely get bogged down in bureaucratic processes that would delay putting these funds to work.

You can check out some of the other 30 responses here.

Posted on January 6th, 2009 in Taxes | 7 Comments

Written by Ben Edwards · Filed Under Taxes 

Get Out of Debt in 2009

The new year is here and many of you have new year’s resolutions on your mind. You may be motivated to change bad habits in your life, complete projects that you started long ago, or simply take a new outlook on life.

Is reducing or eliminating your debt one of your financial goals this year? If so, make sure you check out No Credit Needed a great personal finance blog dedicated to helping others get ouf of debt.

About No Credit Needed

NCN is 33 years old, he has three children, and he lives in Georgia. NCN started the blog in April of 2005 with the intention of blogging his way to debt elimination. He began talking about his progress with debt reduction and his method of eliminating it. Now, he is completely debt free and focuses his blog on helping others eliminate debt. He now tracks his progress for saving for retirement and his children’s education.

NCN’s Other Blogs:

No Credit Needed Network : A network of individuals tracking their progress for eliminating debt. (Check Out NCN’s awesome, free e-book about how he eliminated debt! The No Credit Needed E-Book)

No Calories Needed : a weight-loss blog that tracks NCN’s personal weight loss campaign.

99 Changes : A personal development blog to help others improve their personal lives, relationships, and professional careers.

Here are some other great links from personal finance writers around the Web:

Thanks to the hosts of the recent carnivals below for including our articles:

Will 2009 be the year that you get out of debt, change a career, get on a budget, or invest for the future? You can do it, and we’re here to help you achieve those goals!  Here’s to a great 2009!

Posted on January 6th, 2009 in Erik, Financial Goals | 2 Comments

Written by Erik · Filed Under Erik, Financial Goals 

H&R Block TaxCut Software Giveaway

TaxCut by H&R Block is one of the more common tax preparation software packages in use today; you may know it from the “I’ve got people” TV ads during tax season.  After I wrote about the TurboTax review a few weeks ago “the people” at H&R Block offered to giveaway a copy of the software on this site to get the word out about their tax return software.

Free TaxCut Software

I have one copy of TaxCut Premium Federal, including a free federal e-file, to give away to one reader.  If you’d like me to mail this copy of TaxCut to you, submit the following information via the comments below or the contact form.

I’m looking for your stories on issues you’ve had getting paid for home and auto insurance claims that you’ve made.  Send me your story about a home or auto insurance claim that either wasn’t paid or was a huge hassle and that will be your entry into the giveaway.

I’ll randomly select one person that submitted a story and mail them the TaxCut Premium Federal software.  Get your stories in by Tuesday, 1/13, that’s when I’ll select the winner – submit them here.

Good luck!

Posted on January 5th, 2009 in Taxes | 4 Comments

Written by Ben Edwards · Filed Under Taxes 

Best Ways to Save on Prescription Drug Costs

Health care costs are a growing concern for all consumers in the US.  It’s not just the elderly living on fixed incomes whose lives are affected by high drug costs. 

Everyone scraping to save for retirement has this concern somewhere in the back of their mind.  One of the reasons we’re all encouraged to save so much for retirement is that the costs of living as you get older keep increasing as health care costs shoot up.

Doc Gurley, an internal medicine specialist and health care blogger, recently shared 10 ways to help cut your drug costs.  Below is a summary of the 10 suggestions, check out her article for the details.

  • Ask Your Doctor for the Cheapest Drug
  • Price Shop Around Different Pharmacies on the Phone
  • Split Pills (If Your Doctor Approves)
  • Buy Generic Drugs
  • Read 13 Ways to Save On Prescriptions
  • Ask About Shorter Duration of Prescription
  • Beware Free Samples for Chronic Conditions
  • Double Check Expiration Dates
  • Focus on Prevention
  • Ask Doctor Before Stopping Your Prescription
Posted on January 2nd, 2009 in Health | 3 Comments

Written by Ben Edwards · Filed Under Health 

New Years Action Plan

New Years resolutions are no good unless you take action on them.  Rather than make a long list of improvements I’d like to make this year, I’m going to make three specific resolutions and detail how I’ll achieve them.

Exercise Four Days a Week

Problem

Managing my career, spending family time, and running this site have taken up almost all of my time for the last two years; which hasn’t left much room for exercise. Some recent health issues reminded me I need to keep myself healthy so I can live longer and avoid big medical bills.

Solution

Every day after work I come home and spend time with my son until he goes to bed.  Starting next week, 1/5/2009, when I come home he and I will go down into our basement and have our bonding time down there. 

There is a big open area in the middle of the room that my wife and I are going to fill with all his extra toys this evening.  He can play his heart out with those while I get on the treadmill and workout for at least 30 minutes. When the weather gets nice sometimes we’ll head out in the jogging stroller for a change of pace.

Outsource 3 Major Tasks

Problem

As I alluded to earlier my life is short on extra time. I have a lot of things I want to accomplish but the end of the day always comes too soon leaving me with many things unfinished.

I’ve come to the realization that I can’t achieve my goals purely through my own effort so I’m going to outsource at least three major tasks this year to help me get more accomplished.

Solution 

I’m working now on planning a tool that will help me find the right people for the things I decide to outsource.

The first thing I’m going to outsource is the creation of the tool.  I’m coming up with the requirements and the data model and I’ll hire someone to build it for me.  I already have someone in mind but if you’re a PHP programmer looking for a project, shoot me your info via my contact form.

I will have the tool built before our baby is born this Spring.   The second major task, still to be determined, will be outsourced by July and the third by October 2009.

Limit Myself to 3 Projects  & Complete One a Month

Problem

My wife says I have issues with closure, and I’m afraid I have to agree with her.  I’m great at starting projects but not stellar at completing them.  I have a Masters Degree in Project Management and successfully managed many simultaneous software projects at my old job, I should be able to do a better job of managing my personal projects.

Solution

My solution will help me with both focus and closure.

Focus – I’ll keep a list on the whiteboard next to my computer of all the projects I want to work on.  Each week I’ll pick three of those projects and only work on those projects that week – no other projects allowed. (And my wife is not allowed to add any projects to my list)

Closure – I will complete one project a month. That may mean I have to focus on the same 3 projects each week in order to get one done a month, I’ll just have to see how things go.

At the start of each month, beginning today, I’ll pick the project that I MUST finish by the end of the month.  The project will get a star next to it on the whiteboard and MUST be removed from the board by the end of the month.

Action Plan Virus

Okay so I have the New Years Action plan bug.  I’ll spread the virus around a little to my fellow Money Writers and to some other personal finance sites:

I double dog dare any of these gals or guys to help make next year more successful by writing their own New Years Action Plan! People say that girls are better planners than guys, let’s see whether more girls or guys come up with an action plan….

Posted on January 1st, 2009 in Personal Finance, Saving | 14 Comments

Written by Ben Edwards · Filed Under Personal Finance, Saving 

Best Money Posts of the Year

As part of the “best of” series I asked personal finance bloggers to submit their best post and share why they felt it was their best one.  Here’s the list of articles; each one tells the site it’s from, the article name, the author, and why they think it’s worth your time to read it, Enjoy!

Mighty Bargain Hunter – Seven pairs of easily-confused money terms, mbhunter says

“People said in the comments that they actually learned something!”

Moolanomy – Extra Income Guide, Pinyo says

“This is my most comprehensive article on earning extra money via alternative income. It draws upon and reference several articles I\’ve written through out the year.”

Blueprint for Financial Prosperity – 100 Money Saving Tips for the Holiday Gifting Bonanza, jim says

“It’s the best post I have because it took forever to write. :)”

Financial Reflections – How to Set SMART Financial Goals, Chris says

“I often post about the news or my own experiences with personal finance. For this article I created something that could help my readers along their own path to financial success.”

Generation X Finance – Award-Winning Steak Chili Recipe to Feed a Crowd for Under $25, Jeremy says

“When money is tight people are looking for ways to cut back”

Cash Money Life – 10 Personal Finance Essentials, Patrick says

“This article is my best because it outlines the essential personal finance items everyone needs in their life.”

Military Finance Network – What is the Thrift Savings Plan, Patrick says

“This article is my best because it outlines the basic information about the military Thrift Savings Plan and why it is a good investment vehicle for military members.”

Tough Money Love – The College Student Debt Machine: A National Disgrace, Mr. ToughMoneyLove says

“Not enough focus and blame is directed at the role of colleges and universities in promoting oppressive borrowing by students. This post does it.”

Go To Retirement – Striving for a Mortage Free Life, Mr. GoTo says

“Times have changed and this provides a fresh look at the benefits of a paid-off mortgage.”

Prime Time Money – How to Save Money Like a Madman, PT Money says

“It’s my best because it takes the topic of saving money (a pretty boring topic) and kicks it up a notch with some humor and passion thrown in to make it stick. Plus helping people save more is at the heart of what I\’m doing with my blog.”

Four Pillars – Why You Can\’t Trust Real Estate Agents When Buying A House, Mike says

“It’s on a topic that I feel very strongly about (real estate agents)and I think it probably helped a few people think about their relationship with real estate agents.”

Budgets are Sexy – Guess What? We did it! We finally got our wedding pictures!, J. Money says

“Because it was one helluva good ending to one hellish of an experience! It also wraps up the 7 previous posts on this war with the wedding photographer.”

Green Panda Treehouse – Joint Accounts: How We Budget Deposits and Withdrawls, Green Panda says

“This was a really good post because many couples are trying to have their finances work for them. Readers shared their ideas on how they budgeted too. It was a fun discussion and I’ll probably do another one in 2009 to see anything has changed.”

Studenomics – When Should You Not Save Money?, Studenomist says

“This was not my most popular article nor my most commented. However the reason I personally enjoyed it is because it deviates from the usual theme of pf blogs of save save save! I feel that we all (pf bloggers) get caught up in the act of frugality and saving so much that we forget there are times when saving money should not be the number one goal.”

Master Your Card – 42 Ways I’m Going to Make My 2009 Awesome!, Jonathan says

“Well apart from the fact that I put a lot of thought into it I really think there are a lot of successful ingredients for improving quality of life significantly.”

Think Your Way To Wealth – 35 Ways to Kick Start Your Debt Snowball, RC says

“It is my best because it is useful-it offers a lot of ways for people to take action on eliminating debt using the debt snowball method.”

Pragmatic Sage Weekly – Social Security; When to Collect, industry insider says

“I like it because of the topic. Most people rush into collecting Social Security and many financial advisors try to get seniors to collect early just to put the proceeds into a commissioned product.”

Our Personal Finances – Household Budgeting – vilkri says

“…because it represents our blog the best. Our blog describes how we make a connection between our financial decisions and our overall well-being. Money is only a means to an end for us. We think that our overall happiness is the ultimate purpose of handling personal finances in a responsible way.”

The Financial Blogger – How to Find a Good Financial Advisor Part 5, The Financial Blogger says

“This is a 5 part series on how to find a good financial advisor. In these hard financial times you need a great financial advisor in order to help you out making the right decision.”

Intelligent Speculator – Corporate bonds are safer investments, Intelligent Speculator says

“Since everybody loves to think that bonds are safe investment”

Here are a few more useful posts that didn’t come with a description of why the author thought they were the best of the year:

Posted on December 31st, 2008 in Personal Finance | 17 Comments

Written by Ben Edwards · Filed Under Personal Finance 

Year End Finances & Technology

I spent last night and this morning digging out receipts, filling out forms and spreadsheets, paying bills, paying home owner association fees, and paying property taxes online.  Of course if I didn’t save it until the last minute then year end finances wouldn’t be such a drag but I did so I lost a whole evening and morning to paper shuffling.

Thank Goodness for Technology

If it weren’t for technology, procrastinators like me would be in big trouble, here’s how technology helped with my last minute year end finances:

Flexible Spending Receipts – I was able to aggregate a ton of flexible spending account expenses into one request by compiling them into a spreadsheet rather than submitting multiple different requests.

Property Taxes – Our County allows you to pay your property taxes online, up through the end of the day on December 31st. 

Home Owners Fees – I had no idea where the home owners association bill was but thanks to our online bill pay service I was able to easily locate the address and amount due and pay it with the click of a button.

Submitting Claim Forms – I can no longer fax in claims from work so I signed up for an online fax service from MyFax.  I was able to attach the FSA claim form and receipts as a pdf and fax it over to the claim processor all from my PC.

Thank you technology!

Posted on December 30th, 2008 in Personal Finance | 2 Comments

Written by Ben Edwards · Filed Under Personal Finance 

Best Hybrid Cars

The best hybrid cars were a hot topic when gas prices were above $4 a gallon and everyone wished they had a Toyota Prius. The price of a hybrid car vs. the gas savings it offered seemed like a much easier choice with ever climbing gas prices.

Gas Prices vs Car Prices

Although the cost of a gallon of gas has come back down, hybrid cars have been steadily improving and soon you’ll be able to buy one (Honda Insight 2010) for $19,000.  Despite the drop in oil prices I think people have realized that fuel economy is an important long term concern not only for individuals but for the country as a whole.

Hybrid Cars in the US

With Detroit lagging behind the rest of the automotive world when it comes to hybrid sedans, General Motors is pinning their hopes on the Chevy Volt, which won’t be available until sometime after 2009.  For now, the list of best hybrid cars contains mostly non-US car companies.

It will be interesting to see what role the US government plays in hybrid car adoption rates.  Obama’s focus on alternative energy and concern for the environment could result in more incentives for both consumers and auto-makers favor hybrid vehicles.

Best Hybrid Cars

A look at hybrid car reviews around the web seems to indicate that Toyota and Honda are still the top players in the hybrid card market.  Toyota has made the most popular hybrid to date, with people paying full price and waiting 6 months just to get a new Prius.  The 2009 Prius and the Toyota Camry Hybrid 2009 are getting good reviews and look to continue Toyota’s run.

The Honda Civic Hybrid 2009 is another one of the top picks and as mentioned above, Honda will be coming out with a new version of the Insight.  According to hybridcars.com:

“At $19,000, the 2010 Honda Insight will be the most affordable high-mpg vehicle on the market.”

In terms of price, the Saturn Aura Hybrid 2009 is comparable with the offerings from Honda and Toyota but the miles per gallon is nowhere near that of the Civic, Insight, Prius, or Camry.

Another car that recieved good marks is the Nissan Altima Hybrid 2009, with decent gas mileage and a reasonable price. However, it’s basically the same car as the Toyota hybrid since Nissan simply liscended Toyota’s hybrid technology, and it’s currently only available in eight states in the US.

Lexus has some good reviews as the best luxury hybrid maker with it’s 2008 Lexus LS 600h and 2007 Lexus GS 450h but the still only get just over 20 MPG and it seems the high cost of the cars would far outweigh any gas savings you’d realize from buying a hybrid.

Sources:

Posted on December 29th, 2008 in Best | 1 Comment

Written by Ben Edwards · Filed Under Best 

Charitable Donations to Mercy Corps

Mercy Corps has always been one of my favorite charities and is where we’ll be sending our year end charity donation.  I like contributing to Mercy Corps because I feel I’m a global citizen and they work in about 40 countries around the world where people are in dire need of assistance.

Their mission is to “alleviate suffering, poverty and oppression by helping people build secure, productive and just communities”.  Here are the approaches they take as described on their website:

  • We enable community-led and market-driven recovery and development that empowers people to achieve the change they want to see.
  • We find social innovations that address the world’s toughest problems.
  • We inspire people in the developed world to engage on global challenges through education and advocacy.

Mercy Corps lists concrete examples of how donations are spent in the Topics section of their website.  Charity Navigator gives the organization four stars and shows that Mercy Corps spends 88.1% of donations on it’s programs.  I feel as though our donation is money well spent to help make the world better for people that really need it.

Posted on December 28th, 2008 in Charity | 1 Comment

Written by Ben Edwards · Filed Under Charity 

Best Careers for a Recession

The moment that I realized this economic downturn was real was the day that I quit my job to move to Orlando. I thought to myself, “I won’t have a problem finding another job”. Three months later, I’m very aware that the economic downturn is real.

I have applied for numerous jobs without receiving any call backs. I’ve revised my resume numerous times, and I’ve applied within several different industries. The fact is that many companies are not hiring right now, they are waiting to see if the economy will be jump started in 2009.

Recession Proofing Your Career

However discouraging the job hunt may be, don’t feel defeated in your career just because the economy has slowed down. Certain industries are hit harder than others during a downturn, you may be able to find the same type of job in a different industry.  Another option is transitioning into a similar job that requires many of the same skills but is in a better industry.

Here are some tips for finding a career that may be a little more stable during a recession.

Choose A Job That The Population Demands Regardless of Economic Climate. Jobs in medical, pharmaceutical, and other health care related industries will likely always be in demand no matter what the economy is doing.

Consider a Government Job. The government needs to run despite downturns in the economy. You might see some downsizing but there’s much less of it than there is in the public sector.

Show Your Worth To The Company. Choose a job or career that is involved in saving your company money or generating new income. Cost centers in companies are scrutinized the most and reveue generating sections find it harder to get rid of people while still meeting client demands.

Recession Hardy Careers

CNN Money has a list of recession proof careers that should feel less of an impact from the weak economy.

  1. Financial Adviser
  2. Software Program Manager
  3. Database Administrator
  4. Physical Therapist
  5. Physician Assistant
  6. Hydrologist
  7. College Professor
  8. Certified Public Accountant
  9. Teacher

Education, Information, Technology, and Health Care are great industries. Their demand is less affected by the economic climate since these types of jobs always need someone to fill the role.

My wife is a physician assistant, and she will never have a problem finding a job. Right out of school, she had recruiters calling her to get interviews. She had to turn down several job offers after taking her first job. It’s a great profession, and it’s a great alternative to spending 10 years trying to become a physician. 

Best Careers for 2009

US News and World Report has compiled a list of their top 30 careers for 2009. I like their list, because it has careers that aren’t as well known but sound as though they could be pretty rewarding. Here is the list:

Switching Careers

This article is near and dear to my life, because I am currently in the process of figuring out a new career to pursue. I want to do something that excites me when I wake up every morning, and I want it to make a difference in my community.

Career Options

I have been leaning towards developing a financial counseling business, because I am passionate about helping the everyday working family with their finances. Many financial planners and advisers pursue only high net worth clients, but it’s the average American who really needs help and direction with their money.

We have thousands of people every day that are foreclosing on their homes, battling massive amounts of debt, and getting harassed by credit collectors. I want to help those people. That’s my thought right now, but I need to do something in the meantime to help pay the bills!

What are your career passions? Are you in a job right now that doesn’t satisfy you? Do you wake up every day dreading the thought of going to work? Let’s help each other find the career path we were meant to pursue.

Posted on December 27th, 2008 in Career | 12 Comments

Written by Erik · Filed Under Career 


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