Lets just lay it out there….choosing a career is HARD

When people begin their career quest starting from ideas of who they want to be in high school through college, the choices and options they have before them are basically limitless.

How does one select a path or future title? It is not like a 18 year old can see how these choices at such a young age will translate into stature, stability and security decades later. In the past people took great efforts to respect and learn from elders and that gave somewhat of a basis for predicting a lifetime outcome if selecting the elders profession. But today for the most part the people that are regarded in the best light in the eyes of kids are celebrities, sports or music “stars”. Since it has been so long for anything significant in the sciences area like a moon walk or explorer discovery, the reality based role model inspirations are slim.

Unrealistic expectations from being flooded with media “idols” and other fads
can only confuse an impressionable mind. If a father or mother figure don’t
provide inspiration or even offer guidance it falls to over whelmed and under
creative high school guidance counselors who may or may not have the kids best interests in mind.  College counselors are even worse (ooo here comes the hate mail).

Some lucky ones will have a chance encounter with something unusual that
will peak an interest in a potential career selection. Most will wander
aimlessly through the education years hoping they will learn of some
fantastic opportunity.  I know I did, I had no idea what I wanted to do (and to some degree I am not sure I chose correctly)

They get all “educated up” but have not tasted or smelled the real world.
College professors are well known for not having a handle on real
world reality. In fact that “A” from the professor speaks more for your
ability to study for a test or suck up to the professor
than a judgment on how well you’ll do in the courses subject matter.
Virtually every employer will tell you forget everything you just spent
4 years learning since none of it relates or applies.  “You got your piece of paper? congrats! Now burn it.”

College is only a token to be used to get past the gate… the interviewing
gate. Everything else begins the day you start work. From that point
the career ladder is an uneven game of mastering all kinds of skills
and avoidance of pitfalls. And no matter how hard you might try in
some employment situations you will find obstacles, some
impassable. Then you learn the jump and switch maneuvers
moving from one employment situation to another. How well you
keep your eye on the ball will factor into how well you do in the
decades ahead.

Of course these scenarios are predicated on the individual
being in the corporate wars. If you chooses entrepreneurial
endeavors your focus becomes performance and drive minus all of the crap you are bound to encounter in the corporate world.

The career choice phase really isn’t such but a life long journey
where interpersonal discovery and learning limits, abilities and
potentials occur. As in any discovery or exploration you try different
things and look for a groove that feels comfortable. You night try a
dozen new titles or environments before you single out your life
choice…or you might fall into something you like, either way the end goal is happiness.

Through out this discovery phase you might encounter
some failures but determination, will power and creativity
should prevail. History is full of successful people and careers
built on missteps and bumps in the road.

Today too much emphasis is placed on the number of degrees
or years of education….I can tell you that my masters degree is basically worthless.  Sure I learned some good stuff but its definitely not worth the time and money investment.  I cringe to think that I could have spent that three years doing something I enjoyed.  All it does is it delays and stalls the start phase in the real world.

Entering the real world you’ll discover your real talents and abilities.
That first acknowledgment of respect that comes from peers or a
superior regarding your real world talents is the spark that lights the
barn fire of dreams and optimism. It creates the internal plan to
achieve their goals.

So lets get started on choosing a career.  Finally!
Beginning steps to choosing career:

Since you are the person who will make the choice and
live with it try a planned approach to get started.

List out all your assets and talents

-What are your interests
-What do see as your skills
-What do you seem to grasp easily. mathematical or
artist things etc…?
-Where types of places do you think you would like to work at?
-Are you able to afford years of college or are more present needs a
priority Look into the career area or companies in that area.
-Look online at sites that offer job descriptions. Try Salary.com
-Look at companies in the industry. Try monster.com
-Talk to people in the industry. A good place to talk with people
in the industry is in Blogs or forums. Just Google for Blogs or
forums that have these types of people in them.
-Attend job fairs in your area and ask for some one on one time with
a recruiter. Recruiters can tell you what the company looks for
in an employee.

Career Plan

-Create a personal career options checklist listing out the areas and
companies you researched. Eliminate the unattractive ones and focus
on a few short listed ones.
-Evaluate what it will take in education, experience to gain a toe hold or
get an entry level job in the career area.

Traditional job search

-Eventually you will begin submitting your resume for consideration.
So create your resume, cover letter and practice your interviewing style
to develop the skills necessary to compete with your peers for your chosen
career area.
-Your resume and in particular your cover letter should be tailored to fit the
career area of choice.
-Learn and follow interviewing etiquette and always error on the side
of professionalism. In the college world casual and relaxed rule but not
in the business environment. You know have to meet real world bosses
standards but it is not that hard and your natural talents with practice,
persistence and proper education will win the day.

Having finished my taxes I was thinking about just how nice it is to own a home. If I did not own one I would have owed the government money, as it is I got a refund. So what exactly are my favorite tax deductions for home ownership? Glad you asked:

1. Mortgage Interest

You can deduct all your interest payments for your home (up to a certain amount which I have not reached). This is the biggest deduction and the one that makes the biggest dent in my taxable income.

2. Property Taxes aka real estate taxes

Property taxes are fully deductible from your income. You can’t deduct escrow money held for property taxes until the money is actually used to pay your property taxes. A city or state property tax refund reduces your federal deduction by the same amount.

3. No Capital Gains

Ok so this isn’t really a deduction, but its even better. As most of you know by now I love capital gains like I like a swift kick to the face. Thanks to the Taxpayer Relief Act of 1997, buying a home can be a tax shelter. Married taxpayers who file jointly now get to keep, tax free, up to $500,000 in profit on the sale of a home used as a principal residence for two of the last five years. Single people get to keep up to $250,000 tax free. Since I won’t be making $250,000 profit on any home sales anytime soon, I think I can forget about that cap for the time being.

4. Points

Your mortgage lender will charge you a variety of fees, one of which is called “points.” A point is calculated at 1% of the loan principal. At least one point is fairly common and it adds up. One point on a 200k loan is 4 grand. You can fully deduct points associated with a home purchase mortgage. You cannot deduct a mortgage broker’s commission. Refinanced mortgage points are also deductible, provided they are amortized over the life of the loan. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new.

5. Home Improvement Loan Interest

If you take out a loan to make substantial home improvements, you can deduct the interest on this loan. There isn’t a dollar limit on this deduction you have to actually be adding something to your house. A good example would be finishing the basement - not just repairing broken things.

Yesterday I had to stop and perform the painful ritual of getting gas. There’s nothing quite like watching numbers spin by…almost ten times faster than they did when I first started driving. As my car slowly sucked the money out of my wallet, I looked over at woman filling up her escalade with premium. I watched her meter climb from $50 to $80 to $100 and then I stopped watching because it was too painful. I had flashes in my head of old cartoons where character A is siphoning gas from character B is some comical way. This set off a chain reaction of thoughts traversing different paths that all led to the same thing: if you can’t beat them, join them.

Let’s face it, gas prices are going to keep moving higher until additional refinery capacity is brought on stream, and it’s doubtful that’s going to happen any time soon because there’s little incentive to do so. Why would anyone spend the money to build a new refinery when they know the end-result would be to lower their profits on every gallon of gas they produce, both on the existing volume, and any produced from the new refinery; it’s simply a losing proposition.

Most people, who drive regularly, probably fill up two to three times per week. This of course depends on the vehicle you drive, how you drive and whether you do mostly highway or city driving or a combination of both. According to the annual study, Gasoline and the American People, in 2005, American’s drove 12,375 miles, 20 percent more than 1990, consuming an average of 703 gallons of gas annually. Given the increase in the price of gas over the past five years, I wonder how much more we’ve spent to keep our cars on the road. Its huge.

Now, what if you took $3,438 in May 2002 and bought stock in Exxon Mobil (XOM), America’s largest oil company. Today, you would have over doubled your money, more than covering the added cost of fuel.

This is a clear example of what we refer to as everyday investing. Instead of moaning about the cost of a product or service that you repeatedly use, go out and purchase the stock of the company that makes it – if it’s public – and get the best revenge, in your pocketbook.

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How would you like to be completely and totally poor? Do you enjoy cardboard boxes? Does the idea of living and sleeping on the streets of a major American city sound appealing to you? Would you like to grow old and penniless, spending your final days on this Earth barely getting by on the meager checks sent to you by some large government bureaucracy? How about living in a van down by the river, eating government cheese? Well, my friend, do we have the program for you.

The program is called “Fail 101″ It is a simple, four step program even you can follow. It is fast and effective. Plus, it is easy to learn. Best of all, you can start applying the program in your own life today! So, are you ready? Are you excited? Alright then, let’s get started by taking a look at the first step of this amazing program.

Step #1: Life totally and completely outside your means

This step is so easy. Simply fail to save any money. That’s right, spend every penny you earn on living the good life –€“ today. Do you want to own something you just have to have right now? Well, what are you waiting for? Go buy it! After all, it is yours to be had, so why not just have it? The important thing here is to stay in line with the average American who currently saves less than 1% of his or her personal disposable income. Any money you save above 1% is money that you could have spent. So, go spend it.

Now, to do Step #1 the right way, let me let you in on a little secret: Once you have spent all your income such that you have saved next to nothing, simply borrow money from others so that you can spend even more. At first, borrowing money from others might sound a little challenging. After all, the average American is out there in the economy spending almost every last dime he or she has, so they have no money to lend to you. Well, thankfully, there are companies out there that will give you a little plastic card called a “€˜credit card”€™ that allows you to borrow money from them whenever and wherever you want to spend their money. Just take that little card everywhere you go and charge it up. Don’t worry too much about paying back what you borrowed — you’ve got all the time in the world to do that.

If you are lucky, some credit card companies will allow you to borrow money from them for only 18.9% interest and an $85 fee per year. Importantly, be sure to allow the interest charges to roll over from month to month, year after year after year. Let those compounding interest charges work their magic on you. Still, be careful. You only want to charge up your credit card on things that have little to no lasting value after you have paid for them. Services like restaurant dining, airplane travel and professional dry cleaning are safe bets here. You do not want to buy anything that might increase your personal wealth –€“ the value of what you own minus the value of what you owe. Buying and accumulating items that increase your wealth only delays your reaching the pinnacle of this very special program: bankruptcy.

Bankruptcy occurs when you borrow so much money from others that you cannot go out and earn enough money or pawn enough things you own to pay it all back. In 2006, over 2.0 million Americans reached this pinnacle by filing personal bankruptcy. That is what you and Step #1 are all about: doing exactly what many Americans do, spending all the income you earn plus spending the money you borrow from credit card companies to maintain a certain lifestyle you want to live before you can truly afford to live it. It is an excellent way to fail financially.

Step #2: Fail to Maximize Your Earning Power

Be sure to keep your income low. Earning too large of an income only delays your need to borrow from others to outspend your own means. After all, if you make too much money, you might run out of month to spend it all. In that case, you would have to put the remaining money into savings and defer the gratification of spending it all today. This behavior runs counter to the spirit and intent of the program.

To keep your income low, avoid asking for raises at work or switching jobs to land a higher salary. If you must ask for a raise, try to give your boss little reason for doing so. For example, do not go into your boss’€™ office with a list of new responsibilities that you would be willing to take on to the benefit of the company in exchange for a higher salary. Instead, go into your employee performance review with clear evidence that you merely did what you agreed you would do as part of your employment agreement when you joined the company. Then, defiantly demand a raise without offering to contribute anything beyond what you are currently doing for the company. That should keep the raise to a modest level.

Whatever you do, don’t go off and start to generate a second income from your own business that you start in your spare time. The last thing you want to do is have your own business on the side grow so large that you are making more money from it than you are from your current job. After all, why try to make extra money on the side when you can just borrow the money you need from the credit card companies?

Step #3: Always pay the federal government first

Another counter-productive aspect to starting your own business is that it only reduces and delays your income tax payments to the U.S. federal government. When you own your own business, you only pay income taxes on your profits –€“ the amount left over from your sales after you have paid out all of your expenses related to running your business. Since your business’ profits will always be less than its sales, you will always pay income taxes based on a smaller dollar amount.

In contrast, when you work as an employee, you pay income taxes directly on your full salary or wages –€“ in effect, your “sales”€™ from selling your personal time to your employer… before any related expenses reduce what you pay in income taxes. That way, you will always pay income taxes based on a larger dollar amount. Plus, the U.S. federal government requires your employer to take out your income taxes from your pay check before you can get your hands on your own hard-earned money. Now, that is convenience!

Finally, as an employee, more of the money you earn goes to the politicians in Washington, D.C. This makes sense: career politicians earning six-figure salaries in our nation’s capitol can spend your money much faster than you could ever spend it yourself. It is simply more efficient to give these politicians your money up front. Otherwise, you might be tempted to go out and spend your money on things to improve your own life instead of giving your money to federal politicians for society’s “greater good”€™. After all, the politicians in Washington, D.C. feel confident that they know how to spend your hard-earned dollars better than you do. Some examples include, but are not limited to, the failed “War on Poverty”€, the failed “War on Drugs”€, the perpetually bankrupt Amtrak rail service, and other pork barrel projects and federal bureaucracies of little or no value to American society.

Step #4 Don’t contribute to a retirement fund

It would be a shame if you came this far and screwed everything up by accidentally contributing to a 401k because then you might have money at retirement. Whats worse is that it allows you to retire at all. This is totally counter productive to the program and should be avoided.  The only way to ensure that you work until you die is to make sure there is nothing to retire on.

Live to fail, fail to live

Even you can follow this easy, four step program. In fact, if you think about it, you may be following this program already. How can you tell? Check your savings account balance –€“ how much money do you have tucked away for emergencies and investing? Count the number of credit cards you have –€“ when will you have the balance on each of them paid off? Take a look at your job –€“ when was the last time you asked for an increase in your salary or wages in exchange for an increase in responsibility? Hows your 401k, what are you on track to have at age 60?  Finally, look at your most recent pay stub –€“ do the politicians and government programs in Washington, D.C. really deserve so large a chunk of the money you rightfully earn each month before you can even get your hands on it? If your answers to these questions lead you to feel that you are living a life that you cannot yet afford to live, that you are failing to maximize your earning potential, and that you have no retirement savings, you may be part of our get-poor-quick program already.

Nevertheless, is our program right for you? Indeed, it is not for everyone. Some people do not like being poor. Others simply wish they had a lot more money than they do now. How about you? Would you prefer to have more money than you do now? Would you like to be rich beyond your wildest dreams? If so, you are in luck — you live in the United States of America, the richest country in the history of the world. Unlike in most other countries, opportunities for the average person to get rich are plentiful in America. Real-life, rags-to-riches stories abound. Moreover, financial freedom is a marvelous reality for literally millions of people in America. It could be your reality too.

Or you could not follow our program…

Whats that? You want to succeed? Well then, here is a tip: stop following our get-poor-quick program immediately. Stop living a lifestyle you cannot yet afford to live –€“ cut back on your expenses; save the difference; pay off your debts; invest and hold your money in sound, reasonable investments for the long term. Stop failing to maximize your earning potential –€“ ask for more responsibility at work in exchange for higher pay. Do what it takes to increase the amount of money you bring into your household every month. Try to avoid paying the politicians in Washington, D.C. first –€“ contribute to your 401(k) or comparable retirement program at work that reduces your taxable income today and builds up a portfolio of investments on which you can live later in life. Start that small, profitable business on the side that, unlike a job, enables you to pay taxes on net profits, not gross sales. Write your state’€™s elected officials in the U.S. Senate and the U.S. House of Representatives and tell them you want them to stop wasting so much taxpayer money on unnecessary federal programs so that the budget necessary to run a smaller federal government and the significant taxes they take out of your paycheck every pay period can go down — way, way down. After all, your elected officials in Washington, D.C. are there to serve you, not the other way around.

As you stop following my get-poor-quick program, you will see and feel changes in your financial situation. You will see less and less of your hard-earned money going out of your pockets and checking account to be spent on frivolous services and items of little long-term value. You will see more money coming into your household from better pay at work and from the profits of your small, on-the-side business. You will see your credit card balances and car loan balances decrease quickly, all the way down to zero. You will see less and less of your hard-earned money separated from you in the form of federal income taxes. You will see your savings and investment account balances grow nicely, bringing you long-term wealth, stability, and comfort. You will feel infinitely more confident and secure about your financial station in life. You will feel happy and extremely proud of what you have accomplished financially for you and those you love. Plus, you will be rich… a little older perhaps…but rich all the same

Here are some things I found around the web that are free for tax day:

-Dunkin Donuts is offering a free donut with any coffee purchase and free coffee to postal workers, no purchase necessary

-McDonalds is offering a free iced coffee with any purchase.  Some other rumors about other free stuff they may or may not be giving away.  I guess go to McDonalds and find out for yourself.

-Walgreeens is offering 15 Free 4×6 photos

-Free Basic Version of H&R Block’s TaxCut Online

-Staples is offering up to 20 free copies

-Free Tax Day Greeting Card.  American Greetings, Hallmark and Blue Mountain are letting people send free “happy” or “freak out” tax day cards

-First person to shoot me an email gets free advertising on The Penny Saved for a month 

Happy tax day!

Today is super fun Tuesday. Ok maybe not, but to help get you through the day here’s a fun list of the top 15 songs about money from as many different genres as I could pull from the top of my head. Not all of these songs are PG rated so don’t download them and play them to your kids when they get home from school (but most are). I can’t actually say if all time, but these are the ones that stuck in my head.

15. Sell Out, Reel Big Fish

“Sell out, with me oh yea, sell out, with me tonight
record company’s gonna give me lots of money and
everything’s gonna be. (all right)”

14. Ride with me, Nelly

“if you wanna go and take a ride wit me
we’re 3-wheelin in the 4 with the gold d’s
oh why do i live this way
(hey) (must be the money)”

13. For the Love of Money, The Ojays

“Money money money money, money (x6)
Some people got to have it
Some people really need it
Listen to me y’all, do things, do things, do bad things with it
You wanna do things, do things, do things, good things with it
Talk about cash money, money
Talk about cash money- dollar bills, yall”

12. The Sweetest Girl, Wyclef Jean

“Cos’ I’ma tell you like Wu told me
Cash rules everything around me
Singin’ dollar dollar bill y’all (dollar, dollar bill y’all)
Singin’ dollar dollar bill y’all (dollar, dollar bill y’all)”

11. All about the Benjamins, P Diddy

“Now… what y’all wanna do?
Wanna be ballers? Shot-callers?
Brawlers — who be dippin in the Benz wit the spoilers
On the low from the Jake in the Taurus
Tryin to get my hands on some Grants like Horace
Yeah livin the raw deal, three course meals
Spaghetti, fettucini, and veal”

10. She works hard for the money, Donna Summer

“She works hard for the money
so hard for it honey
she works hard for the money
so you better treat her right”

9. Puttin on the Ritz

“Have you seen the well-to-do up and down Park Avenue
On that famous thoroughfare with their noses in the air
High hats and Arrow collars white spats and lots of dollars
Spending every dime for a wonderful time”

8. Money Talks, AC/DC

“Come on, come on, love me for the money
Come on, come on, listen to the moneytalk
Come on, come on, love me for the money
Come on, come on, listen to the moneytalk”

7. Money, Beatles

“The best things in life are free
But you can keep it for the birds and bees.
Now gimme money (that’s what I want)
That’s what I want (that’s what I want)
That’s what I want, ye-ye-yeh,
That’s what I want.”

6. If I had a million dollars, Bare Naked Ladies

“If I had a million dollars
I’d buy you a house
If I had a million dollars
I’d buy you furniture for your house
(Maybe a nice chesterfield or an ottoman)
And if I had a million dollars
Well, I’d buy you a K-Car
(A nice Reliant automobile)
If I had a million dollars I’d buy your love”

5. Take the Money and Run, Steve Miller Band

“They got the money, hey
You know they got away
They headed down south and theyre still running today
Singin go on take the money and run”

4. Why Dont You Get a Job, Offspring

“I guess all his money, well it isn’t enough
To keep her bill collectors at bay
I guess all his money, well it isn’t enough
Cause that girl’s got expensive taste”

3. Cant tell me nothing, Kanye West

“I had a dream I can buy my way to heaven
When I awoke, I spent that on a necklace.
I told God I’d be back in a second,
Man It’s so hard not to act reckless.
To whom much is given much is tested.”

2. Money for Nothing, Dire Straits

“Now look at them yo-yos thats the way you do it
You play the guitar on the mtv
That aint workin thats the way you do it
Money for nothin”

1. Money, Pink Floyd

“Money, get away.
Get a good job with good pay and you’re okay.
Money, it’s a gas.
Grab that cash with both hands and make a stash.
New car, caviar, four star daydream,
Think I’ll buy me a football team.”

What can I say, Money, its a gas! So what are YOUR favorite songs about money? Or at least what did I miss?

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Lets start by doing a little quiz. Who doesn’t like quizzes?

Question #1

You have a $1000 windfall do you:

1) Go out an buy a big screen TV
2) Dump that into your ING account (Open an ING account, link at left)
3) Buy some more shares in your index fund
4) Buy some penny stocks
5) Convert it all to $1s and make it “rain” at the club

Ok so that quiz was easy. But really what are the differences here?

You are a CONSUMER you exchange your money for something with no lasting value or greatly depreciating value

We are all consumers. We must buy products and services just to get by. However, consuming destroys our wealth. When we buy a product or service, we shift a bit of our wealth into the pocket of the seller by handing him more dollars than he spent on the product or service he hands over to us. The difference in dollars is the seller’s profit. In exchange, we end up with a product or service worth less than what we just paid the seller for it. Worse, its value falls rather quickly – even down to zero if we consume the product or service in full.

Profit is not a bad thing. Sellers deserve a profit for providing value to consumers. A bad thing is consumers consuming excessively. Too many Americans today give too many dollars – even dollars borrowed from banks – over to sellers in exchange for products and services of little lasting value. Across billions of transactions each year, sellers collect mounting slices of our wealth. Consumers, in turn, collect mounting piles of worthless objects and wistful memories.

You are a SAVER when you do not trade your money for goods or services

Many of us are savers. We save money when we keep a little – or a lot – of our cash income in our bank accounts by taking control of our exchanges with sellers. Just because sellers offer us cool, fun, or interesting things doesn’t mean we must possess or experience these things to live a fulfilling life. How many times have you rushed out to see the latest Hollywood movie only to leave the theater thinking, “Well, that was a waste of time and money”? Yet, the time is lost forever and your money is in the pocket of the ticket seller.

Time and money are essential ingredients to building wealth. While many Americans seek to “get rich quick” with “no money down,” financial freedom begins with our own cash savings and a large dose of patience. Compounding interest, dividends, earnings, and gains from wise investments will, over time, offer us a greater chance at financial freedom than years of playing the lottery ever will.

You are an INVESTOR when you choose to exchange your savings for an asset you know will appreciate or is with more than its face value

Some of us are investors. We invest when we exchange our savings for assets worth significantly more than the price we pay for them. Why would someone want to exchange his valuable assets for our smaller cash savings? Time and money. The assets may be valuable because, over time, they are expected to put significant cash flows – dividends, interest payments, royalties, net rental fees, etc. – into the pockets of their owner. However, the owner may not want to wait for time to pass before he can pocket the cash flows himself. Instead, he prefers to pocket our smaller cash savings right now.

Think of it as paying $10 for a $20 bill. No doubt the $20 bill is worth $20, but the seller’s price is only $10. We pay the seller’s $10 asking price and instantly own an asset worth $20. Such an exchange is how we wisely invest our savings in assets like stocks, royalty trusts, small businesses, and rental properties. If we repeat these exchanges over and over again, we become wealthy. This is how the world’s wealthiest investor, Warren Buffett, invests his billions. How does he find such great deals? Speculators hand them to him.

You are a SPECULATOR when you choose to exchange your savings for an asset that you have not fully reasoned its worth

Many of us are speculators. We speculate when we willingly exchange our cash savings for assets the worth of which we do not know. Speculators do not take the time to study an asset and determine its worth. Instead, they just pay the seller’s price and hope that the price will be higher later. Some speculators speculate and make millions. Many, however, lose their shirts by hoping that luck – the gambler’s unreliable friend – will save them from total loss.

Ironically, speculators make America a great place to invest. The speculator soon forgets the valuable assets he owns when he jealously watches an asset he does not own increase dramatically in price. To quickly raise the cash he needs to buy the increasingly expensive asset he covets, the speculator willingly sells his valuable assets at discounted prices. Always on the lookout for a bargain, the investor stands ready to scoop up the speculator’s valuable assets at prices well below their worth. This is how speculators transfer their wealth to investors like Warren Buffett, who patiently grows wealthier every year.

You are a LOSER if you exchange your savings for absolutely nothing worthwhile in return

You might be a loser if…

…you waste your savings on things that you do not remember

…you send $1000 to Africa because you won a lottery but they ‘need $1000 to release it’

…you invest in diamonds

…you engage in MLM

..insert yours here
If you consume in moderation, you create cash savings, which you can invest in assets sold to you at bargain prices by those who speculate, just don’t be a loser…

I’ve had a few reader emails about this so…. your deadline is less than a day away, and you are freaking out about getting your taxes filed, what to do?

As it turns out a lot of people aren’t going to make it but luckily you can file an extension with gives you six more months to file returns. To file an extension click HERE or visit your post office and get the form 4868.

Oh and you’ll be happy to know, filing an extension doesn’t increase your changes of being audited after all (supposedly)…but I still wouldn’t risk it if you don’t have to.

Whether they consciously recognize it or not, many people in America today actively try to avoid dealing with reality. Reality is real life. Oftentimes, real life can be harsh, relentless, and unforgiving. Not surprisingly, many Americans do what they can to escape from reality. Millions of Americans spend many hours each day focused on man-made distractions that take them into an imaginary world far away from reality. Television. Cable. Movie theatres. DVDs. Magazines. Tabloids. Romance novels. Science fiction. Celebrity gossip. Video games. Bingo halls. Casinos. All of these are man-made distractions. All of these figure prominently in the typical American lifestyle. All of these help us make our escape from everyday reality.

No doubt, slipping off into the distractions of an imaginary world is necessary sometimes. We all need a break. We all need entertainment. We all need to just stop sometimes, sit back, and let imaginary experiences wash over us. So we do. It’s a healthy thing to do. However, like many things in life, too much of a good thing isn’t always good for you. Too much time in Fantasyland causes us to fail to see real life going on around us.

Building wealth is inextricably linked to reality. One of the reasons so many Americans fail to get ahead financially – despite living in the wealthiest country in the history of the world – is that their minds are not focused enough on the realities of life. Business opportunities, investment opportunities, and pretty much all money making opportunities in America exist because of gaps between the demand for and the supply of real world products and/or services in our free market economy. To take advantage of these opportunities, you have to “be there”, where the action is – in reality.

The clock is ticking. It never stops. Whenever we elect to hang out in Fantasyland, other people’s minds are working, thinking critically, making breakthroughs, and discovering new methods. Their bodies are active, participating in the real world, responding to actual events, changing with the ebb and flow of reality. In short, while you allow yourself to be seduced by man-made distractions, others in America and around the world are pulling ahead, finding new ways to improve themselves and the lives of those around them. Many of these folks are focused on building wealth and they are out there doing it and getting richer.

If you want to build wealth in America so that you can achieve financial freedom for you and those you love, you must avoid getting swept up in our National Escape from Reality. Going forward, cut back on the precious time you spend escaping real life: watch less television, watch fewer movies, decide not to care about celebrities and their phony lives, throw away all your mass market magazines, avoid casinos, sell your video game console on eBay, and replace your fiction reading with non-fiction books that will teach you something new and improve your skills. If you will just spend more time appreciating what real life brings to all of us, you’ll be surprised — wealth will find you.

Something I struggle internally about a lot, who should be paying for college: parents or kids? Some people think it’s the child’s own responsibility, others that the parents should pay for it. I have friends that paid for college and are in debt, friends that paid for college but aren’t in debt, friends that didn’t pay and are in debt and obviously friends that didn’t pay and aren’t in debt.

The truth of the matter is that I fall somewhere in the middle of the argument. I had to pay for my own schooling but I had the advantage of having a very good job while going to school. I also ended up with a nasty rate on a student loan when I was laid off which I do not want my children to be sattled with. I can’t say I didn’t have any help because my parents did help me out when I was laid off and did everything they could for me.

Another thing to consider is that college tuition has been increasing at a rate faster than ANYTHING else every year. In fact, its infuriating because even public universities which receive a ton of public funding are STILL increasing tuition at ridiculous rates.

So I did an assessment, if I pay for my children’s college education:

Good:

• They won’t have student loan debt
• If I invest when they are born, assuming decent returns on an account, I should be able to pay for their entire tuition with around $8000.00
• They can concentrate more.
• The do more extra curricular activities
• They can finish school sooner

Bad:

• They wont learn to handle money well
• They may not learn a good work ethic
• I pay for it
• They may not be grateful for education

So that leaves us somewhere in the middle. I came up with a couple middle ground solutions for you out there who are considering the same things:

-I will pay for your undergrad but graduate degree you pay for

-I will allow you to take out a 0% loan from me to pay for school

-I will pay for school, but anything else, you are on your own

-I will pay for school, as long as its in state tuition

-I will pay for school as long as you are involved in many small or one large (football, dancing, music, whatever) activity