Be Good To Your Money Newsletter http://ezezine.com
Be Good To Your Money Newsletter Volume 5 Issue 7
Copyright: January 15, 2008 All Rights Reserved
Publisher: Lisa Frye www.LisaFrye.com
~We do not sell or share your email address.~
SHOP WITH ME!
February is the best month to buy jewelry, perfume, electronics,
houseware, furniture, and floor coverings. Plus, it is the beginning
of the clearance sales for winter items.
STEP 5
If you don't already one, you should purchase a home. A house creates
tax deductions and increases your net worth. Contact a loan officier,
first, to see if or how much you qualify for.
STOCK PICK: Skechers USA (SKX) Ask your kids and/or grandkids for
their opinion on this company's products.
DISTRIBUTION POLICY
I encourage you to forward this newsletter to your family, friends,
associates, and/or colleagues to enhance their financial success. If
you are the friend and wish to subscribe to this newsletter, go to
www.LisaFrye.com Your finances will be glad you did!
BE GOOD TO YOUR MONEY AND BE GOOD TO GOD'S MONEY AVAILABLE AT
www.Amazon.com
SHOULD I ITEMIZE OR TAKE THE STANDARD DEDUCTION
To determine if you have enough deductions to itemize, use Schedule A
(included with the long version of Form 1040) to list all of your
allowable expenses, and compare the total to the standard deduction for
your filing status. If your allowable expenses are more than the
standard deduction, you can itemize.
Over the years, the number of allowable deductions has been shrinking,
so it's increasingly difficult to itemize. Mortgage interest is the
major allowable deduction for most people, and unless you have a very
small mortgage, you probably paid enough interest to put you over the
standard deduction and make it possible for you to itemize.
NEW RULES COMING FOR 401(k) INVESTMENTS
There's a big change coming to the rules governing your 401(k) in
January. In the past, many people were passive in their investment
strategy. They might enroll in a 401(k) and have the deductions taken
from their paycheck, but they would be very hands-off when it came to
deciding where to invest their money. So employers would automatically
default the funds into stable value or guaranteed income funds. Under
the new rules, if you can't decide how to invest your money it will be
put into the stock market unless you tell your employer otherwise. You
can definitely get burned with stocks in the short run, but they're
great for long term. So when you're in your 20s and 30s, you might be
heavily invested in stocks. As you reach your 40s, 50s and 60s, you'll
be put into more conservative investments. That way you're able to make
a lot of money early on and protect it as you get older.
www.LisaFrye.com
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