I recently received an urgent email from US Airways imploring me to join their frequent flier program. The friendly prod occurred not too long after I purchased four round trip tickets to Hawaii for this year's family summer vacation.
The ...
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I Just Made the Biggest Impulse Purchase of My Life (but It’s OK)
Yesterday I did something I rarely ever do: I threw all caution to the wind and, as a result, I made the biggest spur-of-the-moment purchase of my entire life.
Believe it or not, I spent $2462.35 on a pair of tickets to see a hockey game.
Yep; ...
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Your Disaster Fund and the Best Places to Hide Money in Your Home
Most people who have emergency and rainy day funds use banks to keep their cash safe. However, it's also wise to keep a home-based readily-accessible disaster fund in the event a situation arises that makes it impossible to withdraw the cash from ...
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What Goes Around Comes Around: Rising Interest Rates Are Inevitable
Last summer my 12-year-old daughter, Nina, was extolling the fashion virtues of her hot pink Converse Chuck Taylor All-Star high-top sneakers, better known to many as simply, "Chucks."
What I found amusing was while Nina really thought she was on ...
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Sometimes It Pays Not to Look for the Best Deal
Although it's hard for me to believe, my humble home recently turned 14-years-old. So, as you might expect, a lot of the original appliances we bought when we first moved in -- or were included with the brand new house -- have been acting up for ...
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Another Milestone: Celebrating Two-Million Page Views!
I've always enjoyed writing, but without you, the truth is I'd just be wasting my time. Which is why I am very happy to report that Len Penzo dot Com just crossed the two-million page view mark! Hooray!
When I surpassed the one-million page views ...
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My Daughter’s Latest Business Venture (A Car Wash? That’s So Last Year!)
This is another post from my 12-year-old daughter, Nina.
Hi everyone! My dad asked me if I would write another article to tell you about my latest accomplishments so far in 2012.
My last post received a lot of attention because it was put on ...
Continue reading My Daughter’s Latest Business Venture (A Car Wash? That’s So Last Year!)
I Earned HOW Much Last Year? The 6-Figure Mistake on My 1099 Form.
Now I know how it feels to be paid like my favorite gynecologist, the world famous Dr. Dean, from the Millionaire Nurse Blog. At least on a weekly basis.
The reason I say that is because a couple days ago, after a long hard day at the office, I was immediately greeted by the Honeybee as I opened the door. And I instantly knew something was amiss because, usually, the only one to greet me -- or even acknowledge my presence -- when I come home from work is my dog, Major.
That is, unless I'm bringing home dinner. Then the whole family suddenly gets sentimental -- at least until they pull the bags out of my hands. But I digress.
Anyway, this time the Honeybee was waving in her hand a 1099-MISC from my employer that reported some bonus income they paid me last year for a patent I was recently awarded.
"Have you been holding out on me, Len?" she asked, although I still had absolutely no idea what she was talking about.
"What are you talking about, Honeybee?"
"Take a look at this!" And with that, she handed me the 1099-MISC form. Here's what I saw:
Yep; that's $200,000 in the "other income" box.
Naturally, the Honeybee wanted answers and she wanted them fast. And to tell you the truth, so did I.
Of course, she wanted to know when my employer was going to pay us the other $198,000 that the 1099 form said I was entitled to.
As for me, I just wanted to know how I was going to explain to the IRS that this was all one big mistake.
Luckily, the fine print on 1099-MISC form explained what to do in case of an error.
"If this form is incorrect or has been issued in error, contact the payer. If you cannot get this form corrected, attach an explanation to your tax return and report your income correctly."
That's it. Simple! So I contacted my employer; it turns out the company was already aware of the error and a new 1099-MISC is now in the mail.
By the way, in case you're wondering, the procedure is slightly different for an incorrect Form 1099-R. According to the IRS, in that case you should still try and contact your employer and have them correct it. However, if you fail to receive the corrected form by February 14th, you should call the IRS at 800-829-1040. For more info, click here.
See; sometimes the IRS can be reasonable.
Well, at least they can if you're not the one who made the mistake.
Photo Credit: H. Michael Karshis ...
Continue reading I Earned HOW Much Last Year? The 6-Figure Mistake on My 1099 Form.
The Apocalypse Can Wait: My State of the Household Report for 2012
As the old saying goes, knowledge is power.
When it comes to tracking personal finances, one of the most important pieces of information in you can have in your knowledge database is a detailed summary that highlights where your household income ...
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My Potato Chip Taste Test: Are Lay’s Really Worth Paying More For?
Potato chips are big business. According to AIB International, over $7 billion of the salty snacks were were consumed in 2009.
It's been reported that over 1.2 billion pounds of potato chips are consumed annually; I know I'm probably good for ten ...
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100 Words On: Why Having an Upside Down Mortgage Ain’t All Bad
One of the biggest fears many homeowners have is waking up one day and discovering that they owe more on the mortgage than their house is actually worth. While that may be trouble for those who absolutely positively have to move, it's really no big ...
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The High Cost of Getting My Son’s Wisdom Teeth Removed
Nobody likes a big mouth.
At least that's what I used to think.
My teenage son, Matthew doesn't have a big mouth -- although I wish he did.
That's because most big mouths have one particular virtue that makes the rest of us extremely envious: they ...
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The End of the World & Other Magic 8-Ball Predictions for 2012
Happy new year, readers!
Like last year, I'm kicking off the start of 2012 with more fearless predictions from my old friend, the Magic 8-Ball.
In case you missed it, the Magic 8-Ball ended 2010 with an astounding 70 percent success rate, and I'm happy to say the predictions for 2011 were almost as good, as the 8-ball was accurate 66 percent of the time.
Of course, this year the 8-ball was pelted with questions from readers and fellow bloggers looking to get a leg up regarding what's in store for 2012. (I know. I can't believe it either.)
Anyway, let's get right to them. Tradition dictates that the Financial Samurai always gets to ask the first question, and here it is:
Q: Will real estate continue to rebound in major cities such as San Francisco and New York?
A: Ask again later.
I'm asking you now.
A: Outlook not so good.
I have to agree with you on this one, 8-Ball. The market is clearly being artificially propped up by government subsidized mortgages, ridiculously low interest rates and banks that are still withholding large backlogs of foreclosed properties from entering the market.
On a related note, I see Jennifer from Little House in the Valley has a follow-up question:
Q: Will the housing market continue its spiraling descent in 2012?
A: Outlook good.
Okay, but obviously "good" is a poor choice of words.
The next set of questions come from Maggie at Square Pennies:
Q: Will Ron Paul win the presidency?
A: Better not tell you now.
Okay. Thankfully, Maggie also asked the question from a different angle. Let's see if that will get you to open up.
Q: Will Newt Gingrich win the Republican nomination?
A: Cannot predict now.
Well, this is embarrassing. I guess even my 8-ball can suffer from a little performance anxiety every now and then. I'll take some pressure off by getting a bit less specific:
Q: Will a Republican be elected president in 2012?
A: Cannot predict now.
Oh, really? Get this: I suggest you try again, 8-Ball, or I'll outsource the rest of these predictions to a tarot card reader while you find yourself sitting on a flimsy card table at our next garage sale. So let's try it again:
Q: Will a Republican be elected president in 2012?
A: It is certain.
Thank you. Meanwhile, Nelson from Financial Uproar wants to know:
Q: Will the European Union break up?
A: You may rely on it.
Agreed. I suspect the EU will stay together in some form, although it will probably be sans many entitlement-heavy nations.
On a related note comes this question from Average Joe:
Q: Will Italy and Greece finally default on their debt?
A: Very doubtful.
Time will tell. I believe a default by Greece is inevitable -- the only question is when. My bet is that Greece defaults in 2012 and that will then precipitate a partial breakup of the EU.
Let's lighten things up a bit. My friend Paula from Afford Anything asks:
Q: Will Prince William and Kate Middleton announce a pregnancy?
A: Without a doubt.
I just hope the pregnancy they'll be announcing is their own.
Switching to the world of sports, Erin is dying to know:
Q: Will the Green Bay Packers win the Super Bowl in 2012?
A: My reply is no.
I'm with you, 8-Ball. Although I'm no football expert, I suspect the Pack won't even make it to the big game this year.
Jacob has another sports-related question, but this one is on golf:
Q: Will Tiger Woods win a major in 2012?
A: Most likely.
I think the 8-ball is wrong here. Tiger's fortunes have sunk so low that, even TMZ found it newsworthy when he finally broke a two-year victory drought in December 2011.
Next up are two questions from folks concerned about Apple stock. First up is Bill, who wants to know:
Q: Will Apples stock price end 2012 higher than its closing price on the day Steve Jobs died?
A: You may rely on it.
We'll see. The day Job's death was announced, Apple's closing share price was $377.37; it's starting 2012 at $405.
Meanwhile, Hank from Money Q&A wonders:
Q: Will Apple finally begin issuing a dividend in 2012?
A: Outlook good.
The 8-Ball's response confirms rampant rumors that Apple, which is currently sitting on billions of dollars in cash, will indeed reward stockholders by reintroducing stock dividends this year, after originally dropping them during leaner times in 1995.
Becky asks:
Q: Will savings account interest rates rise in 2012?
A: My sources say no.
That isn't good news for senior citizens and others who are living on fixed incomes -- especially, if inflation continues to be worse than the government keeps telling us.
My good friend, Dr. Dean from the Millionaire Nurse Blog was kind enough to play straight-man today by offering this follow-up:
Q: Will inflation hit 4 percent in 2012?
A: Very doubtful.
If we're going to use the official government statistics -- and we are -- I think the 8-ball is correct.
The next two questions take us back to the stock market. First up is my friend, Crystal from Budgeting in the Fun Stuff:
Q: Will the Dow break 13,500?
A: My reply is no.
I think the 8-ball is right on this one. In fact, I suspect the Dow will finish 2012 in the red, although it will experience a sharp rebound in the latter half of the fourth quarter.
And it looks like Dr. Dean is hoping the 8-ball will be kind enough to give him a hot tip for the new year:
Q: Will Microsoft hit 30 bucks in 2012?
A: As I see it, yes.
With this stock starting the new year at $25.96, that would represent a hefty return for 2012. I think the 8-ball is all wet.
Switching to the unemployment picture, Kay Lynn from Bucksome Boomer asks:
Q: Will the unemployment rate fall to 7 percent?
A: Yes.
I think the only way this is going to happen, 8-Ball, is if the number of people actively looking for work continues dropping, since the government doesn't count them as unemployed. But we'll see.
I see Jacob is back and this time he has precious metals on his mind:
Q: Will gold top $2000?
A: Signs point to yes.
That's good news for the gold bugs. If you ask me, though, I think silver will be the biggest mover of the two in 2012.
Geoff, better known as the Car Negotiation Coach, had an interesting query:
Q: Will online poker become legalized in the U.S. in 2012 (and make the government billions in taxes)?
A: It is certain.
Somehow, I doubt that.
For the second year in a row, Pamela wants some insight into Jennifer Aniston's love life:
Q: Will Jennifer Aniston get engaged in 2012?
A: Outlook good.
Fascinating. Who needs People when we've got the Magic 8-Ball?
Meanwhile, my friend Greg from Control Your Cash wants to know:
Q: Will the components of the Dow stay unchanged in 2012? (Bank of America is in, while Google and Apple are on the outside?)
A: Outlook not so good.
I should note that, last year, Greg correctly predicted here that student loans would be the focus of a government bail out in 2011. It'll be interesting to see if he's similarly prescient in 2012 with respect to the Dow.
Finally, Chris wraps up our annual prediction party with a question that is, for many people, perhaps the biggest concern of the new year:
Q: Will the world end in 2012?
A: Don't count on it.
Uh huh. I don't believe in all that hokey Mayan prophecy either, 8-Ball. Hopefully your comforting prediction will be good enough to finally put such an absurdly unfounded fear to rest for good.
Oops. I guess I spoke too soon. Jennifer from Little House is back and she still wants to know:
Q: When the world finally does end, will zombies make a comeback?
A: Reply hazy, try again.
Heh. I don't think so.
Photo Credit: Andrew Malone ...
Continue reading The End of the World & Other Magic 8-Ball Predictions for 2012
The Penner Awards: The 10 Craziest Money Blunders of 2011
As 2011 finally comes to a close, it's time for the second annual Penner Awards, a celebration of the year's ten most dumbfounding displays of numismatical naivete and financial ineptitude known to man.
So why am I giving out such a dubiously ...
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100 Words On: My 10 Most Popular 100-Word Posts of 2011
Since starting in January, this breakout weekly series has gotten a lot of attention. Its most-popular posts:
1. Why Financial Freedom Requires Very Little Money
2. A Surefire Way to Beat the Lottery -- Guaranteed!
3. Why You Should Never ...
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A Look Back at My Magic 8-Ball’s Predictions for 2011
Have you noticed all the end-of-the-year customs that are currently on display almost everywhere you look?
For example, I've been inviting my readers to provide questions regarding the future that they'd like to ask my Magic 8-Ball since way back ...
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Why the Dirty Details Matter When Planning Your Vacation
Sometimes things aren't always what they seem. Especially upon first glance.
This past summer I was examining my Marriott rewards account when I noticed that I had finally -- finally! -- accrued enough points to score a 6-night stay on Maui at ...
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A True Love-Story: My Proven Method for Online Dating Success
I thought this article would be apropos today, considering the Honeybee and I are enjoying a bit of a second honeymoon in Maui this week -- sans kids, of course. And yes, we're having a fabulous time!
It's tough being single. Perhaps that's why ...
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The Latest Credit Card Gimmick: Two Different Cards, One Statement
I have a love/hate relationship with my credit card company. Last week I got a little taste of both after they sent me another mailbox surprise.
You see, although my current Citi Dividends Mastercard didn't expire until 2014, they went ahead and ...
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Are You Smarter than a 5th Grader? Guess this Room Service Bill.
As I mentioned here the other day, I recently spent a fun weekend at one of those fancy pancy resort hotels in Scottsdale, Arizona.
You know the kind. This place has every amenity a Kardashian girl could ever want including a spa, the obligatory ...
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