Hope for your financial life and beyond

18 Ways to Reduce College Costs, Plus One Huge Bonus Tip

In case you missed it, in Part I of this series covering college costs, I talked about the five most popular ways students pay for college.

college costsThe focus today will be on reducing the total college costs in whatever way possible. Of course things like scholarships, grants and military funding are all givens as I discussed in Part I. But what other practical things can a student do to bring down college costs?

I’ve divided the cost cutting topics into three categories: things that can be done in high school, things that can be done in the preparation phase and things that can be done while enrolled in college.

And at the end I’ll provide one bonus tip on how to dramatically reduce the cost of college.

Cut College Costs While in High School

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The Basics of How to Pay for College

how to pay for collegeIn my years as an educator, I’ve always enjoyed the months of February and March. Basketball tournaments are in full swing, winter mercifully comes to an end and spring (break) is right around the corner. These are also the months when high school seniors begin to solidify their plans and make THE DECISION on where to attend college.

It’s quite a relief to finally answer with certainty the two big questions everyone has been asking - “Where are you going to school?” and “What are you going to major in?” I was never so glad to put those questions to bed and that uncertainty behind me.

However, the question nobody asks is probably the biggest of them all - “How are going to pay for that?”

Unfortunately, many high school students and their families haven’t adequately thought about how to pay for college. They’ve spent so much time on the other two questions they’ve left out the most fundamental aspect of going to school - the fact that it costs money. If they haven’t thought about it until the last minute it can be a very daunting challenge to figure out.

Heck, it’s daunting even if you’ve been planning for years. Have you seen the cost of a four-year degree recently? It’s enough to make even the most financially sound shudder. We started setting aside money for college when my oldest turned five and I still don’t know if there will be enough to cover the costs of four years for four children.

The Basic of How to Pay for College

Whatever your situation - whether you’ve been saving for years or have just begun to think about it - you have to develop a plan. With that in mind, here is Part I of two on how to pay for college and reduce the costs of a higher education. These are the six top things you can do:

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Global Shares Plunge! OMG…The World’s Coming to An End!

ID-100178554It’s another typical early morning. With a busy day ahead, I’m getting a bit of writing done before the kids drag themselves out of bed and downstairs for breakfast. I’m clicking around the Internet and wiping the sleep from my eyes when I’m greeted with this headline from Yahoo Finance:

“Global Shares Plunge as U.S. Slowdown Adds to Emerging Markets Woes”

I quickly pulled up a stock chart and noticed the financial markets have been in a free fall since the start of January. As of this writing (the morning of 2/4/14), the Dow Jones Industrial Average has fallen over 1,200 points (about 7%) since Jan. 1st. Many are calling for another 3-5% drop from here. Yikes!

Well, faced with that news what could I do? I grabbed my shotgun, some bottled water and my case of Ritz Crackers ‘n Cheese and headed for the bunker I’ve built in the basement. It’s fully stocked for Armageddon. The wife and kids will have to fend for themselves.

Clearly the world is coming to an end.

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When a Snowfall Brings Panic, Excitement and Pressure

Atlanta traffic in snow II

Downtown Atlanta Tuesday Afternoon

You may have heard a fairly substantial snowfall swept through the southeast Tuesday dropping anywhere from 1-3 inches of snow in greater Atlanta where I live. For those of you living in a mountain region in the west or north of the Mason-Dixon line in the east it’s OK to scoff. I grew up in Ohio so I know a major snowstorm when I see one.

This wasn’t it.

Except for Southerners it is. We simply don’t have the equipment to deal with the road conditions as they deteriorate.

Few salt trucks.

Fewer snowplows.

Still fewer drivers with experience in snowy road conditions.

This storm left many motorists stranded and children stuck at school throughout the night. Many roadways are still a parking lot this morning, as ice developed overnight in the below 20 degree weather.

There is a wide range of emotions produced on a days like this. I’ve noticed that which one people express depends on their situation and who they are. Furthermore, and more importantly, how people deal with the situation and handle their emotions may influence how they view the outcome of the entire day.

Emotion 1: Panic

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Planning to Ignore the Obamacare Mandate? Here’s What You Need to Know

The following is a guest post by Carter Smith from PrivateQuote.com.

tax on backTo paraphrase Shakespeare, a tax by any other name would still smell as vile. But the Obamacare tax, otherwise known as the “individual mandate,” may be an exception. While I am not suggesting that you avoid the tax, it is clear that many people intend to do just that. A recent Gallup poll found that 34% of Americans intend to thumb their noses come tax time instead of holding them.

This article will provide facts (not rumors) about what the mandate is, how much it can cost you, how the IRS may or may not enforce it, and how to protect yourself should you choose not to comply.

How the Mandate Works and What It Could Cost You

Make no mistake, the individual mandate is a tax disguised as a penalty. The Supreme Court said as much when it ruled the mandate constitutional. It is designed to force reluctant taxpayers to purchase health insurance through the problem-plagued exchanges if they are not covered by their employers.

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My January Fuss-a-Thon at Business Owners Has Begun

Form_1099-Misc_2013

Download this form at IRS.gov

2014 has begun, and for me, and most other accountants, that means the start of busy season. This is because we are assisting our business clients with year-end issues – and sometimes “assisting” turns to “fussing at”. With a smile, of course.

So, what do I need to fuss about the most? Here are two things (out of many) that an accountant wants you to know and do regarding year-end business issues.

1099s

What I am referring to here is Form 1099-MISC. This form is an information return that you as the business owner are required to give to certain vendors. The rules change from year to year, but for now, here’s who gets one:

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This One Stock Chart Could Make or Break You Over the Next 20 Years

stock chartMy investment plan is pretty simple - invest in retirement and non-retirement stock and bond mutual funds and sprinkle in a little real estate investing along the way. I invest for the long-term and don’t pull money out of the market at the first sign of a downtrend. Instead, I continue to invest monthly during a downturn to pick up more shares of stock at lower prices.

Because this is my philosophy, I don’t pay attention to the day-to-day fluctuations of the market. I quit listening to CNBC and other financial news programs years ago. While some of the programming was tolerable, they are news organizations, interested in ratings and what’s happening with the markets in the short-term.

The majority of the opinions I heard on any given day about the state of the markets and what I should be doing accordingly, didn’t jive with my long-term investment strategy.

One aspect of investing that has always intrigued me though is the stock chart. When these pop up on the news channels or I see one online (like I did yesterday) I often take notice.

Short-Term Stock Chart

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Year End Tax Planning For Small Businesses

Plan MazeThe following is a guest post by Kim Fourman.

Taxes may not be foremost on your mind right now, but they are important to think about before the year is over. It would be wise to know what kind of changes are coming and how that can affect you. For those in business, including the self-employed, here are two big changes coming for this year’s tax return.

Section 179

So what is Section 179 anyway? Well, first you need to understand depreciation. If you buy an asset (say, a computer), you are generally not allowed to expense (“expensing” means writing off or deducting) the entire amount in the year that you purchased it. Instead you are supposed to spread out the expense over several years.

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What Good Is Freedom When You’re Told What To Do With It?

U.S. Constitution - We the PeopleIn the fall of 1620, a group of 102 passengers sailed from the coasts of Western Europe across the Atlantic. Their journey was filled with danger as they traveled in a craft none of us would dare think of sailing today. Much like the courageous astronauts of the 1960s, they faced considerable danger and extreme conditions as they pioneered into an unknown and mysterious world.

Colonies had been established before in the New World but none for such a reason as this. The purpose of those earlier establishments in the Caribbean, and more recently in 1607 at Jamestown, had simply been about wealth creation - find the riches of the new land and return them home for the glory of the mother country.

Simple. Materialistic. Focused.

While some on the Mayflower sought economic prosperity, there was a group aboard interested in something much deeper and profound than the accumulation of wealth. These were known as the Separatists who were fleeing religious persecution inflicted on them by the Church of England. The church in that time controlled religion, dictating to the people how, when and where they were to worship. Choose to worship in a way the church forbid, and you would face severe punishment.

So faced with bigotry and religious intolerance, they fled to a new world with the hopes of fulfilling the one deep desire burning in their hearts…the freedom to choose.

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5 Common Rental Real Estate Mistakes Landlords Will Make

rental real estate mistakesSo, you are ready to take the rental real estate plunge and become a landlord. Awesome! I hope that you have come to that decision by desire (you really want to do this) and not by necessity (you were forced into it because your house wouldn’t sell). One of those scenarios (hint: the first one) generally works out better than the other.

My wife and I have been renting properties for some time now and our landlord experience has been positive. I believe our success comes from a desire to run a quality business, as we never considered this to be a whimsical adventure. We spent over a year studying the idea to make sure rental real estate was right for us because we knew it has its darker side. I believe we set ourselves up for success as landlords by doing that because we went into it with our eyes wide open.

Rental Real Estate Mistakes Landlords Should Avoid

Even with all our preparation we made some mistakes with our rental real estate. Here are five big ones I want to help you avoid.

1. Paying too much for a property

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ATTN Men: A Woman Values Security. Get It For Her!

What’s the final hurdle for couples to overcome the money fights in their relationship? Find out now in this final installment of my series.

Part I: How Couples Can End the Money Fights (a look at the importance of communication)

Part II: Relationships Blossom When Couples Budget

Road with guardrailMy wife and I were making such progress.

Goals and values being shared in open and honest communication - Check.

Emotional barriers torn apart and strong connections being rebuilt through the sharing of feelings - Check.

Budget in solid working order after months of trial and error - Check.

Frivolous spending habits being altered through discipline and focus - Check.

Still, it wasn’t enough to end the tension over money. Something still lingered subtly beneath the surface that was keeping us from moving forward. With our momentum stalled, we decided one day to take a step backwards…backwards to Step One that is. That’s right, more communication.

This time around as I listened deeper to my wife talk about her needs, here is what I heard her say…

“I need to feel secure.”

Some Thoughts on Security from Mrs. Luke1428

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