gambling http://www.wisebread.com/taxonomy/term/6342/all en-US Are Your Emotions Costing You Money? Take This Quiz http://www.wisebread.com/are-your-emotions-costing-you-money-take-this-quiz <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/are-your-emotions-costing-you-money-take-this-quiz" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/pensive_young_woman_holding_empty_wallet_after_shopping.jpg" alt="Pensive young woman holding empty wallet after shopping" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Building a strong financial foundation for you and your family requires discipline. It requires patience. It requires a steady mindset. But even the best of us have found ourselves spending and making financial decisions based on emotions, whether that's retail therapy, or holding off on investing due to <a href="http://www.wisebread.com/how-to-get-over-these-5-scary-things-about-investing?ref=internal" target="_blank">fear of the markets</a>. We've made decisions based on joy or comfort in the short term instead of satisfaction in the long run.</p> <p>Are you letting your emotions control your finances? Answer these questions to find out.</p> <h2>Do you spend money when you feel sad, happy, or stressed?</h2> <p>You had a bad day at work, so you go on a shopping spree for new shoes. You got a promotion, so you celebrate by taking friends out to eat at a fancy restaurant. You spend money as a reaction or antidote to whatever feelings you have at a given moment, and this makes it hard to save money at a healthy rate. You don't need to treat yourself to a costly reward every time you're happy or sad. This is an easy way to fall into a dangerous emotional spending cycle. (See also: <a href="http://www.wisebread.com/the-high-cost-of-the-treat-yourself-mindset?ref=seealso" target="_blank">The High Cost of the &quot;Treat Yourself&quot; Mindset</a>)</p> <h2>Have you held off on investing because you are afraid?</h2> <p>Fear is one of the most powerful emotions we have, and many people have never gotten started with retirement planning and investing because they are intimidated. They may find the whole process of investing to be overwhelming, or they may have a fear of asking a dumb question. Additionally, they may fear that their investments will lose money. In reality, it's best to channel fear into investing more, because not having enough money saved for retirement is a truly scary thought. (See also: <a href="http://www.wisebread.com/3-steps-to-getting-started-in-the-stock-market-with-index-funds?ref=seealso" target="_blank">3 Steps to Getting Started in the Stock Market With Index Funds</a>)</p> <h2>Have you sold investments when you realized they lost value?</h2> <p>We've probably all found ourselves frustrated with certain investments that have tanked, and sold them at a loss. Of course, then we've kicked ourselves when we've seen those same investments rebound in short order. It's not a good practice to be emotional when investing; the most successful investors practice discipline, patience, and steadfastness over the course of many years.</p> <h2>Have you ever bought something out of jealousy?</h2> <p>One of your closest friends just bought a big house in a nice neighborhood. Another just bought a fancy car. It can seem like other people are making out better than you, but this is no excuse to spend irresponsibly. Keeping up with the joneses is a path to financial hardship if you spend simply because you feel left out or jealous.</p> <h2>Do you get excited about getting a tax return?</h2> <p>It's an often ignored fact that if you are getting a tax refund, you've been lending money to the government interest-free all year. Remember: This was your money that you should have had all along. And yet, most people get a rush of excitement from getting a tax return. What's worse, people often treat their tax return like an unexpected windfall, and spend it frivolously. The sound, unemotional approach to taxes is to adjust your withholding so that you don't get a return at all. In fact, even owing a small amount to the IRS is OK as long as you don't pay a penalty. (See also: <a href="http://www.wisebread.com/10-smart-ways-im-spending-my-tax-refund?ref=seealso" target="_blank">10 Smart Ways I'm Spending My Tax Refund</a>)</p> <h2>Have you ever sought a refund anticipation loan or payday loan?</h2> <p>The same psychology that governs the love of tax returns also applies to those who seek money before it's due to them. If you are seeking cash early, you may end up paying exorbitant fees or interest rates. A typical payday loan might have an annual interest rate of 400 percent, according to the Consumer Financial Protection Bureau. (See also: <a href="http://www.wisebread.com/six-horrible-financial-products-you-should-avoid?ref=seealso" target="_blank">Six Horrible Financial Products You Should Avoid</a>)</p> <h2>Are you a habitual gambler?</h2> <p>Let's face it: Gambling can be exciting. It's a rush when you place a bet on some ponies and see your horse cross the finish line first. It's a thrill to see your ball land on your number. But gambling is ultimately an emotion-driven experience, and the excitement of winning can be addicting. Betting on a few hands of blackjack or the occasional football game won't kill you, but it's important to not let your emotions guide your betting habits. There's a long list of fine people who have ruined their financial lives through gambling.</p> <h2>Do you give a lot of money to children and other family members?</h2> <p>There's nothing wrong with being generous to those people who you care about most. But it's important to not let people take advantage of that generosity. Often, the decision to support a family member or friend is done not out of basic selflessness, but a feeling of obligation or guilt. It's important to not let your feeling of obligation to others outweigh your obligation to yourself.</p> <h2>Have you lost a job due to your temper?</h2> <p>Jobs can be frustrating. But if you've ever flown off the handle at work, you may be threatening your income and job security. While it's true that hiring managers look for workers with specific skill sets, they also want to make sure employees are able to get along with their colleagues. Workers who don't interact well with their peers, or respond poorly to criticism, often don't last long.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/are-your-emotions-costing-you-money-take-this-quiz">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-10-biggest-lies-we-tell-ourselves-about-money">The 10 Biggest Lies We Tell Ourselves About Money</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-financial-differences-between-millennials-and-the-next-generation">7 Financial Differences Between Millennials and the Next Generation</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-types-of-friends-who-are-costing-you-money">10 Types of Friends Who Are Costing You Money</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-biggest-ways-procrastination-hurts-your-finances">7 Biggest Ways Procrastination Hurts Your Finances</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/73-easy-ways-to-save-money-today">73 Easy Ways to Save Money Today</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance debt emotional spending fear of markets gambling giving money impulse shopping indulging investing overspending saving spending Wed, 21 Jun 2017 08:00:16 +0000 Tim Lemke 1966173 at http://www.wisebread.com 11 Secrets You Need to Tell Your Financial Adviser http://www.wisebread.com/11-secrets-you-need-to-tell-your-financial-adviser <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/11-secrets-you-need-to-tell-your-financial-adviser" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-165869622.jpg" alt="Couple sharing secrets they need to tell their financial adviser" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>So you've made an appointment to sit down with a financial adviser and formulate a plan for your future. Are you prepared to talk about your full money situation? In order to truly help you, your financial adviser needs to look at the big picture. That means there can be no major money secrets.</p> <p>Financial advisers will often begin each session by asking a lot of questions that may seem personal. But they'd be negligent if they didn't. In fact, it's their fiduciary duty to learn as much about you as they can in order to advise you properly.</p> <p>Here's a list of secrets you'll need to share with your financial planner if you want the best advice.</p> <h2>1. All of your debt</h2> <p>When you're being crushed under a mountain of debt, you may not want to talk about it. But a financial adviser is perhaps the best person to discuss it with. Your adviser can't craft a sound financial plan for you if they're unaware that a good chunk of your income is going to pay off debt. If you let them know about your full debt situation, however, they may be able to assist you in climbing out of the hole and onto the path toward financial freedom.</p> <h2>2. Any job loss</h2> <p>It's not always easy to admit you are out of work. But a financial adviser can't help you properly if you don't provide a full picture of your income situation. If you're out of work now, let your adviser know. If you were out of work for a long stretch in the past, let them know that as well. Financial advisers can also help you navigate what to do when your income has been cut, as well as advise you on what to do with old 401(k) accounts and pension money. (See also: <a href="http://www.wisebread.com/if-youre-lucky-enough-to-receive-a-pension-here-are-6-things-you-need-to-do?ref=seealso" target="_blank">If You're Lucky Enough to Receive a Pension, Here Are 6 Things You Need to Do</a>)</p> <h2>3. Family members you support</h2> <p>Do you pay child support? Do you regularly send money to your brother up in Buffalo? Do you have an elderly parent living with you? Your financial adviser will want to know about any money you spend to support other people, even if it's only occasionally or informally. These are expenses that have an impact on your overall financial picture, and are not the kinds of costs that you can easily eliminate.</p> <h2>4. Sizable gifts</h2> <p>You're fortunate enough to be given $25,000 from your generous Uncle Steve, but you feel like it's really not something you want people to know about. After all, who might come knocking on your door now that you have this extra cash on hand? That's understandable, but it's important to tell your financial adviser, because they can offer advice on what to do with the new funds. An unexpected influx of cash, even if it's just a one-time gift, can have a ripple effect on your overall saving strategy.</p> <h2>5. Tax troubles</h2> <p>Have you been diligent about paying your taxes? If not, this is something you'll want to tell your adviser. This goes for late taxes, tax liens on properties, and past audits. The longer you wait to take care of tax problems, the more you may end up paying in penalties and fees. Your financial adviser can help you clean up your tax issues, and will be in a better position to help you plan your future.</p> <h2>6. The status of your marriage</h2> <p>If you're meeting with an adviser, it helps to let them know if you're about to get married, or if your marriage is about to end. Marriage and divorce have all kinds of financial implications on everything from income to taxes to planning for retirement.</p> <h2>7. Your vices</h2> <p>Gambling. Alcoholism. A shopping addiction. We all have our bad habits, but it's important to be aware of those vices that impact your finances. Are you at risk of incurring debt due to a major gambling binge? Is alcohol preventing you from landing steady work? Your financial adviser can't accurately assess your finances if they don't know the situation.</p> <p>According to Doug Amis, a CFP with Cardinal Retirement Planning in Cary, NC, even casual marijuana use is something clients should disclose to planners, because many life insurance companies still test for it.</p> <h2>8. Anything that your kids need to know</h2> <p>Hans Scheil, CEO and owner of Cardinal Retirement Planning, says that his most challenging clients are those who have kept important information from family members. This secrecy can create difficulty in later years, when facing important estate decisions.</p> <p>&quot;What happens with people now is that they develop dementia, or some sort of chronic illness, and they end up needing care,&quot; Scheil said. &quot;This is when all of the family scandals come out.&quot;</p> <p>Scheil says it's important to anticipate what your children and grandchildren may need to know about your estate to avoid strife down the road.</p> <h2>9. Charitable giving</h2> <p>It may seem odd to think of this as something you'd hide, but financial advisers say they've met with clients who have quietly been giving to a cause that their spouse or other loved ones might not agree with. Your donations to charity may not seem like anyone's business, but they can impact your overall savings if you give a substantial amount. A financial adviser can also walk you through getting tax deductions for your charitable donations.</p> <h2>10. Your own lack of financial knowledge</h2> <p>Are you the type who doesn't know an IRA from an IPA? Are you mystified by mutual funds and baffled by bonds? It's OK, your financial adviser is not there to judge you and will likely be more annoyed by any attempt to bluff your way through a meeting. Financial advisers can help you understand the ins and outs of investing and estate planning, so it's useless to pretend to know more than you do.</p> <h2>11. All of your side hustles</h2> <p>When your financial adviser asks you about your income, they want to hear about everything. Not just your day job, but your side work giving piano lessons, your freelance writing, your pottery sales, and even your gambling winnings. You may be hiding this income because you don't want to pay taxes. But your adviser needs to know about this extra income, or else any financial plan they create will be flawed. Moreover, your financial adviser can often give you advice on how to turn a quiet side hustle into a legitimate, profitable business.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/11-secrets-you-need-to-tell-your-financial-adviser">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-protect-yourself-financially-during-a-divorce-or-separation">How to Protect Yourself Financially During a Divorce or Separation</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/could-a-divorce-improve-your-finances">Could a Divorce Improve Your Finances?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-myths-about-divorce-and-money-debunked">4 Myths About Divorce and Money, Debunked</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-manage-your-money-during-a-spousal-separation">How to Manage Your Money During a Spousal Separation</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/bad-credit-it-might-cost-you-your-marriage">Bad Credit? It Might Cost You Your Marriage</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance debt divorce financial advisers financial planning gambling honesty job loss marriage Secrets taxes Tue, 28 Mar 2017 10:01:05 +0000 Tim Lemke 1915280 at http://www.wisebread.com 35 Bizarre Things You Can Be Taxed On http://www.wisebread.com/35-bizarre-things-you-can-be-taxed-on <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/35-bizarre-things-you-can-be-taxed-on" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-516281044.jpg" alt="you can be taxed on these bizarre things" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Once the Yuletide log burns out and the New Year's ball drops, it's soon time for a less-joyful annual tradition: Calculating how much money you owe the Internal Revenue Service.</p> <p>We all know that Uncle Sam takes a share of our earnings, but have you considered other events in the past year that you may owe taxes on? You might be surprised at all the ways Uncle Sam can lighten your wallet.</p> <p><em>Note: I'm not an accountant. Consult a tax professional for advice on your personal situation.</em></p> <h2>1. You Caught a Baseball</h2> <p>You are the lucky fan who catches a historic home run ball from the outfield bleachers. The not-so-lucky part? The IRS could hold you responsible for the <a href="http://www.wsj.com/articles/SB118532191532076935" target="_blank">resale value of the ball</a> as soon as it hits your glove &mdash; even if you weren't planning to sell it.</p> <h2>2. You Found a Pot of Gold</h2> <p>You finally found the cache at the end of the rainbow. Or maybe you found a stash of rare baseball cards hidden in the wall of your home during a remodel, or a treasure chest while scuba diving in a shipwreck. Under the same regulation that applies to the baseball, the <a href="https://www.irs.gov/publications/p17/ch12.html" target="_blank">treasure trove rule</a>, that windfall is taxable to you the first year that you find it. Sadly, this means that you may be forced to sell all or part of your find even if you wanted to keep it.</p> <h2>3. You Held Up a Liquor Store</h2> <p>It doesn't matter if you got it illegally: Stolen money or property should be reported, lest a tax evasion charge be added to your legal woes when you get caught. Says the IRS, &quot;If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.&quot;</p> <h2>4. You Accepted Hush Money</h2> <p>The IRS is blunt on this one: &quot;If you receive a bribe, include it in your income.&quot;</p> <h2>5. You Dealt in Illegal Goods</h2> <p>If you made money dealing drugs or by any other illegal form of self employment, the IRS requires you to <a href="https://www.irs.gov/publications/p17/ch12.html" target="_blank">report it on Schedule C</a>.</p> <h2>6. You Hit the Jackpot</h2> <p>Yes, you have to pay taxes on your lottery prize. Yes, if you have been buying lottery tickets all year, you can also deduct the expenses. But you have to keep a <a href="https://www.irs.gov/publications/p17/ch28.html#en_US_2015_publink1000174141" target="_blank">diary of wins and losses</a>, and the IRS has specific instructions on how to do that.</p> <h2>7. You Stuck the Landing and Won Gold</h2> <p>It's estimated that Michael Phelps <a href="http://www.usatoday.com/story/money/personalfinance/2016/08/15/olympics-victory-tax-gold-medal/88587636/" target="_blank">will owe $55,000</a> to the IRS on his Rio winnings &mdash; the medals and the cash prizes that come with each are taxable. Many other Rio champions will get off scot free, however. That's because Congress recently passed a law to exempt Olympians from &quot;victory taxes&quot; &mdash; but only for athletes who earn a million dollars a year or less. Phelps earned an estimated $12 million in endorsements alone in 2016, so he doesn't get that break.</p> <h2>8. You Got a McArthur Genius Grant</h2> <p>It would feel great to win this $625,000 no-strings stipend, or the approximately $1 million that comes with the Nobel Prize. That good feeling won't protect you from the tax bite, though. You're required to pay taxes on all such awards &mdash; unless you have them <a href="https://www.irs.gov/publications/p17/ch12.html" target="_blank">directly transferred to a recognized charity</a>. That's what President Obama did with his 2009 Nobel Peace Prize winnings.</p> <h2>9. You Are Gifted</h2> <p>Usually, the presents you unwrap over the holidays come to you tax-free, but there are some exceptions. Cash or a gift card from your boss is taxable as a fringe benefit. A hostess gift you receive as a thank-you for having a sales party in your home is <a href="https://turbotax.intuit.com/tax-tools/tax-tips/General-Tax-Tips/Taxable-Income-vs--Nontaxable-Income--What-You-Should-Know/INF26326.html" target="_blank">taxed as miscellaneous income</a>. <a href="http://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/" target="_blank">Personal gifts</a>, though, are generally safe from the tax man.</p> <h2>10. You Airbnb'd Your Pad</h2> <p>Just like regular rent payments, money you earn by hosting Airbnb guests is counted as <a href="http://assets.airbnb.com/eyguidance/us.pdf" target="_blank">part of your gross income</a>. The exception: You don't have to pay if you live in the home and rent it out for <a href="https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/10-Tax-Tips-for-Airbnb--HomeAway---VRBO-Vacation-Rentals/INF29184.html" target="_blank">two weeks or less per year</a>.</p> <h2>11. You Got Your Social Security Check</h2> <p>It may seem nonsensical that the government pays people and then <a href="https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/social-security-income/regular-disability-benefits/regular-disability-benefits" target="_blank">collects tax money</a> on those payments, but that's how it goes. However, SSI, or disability benefits, are not taxable.</p> <h2>12. You Divorced Well</h2> <p>Alimony you receive from your ex is <a href="https://www.irs.gov/publications/p17/ch18.html" target="_blank">taxable income</a>, but child support payments are not. For this reason, it's important to know how payments are categorized in your divorce settlement.</p> <h2>13. You Won a Scholarship</h2> <p>If you win a grant that covers your tuition and books, that's tax-free. But if it pays for <a href="https://www.irs.gov/publications/p970/ch01.html#en_US_2015_publink1000178003" target="_blank">room and board or travel</a>, pay up.</p> <h2>14. Your Fantasy Football Team Won the Super Bowl</h2> <p>If you win at least $600 worth of cash and prizes from a business operating a <a href="http://newsroom.hrblock.com/tax-tip-it-may-be-fantasy-football-but-tax-implications-are-real" target="_blank">fantasy sports league</a>, they'll file a 1099-MISC with the IRS. But even if you win less or your league is informal, you are still supposed to pay on your winnings.</p> <h2>15. Triple 7s Came Up</h2> <p>Just like with the lottery, the IRS gets a cut of your casino winnings once they surpass the amount you document losing. Usually it's a <a href="http://www.efile.com/taxable-gambling-winnings-income-taxes/" target="_blank">flat 25%</a>.</p> <h2>16. You Spun the Wheel of Fortune</h2> <p>It's simple enough to pay the tax if you win a cash prize, but if you win a car or vacation, you still owe tax on its value &mdash; which can be tough to pay if you didn't <em>also</em> win cash. Because of this, it's often wise to take the cash equivalent of a prize if offered.</p> <h2>17. Your Debt Was Forgiven</h2> <p>The IRS is very specific about this: If a debt is cancelled as a gift to you &mdash; for example, if Grandpa says, &quot;Merry Christmas, you no longer owe me for that time I bailed you out!&quot; &mdash; you <a href="https://www.irs.gov/publications/p17/ch12.html" target="_blank">don't have to pay taxes</a>. Otherwise, you <em>do</em>.</p> <h2>18. You Traded a Haircut for Cigarettes</h2> <p>This may surprise you, but if you receive goods or services in exchange for services you render, the IRS expects you to <a href="https://www.irs.gov/taxtopics/tc420.html" target="_blank">include the value of those</a> in your gross taxable income.</p> <h2>19. The Boss Lets You Take the Ice Cream Truck Camping</h2> <p>If you drive your company car to work and home, or use it on weekends, this is a <a href="http://smallbusiness.chron.com/irs-taxable-fringe-benefits-company-car-15565.html" target="_blank">taxable fringe benefit</a> and you should be tracking and reporting your personal miles.</p> <h2>20. Your Bitcoins Doubled in Value</h2> <p>Bitcoin is a virtual currency that is represented by computer code, but it can be used to buy real goods and services. So of course, the IRS considers gains in this or <a href="http://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/#20c59ae46692" target="_blank">any other virtual currency taxable</a>. It's considered a capital asset like stocks and bonds, so if you buy Bitcoins low and sell them high, the difference is your profit. But it can be even more complicated than that: If you create new Bitcoins by mining, you have to count those as income, too.</p> <h2>21. You Got a Blogger Freebie</h2> <p>If a widget maker sends you their SuperWidget 2000 to review and you get to keep it, you just received a taxable payment. However, you don't owe taxes on the market value of the product &mdash; just what the company agrees it's worth. Make sure to put an agreed-upon value in your contract.</p> <h2>22. You Sold Stuff on eBay</h2> <p>If you occasionally sell your kids' outgrown clothes on eBay, you won't owe taxes because you most likely took a loss on the items. But if you create a resale business on eBay, you better believe you have to <a href="http://smallbusiness.chron.com/claim-ebay-sales-taxes-59661.html" target="_blank">report your profits</a>.</p> <h2>23. You Had a Yard Sale</h2> <p>Like eBay, most yard sale transactions are <a href="http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2009/05/are-garage-sale-proceeds-taxable.html" target="_blank">not income producers</a>, but if you're one of those people who holds a sale every weekend and resells stuff at a profit, do the right thing.</p> <h2>24. You're a Child Entrepreneur</h2> <p>Starting a small business, whether it's dog walking or selling handmade items, can be a great activity for a tween or teen. But don't expect them to be IRS-exempt just because they're kids. If the <a href="http://www.marketwatch.com/story/does-uncle-sam-tax-lemonade-stands-2013-07-08" target="_blank">business earns more than $400</a>, file a tax return.</p> <h2>25. You Set Up a GoFundMe Campaign</h2> <p>This is one of those tricky gray areas. If you start a crowdfunding benefit for someone in need, the donations should be considered personal gifts. But if the gifts run into the large numbers, the crowdfunding site may file a 1099, reporting the transaction to the IRS. A word to the wise: If you are setting up a crowdfunding campaign for a needy friend, <a href="http://www.huffingtonpost.com/steve-rhode/crowdfunding-to-help-a-sick-friend-can-lead-to-a-big-tax-bill-for-you_b_6615616.html" target="_blank">make sure it's in their name</a> so you don't end up wondering if you need to pay taxes on money you handed over to them. And consult an accountant before going down this route.</p> <h2>26. You Asked for Spare Change</h2> <p>There are differing opinions out there over whether quarters dropped in a panhandler's cup are considered earned income or a gift. Since panhandlers tend to live below the poverty line, they probably wouldn't owe any income taxes, either way. A more pressing issue for many would be whether the panhandling counts as earned income, qualifying recipients for the earned income tax credit, which could lead to a cash payment from the IRS even if the panhandler pays no taxes.</p> <h2>27. You Received Punitive Damages</h2> <p>Court settlements vary in their tax treatment. If you get a settlement in court to compensate you for a physical injury or emotional distress stemming from an injury, the money isn't taxable. But if you get paid for emotional distress not tied to an injury, or you receive punitive damages, <a href="https://www.irs.gov/pub/irs-pdf/p4345.pdf" target="_blank">you have to pay</a>.</p> <h2>28. You Cashed in Your Life Insurance Policy</h2> <p>If you die, your beneficiaries probably won't be taxed on your life insurance payout. But if you cash it in while you're alive? Any <a href="https://www.ameriprise.com/research-market-insights/tax-center/tax-planning/taxation-of-life-insurance/" target="_blank">profit you made on the policy</a> &mdash; that is, the value in excess of premiums paid &mdash; is taxable.</p> <h2>29. Your Champion Pug Had a Litter</h2> <p>Whether you breed your dog as a business or a hobby, money made <a href="http://www.akc.org/content/dog-breeding/articles/tax-tips-for-dog-breeders/" target="_blank">selling puppies is taxable income</a>. However, it's also not cheap to breed and raise puppies, so once you deduct stud fees and all those vet bills, you may not actually show a taxable profit for your prize pups.</p> <h2>30. You Put on the Red Light</h2> <p>Just like dealing drugs, if you sell your body in a jurisdiction where that's illegal, you still have to <a href="http://www.slate.com/articles/news_and_politics/explainer/2009/09/how_do_prostitutes_pay_their_taxes.html" target="_blank">report the income on Schedule C</a>. In fact, smart high-earning prostitutes declare their income to put themselves into the position to buy a house or get credit.</p> <h2>31. You Couldn't Get Out of Jury Duty</h2> <p>If you got $15 for sitting on a jury, that's taxable income, even if you turn it over to your employer. However, if you did turn it over to your employer, you also put in a <a href="https://apps.irs.gov/app/vita/content/17/17_08_005.jsp" target="_blank">deduction for the same amount</a> on your tax form so your gross income will remain the same.</p> <h2>32. You Got a Tax Refund</h2> <p>Last year's state and federal refunds are <a href="https://www.taxslayer.com/support/knowledgebasearticle324.aspx" target="_blank">taxable in some situations</a>.</p> <h2>33. You Exercised Stock Options</h2> <p>This is one that has gotten a lot of tech workers into financial hot water. If your company gives you stock options, that's not a taxable event. But when you exercise the option by purchasing stock in your employer at a discount, <a href="http://www.investopedia.com/articles/optioninvestor/07/esoabout.asp" target="_blank">that is a taxable event</a> even if you don't sell the stock right away. This can go bad if the stock declines in value after you exercise the option, because now you may owe the IRS more money than you can raise by selling the stock.</p> <h2>34. Your Landlord Is Paying You to Get Out</h2> <p>In rent-controlled areas with high demand, such as San Francisco, it's common for landlords to buy tenants out. This is often referred to as a relocation assistance. This is taxable, but whether to treat it as regular income or a capital gain is dicey, so you may need professional help with that one.</p> <h2>35. You Are an Undocumented Worker</h2> <p>Despite a common belief that undocumented immigrants don't contribute to society with tax dollars, anyone working in the U.S. is legally required to pay taxes, papers or not. And they do pay. Studies show about half of people working illegally are paying income tax, resulting in about <a href="http://www.usnews.com/news/articles/2016-03-01/study-undocumented-immigrants-pay-billions-in-taxes" target="_blank">$12 billion per year</a> in state and local revenue.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/carrie-kirby">Carrie Kirby</a> of <a href="http://www.wisebread.com/35-bizarre-things-you-can-be-taxed-on">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/20-amazing-outrageous-and-just-plain-weird-tax-deductions">20 amazing, outrageous and just plain weird tax deductions</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-signs-you-probably-need-an-accountant">5 Signs You Probably Need an Accountant</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-freelancers-and-side-giggers-need-to-know-about-income-taxes">What Freelancers and Side Giggers Need to Know About Income Taxes</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-great-places-to-get-free-tax-advice">6 Great Places to Get Free Tax Advice</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/clear-out-that-clutter-15-places-to-sell-your-stuff">Clear Out That Clutter: 15 Places to Sell Your Stuff</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Taxes bizarre taxes eBay entrepreneurs gambling illegal income taxes IRS prizes real estate selling sports winnings Mon, 19 Dec 2016 10:00:08 +0000 Carrie Kirby 1855930 at http://www.wisebread.com 6 Ways Greed Is Keeping You Poor http://www.wisebread.com/6-ways-greed-is-keeping-you-poor <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-ways-greed-is-keeping-you-poor" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_seeing_money_000087743301.jpg" alt="Man learning ways greed is keeping him poor" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Greed is a particularly ugly sin. While there are positive characteristics of <a href="http://www.wisebread.com/topic/seven-deadly-sins" target="_blank">pride, or even envy</a>, it's almost impossible to use greed in any way that isn't an insult. It conjures images of fat cat CEOs hoarding millions, while their workers earn minimum wage. But although Ebenezer Scrooge and his ilk are portrayed as misers with serious money, greed can sometimes make you poor. Here are six examples of the way greed can eat away at your pot of gold.</p> <h2>1. Wanting It All</h2> <p>Not content with their lot in life, some people look at all those things they could have that make life even better. Or so they think, anyway. The latest smartphone. The upgraded car. The bigger house. The 80 inch flat screen TV. The huge deck. The patio. The yacht. Sadly, all those expenses have to be paid, and it can lead to crippling credit card debt, loans that cannot be paid back, and the eventual loss of everything to pay back creditors. As Tyler Durden famously said in Fight Club, &quot;the things you own end up owning you.&quot; So, be very wary of greed. Happiness from those items is fleeting anyway.</p> <h2>2. Living to Excess</h2> <p>More wine. More beer. More junk food. More everything! When greed manifests as the intense and selfish desire for food and drink, it can lead to a plethora of health problems. And as we all know, health care can be very expensive in the USA. Overeating, leading to obesity, is responsible for as much as $210 billion in healthcare costs in the United States. An obese adult spends 42% more on healthcare than someone with a healthy weight, and obesity can lead to many other illnesses.</p> <p>Then there's greed that turns to alcoholism, or drug abuse. While there are definitely other factors involved, including depression and other mental health issues, greed can contribute to a whole host of health problems from drug abuse. Recovery can be costly. And then there are the other problems stemming from an excessive lifestyle, including time taken off work, a lack of drive or motivation, and the sheer expense of maintaining that kind of diet.</p> <h2>3. Breaking the Law</h2> <p>Greed can make people do some strange things, which leads to committing unlawful acts. This does not mean they go out and rob banks, or scam people out of their savings online. It's more that they see an opportunity to make a lot of money for doing something they believe is harmless, albeit illegal. And then, they get caught, and face a prison sentence and a career in ruins.</p> <p>One example is Scott London, a once successful audit partner at a huge accounting firm. He was earning $900,000 a year, but it appears that wasn't enough. London decided to start selling sensitive information about some of his clients to a friend. This is known as insider trading, and it's against the law. Although he made just $70,000 from the deals (a lot for most of us, but for him, a drop in the bucket), he was caught by the FBI and sentenced to 14 months in prison.</p> <p>However, for others, it may be something smaller that leads to the poor house. Cheating on taxes, even just for a few bucks, is a federal offense. And shoplifting as little as three belts, or a couple of jerseys, has <a href="http://www.motherjones.com/politics/2013/11/23-petty-crimes-prison-life-without-parole">landed people in prison for life</a>.</p> <h2>4. Avoiding Generosity</h2> <p>There is a misnomer that every rich person is greedy, and every poor person is not. This is actually not true, and financial guru Robert Kiyosaki has devoted a <a href="http://investmentwatchblog.com/robert-kiyosaki-forget-the-rich-the-poor-are-the-greedy-ones/">one-hour radio show</a> on this subject that is well worth listening to. The basic idea is this: Having a generous spirit, and giving back to the world, will pay dividends. Investing in people, and in projects that have real potential, will reap rewards. On the other hand, hoarding your possessions, never giving to charity, and stockpiling wealth is not a positive way to manage money. Being generous, and doing good, can build much greater wealth than saving every penny and watching it grow a few percent a year in a bank account.</p> <h2>5. Gambling Away Everything</h2> <p>You know the stories. You've seen the movies. Gambling can bring people great wealth in just a few seconds. But, for the vast majority, it's a losing proposition. Couple gambling with greed, and you have a recipe for tragedy just waiting to happen. Every year, millions of people try and get lucky, and for most, it's just a flutter. Win or lose, they walk away. But 2% of people who gamble get seriously addicted, and greed takes over. A win becomes an adrenaline rush. They want more. And more. They want to see the dollar signs multiply. Before they know what's happened, they have lost everything trying to win back the money they once had.</p> <h2>6. Finally&hellip; the Impact of Corporate Greed</h2> <p>Sadly, it's not personal greed, but corporate greed that is having an impact on our wallets. And in some instances, it keeps people in poverty. From the greedy politicians who take cash to vote against the public interest, to the outsourcing of jobs to other countries, America has a serious greed problem. Many of us feel it a little, here and there. But for some, it's the cause of great hardships.</p> <p>One recent example comes from Wendy's. After the recent minimum wage hike, and plans to raise it to $15/hour, the fast food giant responded with automated self-service kiosks. &quot;We continue to look at initiatives and how we work to offset any impacts of future wage inflation through technology initiatives, whether that's customer self-order kiosks, whether that's automating more in the back of the house in the restaurant,&quot; said CTO Todd Penegor (who was&nbsp;<a href="http://www1.salary.com/Todd-A-Penegor-Salary-Bonus-Stock-Options-for-WENDY-S-CO.html">compensated over $3 million</a> in 2014). The moral of this story &mdash; demand a living wage and you're out of a job.</p> <p>The defenders of this say that these jobs are entry-level, but with so many manufacturing jobs going elsewhere, and the employment of low-wage workers who do it &quot;cash in hand,&quot; it's getting harder and harder to find a decent paying job that doesn't require an education and a ton of experience; something many people never had the chance to get.</p> <p>Of course, the massive financial meltdown in 2008 was also caused by massive greed, and that impacted millions of homeowners and led to bankruptcies. It's safe to say that even if you are the least greedy person on the planet, you will still be affected by greed in your day-to-day life.</p> <p><em>Has greed cost you? Tell us about it in comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/6-ways-greed-is-keeping-you-poor">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-gluttony-is-keeping-you-poor">6 Ways Gluttony Is Keeping You Poor</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/flashback-friday-42-ways-the-7-deadly-sins-are-keeping-you-poor">Flashback Friday: 42 Ways the 7 Deadly Sins Are Keeping You Poor</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-sloth-is-keeping-you-poor">6 Ways Sloth Is Keeping You Poor</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-wrath-is-keeping-you-poor">5 Ways Wrath Is Keeping You Poor</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-ways-pride-is-keeping-you-poor">7 Ways Pride Is Keeping You Poor</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Frugal Living charity excess gambling greed healthcare illegal losing money minimum wage poor seven deadly sins sins Fri, 03 Jun 2016 10:30:05 +0000 Paul Michael 1722968 at http://www.wisebread.com Save a Surprising Amount by Quitting These 4 Bad Habits http://www.wisebread.com/save-a-surprising-amount-by-quitting-these-4-bad-habits <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/save-a-surprising-amount-by-quitting-these-4-bad-habits" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000085103623.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>We all have our bad habits, but do you know how much your vices are costing you? Whether you have the budget for it or not, bad habits are extremely costly &mdash; both to your wallet, and your health. Here's how much you could save if you gave up your vices.</p> <h2>Smoking</h2> <p><strong>Yearly cost: $2,321</strong></p> <p>One pack of cigarettes costs between $5 and $13.50, with the <a href="http://www.cancer.org/research/infographicgallery/tobacco-related-healthcare-costs">national average being $6.36</a>. Smoking just one pack a day at $6.36 will cost you $2,321 per year. However, the American Cancer Society determined that the real costs of a pack of cigarettes are closer to $35 per pack, when you consider the health-related costs to you.</p> <p>While this number is already shocking, you will also need to consider the additional costs associated with smoking, such as increased medical expenses and insurance costs. In fact, insurance companies can charge smokers up to 50% more for the same annual coverage as a non-smoker. According to Cigna, smoking may make it difficult for you to qualify for medical insurance at all, with good reason. According to the New England Journal of Medicine, <a href="http://www.nejm.org/doi/full/10.1056/NEJMsa1211128?viewType=Print&amp;viewClass=Print&amp;">quitting smoking before age 40</a> can reduce the risk of death associated with continued smoking by up to 90%.</p> <p>Life insurance policies will also be significantly more expensive for smokers. Non-smokers also receive a range of money-saving benefits, and the costs to smokers can go on and on. If not for your budget, then consider cessation to save your lungs and improve your overall health and wellbeing.</p> <p>Cigarette smoking is the number one preventable cause of death in America, so break the habit as soon as you can. In fact, smoking can <a href="http://www.cbc.ca/news/health/quitting-smoking-before-40-erases-damage-to-health-1.1304433">reduce your lifespan</a> by at least 10 years, but if you quit smoking before age 40, you can regain most of that time back. (See also: <a href="http://www.wisebread.com/heres-how-rich-youd-be-if-you-stopped-smoking?ref=seealso">Here's How Rich You'd Be if You Stopped Smoking</a>)</p> <h2>Drinking</h2> <p><strong>Yearly cost: $1,976</strong></p> <p>The top 10% of drinkers in America drink an average of <a href="https://www.washingtonpost.com/news/wonk/wp/2014/09/25/think-you-drink-a-lot-this-chart-will-tell-you/">10 drinks per day</a> (or two bottles of wine per night), but let's assume a more modest number like one drink per day, or two bottles of wine per week. The cost of drinks can vary widely, depending on what and where you imbibe. For instance, the average bottle of wine enjoyed at home costs about <a href="http://www.statista.com/statistics/259433/average-price-of-leading-types-of-wine-in-the-us/">$9 per bottle</a>, while one fancy cocktail at the bar can set you back $10&ndash;$12. Let's assume you drink two bottles of wine per week and two drinks at the bar every weekend; you would be spending at least $38 per week or $1,976 per year.</p> <p>This is a very modest estimate, as most moderate drinkers will admit to spending far more than $38 per week on alcohol, but you can see how the costs can really add up. For a more accurate estimate, consider using an <a href="http://rethinkingdrinking.niaaa.nih.gov/tools/Calculators/alcohol-spending-calculator.aspx">alcohol spending calculator</a> to determine what your average spending would be.</p> <p>While these numbers are already shocking, you will also need to consider the additional costs associated with drinking. For instance, consider cab fare, tips for the bartender, hiring a babysitter, and the increased medical costs. Also consider that getting convicted of a DUI or DWI can cost around $10,000 thanks to legal fees, court fines, towing, and treatment. If not for your budget, then consider kicking your drinking habit to save your kidneys and liver, and to improve your overall health.</p> <h2>Gambling</h2> <p><strong>Yearly cost: $400</strong></p> <p>The average American spends about <a href="http://www.usatoday.com/story/money/personalfinance/2014/03/24/20-ways-we-blow-our-money/6826633/">$400 per year</a> on gambling (Vegas, anyone?). This doesn't factor in online poker, which can be wildly addictive and expensive. If you're spending just $100 per online session, once a week, that's $5,200 spent per year.</p> <p>If you buy lottery tickets, this is an even bigger waste of money as the odds aren't in your favor. In fact, the chances of winning the Powerball jackpot are <a href="http://www.powerball.com/powerball/pb_prizes.asp">one in 292 million</a>. As the saying goes, you're more likely to be struck by lightning. If you're spending just $1 per day on lottery or scratch-off tickets, then you can add an annual cost of $365 to your average gambling debt.</p> <h2>Dining Out</h2> <p><strong>Yearly cost: $432</strong><strong>&ndash;</strong><strong>$4,879</strong></p> <p>Dining out could break your budget faster than many other vices. Restaurants and bars can mark up drinks by as much as 400%, and both fast food and restaurant options are now more costly than ever. While there are ways to save money at the restaurant (such as taking coupons and sharing a meal), you'll save the most by eating at home. If you're a foodie or simply enjoy eating out, just try to cut back to dining out once a week.</p> <p>Two-thirds of Americans are overweight or obese and according to George Washington University, the <a href="https://gwtoday.gwu.edu/heavy-burden">yearly cost of being overweight</a> is $524 for men and $432 for women, while the yearly cost of being obese is $4,879 for women and $2,646 for men. According to the Centers for Disease Control and Prevention, obesity can also lead to a <a href="http://www.cdc.gov/obesity/adult/causes.html">number of related health issues</a>, including diabetes, heart disease, stroke, liver damage, certain types of cancer, and mental illness. It may also make it difficult to apply for health insurance and life insurance coverage.</p> <h3>Why You Should Stop Now</h3> <p>It's important to kick your bad habit now, because every day lost is more costly than the next. Thanks to our old friend, compound interest, the earlier you begin saving the money that you would have normally spent on bad habits, the more you will accrue in accumulated interest over time.</p> <p>Just imagine everything you could buy &mdash; or how much you could save &mdash; by kicking your costly habit. It may be difficult in the beginning, but studies have shown that, on average, it takes just over two months to kick a bad habit. Then, you can start watching the money pile up. (See also: <a href="http://www.wisebread.com/how-to-break-bad-habits?ref=seealso">How to Break Bad Habits</a>)</p> <p><em>Did you kick a costly bad habit? Please share your experience in the comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-cannon">Andrea Cannon</a> of <a href="http://www.wisebread.com/save-a-surprising-amount-by-quitting-these-4-bad-habits">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-ways-to-save-money-when-getting-your-drink-on">15 Ways to Save Money When Getting Your Drink On</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/five-more-tips-for-eating-in-restaurants-and-sticking-to-a-budget">Five More Tips For Eating In Restaurants And Sticking To A Budget</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/my-2016-budget-challenge-finding-food">My 2016 Budget Challenge: Finding Food</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/save-money-and-eat-better-with-these-6-online-meal-planners">Save Money and Eat Better With These 6 Online Meal Planners</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-booze-teaches-us-about-money">What Booze Teaches Us About Money</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Frugal Living Food and Drink bad habits breaking bad habits gambling quit smoking saving money take out vices Thu, 12 May 2016 09:30:28 +0000 Andrea Cannon 1708050 at http://www.wisebread.com 10 Types of Friends Who Are Costing You Money http://www.wisebread.com/10-types-of-friends-who-are-costing-you-money <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-types-of-friends-who-are-costing-you-money" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/girls-friends-shopping-Dollarphotoclub_68908168.jpg" alt="girls friends shopping" title="girls friends shopping" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Our friends are some of the most important people in our lives. But have you ever considered the impact they have on your finances?</p> <p>Some friends can suck money from your wallet, even if they don't intend to. And because they're your friends, you may not even notice. (See also: <a href="http://www.wisebread.com/10-types-of-neighbors-that-are-costing-you-money?ref=seealso">10 Types of Neighbors Who Are Costing You Money</a>)</p> <p>Consider whether yours fall into any of these categories of friends that cost you money.</p> <h2>1. The Leech</h2> <p>He's more than just cheap. He's a moocher. He's always asking to borrow money. He raids your fridge, and if you go out to eat, he always insists on paying just half the check &mdash; even if he ordered more. He wants you to spot him his share of the monthly rent and promises to pay you back &mdash; but you know he won't. He'll even &quot;borrow&quot; books and DVDs that you'll never see again. You need to draw a hard line on what you'll do for this friend. Otherwise, you'll both end up suffering financially.</p> <h2>2. The Big Spender</h2> <p>If you go to a baseball game together, they insist on getting tickets behind home plate instead of in the bleachers. When you suggest a weekend of camping, they push for a week of skiing in Aspen. Perhaps this friend is wealthy and has a good chunk of disposable income. Or, perhaps they just love to spend and hate to save. Either way, keeping up with their lifestyle is making you go broke. You like this friend because you enjoy his or her company, but you must politely find a way to spend time with them on more frugal terms.</p> <h2>3. The Bad Association</h2> <p>He's always getting in trouble, and you're often dragged in his wake. He's the guy who shows up with weed at parties, or gets into fights at clubs. You can try your best to be on the straight and narrow, but just being around him can put you at risk for legal trouble. And even if your criminal record stays clean, your social media profile might not. Think you're due for a raise at work? You better hope the boss doesn't see the drunken Instagram pic your friend tagged you in.</p> <h2>4. The Awful Entrepreneur</h2> <p>She always has a new idea for something that will change the world, and all she needs is some money to get it off the ground. Maybe it's a new mobile app to help you brush your teeth, or a new restaurant specializing in gourmet scrambled eggs. You admire her entrepreneurial spirit, but the truth is that she has neither the business sense nor the dedication to get rich from any of these schemes. It may be tempting to lend money to friends for their business ventures, but don't let your friendship skew your assessment of whether the investment makes good financial sense.</p> <h2>5. The Philanthropist</h2> <p>This month, he's running in a marathon to raise money for cancer research. Next month, he's seeking donations for a local homeless shelter. He's a generous soul &mdash; and that's great! But it's important that you don't feel pressured to donate every time he comes around. You must find a way to gently tell your friend that you can't pony up cash every time he's supporting something. Keep in mind that it's possible to support his cause without giving money. For instance, consider volunteering your time to the charity in question, instead.</p> <h2>6. The Celebrator</h2> <p>I had an old friend from college who would plan parties and outings for the most innocuous of reasons. While most of us grew older and let our birthdays pass with little fanfare, he was still planning annual trips to Las Vegas well into his 30s. His over-celebrating was often excessive, but the truth is that this is something many of us fall prey to. We celebrate the new job, the promotion, the graduation from pre-school. We reward ourselves with a dinner out just because &quot;we've had a tough week.&quot; Resist the urge to celebrate every single life event, and politely beg out of those outings to which you've been invited.</p> <h2>7. The Extravagant Gift Giver</h2> <p>It's Christmas Day and you bought gifts for all of the people on your list. But then a friend arrives with expensive items for you and your entire family. Now you're on the hook to reciprocate, even if you feel like you're not close enough with this person to be exchanging gifts every year. This is a tricky situation, as it hardly seems civil to complain about a friend's generosity. But there are polite ways to nudge the person away from giving gifts. If they still insist on giving, reciprocate by inviting them to dinner or finding a tasteful but inexpensive item.</p> <h2>8. The Spending Enabler</h2> <p>So you're on the fence about whether to buy the 45-inch flat screen TV or the 70-inch monster. On one shoulder is the little Frugal Angel, telling you to buy the smaller one, or even pass on buying altogether. One the other is your friend, telling you how much you deserve the behemoth. She may mean well, but she's always pushing you to spend more. &quot;Go for it,&quot; she'll say. &quot;You work hard. Don't be afraid to spoil yourself.&quot; Never listen to the Enabling Devil.</p> <h2>9. The Early Adopter</h2> <p>This is the guy who stands in line at the Apple Store every time a new phone is released. He's the first to get every new gadget or technology out there. Hanging out with this friend can make you feel pressured to keep up. But keep in mind that Early Adopters rarely get the best deals. Don't let your friend's love of the shiny new thing influence your own buying decisions.</p> <h2>10. The Gambler</h2> <p>With this friend, a casual game of poker always seems to turn into a scene from Rounders. His &quot;friendly&quot; fantasy football league just offers another chance for big chunks of money to change hands. He's always betting on something, and all too often you find yourself opening up your wallet to join the fun. Resist the urge to bet big bucks on things every time you hang out with this friend. You'll be better off financially (and your blood pressure may improve as well).</p> <p><em>Do you have any &quot;friends&quot; like these? How do you deal with friends that are costing you money?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/10-types-of-friends-who-are-costing-you-money">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-should-you-say-no-to-those-who-want-to-borrow-money-from-you">When Should You Say No to Those Who Want to Borrow Money from You?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-meditation-can-make-you-a-money-master">6 Ways Meditation Can Make You a Money Master</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-money-saving-new-years-goals-that-you-can-actually-keep">10 Money-Saving New Year&#039;s Goals That You Can Actually Keep</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-nice-ways-to-tell-your-spendy-friends-youre-staying-on-budget">7 Nice Ways to Tell Your Spendy Friends You&#039;re Staying on Budget</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-your-emotions-costing-you-money-take-this-quiz">Are Your Emotions Costing You Money? Take This Quiz</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Lifestyle Personal Development borrowing friends gambling saving spending Wed, 14 Jan 2015 18:00:09 +0000 Tim Lemke 1278625 at http://www.wisebread.com You Can Guarantee a Win and 9 Other Bizarre Facts About the Lottery http://www.wisebread.com/you-can-guarantee-a-win-and-9-other-bizarre-facts-about-the-lottery <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/you-can-guarantee-a-win-and-9-other-bizarre-facts-about-the-lottery" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/money-100264577-small.jpg" alt="woman with money" title="woman with money" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>It's something many of us dream about, but few will ever experience: Winning the lottery. The idea of buying a ticket for a few bucks and turning it into hundreds of millions of dollars overnight is tempting to say the least. We all know it's not very likely to happen. Still, that doesn't stop millions of us playing it every week. And you'd be amazed by some of the stories and facts that the lottery produces. Here are the top 10 bizarre facts about lotteries, in no particular order. (See also: <a href="http://www.wisebread.com/playing-the-lottery-is-a-bad-gamble?ref=seealso">Playing the Lottery Is a Bad Gamble</a>)</p> <h2>1. Non-Winning Tickets Can Be Used Again</h2> <p>Don't just trash your losing tickets. Whether scratch cards, quick picks, or personal numbers, those tickets can be used again to enter second-chance drawings. This is something done by the different lotteries to help with customer loyalty and ease those feelings of loss. However, you probably never heard about this because they rarely advertise the fact. Some states require you to mail in your ticket, others want you to register the serial number. But it's a free entry, so why not? Check your state's second-chance lottery after every draw, and you might get lucky.</p> <h2>2. Good Manners Cost One Powerball Player $590 million</h2> <p>When <a href="http://usnews.nbcnews.com/_news/2013/06/05/18777885-good-manners-results-in-fortune-for-florida-powerball-winner">Mindy Crandell</a> went to buy her ticket from the local Publix supermarket, she let an 84-year old woman step ahead of her in line. It was a nice, polite thing to do. And it cost Mindy a fortune. That old woman who went ahead of her purchased a Quick Pick ticket, the one Mindy was supposed to get. Gloria C. Mackenzie, the Florida retiree, collected over $370 million before taxes, the lump sum option. Mindy got nothing, except perhaps the chance to reevaluate her politeness.</p> <h2>3. You're More Likely to Be Killed By a Vending Machine Than Win a Lottery</h2> <p>Sad, but true. Most lotteries have insurmountable odds. The Mega Millions lottery, for instance, has odds of 176 million to 1. That means you have a greater chance of being killed by a vending machine (112 million to 1), becoming president (10 million to 1), dying from being left-handed (4.4 million to 1), or dying in the bathtub (840,000 to 1). In fact, if you decide to leave the house now to buy a lottery ticket, the odds favor you <a href="http://skeptics.stackexchange.com/questions/11131/are-the-chances-of-dying-on-the-way-to-get-lottery-tickets-larger-than-the-chanc">dying</a> before you ever buy the ticket than actually winning the jackpot.</p> <h2>4. You Can Guarantee a Lottery Win, but It's a Logistical Nightmare</h2> <p>Usually, buying up almost every combination of lottery tickets is self-defeating. For a jackpot of only $20 million dollars, you'd have to spend many times more to put the odds in your favor. However, when the jackpot becomes huge, over $400 million, then the math starts to make sense. However, organizing such an endeavor would take a <a href="http://www.nytimes.com/1992/02/25/us/group-invests-5-million-to-hedge-bets-in-lottery.html">syndicate</a> of massive proportions. <a href="http://www.cnbc.com/id/49981575">The venture has all kinds of problems</a>, including severe trust issues, and the settlement of the winnings would take a small firm of accountants. The other option would be for a single multi-millionaire to corner the market, but anyone with such funding behind them would have far better ways to guarantee a return.</p> <h2>5. Many Lottery Winners Blow Their Fortunes Quickly</h2> <p>The problem with coming into a lot of money very quickly is that it took no discipline to get it. It's free money, and because of that, it's not always shown the respect of earned money. Another problem is a lack of knowledge of basic financial principles by the winners. $15 million seems like an unspendable amount of money, but these days it's not. It should last a lifetime with careful investment, but start buying houses, cars, yachts, and party nights, and you could see that fortune crumble in just a few years. <a href="http://en.wikipedia.org/wiki/Michael_Carroll_(lottery_winner)">Michael Carroll</a>, a garbage man in the UK, did just that. He won around $15 million at the tender age of 19, and eight years later he'd blown it all and was back on the garbage truck again. (See also: <a href="http://www.wisebread.com/people-who-became-millionaires-overnight-and-what-they-did-with-the-money?ref=seealso">People Who Became Millionaires Overnight and What They Did With the Money</a>)</p> <h2>6. Fortune Cookies Can Predict Winners</h2> <p>Well, of course they can. The random selection of numbers printed in fortune cookies have the same chance of winning as any other random set of numbers. And that's just what happened in 2005. A random group of 110 people played the same fortune cookie numbers and each one thought they had won the whole $19.4 million jackpot. Instead, 89 winners received $100,000, and 21 got $500,000 as they had opted for the Power Play. It's not a bad haul, but it's not the fortune they were expecting. There was even a fraud investigation looking into the strange result.</p> <h2>7. The &quot;1,2,3,4,5,6&quot; Combo Is as Likely as Any, but You Should Never Play It</h2> <p>Statistically, that selection of numbers is not ridiculous to play. If you replace the numbers with symbols, it's easier to see why. However, there are several reasons not to play that sequence.</p> <p>First, there are thousands of people who play it, because they believe the same thing. Hey, it has to happen some time. So if it ever does come up, you'll be sharing the jackpot with a lot of people.</p> <p>Second, despite the odds being the same, the sequence has never yet been chosen, suggesting that although the numbers alone have the same chances, the combination may not. I'm no mathematician, <a href="http://saliu.com/bbs/messages/961.html">but this person has done some extensive research on it</a>. It seems you're better off with a bunch of random numbers.</p> <h2>8. Some Lives Are Ruined by Winning the Lottery</h2> <p>Be careful what you wish for. What we think we need to be happy is not always what will actually bring us happiness. And money, well, that's the biggest red herring of them all. While it's true that a lack of money can make you unhappy for obvious reasons, drowning in it will only bring short-term pleasure. From <a href="http://www.wisebread.com/people-who-became-millionaires-overnight-and-what-they-did-with-the-money?ref=seealso">breaking up families and friendships</a> to death threats and prison time, the lottery has been an ironic windfall for many people over the years.</p> <h2>9. You Better Know Where You Bought That Ticket</h2> <p>When the million-dollar jackpot comes up, lottery officials don't just hand over the cash if you have the winning ticket. They do checks to make sure you were the one who bought it, and where you purchased it. A case in 2010 puzzled Iowa lottery officials when no one came forward to claim the $14.3 million prize. Then, one year later, two hours before the deadline, a New York man named <a href="http://abcnews.go.com/blogs/headlines/2013/02/murder-blackmail-investigators-check-why-14-3m-jackpot-was-abandoned/">Crawford Shaw presented the ticket</a> via two attorneys. The story from Crawford is suspect, evidence is sketchy, and as of December 2013, the mystery has still not been solved. And as such, the money has never been handed over.</p> <h2>10. Scammers Use the Names of Lottery Winners</h2> <p>Perhaps the most famous case of philanthropy from lottery winnings, in recent years at least, was the story of Violet and Allen Large. The elderly Canadian couple won over $11 million in July 2010. They gave over 98% of it away, saying that they were comfortable and had each other, which was the most important part of life. That was an open invitation to scammers though. They used the names of Violet and Allen in an email scam, claiming to be giving away millions. It works like any Nigerian email scam, so if you ever get one from them, <a href="http://www.scamdex.com/ScamBlog/2013/05/violet-and-allen-large-lottery-windfall-scam/">know that it's completely bogus</a>.</p> <p><em>What would you do with your lottery winnings? Please share in comments! [Buy a Zeppelin and travel the world in it. &mdash; Ed.]</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/you-can-guarantee-a-win-and-9-other-bizarre-facts-about-the-lottery">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/playing-the-lottery-is-a-bad-gamble">Playing the Lottery Is a Bad Gamble</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/watching-ads-could-be-your-ticket-to-a-fortune">Watching ads could be your ticket to a fortune.</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/netspend-the-story-of-the-visa-debit-card-we-did-not-apply-for">netSpend: The Story of the Visa Debit Card We Did Not Apply For</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-things-you-should-do-immediately-after-losing-your-passport">3 Things You Should Do Immediately After Losing Your Passport</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-vile-craigslist-scams-to-watch-out-for">8 Vile Craigslist Scams to Watch Out For</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Consumer Affairs gambling instant riches lottery windfall Mon, 09 Jun 2014 09:00:42 +0000 Paul Michael 1141977 at http://www.wisebread.com Playing the Lottery Is a Bad Gamble http://www.wisebread.com/playing-the-lottery-is-a-bad-gamble <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/playing-the-lottery-is-a-bad-gamble" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/3928916623_ecc72c45a6_z.jpg" alt="lottery screen" title="lottery screen" class="imagecache imagecache-250w" width="250" height="175" /></a> </div> </div> </div> <p>Whenever a big lottery payout is available, it seems like everyone you talk to is suddenly fantasizing about what they'll do with the money and wants to tell you about it. It's almost as boring as hearing about someone's fantasy baseball team.</p> <p>&quot;You can't win if you don't play&quot; and &quot;someone has to win&quot; are two of the cliches I've heard recently from giddy gamblers at the grocery store checkout line. Non-gamblers trying to buy a six-pack of beer must be having a long wait at their neighborhood liquor stores as every passerby with a spare dollar stops in for a chance at being a millionaire many times over.</p> <p>Yet get them talking about the lottery, and despite the crazy odds against winning (you're more likely to get into a deadly accident), they'll happily fantasize about how they'll quit their jobs and spend their winnings living the lush life they've always dreamed about. They'll talk your ear off if you let them. I used to work with a guy who talked about his post-winning plans nonstop, and it got boring fast. (See also:&nbsp;<a href="http://www.wisebread.com/how-to-win-the-lottery-without-paying-a-penny-for-the-ticket">How to Win the Lottery Without Paying a Penny for the Ticket</a>)</p> <p>Day-dreaming and a little talk of fantasy can be a good thing, but combine it with spending hard-earned money each week gambling on a game that doesn't pay off that well, and you might as well be throwing your money away. Unless you find joy in handing over your money to a liquor store clerk so you can dream for a few hours about the vacations you'll take, your money will do a lot more work for you if you contribute to simple investments regularly.</p> <p>The odds of winning the recent Mega Millions lottery and its jackpot of more than half a billion dollars were about <a href="http://www.npr.org/2012/03/29/149635815/the-sobering-odds-of-winning-the-lottery-jackpot">1 in 175 million</a>. The chances of a pedestrian being hit and killed by a car are <a href="http://www.purewatergazette.net/oddsofdying.htm">1 in 588</a> in a lifetime. You're also more likely to drown in a swimming pool (1 in 6,711) or the big favorite &mdash; be struck by lightning (1 in 55,578).</p> <p>But the long odds are just one of the reasons why playing the lottery is stupid. Despite the big prize of millions of dollars, the payouts are a lot less per dollar than you'd get in a casino. For entertainment value alone, gambling at a <a href="http://www.wisebread.com/how-to-grocery-shop-for-five-on-100-a-week">grocery store</a> has to be a lot less exciting than Las Vegas or your local Indian casino. And like all gambling, there's the false hope that you'll walk out a winner and the letdown when you don't.</p> <p>If you've played the simple game of bingo for money, you know how fast your money can disappear. I tried to use it as a lesson to my 7-year-old daughter recently when we had a few hours to spend on a leisurely breakfast before going to a family event. We were in a state that allows payout bingo games at restaurants, and while it's illegal for children to play the game, my daughter was excited about playing, and the waitress looked the other way while my daughter played a few rounds.</p> <p>I told her I would spend $5 for us to play two games of bingo, but when that money was gone, we'd either take our winnings and leave or quit anyway because our gambling money was gone. Each game lasted less than five minutes, and when our cards didn't win and our two games were done, she of course asked what every kid asks when the fun ends &mdash; &quot;Can we play one more time?&quot;</p> <p>Sometimes I give in as a parent, though I know it's not a great lesson. But this time I didn't, partly because I didn't want to throw away another $5 bill, but mainly because I wanted her to realize how fast money can leave your fingers if you let it. She gets about $5 each week in allowance for doing chores, and a <a href="http://www.wisebread.com/five-jobs-for-children">week's worth of work</a> was gone in minutes with nothing to show for it except a few old bingo cards.</p> <p>I don't know what the payout amount was for the bingo games we played, since some of the money was going to a charity. State-run lotteries have the worst odds and lowest paybacks of any legal form of gambling, according to a <a href="http://www.bloomberg.com/news/2012-03-14/georgia-lottery-players-suckers-spending-most-for-least.html">Bloomberg</a> story. Georgia has the most suckers, spending an average of $470.73 on the lottery in 2010, or 1% of their personal income, while getting back 63 cents in prize payouts for every dollar they spent playing.</p> <p><a href="http://www.roulettetactics.com/roulette/odds/">Roulette</a> is heavily favored toward the casino, but even at the worst odds of 37 to 1 of hitting a single number, the payout is 35 to 1. Whether you win or lose, the house always wins. It's the same with playing the state lottery, which unfortunately is a lot easier to do than taking a trip to Las Vegas.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/aaron-crowe">Aaron Crowe</a> of <a href="http://www.wisebread.com/playing-the-lottery-is-a-bad-gamble">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-types-of-friends-who-are-costing-you-money">10 Types of Friends Who Are Costing You Money</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-money-moves-to-make-the-moment-you-win-the-lotto">4 Money Moves to Make the Moment You Win the Lotto</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/if-you-won-the-lottery-you-would">If You Won The Lottery, You Would...</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/you-can-guarantee-a-win-and-9-other-bizarre-facts-about-the-lottery">You Can Guarantee a Win and 9 Other Bizarre Facts About the Lottery</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-secrets-you-need-to-tell-your-financial-adviser">11 Secrets You Need to Tell Your Financial Adviser</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance gambling losing lottery Mon, 02 Apr 2012 09:48:10 +0000 Aaron Crowe 915061 at http://www.wisebread.com SIX cool bar tricks that anyone can master. http://www.wisebread.com/six-cool-bar-tricks-that-anyone-can-master <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/six-cool-bar-tricks-that-anyone-can-master" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/52971646_a040ae66c7.jpg" alt="Cheers" title="Cheers" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p>As some of you regular Wise Bread readers know, I’m a big fan of bar tricks, friendly hustles and harmless wagers. Well, as we’re approaching the peak of partying season I thought it would be a good idea to share some of the newest, coolest bar tricks I’ve picked up. And these ones are really easy to learn, even my dear old mom could do them. </p> <p>I found a site called <a href="http://easybartricks.com">easybartricks.com </a> quite by accident and I was glued to it for over half an hour. I watched some of these videos over and over again to get the trick down cold. </p> <p>Remember, no-one likes to be completely conned but these are all just a harmless bit of fun. Do it with your friends and co-workers and then let them in on the trick afterwards. They’ll be just as happy to learn the secret. You don’t even have to do any of these as a bet, they’re also great talking points when the conversation stalls.</p> <p>What’s more, for you guys (and girls) looking for a way to break the ice with someone who catches your eye, magic tricks and bar bets are a nice easy way to get the conversation started. Enjoy.</p> <p><strong>1: Bill beneath the bottle (<a href="http://www.metacafe.com/watch/942883/cool_trick_with_bill_amp_bottle/">link</a> )</strong><br />Find out how to remove a bank note from beneath an empty beer bottle with tipping it over. </p> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="350"><param name="movie" value="http://www.metacafe.com/fplayer/942883/cool_trick_with_bill_amp_bottle.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="http://www.metacafe.com/fplayer/942883/cool_trick_with_bill_amp_bottle.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="350"></embed></object></p> <p>&nbsp;</p> <p><strong>2: Magnetic Match (<a href="http://www.metacafe.com/watch/947190/magic_bar_trick_truly_amazing/">link</a> )</strong><br />How does the match move? The answer is static. </p> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="350"><param name="movie" value="http://www.metacafe.com/fplayer/947190/magic_bar_trick_truly_amazing.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="http://www.metacafe.com/fplayer/947190/magic_bar_trick_truly_amazing.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="350"></embed></object></p> <p>&nbsp;</p> <p><strong>3: The hold &amp; hit coin trick (<a href="http://www.metacafe.com/watch/947178/coin_trick_nice_trick/">link</a> )</strong><br />There are a few ground rules, but the answer is agonizingly simple.</p> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="350"><param name="movie" value="http://www.metacafe.com/fplayer/947178/coin_trick_nice_trick.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="http://www.metacafe.com/fplayer/947178/coin_trick_nice_trick.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="350"></embed></object></p> <p>&nbsp;</p> <p><strong>4: The trapped bill (<a href="http://www.metacafe.com/watch/916498/bar_trick_truly_amazing/">link</a> )</strong><br />How do you remove the trapped bill with letting the bottles fall? It’s a snap.</p> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="350"><param name="movie" value="http://www.metacafe.com/fplayer/916498/bar_trick_truly_amazing.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="http://www.metacafe.com/fplayer/916498/bar_trick_truly_amazing.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="350"></embed></object></p> <p>&nbsp;</p> <p><strong>5: Lighter below the bottle (<a href="http://www.metacafe.com/watch/903732/amazing_lighter_trick_2_variations/">link</a> )</strong><br />Several ways to get the lighter out from under the bottle without letting it fall. Genius.</p> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="350"><param name="movie" value="http://www.metacafe.com/fplayer/903732/amazing_lighter_trick_2_variations.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="http://www.metacafe.com/fplayer/903732/amazing_lighter_trick_2_variations.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="350"></embed></object></p> <p>&nbsp;</p> <p><strong>6: The coin memory bet (<a href="http://www.metacafe.com/watch/934192/coin_puzzle_great_bar_bet/">link</a> )</strong><br />My favorite of all, because it seems completely easy but is actually almost impossible in the time. </p> <object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" width="425" height="350"><param name="movie" value="http://www.metacafe.com/fplayer/934192/coin_puzzle_great_bar_bet.swf" /><param name="quality" value="high" /><param name="menu" value="false" /><param name="wmode" value="" /><embed src="http://www.metacafe.com/fplayer/934192/coin_puzzle_great_bar_bet.swf" wmode="" quality="high" menu="false" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="425" height="350"></embed></object></p> <p>As always folks, drink responsibly. And don&#39;t go drinking and driving, either. </p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/six-cool-bar-tricks-that-anyone-can-master">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-more-ways-to-hustle-free-drinks">5 more ways to hustle free drinks.</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-ways-your-bartender-is-ripping-you-off">7 Ways Your Bartender Is Ripping You Off</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-ways-to-save-money-when-getting-your-drink-on">15 Ways to Save Money When Getting Your Drink On</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/paint-a-room-and-wash-your-face-more-uses-for-powdered-milk-than-you-ever-imagined">Paint a Room and Wash Your Face: More Uses For Powdered Milk Than You Ever Imagined</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chill-out-with-these-6-simple-diy-freezer-treats">Chill Out With These 6 Simple DIY Freezer Treats</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Life Hacks Food and Drink bar bets drinks free gambling hustles wagers Tue, 04 Dec 2007 23:40:54 +0000 Paul Michael 1465 at http://www.wisebread.com