Hey Carrie, great article! I started an SME about a year ago and we really struggeled with the expenses! A friend of mine told me about Xpenditure and since then everything goes much easier. I just take a picture of my receipt and it goes straight to my accountant, it's easier for me and for him! Really a recommanded tool for business owners!
I disagree with most of this. Direction: if you allow Google to take you there in Israel you may end up dead. I have seen it direct me into Palestinian villages more than once. Web dating is a pain if you are in the over 50 age group. After you find a match you still need to flirt when you actually meet. Cursive writing: if you don't learn it you can't read it. I love the fact that my signiture is beautiful and uniquely mine.
Filing hard copies: I teach in a hospital. I want the patients to go home with information. I have a wide variety of handouts to provide them information. These are kept in an orderly file cabinet. Every research lab keeps its original data which was hand written, either in notebooks or in file cabinets. Mental arithmetic: my brain has the answer before you turn on your calculator app! My boss has an old fashioned calculator on his desk, he is amazed at my accuracy and speed. If you can't deal with numbers don't go into sciences. Why do people want to leave all the thinking to someone/something else?
These might be true if someone were to retire on a whim. As noted in another comment, there are plenty of ways around SEPP and penalties. Most people that retire early put great amounts of thought, planning, and research into their decisions (especially those that 'retire' extremely early; >=50). Unless someone's idea of retirement is actually sitting on a beach the rest of your life or traveling the world as a tourist, most early retirees do bring in some money by doing some kind of 'work' or it's an option given hard times.
Given the 4% rule and a $1 million dollar suggested nest egg, one would end up with $40k of income (roughly $28k after taxes). I'd hope that if a planning retiree had any brains, they would have no mortgage, have no consumer debt, reduced or eliminated most commuting costs, maintain their health, not putting money into savings/investments, and a laundry list of other things to reduce or eliminate expenses. That $28k should be pretty much exclusively food and spending money (for each individual; double it for a couple).
Maybe people need to look at their spending and change their habits a bit if they fear running out of $1 million ;)
Another great one is Hoopla Digital. The catch is that you need to have a library card AND your local library or library system has to set up an agreement with Hoopla.
Rent was my biggest expense this month as usual, but close to it was a car repair. Not a surprise at all, as the car is a 1997 and I'm hoping to have it in good shape to take it on a long road trip next month.
My biggest expense was my very last car payment! I've been following Dave Ramsey's Total Money makeover and have been so tired of my car loan payment every month so I bit the bullet and paid off the final $2800 on my loan by dipping into my savings (I still have more than $1,000 for emergencies as recommended by the TMM plan). It feels so nice to have that loan out of my life and now I can more aggressively save for a healthy emergency fund.
It's a tie between materials for my husband's business or the repairs on machinery and tools for the business. It seem like he had the most orders and all the tools broke, died or failed.
I make purchases using coupons! And it has saved me tons of money! Lately I came across this coupon code for bluetooth speakers and I am happy that I used it to buy a gift for my son..
I live on $900 a month and until my house sells I am responsible for over $650 a month in a mortgage payment. As you can see I live on barely anything but I make due. After all, some people are worse off than me.
Hey Carrie, great article! I started an SME about a year ago and we really struggeled with the expenses! A friend of mine told me about Xpenditure and since then everything goes much easier. I just take a picture of my receipt and it goes straight to my accountant, it's easier for me and for him! Really a recommanded tool for business owners!
Airfare as I am going to Europe and south antics in two consecutive months
I disagree with most of this. Direction: if you allow Google to take you there in Israel you may end up dead. I have seen it direct me into Palestinian villages more than once. Web dating is a pain if you are in the over 50 age group. After you find a match you still need to flirt when you actually meet. Cursive writing: if you don't learn it you can't read it. I love the fact that my signiture is beautiful and uniquely mine.
Filing hard copies: I teach in a hospital. I want the patients to go home with information. I have a wide variety of handouts to provide them information. These are kept in an orderly file cabinet. Every research lab keeps its original data which was hand written, either in notebooks or in file cabinets. Mental arithmetic: my brain has the answer before you turn on your calculator app! My boss has an old fashioned calculator on his desk, he is amazed at my accuracy and speed. If you can't deal with numbers don't go into sciences. Why do people want to leave all the thinking to someone/something else?
Thanks for sharing these tips! I am sure they will really helpful!
Hey Beulah, I found a blank fillable IRS Instruction 8283 here: http://pdf.ac/60Lsi9
My biggest regular expense was my mortgage. Outside of that, I was recently diagnosed celiac and so groceries have been more expensive.
The biggest expense for the month is our building payment. It is the shop my husband works out of.
It's usually mortgage but this month I splurged on a new bike! Totally worth it as it brings me joy, is a great workout, and cheap transportation!
My student loans! I'm trying to pay them off aggressively, so I always pay as much as possible over the minimum payment required.
These might be true if someone were to retire on a whim. As noted in another comment, there are plenty of ways around SEPP and penalties. Most people that retire early put great amounts of thought, planning, and research into their decisions (especially those that 'retire' extremely early; >=50). Unless someone's idea of retirement is actually sitting on a beach the rest of your life or traveling the world as a tourist, most early retirees do bring in some money by doing some kind of 'work' or it's an option given hard times.
Given the 4% rule and a $1 million dollar suggested nest egg, one would end up with $40k of income (roughly $28k after taxes). I'd hope that if a planning retiree had any brains, they would have no mortgage, have no consumer debt, reduced or eliminated most commuting costs, maintain their health, not putting money into savings/investments, and a laundry list of other things to reduce or eliminate expenses. That $28k should be pretty much exclusively food and spending money (for each individual; double it for a couple).
Maybe people need to look at their spending and change their habits a bit if they fear running out of $1 million ;)
Another great one is Hoopla Digital. The catch is that you need to have a library card AND your local library or library system has to set up an agreement with Hoopla.
Rent was my biggest expense this month as usual, but close to it was a car repair. Not a surprise at all, as the car is a 1997 and I'm hoping to have it in good shape to take it on a long road trip next month.
My biggest expense was my very last car payment! I've been following Dave Ramsey's Total Money makeover and have been so tired of my car loan payment every month so I bit the bullet and paid off the final $2800 on my loan by dipping into my savings (I still have more than $1,000 for emergencies as recommended by the TMM plan). It feels so nice to have that loan out of my life and now I can more aggressively save for a healthy emergency fund.
It's a tie between materials for my husband's business or the repairs on machinery and tools for the business. It seem like he had the most orders and all the tools broke, died or failed.
Medical expenses
I make purchases using coupons! And it has saved me tons of money! Lately I came across this coupon code for bluetooth speakers and I am happy that I used it to buy a gift for my son..
I know this is an old post but I just stumbled upon it. It's a very beautiful comment, Shannon and I was moved by it.
My biggest expense this month was my kids back to school clothes and shoes!! Their clothes and shoes cost just as much as mine and my husband's!!
I live on $900 a month and until my house sells I am responsible for over $650 a month in a mortgage payment. As you can see I live on barely anything but I make due. After all, some people are worse off than me.
Student Loans
My biggest expense was plane tickets back home.
Medical expenses. My husband broke his pinky and needed pins. OUCH.
My biggest expense was purchasing a couch from a consignment shop. I had not bought a new couch in several years!
The tent, chairs, and tables we rented for our 20th anniversary vow renewal and party! It was the best money we spent last month. It was fabulous.
the veterinarian.