Something On My Mind

This week's episode is about the real estate agent pay structure. The standard pay for a seller is 6%; 3% to the seller's agent and the 3% to the buyer's agent.  In the scheme of things, this a very costly venture for the seller. For the buyer it is 2-6% of the purchase price to obtain the home for fees, title, taxes, insurance etc.  Does the system need to be changed? We explore alternatives.  In the roundtable we discuss a potential tattoo when the show makes $1 million dollars or gets one million downloads. Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

This week’s topic is about the hidden value of measuring furniture and appliances before purchasing them. It is a great feeling to buy new big ticket items such as a refrigerator or a furniture set. It is fresh, it is untarnished and everyone loves the way it looks in the house.  So when it comes to making a new purchase, a common mistake occurs when the area an item will be placed is not measured.  For example, let’s take a look at appliances. With dishwashers and ranges, they have standard dimensions, while refrigerators and laundry units have much larger variability.  So here are some tips: After measuring an opening, it is important to account for open airflow in the space, including electrical cables or obstructions. Take some masking tape and plot out where the future item will be placed which will help with visual cues Remember your new items need to fit through each door, and every corner or staircase.  Recently, I finished my lower level and I live in an older home that has irregular dimensions. Hence, when I was planning for my washer and dryer, I determined that an opening wouldn’t be large enough to fit the appliances. Therefore, I have to take out part of the wall and then would have to repair it afterwards. Keep in mind that the delivery people may not take risks if they may damage your home. Otherwise, this only leads to bad things. Another item to consider is that you may incur additional charges if a delivery is returned for restocking items.  Lastly, in the long run you may pay more if items need to be reordered; this is common with specialized products or those made in small quantities.  Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

In this show we celebrate our 100th full-length episode. We look back on how we started and where we are now. In the financial topic, we cover interesting statistics regarding millionaires and you can explore where we fit in that circle. We also have each host bringing a mystery top 10 list on any subject sticking with milestones. In the roundtable we discuss experiences with driving in unfamiliar cities. Website https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

This week’s topic is about tracking your crypto currency transactions for tax purposes. There are more than 10,000 coins on the market making crypto a household word. Hence, the IRS has taken note and expects filers to report results of their trading activity. We covered this in our personal finance tip #55 where each year you calculate what you have in gains versus losses, and determine what that number is.  For example, if you sell Bitcoin for $10,000 in profit and sell Solana for an $8,000 loss, you have a realized capital gain of $2,000. On the inverse you’d have a $2,000 loss.  Keep in mind that realized gains for assets held under one year are taxed as ordinary income meaning it will add to your overall earnings for the year.  Now in the event that you incur a loss, the IRS allows for a maximum amount of $3,000 each calendar year inclusive with carry forward losses. So this is simple math right? Correct! However, with the numerous coin exchanges available and their lack of infrastructure, tracking your activity is proving to be difficult.  For example, if you bought Shiba Inu on Coinbase, transferred it to your wallet and then moved it to Gemini, the second exchange doesn't know the original purchase price. It is not as simple as going online to the exchanges and they’ll have a detailed history.  Therefore, it is incumbent upon you to track this information that will be reported on IRS form 8949. The bottom line is that it may be a painstaking process depending on how much you trade.  More than likely if you fail to do this or miss transactions you may get away with it, seeing that some exchanges have not caught up with the regulation.  With that being said, we suggest that you create a spreadsheet and log your transactions throughout the year. In time, the IRS will catch up and you don’t want to be caught.  Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

In the roundtable, we discuss how individual body parts are ugly.  Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop This week we discuss a woman's question about how to manage her money after he husband passes due to a terminal illness. She assets coming from his trust and some on her own; however, she has no plan in place.   In the roundtable we discuss how individual body parts are ugly.  Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

This week’s topic is about how you can create bulk purchasing power to save money with quality. It is no secret that buying in bulk gets you larger quantities for lower prices.  We typically see this with the big players such as Sam’s Club and Costco and this can also be present with Internet shopping as well.  So this is a great thing; however, many of the products that are sold come in limited product offerings or for a short period of time.  Basically, bulk purchasing is designed for business rather than the consumer.  With that being said you can create this opportunity for yourself.  For example, my wife uses a named brand body wash that costs eight dollars for 16 ounces.  After a simple search, I found a similar all natural product in a one-gallon size that cost $22.  So when the math shakes out, I will get eight times as much product for $12 more. If we break it down further, I went from paying .50 per ounce to .17 cents which is about ⅓ less in cost. Now let's go to grooming. We use a hair spray product called Big Sexy Hair which I like to call BSH.  In the past I paid $19 for a 10 ounces bottle; however, I found a better arrangement.  After a few minutes on the net, I purchased six-eight ounce cans from Overstock for just $43 and I went from paying $1.90 an ounce to .90 cents; or in other words,  I am saving one dollar per ounce and $52 in savings over the course of a year.  So here's the bottom line: you have the ability to save money while getting the same or similar products without sacrificing quality  The key is to purchase items that you will consume within an acceptable timeline so that it is worth the investment.  This is especially important when it comes to perishable items as 40% of all food we produce is wasted.  In my case, I have a one-year supply for two staple products while saving $94 and it took me five minutes to make it happen.  Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

In this week's episode we discuss the state of the American wedding with special guest Ciara Carter from the Run Thrive Survive. Are weddings cheaper during COVID? Why are people hurting themselves by not budgeting before entering into marriage? What's more important . . . the marriage or the mortgage.  In the roundtable, we discuss if their is a future with soylent as a replacement for solid food.  Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

Super Bowl 56 between the Cincinnati Bengals and Los Angeles Rams is projected to reach approximately 117 million viewers and in 170 countries. So let’s go through some current stats: -The average cost of a Super Bowl LVI ticket is more than $9,000.  -Nearly $30,000 was the highest price ever paid for a Super Bowl ticket. -17 million people are expected to miss work the day after Super Bowl -1.42 billion chicken wings will be eaten. -11.2 million pounds of potato chips are expected to be eaten. When it comes to personal finance the big game is all about the mighty dollar. According to the American Gaming Association, Americans are expected to break records this year by betting nearly $8 billion. With that being said, if you choose to gamble the biggest trap that people get caught up in are parlays which are known as sucker bets.  This occurs when you place at least two individual bets and lump them together. The only way to make money is when each bet wins. So if you place five bets, all five have to hit. The payouts are great but the odds are low. When it comes to bets, the safer ones are the spread, money line (or picking the winner) or the over/under.  Either way, when bets have a + next to them, the odds are much lower and pay higher and when there is a - the odds are much higher and pay lower The bottom line is when choosing to gamble like we’ve talked about in the stock market, you have to be willing to lose every dollar that you put on the line. So make sure that you can afford it.  Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

This week’s topic is about managing your tax returns. By the beginning of February most people should have all documentation necessary to file their taxes.  When it comes to filing the standard date to complete this April 15th.  At this point in time, you can actually adjust your filing to a fiscal year. In my case, I account for the tax I need to save from March to March each year, rather than January to January. Hence, if you are in a bind this year and owe money to the government, this allows you 3.5 months to accumulate money to make things whole with the government.  This also allows for you to readjust your budget planning for the next tax year so that you are not in a bind - and this brings up a point that we consistently preach. When it comes to owing the government or receiving a return, the goal is to achieve a zero dollar result.  The reason is two-fold: if you have debts, especially home equity loans or credit cards and you receive a check, this money could have been used to pay down principal balances and the overall interest on your loans.  On the other hand, if you do not have debt, this is money that can be invested and collecting compound interest which we know is our best friend.  To sum things up, when preparing for tax filing, this is your chance to create and review your budget and improve your financial fitness. Moreover, this is one New Year’s resolution that you can actually stick to for the benefit that it provides.  Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast

Special guest Joe DiSanto of playlouder.com discusses his path to successful entrepreneurial investing and personal money management methods to achieve success and give yourself the option to retire earlier.  In the roundtable we discuss why isn't fun to be the only sober person in the room full of drunks.  About Joe Joe DiSanto is a fractional CFO and consultant to small businesses and high-income individuals. He also founded the blog Play Louder, which serves as an invaluable resource to help individuals and business owners increase their net worth and plan better for their future. https://www.linkedin.com/in/josephdisanto/ https://www.facebook.com/playlouderblog/ https://www.youtube.com/c/PlayLouder Check out some of Play Louder’s most popular content… The Financial Planning Process: Your Route to Financial Independence! How to Incorporate Yourself to Save Money (and Protect Your Assets) How to Make Your Money Work for You: 7 Modern Methods for Investing in “The Market” Top 5 Personal Bookkeeping Software Options: Personal Capital vs Mint vs Quicken vs Money Dance vs Countabout Fundrise vs DiversyFund vs CrowdStreet: The Best Sites for Crowdfunded Real Estate Investing Acorns vs Robinhood vs Webull vs M1 Finance: Which One is the Best? Play Louder's free courses… Get a grip on your finances with Personal Budgeting Basics! Learn how to Incorporate Your Business to protect your assets and save money! Analyze your Real Estate Investments like a pro! Website   https://www.somethingonmymind.net/ Merchandise https://www.somethingonmymind.net/shop Social Media  https://www.instagram.com/somm.podcast/ https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw https://www.tiktok.com/@somm.podcast?lang=en https://www.facebook.com/somm.podcast https://twitter.com/Somm_podcast