Something On My Mind

This week’s topic discusses the world of cheese and how to get the most from this fermented product loved the world over.  According to Wikipedia cheese was cultivated approximately 7,000 years ago by accident, as a result of storing and transporting milk in bladders made of ruminants' stomachs, as their inherent supply of rennet (enzymes) would encourage curdling. So needless to say being cheesy isn’t easy as it is inherently tied to aging; however, the concoction creates delectable flavors and textures. When it comes to personal finance, pound-for-pound, cheese is one of the most expensive food items that you can purchase; yet people often make a crucial mistake; they throw it away when they see mold on it. It is a common misnomer to throw it away so here is few simple rules: Cheese should be thrown away when it wafting with a smell of ammonia or when you see red mold (this is not very common) If you see green mold simply cut off the decomposing portion or you can shave it down on all sides to a clean block to work from.  Now let’s switch to the health profile of cheese. When cheese that you purchase in plastic bags such as mozzarella, cheddar and Mexican blends, they contain chemicals to preserve it. On the flipside you can opt to purchase freshly shredded cheese which will last 3-5 days and you consult with the cheese master behind the counter.  You can also freeze for a few months; however, the flavor profile will change. Your best bets are Monterey jack, or a wedge of parmesan and stay away from soft, milky varieties.  So to sum things up, the best cheese to consume are those made naturally that come from a block and if you take care of them properly you can expect to keep them edible for 2-3 months. When taking this approach the cheese will last longer and less money will impact your budget.  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 what hawkish and dovish means when it comes to the Federal Reserve raising or lowering rates. With the supply chain and labor shortage intertwined with high demand for products core inflation has risen sharply.  We also will cover the playbook on how to manage your investments.  In the roundtable we discuss the option to put your body in a cryo tube with the hope to be pulled out in the future when medical technology has advanced.  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 topic centers on the early child tax credit and filing your 2021 taxes. In an effort in 2021by the US government they wanted to provide more families with additional cash in their pockets, they issued early child tax credits from July through December.  If you qualified, these monthly payments were advances on 50% of the credit.  In the past they would have been issued in the following calendar year when filing taxes So, when preparing your documents, be sure you have received a mailed document from the IRS, titled Letter 6419. If you are married, two letters will be issued. In short, on the form Box 1 is for the total dollar amount of money you received for the advance child tax credit payments over six months in 2021. Box 2, is the number of qualifying children that were taken into account when the advance payments were determined for 2021.  This is important as some families have new additions from when the credits were issued. So here’s a couple points of note - when it comes to filing and you have not received the letter, you can go the IRS website at the Child Tax Credit Update Portal - you can find the link in the podcast show notes Secondly, keep in mind that the amount you owe or receive each year may be different from what you're accustomed to.  https://www.irs.gov/credits-deductions/child-tax-credit-update-portal 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 discusses how to save money on printer ink cartridges.  Over the years it has become commonplace for people to own a printer just like with a television or a cell phone.  This is a great convenience and is worth the money as paying for printing service over time is a much more costly affair.  When it comes to maintenance, ink cartridges will need to be replaced or refilled from time-to-time.  With that being said purchasing new cartridges is the most expensive option. Depending on the make and model of the cartridge, they can cost between 200 - 300% more than refilling them. When choosing this path, the first option is to find a retailer, typically a big box store that has equipment to provide the service to a large set of customers. The beauty here is that this is a clean and easy process.  The second option depending on the retailer, is to subscribe to an ink filling program which is typically offered by original equipment manufactures such as HP or Cannon. The third option is to refill the cartridges yourself which is equivalent to a small household project. The first step is to buy the replacement inks which are pervasive on the Internet. Next you'll need to locate the hole that was used to originally fill the ink cartridge or if there is not one present, then a small hole needs to be drilled.  Choosing this path is the most economical; however it can be messy so make sure to follow the instructions from the package or utilize self-help videos. The beauty in this scenario is that you have three options which allows you to choose the right one that fits and most people save between $50 - $100 per year.  The other benefit is that estimates show that cartridges can withstand 2-6 refills before a new one needs to be purchased and this equates to you saving money and putting less plastic back into the environment. 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 we talk about the options of paying off the mortgage early: the advantage is removing debt which is always a good thing; however, does invest in real estate or the stock market have a better long-term benefit? In the roundtable we discuss that nerds can be popular too! 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 true cost of new appliances and warranties. We are a society that has too much stuff and we have become accustomed to the conveniences that have made our lives easier than it did for our grandparents.

This is a great thing; however, appliances have become increasingly expensive due to the features that they offer as well as the high rate of inflation mainly due to the supply chain shortage.

With that being said when you buy an appliance it is important to consider if there are other costs exists beyond the actual price The first thing is to start with the discount which creates your base price and then add any tax if it exists in your state or municipality.

After that it is important to factor in what you are buying in that it may involve other costs beyond the straight purchase. For example, I just purchased a new washer and dryer set that was $2,800 that was discounted to $2,200; however, I paid additional costs for hooking up the equipment which also came with parts and labor.

There was also a charge to haul away the old appliances. Lastly, I opted for a $200-five year warranty for the washer and dryer each with my logic being that the appliances would need service and would exceed $400. All in all, my total cost was $2,878 with tax which is 31% higher than what the sticker price.

To sum things up, it is important to purchase the product that fits your needs and when you nail that down, think about the appliance protection as the odds are that you’ll pay more later for repairs if you opt out of warranty coverage.

Lastly, when you budget for major appliances, factor-in at least 25% over the discounted price.

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This week we highlight tips for online shopping. What types of research are beneficial and where to obtain it. Also, we perform a historical look at 2021's purchase to reveal the reason why we purchase items. In the roundtable we discuss the words and phrases that people use to intentionally insult people as well what we do pacify their behavior in conversations.  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 student loan moratorium. The federal student loan moratorium has been extended for the third time due to the Coronavirus pandemic. The loan relief began in March of 2020 and was set to end September 30, 2021 which was moved to January 31, 2022 and then moved again to May 1, 2022.  Moratorium means that payments for principal or interest are not required and without any penalty. With the suspension payments, we know this is needed for many Americans; however, the important notion is to consider making payments if you have the means to do so. The simple fact is that you are delaying payments which only extends the life of your loan.  So let’s take the average student loan interest of 6% and the average loan amount of $30,000 for a 20-year period. That comes to $215 per month or $5,600 over the full moratorium period which is currently 26 months. After this duration, you’d still have a principal balance of $28,201.  The bottom line is that it takes a long time to pay loans off and they are simply a sword in the sides of borrowers. However, amortization is weighed heavily on interest at the beginning of the loan so all payments help, especially additional principal.  The second point is you should not rely on congress for loan forgiveness as the odds are small. Just $10,000 given to each borrower would cost the government over a quadrillion - and if you don’t know that’s a 1 with 12 zeros after 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 we cover important details that are important to understand with your auto insurance policy. Should your rates go up if you are in an accident that is not your fault? There are also some items can save you money while there are hidden items that may cost you money in the long run. In the roundtable we discuss unusual names that people have and how they affect people and what they can do to ease their pain.  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 travel insurance and is it worth the cost? As a result of the Covid pandemic, many vacations have been cancelled and  thousands of people have lost thousands of dollars that can not be redeemed.   This is where travel insurance can soften the blow. Typically it covers medical emergencies, trip cancellation, trip interruption, delays, medical needs, and lost, damaged, or stolen luggage. On the other hand, it may not cover glasses, hearing aids, dental bridges, tickets, passports, keys, cash, cell phones and rental car damage; however, your credit card or renters insurance may cover some of these expenses. So let’s get to the cost: Like any insurance, costs vary; however, you can expect to pay  between 4-12% of your total trip cost. Now the proverbial question . . .  Is it worth it?  Just recently, we had a trip cancelled due to Omicron that covered $3,500 in expenses and we paid $140 for the coverage which totaled 4% of the total cost.  So In my opinion the answer is yes. In fact, I have used it on more than one occasion and it has saved me over $10,000. The bottom line is that you can’t predict the future and it takes just one missed trip over several vacations to reap the value that the insurance 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