Something On My Mind

This week we cover the ins and outs of auto dealers offering lease pull aheads. What are the advantages and the disadvantages? What is FOMO that the car salesman are pitching? We provide insight on aid you in your decision making. In the roundtable we discuss white elephant gifts and useless inventions.  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 on the cost of dry cleaning and is it safe to wash the clothes at home? Dry cleaning is one of the most overlooked items in the budget and oftentimes it is not accounted for. The first question is how much does it cost each year.  The unfortunate thing is that this is not a tracked statistic; however, busy professionals, especially in dual households, can easily spend $100 per month. Ouch!Okay . . . so let’s get question number two. Can your clothes be washed at home? The answer in many cases is yes; however it is important to understand a few factors.  One is that many manufactures just slap the “dry clean” label on the clothes to be safe from customers providing negative feedback if a garment is damaged.  And for Number two to determine the fabric that you are cleaning. Typically, Wool, silk, cotton, linen, and durable polyester fabrics can be washed.  Others that are trickier to handle are suede, leather, velvet, taffeta, rayon, and anything with fur or down. In addition, Suits, pleated skirts or garments that have oil-based stains are more difficult. Now when it comes to cleaning items, always perform a small water test where it can’t be seen on the garment. If fabric bleeds, shrinks or warps, then take it to the cleaners.  The bottom line is that it’s your choice on how to handle your clothing So do your research first.  With more working remotely, and knowing that for the most part you can clean many of your items at home this is a win-win formula to save money. And here’s more thing, considering that dry cleaning uses toxic chemicals, by washing at home, you can do your part to help our environment.  https://www.usatoday.com/story/tech/reviewedcom/2017/02/22/how-to-wash-drycleanonly-clothes-at-home/97950680/ https://www.chatelaine.com/style/dry-cleaning-hand-wash-clothes/ https://askinglot.com/how-much-should-dry-cleaning-pants-cost 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 handle a financial hodgepodge of questions from listeners.  1: Should congress be able to create legislation around crypto when are owners of it. 2. We examine a question that asks: what percentage of the bills  should be paid when the home is owned by the other partner.  3. We cover a story about a professor who offered a cash reward if just one of his students read the syllabus In the roundtable we discuss what people care and think about with office politics and meetings.  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 realized capital gains before the year ends.  As the year ends it is a common practice for investors to balance losses against gains to minimize taxes that are paid to the IRS each year.  This applies to ownership in stocks, bonds, mutual funds, options and even crypto.  When owing these assets we are referring to after tax accounts which is a straight brokerage account meaning that it doesn’t apply to tax-deferred accounts. such as a 401(k)’s and it doesn’t apply to after tax accounts such as Roth 401(k)’s, Roth IRA and IRA’s. So here’s how it works: each year you calculate what you have in gains versus losses and determine what the n umber is.  For example, if you sell Apple for $20,000 in profit and sell Microsoft for an $18,000 loss, you have a realized capital gain of $2,000.  This would then be considered taxable as investment income. Now in the event that you incur a loss, the IRS allows for a maximum amount of $3,000 each calendar year.  Lastly, if you have losses greater than $3,000 you can carry them into future tax years.  The bottom line is that people typically have winners and losers in their portfolio. Hence, balancing the equation can reduce your tax load then can reload investment for the next year.  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 centers on whether it is better to buy a natural Christmas tree versus an artificial one In recent years, there has been a debate that purchasing an artificial tree is a better long-term solution to that of a natural tree. Let’s start with artificial trees: there are many reports that they last 10-20 years; however, if taken care of properly, they can last beyond that.  The negative part is that they are made from plastic which is derived from petroleum which is oil. So the question becomes, does the benefit of owning a non-recyclable product outweigh the cost of buying a natural tree each year? Many reports say that it takes 20 years of using an artificial tree to achieve an equal carbon balance. When trees are cut down or burned, they can release stored carbon back into the atmosphere; however, this equation is balanced when farmers replant new trees. Another point is that tree farming employs over 100,000 people according to the National Christmas Tree Association. Lastly, it typically is easy to have your tree chipped up into mulch and it can be reused for habitat restoration and helps control erosion along streams and river banks, and can even help underwater habitats. So here’s the deal: natural Christmas trees are more expensive over time, and secondly, there is not enough statistical data to form a concrete answer about the environmental impact. However, it appears the natural tree has the edge.  As for me, I always lean on the side of what is better for 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 cover the growing trend of why Millennials and Gen Y's are waiting to have kids or opting out having them at all. Some common reasons include the social system, the environment and the affordability.    In the roundtable we discuss alternative social gatherings for Thanksgiving and the holiday season. Lastly, we pay homage to losing Cindy and Justin from the program; however, we introduce Robo Cindy 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 celebrates our first 52 personal finance tips. Just one year ago, we launched our two-minute tips of the week. and we couldn’t be happier with the feedback that we’ve received because people are saving money and improving their lives. Some of the most popular tips include #5 about extending the life of your candles to keep the mood lighting in full glow. Another is #11 that detailed the process to buy used tires online that can save 50% over the cost of new tires. Others include the Ball aluminum solo-type cups, along with the value of purchasing a breathalyzer and  how to reduce water by not rinsing your dishes and opting to clean them straight through the dishwasher. As you may have noticed we consistently focus on ways to have a positive impact on the budget while protecting our environment as this is such an important topic. This is always a win-win situation. Additionally, when adding up all the tips this will have saved hundreds to thousands of dollars in 2021. Yeah baby! So you should be proud of your accomplishments and as we wind down the year, try to do something nice for yourself and give something back. Even the smallest gesture can go a long way. Soooo, as we head into 2022, we’ll keep the tips coming and you will continue to be more effective personal finance managers.  So be safe, enjoy the holiday season and let’s take care of each other.  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 episode cover items that you can do to tidy up your financial fitness.. It can be adding to your 401(k) and Roth IRA, using up your FSA or paying down debt with a potential raise or bonus. There are several items that covered in this episode that can prepare you for 2022. In the roundtable we discuss how phones command our attention specifically with social media.   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 episode is about the silent killer . . . Radon. Radon is a silent killer because it’s an odorless gas that we breathe in normally; and it is the second leading cause of lung cancer behind smoking. In addition, 21,000 deaths occur yearly. So what is radon you may ask? Let’s do a quick assessment: It is the main source of our exposure to all radiation. The rocks and soil beneath our homes contain traces of uranium and over time, it breaks down creating radioactive decay which emits radioactive radiation. So this is not a good thing; however, it can be managed safely.  For starters, you can purchase a home test kit from Amazon, Home Depot, Lowes and the like, in the $15-$20 range.  Now if you do have high levels of radon, it goes without saying that you should get a professional to fix the problem. From my research it costs an average of $1,200 with a range from $800 to $1,500. Once the remediation is complete, you may also monitor it with a 24/7 device. I happen   to own a Wave Radon detector through a company called Airthings and this is precisely how I realized that I had a problem. So now I am in the process of putting a ventilation system into my home for $1,000. So now that we have that covered, this is a reminder to keep an eye on hidden financial tips that people often overlook. The first one is the rainy day fund comes into play, as this money is set aside for unforeseen events. If you take my situation, the radon kit, the Wave monitor and the professional service will cost me $1,165; however, I’ve saved the money to pay for it.  The second point is that there is no price that can be placed on one’s health. Unplanned surgeries, long-term conditions and diseases can be a large financial burden for people of all income levels.  The bottom line is that it is important to save properly, and look around your home and put preventative measures into place - the upfront cost by far outweighs potential costs and health problems down the road. 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 Ball Corporation’s new aluminum cups.  We’ve all seen the classic Ball jars with that thick glass and metal top for canning vegetables - in my case, I use them as drinking glasses.  As the world evolves so has Ball and they've recently announced the aluminum drinking cup that can replace the plastic solo type cups.  They come with ample sizes to drink from, they are more sturdy and well insulated to keep your beverage cool and it is a much more appealing drinking experience.  Now here’s the good stuff: 20 billion plastic cups are used per year and 93% end up in landfills; however, 75% of all aluminum is recycled and is the most valuable commodity in the recycle bin. So as they are producing more aluminum cups less plastic will be used  As far as the upfront cost goes, you’ll save triple the amount to that of the aluminum cup; however, once you reuse each cup just four times you’ll save be saving money  In my humble opinion, this is a no-brainer product that just about everyone can take advantage of and the best part is that has a positive impact on the environment  Ball Aluminum Cups https://www.ball.com/aluminumcups/where-to-buy?gclid=cj0kcqia15ynbhdtarisagnwe0woqhymlgw7d8mk-j4sh4cnmvtqs8ddv818zllb3jrd97sisyx-v08aajesealw_wcb 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