Something On My Mind

This week's topic discusses a question posed on the Internet by a man who debates with his wife that servers are making too much money - he claims that servers are making $50 per hour with tips included.

We break down the ins and outs of what servers earn and why they are paid much less. In addition, jobs that have a component for earnings by way of tipping pay low salaries.

In the roundtable, we discuss stories of people who falsely sell themselves or steal other people's stories

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This week’s episode is about stock market and inflation capitulation.

At the time of this recording the stock market as a whole is 20% down from its previous high water mark and inflation hasn’t been this high since Luke and Laura were popular on General Hospital.

So when this occurs many people begin to panic about what to do with their investments.

Now this is a logical thought especially for the Millennial generation and beforehand where these people have been through the 2008 Financial Crisis, the Pandemic downturn.

The common question that we get is how do we handle our investments.

We need to start by saying that each individual has a unique set of criteria meaning one has to decide for him or herself.

With that being said, the common rule is that if you are more than five years out from needing to tap into your nest egg, then stay the course.

If you are under five years, evaluate your positions and stay the course with your goals.

Okay and if you are one-to-two years out, what do you do?

Scale down your investments to protect against downside risk or stay in cash meaning stay liquid.

The bottom line is that you need a set of goals to follow in good and bad times by staying educated or working with your financial advisor.

The goal is to build wealth through your working years and scale down as you get closer when the need arises to tap into your money.

Finally, as a credo, investing is a marathon; not a sprint. Therefore, when practicing short-term investing you have to be willing to lose everything that you put into the market; otherwise, it typically means that you couldn’t afford the money in the first place.

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This week's episode is part #2 of the little costs that you pay too much more that begin to dent your budget. This could be coffee, candles or app subscriptions. We provide money savings ways to manage them without sacrificing your quality of life.

In the roundtable, we discuss stories of anxiety and sweating especially during job interviews and hand holding.

Website:

https://www.somethingonmymind.net/

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The average cost for a gallon of gas as of this recording is $4.22 according to AAA.
Not to mention that this has been going on for weeks and it may stay this way for several more cycles.

So what can we do to get more out of our tanks of gas?
#1 Use apps such as GasBuddy which is our PFT #23 to find the lowest costs in your area. I always go to Costco.

#2 Keep your speed in check. According to Consumer Reports, driving 65 mph instead of 75 mph on the highway can increase fuel efficiency by 7 mpg for a mid-sized sedan and 6 mpg for a small SUV.

In addition, our crack staff performed so math using the Distance = Speed * Time formula and for 60 mph that says when drive 70 mph vs 80 mph over the course of 60 miles you only save 6.4 minutes.

#3 Each month your tires lose approximately one 1 psi, and low tire pressure negatively affects fuel economy.

#4 You do not have to purchase premium gas. According to Edmunds.com even if the owner's manual recommends premium gasoline, the car will typically run on regular without issue and it will not damage the engine in any way.

#5 Avoid hard acceleration and excessive braking and try to keep a steady pace, and remove bike, kayak and cargo racks as this creates a drag on your vehicle.
The bottom line is that these tips are valuable at any time in life; however, most people are reactive rather than proactive.

So take your time out there and you may be able to get a few more gallons between fill-ups.

Website:

https://www.somethingonmymind.net/

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This week's episode is part #1 of the little costs that you pay too much more that begin to dent your budget. This could be coffee, candles or app subscriptions. We provide money savings ways to manage them without sacrificing your quality of life.

In the roundtable, we discuss our good and bad birthday stories.

Website:

https://www.somethingonmymind.net/

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https://www.instagram.com/somm.podcast/

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This week’s topic is about those pesky fees when paying for good and services.

In the digital age with money, there is a 100% chance that you can pay for goods and services electronically. In my case, I pay with a credit card whenever I can so I can get reward points as well as protection that it offers against theft.

However, there are circumstances when a fee is required when charging with a credit card. Typically, this occurs with small businesses when it comes to general contractors, sprinkler installers, landscaping, tree services and the like.

This is also common with medical services when you pay a bill after your visit as well as local and state government regarding items including DMV fees, taxes and business related service needs.

As far as I see it, I am annoyed when credit card merchant fees that companies pay are passed on to the consumer; however, it is their right to do so.

With that being said this always leads us to the concept of budgeting meaning, you are willing to pay a credit card fee because you have no other option.

If so, this is a good reminder to put money aside into your rainy day fund or have slush money set aside especially for the items that are repeated each year.

The bottom is that these fees are small amounts but why give that money away when you don’t have to?

Remember, in most cases, budgeting is not about how much money you have rather, its how you spend it.

Website:

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In this week's episode we discuss if are people are saving enough for future retirement. The average American has just over $65,000 in their investment accounts. This is no where near the money that will be needed to retire. Each person should be saving 10-15% of their gross income to achieve this goal.

We discuss what options that can help you achieve your goals and the value of compound interest.

Website:

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There is nothing wrong when the word “bonus” is used in a sentence.
When it comes to money this is even better.

According to Zippia.com 33% of companies in the U.S. offer year-end bonuses and 40.5% of all U.S. workers have access to nonproduction bonuses.

In addition, with Great Resignation, many companies are offering sign-on bonuses to attract new talent.

So this leads us to the point of managing your employer retirement plan including 401(k)’s, Roth 401(k)’s, 403(b)’s and 457(b)’s.

When receiving a bonus, check with your HR department to see if the are subject to the automatic withdrawal arrangement for your retirement plan.

If so, it is important to factor this money in your budget if you didn’t intend for money to be withdrawn.

The easy way to prevent this, is to adjust your withdrawal amount to 0% or as desired for that pay period and then modify it back to normal arrangement.

On the other hand, if you can afford the additional money in your account, this only benefits your future.

Keep in mind that you should strive for a 15% gross investment goal from each paycheck which typically should put you in good shape for future retirement.

Additionally, if you have debt that is charging you more in interest than what you are making on investment income, then you are actually losing money so budget this accordingly.

The bottom line is that you should strive to treat bonuses as bonuses meaning this money is not accounted for in your budget so that you can take advantage of the extra money.

Website:

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In this week's episode we talk about the scenario of purchasing a Tesla. How much does it cost? Does the benefits outwieght the gains? How does it compare to a known-reliable cumbustion engine? How does it impact the environment? Are the components recyclable?

In the roundtable, we discuss the worst purchased they we've made in our lifetimes.

Website:

https://www.somethingonmymind.net/

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Raise your hand if you've been to an all-inclusive trip. I have and I love them.

When I think of this type of vacation, I envision the aquamarine water, cooling sand, sensuous smells from the grill and of course, tropical drinks.

So a common question that we receive is: are all-inclusive worth the money?

It depends, so let’s explore:

The advantage is you know exactly how much your trip is supposed to cost and you get everything in the hotel grounds for free so you can eat, drink and play as much as you want.

When you have a family or you plan to hang out and drink and eat all day, this fits nicely because having to pay several times for a non-inclusive events equates to many large bills.

The major difference is that if you want to try new foods, seek out new experiences and take excursions these are costs more suited for non-inclusive.

The bottom line is that pre-paid trips are designed for people to hang out, chill and party without restriction so it is important to understand what you plan to do on your trip and what you want to spend.

Now before you book here are some bonus tips: if you want an adult experience, seek resorts that are 18 or 30 years and over, and if you want to take excursions some resorts allow you to visit their sister properties.

Lastly, keep some cash in your pocket. Although you are not required to tip, giving a five spot here and there mixed-in with some singles over the course of a week, often gets you better service leading to the little perks that no one tells you about.

Website:

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