Guest Author: Jeff Schuman

There is nothing more frustrating then owning a lemon car, but with the help of a lemon law attorney you can be back to driving without car troubles soon. What determines whether you have a lemon car varies from state to state. With the help of a lemon law lawyer, you can quickly identify if your car fits the description.

Determining whether your car is a lemon varies from state to state, so you must consult a lemon law attorney to determine whether or not you fit the criteria. The reason for this is that there are strict consequences in some states, while others are minimal. The state of Colorado is one of few lemon laws that states if you lose a case you could be responsible to pay tens of thousands of dollars in attorney’s fees to the manufacturer. However, in the state of California 99% of cases does not go to trial leaving you with your greatest loss being the lemon. You can find all of the specific states lemon laws here:

http://www.lemonlawamerica.com/

Before purchasing a car there are a number of things you can do as well to prevent buying a lemon car. Taking written notes of all conversations you have with your dealership and repair technicians is suggested. You should include the date, time, and everything that was discussed in the conversation. This will many times keep you from buying a lemon as dealerships will realize the severity of the situation.

Keeping a copy of all documentation you have for your cars history, including all repair orders, contracts of purchase, and warranty books are vital. This will help lemon law lawyers fight your case when the time comes.

Along the same lines, it is recommended to make a timeline of all your repairs. You should know the time and date for all repair attempts you had, the number of times you took the vehicle to be repaired, and how many days total your vehicle has been out of service. With the appropriate documentation of the cars history and all of its repairs, this will make it much easier to win your lemon law case as oppose to you attempting to remember when you did what.

There might be many people that will tell you the problems experienced are minor and do not qualify under the lemon law. However, only a lemon law attorney who is aware of the specific conditions of the law in your particular state can comment on whether your car qualifies or not.

While consulting a lemon law attorney is vital in getting rid of your lemon car, there are so many things that you can do as well. Nobody plans on purchasing a lemon car, but it is always better to be safe then sorry. So take the appropriate actions by doing some of the little things that could save you against your states lemon law.

Lisa Angelettie, M.S.W., is a psychotherapist, author, and life coach. She has been helping people make smarter life choices since 1998. Get more free tips like this when you subscribe to the GirlShrink newsletter .

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Guest Author: Drew Miles

The phrase “return on investment” (ROI) is thrown around a lot, but do you know what it really means and how to calculate it?

Three ways to calculate ROI

Cash-on-cash If $20,000 is invested and it grows by $10,000, it’s a 50 percent cash-on-cash rate of return, which is great for wealth building. Total amount of investment If you put $20,000 down for a $200,000 mortgage, the growth is happening on the $200,000, not what you originally put in. This is arguably less relevant because the amount made on what was originally put in is more important and helpful.

Lost opportunity cost

When you’re looking to raise money with another person’s money, you need to demonstrate the loss he could incur if he doesn’t invest. If you have an investment that pays a 20 percent interest and the lender has money in something that only pays 5 percent, you need to show him how much he is losing if he passes up your opportunity.

What the rich do that we don’t

The rich develop a wealth building niche that allows them huge rates of return on what they do real estate, investing in the market, your day-to-day business. Once they make the money, without fail, the wealthiest of the wealthy buy bonds, key bills or some other type of fund that pays a return of three percent to five percent. They want to protect their principle. They only roll the dice in an area of expertise where they can expect a safe return.

Lisa Angelettie, M.S.W., is a psychotherapist, author, and life coach. She has been helping people make smarter life choices since 1998. Get more free tips like this when you subscribe to the GirlShrink newsletter .

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Is Your Current Plan Adequate?

Few working people think about becoming disabled, and why should they when they’re healthy, productive employees. Consider this: according to data from the Society of Actuaries, a 35-year-old has a 50-50 chance of being unable to work for more than three months before age 65. Although an individual may think they are covered because they have disability insurance through an employer, what they don’t realize is that this may not provide their family with all the protection needed.

A disability can have a devastating impact on a family’s finances. Expenses for mortgage, rent, groceries and other necessities continue even while a wage earner cannot work. Just one year of total disability could completely consume an entire savings of a person who has been conscientious enough to save 10% of his or her income each year for 10 years (Agency Sales, September, 1999).

Often disability income insurance provided through an employer only pays a percentage of income, covers salary but does not cover commissions and bonuses, has a maximum cap, often offsets benefits by any Social Security payments received, and results in benefits that are taxable. Many people blindly assume that their employer-sponsored benefits package will carry them through if they are unable to work.

While the odds of becoming disabled are greater than many people realize, the risks of suffering a major decline in income as a result of inadequate disability income insurance are far more certain. Most income earners, regardless of income level, have spending commitments that consume 65% to 75% of normal cash flow

Group Disability Income Coverage (typical features):
- generally covers about 60% of base salary
- benefits are usually taxable
- does not cover incentive compensation such as profit sharing contributions, deferred compensation, commission income or regular incentive bonuses
- usually caps at $5,000, $10,000 or $15,000 a month
- the benefits scale runs to a top base salary of $100,000 (This means that anyone making more than $100,000 in base salary who becomes disabled receives a reduced benefit.)
- generally offsets benefits by any Social Security payments received

Some employees mistakenly believe that the government will fill in the gaps left by a company plan. Yet, according to the Journal of the American Society of CLU & ChFC, only 43% of those who apply for Social Security benefits ultimately qualify for them. For those who do qualify, the program pays an average of only $722 per month (Associated Press, 6/30/99).

Calculate Your Disability Income
Clearly, everyone who relies on a paycheck needs to assess how well he or she would do if they were unable to work. As a first step, it’s important to consider consulting with an experienced financial representative who can help evaluate your needs. Look for someone who is both knowledgeable and trustworthy. Make sure the insurance company that person represents is reputable, based on the company’s market share, financial strength and stability, financial ratings, and commitment for the future.

Once selected, the representative can help determine how much income would be available through employer provided disability income, as well as through investments and other sources. The representative also can help assess what type of taxes this income might be subjected to, to help decide the actual amount of money available.

As a next step, the representative can also determine what expenses might be in the event of a disability. Key considerations include mortgage, groceries, and other basic living needs. Because most income earners, regardless of their income level, have spending commitments that consume 65% to 70% of normal cash flow, it’s wise to secure disability income insurance for 65% to 75% of normal earned income if possible (National Underwriter, April 2000).

If that additional disability income coverage is needed, a financial representative can advise what types of supplemental plans would be appropriate. Underwriting rules by insurance companies often dictate how much coverage is available to an individual, but the wide variety of plans on the market today can suit many different income levels and needs.

The process need not be a grueling one, and it should not require undue amounts of time. But, it is important to ensure that a solid income protection plan is in place. This is probably one of the most important financial needs than an individual has.

Life can take an abrupt curve. Sometimes, it seems, in seconds. In expecting the unexpected, it’s crucial to be prepared no matter what path life takes.

Duane Burrell is a Financial Representative with Northwestern Mutual Financial Network based in Summit, N.J. for The Northwestern Mutual Life Insurance Company, Milwaukee,Wisconsin Website: http://www.nmfn.com/duaneburrell

Who should you contact?

You have heard all about identity theft, but do you know who to call as soon as you suspect someone has had access to your checking/savings accounts or your credit cards?

After you call your primary bank, then you need to call these companies listed below and let them all know that you have been a victim of fraud.

Certgy, Inc.
1-800-437-5120

Global Payments
1-800-766-2748

SCAN
1-800-262-7771

TeleCheck
1-800-710-9898

You should also contact these companies to obtain a copy of your credit report to get a closer look. There are also companies (such as ReliaCredit 3-in-1 Credit Report)on and offline you can use to get a more comprehensive report as well as alert you if something looks suspicious beforehand.

Equifax
1-800-525-6285

Experian
1-888-397-3742
www.experian.com/consumer

TransUnion
1-800-680-7289
www.transunion.com

Your bills are piling up on the kitchen table. The phone is ringing. Your are getting not so nice letters in the mail. You rather just avoid everyone, because everyone is going to ask when you can pay and you have no idea. You don’t know who to pay first. You’ll find that the way to handle a crisis like this, is just like any other in life. Just handle it. For example…

DO NOT avoid speaking with your creditors. DO initiate contact with creditors and let them know of your financial situation. Especially companies that tend to report to credit agencies the fastest. Your mortgage, car payment, credit cards. Explain to them your financial situation and ask for reduced payments. They may be able to stretch the bulk of the debt over a course of several months. If you do not reach out, they will continue to harass you and then pass you to a collection agency for even more harassment!

DO NOT give up without exhausting all your options. DO think about all your options for making payments before giving up. Consider contacting a credit counseling agency (preferably non-profit) that can arrange a debt consolidation arrangement with your creditors. The consolidation is noted on your credit report, but it is better then going into default with all of your creditors individually.

DO NOT hang up on a creditor with a nasty attitude. DO try to negotiate with the collection agency for a manageable payoff amount of the debt. Agencies rather get some of the money, then having to take you to civil court for all of it.

DO NOT ignore letters stating that you are needed to respond to a civil court regarding your debt. DO respond to these letters or the creditor can ask for a default judgment against you and garnish your wages or bank account. If you have ignored these letters, then go to the court and ask for a new court date based on a good excuse for not responding (illness, out of town, etc.)

Lisa Angelettie, M.S.W., is a psychotherapist, author, and life coach. She has been helping people make smarter life choices since 1998. Get more free tips like this when you subscribe to the GirlShrink newsletter .

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1. Know where you stand
List how much you could expect to sell everything for. Inventory watches, boats, vacation time-shares, retirement accounts, etc. Do the same for your debts from friends, family banks, credit cards.
Subtract how much you owe from how much you own. This number is your Net Worth. If your Net Worth Index is a negative number, you really do need to gain control of your money.

2. Develop Your Goals
The next thing is to set some reachable targets or goals. Goal setting is not complicated and in this instance requires a few measurable small goals, like baby steps.

Your first baby step is to begin pay off your debts. By paying the minimums on all debts and extra each month on the smallest debt, it will soon be gone. Then roll that money over to the next smallest debt. Keep doing this until you are out of debts to pay off.

Second baby step is create an Emergency Savings Account. Add money each month until you savings equal to six months of after-tax income. The money you set aside here will help you avoid debt when you have to make a surprise car repair or meet the deductible for your child‚s appendix operation.

3. Spend with a Plan
Use your gross monthly salary and deduct all taxes, Social Security and charity. Now pay for is your house expenses and your grocery bill ˆ this is only food you prepare yourself. Subtract your debt payment.

The remaining amount is Disposable Income. Buy the things you want with this money.

Keep your spending below your income and you‚ll be in control. Involve the children and find small ways to reward them for their practical money saving ideas.

4. Clean Up Your Clutter
Have a garage sale. Apply the money you raise towards your smallest debt repayment. Look for larger things in your life that cost you money. Can you sell your unused vacation home or that third car?

It might hurt, but once you have taken the first steps you will feel an easing of the burden on your shoulders. When you are debt-free and telling your money what to do you’ll be a happier person.

Roger Sorensen

Guest Author: Drew Miles

There are three main areas we need to keep in mind as the year ends:

1. Taxes

2. Corporate formalities

3. Planning for next year

Revisit the idea of converting your 10 largest expenses

This is an ongoing process that should be done at least twice the first year. It’s not realistic to expect you will convert all of your biggest expenses the first time around because it’s too big of a task–this is a habit needing to be developed over time. Our largest expenses, habits, and businesses all change over time. As your life evolves, so should your deductions, so keep current.

Strategy: upstreaming income

The goal of upstreaming income is to shift income from this tax year to the next tax year. Whatever your operating account balance is on December 31 will get added, as of January 1, to your last year’s income. If you have a $50,000 balance, for example, going into the next year, that’s taxable income. You therefore should upstream the money, making it no longer taxable for that year. This strategy is applicable if you have an S Corp, partnership, limited partnership or sole proprietorship.

How to upstream income

Upstreaming income is accomplished by setting up a new entity such as a management company with a different year end than your business. A business’ income can then be shifted out of the 2006 tax year to 2007. You will want a contract and invoices to reflect this agreement between your business and management company. Move the $50,000 balance to your management company with a June 1 yearend, for example. The money should be moved ideally at least on a monthly basis, not just once at the end of the year. I recommend taking five to 10 checks out of your checkbook and put them in a file for the upcoming year. In January, if you find out you had some expenses you missed it’d be a lot better to have a check in sequence that you can write from December.

Lisa Angelettie, M.S.W., is a psychotherapist, author, and life coach. She has been helping people make smarter life choices since 1998. Get more free tips like this when you subscribe to the GirlShrink newsletter .

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Guest Author: Drew Miles

There are three main areas we need to keep in mind as the year ends:

1. Taxes

2. Corporate formalities

3. Planning for next year

The power of documentation shifting the burden of proof

For those who have an LLC (as opposed to a sole proprietorship, S Corporation or C Corporation), it’s always better to over-document. By keeping a tax diary, you shift the burden of proof from yourself to the IRS, who then has to disprove its validity.

Annual meeting an opportunity to have some fun

Make sure you’ve done your annual meeting by the end of the year. Why you’re at it, you might as well make it fun. You can hold it anywhere in the continental United States without a problem, and you can hold the meeting abroad or Hawaii or Alaska if you can show why you needed to hold the meeting there.

Get corporate minutes and meetings in line.

1. Prepare a notice or waiver of notice (available on Pathfinder’s Web site). When you have a corporation, you need to notify in writing by certified mail all the shareholders of the meeting. If you’re the only shareholder, you certainly do not need to send a notice to yourself; instead, you can print out a waiver of notice because the notice is unnecessary.

2. Print out a form for the meeting’s minutes. Minutes are what you discuss at the meeting (or think about, if it is just you at the meeting). You can hold your annual meeting in Aspen and ski. When you’re in the lodge thinking about what you want to do the next year for marketing, etc. and jotting down ideas, this could be your annual meeting.

3. Extracurricular things need a resolution. Resolutions are decisions you made at the annual meeting. You don’t need one to take a client to dinner or attend a seminar. You do, however, need one if you rent new space, open up a new bank account, buy a car. It’s better to be safe than sorry and have a resolution.

4. This is a good time to make sure you have a medical reimbursement plan in writing. Fill out the form off Pathfinder’s Web site and keep it in the corporate kit. Use the same advice in regard to your educational assistance plan. Preparing this document does not take long, but it’s very important.

Biography: About Drew Miles: During my years of law school, I completed an internship with a New York Supreme Court Justice and second legal internship with a law firm and also began investing in real estate. Immediately upon graduating law school and passing the bar exam, I opened my own law practice. From 1988 to 2001, I practiced with my partner under the name Miles and Gillard, where I concentrated in the area of real estate and business law. Find Out More: http://www.irabusinesssystem

Lisa Angelettie, M.S.W., is a psychotherapist, author, and life coach. She has been helping people make smarter life choices since 1998. Get more free tips like this when you subscribe to the GirlShrink newsletter .

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1. Adjustable Rate Mortgage (ARM) – Many banks will extend a mortgage or a refinance to you, but the best deal they can offer some is this type of mortgage. It is a loan with an interest rate that varies periodically, and usually one specific rate is guaranteed for the first two or three years of a 30 year mortgage. ex. 2/28 or 3/27 ARM

2. Appraisal – When a professional comes to your home to estimate the property’s value. The estimate may be based on comparable sales around the immediate area or the property’s income-producing ability (two-family home).

3. Balloon Mortgage – This is a loan that has a final lump sum payment of full balance

4. Closing Costs – This is the amount the seller and buyer pay when the real estate purchase is finalized. These costs usually include the fee for the appraisal, pulling your credit report, mortgage insurance, title-insurance premium, and your property taxes.

5. Construction Loan – This is a short-term loan to finance building a new home. The borrower must get permanent financing or pay off loan when the construction is complete.

6. Convertible Mortgage – This is an ARM that lets borrower switch to a fixed-rate mortgage at a specified time. Great if you see the market is going up and you want to lock in your current rate.

7. Equity – Something renters don’t have! It is the difference between what you owe on your home and what its current market value is.

8. Escrow – Money is deposited to a third party (such as your mortgage lender). The money is usually to pay your home insurance and your property taxes.

9. Fixed-Rate Mortgage – This is when your interest rate is constant through the life of the loan. Usually people get a 30 year fixed loan.

10. Lien – This is a claim made against your property usually for taxes or the mortgage.

11. Mortgage Broker – He or she serves as an intermediary between you and a lender. They help you find financing for your home.

12. Points – These are actually charges assessed by a lender. Each point equals 1 percent of your loan amount.

13. Principal – This is the amount of your monthly mortgage payment that excludes interest, insurance and taxes. It is the real cost of your home. You can often pay a little extra every month towards the principal of your home and significantly cut down the overall cost (principal + interest) of your home.

14. Private Mortgage Insurance (PMI) – This is money paid to insure the lender against loss due to default or foreclosure by the borrower. This is required on a conventional loan with a down payment less than 20 percent.

15. Second Mortgage – This is a loan that uses the equity in your home as security. You don’t want to take too many of these out. It may mean you are headed for financial trouble.

Lisa Angelettie, M.S.W., is a psychotherapist, author, and life coach. She has been helping people make smarter life choices since 1998. Get more free tips like this when you subscribe to the GirlShrink newsletter .

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1. If you are reading this, then you have begun this first step. You must educate yourself about saving money and investing money. I know of so many single women who are waiting to meet their husbands with fantastic careers who will end their financial worries. Women have no time for daydreams! Start saving now, so that you will bring something to a marriage or so that you will have something in case you don’t.

2. Pay yourself first. You must save at least 10% to 15% of your income after taxes. The only way to grow a savings account, emergency fund, nest egg is to just do it. Even if you are struggling, put aside some of your income or you will never get ahead.

3. You need several income streams for retirement. If you watch the World News even once a month, you should realize that there is no way you can rely on social security to support you at retirement age. You must consider additional streams of income/savings from your IRA, 401(k), stocks and bonds, and any other investments you may have.

4. Once you have created a retirement fund, you need to make sure that the money is in a retirement type of account. If you put these funds in a basic savings or checking account, you will be tempted to use the money.

5. Set Goals. It is critical that you set financial goals for yourself when you begin working. Even if you aren’t sure about your career goals, you should know what your financial ones are. What do you want to accomplish in the next two, four, ten years? Buying a home? Having a certain net worth? A certain amount saved in the bank? The worst thing a single woman can do is to not have any goals, and think that she has all the time in the world to make more money.

Lisa Angelettie, M.S.W., is a psychotherapist, author, and life coach. She has been helping people make smarter life choices since 1998. Get more free tips like this when you subscribe to the GirlShrink newsletter .

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