Retire Wealthy Using a Simpler Lifestyle (Dave Ramsey)
Dave Ramsey Web Site ^ | 24 Jun 2010 | Dave Ramsey
Have you considered satisfaction with less things throughout life?
Despite being the most affluent generation the world has ever seen, 54% of Americans have saved less than $25,000 for retirement. We’re sacrificing our retirement to support our lavish lifestyles—big houses, cars, boats, flat screens, you name it.
Few people can embrace the idea of cutting back their lifestyle and settling for the basics. But, if you’re going to “do what rich people do,” as Dave says, forget about impressing your neighbors. Instead of seeking satisfaction in what you buy, why not consider gaining satisfaction from a simpler lifestyle?
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Number: IRS Summertime Tax Tip 2010-18
Keeping Good Records Reduces Stress at Tax Time
You may not be thinking about your tax return right now, but summer is a great time to start planning for next year and to make sure your records are organized. Maintaining good records now can make filing your return a lot easier and it will help you remember transactions you made during the year.
Here are a few things the IRS wants you to know about recordkeeping.
Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you receive an IRS notice. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, you should keep any and all documents that may have an impact on your federal tax return.
Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years:
- Credit card and other receipts
- Mileage logs
- Canceled, imaged or substitute checks or any other proof of payment
- Any other records to support deductions or credits you claim on your return
You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples include:
- A home purchase or improvement
- Stocks and other investments
- Individual Retirement Arrangement transactions
- Rental property records
If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep Include:
- Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC
- Proof of purchases: Canceled checks, cash register tape receipts, credit card sales slips and invoices
- Expense documents: Canceled checks, cash register tapes, account statements, credit card sales slips, invoices and petty cash slips for small cash payments
- Documents to verify your assets: Purchase and sales invoices, real estate closing statements and canceled checks
For more information about recordkeeping, check out IRS Publications 552, Recordkeeping for Individuals, 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses. These publications are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Sunday, August 15, 2010
By Robert Schmansky
This is a part of a series of articles discussing why you should avoid variable annuities for the purposes of retirement income.
Congress is meeting with representatives from Prudential Financial Inc. regarding concerns over the company’s use of ‘retained asset’ accounts used for the payout of life insurance proceeds to military spouses and survivors. As Bloomberg Businessweek has recently reported, these accounts keep the policy proceeds with an account with the insurer, though funds are accessible to the beneficiaries when writing checks. The main concerns
How Will You Measure Your Life?
Don’t reserve your best business thinking for your career.
Editor’s Note: When the members of the class of 2010 entered business school, the economy was strong and their post-graduation ambitions could be limitless. Just a few weeks later, the economy went into a tailspin. They’ve spent the past two years recalibrating their worldview and their definition of success.
The students seem highly aware of how the world has changed (as the sampling of views in this article shows). In the spring, Harvard Business School’s graduating class asked HBS professor Clay Christensen to address them—but not on how to apply his principles and thinking to their post-HBS careers. The students wanted to know how to apply them to their personal lives. He shared with them a set of guidelines that have helped him find meaning in his own life. Though Christensen’s thinking comes from his deep religious faith, we believe that these are strategies anyone can use. And so we asked him to share them with the readers of HBR. To learn more about Christensen’s work, visit his HBR Author Page.
Before I published The Innovator’s Dilemma, I got a call from Andrew Grove, then the chairman of Intel. He had read one of my early papers about disruptive technology, and he asked if I could talk to his direct reports and explain my research and what it implied for Intel. Excited, I flew to Silicon Valley and showed up at the appointed time, only to have Grove say, “Look, stuff has happened. We have only 10 minutes for you. Tell us what your model of disruption means for Intel.” I said that I couldn’t—that I needed a full 30 minutes to explain the model, because only with it as context would any comments about Intel make sense. Ten minutes into my explanation, Grove interrupted: “Look, I’ve got your model. Just tell us what it means for Intel.”
I insisted that I needed 10 more minutes to describe how the process of disruption had worked its way through a very different industry, steel, so that he and his team could understand how disruption worked. I told the story of how Nucor and other steel minimills had begun by attacking the lowest end of the market—steel reinforcing bars, or rebar—and later moved up toward the high end, undercutting the traditional steel mills.
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The Summoned Self – By DAVID BROOKS
This is a column about two ways of thinking about your life. The first is what you might call the Well-Planned Life. It was nicely described by Clayton Christensen in the current issue of the Harvard Business Review, in an essay based on a recent commencement talk.
Christensen advised the students to invest a lot of time when they are young in finding a clear purpose for their lives. “When I was a Rhodes scholar,” he recalls, “I was in a very demanding academic program, trying to cram an extra year’s worth of work into my time at Oxford. I decided to spend an hour every night reading, thinking, and praying about why God put me on this earth.
The person leading the Well-Planned Life emphasizes individual agency, and asks, “What should I do?” The person leading the Summoned Life emphasizes the context, and asks, “What are my circumstances asking me to do?”
The person leading the Summoned Life starts with a very concrete situation: I’m living in a specific year in a specific place facing specific problems and needs. At this moment in my life, I am confronted with specific job opportunities and specific options. The important questions are: What are these circumstances summoning me to do? What is needed in this place? What is the most useful social role before me?
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