What's in the Stimulus for YOU?

From The Wall Street Journal @ WSJ.COM
By ARDEN DALE, VICTORIA E. KNIGHT and JILIAN MINCER

Consumers get spending money and a helping hand with some key expenses under President Obama's stimulus plan.

By far the biggest tax piece in the plan is the Making Work Pay tax credit. It would put a bit of cash into pockets, probably by having employers withhold less tax. Each eligible worker would get 6.2% of earned income up to a maximum credit of $400 ($800 for two-earner couples). So folks would see an extra $12 to $20 per weekly paycheck, depending on whether the government pays it out over six months or more.

Many taxpayers will get the Making Work Pay credit, though it isn't open to anyone who earns more than $95,000 ($190,000 for couples). Its slow-drip approach is likely to stimulate spending, according to some tax experts. In hard times, people tend to stash a larger windfall in a savings account, says Roberton Williams, senior fellow at the Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute. An extra $20 each week, however, is more likely to get spent at the movies or on a piece of clothing.

First-time homebuyers also get a tax break under the plan.... Click title for rest of story -


~Dorethia
http://www.connercoaching.com
money management for real people!

Finish Your Business Plan in 3 Months!!!

Ahh, a business plan!!! Is the idea of tackling this task overwhelming in the midst of everything else on your 'To Do' list? Many entrepreneurs put it off, but the business plan is the foundation for your company. It is not just a document you need if you are approaching investors or banks for loans. Even if you are funding your business yourself you need a business plan!

You discover things about your methods, ideas, and industry when you have to put all your research and hard work down on paper. You can save yourself a lot of time and money when you have a written plan!!!

A Few Quick Tips!

1. Spend two weeks on each section: there are 10 - 12 sections in a business plan - two weeks on each section = 3 months.

2. Finish the sections that are the easiest for you first. If you already have an idea of your operations or company description -complete those and then tackle the areas you have to research.

3. Write the Executive Summary last as it 'summarizes' the detail of your plan.

The portions that may need a little more time is the research you will need to do for your Market Research, Industry and Competitive Analysis. But don't drag it out - set specific days and times to work on it and stick to your deadline!


Check It Out -

www.Score.org: Business planning and financial templates for startups and existing businesses

Score offers some one of the best templates I've found complete with explanations of each section - and they're free! No two-ton book to buy or carry around!!

Ramping Up Your Side Gig!!!

In times like these we cannot always wait for traditional means of earning an income only. Think of ways to earn money that maybe you wouldn't have considered before. What can you do that would not require a large cash outlay? For instance, a bucket, a mop, and some soap and you're ready to clean homes and offices.

Tap into your talents - what do you enjoy doing in your spare time? What are you good at that people praise you for? Maybe there's something you always wanted to do but never had the time. Now, may be the opportunity to make the time!

Handy around the house? There are plenty of women/seniors who could use someone to fix things up a little, clean out the garage, etc and would gladly pay.

Do you love children? Babysit for a family that works the night shift. The kids will be sleep for most of the time - parents pick them up as you are getting ready for your work day - easiest gig ever!

Do you have a way with words? You can write blogs, articles etc. for people who have great ideas but don't know how to articulate them.

Always loved English? (or Science or Math or Speech...you get the picture) Tutor a student who is struggling in that area.

Do you live in an apartment building or in a tight knit neighborhood? Offer to clean the inside of your neighbors cars weekly, do the outside as well if you can.

Are you a great cook or have a special family recipe? Make your goodies and sell to your coworkers, friends, etc.

Fitness as a hobby? Do you have some equipment at home or great workout techniques? You could charge $5 per person and let people you trust use your 'gym'

These are just a few ideas, there are endless opportunities unique to your situation!

TO DO:

1. Write down at least 10 talents/things you enjoy or can make money doing.



2. Which ones can you implement THIS WEEK? Develop a serious action plan to get started!!




Remember:

YOU decide the financial state of your household! Make it Happen!!!!

- Dorethia

Seven New Tax Breaks

By Andrea Coombes MarketWatch - Wall Street Journal

In all the hoopla surrounding the current stimulus package, it's easy to forget that other stimulus bill -- the one in 2008 that resulted in a good-sized check for many U.S. taxpayers. Forgetting about that earlier stimulus, and any of the other major tax changes in 2008, could mean missing out on some much-needed cash when you file your tax return this year.

There were six "pretty significant pieces of tax legislation" in 2008, said Mark Luscombe, a principal analyst with CCH Inc., a Riverwoods, Ill., tax publisher, including bills related to housing, farming, the military, pensions, and two on the economy.

Still, while all that tax tinkering affects most of us eventually, many of the changes last year were related to arcane rules -- and won't show up on our Form 1040s.....

Click title for more of the story - Dorethia

Citigroup Get's $50b Bailout, Buys $50m Jet

Bailout bank's new jet angers Levin

BY TODD SPANGLER • FREE PRESS WASHINGTON STAFF • January 27, 2009

WASHINGTON -- When Detroit's auto execs winged it to the capital to ask for government help, they got beat up like a has-been boxer. Is it Citgroup's turn in the ring?

Back in November the question was: How dare the automakers poor-mouth if they could still afford to fly around in private jets? General Motors and Chrysler had to give up their aircraft to get $17.4 billion in loans.

Citigroup, like some other beneficiaries of the $700-billion Wall Street rescue, got to keep its jets. Citi said Monday it was under contract to buy the jet, and was considering selling or leasing the aircraft.

Sen. Carl Levin demanded that incoming Treasury Secretary Tim Geither end "a ridiculous double standard."

What Are the Tax Credits for First Time Homebuyers?

From The Tax Dude - Neil Johnson

1. The tax credit is available for first-time home buyers only. Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit.

2. The maximum credit amount is $7,500. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $75,000 or more.

3. The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009. Only the purchase of a main home located in the United States qualifies. Vacation homes and rental property are not eligible. For a home that you construct, the purchase date is the first date you occupy the home.

4. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

5. The tax credit works like an interest-free loan and must be repaid over a 15-year period. For example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return.

Hopefully, this helps you understand the credit a little more. If you have any questions, please feel free to e-mail me directly.

Neil Johnson
The Tax Dude®
www.thetaxdude.com
taxdude@covad.net

$100 minus $95!!

A little boy wanted $100 badly and prayed for two weeks but nothing happened. Then he decided to write a letter to the Lord requesting the $100. When the postal authorities received the letter addressed to the Lord, USA, they decided to send it to the President.

The President was so impressed, touched, and amused that he instructed his secretary to send the little boy a $5.00 bill, as this would appear to be a lot of money to a little boy. The little boy was delighted with the $5.00, and sat down to write a thank-you note to the Lord.

It said: Dear Lord, Thank you very much for sending me the money. However, I noticed that for some reason you had to send it through Washington, DC and as usual, those jokers deducted $95.

McCotter Fights for the Auto Industry

http://www.youtube.com/watch?v=U7YBjjLKLd0
Click Here to Watch!!


The auto industry execs took a beating from Congress the other day so I was glad to find a seasoned voice to shed another light on the situation.

Now, don't get me wrong, I don't believe in throwing good money after bad and I'm not biased because I live in Detroit. I just find it ironic that the banks and insurance companies were practically thrown money with no rules or regulations whatsoever and the automotive industry is having to sign in blood and pinky swear.

The automotive execs should be held accountable, nonperformers should not receive massive bonuses and pay. They should restructure their business models and the unions should also join them in that restructuring. Once the LOAN is made, there should be clear cut repayment terms.

Now,they've gotten their beating and been sent to thier rooms, are we going to help them, which means helping American families or are we going to continue to play keepaway at those families' expense?

I thank Congressman McCotter for being the voice of reason in all this, please click link above to watch. - Dee

A young man was having some money problems, and needed $200 to get his car fixed and road-worthy again. But had run out of people to borrow from.

So, he calls his parents via the operator, and reverses the charge and says to his dad, "I need to borrow two hundred dollars."

At the other end, his father says, "Sorry, I can't hear you, son, I think there may be a bad line."

The boy shouts, "Two hundred. I need two hundred dollars!"
"Sorry, I still can't hear you clearly," says his father.

The operator cuts in, "Sorry to butt in, but I can hear him perfectly." The father says, "Oh, good. YOU send him the money!"

AIG To Get More Money?? You're Kidding Me Right??

U.S. Government Restructures AIG Bailout


NPR.org, November 10, 2008 ·

The government is providing new financial assistance to troubled insurance giant American International Group. It includes pouring $40 billion into the company in return for partial ownership. The Federal Reserve said Monday the government would...

Click Title For Complete Story..... - Dorethia

1 in 6 Homeowners 'Underwater' ........from WSJ

After a housing slump that has pushed values down 30% in some areas, roughly 12 million households owe more than their homes are worth.......

Click title for complete story...-Dorethia

Bookkeeping Tips for Small Businesses

Great tips found at www.onlineorganizing.com

Here's a little help for you fellow entrepreneurs out there! Click on the title for the article...Enjoy - Dorethia

You're Not the Boss of Me!....Well Maybe You Are...

I don't get a chance to watch a lot of t.v. I had cable a couple of times but found that:

1. Unless you buy all the add-ons, nothing's on t.v.

2. I wasn't home enough to take advantage of the service

3. I was spending too much time arguing over incorrect bills and poor customer service for something I rarely used....therefore I ditched it.

Now we are being forced into HDTV. I don't like it. I believe it is unfair to the consumers. I have been screaming this since the announcement was made and I thought I was on an island all by myself until I ran across the articles below earlier this year. Either you buy a new t.v., cable or you buy converters and the government will give you $40 towards the converters.

The cost of the converters is not the issue, the infringement is having someone else decide how clear the picture on MY television should be. I CARE NOT!!!! As long as it's not fuzzy - I'm good! I can't tell the difference between plasma, high def or whatever the other one is! There is no absolute need to go HDTV, this is one of those deals where everyone benefits except the consumers and the government makes a nice profit. I don't want to buy a new t.v. or cable and there are many people who feel the same way.

Of course I'll get the converters because truly I have no choice. I'm just grateful for the ability to rant on blogs....thank goodness that hasn't been taken away.

Check out these articles by Keith Crain of Crain Communications - another voice crying out into the seemingly wilderness....

Keith Crain: It Just Doesn't Seem Very Democratic: http://www.crainsdetroit.com/article/20080211/SUB/380959951

Keith Crain: Someone Really Ought to See The Light: http://www.crainsdetroit.com/article/20080303/SUB/803030332

______________________________________________

p.s.........Another example of unfair foolishness is Michigan's Driver Responsibility Law enacted a few years ago. After you have paid your tickets, your reinstatement fees etc, which can all add up not so nicely, you are fined again for having gotten too many tickets. Each fine is dependent upon the severity of your record. There was no warning, no notices (so it couldn't be fought right away) - just this is the rule, pay up! I believe in making people pay for not following the traffic rules - I certainly have contributed to the state and city coffers for disobedience. But I believe that it's unfair to add an additional fine once they've made restitution. Last time I checked this wasn't deterring people from getting tickets - no one gets in their car planning to get a ticket anyway. It would have been more prudent to run some informative PSA's on radio and t.v. commercials on benefits of driving safety, consequences for various offenses etc. .......just my twenty cents!

Hybrid Cars and Such....

Okay, I must admit that I'm way behind in getting on the bus of this 'green' movement. I'm not especially wasteful, do recycle plastic grocery bags as bathroom garbage bags, hate litter and don't buy pop so no recycling issues there. I do buy lots of water and sorry, but I don't recycle the bottles...I know...I know. . My green thumb is more like black because I can barely get anything to grow. Ask my neighbors who just shake their heads and laugh every time I attempt yard work....after a while, out of sheer sympathy and amusement, they'll help me! (My mother would be ashamed, she's a pro). So yes, I know I get an F for green I'm sure. But there's always redemption and I'm starting today to learn more, what with all the talk of bio fuels, green clothing and hybrid cars.

We'll start with Hybrid Cars. Being totally ignorant, I had to ask an 'expert' - my Uncle Danny...(see I called you an 'expert' ha ha - never again) I wanted to know what the hoopla was about and if they truly SAVE MONEY....

In the long and short of it, he explained that hybrid cars are great for city driving - in and around the neighborhood, grocery stores, etc. Why? ...because they have electric motors that takeover when you are at a light or stopped in traffic. Hybrid cars seem to 'cut off' when you stop at a light, thus preserving energy, gas. They are still on, but the electric motors have kicked in and when the light changes you're off again - using petroleum. On the freeway you don't save $$ because the electric motors add weight to the car, thus decreasing the miles per gallon you get because the car is working harder. I did some research and Uncle Danny is absolutely correct.. go figure!

Here are some links that explain how hybrid cars work in detail - for those equally as ignorant as I am:

Great Explanation of Hybrid Cars: http://www.treehugger.com/files/2007/08/green-basics-hybrid-car.php

Want to Know Which Hybrids Give Biggest Bang for Your $$$ - Report @ CNN.com:
http://money.cnn.com/galleries/2008/autos/0809/gallery.consumer_reports_hybrids/12.html

Okay, I've got my green t-shirt and I've learned about hybrids - I should be up to a C+ at least...as for my black thumb, I don't believe there is any help.... until next time - Dorethia

On the Virtues of Making Your Children Do the Dishes by Sue Shellenbarger @ WSJ

Quiz for the day: How much time each day, on average, does a 6- to 12-year-old child spend on household chores?

If you guessed more than a half-hour, you're wrong. Children are spending a mere 24 minutes a day doing cleaning, laundry and other housework -- a 12% decline since 1997 and a 25% drop from 1981 levels, says Sandra Hofferth, director of the Maryland Population Research Center at the University of Maryland, based on a forthcoming study of 1,343 children. In the glacial realm of sociological change, that amounts to a free fall....

Click title for the rest of the article.....Enjoy! -Dorethia

Paying Your Kids for Chores

Okay, in the previous post we discussed chores your children do get paid for and chores they don't...now how do you pay them and help them manage their money?

Make sure the amount you pay is reasonable for the job done. Just because lil' David NEEDS $50 for a video game he wants doesn't mean you give him $50 for just sweeping out the garage.

1. Assign a value for each task
2. Have a specific pay day, pay on time, pay with cash
3. Take money away for a job not well done, misbehavior at home or at school, but be fair

The Evelope System - an ancient chinese secret....

Paying with cash let's them 'see' their profit and is a great motivator. Teach them to have an envelope system:

Saving:
Teach them to always save something - 20%; at minimum 10% - not saving is NEVER an option

Also, have bank accounts for them so this money can be deposited and they can learn how to handle bank transactions.

Spending:
It's okay for them to spend, it may be tempting not to, but let them buy whatever they want - offer some guidance and common sense help, but they did work for this money.

Giving:
Teach your kids the importance of tithing and helping others who are less fortunate.

Make Them Work For IT!!!

Who???? Your Kids!!! Stop GIVING them money....and please, please give them CHORES!!! Yes, chores those ancient tasks we had to do to justify taking up space in our mom's house!

I am blown away at the number of our youth that do not have to do anything except stick their hands out! Just giving them money does not teach them any kind of work ethic, nor set an example for them to guide their own children one day!

Now to teach them responsibility and money management there are chores they get paid to do and those they don't...see big mama's outline below:

Chores They Don't Get Paid For:

Cleaning their own rooms!!!!!

Younger Children: pick up thier toys

Age 7/8: Dust, clean mirrors, clean their own room, clean the bathroom,picking weeds out of the garden

Ages 9/10: Add washing dishes, sweeping the floor, begin to teach them how to properly mop. By the age of 10/11 they can begin learning how to cut grass. Yes, I know, it won't be those nice neat lines you like, but remember you are training and if you just can't take it, let them do a small section. You can also introduce washing clothes. Even if you sort them yourself and just have them to switch the loads.

Jr./Sr. High: By the time they reach this age your little darlings should have long since had a regular schedule for house cleaning assignments and have consequences for not doing them well.
At this point your child should know how to thoroughly clean a house, even if he or she seems allergic to the notion, they have been taught!

Chores They DO Get Paid For:

• Doing your household duties - cleaning your room, washing dishes on your day


• Cleaning out the garage/basement/other extremely cluttered areas


• Helping with major yardwork projects


• Cleaning out closets/re-organizing cabinets


• Other household projects that go above and beyond the call of duty

(see post: 'Paying Your Kids For Chores')

Softy #1: Oh no, my son/daughter will not wash the dishes (insert any task really) well, they'll either be broken or still dirty....

Taskmaster: You make him/or her do it over and over until they get it right!!!!

Softy #2: I'd rather do it myself and get it out of the way, plus they are just children let them enjoy their childhood.

Taskmaster: Childhood is to be enjoyed, but it is also preparation for adulthood....what are you preparing your child for if they don't acquire work habits in their youth? oooo pick me pick me....you are preparing them to live with you forever!!!

Now, here's my BALANCE tidbit. It is important to have a reasonable schedule. Often we are taking our kids to this practice or that game on top of homework, etc. It is important to have a schedule for chores so you don't do away with it altogether. Also, the chores should be fair, but firm and the expectation should be that they are done correctly or done over.

Also, for those of you who have housekeepers, still set aside some time for your children to wash dishes, do laundry, etc. It is important that they learn these skills.

Okay, one more thing. I think it is important to teach our son's and daughters the same household skills. Son's learn how to cook, daughters learn how to cut grass. Son's learn how to wash clothes, daughters take out the trash. The schedule rotates.

Bush Signs Housing Rescue Law - CNN.com

President enacts controversial measure that aims to help borrowers, bolster the housing market and provide a fail-safe for Fannie and Freddie.

By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: July 30, 2008: 11:12 AM EDT

Click Title for Story

Buppie Yuppie Busy-ness!!

It’s cool to be busy, swamped…so busy that you only have a moment here to say this or a few minutes to meet ..it’s cool because it makes you feel important…like you have so much going on…and maybe you do, but those around you shouldn't feel rushed through your conversation, lunch, dinner, basketball game - you get the point.

In the midst of all this busy-ness, you miss quality time with quality people....while you are attempting to connect with the ‘right’ folks, attend the ‘right’ meeting.

Not to mention, when you are always soooo busy, quality people no longer desire to be around you, you give off an anxious, hectic, vibe. Never settled, never comfortable, just running and rushing around all the time….when the truth of the matter is that balanced people find time for friendships, dinners out with family, time to make new acquaintances, and business networks…without saying…"I’ve only got a few minutes", "you know I’m so busy I’ve got to go". No one wants to hang around you because they don’t feel important enough for a slice of your time. A slice where you are relaxed, not looking at your watch or worse ANSWERING YOUR CELL PHONE! My next post will be about cell phone etiquette at lunch, dinner, standing in line at the grocery store! (I am guilty too).

We are all ambitious, driven, high achievers – regardless of age. But what matters is the quality of your relationships, whether business or personal. When you give off that hectic vibe, you are telling the person you are with that time with them does not matter, you’re not focused on what they are talking about or enjoying thier company.

It doesn’t matter if it is a business acquaintance, family member or friend. Everyone wants to feel as if their presence is important when you are around them.

We are all so concerned with being upwardly mobile, on this committee, on that board, going to this meeting, this event, working long hours….some of us bask in it, as if it says "Hey I’m about something, Hey I’m doing something"…..and you are….kudos to you….hard work pays off, being in the know does too….but what do you know about those closest too you …as you zoom here and there….what about new people you meet and you swear ‘we’ve got to get together’? But never do or you try to squeeze them in between this or that - at the last minute to boot. In all this buppie yuppie busy-ness we need to settle down, calm down and enjoy the moment as well as enjoying the people we come across.

True networking is about building genuine relationships, leaving others feeling good after meeting with you...and that's impossible to do when you're too busy.

Dorethia Conner Coaching: Smilin' For the Camera

Dorethia Conner Coaching: Smilin' For the Camera