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Using Your Refund the Smart Way This Tax Season

February 28, 2024 By Erin H Leave a Comment

Every year at tax season, you may say that you’re going to use your refund appropriately, and then before you know it, the refund has shrunk, and you can’t meet any of the goals you were thinking about meeting. You can best spend this money in several ways to benefit you and keep you in a better financial situation throughout the year. Keep reading to see how to spend your refund best this tax year.

Take Care of Home Repairs

Over the last year, you’ve probably noticed a few repairs you need to make around your home. Make a list of things you want to do and a list of things that need to be done to prevent further damage to your home. If you’re getting back a generous refund, now is the time to take advantage of the larger projects you otherwise wouldn’t have the money for, like roof repair. According to Home Advisor, the common roofing repair job costs around $1050, most falling between the price range of $380 and $1746.

Have Your Car Serviced

If it’s time to have that standard oil change, tire rotation, or even a new set of tires for your vehicle, this refund is the best time to take advantage. Remember that this money isn’t a part of your standard budget, so the extras should be done with this money while it’s available. Some larger services, like transmission services, are more appropriate for the tax refund. According to the Transmission Repair Cost Guide, a transmission has oil and a filter that should be changed every 20,000-30,000 miles or every 18 months.

Pay Off Some Debt

Regarding debt that needs to be paid, this could fall into several categories. First, protect your credit score by paying off any outstanding debts that have gone into collection or are in danger of being repossessed. These are usually medical bills and payments that were missed and, after so many days, are sent to the collection agency. Once they post on your credit report, they can impact your score. They could also impact your ability to get service at that facility.

The next type of debt to look out for is an outstanding credit card balance. You want to get your debt down to 30 percent or lower, so you must pay these cards down to that point when you get your tax refund. This is also true for personal loans. Both credit cards and personal loans accrue interest, and the longer it takes to pay them, the more money you’ll spend on this debt.

Add To Your Savings

If you aren’t sure what to do with the rest of the refund or have no large projects to spend it on, add that money to your savings account. Something will come up unexpectedly over the next year, and this money can be used to cover those costs, so you don’t have to take it out of your monthly budget. If you don’t already have a savings account, this is a good time to go to your bank and establish one today.

Treat Yourself

While there is so much good you can do with that refund money, make sure you do something for yourself. You can treat yourself to a spa service, a new piercing, or maybe even a new tattoo you will have with you forever. According to Gitnux, a smaller tattoo generally costs about $50, so you shouldn’t feel guilty spending a little more on something you want.

Make This Year Better

Give yourself a plan for your tax refund this year, and know how you want to spend so that you aren’t overspending in places that won’t help you later. You can do some fun things, but you should also be financially responsible so you aren’t in a financial bind later when you need the money or can’t put off a home repair you need. Consider these options for your tax refund and see how well they set you up for the next year.

The 11 Most Controversial Personal Finance Gurus: Are They Frauds or Geniuses?

February 22, 2024 By Catherine Reed Leave a Comment

In the realm of personal finance, certain experts stand out not just for their groundbreaking advice but also for the debates they ignite. These financial influencers have garnered substantial followings with their bold strategies and polarizing opinions, often walking the fine line between genius and controversy. From advocating for extreme frugality to promoting high-risk investment strategies, their unconventional approaches have both inspired success stories and drawn criticism. Here, we explore 11 of the most talked-about personal finance gurus, delving into the controversies that surround them and the philosophies they champion.

1. Dave Ramsey: The Anti-Debt Crusader

In the world of personal finance gurus, few names are as well-known as Dave Ramsey. Dave Ramsey’s staunch anti-debt stance and “baby steps” to financial freedom have made him a household name. Advocating for aggressively paying off debt and building wealth through savings and investments, Ramsey’s methods have been life-changing for many. However, critics argue that his aversion to credit and strict budgeting guidelines may not be suitable for everyone, particularly in an economy that often necessitates credit usage.

2. Suze Orman: The Financial Straight-Talker

Suze Orman’s no-nonsense approach to personal finance, emphasizing emergency savings, smart investing, and cautious spending, has earned her a vast audience. Yet, her sometimes conservative investment advice and cautionary stance on debt have faced scrutiny, especially from younger generations seeking more aggressive growth strategies.

3. Robert Kiyosaki: The Real Estate and Business Mogul

Best known for “Rich Dad Poor Dad,” Robert Kiyosaki’s advocacy for financial education, real estate investment, and entrepreneurship challenges traditional paths to financial success. While many praise his insights into wealth-building, others question the feasibility of his methods and his emphasis on leveraging debt.

4. Tim Ferriss: The Lifestyle Design Architect

Tim Ferriss, author of “The 4-Hour Workweek,” champions the concept of lifestyle design and passive income streams as a path to financial independence. His unconventional work philosophies and income automation strategies have inspired many but have also been critiqued for their applicability to the general population.

5. Grant Cardone: The 10X Rule Innovator

Grant Cardone’s “10X Rule” encourages massive action to achieve financial success, particularly through sales effectiveness and real estate investments. While his high-energy approach and success stories are compelling, some critics question the sustainability and risk level of his strategies.

6. Ramit Sethi: The Wealth Psychology Expert

Ramit Sethi’s “I Will Teach You to Be Rich” combines personal finance advice with a focus on behavioral change and psychological approaches to spending and saving. While praised for his practical strategies, Sethi’s sometimes unconventional advice on spending big on what you love while cutting mercilessly on what you don’t have sparked debate.

7. Tony Robbins: The Financial Motivator

Tony Robbins, while primarily known for his motivational speaking, has also entered the financial advice arena with books like “MONEY Master the Game.” His approach to financial freedom through self-empowerment and investment has been inspirational for many, though some financial experts question the depth and originality of his advice in the complex realm of personal finance.

8. Jim Cramer: The Stock Market Enthusiast

Jim Cramer’s energetic and entertaining take on stock market investments on “Mad Money” has made investing more accessible to the general public. However, his critics often point out the inherent risks in his often speculative and short-term investment picks.

9. Gail Vaz-Oxlade: The No-Gimmick Money Maven

Gail Vaz-Oxlade’s straightforward and practical advice on budgeting and debt management, as seen in “Til Debt Do Us Part,” offers a no-gimmicks approach to personal finance. While her methods are praised for their accessibility and effectiveness, some argue that her advice can be overly simplistic for more complex financial situations.

10. Peter Schiff: The Economic Doomsayer

Peter Schiff’s bearish outlook on the U.S. economy and his advocacy for investing in gold and international markets position him as a contrarian in the personal finance space. His predictions of economic downturns and skepticism towards mainstream investment wisdom attract both followers and detractors for their perceived fear-mongering.

11. Barbara Corcoran: The Entrepreneurial Spirit Guide

Barbara Corcoran’s rise from a diner waitress to a real estate mogul and “Shark Tank” investor embodies the entrepreneurial dream. Her advice often focuses on the grit and determination needed to succeed in business and real estate, though some caution against the inherent risks in entrepreneurial ventures.

The World of Personal Finance Gurus

These personal finance experts have undeniably shaped the conversation around wealth and financial management, each bringing their unique perspective to the table. While their advice may not resonate with everyone, the diversity of their strategies underscores the multifaceted nature of personal finance. Whether viewed as innovators or opportunists, their influence on their followers’ financial decisions is undeniable, highlighting the importance of critical thinking and personalized strategies in personal finance.

7 Steps to Sky-High Earnings: Launching Your Own Drone Photography Side Hustle

February 8, 2024 By Catherine Reed Leave a Comment

In today’s gig economy, side hustles are not just a trend but a way of life for many. Among the myriad of options, drone photography stands out as a high-flying opportunity, thanks to the surge in demand for aerial footage in sectors like real estate, event coverage, and commercial advertising. If you’re captivated by the idea of soaring above the competition and capturing breathtaking views, here’s your guide to launching a successful drone photography side hustle.

1. Get Certified and Comply with Regulations

Before you take to the skies, it’s crucial to understand and comply with the legal requirements. In many countries, operating a drone for business or commercial purposes requires a certification or license. For instance, in the United States, the Federal Aviation Administration (FAA) mandates a Part 107 certification for commercial drone pilots. This process involves passing an aeronautical knowledge test at an FAA-approved testing center. Beyond certification, you’ll need to stay informed about no-fly zones, privacy laws, and insurance requirements to protect yourself and your business.

2. Invest in Quality Equipment

Your drone is your eye in the sky, and the quality of your footage hinges on the capabilities of your equipment. While starting with an entry-level drone might be tempting, investing in a high-quality drone with a top-notch camera, superior stability, and extended flight time can set you apart from hobbyists. Look for drones with 4K video capabilities, raw photo capture, and gimbal stabilization to ensure crisp, professional-grade imagery. Remember, the right equipment is not an expense; it’s an investment in your business’s potential.

3. Hone Your Skills

Drone photography is more than just flying a drone; it’s an art form that requires a keen eye for composition, lighting, and storytelling. Practice flying in various conditions and environments to master the controls and understand how wind, weather, and lighting can affect your shots. Experiment with different angles, heights, and techniques to develop a unique style. Online courses, tutorials, and community forums can be invaluable resources for learning and improvement.

4. Build an Impressive Portfolio

Your portfolio is your visual resume and your most powerful marketing tool. Start by offering free or discounted services to friends, family, or local businesses to build a diverse portfolio that showcases your range and skill. Include a variety of subjects, such as landscapes, real estate, events, and creative projects, to demonstrate your versatility and creativity. A well-curated portfolio can not only attract clients but also serve as a testament to your passion and dedication to your craft.

5. Market Your Services

In the digital age, an online presence is non-negotiable. Create a professional website and active social media profiles dedicated to your drone photography business. Utilize platforms like Instagram, where visual content reigns supreme, to share your best work and engage with potential clients. Networking with related businesses, such as real estate agencies, event planners, and advertising firms, can provide valuable leads. Don’t underestimate the power of word-of-mouth; satisfied clients are your best ambassadors.

6. Set Competitive Pricing

Pricing your services can be a delicate balance. Research the market to understand the going rates, but consider your skill level, the quality of your equipment, and the uniqueness of your services. Offering packages or bundled services can provide value to your clients and increase your earnings. Be transparent about your pricing and what each package includes, ensuring clients understand the value you provide.

7. Deliver Exceptional Service

In a service-based business, your reputation is everything. Go above and beyond to meet your clients’ needs, delivering high-quality work on time and within budget. Be professional, responsive, and open to feedback. Building strong relationships with your customers and clients can lead to repeat business and referrals, which are the lifeblood of a successful side hustle.

Launching a Successful Drone Photography Side Hustle

Launching a drone photography side hustle combines the thrill of flying with the creative satisfaction of photography, offering a unique path to financial independence. By following these seven steps, you can elevate your passion for drone photography into a lucrative business venture. With dedication, skill, and a bit of entrepreneurial spirit, the sky’s the limit for your earnings and success.