Four Ways IRS Can Pay You to Drive Your Car

While President Obama paying electric bills turned out to be false, despair not, IRS will really pay you to drive your car... sometimes!

With proper documentation, operating a car or truck for business, charitable, medical, or moving expense purposes can generate deductions that lower taxes and earn many taxpayers gas money (and more) from the IRS.

Read more @YahooFinance: First Person: 4 Ways the IRS Can Pay Me to Drive My Car

A Winter Disaster Inventory

Mother Nature may have spared us from total Armageddon, but that doesn't mean the next winter blizzard or snowstorm is not around the corner.

Thanks to a week without power following Hurricane Sandy, I now know what I should stockpile to survive a few days without modern comforts like electricity or heat. I will never be a "prepper" since I do not believe any amount of stockpiling will help me if doomsday arrives, but I like to be ready should a snowstorm knock out my power in winter.

Here are some extra items from my winter disaster inventory, which consists of my actual purchases from Hurricane Sandy, as well as some wishlist items that I have now stocked. These are meant to complement the list found on ready.gov and my general pantry and kitchen items.

Read more on Yahoo Finance: First Person: Pricing My Winter Disaster Inventory

PS: A huge thank you to @YahooFinance for retweeting my article on Dec 27!

7 Smart Year End Financial Moves to Lower 2013 Taxes

 

Since I itemize on my federal and state tax returns, I make year end financial moves to maximize my tax deductions and lower my out of pocket costs. 2012 is especially important, given the looming fiscal cliff and changes to health care rules. Here is what I am doing.


Read more @ Yahoo Finance: First Person: 7 Smart Year End Financial Moves to Lower 2013 Taxes

5 Dumb Places to Buy Food

Whether it is a late night snack in a hotel room, a restaurant in a touristy town, or that place with the Groupon deal, there will always be some really dumb places to buy food.

Here are some places to avoid when you are food shopping. Not only are they bad for your wallet, they may be harmful for your health as well.

Read more on Yahoo Finance: First Person: Buying Food in All the Wrong Places



Photo courtesy: sxc.hu

How to Be Charitable Without Spending a Dollar Out of Pocket

When it comes to charitable donations cash may be king, especially ahead of the fiscal cliff. Yet, there are many ways to be charitable without spending a dollar. Here are some non cash contribution ideas and IRS guidelines.

Read more @ Yahoofinance: First Person: Being Charitable Without Spending a Dollar Out of Pocket

More charitable contribution articles:

My Investment Approach Toward Charitable Giving
First Person: Working for Free Worked for Me
First Person: Charity or Scam?




Photo: sxc.hu

Winter is the Time to Spring Clean

While fixing up the house can wait until spring, winter is a great time to clean my closets and pantry. I am giving away coats, clothes, shoes, canned goods, travel toiletries, even Tupperware.

It makes room in the house for new items during the Christmas season, makes friends and family happy, and even gets me a tax deduction. Read more on Yahoo Finance:

First Person: I Spring Clean Before Spring

Economics 101 and my Christmas Tree

According to American Research Group, the average American wil spend $854 on Christmas gifts in 2012. How much should they spend on a Christmas tree?
When it came to buying my tree, I asked myself...

Real or fake? Big or small? Pine or fir? Pre-lit or not? Local nursery or big box retailer? Buying my Christmas tree was an easy decision once I applied what I had learned in Economics 101. These lessons guide all my purchases and keep me from overspending.

Read more on Yahoo Finance: First Person: The Economics of My Christmas Tree Purchase

Fiscal Cliff? I Am Worried About Stealth Healthcare Tax Increases

While the debate about the fiscal cliff rages on, not many people are talking about the stealth tax increases in healthcare expenses. I have witnessed them since 2011, when under ObamaCare provisions, OTC medications started requiring a doctor's prescription for FSA reimbursement and a 20% penalty for the use of a health spending account to pay for non-qualified expenses was introduced. They are getting much worse in 2013.

Read more on Yahoo Finance: First Person: Fiscal Cliff? I Am Worried About Stealth Healthcare Tax Increases


Photo: sxc.hu

Is Money Hiding Around You?

All over America, times are tough, and finances are tight. Of course, my family could cut back our expenses and save a little more. But before that, I am looking for easy savings and am finding some hidden money that will add to our bottom line.

Read more on Yahoo Finance: First Person: 6 Ways of Finding Hidden Money

Photo courtesy: sxc.hu

Beware of Toys with Hidden Costs

So your daughter wants an American Girl doll for Christmas. And your son wants an iPad? You want to keep them happy so your stretch your budget for the perfect toy for the holidays.

Its just the beginning of what will be a spending cycle. Beware of toys with hidden costs that will bust your budget down the road. Read more of my Yahoo Finance article:
First Person: Toys That Come With Hidden Costs

Photo courtesy: Julosstock/sxc.hu

Do I Need Five Emergency Funds?

Hurricane Sandy has taught people from New York and New Jersey that not only is it crucial to have an emergency fund, but it is also important to save money in a few liquid, and often tax advantaged, emergency funds for different purposes. Being an avid saver, here are some savings accounts I am considering using for 2013. Surprisingly, some of these accounts are usually not thought as emergency accounts, but they are!

Read more of my Yahoo Finance article: First Person: Trying to Save in Five Emergency Funds

Photo: sxc.hu

Getting the Maximum Benefit Out of Employee Benefits

For 2013, our family's employee benefits bring less benefits and more paperwork. However, I am planning carefully during our annual open enrollment period and making changes to 401(k) contributions, medical, dental and vision insurance, FSA withholding, and commuter expenses for 2013 so we can get the maximum benefit out of employee benefits, whilst saving on income taxes. Read the Yahoo Finance article on way you can get the maximum benefit out of your employee benefits.


First Person: Getting the Maximum Benefit Out of Employee Benefits


Photo courtesy: sxc.hu

Financing Post Hurricane Sandy Reconstruction

As Treasurer of our condominium association, given the 4-5 month expected turnaround for getting any flood losses reimbursed from NFIP insurance, I had the misfortune of researching financing options for repairing and rebuilding any damage from Hurricane Sandy. It is important to note that there are rules stated in the by-laws that require a certain majority for either an assessment or a loan, with the latter being more stringent.

First and foremost, request an advance from your insurance adjuster (this requires signing a form). You can read about the claim filing process by clicking "How to File a FEMA Flood Loss Insurance Claim." You can expect to receive an advance of no more than 10% of what the adjuster thinks is going to be your damage. Yet, I have seen advances of $5000-10000 being made on the spot during the loss scoping. Unfortunately, those who are filing repeat flood loss  claims cannot get an advance,  as noted in "Getting Paid for a Repeat FEMA Flood Loss Insurance Claim Is Going to be Tougher".

Besides this, there are the three choices of financing post hurricane construction.

Special Assessment to supplement General Reserve funds

Most condominium associations have a general reserve fund that can take on small repairs or unexpected costs. Of course, Hurricane Sandy's losses exceeded most reserves. A special assessment generally requires a majority vote, as explained in each condominium association's by-laws. A special assessment is the path of the lowest resistance, although it is most onerous to owners.

A bridge loan for construction from a bank

For Hoboken residents, a bridge loan can be a viable alternative since banks in town can help. Other than Hudson City Savings bank, which declined to provide a business loan for reconstruction, many local banks do provide loans to condominium associations, with monthly or quarterly maintenance as collateral. Loans are given for a period of six months to 5 years, plenty of time to recoup losses from flood insurance. A friend has had success with First RepublicNational Bank. BCB Community Bank's Bayonne office also underwrites these types of loans. Rates are a few basis points over prime, and collateral requirements vary, so contact the banks directly.

A SBA Disaster Loan for HOAs

If all else fails, you can contact the Small Business Administration for a disaster loan. Rates are much higher if you do qualify for other loans, so understand that this federally backed agency is the lender of last resort. You need all estimates for repairs, as well as some sort of documentation from your adjuster. You can read more here: http://www.sba.gov/content/fact-sheet-associations

According to their website:

Before SBA will disburse any loan funds, we must have confirmation that all the money necessary to complete the repairs is available. Therefore, we must have documentation supporting the total project cost of the repairs and the amount of anticipated insurance recoveries. The damages to the common areas must be clearly separated from the damage to the individual units to establish eligibility.

For additional information, please contact our Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-maildisastercustomerservice@sba.gov

For additional tips please read: "5 Money Saving Tips for Hurricane Sandy Victims"

Getting Paid for a Repeat FEMA Flood Loss Insurance Claim Is Going to be Tougher

Devastated by Hurricane Sandy after being hit by Irene? Filing a repeat FEMA flood loss insurance claim? Do your homework!

The process of filing a flood loss claim is explained in my article, “How to File a FEMA Flood Loss Insurance Claim.” Owners file the claim over the phone, providing their date of loss, flood insurance, property and contact information. The case is assigned a claim number, and an adjustment company. The adjuster sends a field agent, who scopes the damage, with input from the owners. In a few days, he prepares and estimated proof of loss (POL), with allowances for damages room by room, including cost of clean up, drying, and repairing.

There is however one major difference for insured people filing a repeat flood loss claim on the same property. Homeowners and businesses must demonstrate that any allowance they received from a prior flood loss claim was indeed spent doing the necessary repairs. This calls for meticulous documentation of the prior loss' expenses, while owners are struggling with current repairs while being displaced from their homes.

Photo copyright: Dalia

Let's assume that an owner did in fact make all necessary repairs. However, the owner lost the contractor's receipt in the second flood. The insurance adjuster would be less than sympathetic if the claim is not substantiated, solely because of the existance of a prior flood loss claim.

The owner would also not get the benefit of the doubt from the insurance adjuster if he made all necessary repairs, but the contractor did not break down every repair in as detailed a manner as the proof of loss from the insurance company. For example, if the insurance reimbursement was for a door, a frame and a threshold, but the invoice just shows the door installation, the other parts not being broken out, the homeowner may not get reimbursement from the insurance for the other parts

It could also take longer to process the claim, as the adjuster needs to investigate that all the repairs the previous claim paid for were indeed made, essentially meaning twice the paperwork for him as well.

So filing a repeat FEMA flood loss insurance claim? Gather all the Irene receipts and match them against the insurance proof of loss. Check off what was repaired, and add up what was not. Even if the latter items were badly damaged from Hurricane Sandy, FEMA will not pay for them again and you must budget for out of pocket repairs.

 

Choosing A Disaster Resistant House

Investing in a disaster resistant home can help protect owners now, and maintain market value later. Are trees good? Is a hill top house good? Are basements bad? What to look for, what to avoid.



Read more at Yahoo Finance: First Person: The Disaster Resistant House

Photo: A medieval fortress in Jaipur, India by Dalia

How to File a FEMA Flood Loss Insurance Claim

So your home got damaged during Hurricane Sandy. You need to file a loss claim from your FEMA flood insurance policy.

Photo copyright: Dalia

Will it cover your basement, where the damage occurred? Will it cover your contents?

In my experience, filing a successful FEMA flood insurance claim requires understanding the rules, and doing diligence documentation of the flood loss.

Read more on Yahoo Finance: First Person: Navigating a FEMA Flood Loss Insurance Claim

Hurricane Sandy Ravaged Hoboken Finally Celebrates Halloween

Halloween in Hoboken, NJ a mile square town battered by flooding from Hurricane Sandy, finally came on November 12.

Enjoying the unseasonably warm 65 degree weather, hundreds of families upheld the Hoboken tradition of marching down in costume along Washington Street, once voted "Top 10 Great Streets in the Country” (American Planning Association), in the Annual Ragamuffin Parade.


Princesses, superheroes, witches and zombies went trick or treating prior to the start of the parade. By 4 pm, many Washington Street storefronts, the primary source of Halloween candy in "the most walkable city in America (WalkScore.com)" were posting the "sorry no more candy" sign.

As numerous residents evacuated after Hurricane Sandy submerged parts of the town in flood water and left a Herculean clean up task and week-long power outages, Halloween celebrations had to be rescheduled thrice, adding to some confusion. Several businesses missed the memo, which was publicized on City of Hoboken (@cityofhoboken) Twitter account and via email, and many parents had already packed costumes away. Working parents who had missed a week of work lamented the Halloween parade should have been held on a weekend instead of a Monday. A few stores, like Aspen Marketplace, had given out candy on October 31, when the flood waters from Hudson river still submerged parts of the town and most of Hoboken was dark.

Stores on First Street, which were ravaged by crippling floods, generally opted out of the festivities. Since Hurricane Sandy, a handful of businesses on First and Newark street, have decided to permanently close.

Still Halloween spirit was on display as kids beamed in their costumes, and businesses, especially the realtors, handed out high value chocolate goodies instead of mints and sugar candies. Since early November, bagged candy had been on sale at neighborhood retailers like Target for 70% off.

The daylight savings time change likely cut into the participation in the costume contest, which awards trophies in various age categories, as well as for best dressed family and carriage. Even then families from Hoboken and out of town decked out in creative costumes such as “Pirates of the Hudson,” “Beekeeper and his bees,” and “Sesame Street.” New to the mix was a vintage car reminiscent of “Chitty Chitty Bang Bang.”

In a town that still has FEMA and American Red Cross outposts scattered along with dozens of utility vans and sanitation trucks, Hoboken's belated Halloween celebration was one more step towards residents moving on from the devastation caused by Hurricane Sandy. To donate to rebuild Hoboken, please visit the Rebuild Hoboken Relief Fund website.

Note: Also published at Yahoo Voices. Author retains copyright.

Preparing for the Power Outage following Hurricane Sandy

With Hurricane Sandy fast approaching, it is a matter of when and not if power outages will occur in the New York/New Jersey area. Last year, during Hurricane Irene, we lost power for several hours in my neighborhood, but the power outages persisted for several days in many of the suburbs. We do not have a generator.

My checklist is modified from that offered by the American Red Cross, which is found here. I will not duplicate it. I had earlier prepared my disaster kit from ready.gov, and my financial checklist kit using my own ideas.

I have multiple surge protector strips but plan to disconnect all non essential appliances overnight.

Refrigerator

According to the American Red Cross, an unopened refrigerator will keep foods cold for about 4 hours. A full freezer will keep the temperature for about 48 hours (24 hours if it is half full) if the door remains closed. I have the fridge set to "turbo" cool and freeze, the coldest settings.

I bought a couple of Styrofoam coolers for $3 each at a grocery store. The plastic coolers were not in stock. I have ice, but more importantly, I have ice packs that are far less messy. I have been buying non perishable veggies (butternut squash, yam, tomatoes) which will last outside the fridge. I plan to cook whatever is left in the days we do have power.

I have a half gallon of fresh milk and some cheeses which we will snack on when the light goes out. I have shelf stable Horizon Organic pouches (plain and flavored) which do not need refrigeration.

Fruits that last outside the fridge, like pomegranates, bananas, apples are what is on hand.

We have some ice cream and some frozen meat products, we will eat the first and keep the second in the cooler for as long as it does not smell funny.

Oven/Stove

Thank heavens we have a gas oven, so I am keeping my fingers crossed that we would be able to use it during the power outage. However, our utility has warned that gas service may be suspended if water enters the system. I will keep an eye on the pilot light, which can turn off from gusts. When I had an electric stove top, we used a charcoal grill to cookout when it was not raining.

Dishwasher

I plan to turn off the fuse for the dishwasher tonight, which means I will run it when it gets close to full. If it appears that the power outage will last more than a couple of days, I plan to use paper plates and plastic cups.

Laundry

We have the luxury of a washer dryer at home, and I am emptying my stack of laundry when the power is still on, even if that means running a half load.

Cellphones/Laptops

I did not bother to buy a non cordless phone because my phone connection is VOIP. This means the cellphones are staying on charge as long as possible. My kid uses our old cellphones as toys, so those are on charge as well. The laptops are loaded with important financial information.

Entertainment

With subway, bus and train service suspended in the New York metro area, and all area schools closed, entertainment is key. I have arts and crafts on hand to entertain the kids. We also have board games for the family. I also picked up some glow chalk and plastic toys for some fun in the dark as part of my emergency shopping trip.

Water

There is a chance that water service is suspended if pumps fail during the power outage or somehow public water becomes contaminated (god forbid). I will be filling the bathtub and large pots with water for "hygiene" usage so we do not have to dip into our bottled water supply. We typically drink filtered water, but prefer bottled or boiled water during emergencies for preventing waterborne diseases.

Alarms

In case of a prolonged power outage, our hardwired carbon monoxide, smoke and burglary alarms will start beeping. Unfortunately, we will have to just live with that. If it gets to be too much for my children, our car's gas tank is full and it is in a safe, dry place close to us.

Hurricane Sandy: Preparing for Hurricane, Protecting Financial Records Ahead of Disaster

Frankenstorm! Monster Hurricane! Perfect Storm!

As Hurricane Sandy aims for New York and New Jersey, residents are preparing for the worst and hoping for the best. While www.ready.gov and NJ.com's Storm Safety Tips provide great tips, I think now is a great time to protect financial records and document and if possible safeguard valuables as well.

Here are two of my articles on the topic:

How I Am Preparing to Protect Financial and Tax Records Ahead of Hurricane

First Person: Protecting My Financial Records in an Evacuation

Photo: Thunderstorm Over The City" by George Stojkovic, freedigitalphotos.net

How to Reduce Postage Costs for Small Business

Since my printing budget is substantial, I have to keep a tight rein on postage costs. This is especially important since my postage costs are always increasing thanks to rate hikes from the USPS. Understanding the USPS commercial rate guide has enabled me to use various tips and tricks to keep postage costs for my small business to the minimum. These include minimizing the weight of my mailing, folding my mail pieces in half, and opting for the most cost efficient mailing class, which allows me to save 82% over retail mail prices.

Read more at Yahoo Finance: First Person: Reducing Postage Costs for My Small Business

Why $7 for Facebook Promoted Posts Is a Bad Deal for Users

$7 for Facebook promoted posts? Seems like a deal compared to a newspaper ad? But is Facebook really offering a good deal? I don't believe so, and here is why I would not be using Facebook's promoted posts.

First, there is no detail what paying $7 to Facebook will buy, and for how long. Second, Facebook is providing the same pitch to companies. And yet, allegedly tinkering its own algorithm's to get promoted posts to reach fewers Facebook users. And third, doesn't Facebook make a lot of money selling user information already?

Read more at Yahoo Finance: First Person: Why $7 for Facebook Promoted Posts Is a Bad Deal for Users

Pulling the Plug on Viridian, My Third Party Electricity Provider, Should Lower My Electricity Bill

X axis: months, Y axis: Cents per kwh,
Source: Dalia's Money Matters. 

Two years ago, I signed up for Viridian, an independent, third party energy provider to supply the electricity in my house. The premise was simple: deregulation of electricity would lower prices, and consumers will see immediate savings on their electricity bills. This month, before the wind energy tax credit expires, I pulled the plug and switched back to my electrical utility provider. Here is why.

Read more: First Person: Is a Third Party Electricity Provider Worth It?

Building Wealth by Following the 50-30-20 Budget

Several years ago, I devised a budget for myself to avoid spending extravagantly. I called it my 50-30-20 budget. My budget focused on spending beneath, not beyond my means, which helped me build wealth. Many of my friends and co-workers often drew inspiration from the likes of Carrie Bradshaw on TV. I followed a simpler lifestyle and remained committed to saving, whilst enjoying the comforts purchased with my salary prudently.

Read more in Yahoo Finance "First Person: Building Wealth Following the 50-30-20 Budget"

Protecting Financial and Tax Records Ahead of Hurricanes and Other Emergencies

A repost of a recent article in light of Hurricane Isaac.

Protecting My Financial Records in an Evacuation

Whether it is a Hurricane like Isaac, wildfire, an earthquake, a kitchen fire, or a burst water pipe, emergencies can hit anytime. While safe evacuation with my family will be my primary concern during such a time of emergency, here are some financial documents I keep in my evacuation kit, which I made using guidelines from www.ready.gov , the U.S. government site for emergency preparedness. Read more on what to take with you (and how) in the Yahoo Finance article Protecting My Financial Records in an Evacuation

Another useful article:

How I Am Preparing to Protect Financial and Tax Records Ahead of Hurricane Irene


Photo: sxc.hu

Will Marissa Mayer Redefine Work Life Balance and be the New Role Model for Working Moms?

Less than a month after The Atlantic Magazine published Anne-Marie Slaughter's controversial cover story "Why Women Still Can't Have It All,  Yahoo hired Marissa Mayer, a pr
egnant 37 year old, as its new CEO.

Mayer told Fortune magazine, "I like to stay in the rhythm of things... My maternity leave will be a few weeks long and I'll work throughout it."
Will she regret these words? Will the birth of her first child, a boy, slow her down from the 90 hour work weeks she is famous for thriving on?

Will she, like former Sara Lee Chairperson and CEO (and PepsiCo executive) Brenda Barnes regret working round the clock when her children w
ere growing up, and take a multi-year hiatus to spend the last few years before her kids leave the nest?

Or will she, like many other women executives with children, including Sheryl Sandberg, just keep marching on while normal working women like me wonder how they do it? Will Maris
sa Mayer debunk Anne-Marie Slaughter's premise?

Anne-Marie Slaughter, and Brenda Barnes are perhaps women I most identify and look up to, based on my own personal choice to stay at home with my kids and shape my work around their schedules. Another hotshot woman executive will perhaps not dramatically change how I feel about my children and my decision to stay/work at home for the time being. From my experience, I will not be comfortable delegating some of my child-rearing, as these leading women executives most certainly need to.

The Colbert Report
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Yet my grandmother was a working mother, and mom turned out OK! Goes to show how every woman is different, and each successful as a mother.

Suggested reading (my Yahoo Finance article): Finding Work Life Balance After Kids

Image: Freedigitalphotos.net

Mastercard Visa Credit Card Settlement: Why Retailers Should Not Surcharge Credit Card Purchases

On Friday, retailers finally won a settlement against Mastercard, Visa and banks issuing credit cards that allow them to impose a surcharge on credit card purchases. Merchants have been able to offer discounts for cash purchases so this surcharge is somewhat redundant. Five reasons why retailers should not impose a surcharge to consumers making credit card purchases.

I would refuse to pay extra for using a credit card for my purchases. Would you support a retailer who makes you pay for their swipe or interchange fees? Would you pay cash instead of credit cards?
Read more here...

5 Reasons You Should'nt Put Company Stock in Your 401(k) Retirement Savings Account

Employees who put a large percent of retirement savings in company stock fail to understand the risks. 5 reasons why I don't buy company stock in my 401(k) retirement account.

 

Read more here...

How I Scored First Class Airline Tickets for Less Than Coach

When the coach plane ticket is expensive and you have miles, should you buy a first class ticket, upgrade, or transfer miles? Read what got me cheaper than coach first class airline tickets.

Photo courtesy: http://www.sxc.hu/photo/719860

Best Places for Photographing New York City Skyline and One World Trade Center

Downtown NYC and 1 World Trade Ctr at night

Most tourists planning on visiting New York City, will include Ground Zero, the site of the former World Trade Center Twin Towers on their itinerary. Here are some easy one hour long side trips across the Hudson River to capture the famous downtown New York City skyline in all its glory, along with the new One World Trade Center, formerly known as Freedom Tower, towering above everything else. Just remember, each of these spots have 9/11 memorials, so be respectful of your surroundings. These neighborhoods lost several men and women in the World Trade Center collapse, and even ten years later, the skyline brings back memories of a horrific day for area residents.

New 1 World Trade Center
The new 1 World Trade Center, the tallest building in New York City as of April 30, 2012, will complete construction in 2014. Over 100 floors of the total 104 floors are now complete, and the building now stands at 1,271 feet above the ground. When complete, the building is expected to be 1,776 feet tall, including its 408 foot roof-top needle. It is no surprise that the Freedom Tower, or One World Trade Center building is clearly visible from as far north as the George Washington Bridge.

Public Transportation
The World Trade Center area is well served by public transportation, both PATH subway train and NY Waterway Ferry Service. The PATH train accepts Metrocards and runs frequently. NY Waterway fare is $6 from the downtown ferry stops to NJ and operates on a schedule.

Read on to find the best places tourists can take public transportation to capture amazing views of the World Trade Center and downtown New York City, and return back to Ground Zero in under an hour. Located in the gold coast of New Jersey, each viewing spot is extremely safe, easily accessible by public transportation, less than 20 minutes from New York City and offers amazing, panoramic views of Manhattan, especially downtown New York City and the World Trade Center. Although these spots lend to excellent photography opportunities all day and year round, the best time to go is late afternoon, when the setting sun casts beautiful, dramatic reflections on the glass buildings and stay until sundown, when the skyline lights up.

Space shuttle Enterprise passes 1 World Trade Ctr

Exchange Place, Jersey City, NJ

Take the NY Waterway Ferry from the World Financial Center to Paulus Hook. Alternatively, you can take the PATH train from World Trade Center to Newport, and get off at Exchange Place, which is the first stop. The pier at Exchange Place, a massive deck built from sturdy Trex material, offers panoramic views of New York City, from the George Washington Bridge to the Statue of Liberty. Situated directly across the World Financial Center, it offers the most dramatic, close up view of downtown Manhattan, with One World Trade Center towering over the skyline. There is a small 9/11 WTC memorial on Exchange Place.

Newport, Jersey City, NJ


Downtown from Exchange Place c2006

 Ferry service from downtown NYC is no longer offered to Newport, NJ but tourists can take the PATH train and get off at the last stop, Newport Pavonia, and walk to the waterfront, which is a couple of minutes away. You will pass a Starbucks and Komegashi Japanese restaurant to your right. Although the area consists of several highrise buildings behind a gate, the waterfront walkway is in fact open to the public. On your way to the waterfront, pause at the small, yet poignant 9/11 WTC memorial, which provides a straight view to the former World Trade Center twin towers.

Pier A or Pier C Park, Hoboken, NJ
Downtown Hoboken is serviced both by NY Waterway ferry as well as PATH train. Pier A Park, located on Sinatra Drive between First and Second Street offers a lush Great Lawn with panoramic views of New York City, from the Statue to Liberty to the George Washington Bridge. A glass memorial for 9/11 victims, oriented toward the former World Trade Center is expected to be built on Pier A Park, Hoboken. Walking north on the Sinatra Drive waterfront pathway will bring you to the brand new Pier C park, a kidney shaped $25 million marvel that is built above the Hudson River. The views of New York City, including downtown and World Trade Center are out of the world.

Protecting Financial Records in an Evacuation

Whether it is a wildfire, an earthquake, a kitchen fire, or a burst water pipe, emergencies can hit anytime. While safe evacuation with the family should be anyone's primary concern during an emergency, which financial records should you take?

Read more here...

After Facebook's First Quarterly Earnings, Focus Shifts to Lockup Expiration

Facebook reported its first quarter as a public company on July 26.

It is not just Facebook which saw high volume trading after posting its first earnings results. All IPOs can see the stock swing by a large percentage on certain key dates. Post IPO, here are some key dates investors should mark on their calendars.

While the secondary stock market is largely a free market where demand and supply for stock create a market price, initial public offerings (IPO) are different. After the initial price and size of the offering are set by the underwriting syndicate managing the IPO, there are several legitimate methods that brokerage firms underwriting the IPO use to restrict additional supply of shares, which would be a drag on the stock price. Oftentimes, after these restrictions are lifted, the stock price takes a step down. As a result, IPO investors should mark these key post IPO dates on their calendars, when an IPO stock's price could face downward pressure.

Quiet Period (Securities Analysts)

"Quiet period" refers to the 40 days after the IPO during which an underwriting firm participating in an offering cannot publish or distribute research reports about the issuer. These rules are set by Financial Industry Regulatory Authority, or FINRA, and the SEC, although the FINRA has been proposing a shorter time frame.

In plain words, after the IPO, securities analysts belonging to the underwriting syndicate (top firms that brought the IPO to market), are forbidden from writing about the company. Other analysts, typically smaller firms who did not get a piece of the underwriting action, can publish research. However, since only the underwriting analysts (who came across the "Chinese Wall") were part of the roadshow process, they have significantly more detailed insight into the IPO company. After the quiet period, these analysts can in effect "speak their minds," as they are no longer part of the sales syndicate, and their independence is restored. A research initiation with a "sell" rating from an underwriter's analyst could mean bad news from the stock's perspective.

The exception to this 40 day quiet period rule is the Jumpstart Our Business Startups (JOBS) Act that requires FINRA and the SEC to eliminate these restrictions with respect to smaller Emerging Growth Companies (EGC).

First Quarterly Earnings Announcement and 10-Q Filing (Issuer)
During the IPO roadshow process, major institutional investors are shown hundreds of slideshow presentations, some of which contain forward looking statements like 3 or 5 year growth projections. However, by law, issuers and underwriters cannot hand out any of this information in writing. Such projections are also missing from pre-IPO registration statements ("red herrings"). As a result, for most investors, the first public discussion for the IPO issuer is the earnings release. According to SEC rules, each company must file their quarterly earnings release and 10-Q report of unaudited company filings within 40 days of the company's fiscal quarter end. The company's first earnings release and earnings conference call are extremely important to establish expectations of the company's future growth. If the stock is expensive, or the outlook disappoints, research analysts can cut their ratings and investors may bail on the stock, causing the price to decrease.

Flipping Rule (Institutional Investors) According to FINRA, "flipping" is the practice of selling new issues into the secondary market at a profit within 30 days following the offering date. Because these sales create downward pressure on the secondary market trading price, underwriters and IPO selling group members typically discourage such sales. Under most syndicate selling agreements, a managing underwriter is permitted to impose a "penalty bid" on syndicate members to reclaim the selling concession for allocations that were flipped. After 30 days, investors who were allocated shares during the IPO are free to sell if they choose, without impacting their participation in future IPOs. This also creates a downward pressure on the stock.

Lockup expiration for insider sales Most IPOs features a lock up provision which prevents insiders, including employees or venture capitalists who held pre-IPO shares, from selling them soon after the IPO. In most cases, it lasts 180 days. Some states even require lockup agreements under their "blue-sky" laws. Although the term is not mandated by the SEC, securities laws require a company using a lockup to disclose the terms in its registration documents, including its prospectus.

The final prospectus, as well as proxy documents, list the number of restricted shares held by the company's insiders. These shares essentially create an overhang, because they mean additional supply of shares, which typically causes the stock price to go down, especially if the valuation is premium. As a result, IPO shares often see a dip if there is a flurry of insider selling after the lockup expiration.

Disclaimer: The above is for information only and does not constitute legal or investment advice. Author is a former stock research associate who has participated in the IPO process on behalf of her former employer.

Financial Planning in Your Twenties

So you just graduated from college and got a job. Now what?
The twenties are a perfect age to start planning a solid financial future.
How completing education, building a good credit history, buying a home and saving for retirement can help you set off on the right track for building long-term wealth.

 

Read more here...

 

10 Ways to Save Up To 50% on Restaurants

Admit it. You like eating out. You hate cooking. You also hate paying that large check that comes with eating out. You want to save while eating out.
Here are 10 ways you can save while eating out at restaurants.

Read more here


Photo courtesy: freedigitalphotos.net

Lessons From a First-Time Home Seller

As a first-time home seller, I learned that if the price is right and the home has good selling features, it will sell. Although there is some benefit to marketing and scheduling showings by real estate agents, hiring a professional on a percentage-based commission to sell a home may not be cost effective. For me, it was also not anxiety free and I ended up having to do just as much legwork.

Read more here...

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What Does My Homeowners Insurance Cover?

Did you know flood and earthquakes are never covered by standard homeowner's policies?

Whether many other perils are covered, and how much insurance coverage you actually have, depends on the specific terms of the policy.

Read more here....

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How to Pick the Right Preschool for Your Child

When my first born was about to turn three, I realized he needed more social interaction and explored sending him to preschool. I wanted to choose the best preschool, nursery or daycare--whether it was public or private, Montessori, Progressive or church-affiliated. I also wondered if I should home school until kindergarten. I asked some of my friends and neighbors, and I received overwhelmingly positive feedback on their children's preschool or daycare. This led me to believe that choosing the right daycare, preschool or kindergarten is a very personal decision, and everyone's opinion varies. I needed to identify our priorities, so I focused on what I really wanted in my child's first school and what would be a deal-breaker.

I read a very informative booklet published by the U.S. Department of Education that had a series of questions to ask ourselves and the elementary school. Some of the questions applied to nursery schools, preschools, daycares, and Montessories. This booklet reiterated that in reality, there was no "best school" only one that was the best fit for each child and his or her family.
Since I was open to the idea of relocating, my choices were varied and included 1) local public preschools, 2) public preschools in some other districts we were open to relocating, 3) private preschools, 4) daycares that followed a preschool-like curriculum, and 5) home schooling. I ruled out exclusive home schooling since we wanted social interaction for our child. Amongst the private schools, there were several affiliated with religious faiths, and others than were co-operative or Montessori.

Can we afford private preschool tuition? Annual tuition for private preschools in our area ran up to $19,000 for full day programs. While this was definitely cheaper than several Manhattan schools that charged $30,000-40,000, obviously my husband and I needed to prioritize our own retirement, our children's college education , etc. above private preschool and elementary school. Since school taxes were approximately half of our property taxes, sending a child to private preschool also meant not reaping the benefits of paying those property taxes.

We were not ready to make our decision based on finances alone. Some other questions I considered were:

* What is the demographic mix and will our child fit in?
* How long is the school day?
* Is after school care available?
* Does the preschool run through higher grades?
* What is the meals policy?
* How close is the school to our home?
* Do we have a preference for Montessori, Progressive Education or another special curriculum or philosophy?
* How involved do we have to be in school activities on a daily basis?
* Is there a preferential sibling admissions or tuition discounts?
* Will our child make the school age cut-off?
* What role should religion play?
* Do classrooms have computers?
* What is the discipline philosophy?
* What is the teacher to student ratio?
* Does the school offer special education, enrichment or advanced classes for children?
* Does the school have an honors or gifted and talented program for higher classes? * What does the school do to help develop character and citizenship?
* Where do graduates pursue their higher studies?

I narrowed the choices based on the answers to these questions. I attended Open Houses and toured a few preschools and met with both teachers and administrative staff. There are several public preschools in our city, and assignment was random (and varied from year to year). One of our key concerns was I could not meet the teacher of the class, and my child may have new classmates year to year.

In the end, I chose a private Montessori preschool that ran through kindergarten. What attracted us most to the preschool was that the curriculum was flexible to a certain extent, with the pace driven by the child's unique strengths and challenges. I also loved the mixed age (3-5 years) setting, which allowed my child to mentor younger children and learn from older ones. Although the Montessori method is not for all families, it was the right fit for ours.

Photo courtesy: freedigitalphotos.net

Should You Buy a House With Cash?

With interest rates near zero, and some cash accumulated in the bank, I have been wondering if I should be paying down a part of my mortgage. This would allow me to save on mortgage interest, when my money is earning next to nothing in the bank. With a zero mortgage, I would be owning my house outright instead of the bank, as if I paid for it with cash. Does it make sense to buy a house with cash? Or is having a mortgage more beneficial from a strategic standpoint? Read more here... 

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Budgeting Tips for Tough Economic Times

Recession or no recession, we are living in tough times. Gas prices may be easing, but are we out of the woods on the job front? Who knows? Here is how I am keeping a tight control over my expenses, but also keeping my outlook positive and doing my bit for the economy. Read more here...

Saving Without Sacrificing Brand Loyalty

As a value shopper, my demand for brand-specific products is elastic. I easily switch brands (or to private label) in search of the best price. However, for certain items like infant formula, diapers, cosmetics, razors, and condiments, I am brand loyal. Even though my demand for these is somewhat price inelastic, I do find ways of saving on these items and finding the cheapest price through coupons, samples, and discount retailers. How? Read more here!

What I Would Do If I Lost My Wallet

Losing a wallet is a traumatic experience, with possible long-term negative effects on your financial health. In the best case, you lose the cash you were carrying, in the worst case, you could lose your identity. Click here to read my lost wallet checklist.

Best Hotels for Watching Macys New York City 4th of July Fireworks

In 2012, NYC Macy's Fourth of July Fireworks in New York, the largest fireworks display in the USA, will be held on the Hudson River between Manhattan and Hoboken and Weehawken, New Jersey. If you are looking for information on the best spots to view the NYC Macy's Fourth of July Fireworks in New York, you can click here for a local expert's guide.

For a list and description of the best hotels for watching New York City Fourth of July fireworks, read on.

According to the official Macy's Fourth of July Fireworks website, the best views from New York City are on the West Side Highway (12 ^th Avenue) below 59 ^th Street, which can be entered through access points listed on the website. The actual barges from where the Macy's fireworks go off are located between 18 ^th Street and 43 ^rd Street on the Hudson River. The Macy's NYC fireworks are not visible from the East River, Long Island City or other points in Queens, Battery Park, or the Hudson River walkway north of 59 ^th Street. However, crossing the Hudson River and coming to New Jersey will help you not only get front row seats to the fireworks show along the miles of public waterfront walkways on the NJ Gold Coast, but also the stunning backdrop of the Manhattan skyline behind it. Here are the top picks on where to stay overnight to view the NYC Macys Fourth of July Fireworks from the comfort of your own room.

W Hoboken
225 River Street, Hoboken, NJ

The W Hoboken should provide fantastic views of the Macy's Fourth of July fireworks as it is a waterfront property and the highest building in Hoboken with unobstructed views stretching from George Washington Bridge to Statue of Liberty. The W Hoboken is within walking distance of the PATH and downtown Hoboken ferry. It houses the highly rated Zylo Steakhouse, and is in close proximity to several top restaurants and bakeries in Hoboken, including Carlo's City Hall Bakery (of Cake Boss fame). Rates start at about $400 for NYC facing rooms and suites.

Sheraton Lincoln Harbor Hotel

500 Harbor Boulevard, Weehawken, NJ

Situated almost directly across from one of the fireworks barges, the Sheraton Lincoln Harbor Hotel, which would provide a more close up view of the Macy's 4th of July fireworks. The Lincoln Harbor ferry (from 38th Street Pier in Manhattan) gets you to the doorstep of the Sheraton Lincoln Harbor Hotel. There is a Ruth Chris' Steak House and Chart House restaurant across from the hotel. Rates start from about $229 for non city view rooms to $429.

Short Term Furnished Housing at Shipyard and 333 River

Applied Development Company, which owns several premium high rise waterfront buildings in Hoboken, including Sovereign, Independence, Vanguard, Constitution Court (collectively called Shipyard) and 333 River, has a handful of fully furnished short term luxury rental apartments. Several of these will provide access to viewing the Macys Fireworks either from inside the apartment, or from common areas, like the community pool. For more information, please visit the Applied Development Co website.

Fireworks CruisesIn the event these hotels are sold out, fireworks cruises offer an opportunity to view the Macys 4th of July Fireworks up close, yet from a safe distance. For more information, please visit July Fourth Cruises.
Need more local information? Please read: Guide to Viewing 2012 New York City 4th of July Fireworks

Useful Links:

PATH train

NY Waterway Ferry

Hudson Bergen Light Rail

Google Maps

City of Hoboken

City of Weehawken

Macy's Fireworks Home Page

9 Ways to Save Over 50% on College Textbooks

 photo: sxc.hu

The average cost of books and supplies at a four-year public university in 2010 was $1,137, according to the College Board . However, I rarely spent more than $500 a year college textbooks. How did I manage to get college books so cheap? I did bought new textbooks as the last option, and opted for used books, sharing, and borrowing from the library. I also sold my old books for top dollar.
Read the article here.