Spring Cleaning Before Spring

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 to benefit others, and making room for new items. Read more here...

I Am Not Buying or Gifting an E-book Reader This Year

Since 2007, e-book readers have "kindled" the love of reading in many people. A thin, portable device that fits comfortably in a jacket pocket, backpack or purse and holds an entire library of books should appeal to avid readers. I love reading, so an Amazon Kindle, Barnes & Noble Nook or iPad 2 should be on top of my wishlist. Read here why I am not buying or gifting an e-book reader.

Toys That Come With Hidden Costs

As a parent, I find myself toy shopping for Christmas, my children's birthdays, or gifts. Price plays a role in my toy purchasing decision, however, many toys and games, some inexpensive and some even free, have hidden costs that are much higher than their sticker price. Why I am avoiding wi-fi enabled tablets like the iPad and Kindle Fire, Zhu Zhu pets, Hex Bugs, or even Let's Rock Elmo. Read more here.

Smile Train: The Co-founder is smiling his way to the bank!

Smile Train--Train Bandit? Image from sxc.hu

You have heard about Smile Train, the charity that provides surgeries to cure cleft palate for only $250 each. It is endorsed by a host of celebrities, included Colin Powell, Robin Williams, and Walter Cronkite. It is the subject of a heart-warming, Oscar-winning documentary, “Smile Pinky.” Seems like a winning proposition, especially when you see the before and after photos on their website and mailings.

But the picture changes when you review Smile Train's IRS tax returns, called Form 990, which can be found online at guidestar.org. Smile Train has been public for less than 4 years, so Charity Navigator does not review its financials.

According to its 2009 IRS Form 990, even though Smile Train received close to $100 million in donations (revenues-line 8) in each of the past three years, it gave out as grants only $35 million in '09 (line 13), and $12.5-14 million in the prior years. The charity spent close to $12 million on printed materials for fundraising. Six officers at the non-profit earned over $150,000, with the co-founder earning almost $500,000 (page 31), including a discretionary bonus, which is more than the CEO of the American Red Cross. All of their independent contractors who made over $100,000 were owned by or affiliated with an officer or board member (page 8, 33). One officer flew only first class and another got a free furnished apartment in Manhattan, which the charity had not classified as W-2 income in the prior years (and did so perhaps after an IRS audit).

Perhaps Smile Train indeed started with a touching mission to cure a deformity and change children's lives. But right now, the operation is run out of Madison Avenue like a slick marketing company with highly paid executives. Only a small part of our donations actually go to deserving kids. Every time I get their fat envelope loaded with photos soliticing money (which is once every two months), I rip it without opening. Until they spend 90% of the money they have collected, my charitable donations are going elsewhere. Would you donate to Smile Train?

First Person: The Economics of My Christmas Tree Purchase

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 here.

First Person: I'm Doing All My Holiday Shopping Online

Over the past few years, I have been moving much of my shopping online. And I am not alone. According to comScore, Internet sales are expected to rise 15% in the 2011 holiday season, compared to only 3% increase in in-store sales. Better price is only one of the many reasons I prefer to shop online. Read more here.

Investing in Our State's 529 College Savings Program

Total cost of four college for my two children is estimated to be over $550,000 in aggregate. We are saving for this daunting goal primarily through the New York state-sponsored college savings plan. Read more here...

Disclaimer: The author is a former investment professional who is currently not employed in the financial services industry, as such she does not maintain her securities licenses. 529 accounts are not insured by FDIC and may lose value. This article is personal opinion and should not be considered a recommendation or solicitation.

Rising Health Insurance Premium Costs Are Outpacing Income Growth

The cost of health insurance grew five times the rate of income growth from 2003-2010. Health insurance expenses are more than 20% of income on average. Will ObamaCare slow down the increase in healthcare costs? Read more here.

Crafts, Games, and Activities for Kids During Winter Break

Its almost here. The holidays are coming, so is the dreaded winter break and cabin fever that comes along with it. Here are a few crafts, games and activities to keep the kids engaged and parents sane during Christmas break, in New York and around the country. Read more here!

Early Parenting Mistakes and How to Overcome Them

Like most first time mothers, I thought I prepared myself for parenting by reading books and taking classes. Yet, I felt totally unprepared when my son was born. Lessons in parenting were learned along the way but I did make some early parenting mistakes. When I gave birth again, my real-life experience of being a mom made me feel prepared and much less prone to making mistakes. Today, both my children are happy and healthy kids. Read more here.