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Many of you know that I’ve had my nose buried in a tax book the past couple months (and several upcoming months…it’s never ending! Ugh.) for the CPA Exam.

I was reviewing Charitable Contribution deductions the other day and got to thinking…why can’t this deduction be available to everyone?  Charitable Contribution deductions are only allowed for those taxpayers who itemize, and there are a lot of people who aren’t able to itemize on their tax returns.

There are several expenses that can be deducted before Adjusted Gross Income (think student loan interest) and I think Charitable Contributions should be added to this list so that everyone can benefit from donating to charity.  Why do the laws limit being generous to charities to only a select group of people?

Maybe there’s a good reason for this, and if you know what it is, please share in the comments.  I have a feeling there would be a lot more donations to charities if it became an adjustment that all taxpayers could claim on their tax returns.

I’m not bitter though. :)   Even though I don’t itemize and I can’t claim the deduction, I still give my fair share to charity every year.  Gotta pay it forward!

  • Primped way too long for church (full blow out is not necessary)
  • Lounged on the couch with Lloyd (already did several hours of this yesterday, why must I do it more?)
  • Imitations of Lloyd to Lloyd (really should be studying)
  • Baked some bread (I mean really…)
  • Ate bag of almonds on couch (wait, haven’t I already been here?)
  • Computer
  • Couch
  • Computer
  • Couch
  • Grocery Shopping (Hey, look – something productive!)
  • Facebook (Pretty sure I have a couple people’s profiles memorized by now)
  • Downloading Britney Spears “3″ and Black Eyed Peas “Meet Me Halfway” (loooooove that song)
  • Typing post about how I procrastinate while I’m procrastinating….Hmmm….

Update: I was able to kick my rear in gear and get several hours of studying accomplished tonight!  Yay!

Awesome and/or HI-larious articles from the week:

Have you ever wondered about that side bar towards the bottom of my page that’s titled “Home Gym”?  You know, this one:

Well, let me explain.  For me, working out is like brushing your teeth.  It’s just something I do everyday without a second thought.  If I miss a couple days of working out, I get cranky and can’t think straight.  I have an inkling that this is how I felt most of the time before I started working out daily.  But, that’s another post for another day…

My point is, though, that you wouldn’t buy a house without a sink to brush your teeth or a bathtub to take a shower in would you?  Nor would I buy a house where I could not build my very own home gym.

It must have been fate when I met a guy who was even more of a workout addict than myself!  ;)   Lloyd is an inspiration and never misses a workout.  He works out 6 days a week and is an avid weight lifter.  Needless to say, he wants a home gym just as much as I do.

I know a home gym will take time to build.  It could take years even before we have it perfect (Lloyd wants to build a “locker room” in our home gym which I think is a little absurd considering there will probably be a bathroom around the corner.  Boys…).  However, it is one of my requirements that I have a few necessities before I have a kid (Momma’s gotta work off the baby weight somewhere!):

  • treadmill
  • spinning bike
  • set of dumbbells (preferably convertible like these)

Those three things are my bottom-line, must have requirements to build the foundation of our gym.  Of course we’ll need other necessities eventually like:

  • plastic floor tiles (the kind they have in gyms)
  • mirrors
  • TV
  • stereo
  • resistance bands
  • barbells
  • flat bench

Sometimes Lloyd and I will get to dreaming really big and claim we want these things in our gym:

  • cable crossover (the big machines with the cables)
  • locker room (again….not gonna happen)

I totally get that most people probably think we’re crazy for wanting to spend so much money on a home gym.   However, I often daydream about rolling out of bed in the morning and heading right down to my personal gym instead of driving half-asleep, 10 minutes across town to my public gym – and that alone makes me so happy.  An added perk is the fact that I will no longer have to work out next to “talks-too-much-guy”, “stares-too-much-guy”, “smelly-guy/girl”, or “Spandex-guy” (quite possibly the fashion faux pas of the century).

There you have it – that little sidebar is no longer a mystery.  It’s one of my miniature dreams that I can’t wait to make into a reality someday!

Now that you know about my mine – what are some smaller dreams that you want to accomplish in your life that you are saving for?

Only one more month left in 2009!  Where has the time gone?!  It seems like just yesterday Lloyd and I were headed off to bask in the sun and fun of Vegas!  Time flies, huh?

A couple things:

  • SAVINGS: I was only able to save $250 in personal savings this month (out of about $2,500 in net income).   This number is embarrassing next to last month’s $2,700+ in savings!  Sheesh!  I blame Thanksgiving and Christmas presents (I’m 90% done shopping!).
  • RETIREMENT: I contributed $1,410 to my 401K this month and it increased by $3,000+ (ah, the joys of investing)!  However, this is why these net worth numbers can be deceiving…I contributed $1,410 to my 401K last month as well and it only grew by $866!  Hmm…   But that’s old news and I’m happy to be on the rise again this month!
  • GENERAL: I don’t have any liabilities, and my assets are pretty simple.  It appears that I have a two-track mind (for now) when it comes to finances:  one track is for saving - for a house, emergencies, wedding (eventually ;) ), and a home gym (check the side bar) – and the second track is for building a solid foundation in my retirement account.  I’m 26 so this is the best time to invest in my retirement!  That way my money has years to sit around and grow.  :)   Are you one of those people who wants to contribute more to your 401K, but never actually does?  Check out some motivational ideas here.
  • CREDIT: I use my credit card to buy everything (because it’s easy and because I get nice rewards).  I pay it off every month before the billing cycle closes….I have those credit card companies fooled!  But it sounds like I may have to move to an all cash system very soon if my credit card company starts pulling these tricks on me.

As always, onward and upward!  Here’s to a prosperous December!

To see more about my Net Worth, go HERE.

To sign up for your own Net Worth tracker, go HERE!

Just A Friendly Reminder…

…that virtually anyone can access the internet and see what you post on your blog.

So…if you’re posting a picture of yourself in a bikini (or other revealing pictures or information) on your website, YOU may have good intentions, but some weirdo on the other side of the screen…might NOT.

Just because you don’t post your address on your blog (or blog anonymously!), doesn’t mean someone with a lot of time on their hands can’t track you down.

The internet is full of opportunities, but it can also be scary! 

Be careful out there peeps!

A couple weeks ago, I picked up Lauren Conrad’s (from The Hills) new – and first – book, L.A. Candy, from my local library.  After reading about individual taxation and capital gains & losses all day, I occasionally like to lose myself in a mind-numbing chick-lit book, and I knew L.A. Candy would be perfect for the job.

If you’re a fan of The Hills, you’ll probably like this book.  However, if you are also a personal finance nerd and/or blogger, then this book will be like fingernails on a chalk board for you.  More on that later…

In case you haven’t heard, the book is based on a new “reality show star” who “recently moved to L.A.” with one of her “gal pals” to “live the Hollywood dream”.  What that really means is that the story is about Lauren Conrad’s road to reality stardom, just with a different name attached to the character.

So, did it satisfy my chick-lit craving?  Yes.  Did it drive me so crazy that I wanted to reach into the book and smack the leading lady?  Double yes.

But, here’s where it ties to personal finance: these girls do not pay for anything.  Well…in the book, they didn’t pay for anything, and I’m assuming the same holds true for the actual reality-show stars.

Here’s a few scrumptious tidbits about their freebies (spoiler alert!):

  • When Jane (the main character) and her friend move to L.A., they’re originally holed up in a crappy apartment with a bad view.  However, when they sign on to film for the reality show, the network they are working for has them move to a swanky new apartment in a nicer area that they don’t have to pay for…at all.  No rent, no utilities, no anything.  Score!
  • Since the network needs good footage for the show, they often set them up with the royal treatment at the hippest nightclubs in L.A.  They get the best table, complimentary bottle service, free entry, etc.  Remind you of all those times that Lauren & Heidi ruled the roost at places like Area and Le Deux on The Hills?
  • Jane goes on a couple dates and she never pays.  I didn’t notice if it said her date or the show paid for the dates…but, I’m assuming the show did.
  • Once Jane and her friends become “stars”, they start getting all sorts of free clothes in the mail so that designers can get free advertising and the girls can look fabulous on-screen.  Ever wondered how Lauren always looked so polished on The Hills (aside from the fact that her parents are loaded)?  She was probably get tons of free clothes from designers.

If you like chick-lit and want an easy, fun read to curl up to this winter, this book will do the trick (although the writing is first-grade level, so it will only take you a couple days to get through).

I’m glad I read this book, though.  Sometimes it’s easy to be envious of girls that seem to get everything handed to them on a silver platter like those reality show starlets – especially when you’re working so hard to financially support yourself.  But, their fame is short-lived, and once they have to fin for themselves, they’re going to regret ever being on a reality show.  They won’t know anything about real-life and how to handle their money and they’ll still be waiting for someone to pay their rent every month.

I’ll take my simple, budgeted life over their “reality” life any day, thankyouverymuch.

[PHOTO SOURCE]

Check Out These Carnivals!

I participated in two awesome carnivals this week:

Carnival of Twenty Something Finances at How I Save Money (Editor’s Pick!)

Carnival of Personal Finance at Fiscal Geek

Happy Thanksgiving Eve!

As women, we all have this friend.  The friend that wants to become the next big Avon/Mary Kay/Arbonne/etc. Saleswoman of the Year and drive off into the sunset in her pink Cadillac.  In fact, maybe we are this friend.

I have no problems with my friends having lots of ambition to become a great self-employed saleswoman, but when it comes to hitting up your friends for money to keep your business afloat – that’s when things get uncomfortable.  Especially when they’re not even a saleswoman, they’re just hosting a party to get the free swag.

Tuesday morning, I clicked over to my inbox and found this waiting for me from a friend:

Heyyyy girls!  Guess what?!  I’m hosting a jewelry party!  It’s gonna be SUPERRRR fun!  Can you just send me your addresses so I can give them to my jewelry  lady?  Kay – thanks!!!!

1) Please, no more.  I’ve already been to 3 Passion Parties, 2 Tupperware parties, 4 baby showers, 5 weddings, 2 bachelorette parties, 4 birthday parties, 1 bridal shower, 1 baptism, and 1 Mary Kay party this month alone! (Ha ha, just kidding…I meant this year alone. ;) )

2) Wait, hold on.  Did you say you’re going to give my address to some stranger I’ve never met?  Perfect!  Feel free to forward it on to any other lunatics of your choosing!

3) I PREFER TARGET JEWELRY.

Now, excuse me if I come off a little cynical towards these parties.   I’ve been to plenty in my life and I don’t know how many more I can keep avoiding.  People always seem so offended if you don’t make their party numero uno on your priority list.  I. Don’t. Get. It.

I’m trying to fund my own financial dreams over here, how am I supposed to fund my friends career as well?

Readers:  How do you respond?  Do you feel the same way I do about these types of parties?  Do you think I’m a horrible person for not wanting to go?  Let me hear it!

There are so many fabulous and wise personal finance articles written every week, that I’d like to start sharing my favorites with you!  I’ll do my best to try to make this a weekly post, but I can’t guarantee anything. ;)

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