What to Do with Extra Money

s127460621275509906_p4_i1_w240For many people saving on a regular basis can be difficult. Typically, the challenge to saving rests in the fact that there is little or no disposable income to use. Everything goes toward paying bills.

Don’t Pay Bills and Waste the Rest

For many however, saving can be part of their daily life. Unfortunately, they may not think about doing it. They would rather spend any extra money on indulgence.  In most cases, the indulgences don’t last long and can’t help in the future. Meanwhile, any extra money that is saved can help in the future with any number of challenges. The money in essence works for the saver.

In this case the best way to save on a regular basis is to do it paycheck by paycheck. Setting the process up that way causes the saver to look at the extra money as a bill.

With it, they can look to deposit the money into any number of accounts. They can put the money into something conservative or they can put it into something risky. They can even do a moderate mixture of both. A little conservative and a little risky.

Give Money to Charity

Along with other options, giving to a charity can be a great way to handle extra money. There are many organizations both locally and internationally for people to give to.  Each organization can benefit greatly from the goodwill and extra spending ability that donors may have.

Reward Yourself for Hard Work

Spending the extra money on one’s self can also be a good reward for a job well done. Many times it can serve as an incentive or even a motivator for doing more in the future. The trick is to not let it get out of hand.

When it comes to handling extra money made from work, the key is to not only look at the short term immediate need but to also look at what the money can do in the short, medium and long term. If it’s balanced the right way, it can take care of any number of needs including a little self indulgence.


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Why Do IRS Scams Work?

burglar1It’s April fool’s day so it only seems right to review IRS scams. We hear about it all the time. Someone gets a phone call they believe is from the IRS. The person ends up sharing personal information or even sends money and later finds out they are the victims of a scam.

Meanwhile, many Americans will think the following:

Friend #1: It’s still very difficult to believe people still fall for this…year, after year.

Friend #2: I know right…

The reason most people get caught in a scam like this is because they generally get very, very nervous when they think it’s the IRS. They freeze. And many times they have the same reaction when they think it’s the state revenue department. The scammers are playing a numbers game and playing on those emotional fears.

Over the years, I’ve professionally come across many people I’ve had to calm down in dealing with the IRS or the state they live in. Both agencies, for many taxpayers, have very negative emotions around them. And if some people think they are getting a call from them that fear sets in.

The other advantage the criminals have is that many people are being contacted in isolation. Outside of family and friends. The fear the victim has in this case is being judged harshly in revealing tax and financial problems to loved ones.

If the victims think they do have a problem and aren’t sure of the way the IRS or state look to settle debts, they will just look to solve the problem themselves. Avoiding potential embarrassment in revealing the problem to others. However, it will hurt them in the long run.

So if a person gets a call from someone saying they are from the IRS, they should hang up. If however they also know that they have an outstanding debt with the IRS, they can get the IRS’ contact information from off their website at http://www.irs.gov.

From there, individuals can call the IRS and get an account summary. Next, if they do owe anything, they can work out a payment plan. They can also apply for an OIC. Doing this will truly resolve issues with the IRS and help provide taxpayers with peace of mind.


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