You don't have to be an expert to manage your money and prepare for life's unexpected twists and turns
If you're like most people, your New Years Resolutions have already expired. You haven't lost 10 pounds, you're not going to the gym five days a week, and when was the last time you called your mother?
Chances are, your financial goals have fallen by the wayside too. I don't want to discourage you from paying down debt, saving a downpayment for a house, or any of those big goals that you may have set for yourself at the beginning of the year. But if you sort of tuckered out on the big things (or even if you're still going strong--go you!), maybe it's time to set some more achievable goals. Here are ten things you can do in an hour or less apiece to make yourself--or your household--more financially sound.
1. Join Mint I'm an unabashed fan of the site, and not just because they do some great data-mining on their blog. (Don't worry, all at the very aggregate level). It will track and aggregate your spending for you, showing you where the money is going, and what's happening to your net worth over time. If you have sort of complicated finances--as I do, living in a two-journalist household--then it's an absolute godsend at tax and expense time. And in the last year they've added goals, allowing you to set your spending, saving, and debt-reduction goals and then track how you're doing with a thermometer. It's surprisingly motivating, and it's free.
I probably spend 20 minutes a week in Mint, categorizing our expenses and monitoring our financial position. But even if you don't put in that kind of time (and most of you don't have to keep track of which meals are tax-deductible), it's still incredibly helpful at tracking the broad outlines of your spending.
2. Get your papers together If you die, someone is going to have to clean up the financial aftermath. Make it easy on them by putting everything in one place where they can find it. Dave Ramsey calls this a "Legacy Drawer", and suggests putting in a cover letter and letters to your loved ones as well as the financial papers. But we're trying to keep this under an hour, so the notes are optional. Here's what it should contain:
A list of every financial account: loans, bank accounts, investment accounts, 401(k)s, whatever. Security experts will kill me for saying this, but I'd say this list should have the account numbers, the PINs, and the passwords.
Deeds and titles to any property you own (cars, land, etc)
Birth certificate and social security card, if you have them
Information about your will/estate plans: who has them, who the executor is
Funeral instructions (if any; mine are "cheapest coffin you can find")
A list of your major recurring expenses (so people know which bills to pay)
Start by putting this in a drawer; eventually, you should move this to a safe-deposit box, and tell whoever's likely to be taking care of your final details where to find the key. This should only take you an hour--if it takes you longer than that, well, you really needed to get these documents while you could find them anyway.
3. Buy life insurance If you're single, you don't need this unless you have a kid or someone else depending on you--your job usually offers you enough to bury you. If you're married, I think you do need a little, even if you don't have kids. Married life is usually built on the expectation of two incomes: a mortgage (or lease), the cars, all sorts of other recurring expenses. At a minimum, make sure your partner will have enough to bury you and pay off any outstanding debt--including not only mortgages and cars, but credit cards and student loans in their name alone, if you own property. You don't want to have to hassle with someone coming after their half of the house or car to pay off their unsecured debt. Obviously, if your partner is at home, or makes very little money, you're also going to want to replace some of your income.
You do not want "whole life" insurance, "return of premium" or any other product that promises you to give you some or all of your money back--all this is is a savings vehicle with bad rates of return, bundled with expensive term life insurance. Buy a simple term life policy for 20 or 30 years--long enough for you to accumulate enough assets to take care of your partner if you die. You can compare rates online or mosey down to your local insurance office, but either way, this shouldn't take you too long provided that you resist the blandishments of insurance agents who will attempt to upsell you "features" you don't need. Stand firm, buy term.
4. Cancel stupid recurring expenses Remember when you thought you'd try Stamps.com? How about that credit monitoring service you signed up for eighteen months ago? The dual subscriptions to Netflix left over from before you moved in together? For many of you, I am sad to say, your gym membership also falls into this category.
Whatever it is, if you haven't used it in three months, cancel it. Cancel it whether or not you think you should be using it. You can always rejoin the gym after you've developed a burning desire to actually go. With the hundreds of dollars you will save between now and then, you will easily be able to afford any re-initiation fees.
5. Ramp up for retirement Unless you are already at the legal maximum, increase your 401(k) contribution by 1% of your income. Unless you are already pinching pennies so hard that Abraham Lincoln is actually screaming in pain, you can afford to put an extra 1% of your pre-tax income into your 401(k). Then every time you get a raise, you increase your contribution by another 1% until you hit the legal limit ($16,500) or 15-20% of your income. Almost painless, and you'll feel a lot safer in retirement. (Of course, if you want to save faster, you can--try 2% or 3%).
6. Start Saving If you don't have an emergency fund, you need one. Here's how to do it so that you almost won't notice: set up an automatic transfer into your savings account from every paycheck. Figure out how much can you afford, but even if it's only $25, transfer it from every paycheck, and resolve not to touch that money unless it's an actual emergency. (Emergency: my car won't start. Not an emergency: I really need a break, so I'm going to the beach for a week.)
The ideal way to handle this is to have a separate account that isn't linked to your other bank accounts, and to have the transfer done as part of your auto-deposit. That way, you never see the money--and I think you'll be surprised to find that you don't much miss it. But if you don't want to go to the trouble, you can do this with your regular savings account, as long as you're resolved not to touch the money in that account for anything but an emergency: just use online banking to do a recurring transfer on the same day as your paycheck hits the account.
Over time, increase the amount that you're saving. Eventually you'll have a tidy nest egg, and because the money was never in your checking account, you won't have been tempted to spend it on incidentals.
7. Rebalance your portfolio If you already have substantial assets, it's time to make sure they're correctly structured for your priorities. Are your mutual funds allocated the way that you want them, or over time, has one grown faster than the others, leaving your portfolio lopsided (many companies now automatically rebalance, but you should check.) You should also be thinking about your portfolio's life-cycle. If you're in your fifties, you should already be transitioning some of your money to bonds.
I know what you're going to say: you'll never be able to retire at those kinds of returns. My response is a piece of wisdom that I picked up from my driving instructor: "If you left late, you're going to get there late." Trying to flout that simple equation only gets you in trouble. Just as it's a bad idea to race through red lights in the hopes of making up the lost time, it's a bad idea to leave your assets in 100% equity because you're hoping that higher returns will still let you retire in comfort at 65. Risking destitution now is just compounding your earlier planning errors.
8. Make a Will If your finances are pretty simple, you can do this in half an hour with something like Quicken Willmaker, which took Lifehacker half an hour. LegalZoom will also do it for you for a pretty modest fee. If your finances are complicated--well, okay, this won't take under an hour, and you need a lawyer. But if your finances are complicated, you really need a will. If it freaks you out too much to meditate upon your own death, pretend that you are preparing this will so you can drop out of sight and assume your new identity as Agent 007 of Her Majesty's Secret Service.
9. Fix your withholding Are you looking forward to a nice big refund from the IRS this year? Don't look so happy--that refund means that you made the government an interest-free loan for most of the year. And if you're like many freelancers, and you owe the government a hefty chunk, then you may be liable for interest and penalties.
The easy way to fix either problem is to adjust your withholding. HR can help you do this. If you're getting a big refund every year, raise your exemptions; if you're having to pay, lower them. (If they're already as low as they can get, look at what you owe this year, adjust for what you'll owe next year . . . and start making estimated payments every quarter.)
10. Shop for better deals Can you get a better interest rate on your credit cards? How about your bank accounts? You don't have to follow through, if you decide thePITA factor isn't worth it. But it's worth taking fifteen minutes on the web to find out. Also worth doing: threaten to cancel your cable. You don't have to actually do it--though with Netflix and Hulu and Amazon Prime's new subscription service, it's possibly worth it. But if you call to cancel, they'll usually offer you a better deal.
According to Arthur, just a few months later, all 60 members of a committee selected by the American Dialect Society voted to google 2002’s most useful new word. Merriam-Webster and the Oxford English Dictionary would soon note the coinage. By 2006, Google’s lawyers—fearful of seeing the company’s name brand watered down to the trademark mushiness of kleenex—wrote a post for the company blog outlining when and when not to google should be used.
From the “400-pound” hacker to Alicia Machado, the candidate’s denigration of fat people has a long tradition—but may be a liability.
One of the odder moments of Monday’s presidential debate came when Donald Trump speculated that the DNC had been hacked not by Russia but by “someone sitting on their bed that weighs 400 pounds.” He was trying to suggest the crime had committed by someone unaffiliated with a government—but why bring up fatness?
Weight seems to be one of Trump’s preoccupations. The debate and its fallout highlighted how he publicly ridiculed the Miss Universe winner Alicia Machado as “Miss Piggy” and an “eating machine,” and how he called Rosie O’Donnell a “fat pig” with “a fat, ugly face” (“I think everyone would agree that she deserves it and nobody feels sorry for her,” he said onstage Monday). He also recently poked fun at his ally Chris Christie’s weight-loss struggles and called out a protestor as “seriously overweight.” And when he was host of The Apprentice, he insisted on keeping a “funny fat guy” on the show, according to one of its producers.
The biggest threat to the Republican nominee is not his poor performance in the debate, but his reaction to it: blaming microphones, insisting he won, and doubling down on gaffes.
Debates seldom make a great deal of difference to the outcome of the election. Mitt Romney’s dominating performance in the first debate four years ago? Didn’t stop Obama’s reelection. Gerald Ford’s “no domination of Eastern Europe” gaffe in 1976? He rose after it.
Sure, it’s better to win than to lose, but the historical record is a good reminder of why Hillary Clinton’s strong performance in Monday’s debate could have a limited effect on the election’s outcome. If it does have a lasting impact, however, it will likely be due not to what happened on stage at Hofstra University, but due to Donald Trump’s hectic, frenetic crisis-communications strategy.
This is a pattern amply seen before in the election: Trump gets caught in a tight spot, and rather de-escalate, he tends to take out the bellows and fan the flames as much as he can. Time and again, he has managed to overtake a news cycle (and often overshadow bad news about Clinton) thanks to bad crisis management. It’s what he did in his tiff with Khizr and Ghazala Khan, and so far it’s his post-debate strategy, too.
In North Carolina, the Democratic candidate basked in her debate victory. As for her supporters, they’re feeling better, but they’re not ready to exhale.
RALEIGH, N.C.— "Did anybody see that debate last night? Ooooh yes," Hillary Clinton said, her first words after striding confidently out on stage at Wake Technical Community College Tuesday afternoon.
As a capacity crowd cheered, she added, "One down, two to go."
Celebration and relief added to the thick humidity of late summerat Clinton’s event inNorth Carolina. Post-debate analysis is in that awkward in-between state, after the pundits have rendered their verdicts and before high-quality polling has measured the nation’s response. But the Democratic nominee seemed sure that she was the victor.
It was Clinton’s first event after the first presidential debate Monday evening in Hempstead, New York. One sign of her confidence coming out of that encounter: As I approached the rally, a man asked for a hand loading a heavy box into his car. He was the teleprompter man, he said, but when he arrived in Raleigh, he’d been told that Clinton had decided to do without the prompter. He was turning around and heading back to Washington, D.C.
Programs that should be crafted around people’s needs are instead designed to deal with a problem that doesn’t exist.
At a campaign rally in 1976, Ronald Reagan introduced the welfare queen into the public conversation about poverty: “She used 80 names, 30 addresses, 15 telephone numbers to collect food stamps, Social Security, veterans’ benefits for four nonexistent deceased veteran husbands, as well as welfare. Her tax-free cash income alone has been running $150,000 a year.”
The perception of who benefits from a policy is of material consequence to how it is designed. For the past 40 years, U.S. welfare policy has been designed around Reagan’s mythical welfare queen—with very real consequences for actual families in need of support.
Though it was Reagan who gave her the most salient identity, the welfare queen emerged from a long and deeply racialized history of suspicion of and resentment toward families receiving welfare in the United States. Today, 20 years after welfare reform was enacted, this narrative continues to inform policy design by dictating who is “deserving” of support and under what conditions. Ending the reign of the welfare queen over public policy means recognizing this lineage, identifying how these stereotypes continue to manifest, and reorienting policy design around families as they are—not who they are perceived to be.
In a unique, home-spun experiment, researchers found that centripetal force could help people pass kidney stones—before they become a serious health-care cost.
East Lansing, Michigan, becomes a ghost town during spring break. Families head south, often to the theme parks in Orlando. A week later, the Midwesterners return sunburned and bereft of disposable income, and, urological surgeon David Wartinger noticed, some also come home with fewer kidney stones.
Wartinger is a professor emeritus at Michigan State, where he has dealt for decades with the scourge of kidney stones, which affect around one in 10 people at some point in life. Most are small, and they pass through us without issue. But many linger in our kidneys and grow, sending hundreds of thousands of people to emergency rooms and costing around $3.8 billion every year in treatment and extraction. The pain of passing a larger stone is often compared to child birth.
The films touted for consideration this year include prestige projects like Martin Scorsese’s Silence and festival hits like Barry Jenkins’s Moonlight.
With the main film festivals of the fall (Telluride, Venice, and Toronto) now concluded, and Martin Scorsese finally confirming that his much-anticipated drama Silence will come out at the end of the year, the next three months will bring a calendar loaded with prestige releases. Among them are films that better reflect the wide range of faces and voices in America (and around the world), which have recently been severely under-represented on Oscar night. Audiences and critics will be paying especially close attention to the works and actors the Academy chooses to recognize, after the awards were condemned this year for nominating only white performers two years in a row.
The question, as always, is which films will be able to stand out once studios begin their awards campaigns in earnest. A lot can happen in a few months; after all, the season has already seen its earliest anointed front-runner practically disappear from the race. The former Best Picture favorite was the big story out of Sundance: The Birth of a Nation(October 7), a searing depiction of Nat Turner’s 1831 slave rebellion in Virginia written and directed by Nate Parker. The film won the festival’s Grand Jury Prize just as the conversation over the largely white Oscar nominations was at its loudest. The movie was acquired by Fox Searchlight for a record $17.5 million, with the studio promising a huge publicity campaign in the fall to help push it for awards contention.
For decades, the candidate has willfully inflicted pain and humiliation.
Donald J. Trump has a cruel streak. He willfully causes pain and distress to others. And he repeats this public behavior so frequently that it’s fair to call it a character trait. Any single example would be off-putting but forgivable. Being shown many examples across many years should make any decent person recoil in disgust.
Judge for yourself if these examples qualify.
* * *
In national politics, harsh attacks are to be expected. I certainly don’t fault Trump for calling Hillary Clinton dishonest, or wrongheaded, or possessed of bad judgment, even if it’s a jarring departure from the glowing compliments that he used to pay her.
But even in a realm where the harshest critiques are part of the civic process, Trump crossed a line this week when he declared his intention to invite Gennifer Flowers to today’s presidential debate. What kind of man invites a husband’s former mistress to an event to taunt his wife? Trump managed to launch an attack that couldn’t be less relevant to his opponent’s qualifications or more personally cruel. His campaign and his running-mate later said that it was all a big joke. No matter. Whether in earnest or in jest, Trump showed his tendency to humiliate others.
Donald J. Trump on why he hoped for the housing market to collapse
In 2006, two years before the crash that would destroy the livelihoods of millions of Americans, Donald J. Trump said he “sort of hope[d]” for that eventuality. He stood to make money.
Confronted by Hillary Clinton with that comment at Monday’s debate, Trump did nothing to disavow it. To the contrary, he defended it: “That’s called business, by the way,” he condescended.
Together these remarks showcase a callous indifference to other people’s hardships—an indifference that, my colleague Conor Friedersdorf writes, “may matter little for a Manhattan mogul, but matters very much for someone asking to be entrusted with representing every American.” No reasonable person who has followed along over these last few months could view such an attitude as an aberration. Rather, it fits in precisely with Trump’s long and documented history of putting himself first, even when it means demolishing those who are in his way. Here is a person, a person who may very well become the next president of the United States, who is seemingly unable to imagine what it’s like to be someone else.