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.
Stories of gray areas are exactly what more men need to hear.
The story of Aziz Ansari and “Grace” is playing out as a sort of Rorschach test.
One night in the lives of two young people with vintage cameras is crystallizing debate over an entire movement. Depending on how readers were primed to see the ink blot, it can be taken as evidence that the ongoing cultural audit is exactly on track—getting more granular in challenging unhealthy sex-related power dynamics—or that it has gone off the rails, and innocent men are now suffering, and we are collectively on the brink of a sex panic.
Since the story’s publication on Saturday (on the website Babe, without comment from Ansari, and attributed to a single anonymous source), some readers have seen justice in Ansari’s humiliation. Some said they would no longer support his work. They saw in this story yet another case of a man who persisted despite literal and implied cues that sex was not what a woman wanted.Some saw further proof that the problems are systemic, permeating even “normal” encounters.
Allegations against the comedian are proof that women are angry, temporarily powerful—and very, very dangerous.
Sexual mores in the West have changed so rapidly over the past 100 years that by the time you reach 50, intimate accounts of commonplace sexual events of the young seem like science fiction: You understand the vocabulary and the sentence structure, but all of the events take place in outer space. You’re just too old.
This was my experience reading the account of one young woman’s alleged sexual encounter with Aziz Ansari, published by the website Babe this weekend. The world in which it constituted an episode of sexual assault was so far from my own two experiences of near date rape (which took place, respectively, during the Carter and Reagan administrations, roughly between the kidnapping of the Iran hostages and the start of the Falklands War) that I just couldn’t pick up the tune. But, like the recent New Yorker story “Cat Person”—about a soulless and disappointing hookup between two people who mostly knew each other through texts—the account has proved deeply resonant and meaningful to a great number of young women, who have responded in large numbers on social media, saying that it is frighteningly and infuriatingly similar to crushing experiences of their own. It is therefore worth reading and, in its way, is an important contribution to the present conversation.
Coates says he is "mystified as anybody else” over West's critique.
If there’s real beef between the Harvard philosopher Cornel West and The Atlantic’s Ta-Nehisi Coates, Coates says he doesn’t understand it. West is a vocal critic of Coates and his status as a public intellectual.
Coates addressed the controversy at a panel Tuesday hosted by The Atlantic, saying he remains confused why the feud started in the first place, and that he can’t seem to find a huge difference in the things West has spoken about and what Coates himself has written.
Coates spoke about the first time he saw Cornel West 20 years ago, and found it surreal to have that same person “write critical things about you when they have so clearly not read your work.”
“I am mystified as anybody else” about West’s argument, Coates said, adding that he hopes people read Race Matters, West’s groundbreaking 1993 book.
A viral story highlights the lingering difference between the language—and the practice—of consent.
It was true that everything did seem okay to me, so when I heard that it was not the case for her, I was surprised and concerned. I took her words to heart and responded privately after taking the time to process what she had said.
I continue to support the movement that is happening in our culture. It is necessary and long overdue.
That was Aziz Ansari, responding to a story that was published about him over the weekend, a story that doubled for many readers as an allegation not of criminal sexual misconduct, but of misbehavior of a more subtle strain: aggression. Entitlement. Excessive persistence. His statement, accordingly—not an apology but not, either, a denial—occupies that strange and viscous space between defiance and regret. I was surprised and concerned. I took her words to heart.
The most comprehensive review of evidence on health consequences of caffeine use has just been published.
That’s what a Los Angeles news anchor said earlier this month, in response to the announcement that “the world’s strongest coffee” is now available in the United States. The product is called Black Insomnia, a playful nod to apotentially debilitating medical condition that can be caused by the product.
The anchor’s tone took a dramatic decrescendo as she read from the teleprompter: “The site Caffeine Informer says Black Insomnia is one of the ‘most dangerous caffeinated products.’” Her smile faded. “Oh. I’ll have to have this one sparingly.”
Black Insomnia is actually in competition for the title of “world’s strongest coffee.” Another, similar purveyor sells coffee grounds called Death Wish. They come in a black sack with a skull and cross bones. On its Amazon page, Death Wish claims to be “the world’s strongest coffee” and promises its “perfect dark roast will make you the hero of the house or office.”
The mass death of 200,000 saiga provides a dark omen for what might happen to wildlife in a changing world.
It took just three weeks for two-thirds of all the world’s saiga to die. It took much longer to work out why.
The saiga is an endearing antelope, whose bulbous nose gives it the comedic air of a Dr. Seuss character. It typically wanders over large tracts of Central Asian grassland, but every spring, tens of thousands of them gather in the same place to give birth. These calving aggregations should be joyous events, but the gathering in May 2015 became something far more sinister when 200,000 saiga just dropped dead. They did so without warning, over a matter of days, in gathering sites spread across 65,000 square miles—an area the size of Florida. Whatever killed them was thorough and merciless: Across a vast area, every last saiga perished.
Entertainment glorifying or excusing predatory male behavior is everywhere—from songs about “blurred lines” to TV shows where rapists marry their victims.
Edward Cullen. Chuck Bass. Lloyd Dobler. Spike from Buffy the Vampire Slayer. That guy from Love Actually with the sign. The lead singers of emo bands with their brooding lyrics. Many of the romantic heroes that made me swoon in my youth followed a pattern and, like a Magic Eye picture, only with a little distance did the shape of it pop out to me. All of these characters in some way crossed, or at least blurred, the lines of consent, aggressively pursuing women with little or no regard for their desires. But these characters’ actions, and those of countless other leading men across the pop-culture landscape, were more likely to be portrayed as charming than scary.
Romance often involves a bit of pursuit—someone has to make a move, after all. And there’s certainly a spectrum of pursuit: Sometimes supposedly romantic gestures in pop culture veer toward the horrendous or illegal; sometimes they’re just a bit creepy or overzealous. But revisiting some of these fictional love stories can leave one with the understanding that intrusive attention is proof of men’s passion, and something women should welcome. In a number of cases, male characters who were acknowledged to have gone too far—by, for example, actually forcing themselves on women—were quickly forgiven, or their actions compartmentalized and forgotten.
The president denies paying a porn actress not to speak about an alleged affair, but he’s often linked payments to confidentiality agreements in the past.
Breaking up is hard to do. A pile of money and some crack legal help can’t heal a broken heart, but they can go a long way to guaranteeing that whatever bad feelings emerge from the relationship don’t make it to the public. At various times in the past, Donald Trump has struck deals with women in his life, or formerly in his life, exchanging money for silence.
It’s not a perfect solution. Over the last week, a series of stories have focused on Trump’s 2006 interactions with Stephanie Clifford, an adult actress who performed under the nom de porn Stormy Daniels. Trump and Daniels reportedly met at a golf tournament in July 2006, more than a year after he married Melania, his third wife. At various points in the past, Daniels has given interviews to various outlets alleging that she had a sexual relationship with him.
Steve Bannon stonewalled a House committee, then promptly agreed to an interview with the special counsel—the latest example of how Mueller is moving ahead as lawmakers feud and spin their wheels.
On Tuesday, Steve Bannon spent hours behind closed doors with the House Intelligence Committee. It was rough. The former White House chief strategist stonewalled lawmakers, they said, even after members from both parties issued a subpoena. Then, on Wednesday, CNN reported that Bannon has struck a deal with Special Counsel Robert Mueller’s team for an interview.
The disparate results obtained from Bannon neatly symbolize the difference between Mueller’s probe and the various congressional panels, all of which are in their own ways investigating Russian interference in the 2016 election and what role the Trump campaign played in it. The congressional panels are high drama, but low results, riven by procedural hurdles, partisan foodfights, and what appears to be interference from the White House. Mueller, meanwhile, has kept his head down and his lips sealed, with most news about his probe emerging from outside sources or from court documents, but all appearances suggest a team moving slowly but inexorably and effectively forward.
In a bold new memoir of female middle age, libido obliterates the usual clichés.
Middle age loves its platitudes, chiefly the ones about hard-won wisdom and the many things that once seemed important but no longer do as you face down impending mortality and irrelevance. And don’t forget the ones about small things that are far more important than you’d realized. Among the many indignities of aging is the irresistible temptation to reach for some menu of bromides and convey to the world those invaluable lessons about living.
This isn’t exactly scintillating stuff, and for women writers the ground is especially well trod. The demise of your looks and sexual attractiveness (colloquially known as fuckability) a few decades before men suffer the same fate—sorry, we’ve heard it, and heard it some more. The condition is insulting enough minus the compensatory nuggets of sagacity about how not fretting over your looks is freeing, or about how getting laid is still fun just not that important, and guess what: Men aren’t so crucial after all! Loving yourself is what really matters.