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.
They weren’t the first victims of a mass shooting the Florida radiologist had seen—but their wounds were radically different.
As I opened the CT scan last week to read the next case, I was baffled. The history simply read “gunshot wound.” I have been a radiologist in one of the busiest trauma centers in the nation for 13 years, and have diagnosed thousands of handgun injuries to the brain, lung, liver, spleen, bowel, and other vital organs. I thought that I knew all that I needed to know about gunshot wounds, but the specific pattern of injury on my computer screen was one that I had seen only once before.
In a typical handgun injury that I diagnose almost daily, a bullet leaves a laceration through an organ like the liver. To a radiologist, it appears as a linear, thin, grey bullet track through the organ. There may be bleeding and some bullet fragments.
Many seniors are stuck with lives of never-ending work—a fate that could befall millions in the coming decades.
CORONA, Calif.—Roberta Gordon never thought she’d still be alive at age 76. She definitely didn’t think she’d still be working. But every Saturday, she goes down to the local grocery store and hands out samples, earning $50 a day, because she needs the money.
“I’m a working woman again,” she told me, in the common room of the senior apartment complex where she now lives, here in California’s Inland Empire. Gordon has worked dozens of odd jobs throughout her life—as a house cleaner, a home health aide, a telemarketer, a librarian, a fundraiser—but at many times in her life, she didn’t have a steady job that paid into Social Security. She didn’t receive a pension. And she definitely wasn’t making enough to put aside money for retirement.
A new book pieces together the strange legal saga that was sparked by a 2007 Gawker post outing the billionaire tech investor Peter Thiel.
Bollea v. Gawker isn’t just one of the most consequential lawsuits in the history of modern American media. It’s also probably the strangest. In 2016, Hulk Hogan, the professional wrestler, won a nine-figure lawsuit that ultimately bankrupted Gawker Media, a fleet of sites that epitomized the barbed brilliance of New York’s young media crowd. The lawsuit concerned a video of Hogan (né Terry Gene Bollea) having consensual sex with his best friend’s wife, while that same friend recorded the encounter—secretly, according to Hogan and later reporting. Behind the scenes of this tawdry affair, a more shocking story was playing out, in which Peter Thiel, the billionaire investor, seemed to be exorcising a deep grudge against Gawker by bankrolling Hogan’s lawsuit to destroy the media company that published the sex tape.
Decades before he ran the Trump campaign, Paul Manafort’s pursuit of foreign cash and shady deals laid the groundwork for the corruption of Washington.
The clinic permitted Paul Manafort one 10-minute call each day. And each day, he would use it to ring his wife from Arizona, his voice often soaked in tears. “Apparently he sobs daily,” his daughter Andrea, then 29, texted a friend. During the spring of 2015, Manafort’s life had tipped into a deep trough. A few months earlier, he had intimated to his other daughter, Jessica, that suicide was a possibility. He would “be gone forever,” she texted Andrea.
His work, the source of the status he cherished, had taken a devastating turn. For nearly a decade, he had counted primarily on a single client, albeit an exceedingly lucrative one. He’d been the chief political strategist to the man who became the president of Ukraine, Viktor Yanukovych, with whom he’d developed a highly personal relationship.
Joe Arpaio made his name by building a harsh jail in the desert. Now, Trump is promising to take his punitive approach to immigration national.
On the eve of the Iowa Caucuses in January 2016, when Donald Trump’s presidential campaign still seemed a long-shot, he landed a crucial endorsement. Joe Arpaio, the Phoenix-area sheriff hailed by conservative activists for being tough on immigration, embraced Trump with a prescient message. “Everything I believe in,” Arpaio declared, “he’s going to do when he becomes president.”
The former sheriff rose to national prominence by running an outdoor jail in the desert he once proudly referred to as a “concentration camp.” Arpaio, who is now running for the United States Senate, sees no reason to reconsider the remark. “I’m not going to back down,” Arpaio said in a recent interview. “So what? Maybe it is a concentration camp. I don’t want to make it look nice, like the Hilton Hotel. I want to say it’s a tough place so people don’t want to come there.”
The former Trump campaign aide pleaded guilty to conspiracy to commit bank fraud and lying to the FBI on Friday, the third Trump aide to admit he committed a felony.
Updated on February 23 at 4:01 p.m.
Rick Gates, a former top aide to President Trump on his campaign and in the White House, pleaded guilty on Friday to conspiracy against the United States and making false statements, and agreed to cooperate with special counsel Robert Mueller’s investigation into Russian interference in the election.
On Friday morning, the court unsealed a new “criminal information” document from Mueller, dated February 2, including those two counts. Mueller had previously charged Gates with a range of crimes, with indictments coming from grand juries in both Washington, D.C. (12 counts), and Virginia (32 counts). Gates had previously pleaded not guilty in Washington.
The plea caps a busy series of days in Mueller’s investigation, especially in relation to Gates and his former business partner Paul Manafort, who served for a time in summer of 2016 as Trump’s campaign chair. Earlier this week, a lawyer pleaded guilty to lying to the FBI about his conversations with Gates. On Thursday, Mueller unsealed a new indictment from a Virginia grand jury with 32 counts that laid out, in extensive detail, an alleged scheme of tax evasion, bank fraud, and conspiracy.
The spokesperson for the National Rifle Association has long used the logic of motherhood in her defense of guns. This week, though, she faced an unexpectedly powerful foe: kids.
“I want you to know that we will support your two children in the way that you will not.”
That was Emma González, a survivor of the Marjory Stoneman Douglas shootings, speaking to Dana Loesch, the spokesperson for the National Rifle Association, at a CNN town hall on Wednesday evening. González made the comment as a lead-up to a question about the NRA’s position on semiautomatic weapons, and on the modifications that so effortlessly increase those weapons’ capacity to kill. Loesch, however, wasn’t at the town hall to talk about the guns that are used to murder; she was there to talk about the problems of the people (“people who are crazy,” she repeatedly emphasized) who use the guns to do the murdering. She was also there, she suggested, to soothe. She was there to protect. She was there to be motherly to a group of kids who are grieving.
The revolutionary ideals of Black Panther’s profound and complex villain have been twisted into a desire for hegemony.
The following article contains major spoilers.
Black Panther is a love letter to people of African descent all over the world. Its actors, its costume design, its music, and countless other facets of the film are drawn from all over the continent and its diaspora, in a science-fiction celebration of the imaginary country of Wakanda, a high-tech utopia that is a fictive manifestation of African potential unfettered by slavery and colonialism.
But it is first and foremost an African American love letter, and as such it is consumed with The Void, the psychic and cultural wound caused by the Trans-Atlantic slave trade, the loss of life, culture, language, and history that could never be restored. It is the attempt to penetrate The Void that brought us Alex Haley’s Roots, that draws thousands of African Americans across the ocean to visit West Africa every year, that left me crumpled on the rocks outside the Door of No Return at Gorée Island’s slave house as I stared out over a horizon that my ancestors might have traversed once and forever. Because all they have was lost to The Void, I can never know who they were, and neither can anyone else.
The Florida senator's political and cultural boundary-crossing is hurting him now, but it may be just what America needs in the future.
There’s something about Senator Marco Rubio that inspires seething hatred in his detractors. But what is it, exactly? It’s natural that progressives wouldn’t be terribly fond of him, as he is an avowed conservative. What’s puzzling, though, is that Rubio seems more intensely disliked on the left than politicians well to his right, who don’t share his zeal for making the tax code more generous towards the working poor. Rubio’s critics on the right, meanwhile, ridicule him for his inconstancy, and his supposed tendency to buckle under pressure. Yet many of these same critics are admirers of President Donald Trump, who is hardly a model of ideological rectitude.
The real reason Rubio is such a lightning rod, I suspect, is that it is in his nature to cross cultural and political boundaries. I’m reminded of the work of the Tomás Jiménez, a Stanford sociologist and a leading expert on immigration-driven cultural change. In The Other Side of Assimilation, Jiménez observes that assimilation is not just a straight-line process in which newcomers, whom he defines as immigrants and the children of at least one immigrant parent, come to resemble established Americans, his term for the U.S.-born children of two U.S.-born parents. Rather, it is a relational process, which “involves back-and-forth adjustments in daily life by both newcomers and established individuals as they come into contact with each other.”
Two new books explore America’s changing romantic landscape.
C.S. Lewis’s wife, Joy Davidman, died of bone cancer on July 13, 1960. The next day, the famous author wrote a letter to Peter Bide, the priest who had married them, to tell him the news.
“I’d like to meet,” Lewis writes, suggesting the two grab lunch sometime soon. “For I am—oh God that I were not—very free now. One doesn’t realize in early life that the price of freedom is loneliness. To be happy is to be tied.”
When it comes to romance, Americans are freer than they’ve ever been. Freer to marry, freer to divorce, freer to have sex when and with whom they like with fewer consequences, freer to cohabitate without getting married, freer to remain single, freer to pursue open relationships or polyamory.