The personal finance A-Z series continues with Taxes, Underwater Mortgages, and Volatility. Taxes are not a fun topic to discuss but it is an important one to cover because the tax code is continually changing. There was a nice article on Fox Business that highlighted some of the upcoming tax changes for 2012 and 2013. Some changes to look out for in 2012 are the loss of the Social Security tax reduction and the ability to itemize state and local taxes. In addition we go into detail about why getting a huge tax refund is not necessarily a good thing.
If your home is underwater you are not alone. About 29% of homes today in America are underwater. Having your home underwater impacts you if you are trying to refinance or if you are getting ready to move in the near future. But if you can continue to make your payment, do not panic, and continue to make your monthly payment.
Volatility can be seen everywhere in our financial life today from the economy to the stock market. What are some things I do to combat volatility? Have a long term perspective. If you listen to the news or follow the stock market each day you will get an ulcer. But having a long term perspective will help you ride the ups and downs over time.
Finally if you have not yet registered for our November Giveaway, please do so today. We will be giving away a free copy of the book The Total Money Makeover by Dave Ramsey at the end of November. It is pretty simple to register and no purchase is necessary.
If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.