April OverHall IT! Issue
April, 2000
Vol. 1, Issue 4
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Table of Contents:
1. Welcome Message
2. OverHalling and Balance
3. Guest Article
4. D-BUST Your Computer-Part 3
5. Special Article
6. Jokes, Quotes, and Anecdotes
7. Products, Books, and Web Site Reviews
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1. Welcome Message
The tax man cometh! Here in the US, April is the month in which we have to file
our federal and state taxes. For those of you that waited until the last minute,
I hope all went well. If you had a problem locating all your receipts, forms,
and such that you needed to file, you can find help for next year's taxes in a special article, * Track the TAX Papers *.
What a great month to start looking at the financial area of your life! In
OverHalling and Balance you will find out how to calculate your net worth and
more.
Our guest article, * How to Start a Lifetime Financial Plan *, is by Marg Spina.
Marg has several articles at Financial Pipeline, http://www.finpipe.com
, a site dedicated to financial education and understanding.
For those of you that have been following, we bring you part three of D-BUST
Your Computer, * U stands for Uninstall *
I'm off to California next month to attend my first NAPO convention. This will
be my first visit to the West Coast and I plan to vacation after the convention
from San Francisco to L.A. If any of you know of some interesting spots, please
email me.
Thanks to all that forwarded this newsletter (please feel free to do so) and to
all that subscribed this past month.
Okay, ready to start "OverHalling"?
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2. OverHalling and Balance
- Show Me MY Money: What You're Worth or * net * Worth
by: Janet L. Hall
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Benjamin Franklin once said, * Time is money *. I think he wanted one to add up
how much time they spent on a particular task or job and how much money they
might have been wasting.
I do an exercise with my clients to help them discover what their per minute
worth is to enable them to see how much money they might be losing because they
are disorganized. Such as, if you are doing a non-income producing
activity for 15 minutes, you can see how your money is being spent!
It's a very simple calculation.
Your Per Minute Worth Calculation
Yearly income divided by 52 weeks = weekly income
Weekly Income divided by 40 hours (or total hours you work per week) = hourly
income
Hourly income divided by 60 = Your Per Minute Worth
Before you begin to OverHall and Balance your financial area, you need to find
out your net worth, and your spending habits. This will help assist you later
with your budget, payoffs, or long-term savings. It will also help in guiding
you with such things as your protection, investment, income
tax, retirement, and estate planning.
Your total net worth is your total assets (what you own or already have saved)
minus your total liabilities (what you owe out). I'm not going to tell you this
is as easy as figuring out your per minute worth because it's not! It will take
time and a commitment from you to determine your net worth.
TIP: I have found the best time to do this exercise is when you are paying your
bills. At that time you usually have the information needed to help you
calculate your net worth. So, if it usually takes you an hour to pay your bills,
tack on at least an extra hour this month for this exercise. For your convenience, print out and use the net worth form below. You will be writing in
your totals for each line. For instance, if you have two savings accounts, total
your balances first and then write in the total next to Savings Account.
ASSETS
Cash Reserve Totals-
Certificates of Deposit:
Checking Account:
Credit Union Account:
Money Market Account:
Savings Account:
Investment Totals-
401(k):
Bonds:
Mutual Funds:
Stocks:
Personal Totals-
Art:
Boat:
Car(s):
Furnishings:
Jewelry:
Other:
Real Estate Totals-
Home:
Second Home/Vacation Home:
Other Real Estate:
TOTAL ASSETS: $
LIABILITIES
Short-term Debt Totals-
Credit Card Balances:
Current Bills Owed:
Loans w/terms of six years or less:
Taxes:
Long-term Debt Totals-
Loans w/terms of seven years or more:
Mortgage(s):
TOTAL LIBILITIES: $
Congratulations! You did it! * Drum roll * Please!
TOTAL ASSETS: $
- (minus) TOTAL LIABILITIES: $
YOUR TOTAL NET WORTH = $
Now see if your net worth falls under A., B., or C. below, and see how you can
begin to bring some balance back to this area of your life.
A. If your total net worth is half or less of your annual income or you have a
negative number you need to REALLY * OverHall * and Balance your financial area!
~~ Pay off some/all debt
~~ Cut back on spending
~~ Stop charging
~~ Start a savings plan
B. If your total net worth is more than half your annual income but less than a
few years' income you need to * OverHall * and Balance your financial area.
~~ If you're 40 or under and own a home, you're okay for now <g>
~~ If you're 40 or over and you don't own a home:
`` Cut back on spending
`` Stop charging
`` Reduce debt
`` Increase your savings
`` Buy a home before retiring
C. If your total net worth is more than a few years' of your annual income,
CONGRATULATIONS! Keep doing what you've been doing!
Listed below are some questions to ask yourself now that you know and can see
what your net worth equals.
1. Do you have enough cash reserves to meet your needs?
2. Do you have enough protection to provide money for unforeseen emergencies (we
talked about this last issue)?
3. Do you have enough fixed assets (usually long-term; bonds are an example) to
provide or produce additional income?
4. Do you have enough equity assets (short or long-term; real estate and stocks
are examples) for growth and income?
To answer those questions, you need to know what your family and your needs and
goals are and then plan how you are going to meet them.
Quick Tips to INCREASE Your Assets:
1. Maximize your 401(k) contribution
2. Start investing
3. Get automatic deduction/deposit from paycheck to savings each pay period.
Quick Tips to DECREASE Your Liabilities:
Credit Cards
1. If you have to use a credit card, use only one major card
2. Pay more than the minimum payment on the credit card with the highest
interest rate
3. Stop charging to the highest interest rate credit card
4. Get rid of department store credit cards
5. Don't apply for anymore credit cards
Mortgage(s)
1. Pay a little extra each month towards the PRINCIPAL of your mortgage payment
2. Drop your PMI (Private Mortgage Insurance) when your home equity exceeds 20%
of your home's value (talk to your mortgage lender)
3. Refinance mortgage at a lower interest rate
4. Refinance mortgage at a lower interest rate AND finance for 15 or 20 years
instead of the usual 30 years.
5. Pay half your monthly mortgage payment every two weeks (talk to your lender)
Next month - *I Wasn't Paying Attention: Where Does My Money Go and How Can I
Get Some Back? *
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* If Something Should Happen to ME, SHE/HE doesn't know WHO to call, WHEN home
maintenance is performed, of WHERE important documents are stored. * Record all
this important information in * The little WHO, WHEN, and WHERE Booklet *
http://www.overhall.com/wwwh1.htm
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3. How to Start a Lifetime Financial Plan
by: Marg Spina
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Most of us have budgets of some kind, and have an idea of where our money goes
every month. However, sometimes budgets just don't work. Why? Because there is
usually more than just one person involved in the family budget and personal
priorities and outlooks on spending money can vary greatly.
Toss in the odd personal lifechange such as job loss, unexpected pregnancy,
illness, or injury, and you can have instant financial chaos. Planning ahead and
looking strategically at spending can reduce the stress around your family
budget.
You probably know couples who have comparable salaries but have substantially
different assets and spending patterns. The difference? If you want to have
financial security, you need to have a plan of action. It should be updated
every time your circumstances change and every time you look at purchasing a
large ticket item.
Knowing where you are going financially and choosing your course of action will
make a big difference in how you can plan for your future and your retirement.
Would you take a trip to a new destination without a map? Would you just hop
in the car and hope that you get there eventually? Think of your financial plan
as a financial road map, with the ups and downs of life's financial challenges
as detours or freeways, depending on what's ahead.
Some planning basics require that you find out what your financial goals are.
Where do you want to be financially next year, five years from now, etc. List
your priorities. What is really important to you? For some, it might be a nice
home, and their priority would be to allocate top dollar to buying an
attractive home in a nice area. For others, cars, recreational property, or
entertainment might be most important There is no right answer, just the right
choice for you.
This is the time to sit down with your partner, and discover your financial
direction and priorities together. You can't do it alone. Unless couples work
together to establish financial priorities, relationships can suffer badly. How
many people have argued about joint chequing accounts, or purchases where both
weren't involved in the spending decision. How about budget sabotage? Sound
familiar?
List your priorities and how much money you will need. Understand your income,
not what you'd like to make or your gross, but your after-tax paycheque.
Look at your assets and debts, how can you work with these creatively? Need
advice?
There are many reputable financial planners, debt counselling agencies, bank
officers, who will help you develop your personal lifetime financial plan.
Margaret Spina has a wide and varied background with personal financial matters.
Her eight years as a Regional Manager with the B.C. Ministry of Consumer
Affairs, and three years as a Debt Counsellor has allowed her to gain valuable insights into the world of consumer finance. Her articles reflect
actual consumer experiences and challenges.
Workshops Unlimited, a division of Spina Consulting, provides corporate
training, public workshops, and speakers to a variety of events.
Margaret Spina is very active in the fund-raising sector, providing marketing
information and support to community groups. Her accomplishments include
founding the first Canadian satellite of Giant Steps, a program for autistic
children, and fund-raising over $750,000 for the Little Hands of Friendship
Native Daycare, a cross cultural project. Her extensive work in creating a
community resource for autistic children was recognized in 1993 by the Governor
General's 125 commemorative medal for outstanding service to community. Last
year Margaret was honored as the YWCA Woman of Distinction for community and
humanitarian services.
You can contact Margaret Spina at mailto:spinacon@mail.ocis.net
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PRIVATE ONE-on-ONE TELECLASSES ARE NOW BEING OFFERED! I CAN CONDUCT A PRIVATE,
ONE-ON-ONE TELECLASS WITHIN THE United States. For a list of teleclasses click http://www.overhall.com/teleclasses.htm
EMAIL ME At mailto:janet@overhall.com
FOR MORE DETAILS!
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4. D-BUST Your Computer - Part 3
By: Janet L. Hall
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U stands for Uninstall
Does it seem like your computer is starting to slow down or get sluggish?
Do you have programs, shareware, executable files, e-books, or games that you no
longer need or use? Are they taking up much needed space and memory on your
computer? Well, the good news is that it's very easy and painless to get them
off your computer! All you need to do is uninstall or remove (different from
delete *) them.
The example we are going to do is for Microsoft Office (YOU MUST HAVE THE CD OR
DISK TO DO THIS ) which has many components, for example EXCEL, that you might
not use and you can uninstall them.
Click on START
Move Pointer to SETTINGS
Move Pointer to CONTROL PANEL and Click
Move Pointer to Add/Remove Programs
Double Click
Under the TAB INSTALL/UNINSTALL you will see a list of software programs that
are currently installed on your computer.
Scroll down to Microsoft Office
Click on Microsoft Office
DON'T WORRY, YOU ARE NOT TAKING ANYTHING OFF YET!
Click on ADD/REMOVE
You will get a prompt telling you to insert the CD or Disk (You can put this in
before hand). Insert the CD or Disk.
Click OK
Your screen will go through a setup and search process and then prompt you,
Click on ADD/REMOVE
DON'T WORRY, YOU ARE NOT TAKING ANYTHING OFF YET!
Now you will see the Microsoft Office Maintenance Box appear. See the check
marks under options? (If something is not checked, it is NOT installed).
Click on the box next to EXCEL to remove the check mark.
Click CONTINUE
You will get a Confirm Component Removal.
Continue answering the prompts to complete your uninstall.
PLEASE NOTE THAT ONLY EXCEL has been uninstalled and you can re-install it
anytime you have a need for it-YOU MUST HAVE THE CD OR DISK TO DO THIS.
To re-install just follow the steps you just went through.
Now, I know what you are thinking. You went through the steps BUT the program,
e-book, game, etc. that you want to uninstall was not found in the ADD/REMOVE
list.
I have a solution for those too!
Click on START
Move Pointer to PROGRAMS
Move Pointer to item in this list that you want to uninstall.
Look in the small pop-up menu for UNINSTALL
Click on UNINSTALL
TIP: Don't do what so many others have done. DO NOT go into the program and
DELETE all the * functions *, including uninstall! Chances are the program will
still be on your computer BUT NOW you have no way to UNINSTALL it!
WARNING, WARNING:
Deleting a program instead of uninstalling it can * sometimes * render your
computer useless! DO NOT uninstall a program if you DO NOT have the CD or Disk to re-install
UNLESS you KNOW YOU WILL NEVER want to use that program again! Deleting an icon will only remove the icon NOT the program!
Next month we'll be back with S stands for SAVE in D-BUST Your Computer.
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Teleclass Tapes - Three to choose from for helping you OverHall your office or
home at http://www.overhall.com/Tapes.htm
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5. Special Article - Track the TAX Papers
by: Janet L. Hall
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First let me tell you that I do not use a financial software package for my
business at this time. I tired some and found that it was more time consuming
for me then to simply put my receipts in organized folders and total them at the
end of month or year. I also keep a very detailed check register and I don't
find the need to re-enter this information into my computer.
Here's what I do and might work for you.
I have two hanging folders that I keep in my file drawer in my desk. In each of
the folders I have manila folders for each line (category) item from my tax form
that I use in my business; such as Office Supplies, Utilities, etc. As I get
receipts for those line items, I simply drop the receipt into the corresponding
manila folder. At the end of the month or year I simply add up the receipts for
those categories to get my totals to enter onto my tax form. This year it took
me a total of three hours to total my receipts and off to the taxman I went!
For days that I'm rushing or too tired to file receipts, I have a small basket
on my desk I can throw my receipts into and on my scheduled day of filing they
get filed away.
When tax season starts, set up a temporary hanging folder to put ALL your
incoming tax paperwork and forms into. This way everything is in the same place
and you won't have to go searching for that W2 when you sit down to do your
taxes.
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A Tickler File can help you keep track of all your dated materials and more!
Get rid of your in/out box, get rid of that * special place * you forget where
you put stuff! Get a Tickler File at
http://www.overhall.com/tickler_file.htm
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6. Jokes, Quotes, and Anecdotes
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~~ April is the month the green returns to the lawn, the trees, and the IRS.
~~ For we must be one thing or the other, an asset or a liability, the sinew in
your wing to help you soar, or the chain to bind you to earth.
-- Countee Cullen (1903-1946) US poet
~~ Time is one of my most valuable assets.
-- Bill Anderson
~~ I have a simple philosophy. Fill what's empty. Empty what's full. Scratch
where it itches.
-- Alice Roosevelt Longworth
~~ If it's a penny for you thoughts and you put in your two cents worth, then
someone, somewhere is making a penny.
-- Steven Wright
~~ Internal Revenue Service: The world's most successful mail-order business.
-- Bob Goddard
~~ Thinking is one thing no one has ever been able to tax.
-- Charles F. Kettering
~~ If you have a joke, quote, or anecdote that would fit
well into OverHall IT!, please feel free to email it to me.
mailto:janet@overhall.com
SUBJECT=Newsletter Jokes
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7. Products, Books, and Web Site Reviews
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Websites of interest:
~~ Fun but helpful calculators at OnMoney.com:
They have several calculators that will *spit * out your results while online;
such as * How much will my savings be worth? * but my favorite one was * How to
become a millionaire *.
http://www.onmoney.com
~~ More financial calculators at http://www.venezia-insure.com/calc.html
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That's it for this month! Next month we will look at * OverHalling * your cash
flow, budgeting, and how to save your computer information in an organized way.
Smiles, not Piles,
Janet L. Hall
Professional Organizer, Author, and Speaker
http://www.overhall.com
"If your current systems aren't working for you...
get an "OverHall"!"
Janet L. Hall is the owner of OverHall Consulting.
Janet is based out of Southern Maryland and can be
reached at 410-586-9440, 800-687-3040, or e-mail her
at mailto:janet@overhall.com.
Janet can "OverHall" your office, home, and computer clutter.
Copyright (c) 2000 by OverHall Consulting
P.O. Box 263, Port Republic, MD 20676
All Rights Reserved. Permission is granted to
reproduce, copy, or distribute OverHall IT! or any articles
by Janet L. Hall so long as article(s) is kept intact, this
copyright notice, and full information about the author is
attached. |
