Why My Family Decided To Become Landlords

read this before becoming landlordsThis is a guest post by Hank Coleman who writes about personal finance, investing, and retirement on his blog, Money Q&A. Hank shares his story about how he and his wife decided to become landlords.

I will tell you that I don’t know the first thing about this topic, so I would encourage anyone that is considering it, to read this first before becoming a landlord. I know there are pros and cons into becoming a landlord, so weigh all your options before diving in. Enter Hank…..

Many corporations in America require their employees to move every so often in order to give them with career progression, new opportunities, and challenges as they move up the ranks.

My employer is no different and recently told me of an impending move.

Like many Americans, I’m faced with a daunting choice.

Do I try and sell my home or become a reluctant landlord?

The anxiety of losing large sums of money or equity is one of the greatest fears for most homeowners with an impending move. I wanted to share with you some of my family’s thought process as to how we came to our decision to become landlords for the first time instead of selling.
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The Roth IRA Movement – Over 140 Bloggers Doing Their Part to Promote Savings

Welcome to one of the most exciting posts that I have ever written here on the blog. Heck, this is the most exciting post!!

Why?   The first reason is that it’s about one of my most favorite topics – the Roth IRA.

The second reason is that I’ve created an event and was able to get over 140 personal finance bloggers, media sites, and news publications on board. I can’t tell you how exciting it is to have a passion and to have so many others share that same passion with you.

Enter The Roth IRA Movement. Boo-yah!!

You’re probably wondering what the heck is this Roth IRA movement all about. Let me explain…..

For a video explanation that includes me breaking it down to LMFAO, watch the video below. :)

Can’t see video? Click here to watch it.

It all started a few weeks ago when I was asked to speak at my Alma Mater. I was speaking to a group of soon-to-be graduating seniors with about 50- 60 in attendance. In my talk I was planning to cover savings, budgeting, and investing tips that these seniors would be faced with once they hit the real world.

When I reached the investing portion of my talk, I took a poll of the students to see how many of them had heard of my most loved investment tool, the Roth IRA.
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What to Do if You’re Audited – Avoid a Run In With The IRS

Survive IRS Tax AuditOne of the scariest financial situations that many people can imagine is the tax audit.

The good news is that your chance of being audited is relatively small. Only about 1 million, out of the tens of millions of people that file taxes, are audited each year.

Additionally, most audits are quickly taken care of through the mail. In most instances, the IRS just needs a piece of documentation from you. Make a copy (never send the original) and send it in.

However, there are some instances in which you have to go through a more involved audit process. Your best defense is, of course, to make sure that you never claim anything on your taxes that you don’t have documentation for.
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2012 Tax Law Changes You Might Not Know But Should

2012 Tax Law Changes

Keeping track of all the different tax law changes is almost as difficult of keeping track of how many times my wife wants to make a slight decor change to the interior of our home. It’s impossible!

These tax changes are the main reason I do not envy being a tax professional. My CPA earns every penny I pay him!

It never fails that the IRS is going to implement some new updates. Many of these changes are noticed and I’m sure many older men sit around in their coffee circles to debate them.

But there are several changes that go unnoticed. Even some tax preparers make overlook them. Here’s a quick rundown.
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$5k Cash Giveaway to Fund Your IRA

best places to open roth IRADid that headline get your attention?  If not, let me repeat……

Today is your lucky day that you could potentially win $5,000 in cold hard cash…..Boo-yah!!!

Have I got your attention now?   Thought so.  :)

In case you’ve missed it, I’ve been on movement lately – a Roth IRA Movement to be exact.

I’ve recruited over 125 bloggers to get on board and write about why they love the Roth IRA and it’s going down Tuesday, March 27th.   (Be sure to check back next Tuesday on the big announcement post that showcases all the participants).

As exciting as that is for me, I thought it would be THAT much more fun if I added a little flair to the movement.   And the last time I checked $5 G’s has A LOT of flair.   Wouldn’t you agree?
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The Top 95 Most Hilarious Quotes About Money

There’s nothing more inspirational that a good quote.

And there’s nothing more funny than a good quote, too.

I’ve scoured the internet looking for some of the funniest and inspirational money quotes that money can buy. Okay, not really.

funny money quotes

I’m always looking for good quotes about money and frankly got tired always searching for them. I figured it would be much easier to put them all in one place. :)

So here you have it….95 funny and inspirational quotes about money. If I missed your favorite, be sure to share in the comments below.

Funny Money Quotes

1 “Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham

2. “Money, if it does not bring you happiness, will at least help you be miserable in comfort.” – Helen Gurley Brown

3. “Money is better than poverty, if only for financial reasons.” – Woody Allen

4. “Money is not the most important thing in the world. Love is. Fortunately, I love money.” – Jackie Mason
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Unclutter Your Financial Life: Stop Receiving Prescreened Offers and Marketing Information

opt out prescreen credit card offersI hate junk mail. H.A.T.E. I.T.!

Lately I’ve been inundated with credit card offers.   See the pic to the right?   See how happy I am?  Yes, I’m being sarcastic.  

That is all the credit card offers that I received over the span of one short week.  In all, I received about 2.5 credit card offers for each day! 

How freakin’ ridiculous is that? 

Wanting to stop the junk mail, I asked Miranda to write up a post helping you opt out of your prescreened credit card offers and any other junk mail that pollutes your inbox.   You can thank me later…..

I have been receiving large numbers of prescreened credit card offers recently. In fact, my mailbox often comes stuffed with three offers from the same credit card issuer: One for me, one for my husband, and one for my business. The result is a great deal of clutter that builds up as I throw all these offers in a pile until I have time to open and shred them all.
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Best Places to Open a Roth IRA

Do you know what your income tax rate will be in the future?

The answer to that question is key to your retirement planning. If you think your tax rate will be lower in the future then it makes sense to avoid paying tax now through a tax-deferred investment vehicle like a Traditional IRA.

Best places to open roth ira

But with a mounting national debt, many people believe personal income tax rates will eventually be forced to increase.

Even if the national debt somehow gets taken care of, the government doesn’t tend to lower a tax once it is set.

If tax rates are going to go up the best retirement account for you to open if you qualify is a Roth IRA.

You will pay income tax today and never pay income tax on your nest egg again.

Where to Open a Roth IRA

Once you’ve made the decision to open a Roth IRA there are a number of companies that are happy to accept your contributions. The number of options you have can be overwhelming: do you go with a discount broker, a full-service broker, or direct to a mutual fund company?

We’re here to help you cut through the confusion to find the best company to open a Roth IRA with. (Just getting started investing? Check out our Best Online Brokers for Beginners.)
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Let’s Start a Movement (Roth IRA Style)

Update: We have over 140 + 140 bloggers, financial companies, media sites taking part in the #RothIRAMovement. Join us!Updated update: If you are taking part in the movement see HERE for more details.

When somebody says the word “movement” to me, the first thing I think about is Zumba. I wish I could tell you why, but alas I can’t.

Today, I want to talk about a movement that is near and dear to me. A movement that includes one of my most loved investing tools – the Roth IRA.

But first, a back story…..

Last week, I was asked to speak at my alma mater, SIU Carbondale.

I was talking to soon-to-be graduating seniors, giving them some tips on investing and saving once they hit the real world.

When I reached the investing portion of my speech, I had taken a poll of the crowd, asking them how many of them had heard of the Roth IRA.

This isn’t the first time that I have spoken to a class of college students and this isn’t the first time that I have asked this same question.

I’ve always had at least a few participants answer “yes”.

To my complete surprise, of the 50 plus attendees not a single one raised their hand. I could not believe it.

I know what you’re thinking:

Who cares if they didn’t know about the Roth IRA? It doesn’t really matter.

That was a question that I asked myself over and over again as I drove home that evening. The final conclusion was “Yes!”, it is a big deal. More young adults need to know what the Roth IRA is and how it can have a tremendous impact on their life.
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Share Your Bucket List and Win $500

When’s the last time that somebody gave you $500 for doing nothing?

The last time I checked, the answer is never.

If you’re a Good Financial Cents reader, then today’s your lucky day.

Today, I’m partnering with the awesome folks at Life Insurance Finder, an Australian website that helps people compare life insurance policies and they’re offering to give $500 to one lucky person.

How do you win? 

That’s the best part!  Entry is super easy.

Here’s what you have to do.  You have to list five things you want to achieve before you die.  Consider it your bucket list.  I’m all about always writing down long term goals and dreams, so if you haven’t done it, here’s your chance with a $500 incentive.

Even though I don’t get a piece of the prize, I thought I would go ahead and do my own five things I want to achieve.

My Bucket List

  1. Travel with my entire family overseas, preferably Australia.  I’m not sure what my infatuation is with kangaroos and the outback, but I’ve always wanted to go and I think it would be really cool if I could get the entire family over there too.  I know it’s a long plane ride and I’m probably asking a lot of my little kiddos, but I think it’s an adventure that they would never forget.
  2. Write at least three books, five would be better. Even though it’s going to take me about three years to finish my first book, I’m hoping now that I’ve got the grasp, it will be much easier to crank future books out.  I don’t really have any topics in mind but that’s a minor detail, right?
  3. Watch my sons graduate high school, college, and also get married. My oldest is getting ready to start Kindergarten this fall, so I know I’ve got a long ways to go, but I’m sure that any parent would agree that it would be very exciting to see them achieve each of these wonderful things.
  4. Tithe at least $100,000 in one year.  Being raised a southern Baptist; tithing has always been a part of me.  Albeit, I’ll confess that I haven’t always tithed the 10% but it is something that my wife and I are definitely working on and we should be there soon.  So if we’re going to tithe the way the bible says and give 10%, I’ll let you do the math on what my goals are on what I need to make.
  5. Celebrate my fifty year wedding anniversary. It’s been seven years since I said I do to the most awesome woman on the planet; 43 more years to go and we can celebrate the big day together.

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Emergency Alert: How To Be Prepared For a Storm

Updated 03/01/2012: I’ve lived in Southern Illinois most of my life and cannot remember a time where we were hit with such vicious wind storms.

When I first wrote this post, our area was hit what was called an “inland hurricane”. It’s the closest thing I’ve been to a hurricane and/or tornado. I never thought our area would be hit again. That is until this past Tuesday.

Harrisburg, Illinois, about 30 minutes from me was hit by an EF4 tornado killing 6, injury 100’s more, and leaving the community stunned. It’s just a scary reminder that you never know when Mother Nature is going to come and you better be ready.


If you haven’t taken any measures to be prepared for an emergency, then this applies. I’ve added newer pics that shows the preparation my wife and I have gone through. You can read more on her perspective here. If you are deathly afraid of storms, check her post out.


Overwhelmed by the storm's aftermath

Living in Southern Illinois there aren’t many emergencies that we have to be prepared for.  We will have the occasional ice storm in the winter. During the summer humidity is almost unbearable, but we’re not accustomed to much more than that.  That was until Friday, May 8th, when I experienced a storm like no other.

I was set to play in the annual Carterville Chamber of Commerce and Rotary Golf Scramble that had a tee time of 1 p.m.   It had rained all morning, but I was hopeful that it would still not prevent the days festivities.  I had no idea by the end of the day that my main concern would be whether my home was still standing and not that I had shanked my drive on Hole #9 (or every other hole for that matter).

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