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Just Jeff
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Time Value of Money

by Power User Just Jeff on May 13, 2013

Time Value of Saving and Investing Money

  • When you hear someone talk about the time value of money, they mean that it’s not only the amount of money that matters, but also when you give or get that money.
  • If you’ve got a savings account or an investment account, such as Boosting on FanBox, look at your latest statement to see what interest rate your money is earning. If you don’t have a savings account, consider opening one and contributing regularly — even small amounts can add up over time.
  • Figure out the value of your money over time using your interest rate; waiting for your interest to build means a bigger payout later. Think about using an online savings calculator or present value or future value calculator to help.

You have won a cash prize! You have two payment options: A - Receive $10,000 now OR B - Receive $10,000 in three years. Which option would you choose?

  • If you're like most people, you would choose to receive the $10,000 now. After all, three years is a long time to wait. Why would any rational person defer payment into the future when he or she could have the same amount of money now? For most of us, taking the money in the present is just plain instinctive. So at the most basic level, the time value of money demonstrates that, all things being equal, it is better to have money now rather than later.

    But why is this? A $100 bill has the same value as a $100 bill one year from now, doesn't it? Actually, although the bill is the same, you can do much more with the money if you have it now because over time you can earn more interest on your money.

    Back to our example: by receiving $10,000 today, you are poised to increase the future value of your money by investing and gaining interest over a period of time. For Option B, you don't have time on your side, and the payment received in three years would be your future value. To illustrate, we look at a timeline:
  • If you are choosing Option A, your future value will be $10,000 plus any interest acquired over the three years. The future value for Option B, on the other hand, would only be $10,000. So how can you calculate exactly how much more Option A is worth, compared to Option B? Let's take a look.
    Future Value Basics
    If you choose Option A and invest the total amount at a simple annual rate of 4.5% (much more than that if boosting on FanBox), the future value of your investment at the end of the first year is $10,450, which of course is calculated by multiplying the principal amount of $10,000 by
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Disability Claims Skyrocket

by Power User Just Jeff on April 11, 2013

Disability Claims Skyrocket

The number of Americans on disability is skyrocketing due to the recession, an aging population and a decade of war.

NEW YORK (CNNMoney)

The number of Americans getting some type of disability check from the federal government is soaring.  Is FanBox the answer for some of these?

Since 2003, there's been a 29% jump in Americans with little or no work experience getting disability payments, according to the Social Security Administration. Over the same time, there's been a 44% increase in disability claims by people formerly in the workplace.

Disability claims among veterans are up 28% since 2008, according to the Department of Veterans Affairs.

All told, the federal government spent nearly $250 billion in 2011 paying more than 23 million Americans some type of disability claim. That's about 7% of the overall population, and 16% of the workforce.

Those numbers don't even include people out on worker compensation claims -- which are mostly paid for by private companies. Five states also offer short term disability, and there are nearly 1 million workers receiving private disability insurance.

But the Social Security-administered program that pays disability claims will likely run out of money by 2016, forcing politicians to either cut Social Security benefits, raise taxes or, most likely, dip into general Social Security funds for the money.

There are many reasons for the increase in disability claims, most notably the recession, an aging population, advances in medical technology and a decade of war.

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Deputy's Gun Kills Wife

by Power User Just Jeff on April 10, 2013

Deputy Daniel Fanning of Wilson County, Tenn., was showing a house guest his guns when a four-year-old accidentally shot and killed his wife, authorities said

NASHVILLE, TENN.  Authorities say a 4-year-old who gained access to a loaded gun during a family cookout has shot and killed the wife of a Wilson County sheriff's deputy.

The shooting took place Saturday evening inside the Lebanon home of Deputy Daniel Fanning. Authorities say the deputy and a male relative had been looking at firearms in a bedroom when the 4-year-old picked up a loaded gun on a bed and fired it once, hitting

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8 Tax Mistakes

by Power User Just Jeff on March 23, 2013

8 Tax Mistakes You Can't Afford to Make

By Dan Caplinger | More Articles |  
March 19, 2013 | Comments

As the April 15 tax-filing deadline approaches, you're running out of time to get your taxes done. But smart tax planning doesn't start in April. To truly get on top of your taxes, you need to always be thinking ahead. As you prepare your 2012 return, don't forget about changes you can do right now to make your 2013 tax situation a lot better.

The best way to make taxes a lot less painful is to avoid making unnecessary mistakes. Below, we'll look at eight things taxpayers commonly do wrong that can cost them thousands of dollars in extra taxes.

Recommendation: Pay less in taxes by using the many special tax-favored accounts that the IRS allows.

  • IRAs, 401(k) plans, and other employer-sponsored retirement accounts.
  • 529 plans and Coverdell Education Savings Accounts, which offer tax-free growth when proceeds are used for approved expenses.
  • Health savings accounts and flexible spending accounts provide tax benefits for your medical spending.

Bottom line: Not using these accounts is like handing over free money to Uncle Sam.



Recommendation: When possible, opt for longer holding periods, since the capital gains rate you pay depends on how long you held the investment.

  • Hold an investment
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Work Injury Lawyer

by Power User Just Jeff on March 25, 2013

Work Injury Lawyer

A work injury lawyer is experienced in dealing with the complicated workers’ compensation system and is ready to help maximize the workers’ compensation benefits you receive. Why should you hire a work injury lawyer after you get hurt at work? For the same reason you wouldn’t hire a plumber to fix your roof. You want a lawyer who’s experienced in on-the-job injury cases. A work injury lawyer will usually give you a free consultation, so you have nothing to lose by consulting with one about your work injury.

How are you going to pay your accident-related medical bills?

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