Credit cards enable you to spend future cashflow, income that you haven’t earned yet but expect to earn with some certainty (e.g., regular paying job, income from own business, etc).
Credit cards are temptations to live beyond your means. You are living within your means if you are able to pay off the entire balance […]
If your household’s lifestyle pushes you to keep spending income several months into the future, to live beyond your means and to rely heavily on credit cards, you probably have a credit score below 600. This puts the interest on your credit cards higher than 18% or at least an addtional annual expense of […]
If your household’s lifestyle pushes you to keep spending income several months into the future (i.e., live beyond your means and rely heavily on credit cards) and are unable to save at least 5% of your monthly income, you are in DANGER.
You are living on the edge of a financial disaster. If any kind […]
If your household’s lifestyle pushes you to keep spending income several months into the future (i.e., live beyond your means and rely heavily on credit cards), it is time to take stock of your expenses.
List down all your expenses. Be absolutely honest and categorize them into:
(a) necessary
(b) can be spent if there’s […]
One big reason for households to spend future income through the use of & dependence on credit cards (and pile up credit card interest & penalties) is the huge portion of monthly cashflow that has to go into servicing a mortgage.
During the previous period of easy housing money, financial institutions were tolerating and allowing mortgages […]
Credit cards enable you to spend future cashflow, income that you haven’t earned yet but expect to earn with some certainty (e.g., regular paying job, income from own business, etc).
Credit cards are temptations to live beyond your means. You are living within your means if you are able to pay off the entire balance […]
Failure to prepare is preparing for failure.
Benjamin Franklin
We cannot fix our problems with the same thinking we used when we created them.
Albert Einstein
images from Microsoft Clipart
Tags: Albert Einstein, Benjamin Franklin, e=mc2, problem-solving, pushing the envelope, strategic planning, thinking out of the box
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Can cash ever be a de minimis fringe benefit?
Cash is generally intended as a wage, and usually provides no administrative burden to account for. Cash therefore cannot be a de minimis fringe benefit, with one exception:
Occasional meal or transportation money to enable an employee to work overtime. The benefit must be provided so that employee […]
In general, a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for it unreasonable or impractical.
In determining whether a benefit is de minimis, you should always consider its frequency and its value. An essential element of a de […]
The IRS –applying the concept of de minimis non curat lex (the law is not interested in trivial matters)– allows exemptions for De Minimis Fringe Benefits: a de minimis benefit is one for which, considering its value and the frequency with which it is provided, is so small as to make accounting for […]
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