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Balancing Your Priorities with Your Search for At-Home Work
Once you've surfed the web, you can't help but notice all the ads and websites meant to hook the hordes of "work-at- home wannabes". Understandably, there's no shortage of people who want to make their living from home. Many parents want to be able...
Basics About Writing A Business Plan
Just about every nine to fiver has dreamed of leaving the world of office politics or the factory floor behind and starting a business of his or her own.
There are many reasons why owning a business is such a common dream. For one thing, owning a...
Can Nurses Be Entrepreneurs?
Yes, Nurses can be entrepreneurs. In today’s market place nursing has a unique service to offer not only to hospitals but nursing homes, private care and doctor offices. We as nurses have the skill, knowledge and motivation to be successful...
The Sickly State of Public Hospitals
There are many types of hospitals but the most well known are the Public Hospitals. What sets them apart is that they provide services to the indigent (people without means) and to minorities.
Historically, public hospitals started...
Trust in a "digital economy"
Gaining trust is one thing, retaining it is even harder. History teaches us that once trust is lost, fortunes usually disappear shortly thereafter. We may be at such a crossroads now with the most popular man-made currency ever. As Margaret Thatcher...
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Ben Franklin Didn't Quite Get it Right
When Ben Franklin said "a penny saved is a penny earned", he didn't quite get it right. Actually, a penny saved is worth more than a penny earned. Do you find this statement shocking? I am about to prove to you that what I'm saying is true.
Most people erroneously believe the best way to strengthen their financial health is to increase their income. On the contrary, saving money by cutting costs will get you there quicker. You see, it's very simple. When your income increases (with some exceptions like the part of it you put into your 401k), that extra money is taxed. On the other hand, any amount you save by cutting costs is not taxed. Therefore, $20 saved by cutting costs is worth more than a $20 increase in income.
The following (although over-simplified) example will illustrate this principle. Let's suppose that Jack and Cindy have identical jobs and incomes. Let's also suppose they shop at the same grocery store and pay about the same amount for groceries each week. Now, Jack gets a $20 per week pay increase and Cindy does not. However, at about that same time, Cindy finds a new grocery store where she is
able to save $20 per week on her grocery bill. Assuming nothing else has changed, Cindy is now better off financially than Jack, even though she did not get a raise and he did. How can this be? It's because Jack has to pay taxes on his $20 raise but Cindy does not have to pay taxes on her $20 grocery discount. Assuming Jack is in the 25% federal tax bracket (and disregarding any possible increase in his state or local taxes), he will be able to put only $15 into his piggy bank each week whereas Cindy will be able to put the whole $20 a week into hers!
Bottom Line: It is more blessed to receive a discount than to receive an equal amount in a pay increase!
About the Author
Terry Mitchell is a software engineer, freelance writer, and trivia buff from Hopewell, VA. He also serves as a political columnist for American Daily and operates his own website - http://www.commenterry.com - on which he posts commentaries on various subjects such as politics, technology, religion, health and well-being, personal finance, and sports. His commentaries offer a unique point of view that is not often found in mainstream media.
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