The Balanced Spreadsheet-Financial News, Budget Advice, Debt help, Financial Tips, and other advice

May 31, 2010

Media Monday: History of the United States Income Tax

Filed under: Videos — Tags: , — thebalancedspreadsheet @ 11:35 am

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Hope everyone is having a good Memorial Day.  To Celebrate today I thought I would share this video I found on YouTube dealing with the history of the United State Income Tax

May 24, 2010

Media Monday: Term vs. Whole Life

Filed under: Uncategorized, Videos — Tags: , , , — thebalancedspreadsheet @ 7:20 am

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Today’s topic is Term Life vs. Whole Life insurance.  I wrote back in July about life insurance and compared term vs. whole  and wrote about my decision to go with Term.  I feel that term is a superior product to whole life insurance.  Below is clips from Financial guru’s Dave Ramsey and Suze Orman and their feelings on term vs. whole

May 17, 2010

Media Monday: The Power of Compound Interest

Filed under: Uncategorized, Videos — Tags: , , — thebalancedspreadsheet @ 7:30 am

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For this Media Monday I would like to focus on the Power of Compound Interest.  The first video is a short narrative on how compound interest works while the second is a real life example with no sound.

Every time I see the example in the second video it still astonishes me.  By starting just 10 years earlier and investing for that 10 years only, you would have more money then if you had waited 10 years and invested for the next 30!  Amazing!  So if you have not started to save for future, what are you waiting for again?

May 3, 2010

Media Monday: Maxed Out

Filed under: Personal Finance, Uncategorized, Videos — Tags: , — thebalancedspreadsheet @ 4:31 pm

Welcome to the debut of a new series that I call Media Mondays.  Every Monday I will try to come up with a video clip that has to do something with personal finances.  Today’s clip is the opening 10 minutes from the 2007 documentary Maxed Out.  Maxed Out goes in-depth into the world of credit cards and those that are impacted from college students, to those who are late on their payments, to the credit card collection agencies themselves. 

If you liked the first ten minutes then I definitely recommend you watch the whole thing as it is really an eye opener on how certain segments of the credit card industry work.  Interesting to note that this was filed before the recession of 2008-2009, I can only imagine it has gotten a lot worse since then.

April 17, 2010

Entitlement Spending Projection

Filed under: Personal Finance, Videos — Tags: , , , , , — thebalancedspreadsheet @ 9:30 am

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Have you ever looked at your paycheck and wondered what the FICA taxes withheld from your pay are for?  Well FICA stands for Federal Insurance Contributions Act and it is a payroll tax that funds programs such as Social Security and Medicare.  It is often referred to as Entitlements.  Since everybody who earns money pays into this system the question should be asked, how is my money being spent?

The two video’s below are from John Stossel’s Fox Business show on March 26th titled Stealing from our children.  Both are about 9 minutes long, but if you are short on time I recommend starting at the 3:20 mark and going through the end in the first video and going from the start to the 2:11 mark in the second video.

You might know Stossel from his work on ABC’s 20/20 show or from this famous incident with pro wrestling back in the mid 1980’s.  Even though I do not agree with him or his guests on everything I find the show to be really interesting each week.  What really stuck out to me towards the end of the video were the projected tax rates coming up in the near future.  I always knew that social security was in trouble and if I were under the age of 40 I would not count on social security in its current form.  It is just disheartening to see 6.2% (12.4% if self-employed) coming out of your paycheck each month going into a program that is heading towards insolvency.  Good thing I am not planning on Social Security for retirement income.

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