Walmart Offering Free Tax Preparation

Image via WikipediaStarting this week, free preparation of simple tax forms will be made at over 3,000 Walmart Stores nationwide. Walmart is partnering with H&R Block Inc. and Jackson-Hewitt Tax Service Inc., to set up kiosks inside its stores where customers can have their tax returns completed by trained preparers.

Last year, H&R Block offered free preparation of 1040EZ forms. To retain market share, H&R Block has offered this free service to keep customers coming through it's doors. The company had been struggling over the last few years and this strategy has worked well to keep H&R Block in the fore front of tax preparation.

H&R Block will only offer their free preparation of 1040EZ forms at Wal-Mart through Feb. 29. Block will have kiosks in about 250 Wal-Mart stores. The Feb. 29 cut off point is not much of a inconvenience because the Internal Revenue Service has reported that 40 percent of the 133 million individual returns filed were submitted before the end of February.

Jackson-Hewitt will provide free preparation of the simple forms throughout the tax season at about 2,800 Wal-Mart stores, up from 2,000 last year. Some of its retail outlets may also offer free 1040EZ prep, but doing so is not companywide policy.

While the ways to receive your refund are still the usual ways: direct deposit into a bank account or to a prepaid card, or a mailed check. Direct deposit has gained popularity because it shortens the period to a ten day time period. The I.R.S reported that last year 74 percent of refunds were sent via direct deposit.


For those that are bank less, Walmart is offering prepaid cards that the refunds can be deposited onto. There are fees but if the refund is over $1,000, then no fee is charged. If you have a I.R.S. refund check Walmart is happy to cash it for a charge of $3 for checks up to $1,000 and $6 for checks that range above $1,000.

Walmart has made filing the average tax return very simple and convenient for those that have a simple return. Thanks Walmart.

Target Redcard Gives You A 5% Discount at Target Stores

Image by smcgee via FlickrThe retail market is very competitive. Brick and mortar retailers have to compete with cost cutting online stores. Big box stores like Target, Walmart, and K-mart are fighting for the consumers dollar. How does a retailer attract and keep customers coming through their door? Target has come up with way, it's something called the Target REDcard.

The Target REDcard is a debit card that links to your checking account. It works just like any other debit card but it can only be used at Target stores. When you use it at Target you receive a 5 percent discount on every purchase.

How does it work for the average consumer?

• The immediate benefit is a 5 percent discount on every purchase. 
• There will never be any fees like overdraft or any penalties that credit cards can give you.
• There is no credit check, you only need a checking account to be approved.
• You can never get into any debt because you can only spend the money you have in your checking account.
• If you use the card on the Target website, shipping is always free.
• If you have your prescriptions filled at a Target Pharmacy, after 5 prescriptions you receive a 5 percent discount for shopping on one day, on top of the Redcard 5 percent discount.

What's the Downside on having this card?

• It's not credit. You have to pay in full out of your checking account. It's like paying cash.
• Being it's not credit, your good paying record won't be reflected on your credit report.
• If you have a checking account and you already have a debit card. Why have another card?
• Doesn't work at Target Mobile.
• Having the hassle of carrying another card. 
• Linking another card to your checking account.

Should you get this card?

If you rarely go to Target, the 5 percent discount won't amount to much. If you do go to Target often, then this card makes sense. The 5 percent discount coupled with free shipping at Target.com is a substantial savings and is another good reason to get this card.

Switching from credit to debit cards is a big part of a plan to use your money more wisely. With a Target REDcard you're helping yourself stay away from new debt and it's helping you stay on your budget. Get the card.

Paul Merriman's - Financial Fitness After 50 Kit - Review

Recently, financial adviser and teacher, Paul Merriman has been appearing all across the nation helping the fund raising efforts of your local PBS stations. At these PBS stations he has been offering a "Financial Fit Kit" as a gift when making a pledging. I received a copy of the kit for review.

First Impression.

I've been following Paul Merriman's work and podcast program " Sound Investing" for several years. He has a passion to teach people how to invest. This passion is obvious in the sheer volume of information served up in this learning experience. It took me quite a while to go through 5 DVDs and 6 CDs. Plus, Paul Merriman's latest book " Financial Fitness Forever". And don't forget a 100 page workbook. Mistakenly, I thought I had heard all that Paul Merriman had to offer, but I was wrong. I learned much more than I ever thought I would.

The 5 DVDs.

The 5 DVDs running times range from 37 minutes to 90 minutes. They answer a lot of questions that most people have about investing. In the DVDs, Paul Merriman teaches his concepts in front of a audience ranging in age from young to old. With a mix of story telling and hard facts he gets his point across in a compelling way.

These video presentations contain a lot of teaching so have a pen and pad ready to jot down a few notes. When investing, learning how and where to invest can be the easy part. The trouble comes when something goes wrong. These videos explain what could go wrong and what to do about it. Most investment and money coaches give you just the "everything is going to be great speech". Where these videos excel, is they tell you the flip side.

Paul Merriman believes it's necessary to explain the risks, mistakes, and stumbling points many investors will encounter. With over 40 years of meeting with clients he knows what to expect and wants to convey this to viewers. The hardest part of investing is to stay invested. While portfolios go through hard to stomach declines, many investors jump ship and go to a cash position. These videos explain what to do during periods when your portfolio is losing money. His main focus is to help you build a portfolio that will you ride out the tough times. These videos help you stay in control and give you a confidence that helps you make better decisions.

The 5 DVD collection titles are:

DVD #1 — “Financial Fitness After 50!” PBS Program Plus “10 Investment Guarantees Every Investor Should Know”
DVD #2 — 15 Risks Of Managing Your Money
DVD #3 — The 20 Most Common Investment Mistakes Retirees Make
DVD #4 — 20 Money Losing Investment Myths
DVD #5 — 20 Steps To Double Your Income In Retirement

The 6 CDs.

Like the DVDs, the CDs are chocked full of informative investing topics. They are great to play in the car or your CD player. I copied them to my computer to listen to, on my iPod. I listened to them at work and in the car. They are not a repeat of the DVDs, but are more informative teaching and information.

The subject matter of the CDs consist of explanations of index funds, different investments, financial advisors, and lessons from famous investors. The CDs are interesting because you getting good information from someone on the inside that knows how things really work. Investors can sometimes feel like they are not being told everything about how to invest. These CDs leaves no stone unturned in how investing works.

A 6 CD collection of money management topics:

CD #1 — Maximizing Your Financial Fitness. Topics: The Perfect Investment, What You Should Know About Index Funds.

CD #2 — Rules Of The Financial Fitness Road. Topic: Understanding How Investing Really Works.
CD #3 — The Whole Truth. Topics: 21 Things Mutual Funds Won’t Tell You, How to Avoid the Big Mistakes Pre-Retirees Make.
CD #4 — Fine Tuning Your Retirement Investments. Topics: How to Get More from Your 401(k) and IRA, Target Funds—The Lazy Investor’s Best Friend.
CD #5 — Defense, Defense, Defense! Topics: 10 Ways to Protect Your Investments from the Next Bear Market, How to Get the Most Out of Your Bond Funds.
CD #6 — Finding The Best Financial Fitness Coach. Topics: How to Select the Best Financial Advisor, Lessons from the World’s Most Famous Investors.

The Workbook.

The “Financial Fitness After 50!” workbook is designed to create an action plan and help you make the best investment decisions. This, exclusive to PBS contributors workbook, is over 100 pages and includes, 100 Investment Decisions Guaranteed To Change Your Financial Future plus recommendations for 50 more of the nation’s largest 401(k) plans. The book, “Financial Fitness Forever” by Paul Merriman, includes the first 50. And if you have your investments in any of the 10 largest fund families, you won’t want to miss recommendations to maximize your returns whether you are a conservative, moderate or aggressive investor.

I'll say it again, the amount of good information taught in this kit is very thorough. It can be compared to a mini-course in investing. The workbook explains in simple terms the basics of investing. It has information that never has been published anywhere else. It is exclusive for this kit. The workbook is divided into 101 questions that help you explore and learn what's right for personal investment goals. It has actual portfolio recommendations for all the different 401(k) investment choices or employee sponsored retirement plans. The questions are subdivided by subject.

If you weren't satisfied with all the information the DVDs and CDs have, the workbook adds much more information. It shows you in black and white even more ways to invest for higher returns. Some people don't like to watch or listen to media for long periods of time. This workbook solves that problem.

The Website.

When purchasing the Financial Fit Kit you receive a card with an access code to use when going to Paul Merriman's Financial Fit Kit website. This website is only for those that have made a donation to PBS and received the kit. At the site you can download a digital copy of the workbook to print out or view on your computer screen. There is a blog where new content is updated regularly. Also Paul has his specific investing recommendations for whatever 401(k) plan you have. Using Vanguard Funds, T. Rowe Price, Fidelity, and TIAA-CREF funds you can build a portfolio using Paul Merriman's recommendations.

At this website Paul Merriman and other experts will personally help you figure out what it takes for you to take better care of your savings. Here you will be able to ask Paul Merriman questions to help you be more successful with your money. This alone is worth the price you pay. This website is only for PBS contributors who have donated and received the kit.

What's the cost of this Financial Fit Kit?

For a pledge of $65 you receive a DVD of the PBS program, “Financial Fitness After 50!” along with a bonus presentation.

For a pledge of $150 you receive the complete Financial Fit Kit including Paul Meriman's new book “Financial Fitness Forever!” I recently wrote a review of the book. The review can be found here:

Book Review - Financial Fitness Forever: 5 Steps to More Money, Less Risk, and More Peace of Mind by Paul Merriman

I recommend this kit if you want to be successful in your retirement investing. I like this kit because it teaches you how to invest correctly and shows you how to do it at a minimal cost. You can eliminate having someone do your investing for you because you will learn how to do it yourself. If your a hands-on kind of person this kit is for you.

Final Take Away:

All through this material, I saw references and academic information to back up what was presented. I felt confident that this information wasn't just opinion but fact. This will be a great reference that can be used over and over again. Having this kind of knowledge will only help you make better investment decisions. 

You can get your own Financial Fitness Kit here, here and here.

While donating to PBS your helping a great cause and benefiting yourself at the same time.

5 Smart Things To Do In January

Image via WikipediaIt's the beginning of the new year and now is the time to start your list of productive things that you and I should be accomplishing now. This month will be a busy one because the work we get done this month will set the pace for the rest of the year. You need to check over your finances to see if you are doing all you can to make this year a great one.

On the to-do list:

Automate your Finances.
Is your pay check direct deposited in the bank? Why waste time driving to the bank to just deposit your check every one or two weeks. Save time and money by setting up direct deposit.

Set up automated transfers to savings to pay yourself first. The next smart step, after direct deposit, is to get funds into savings right away so they can begin earning dividends from the get-go.

Automate your mortgage payment. Even with the typical grace period that most mortgage lenders allow, it’s always a good move to take care of that big monthly payment. Again, you’ll never have to worry about making the payment on time.

Automate minimum credit card payment or payments. The penalty for a late credit card payment is not pretty. Set up an automated payment to cover at least the minimum due on all your credit cards; you always can pay additional amounts so you retire those debts as soon as you can. Set payments a few days before the due dates to protect your credit score.

Arrange to have any overdrafts automatically covered from your savings account. Even if an overdraft is rare in your household, it can happen to the best money managers. Make sure you can cover any inadvertent overdraft with a direct transfer from your savings account and there’s another worry you’ll never have again.

Get organized.
If you're like most people, you are not organized. You have stacks of papers and mail you have been saving to look at later, but never get to. Look in your closets and try to find something to throw out. We all have things in closets that we will never use again. Why not throw away the junk and donate some of the better things to Goodwill.

Check out the garage, a source of larger clutter. Through away the junk and make room for your car. If you look at it like you are moving to a smaller home, you can see what is not necessary to keep.

Spending and savings goals.
Dig out the budget and see if there are ways to fine tune it more. See if you can squeeze a little more savings from your budget by cutting expenses. The extra money can be used to pay off debt, save, or go on vacation.

When saving for retirement, college, or other major life events it's a good idea to see if you are still on track. Checking where you are and making mid-course changes will keep you going towards your goals.

Reevaluate your debts.
If you are paying on a mortgage, student loans, or credit cards it is time to see if you can possibly accelerate the process. After making monthly payments to debt you get so automated you forget to see the progress your making. You should check to see if you are making the correct payments. You could be paying to much to one debt and to little to another. You should see if it is possible to increase the amount of the monthly payment so you can be finished sooner.

Plan ahead for future needs.
This should already be a part of your budget. The problems and expenses that will come up during the year makes it unnecessary to save for. Those things are vacations, next Christmas, new cars, educational needs for the children, and large purchases like TV's and appliances.
This list only scratches the surface of things to do this month. Add to it some of the things you will be doing.