One week until Black Friday (Fiscals)!

November 21st, 2009

Can you feel the excitement??? All of that black ink just waiting to be put on the ledgers??

Nah, I can’t either. ;)

Here are some interesting links from my feed reader:

A special thanks to Living With Common Cents for participating in Cash Commons for the first time this week!

Enjoy the weekend!

Posted in Roundups | No Comments »


Has Black Friday jumped the shark?

November 18th, 2009

I mean, it’s still there and all, but does it really mean anything?

And if it does mean something, what more can retailers do that they already haven’t?

WalMart Stores, Radio Shack, The Apple Store, Best Buy, KMart, Kohl’s, Toys “R” Us, and Target have already had their Black Friday ads “leaked.”   I can’t really believe that these leaks were anything but completely planned: orchestrated to create buzz.

Black Friday just doesn’t seem that special anymore. It’s gone from being a crowded, but otherwise lighthearted, shopping day to a spectacle.  People with time on their hands and a few extra layers of clothing stand out all night to grab a few loss leaders, many of them hoping only to ride the wave of hype to sell them on eBay for profit.

Then there are people who just stay out of Black Friday completely, waiting for post-holiday sales or maybe regifting instead.

Retailers need us a lot more than we need them, frankly.  It’s their bottom line that suffers if we don’t go out the day after Thanksgiving.  We, on the other hand, risk blowing our spending plan for indulgence in frenzy and a New Year’s credit hangover.

As Black Friday gets crazier, just picture Happy Days.  And change the channel.

Posted in Commentary, Shopping | 3 Comments »


Welcome to the Carnival of Debt Reduction

November 16th, 2009

Howdy!  Here are the on-topic submissions for this week’s carnival:

Thanks!

Posted in Carnivals, Debt Reduction | 2 Comments »

Here’s a great comeback when negotiating to buy a property

November 14th, 2009

It’s no secret that there are federal tax credits available for many people who are looking to buy a home.  Both first-time and non-first-time homebuyers now can play the game.

The people who are among most aware of the credits, of course, are people wanting to sell a home.  It’s not difficult at all to find For Sale signs also advertising the $8,000 tax credit, and, as I may find out soon, it will probably enter the conversation at the negotiation table.

Especially if the initial offer is a lowball offer:

“Why, Mr. M.B. Hunter, that offer is awfully low. Perhaps you aren’t aware of the $6,500 tax credit you and your lovely wife are eligible for, as qualifying second-time homebuyers?”

To which I can reply:

“Ahh, yes, Ms. Realtor®, that’s very true!  But if my job takes me away from the area and I have to move within three years, then we have to pay that $6,500 back!”

(I’d like to claim credit for thinking of this, but it was actually from a financial planner I know.)

Actually, as of right now, I’m just assuming that I’ll have to pay it back under that circumstance.  The law is new enough that IRS Form 5405 doesn’t reflect the situations of the long-time homeowner.  But if I were a first-time homebuyer (taking advantage of the $8,000 tax credit) then I’d definitely need to be paying that back if I moved within three years of the purchase.

Just as it’s a bad idea to mention your trade-in when you’re buying a car, it’s a bad idea to let tax credits enter real estate negotiations.  Why?  Because the tax credits only enter the equation after the sale, not before. It’s a red herring.  Additionally, it’s unlikely that the bank will take potential tax credits into account when they underwrite the mortgage, because it’s a bit of a financial wild card.

Happy lowballing!

Posted in Real Estate, Taxes | 1 Comment »

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