Heath Tax, Financial, Lifestyle and Career Tips

New legislation update: The Worker, Homeownership and Business Assistance Act of 2009 extends the $8,000 Homebuyer Credit through 4/30/10 , allowing homebuyers under a binding contract an additional 60 days to close after that date.

The  credit is also now available to current homeowners. Specifically, an individual (and, if married, his or her spouse) who has maintained the same principal residence for any five-consecutive year period during the eight-year period ending on the date of the purchase of a new principal residence is eligible for a maximum $6,500 tax credit

With 2010 models arriving in dealer showrooms, the IRS has reminded taxpayers that buying a new car, light truck, motor home, or motorcycle by 12/31/09 may enable them to claim the state and local sales and excise tax deduction on their 2009 tax return. The deduction is limited to the sales and excise taxes and similar fees paid on up to $49,500 of the purchase price of a new vehicle. It is reduced if your gross income exceeds certain thresholds , but is available regardless of whether you itemize deductions.

It all started back in 1986. Jude and I met in Intermediate Accounting class at the University of New Orleans. Became friends first and fell in love. We decided to get married in our last year of college despite what our parents and friends had to say. It was so against the grain that my parents refused to continue to pay my tuition. So we took out student loans (and paid them off for the next 10 years) to make that one year work. It would have been so easy to drop out but we were determined. Jude was the first college graduate generation in his family, me only the second and only because my dad served in the Korean War and went to Louisiana State University as an older adult on the GI bill. We knew that finishing college was the first step to the lifestyle we wanted eventually.

THE MONEY POINT: ALWAYS FINISH YOUR EDUCATION AS SOON AS YOU CAN, EVEN IF YOU HAVE TO BEG AND BORROW, BUT DON'T STEAL!

THE FAMILY POINT: BE SURE YOU ARE THE BEST FRIEND OF THE PERSON YOU MARRY!

I always thought I wanted to be a doctor. Something my dad always encouraged me to pursue. But when I arrived at LSU for spring testing with a very good friend who did become a doctor, I started having second thoughts. Math had always been my favorite subject. Science just something I had to learn but not anything I felt passionate about - well, maybe in a negative way - I hated dissecting that pig! I can remember sitting on the railing with Denise and just debating back and forth...what should I pick for my major if I didn't choose Pre-Med. I have to admit just thinking that okay I liked math, just pick accounting! I remember my Dad being so disappointed and thinking that I wouldn't "get it" since I hadn't had it in high school. But accounting was only offered in high school in the non college preparatory curriculum. You don't take any accounting classes the first year of college anyway so it didn't really matter at first. Over the four years, I questioned myself many times...it turned out to be a pretty easy college degree compared to all the premed friends I was hanging around. I almost switched as a junior to a mathematics major, mainly considering it for something more challenging. But what really stopped me was thinking about the future - did I want to work in public accounting or did I want to be an actuary? I chose to stay on my path...thinking back now though, as an actuary I probably would have ended up in almost the same place I am now.

THE MONEY POINT: PICK A DEGREE THAT PROVIDES YOU WITH A PROFESSION, BUT MAKE SURE ITS SOMETHING YOU LIKE DOING (A LOT).

THE FAMILY POINT: PICK A FIELD THAT YOU WILL BE HAPPY IN DESPITE WHAT YOUR FRIENDS ARE CHOOSING OR WHAT YOUR FAMILY WANTS YOU TO. YOU'RE THE ONE WHO WILL BE SPENDING THE REST OF YOUR LIFE DOING THE WORK!