Happy New Year – The Business End of Christmas

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by Images_of_Money, flickr.com

Christmas is for kids everyone says, I agree. Then I guess the New Year is for adults? Then perhaps New Year’s resolutions are for adults too. What are the typical resolultions: lose weight, be happier, make more cash, be a nicer person , the list goes on, but there’s another one that’s on my most people’s list – get out of debt.

At Christmas we wonder what gifts to buy, the New Year is when we wonder how to pay for them. It’s exactly at this time of the year that peoples’ debts are increasing, so in a sense the New Year is the business end of Christmas. It’s certainly the time for looking at our credit card statements at least.

Who exactly does it affect

It’s been said that one in three people go into debt around Christmas. Debt is not only a risk to our financial well-being, but also to our relationships and even to our health.

According to Debt Advice a leading organization that gives free advice on peoples’ debts – it’s the leading cause of breakups. Actually it ranks higher than other factors such as unemployment, illness, gambling and alcohol problems. Although It’s hard to see how they themselves are connected to peoples’ debts.

It’s also said that 44 % of people in the UK alone, are now under the burden of non-mortgage debt. That’s a lot of families with debt problems! Many of these families will fail to make their payments.

I’m no better than you

I have no intention of telling you about how I crawled out of debt, or of how I never had a debt problem in the first place. But I will mention, that debt doesn’t only affect the adults – kids feel it too. I can recall time when my father whispered to me to crouch down, and hide from the man who was knocking on the front door. He may have been a legal sort of debt company or something even worse, I never found out, that’s often the problem with debt.

Talk to loved ones

Don’t hide your debt, don’t ignore it. Debt can seem like a terrible shame and burden. But that’s exactly when you need communicate with your family or partner. Your family needs to understand what you’re going through.

My Mother who was very able woman with money,  but she had the worse kind of surprise one day. I can’t remember how she found out, perhaps it was a letter, anyway the result was she found out her husband had taken out a second mortgage against our home – the first was almost paid off! Thanks dad!

Nobody ever knew why he did it, but he hid it, and even more dangerously ignored it. My father really was the perfect storm when it came to letting his debts spiral out of control.

Bottom line get the family on board with financial decisions. They can push you, or stop you, encourage you and or support you. They can’t do anything if they don’t know. Talk to someone you know, who’s been through it, or call a national debt line or something for free advice on debt. Good advice can often come free.

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Pamela Anderson – Why Can’t Stars Pay Tax?

About The Woman - Pamela Anderson, a woman, photo woman, woman photo, picture woman a beautiful woman

By DARREN ST0NE, flickr.com

We know it, “Tax not so bad a voice to slander music any more than once.” Shakespeare knew it, and now does Pamela Anderson. What does this quote mean? Not sure. But I hope it means he didn’t like taxes either, if it doesn’t I’m going to look a bit daft. There’s one thing that’s certain however, the Baywatch beauty, a woman who’s assets have never gone unnoticed, is now feeling the painfully intense gaze of the IRS. That’s right their scrutinizing her assets, or more precisely the tax income generated by them.

So how much tax trouble can a woman get into? Well according to TMZ, quite a bit. Poor Pam owes the IRS $370,000. It’s far from the first time she has appeared on the top list of delinquent tax payers, she also appeared on it in 2009. What is about the woman and her tax issues? But let’s be fair, she’s not the only one. Stars have had a long troubled relationship with the IRS over the years.

The beloved Lionel Richie had a $1.1 million tax bill slapped into his hand in April, for taxes allegedly unpaid since 2010. He later released a statement that he was unaware of it, and that he was dealing with it.

Tax shy stars

If Richie and Pam weren’t enough then these tax liens (could stay tax Aliens) have been filed to collect by the IRS:

Other tax challenged stars include Lindsay Lohan, who’s rarely out of the headlines owes $230,904, the list goes on. FYI – what’s a federal tax lien? The government’s legal claim against your property.

For the government cash is god! They will only take your property and cars as a last resort. Although it does happen, Willie Nelson famously lost nearly everything in an IRS auction – apparently he hid his guitar.

Why are stars prone to this?

Apparently it is down to massive drops in income! Let’s say you make $10,000.000 as a star then your earnings drops to a tiny amount of $1,000,000, that’s when they get into trouble. Well why didn’t you just say so? Because that makes it all okay, doesn’t it?

But stars can be saved at the last minute, Robert Downey Jr who went to jail for… that’s right drug abuse, fell $2 million behind. But came back with Iron Man.

Power to him for getting clean, and paying his bill. On the other hand, why do we even reward stars who screw up, or seem to treat them so differently? A normal guy who gets a DUI, can’t find a job. What happens to Joe the plumber if he falls behind on taxes? I’m not sure, but I know what won’t happen.

I Started off this post feeling sorry for Pam, but I changed my mind. See the full article here.

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