The Secret Science Club Returns to The Bell House

Nerds, Geeks, and all manner of Curious Cats listen up: The Secret Science Club is back and serving up two heaping scoops of knowledge for you baby birds on April 1st . This week’s topic? Mars. Read more

Go Green with your Clean

When you eventually settle into your first place, you quickly realize that the floors don’t clean themselves and you could spend hours trying to figure out why your kitchen smells like socks.  The solution?  Hold your nose and tackle the problems head on.  Read more

5 Tips for Hardcore Haggling

As someone who’s been on both sides of the haggling scene, I’ve seen some hardcore hagglers stand firm and score some pretty sweet deals.  On the other hand, I’ve seen the novice haggler walk away intimidated and empty handed.  If done right and used in the appropriate places, haggling should increase your chances of getting a few dollars shaved off the bottom line of a price tag.  The idea is to adopt the tried and true methods that have been proven to work.  Keep reading for 5 tips on shoring up your haggling skills.  And once you’re done?  Take a trip to the flea market and see if you can’t put some of those skills to work.

1. Research your prices.

Haggling is not about getting something at half the price.  You’re trying to get a better deal by having the shipping charges nixed or getting a 10% discount.  In order to avoid offending the seller and ruining your chances of ever getting the item, do your research.  Know what people are paying for this item brand new in the packaging and what the slightly used versions are going for.  This way, you can throw in some hard facts into your conversation that will give you some backing in your offer.

Example: “Hi, I noticed the used “House” first season box set you listed on Craigslist for $40.  I’ve been looking for a good deal on the first season, since it’s my favorite show.  I’ve seen a few listings for used sets in the $30 range — would you be willing to accept $35? (I’d rather buy from someone local so that I don’t have to wait for shipping).

.

2.  Make an Offer

Whatever you do, never ask the question “How low would you be willing to go on this?”  No  seller would ever give you this information when there’s the possibility that you would be willing to settle for a price that’s higher than their bottom line.  It also makes you look like an amateur.  You’ve already done your research on comparable prices, so be confident and make an offer — but don’t lowball.  That can be insulting and can make a seller far less willing to agree on a mutually acceptable price.

Example: “Hi there.  I really love this sofa.  Would you be willing to sell for $300?”

.

3. Haggle at Night

Walking into a thrift store at 10am and trying to haggle $10 off of the sticker price of a lamp will probably not get you very far.  The day is young, and the salesperson has the entire day to make a profit.  Getting a discounted price is far easier at the end of the day, when the salesperson is tired, and is generally more willing to accept a lower bid for an item.  By haggling in the evening, you’re making it easier to for the seller to finish off the day with an easy sell.

Example: SALES PERSON:  “We’ll be closing in 10 minutes”  YOU:  “Oh, no problem.  By the way, is this on sale?  Oh, it’s not?  Well, would you take $15 instead of $20?”

.

4.  Point out any Flaws in the Product

This isn’t being nit picky — this is proving why the seller should accept a lower offer from you.  If the product is used in any way, this is a good way to back up your reasons for wanting a cheaper price — ie there’s a stain, rip, or there’s been general wear and tear.  If the product is new or still in the package, however, this one is going to be tougher to pull off.

Example: “Well, since there’s a rip on the seat of the chair and I’ll have to sew that up, would you accept $60 instead of $80?”

.

5.  Offer to Pay Immediately in Cash

You’d be surprised at how often cash in hand will motivate a seller to accept an offer.  There’s something about having immediate cash that makes the quick decision between accepting or declining an offer often work in your favor.  However, this usually works better for less expensive items that are under $100.  If you see something you like, and it’s priced $5 or $10 above what you’d like to pay, offer to pay them on the spot with cash.  This works more times than not.

Example: “I’ll give you $40 cash for it right now.”

.

Photo credit: Clairity

SitOrSquat: Free BlackBerry and iPhone App For Delicate Times

When you gots to go, you gots to go. Unfortunately, the five boroughs aren’t very conducive to allowing one to seek relief when nature calls; public toilets are scarce and, let’s face it, they’re public toilets. Read more

How to Plan a Kick Ass Vacation and Still Make Rent

My traveling has slacked significantly since I moved to NYC.  Along with having a terminal lack of freed up funds, it’s infinitely hard to find time off here.  As if the expected 50 – 60 hour work weeks aren’t enough of a deterrent, bosses tend to often times try to dictate when you are allowed to take time off.  I guess indenturing yourself to them forty-seven weeks out of the year isn’t enough.

But once you find that coveted time slot and decide on a place to visit, you’re faced with the next dilemma: how do you plan a memorable and interesting vacation without financially strapping yourself for the next six months?  Here are a few ways that I have started planning trips that provide more than the crappy Holiday Inn hotel room and stale continental breakfast.

First, I have three words for you:  Bed.  And.  Breakfast.  The first thing that normally comes to mind when you think about a bed and breakfast are a wad of dollar signs, but that doesn’t have to be the case.  It all depends on where you’re traveling.  A bed and breakfast in NYC — you can bet you’ll pay top dollar.  A bed and breakfast in New Orleans, however can easily run you less than $90 a night in the French Quarter and Fauburg/Marigny areas — and some as low as $40 or $50.

There’s something very homey and warm about staying in a house or townhouse and waking up each morning to a fresh, home cooked breakfast in a sun room.  It makes a vacation seem like a stay with old friends.  And lots of times, the B&B host has great recommendations for sight seeing, activities, and places to eat.  I usually travel alone, and during a recent stay in Montreal, I spent more time hanging out with the host talking and relaxing and reading in the living room than I did going out and visiting the city.  And though some people would consider that to be a waste of time, it was one of the most memorable and relaxing trips I’ve ever taken — the epitome of a great vacation.

Now, let’s talk about getting there.  If there ever was a time to do some air travel, it’s now.  With the vast majority of Americans strapped for cash, if you do happen to have the funds for travel, you can snap up some excellent deals.  I always use kayak for flights, and frequently for car rentals.  I recently booked a trip to Scotland this summer, and found a roundtrip flight for $500.  Car rentals on the travel site can run as low as $20 a day, depending on where you’re renting and what size car you request, making it a perfect solution for an impromptu weekend road trip.

Another smart way to take advantage of the ailing travel industry is to look for cruises.  In 2005, when the economy was shore and the travel industry was booming, many cruise companies ordered up whole fleets of new ships.  Given that cruise ships typically take around three years to manufacture, they arrived at their docks right about the time that — you guessed it — the economy was tanking.  This resulted in a classic case of too much supply for too little demand, thus the emergence of dirt cheap cruise tickets.  Take for instance this gem which has been on the market for quite a while:  A Baja Mexico 4-day Cruise departing San Diego and visiting Catalina Island and Ensenada for only $219 ($261 with taxes).  Considering this includes all onboard entertainment, food, and beverage, you’d be hard pressed to find another deal like this one.

So to be concise, you don’t have to make a fat salary to enjoy a nice, exotic vacation — all you have to do is take some time to research and plan.  And keep in mind that saving up and taking a vacation in this economy can actually save you quite a bundle on your travel expenses.  If you’ve been putting off your dream trip for the past few years, try to save up and take it this year.  With less people hoppin’ on a plane, you’ll be able to finagle the best deal possible.

Photo credit: Zela

ING Bank Just Got a Little Cooler

Unbeknownst to me, ING (the online based bank with the consistently good APY’s) has opened cafes in a bunch of major U.S. cities — complete with free wifi and free personal finance seminars and webinars.  Who knew!? Read more

Are Young People Afraid to Invest?

Investing can be an overwhelming and daunting task when you’re young and first starting out with your investments.  But are young people today turned off by investing after seeing our parent’s nest eggs deteriorate in front of our eyes?  Or do we live in a world so focused on the here and now, that planning for the distant future seems like a nonessential task.

These questions popped into my head after having dinner with an old friend that I used to work with.  Having both worked within the financial industry, we were discussing common acquaintances and severe layoffs at all the big financial firms.  As we discussed the financial woes of the industry, I casually asked her how her stocks were doing, to which she replied that her 401(k) was down.

Assuming that she had other funds invested outside her company’s 401(k), I asked her which funds she thought were doing well during the recession, and which she personally invests in, to which she responded  “none”.  Puzzled by her answer, I further inquired as to why a financial professional would have opted to keep her money out of market circulation — I figured certainly a financial professional would have a good reason for not practicing the same values that she pitched to others on a daily basis.  But her reply was surprisingly simple:  she said that she just didn’t have the time to figure out where to put her own money and had never made it a priority to find a well performing fund that she liked or to deal with researching and buying her own stock.

Here was a woman who had spent 11 years working in the financial industry (specifically, a hedge fund), and the only money that she had personally invested in the stock market was her company’s 401(k).  So why would someone under the age of 35 not invest their money when they have plenty of time to catch a market upswing?  The sheer amount of opportunities to invest means that there are options for every type of investor — from the aggressive stock picker to the passive individual who prefers to put their money in tried and true funds and let the market run its course.

The market is not something to be afraid of.  It’s a tool that, when used correctly and responsibly, can exponentially increase your wealth (as opposed to just letting your cash sit in a savings account for 30 years).

As for my friend’s case, I chalked it up to sheer negligence.  Planning for retirement is not something you opt out of for a lack of time, it’s something you take care of regardless of if you want to or not.  The only person that you can depend on to carry you through your golden years is yourself, and if you’re not responsible enough to plan now, the future will certainly bring with it a harsh reality.  Think Wal-Mart greeter after a forty year career.

So why does investing seem to rank lower on the list of importance to younger generations?  Is it the confusing, convoluted air of the industry, the intimidation that it begets or the innumerable choices between buying individual stocks and the myriad of different funds?  Is this a case of market fear or does the future seem so distant that we’re neglecting our financial plans in lieu of living for today?

Photo credit:  Mateusz Stachowski

Coming Soon: The Northside Festival, NYC’s Very Own SXSW

Indie music fans the world over are currently in Austin Texas for SXSW Music, a celebration of all things loud, trashy, and beer-soaked. But if you’re one of the unfortunate New Yorkers who are unable to hop a plane, train, or automobile to the Lone Star State, don’t fret; L Magazine has your back. Read more

Know Your Stuff: Breakin’ Down the Roth IRA

Investing in your retirement has never been more important than it is now. With the current state of the economy, there’s not much of a reason to have faith that you’re social security payments will provide much stability to you in your golden years. With the rising costs of living and pretty much everything else, social security contributions can’t and won’t keep up with inflation, and what may barely pay your bills now certainly won’t pay them when you’re 65.

This leads us to the following, inevitable fallback plan:  start piling up your own source of future income.  Since retirement planning is such a vitally important part of everyone’s long term plan, the government has blessed us with the Roth IRA. Keep on reading for a few basics that you need to know to get started with one:

• A Roth IRA is an Independant Retirement Account which allows you to save money for retirement by contributing a set amount of money per year and letting you earn interest through investments.
• Roth IRA’s currently have a contribution limit of $5,000 a year, considering that your earned income falls below $101,000.
• The major difference between a Roth IRA and a Traditional IRA is that you are not penalized and charged a fee if you take out your contributions (not your earnings) before you retire.
• The Roth IRA is 100% completely tax-free when you make your withdrawals after your retirement age. Kiplinger gives this startling (and inspiring) example: If a 25-year-old contributes $5,000 each year until she retires and makes an average annual return of 8% on her investment, she’ll have $1.4 million saved by the time she retires at age 65. If that same 25-year-old invested that same $5,000 a year in a regular taxable account earning the same 8% return, she’d only have about $1 million after 40 years if her earnings were taxed at 15% federal. That’s more than one-fourth less money than if she’d gone with the Roth.
  

There is really no excuse against opening a Roth IRA account. It will only benefit you and it also offers this additional bonus:

• You are allowed to take out up to $10,000 tax and penalty free to purchase your first home. This is per person, so if you and your significant other both have a Roth IRA, this would give you a $20,000 limit.

To open a Roth IRA Account, you need to first decide what you feel most comfortable investing in. A lot of people choose to go the mutual fund route because it offers a more diverse portfolio (investing in many different industries as opposed to just focusing in on say, real estate). There are a few places where you can open a Roth IRA:

• A bank – this is a good choice if you want to invest in COD’s (Certificates of Deposit) and Money Market Accounts, which are less risky investments.
• A Fund Company like T. Rowe Price or Vanguard is a good choice for mutual funds because you will have a professional choosing your stocks. For these funds, you normally need around $2,500 to start, and they will usually waive the minimum if you sign up for monthly automatic deposits into your account.
• A Brokerage Firm – this is a good choice for a more seasoned investor to purchase individual stocks and bonds. Usually the same $2,500 minimum applies, but these companies tend to charge hefty fees when it comes to each trade and maintaining the account. You should always double check to make sure your fees won’t hurt you.

If you’re young, going the Vanguard route may be the way to go – you have plenty of time to increase your earnings with a much higher return compared to a traditional COD.  It’s also the best way to get a well-rounded and diversified portfolio for your money without paying huge management fees.

But if the idea of calling up an investment company is still a little daunting, set up a meeting with a financial advisor at your current banking institution.  It’s free, and they’ll be able to set you up quickly with an IRA account or at the least, give you a sampling of helpful information to get you started on the right path.

Paparazzi iPhone App Turns You Into Julia Allison

SXSW Interactive 2009 is drawing to a close today, and the LifeStyler crew had a blast on all fronts. Between the informative panels, drinks, networking, drinks, parties, drinks, dinners, drinks and even more drinks, we ran into The Human MySpace and PR dynamo JahFurry, at the Hilton who gave us the low-down on a slick new iPhone application for the party set: Socialbomb’s Paparazzi. Read more

Next Page »