Five Ways Fantasy Baseball is Like Personal Finance

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I had my draft for my fantasy baseball league I’m in earlier this week.

I’ve been in the league with these particular guys now for over ten years.  It’s not a money league but we’re real competitive nonetheless.

I gotta say I’m real excited!  Real baseball starting soon (go Mets!!) and I love following baseball along-side my fantasy league.

As I was going through all of my work for the draft I realized that fantasy baseball is a lot like personal finance.  We could probably learn a thing or two about personal finance from fantasy baseball.

Without further ado here are five ways fantasy baseball is like personal finance:

Fantasy baseball and personal finance

Research

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What You Must Consider Before Opening a Brokerage Account

Picking stocks

Shopping for a brokerage account is very unlike choosing a bank.

People often choose a bank based primarily on a convenient location.  Since banks are tightly regulated, and all provide essentially the same services, convenience can be the deciding factor.

There’s a lot more to consider when opening a brokerage account however, since the transactions you enter into with investments will be both more complicated and more diverse.

Consider the Following When Opening a Brokerage Account

Investment choices

How important investment choice is to you will depend on what you intend to do with the account.

For the most part, you’ll want a brokerage account that has the widest investment choices available.  That will include stocks – both foreign and domestic – mutual funds, ETF’s, options, REITs, bonds and other debt securities, and even commodities.  You’ll also want the investment choices within each asset class to also be as wide as possible.

But if you plan to maintain the account for a very specific purpose, you may be more interested in a specialized account.
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TurboTax Online Federal Giveaway

The tax filing due date is quickly approaching!  Have you done your taxes yet?

If you haven’t then I’m here to help.


TurboTax - Choose Easy
The kind folks at Intuit (TurboTax’s parent company) have given me a promotional code for one TurboTax Online Federal Filing product, up to a $100 value.  I’d like to pass that on to a loyal Free From Broke reader.

When I first started doing my taxes I did them myself by hand.  It wasn’t so difficult since there wasn’t a lot going on with my income but it was time consuming nonetheless.

Then I started using TurboTax.  It was immediately so much easier to get my taxes done!  Take a look at our TurboTax Online review for more information on the different TurboTax products.

TurboTax Online Giveaway

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What is Adjusted Gross Income (AGI) and How Does it Affect Your Taxes

We toss different terms around to describe our incomes, one of which is adjusted gross income, but what exactly is adjusted gross income (AGI), and is it an accurate way to describe what we make?

What is Adjusted Gross Income?

In its simplest form, adjusted gross income, or “AGI”, is the broadest measure of income from all sources, but it’s also reduced by certain expenses. (This is where the term “adjusted” figures into AGI.)

Because the income reduced, and because certain income isn’t taxable, it’s not accurate to say that AGI describes total income in any way.

AGI isn’t really a general description of income so much as it’s a term specific to income taxes.

It’s your income as the Internal Revenue Service sees it and wants us to report it.  It is everything that is reported on page one of IRS Form 1040.

But even if it isn’t an objective measure of income, it still has major implications, at least as it relates to income taxes.

AGI summarizes all of your income sources

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Bad Credit? Rebuild it With These Secured Credit Card Offers

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One of the fastest ways to build up your credit is to use a credit card.

However, if you have little or no credit history, flat-out bad credit, or if you have a poor credit rating, it can be difficult to qualify for an unsecured credit card (unsecured means you don’t have to have any money put away as insurance, or collateral, for any purchases you make — it’s what most credit cards are).

Creditors have stepped up their lending standards, and you might not have such an easy time getting a credit card that isn’t secured by some type of asset.
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ReadyForZero | Review – Pay Off and Manage Your Debt

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Some people just have a single loan or two that they want to get rid of.  Others have so much debt that what they really need most is an hour or two with a bankruptcy attorney.

But for everyone in the vast space in between the two extremes is an online debt management tool called ReadyForZero.

It isn’t a traditional debt management service that will actively manage your debts for you, but a debt management tool that will give you what you need to do the job yourself.

How ReadyForZero Works

When you sign up for ReadyForZero it links to your loan accounts and assembles your information – account balances, interest rates and minimum payments.  This will include not only credit cards, but also student loans, car loans, mortgages and any other loans you have.

It will display the information on all of your accounts on a single page and update it daily.  This will provide you with that all-important big picture view of your debt situation in one convenient place.
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President’s Day Money Quotes

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In honor of President’s day here are quotes from twelve of our esteemed leaders:

All the perplexities, confusion and distress in America arise, not from defects in their Constitution or Confederation, not from want of honor or virtue, so much as from the downright ignorance of the nature of coin, credit and circulation.

-John Adams

It’s clearly a budget. It’s got a lot of numbers in it.

-George W. Bush
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