Collecting and Selling on EBay

If You're Collecting, Ebay Selling is for You!

If you or someone you know is interested in collecting, Ebay selling is something you need to get familiar with!  Ebay is a huge Internet site that allows people to sell or buy at auction almost anything you can think of.  There are very few restrictions on what you can buy or sell.  Are you fond of antique toasters? Bicycles?  Vintage rhinestone jewelry?  Stuffed toys?  Elvis memorabilia?  Whatever you are collecting, Ebay selling will probably have what you want.

Ebay is essential to know about if you are enthusiastic about your collecting.  For instance, if you collect a particular type of antique or vintage dishes, such as Fiesta, you can search Ebay for exactly the piece you need to complete your set.  In addition to finding the exact item you are looking for, there is a possibility you'll get it for a great price as well.  That tangerine colored pitcher might be yours for a song.  You just have to look.

Collecting is one thing, but what about when the collector gets more items than he or she can store?  What if they inadvertently collected duplicates of the same item.  Or what if you just have stuff you don't want anymore?  That's where Ebay selling can help.  You can list your item on Ebay, and another collector can find it and make a bid.  Ebay is a great way to recycle unwanted used items and make a few dollars as well as helping you with your collecting.  Ebay selling is not hard to learn, either.

For just about every item you can name, someone somewhere collects it, and they are probably searching Ebay for what they want.  So whatever you are collecting, Ebay selling can help you generate the money needed to add items to your own collection while getting rid of things you don't need.  In addition, you can be gratified to know that the item you didn't want, like the bikes your kids have outgrown, or your vintage clock, was exactly what some other collector was seeking.

Just like collecting, Ebay selling can get almost addictive.  It's a fun hobby that many people are discovering.  So where do you go if there's something special you are collecting?  Ebay!  Selling, you'll find, is almost as fun as collecting, so be sure to try it, too.  Remember, too, that Ebay can not only help you complete your collections.  It can also be a source for the things you need for other hobbies, interests, and needs in your life.

Strange Bedfellows

Strange Bedfellows

June 1, 2017 • Karen DeMasters
Financial advisor Chad Willardson worked very hard recently to get elected to a job that had no financial training requirements whatsoever—treasurer of Corona, Calif.

In that position, he is in charge of investing the city’s $250 million bond portfolio. His predecessors were in charge of the same fund, but he says they didn’t have his financial or investment training. They came into the job cold.

More often than people realize, elected officials in the U.S. have no financial training when they are put in charge of public budgets and pension funds on the local, state and national levels. Even when an official is not directly in charge of a financial department, he or she is frequently expected to weigh in on the financial consequences of legislation.

Sometimes financial advisors or those with similar backgrounds decide to tackle the rigors of campaigning and accept public offices themselves, but it doesn’t happen enough, say industry people.

Willardson, the founder and president of Pacific Capital, a wealth management and financial advisory firm, never had any political ambitions himself. But he wanted to make things better in the community where he and his family work and live. Leaders in Corona, a growing city of about 162,000 residents, asked him to run for treasurer in a nonpartisan election, and he is now starting his first four-year term.

“A lot of cities are in financial trouble and there are many of us with financial expertise who can make a real difference,” he says. “Managing the city’s portfolio was like taking on a new client for me, but it is a very important client. It was easy to fold this in with what I already do as a business.

“I don’t think we can afford to place our investments in the hands of politicians,” he says.

Willardson is using the same resources for the city that he uses in his business, and he has brought in a third party analyst to help show the officials how the city can increase yield and reduce costs on its investments. “My goal by the end of four years is to show how much we have improved with our investments,” he says.

The ways advisors get into the public arena differ, but the goal of effectively influencing public policy so that financial consequences are taken into consideration is the same for most. Some advisors who have taken the public servant plunge are battling financial issues on the state level. Heather Bishoff, co-owner and chief financial officer of Bishoff Financial Group in Worthington, Ohio, an asset management and retirement planning firm, started with a seat on the local board of education when she saw teachers being let go and programs being cut. But she soon found that school funding is a state issue.

She is now a Democratic member of the Ohio House of Representatives in her third two-year term facing numerous challenges in a state ranked fifth worst in the United States for taxes. “It was extremely intimidating to run for office, but we need more people who are financially minded to be at the forefront of these issues. There are public policy issues on expenditures and taxes that affect people on a day-to-day basis,” she says. “We have to put our money where our mouth is, so to speak.”

“I’ve had my say, but, despite my pleas, Ohio has raised a lot of taxes,” she says. “What tends to happen when non-financial people make decisions about public policy is they trip over a dollar to save a penny. As financial advisors, we think long term and for taxpayers it should be the same. I am too passionate about this to see shortsighted public policy made. As financial advisors, we know you sometimes have to make investments up front to save money later on.”

As an added bonus, Bishoff says her children love her holding public office. “They feel special. They know I am good for a peanut butter sandwich for them, but I can also stand on a mountain with a sword and let my opinion be known if need be.”

Another bonus is that holding public office can give a financial advisor added exposure, says Doug Lyons, founder of Douglas J. Lyons Financial Group, a wealth management firm in Red Bank, N.J. Lyons was encouraged to run for office in his hometown of Bay Head, N.J., he says, but commuting to New York City every day left him with little extra time. After opening his own business in the suburbs, he had more time.

A Republican, he is now in his second three-year term as a Bay Head councilman in charge of the finance committee. Lyons encourages all financial advisors to serve in public office as a way of giving back to the community. Being in public office gives an advisor more attention but it also means taking the good with the bad, he notes.

“People will unload their complaints about local issues on you at parties, but as a financial advisor you deal with all kinds of individuals, so you can bring a unique skill to the table in knowing how to deal with people,” he says. “Absolutely, I would encourage other financial advisors to run for office.

“In Bay Head, there were issues in the finance department that needed to be dealt with and I think I brought a new perspective that would not have been there without me,” Lyons adds. Since he has been on the council, he has helped deal with full-time and part-time employee issues.

Advisors in general often show a high level of engagement in their communities, some by running for public office, others by taking different actions, says Blaine Aikin, chairman of the Certified Financial Planner Board of Standards Inc.’s board of directors.

“Financial advisors are highly engaged in people’s lives and understand behavior and they know how to bring reality into the picture,” Aikin says. “Sometimes what we want to do is not realistic: Advisors have to point this out all the time, so they know how to work with people to show them what the trade-offs of proposed legislation might be.”

But being in politics can be divisive, and some advisors may not be comfortable with that. “Many people may not realize a public official needs to be a fiduciary, just like a financial advisor needs to be one,” Aikin points out. “They need to act in a way that is best for their constituents” on decisions about whether to, say, pursue revenue growth or focus on other goals like land preservation. In this way, they are acting just as advisors need to act—in the best interests of their clients, he says.

Many advisors still hesitate to jump into the political arena, adding more work to what is probably an already busy life and potentially creating enemies along the way, says Paul H. Auslander, the former Financial Planning Association president and chair, who has held leadership positions in the financial community nationally and in Florida where he works and lives. Auslander is the director of financial planning at ProVise Management Group LLC, a fee-based financial planning and investment management firm in Clearwater.

He was selected in 2007 by Florida’s chief financial officer to serve on the state’s first Financial Literacy Council for a four-year term. The council, created by the Florida Legislature, was asked to study the financial issues that affect consumers without basic financial knowledge. The council made recommendations to the legislature on how to help consumers increase their knowledge of these issues.

Auslander is known for urging financial advisors to apply their skills to public policy issues by taking on elected and appointive offices. “Financial advisors in public offices are needed more now than ever, but many do not run because of the time-consuming complications of dealing with their own compliance issues for their firms, or because of a disdain for the political process,” he says.

“I would like to see them do it because they see it as a noble method of service, but most are not interested,” he says. “Some cataclysmic event may spur them to act, but they should not wait until something drastic happens.”

The U.S. Department of Labor’s fiduciary rule, which requires advisors who deal with retirement planning to act in the best interests of their clients, is a perfect example of a law that needed more financial experts weighing in on it, Auslander says. The rule is now set to go into effect in June. “The rule was a great idea in concept but then something went wrong and it is just bad legislation now, which is a shame,” he says.

The reward for those who accept the challenge of being in public office is that “you feel like a public piñata,” says Frank Astorino, a Republican councilman in his third term in North Caldwell, N.J. He heads the Astorino Financial Group, a wealth management and financial planning firm in Fairfield, N.J.

Curren Events

Now is a good time to get started on some important year-end financial tasks. Wouldn’t you rather enjoy the holidays with family and friends than scramble to meet

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Here’s a list of 10 smart money moves to consider—some that need to be addressed by December 31 and others that are an important part of a year-end financial check-in.

Most of them can be accomplished quickly, but the benefits can last a lifetime.
1.     Size up your portfolio.

This year’s stock market swings may have changed your mix of stocks and bonds. You may need to bring your portfolio back in line with a diversified mix that is appropriate

for your situation (read Viewpoints: “The pros’ guide to diversification”). For help analyzing your overall portfolio, choosing a target asset mix, and rebalancing your

portfolio to bring it in line with that target mix, use Portfolio Review (login required).
2.     See if you may be able to put any losses to work.
Ten things to do before year end

Tax-loss harvesting might sound complicated, but the principle is pretty simple. Offset your realized taxable gains on your investments (capital gains) with losses (capital

losses). That means selling stocks, bonds, and mutual funds that have lost value to help reduce taxes on gains from winning investments. (Of course, you don’t want to

undermine your long-term investing goals by selling an investment just for tax purposes.) Tax-loss harvesting needs to be done by December 31. For more information, read

Viewpoints: "Harvesting losses: One benefit of a correction."
3.     Give to a charity or your family.

Give to others. Charitable donations are an effective way to reduce your taxable income when you itemize on your tax returns. If you’ve been meaning to make a donation

and want to lower your tax bill for 2015, be sure to make your contributions by December 31. Now is also a good time to clean out a closet or basement and donate clothing

and household goods. Remember to get receipts for non-cash donations.

Give to family members. You are able to give up to $14,000 a year to as many individuals as you choose without paying gift taxes, which helps reduce the amount of your

estate. You can give cash, stocks, bonds, and portions of real estate. You must do this by December 31. Read Viewpoints: “Getting serious about your giving?”
4.     Bundle your tax write-offs.

One way to maximize the value of tax deductions is to bunch two years’ worth of itemized deductions into a single year, especially if you expect your income to be higher.

For example, if you have unreimbursed work expenses that you incurred early in the year, you might be able to pull next year’s expenses into this year and double up your

2015 deduction.

Consider making an extra mortgage payment or prepay taxes (state and real estate) to allow additional deductions. For tax-deduction tips, read Viewpoints: “Tips for

deducting more at tax time.”


5.     Max and match: Reduce your taxable income and save too.

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 Even if you contribute regularly to your 401(k) or 403(b), take a few minutes to see whether you can make an additional contribution before the end of the year—especially

if you aren’t on track to contribute the full amount your employer matches. The maximum you can contribute in pretax dollars for 2015 is $18,000, or $24,000 if you’re

age 50 or older, and contributions must be made by December 31, 2015.

You may be able to reduce your taxable income1 by making a contribution to an IRA or spousal IRA. While you can make an IRA contribution for 2015 by April 18, 2016 (the

tax-filing deadline for 2016 due to a federal holiday), doing so now will give your money more potential to grow in a tax-advantaged way. The maximum contribution is

$5,500 per person ($6,500 if you are age 50 or older) or 100% of employment compensation, whichever is less. For age-based tips on retirement savings, read Viewpoints:

“Retirement roadmap: rules of the road.”
6.     Use the money in your flexible spending account.

There are two types of flexible spending accounts that allow you to set aside pretax money and then reimburse yourself, with calendar-year “use-it-or-lose-it” deadlines:

health care and dependent care. The U.S. Treasury Department has relaxed the rules a bit this year. Employers can allow participants to carry over up to $500 in unused

funds into next year, so make sure your balance doesn’t exceed that. Some plans allow you to submit 2015 claims until March 2016—check with your employer.
7.     Do a financial reality check.

Understanding how you are saving and spending can be a valuable step to helping put your financial house in order. You don’t necessarily need to manage every penny.

Consider our guidelines: Not more than 50% of your take-home pay should go to essential expenses, 15% of your pretax income to retirement savings, and 5% of your

take-home pay to short-term savings. Use our saving and spending checkup to see where you stand.
8.     Check the beneficiaries on financial accounts.

When reviewing your investments, also make sure you have designated a beneficiary for each account. This can be as important as writing a will, but it isn’t as complex. It is

especially important if there have been changes in your life, such as a birth, a death, or a change in marital status.

One important point to keep in mind is that retirement accounts pass directly to named beneficiaries, rather than becoming part of your estate. This can provide significant

tax advantages for your heirs.

If you are married, keep in mind that most employer-sponsored retirement plans automatically designate your spouse as the beneficiary unless you name another

beneficiary and your spouse has consented in writing. For more details, read Viewpoints: “Five ways to protect what’s yours.”


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 9.     Go for tax-free growth: Consider converting a traditional IRA to a Roth IRA.

Who wouldn’t want the tax-free growth potential and withdrawals in retirement that a Roth IRA offers?2 The problem is, not everyone can contribute to a Roth IRA because

of income limits. But you may be able to convert existing money in a traditional IRA or other retirement savings account into a Roth IRA. Because pretax contributions and

gains in a traditional IRA are generally considered taxable income when you convert, later in the year is a good time to take a look. That's because you have more

information about your taxable income for the year, which may enable you to convert a more targeted amount to ensure that the income from the conversion doesn’t bump

you into a higher income tax bracket.

If you don’t have an existing traditional IRA, you may want to open one, make a nondeductible contribution, and convert it to a Roth IRA before it accumulates any earnings.

That way it would not be considered taxable income. See if a conversion may make sense with our Roth Conversion Evaluator.
10.     If you’re age 70½ or older: Take your minimum required distribution.

Beginning when you turn 70½, IRS regulations generally require you to withdraw a minimum amount of money each year from your tax-deferred retirement accounts, like

traditional IRAs and 401(k) plans, or pay penalties of up to 50% of your minimum required distribution (MRD).3

If you reached 70½ this year, you have until April 1, 2016, to take your 2015 distribution, but it still might be a good idea to do so before the end of this year. Why?

Because if you wait, you’ll have to take two distributions in one year (the grace period applies only to your first distribution, so your 2016 MRD will have to be taken before

December 31 of next year). That could push you into a higher tax bracket for 2016.