by David LaGesse

This article is part of a series related to being Financially Fit

Shopping for a digital camera once seemed simple: get the most pixels for the money. But megapixel mania is over. Consumer models appear to be topping out at about 12 megapixels, which is plenty for making large prints or for cropping in closely for smaller ones.

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Most of us, meanwhile, already own at least one digital camera that takes pretty good pictures. So camera makers find themselves scrambling for new reasons to sell us cameras. The result is a flood of new features like built-in projectors, HD video, and “auto scene selection.” A saturated market is forcing camera makers to find ever smaller niches where they might sell a new model, says Steve Hoffenberg, a market analyst with Lyra Research. “All the choices make the process of shopping for a digital camera very difficult.”

Getting started. A few ground rules can help. If there is a choice, pay for a longer zoom lens rather than more megapixels, says Julie Adair King, author of Digital Photography for Dummies. People often want more pixels because they can crop a photo to delete unwanted material around a subject, such as a small kid on a big soccer field. “A longer optical zoom lets you fill the frame with the subject in the first place,” she says. But ignore “digital zoom,” in which camera software simply crops the photo. That’s better done later on a PC.

Also, find a model that has hardware that fights blurring caused by camera shake, often called optical image stabilization or antishake control. Some cameras try to do the same thing with software in what’s called “digital image stabilization,” but it doesn’t work as well.

Finally, don’t worry much about camera quality or reliability. Having been around for more than a decade, digital photography is a pretty mature technology. “Virtually all the cameras out there from major brands do a good job,” Hoffenberg says.

Define the shooter. How will the camera be used? Photographers might be shooting quick, informal snapshots or carefully composed portraits with custom-crafted lighting. While cameras now cover a wide spectrum, they still group in four broad categories:

Ultra compact models are mostly about quick snapshots anywhere, anytime. They easily slip into a pocket and don’t have a lot of controls for fiddling.

Compact cameras usually come with a bigger zoom lens and a few more features, such as automatic and “intelligent” scene selection that chooses the right settings based on what the camera sees. Or some shoot HD-quality video. They’ll still fit in a jacket pocket, small purse, or even a loose hip pocket.

Super zoom models won’t fit in any pocket with their SLR-like lenses that can magnify 20x or more. But their built-in lenses can swing from a wide angle of 28mm to the equivalent of a 500-mm zoom or more without requiring the photographer to carry multiple lenses. They also offer many of the sophisticated features of an SLR, such as control over white balance, shutter speed, and aperture size.

SLR models swap out lenses for more control over an image, even if a few models aren’t technically “single-lens reflex” cameras. They also come with the most sophisticated electronics and sensors that produce the best-quality photos and virtually eliminate shutter lag, the infuriating delay between pushing the button and hearing the click of the shutter.

Research. Since just about everyone has a camera already, talking to friends and relatives is a good start. Then head to the Web for more advice. CNet.com specializes in easy-to-understand articles, testfreaks.com scours the Web for reviews, steves-digicams.com has handy lists of best cameras, and dpreview.com has a database of specs that makes comparisons easy. They all have active forums where owners swap insight.

Buyers who do online research can usually narrow their choice to two or three models, says Hoffenberg at Lyra. “Then you’ve gotten to a manageable number for close comparison.”

Focus. Don’t let all the bells and buttons distract from the primary goal, which is to get the best photo quality for the money. Buyers should give more value to basics such as optical zoom lenses and image stabilization. Then they can consider features that might help get a good photo under varying conditions, such as automated shooting modes or the ability to detect if a subject is blinking or smiling before taking a picture.

Value shoppers should shy away from extraneous features, such as cameras with built-in pico projectors or GPS chips. While they have undeniable “wow” factor, many, like the projectors, are more useful to niche markets such as real estate agents. Others, like the GPS chips that allow “geotagging” of photos, will eventually have broad appeal but are too expensive for now.

Shop. The Internet offers the best prices, but uncertain buyers are wise to visit the local camera shop. “You need to hold that camera and see if it fits in your hands,” says King. Also, most local shops allow a trial period that’s crucial for testing a camera; they’ll take returns for several weeks without penalty. Most online and big-box stores charge a restocking fee that could be 15 percent of the original price.

While the prices might be a little higher at a camera store, experienced salespersons can still save a shopper money. They can help a buyer think through how a camera will be used, ruling out costly features that aren’t needed, says Chuck Pace, who has 22 years behind the counter at Robert’s Imaging in Indianapolis. And when given a chance, the local shop might match online prices or come close, Pace says: “It pays to ask, especially in this economy.”

Katie Adams
Friday, October 30, 200This article is part of a series related to being Financially Fit

In a dour housing market, wouldn’t it be nice to know that your remodeling project would pay off when you went to sell the property? Remodeling Magazine evaluated the top remodeling projects, how the cost-to-value has changed since the housing market implosion, and which projects are still worth the investment. Using the magazine’s “Cost Vs. Value Report for 2008-2009,” let’s look at some of the best projects you can undertake and recoup the majority of your cost.

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Upscale Projects

• Siding Replacement (fiber-cement or foam-backed vinyl). With the economic slump, home buyers aren’t being dazzled by bells and whistles as much as they are improvements that will ensure lower repair and utility bills. Although replacing current siding with fiber-cement has lost value from 2007, it still nets an astonishing 87% ROI. If you prefer a foam-backed vinyl product replacement instead, you can still look to recoup 80% of your cost.
• Window Replacement (vinyl or wood). Windows are not only an aesthetic feature. For most homeowners, they represent one of the easiest ways to lower home heating and cooling bills. By replacing your current windows with more efficient vinyl or wood ones, you can save on your utility bills, attract future home buyers and net a nearly 80% (vinyl) or 77% (wood) return on your investment.
• Bathroom Remodel. Depending on the size and amenities of your desired bathroom, you could expect to pay over $50,000 to tear out walls, repair joists and wall studs, change structural elements and make major layout changes, such as switching a toilet and shower. However big the price tag, you can still expect to recoup nearly 71% of the cost (which would be $36,400 if you have a $50K bill) when you go to sell. This project increased its value since 2007, while its sister project – adding a complete bathroom – fell in value.
• Major Kitchen Remodel. Kitchens are typically the most frequently used room in a home, so it makes sense that investing money here is going to pay off when it comes time to sell. While a major kitchen renovation is usually the most time-consuming and expensive home improvement job (averaging more than $110,000), it’s also one of the most profitable. Regardless of the size of your financial layout, you can expect to get a nearly 71% ROI.
• Deck Addition (composite product). With families cutting their entertainment budgets, they’re spending more time at home, so it makes sense that adding a deck (composite, not wood) is a good investment. You can plan on recouping 63% of your total job cost to boost your home’s value by nearly $24,000 if you paid the average job cost of $37,000.

Mid-Range Projects

While all of the mid-range projects dropped in value versus cost since 2007, there are still numerous projects that will net you a significant ROI. Here are a few of the best bets for your money:

• Deck Addition (wood). If your bank balance can’t swing the higher price tag that comes with composite decking, you may still be able to afford a wood addition on to your home. While a wood deck would cost you, on average, in the neighborhood of $10,000, the resale value it will add to your home is more than $8,600 – an 81.8% return on your investment.
• Siding Replacement (vinyl). Fiber-cement or foam-banked vinyl are often more preferable siding upgrades, but getting vinyl siding replacements instead is still a good choice. You can recoup nearly 81% of your cost which, if the job cost you more than $10,000, means you could add more than $8,200 to your home’s value.
• Minor Kitchen Remodel. With belt-tightening in style, people are turning to minor kitchen improvement projects instead of major overhauls. It turns out that that choice is not only frugal, but financially wise. While major kitchen remodeling jobs can still, on average, return a nice 70% ROI for homeowners, minor kitchen remodeling jobs net an even higher 79.5% return.
• Attic Bedroom. Anytime you can add bedrooms, you’re going to add to the overall value – and listed purchase price – to your home. If your attic’s dimensions allow you to convert it to a bedroom, you may want to consider investing the money to do so. You’ll add some sleeping space and net a nice 74% return when a new buyer puts your home under contract.
• Basement Remodel. If you’re fortunate enough to live in an area with a water table high enough to permit basements, you should think about squeezing all the value you can out of it. By remodeling and finishing a previously-unfinished basement you can expect to get nearly 73% of your investment returned with a higher list price, come time to sell.

Conclusion

If you have savings or access to reasonably-priced credit, it’s worth it to consider home improvement projects that will produce the best return for your time and money. Make sure you work with a reputable, licensed contractor (to avoid costly errors or budget overruns), and before you undertake any project it’s a good idea to check and see if it could significantly increase your property tax bill.

While it may still make sense in the long-run to undertake the project and add overall value to your home, you may need to make a few budgetary changes so that you don’t get caught off-guard when the tax bill comes.

This articles from finance.yahoo.com

This article is part of a series related to being Financially Fit

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Let’s face it; we all don’t make millions of dollars a year, and the odds are that most of us won’t receive a large windfall inheritance either. However, that doesn’t mean that we can’t build sizeable wealth – it’ll just take some time. If you’re young, time is on your side and retiring a millionaire is achievable. Read on for some tips on how to increase your savings and work toward this goal.

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Stop Senseless Spending

Unfortunately, people have a habit of spending their hard-earned cash on goods and services that they don’t need. Even relatively small expenses, such as indulging in a gourmet coffee from a premium coffee shop every morning, can really add up – and decrease the amount of money you can save. Larger expenses on luxury items also prevent many people from putting money into savings each month.

That said, it’s important to realize that it’s usually not just one item or one habit that must be cut out in order to accumulate sizable wealth (although it may be). Usually, in order to become wealthy one must adopt a disciplined lifestyle and budget. This means that people who are looking to build their nest eggs need to make sacrifices somewhere – this may mean eating out less frequently, using public transportation to get to work and/or cutting back on extra, unnecessary expenses.

This doesn’t mean that you shouldn’t go out and have fun, but you should try to do things in moderation - and set a budget if you hope to save money. Fortunately, particularly if you start saving young, saving up a sizeable nest egg only requires a few minor (and relatively painless) adjustments to your spending habits.

Fund Retirement Plans ASAP

When individuals earn money, their first responsibility is to pay current expenses such as the rent or mortgage expenses, food and other necessities. Once these expenses have been covered, the next step should be to fund a retirement plan or some other tax-advantaged vehicle.

Unfortunately, retirement planning is an afterthought for many young people. Here’s why it shouldn’t be: funding a IRA early on in life means you can contribute less money overall and actually end up with significantly more in the end than someone who put in much more money but started later.

How much difference will funding a vehicle such as a Roth IRA early on in life make?

If you’re 23 years old and deposit $3,000 per year (that’s only $250 each month!) in a Roth IRA earning and 8% average annual return, you will have saved $985,749 by the time you are 65 years old due to the power of compounding. If you make a few extra contributions, it’s clear that a $1 million goal is well within reach. Also keep in mind that this is mostly interest – your $3,000 contributions only add up to $126,000.

Now, suppose that you wait an additional 10 years to start contributing. You have a better job and you know you’ve lost some time, so you contribute $5,000 per year. You get the same 8% return and you aim to retire at 65. When you reach age 65, you will have saved $724,753. That’s still a sizeable fund, but you had to contribute $160,000 just to get there – and it’s no where near the $985,749 you could’ve had for paying much less.

Improve Tax Awareness

Sometimes, individuals think that doing their own taxes will save them money. In some cases, they might be right. However, in other cases it may actually end up costing them money because they fail to take advantage of the many deductions available to them.

Try to become more educated as far as what types of items are deductible. You should also understand when it makes sense to move away from the standard deduction and start itemizing your return.

However, if you’re not willing or able to become very well educated filing your own income tax, it may actually pay to hire some help, particularly if you are self employed, own a business or have other circumstances that complicate your tax return.

Own Your Home

At some point in our lives, many of us rent a home or an apartment because we cannot afford to purchase a home, or because we aren’t sure where we want to live for the longer term. And that’s fine. However, renting is often not a good long-term investment because buying a home is a good way to build equity.

Unless you intend to move in a short period of time, it generally makes sense to consider putting a down payment on a home. (At least you would likely build up some equity over time and the foundation for a nest egg.)

Avoid Luxury Wheels

There’s nothing wrong with purchasing a luxury vehicle. However, individuals who spend an inordinate amount of their incomes on a vehicle are doing themselves a disservice – especially since this asset depreciates in value so rapidly.

How rapidly does a car depreciate?

Obviously, this depends on the make, model, year and demand for the vehicle, but a general rule is that a new car loses 15-20% of its value per year. So, a two-year old car will be worth 80-85% of its purchase price; a three-year old car will be worth 80-85% of its two-year-old value.

In short, especially when you are young, consider buying something practical and dependable that has low monthly payments – or that you can pay for in cash. In the long run, this will mean you’ll have more money to put toward your savings – an asset that will appreciate, rather than depreciate like your car.

Don’t Sell Yourself Short

Some individuals are extremely loyal to their employers and will stay with them for years without seeing their incomes take a jump. This can be a mistake, as increasing your income is an excellent way to boost your rate of saving.

Always keep your eye out for other opportunities and try not to sell yourself short. Work hard and find an employer who will compensate you for your work ethic, skills and experience.

Bottom Line

You don’t have to win the lottery to see seven figures in your bank account. For most people, the only way to achieve this is to save it. You don’t have to live like a pauper to build an adequate nest egg and retire comfortably. If you start early, spend wisely and save diligently, your million-dollar dreams are well within reach.