From IPOs to CEO Woes…

Facebook Goes Public

Can you feel the “Like”?  Facebook went public today!  Trading as “FB” on the Nasdaq, their much anticipated offering is set to be the biggest tech IPO – ever.

An Invitation He Can’t Refuse

We don’t know whether JP Morgan Chase CEO Jamie Dimon owns any FB shares, but we do know one thing he is getting:  an invitation to testify in front of the Senate Banking Commission about his firm’s massive $2 Billion trading loss last month.

Yahoo CEO Out

Yahoo confirmed that they have fired CEO Scott Thompson after news broke that he padded his resume with a college degree he didn’t actually earn.  Unclear just how many professionals are out there quietly editing their resumes after hearing about Thompson’s demise…

Greece Is The Word (Again)

Talk is mounting about the possibility of Greece leaving the Eurozone.  While you may not be totally up to speed on the Greek economy, understand this …what happens in Greece does NOT stay in Greece!  A Greek departure from the Euro would likely have huge global implications, which is why it pays (literally) to keep informed of economies other than our own.

How was your week?

Single Living on a Shoestring

Going through a breakup or looking to ditch the roommates for your very own place?  Living alone is an exciting adventure, but it certainly is not the most wallet friendly living situation.  However, even in these trying economic times, more singles are opting to live by themselves than ever before…

According to Eric Klinenberg’s book, Going Solo: The Extraordinary Rise and Surprising Appeal of Living Alone, only 22 percent of adults were single in 1950, and only 9 percent of those single lived alone.  But today… almost half of the country’s adults are single, and one in seven households are occupied by solo dwellers!  So if you want your independence, how do you prepare financially to be live solo in the city?

The 25% Rule

Most experts say that your monthly rent or mortgage should never exceed twenty-five percent of your monthly paycheck.  If you are savvy enough find an apartment that meets this criteria, and budget your other expenses well, you should be able to live quite comfortably while having the funds to steadily increase your savings account too.  Clearly the 25% rule is tougher to stick to in a major city like New York or LA!

The Singles’ Penalty

You don’t need to be a rocket scientist to know that your household expenses will increase when you move out on your own.  When you’re planning out your monthly budget, remember to consider all the bills that you are used to splitting – or not paying at all.  Many of these expenses are optional, so tally it all up and cut the amenities you can live without.  And if you’re renting… Try to get your landlord to include utilities like: gas, electric, water, and cable!

• Electricity (don’t forget the big AC bump in the summer)
• Gas
• Water
• Cable
• Phone & Internet
• Renter’s or Home Owner’s Insurance
• Condo, Co-op or Association Fees
• Property Tax & City Fees
• Repairs
• Groceries -(The price per person is higher when your just buying for one).
• Housekeeper

From the Big Fish to the White Whale

Obama Supports Gay Marriage

With a little nudge from Joe Biden, President Obama finally stated his support for same-sex marriage this week!  This, of course, is all in response to North Carolina vote to make same-sex marriage and civil unions illegal.  This week Fab & Fru took a look at the financial discrimination faced by homosexual couples in the US – be sure to check out our article to find out more about ”Money and Same Sex Marriage.”

The White Whale Blows at JP Morgan

Well, they say hindsight is 20/20.  And while we’re not exactly sure who had the blinders on over at JP Morgan, one thing is clear: a London-based employee known alternately as the “White Whale” and “Voldemort” lost $2 billion dollars in bad trades for the firm in the past 6 weeks.  Even more impressive than his nicknames?  The fact that he was supposedly trading to reduce risk for the financial giant.  Oops…

France Says Au Revior To Sarkozy

The French voted President Nicholas Sarkozy out of office, and instead said bonjour to Socialist candidate Francois Hollande.  Am I the only one who will miss seeing Carla Bruni in her tres chic ensembles as first lady?

Seeing Stars

Speaking of Presidents, last night George Clooney hosted a star studded fundraiser for his special guest, President Obama.  At $40,000 per ticket, dinner was definitely Fabulous and NOT Frugal.  The event was expected to raise about $15 million – a record for one night.  Even more shocking?  Though we all braced for “Starmageddon,” the traffic here in LA was not nearly as bad as we expected – now that’s impressive!

Have a Happy Mother’s Day weekend!

by Stephanie Berenbaum – May 10, 2012

Did You Know…

President Obama’s landmark support of same-sex marriage this week (coupled with North Carolina’s decision to make it and civil unions illegal) really got us thinking.  Though we’ve always been supporters of same-sex marriage, we realized we were pretty ignorant of the financial implications of being a gay couple – even if you are married in a state where gay marriage is legal (Connecticut, Iowa, Massachusetts, New Hampshire, New York, Vermont & Washington D.C.)  Here’s a brief look at some of the issues unfairly affecting homosexual couples ….and their finances!

DOMA

DOMA is the “Defense of Marriage Act” – signed into federal law in 1996 by that noted defender of “traditional” marriage – Bill Clinton – believe it or not... DOMA states that for federal purposes, only heterosexual marriage is legally recognized.  So, even if you live in a state where gay marriage is legal, financial complications arise for gay couples when it comes to benefits that fall under the jurisdiction of the federal government.  And you thought YOUR taxes were complicated!

Federal vs State Taxes

Let’s say, for example, you are a gay married couple living in New York State.  Even though you can file your taxes jointly at the state level, you still need to file separately at the federal level.  So, for your state return you are married, but for your federal return you’re NOT.  Not only does this result in additional tax preparation fees for the couple,  there are many federal tax benefits and deductions that heterosexual couples receive that are not available to homosexual couples.  Check out this link from the Family Equality Council for more info!

Health Benefits

I have to admit, I had no idea about the disparity in taxation of health benefits between heterosexual and homosexual couples.  According to the Family Equality Council, “LGBT families with health benefits have higher taxable wages. If LGBT families receive family health benefits from an employer, they pay federal tax on the value of those benefits, even if the employer provides them at no cost.  Married heterosexual families receive these same benefits tax-free.” 

by Stephanie Berenbaum – May 7th, 2012

Want To Get Ahead At Work?

Wishing you could network with other professional women?  Looking for female mentors?  Craving advice on how to get ahead at work?  Then we’ve got great news for you: Citi and LinkedIn just launched CONNECT: Professional Women’s Network!  We’ve already been using this new online resource and can’t wait for our readers to check it out…

Ok, So What Is CONNECT?

Connect is a new LinkedIn Group, superpowered by our friends at Citi & Women & Co.  It is a fantastic forum dedicated to women helping each other become savvier professional networkers and advancing in their careers. Very Fabulous – and since it is FREE – very Frugal!   It’s sort of like going out to one of those cocktail networking events after work – except this one goes on 24/7 and you can participate from the comfort of your own home…

Work Smarter

Every woman we know is multi-tasking to her limits (and beyond). Which is why we like the advice from Nicole Williams, LinkedIn’s connection director – she says that “professional women need to work smarter – not harder” – and we’re all for it.  Connect is a tool that actually helps you to work smarter – and streamline your efforts.  Let’s face it – most of us don’t have time in our schedules to attend all the in-person networking events we’d like to.  The beauty of  Connect is that it helps to bring that same type of access and opportunity right to your fingertips…

How Do I Join?

All you need to do is go to http://linkd.in/professionalwomen.  All the free advice is priceless for those of us who want to learn about finding mentors, launching start ups, succeeding in careers – and much more.  So what are you waiting for? Get Connected!

From Financial Infidelity to a Big Scream

Update: As we were going to press, we heard about the untimely passing of Adam Yauch, aka MCA – founding member of the Beastie Boys.  We’re sure we’re not the only ones who there who feel some of the best money we ever spent was on a Beastie Boys CD (or, yes, cassette or album, as is the case with us).  Paul’s Boutique got me through college and now wakes me up on the way to drive my kids to school.  R.I.P. Adam Yauch. 

Something to “Scream” About

Edvard Munch’s iconic painting ” The Scream’ just sold at auction for an astounding $119.9 million – making it the highest single auction sale ever!

Financial Infidelity on the Rise

A new study reports that 3 out of every 10 couples has committed “financial infidelity” – ie – not telling the other one about a large purchase or debt.  While it was a group of accountants who did the study, we are pretty sure they miscalculated that number – ONLY 3 out of 10? Come on…

Bummer Jobs Report

The April jobs report was a big bummer – but you wouldn’t know it to look at the stock market! Despite ongoing bad news, the market hit a 4 year high this week.  What are we missing?

Wait A Minute Mr. Postman

You’ve probably seen the many Hallmark-esque commercials being aired by the U.S. Postal Service, imploring the government to stop its planned closure of many post offices.  While the commercials would have us believe every American is receiving life saving medication through the mail each day, we’re wondering what solutions they are offering for a business that lost a staggering $5 Billion in it’s last fiscal year? …

HOW WAS  YOUR WEEK?

Waiting to Exhale

High Times?

Am I the only one who didn’t know that the date “4/20″ is sort of a marijuana holiday?  As groups of people meet to toke today – we also hope they’ll continue the conversation of just how much revenue the government could be growing if marijuana was actually legalized throughout the country!

Wine Prices on the Rise

Let’s switch our focus to another recreational relaxant – wine.  Be on the lookout for wine prices to rise, due to ongoing California grape shortages …But don’t worry – Fab & Fru will be updating our picks of best low cost wines soon!

The Unfriendly Skies

American Airlines – which filed for bankruptcy last November – announced horrible results for the 1st quarter – a LOSS of $1.7 Billion!  American is currently in talks to potentially merge with USAir,  but really: do two wrongs make a right?

Bail For George Zimmerman

Bail for George Zimmerman – finally arrested for the killing of Trayvon Martin – was set at $150,000.  No word yet on if Zimmerman can afford bail…

How Was Your Week?  

by Liz Bronson – April 19, 2012

Shop & Save With Ebates

Don’t you just love opening the mail and finding a big fat check?  If your answer is, “Nope!”  then this probably isn’t the article for you.  For everyone else,  let me introduce you to my best online shopping friend - www.ebates.com.  If you play it right, Ebates will save you money each time you shop online, and then send you cash back four times a year for the online shopping you’re doing anyway.

Sharing the Commission

Sound too good to be true?  It’s not.  Ebates is a shopping portal for over 1,500 stores.  Instead of keeping all of the commission they make from the stores when you shop, they give a portion back to their customers!

Easy Money 

Thank goodness, Ebates is user friendly.  All you need to do is log into Ebates, and then choose whichever store you want to shop at – Target (3%), drugstore.com (6%), Macys (3%), Ace Hardware (4%), TurboTax (8%) and even places you wouldn’t think of like Groupon (3%) or Omaha Steaks (3.5%) – and Ebates will send you to the site of your choice.  You shop as usual, and voila, big fat checks come your way.

Cracking the Code

Ebates also has coupon codes for the stores you are shopping at, so you can know if you’re going to get free shipping, or 10% on top of your cash back.  Yes, it’s a one-stop bargain shop.

Discover New Sites

I’ve discovered numerous new stores for bargain hunting on Ebates.  I used to be a Zappos fan, but since joining Ebates, I’ve discovered www.shoes.com.  Shoes.com has an 8% cash back deal plus no shipping and no tax.  I’m in heaven.  And if I can’t find the shoes I want there, I can try Piperlime (5%), Nordstrom (3%), Macys, Bloomindales (3%) or Saks (3%).  Some stores’ cash back amounts change frequently, so you can shop when they’re high and get back even more, - I’ve gotten Nordstrom at 5% and Old Navy up to 12%!

Save at Smaller Sites Too

Even when stores have smaller discounts, like www.diapers.com at 1%, the cash can really add up.  I probably spent $800 at diapers.com before I discovered Ebates (2 kids 23 months apart with a husband on the road 80% of the time = a lot of online shopping).  That’s $8 more bucks that I could have added to my Big Fat Check, or in my Paypal account, or donated to charity.

More Money

Bottom line, whether it’s a ceiling fan or a wedding dress, toys or toothbrushes, there is money to be saved by starting your online strategic shopping spree at Ebates.

For more from guest writer Liz Bronson, be sure to check out her website Weekday Solo Mommy! We have so many friends whose husbands travel during the week for work, and Liz’s site is a great resource for those of you dealing with being a solo mommy during the week! 

by Alexandra Pauline – April 18, 2012

1040x to the Rescue!

Phew!  Tax season is officially over…or is it?  If you’ve just realized you made a mistake on your taxes, you’re not alone.  One of the most common errors?  Forgetting to sign the form!  If it turns out that you have to revise what you filed, you’re in luck: Fab & Fru has teamed up with tax guru Nick Rizzi – the CEO of Smart Tax – to find out what mistakes are most common, and how a handy little form called the 1040x can help fix them!

Forgetting Deductions

A common tax mistake people make is forgetting to account for certain deductions.  The great thing about deductions is that they reduce your tax liability – which leaves you with more money in YOUR pocket.  So, if you’ve forgotten to account for a charitable donation you made or a hefty medical expense that is eligible – no need to worry.  All you have to do is fill out a 1040x and you can amend any return from the past three years – and make a case to get your money back!

Cash in on Your Credits

Too often people forget about the tax credits owed to them when they make big purchases.  According to Rizzi, “The IRS says Americans have overpaid almost a billion dollars in taxes due to missed deductions and credits.”  For example, if you bought a house for the first time in the last three years and didn’t know you were entitled to a first time home buyers credit of up to $8000, you can also get your money back by filing for it on your 1040x.

Double Trouble

If you have multiple jobs and forgot to submit the info for one, you can also use the 1040x and add it to your income as soon as you realize the error.   The longer you wait,  more interest will accrue on what you owe the IRS.  Don’t wait for the IRS to call you – fix your mistake ASAP!

If You Get Audited…

The IRS is looking for mistakes.  So if you’re claiming to have donated $50,000 to charity when you only make $60,000 a year, you better have record of your trust fund on hand!  You will save yourself a lot of hassle and heartache if you have all your documents in order.  Remember – the proof is in the paperwork!

Many thanks to Nick Rizzi for making this season a little less taxing for all of us! 

Taxes To Tiaras…

Pricey Proms!

Is this a good sign for the economy…or a really bad one?  A Visa survey found the average American teen (or, more likely, their parents) will spend $1,078 this year (up 26% from last year’s already shocking $807) on going to the prom!  Even more disturbing?  The survey found teens from low income families (household income of $20-30k per year) spending the most on prom: $2600 for their big night out – almost double the national average!  That’s what we call an a-prom-ination.

Tax Time

Yes, that is the taxman you hear coming up behind you.  This year, since April 15th lands on a Sunday, and April 16th is “District of Columbia Emancipation Day” (who knew?) we actually get two more days – the deadline for filing is April 17th.  For all you procrastinators who need tips on how to file for an extension, check out our article!

So Long,  Santorum

Citing a lack of money to keep his campaign going, Rick Santorum dropped out of the race for President – but stopped short of actually endorsing presumptive nominee Mitt Romney.  There must be some official wait time between insult hurling and endorsing, but we’re not sure of exactly what it is…

George Zimmerman Arrested

After many weeks and much public outcry, George Zimmerman was finally arrested and charged with second degree murder in the death of Trayvon Martin.  Though Zimmerman has a bail hearing scheduled for next week, it is unsure whether he has the funds to post bail.  In a true sign of the times, Zimmerman has set up a website to raise funds for his legal defense and financial needs…

How Was Your Week?