Eliminate regrets in financial decisions
How many times do we find ourselves saying, “I know I should have (or shouldn’t have) done that but…?” This article may help you avoid saying that too often. Here is the second article on a miscellany of legal advice.
Fine print taketh away. Let’s be honest. Most of the time we sign legal documents, such as a lease, employment contract, contract to purchase a house, etc., after a cursory scan. These documents represent legal and financial obligations and should be fully understood. Granted, there may be too much legalese (which may require the services of an attorney to interpret), but ignorance is not bliss and can be expensive. Most contracts are drafted to fully protect one party, and that party is the other guy. Don’t hesitate to ask for changes, and walk away if the answer is no.
Overtaxed. April 15 is a long way off. You know you pay too much in income taxes — well, many of us do! Document, document and document. Keep good records of tax-deductible expenses. The mileage from your business trip that reimbursement didn’t fully or the cash you gave to the kid asking for support in his walk for a charity do add up.
Download IRS publications from the Internet to insure that you fully understand what you can deduct (or do not have to report as income); most of the publications are well written, considering how convoluted are our tax laws.
Landlords aren’t lords. The landlord writes the lease to protect the landlord, and Indiana law doesn’t provide much protection for the tenant. You should understand more than your financial obligations. For example, when and how the landlord will return your damage deposit, and your responsibilities for wear and tear. Your lease may permit the landlord to enter without notice, restrict your number of guests, limit car repairs on the premises or deny you keeping Fido there. When you first rent, go through the apartment with the landlord to note any preexisting damage, so you won’t be charged for it when you leave. A successful lease requires both the landlord and tenant to understand each other’s rights and responsibilities.
Accidents happen. Driving on I-465 often seems like trying to negotiate a high school parking lot when school lets out. It’s amazing that there are not more accidents. Unfortunately, erratic drivers hit us (or a momentary lapse causes us to hit them). Talk with your insurance agent. Most will have suggestions and forms for handling the accident, from calling the police, sharing information with the other driver and reporting the accident to your agent. Since the advent of cell phones with cameras, you might want to take pictures of the accident scene. And review your coverage for ways to save money on premiums. You may want to be responsible for more of the deductible, or increase the uninsured motorist coverage.
At-will employment. Unless you have a written employment contract specifying your dates of employment, you are most likely an employee-at-will. Your employer can terminate your employment for no reason or good reason, but not a reason that violates federal or Indiana anti-discrimination laws.
For example, you could be fired for disagreeing with the boss, but not terminated for gender, race or age (40 and above). Sadly, employer loyalty may give way to hard financial reality and any of us could be its victim. If you are let go for what you believe are illegal reasons, go to the Equal Employment Opportunity Commission Web site (eeoc.gov), which provides an excellent discussion of your federal rights, and to the Indiana Web site (ai.org) for unemployment and state anti-discrimination information.
We must remember that no one is more interested in protecting our legal rights than we are. Knowing our rights is the first and best step.
