I swear, the Tax Prof Blog comes up with the best stuff,

If you have a few spare moments, check out this story.

To make a long tale short, in 2002 Daniel and Brenda Standyk were interested in purchasing a used Geo Storm from a dealership in Kentucky. They bought a lemon and their car broke down seven miles from the dealership, so they cancelled payment on their check. Bank One mistakenly labeled the Standyk’s check as having “insufficient funds”. As a result Brenda was arrested, strip searched and humiliated.

The Standyks sued Bank One and got a settlement of $49,000 – which the IRS came after them for a cut in 2005.

Its all at the Tax Prof Blog, or you can read the court findings here.

Best,

James

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1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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