How To Save For A House

Posted by stefu | Finance, How-to | Monday 1 June 2009 4:37 pm
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Steven Smith (Stefu) is our resident financial expert at The Mighty AfroWhitey. You can follow him on Twitter (@StefuInvesting) or on his financial advice website, Stefu Investing.
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One of the largest investments that many of you will make in your lifetime is the purchasing of your own home. I wanted to share some ideas that should help you get into your first home, or renovate the one you already bought.

The 28% Rule

Those of you who are not yet homeowners are probably renting (or camping out in an abandoned part of town like I keep trying to convince my wife to try). If you are renting and want to save up some money for a down payment on a house, here is a useful tip that I have been trying. The first thing you need to know is what percentage of your income should be going toward your rent. Most experts will tell you that you shouldn’t spend more than 28% of your monthly gross income on your rent. So if you are making $5,000 a month, then you shouldn’t be paying more than $1,400/month for your rent (or mortgage payment).

Photo by Megan Ruth Stay
Photo by Megan Ruth Stay

So, Now What?

This brings us to my suggestion: if you should be able to afford $1,400/month and you are only paying $900 then it makes sense to put the extra $500 under your mattress to help save for that happy home you hope to have. Now, if you are in a 12 month lease, and you tuck your money under the mattress, you will come up with an extra $6,000 to help with that house down payment (or closing costs, or finder’s fees, or whatever you anticipate paying for in connection with that perfect picket fence).

Boost Your ReturnAssuming you want to get a better return than your mattress can offer (and a cheaper chiropractor bill), here is what you can do: save the first 6 months for a total of $3,000. Put this amount into a six month Certificate of Deposit and continue saving during this last six month period. This will give you a small boost in your savings while keeping it nice and safe.

Photo by Megan Ruth Stay

Photo by Megan Ruth Stay

If you already own a house, use this money to make those much-needed renovations you’ve been thinking about. Go ahead, get the wallpaper.

Want more ideas on building your budget and planning your financial future? Visit me at www.stefuinvesting.blogspot.com

How to Use iTunes With Multiple Users

Posted by AfroWhitey | Computers, How-to | Thursday 21 May 2009 9:42 pm
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Everybody has an iPod these days, but managing multiple iPods under a single roof can become quite a chore. Chances are, little Suzie doesn’t want to listen to Dad’s Led Zeppelin box set and Dad certainly doesn’t want to fill up his iPod with the latest Jonas Brothers albums and videos. Creating playlists and dragging songs over manually can be a real pain, so one of the most common questions I get is, “Is there any way to give everyone separate iTunes libraries using a single computer?” The answer is yes, and I’m going to break it down so you can do it yourself.

Step 1: Make Sure You Have the Latest Version of iTunes - This can be done by either going to the iTunes download page and checking the latest version against your version (found under “About iTunes” in the iTunes menu), or by clicking “Check for Updates” in the iTunes menu. These instructions should work for iTunes 7 and above.

Step 2: Create a New iTunes Library – This part can be a little tricky. Make sure iTunes is closed and then you can either hold down “shift” (“option” on a Mac) while you double-click the iTunes icon, or you can click on the iTunes icon, then hold down “shift” (“option” on a Mac) and press enter. A dialogue box should then pop up (don’t let go of “shift,” or “option,” until you see the dialogue box. If iTunes opens up without the dialogue box, try again), giving you 3 options: “Quit,” “Create Library,” and “Choose Library.”

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Click on “Create Library,” and a new window will pop up asking you to name your library.

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You want to choose a name that’s very specific to your library so it’ll be easy to find later on, like “Suzies Music,” or “Dads Library,” or “Mom’s Shuffle.” You also want to make sure you save it in the same place as your regular old library. In Windows, this is usually in “C:\Documents and Settings\username\My Documents\My Music\iTunes\” On a Mac, this is usually in “Music\iTunes Music\iTunes” and you will need to click the “down arrow” next to the file name to enable folder browsing. A new, empty iTunes library will then open up.

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Congratulations, you now have your own, private library.

Step 3: Add Your Tunes – Now comes the fun part. Now you get to browse through all your music files and pick the exact tunes you want to listen to. Go to “File – Add to Library” and a new file browser window will open.

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Go to the folder that contains your music (should be the same general place your libraries were, i.e. “My Music” for PC, “Music-iTunes Music” for Mac by default). If you changed the default music folder and don’t remember what it is now, you may have to do a search for music files. Just search your hard drive for “*.mp3, *.m4a, and *.m4p” for the standard iTunes music files.

Now that you’ve found your music, you have two options for adding the actual files. You can either select all the folders (“Ctrl-a” on PC,” -a” or “command-a” on Mac), hit enter, and delete the files you don’t want from your new library, or you can go through and select all the folders or files you want individually (hold down “alt” on a PC, “” or “command” on a Mac to select multiple files or folders) and hit enter. If you choose to delete the files from your library, make sure you do not send the files to the trash or recycle bin, they would be unusable by other libraries.

Step 4: Quit iTunes and Try Out Your New Digs – You have now succesfully created your own library, but you need to know how to access it in the future. Quit iTunes and do the “shift-double-click(PC)” or “option-double-click(Mac)” maneuver again on the iTunes icon. The old dialogue box will pop up again. This time, click “choose library” and select your new library (everyone who uses iTunes will have to open iTunes this way or it will just open up the last library used).

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You can now use your library as freely as you like. Create your own playlists, get rid of stuff you don’t want, whatever you want to do. When you sync your iPod with the new library however, it will completely erase your iPod and fill it up only with the songs on your new library. If you don’t want this to happen, enable “Manually select files” in the iPod preferences and drag over the songs you want synced.

It is a bit of a pain, but until iTunes comes up with a simpler way, it’s either this or the old-fashioned select-and-drag. There are third-party applications that will manage multiple libraries with a little less hassle, but I’ve never tried any, so I can’t vouch for any of them. A quick google search for “iTunes manager” should turn up a few options. Either way, sit back wipe the sweat off your brow, turn up the volume to Queen’s We are the Champions, and throw back a bottle of your favorite syrup, because you have just conquered the iTunes libraries.

syrup

How to Survive the DTV Switch

Posted by AfroWhitey | Home Theater & A/V, How-to | Tuesday 19 May 2009 12:12 pm
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On June 12, 2009, almost every television station in America will be forced to stop broadcasting analog signals. What does this mean? It means that anyone still using bunny ears to receive their local stations may lose their signal on that date. Your TV may go completely fuzzy. Most people by now know about the DTV (Digital TV) switch that is about to happen, but not everyone knows what to do about it, so I am going to attempt a walkthrough to be sure you are ready.

Step 1: Will You be Affected? – The first step is to determine if you will even be affected by the switch. Anyone who has a cable subscription or who uses a satellite service such as Dish Network or DirectTV is already good to go. They will not be affected at all by the switch. The ones who have to worry, are the ones that are using a tabletop antenna to receive their television stations, but not everyone will need to buy a converter box, and some may not even need to buy a new antenna. Let’s see which category you fall under:

Any TV built after July 1, 2007 was required to include a digital tuner. That means that if you bought a TV after that date, you are probably okay, skip to Step 3. If your TV is larger than 36″ and bought after July 1, 2005, you are also most likely in the clear. Anyone with a TV older than that will probably need a converter box.

To check if you need a converter box, you’ll need to look at the back of your TV where the antenna plugs in. If it says “Digital Tuner” or “ATSC,” you’re okay, at the most, you will only need a new antenna and you can skip to Step 3. If not, you will need a converter box. Another way to check is to go into your TV’s channel setup and see if there is a digital tuner option. If not, you need a converter box.

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Step 2: Order Your Coupons and Buy Your Converter – If you determined you need a converter box in Step 1, you should order your government coupons as soon as possible. The Government is offering $40 off any approved digital converter box to ease the transition. You are allowed 2 coupons per person, so if you are married or have a roommate and need more coupons, be sure to order some through them as well. The coupons expire after 90 days and there may be a waiting list to get one because of the late rush of requests, so order as quickly as possible here.

Now you need to find a good converter box. You can buy them at any place that sells electronics. Just ask a salesmen to show you the ones that are eligible for the coupons. Most of them will cost you nothing but a little tax. I recommend Dish Network’s DTV Pal. It is eligible for the coupon and it has a detailed channel menu that makes setting timers to record or watch your favorite shows a breeze. I bought 2 and they are very easy to use and set up. Unfortunately, as of this point, the $40 TR-40 is sold out, but the similar DTV Pal Plus is only another $20 on top of your coupon.

Step 3: Install Your Converter Box and Scan for Channels – If you bought a converter box, consult the user manual to hook it to your TV. It is usually as easy as plugging your antenna into the box and plugging the box into the TV using the provided cables. Now you need to scan for channels.

With a converter box, simply turn on your TV and the box and it should automatically scan for channels. If you have a TV with a digital tuner built in, access your TV’s channel setup menu and scan for digital signals using the digital auto-program. If you receive all your local channels, you’re good to go, if you receive “weak signal” messages or fuzzy pictures, you probably need a new, more powerful DTV antenna. Try moving the antenna around a little, and if that doesn’t work, you’ll have to buy a DTV antenna. Digital TV is always crystal clear because the signal is either there, or it’s not. So if you see snow or static, you will need a new antenna.

Step 4: Buy and Install Your DTV Antenna – You can buy a DTV antenna at any place you can buy electronics these days. I bought mine at Target and it feeds both of my TR-40s through a standard coax splitter. They typically cost around $40. Spend any less than that and you risk buying an antenna that isn’t powerful enough. Do not buy this antenna. I tried it first and it was just too weak. We were constantly forced to adjust it. The main difference between a DTV antenna and bunny ears, besides the price, is that DTV antennas are typically amplified through external power (they plug into an AC outlet in the wall). They sell external antennas that you can mount on the outside of your house, and you may want to consider that if you had trouble getting channels before the switch.

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Why Bother? – Some of you may be thinking that this is way too much hassle to deal with and may be considering cable or satellite. What it comes down to is a matter of price. You can spend about $40 once and receive unlimited local channels in crystal clear, digital picture by staying with over-the-air TV, or you can spend about $10 or more a month for the rest of your life for the basic cable plan and receive what is often, sketchy, fuzzy signals. Those who already have cable or Satellite don’t need to worry about this, but anyone who receives over-the-air TV and is satisfied with the amount of channels they get should seriously consider it before switching. Digital TV is a good thing, but paying for channels I can get for free is not something I want to do.

As always, if you have any questions, or need help getting your TV ready for the DTV switch, feel free to contact me by commenting below, or using the links to the left.

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