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Financial Mistakes People Make at Different Ages

There's a saying that with age comes wisdom, but this may not always be true in the financial world. As people move through different life stages, there are new opportunities--and potential pitfalls--around every corner.

In your 20s

Living beyond your means. It's tempting to want all the latest and greatest in gadgets, entertainment, and travel, but if you can't pay for most of your wants up front, then you need to rein in your lifestyle. If you take on too much debt--or don't work diligently to start paying off the debt you have--it can hold you back financially for a long, long time.

Not saving for retirement. You've got plenty of time, so what's the rush? Well why not harness that time to work for you. Start saving a portion of your annual pay now and your 67-year-old self will thank you.

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Five Tax Tips about Hobbies that Earn Income

 

Millions of people enjoy hobbies. They can also be a source of income. Some of these types of hobbies include stamp or coin collecting, craft making and horse breeding. You must report any income you get from a hobby on your tax return. How you report the income is different than how you report income from a business. There are special rules and limits for deductions you can claim for a hobby. Here are five basic tax tips you should know if you get income from your hobby:

Canterbury Woods Earns National Accreditation

Canterbury Woods Earns National Accreditation

Community cited among nation’s best CCRCs

WILLIAMSVILLE, NY – Canterbury Woods, the region’s premier retirement living community, announced that it has been awarded a five-year term of Accreditation from the Continuing Care Accreditation Commission (CARF-CCAC), the nation’s only accrediting body for continuing care retirement communities and similar organizations. Canterbury Woods was awarded accreditation in the areas of Continuing Care Retirement Community, Person-Centered Long-Term Care Community, and Assisted Living.

This is the second consecutive five-year term of accreditation that Canterbury Woods has achieved. Fewer than ten percent of all continuing care retirement communities nationally achieve CARF-CCAC accreditation.

The Historic Buffalo River Tour is in it's 30th Season!

The Historic Buffalo River Tour is in it's 30th Season!

 

  • Explore Buffalo's historic grain elevator district. This two hour presentation by the  Industrial Heritage Committee, Inc.,  aboard the Miss Buffalo II, takes you down the City Ship Canal and through the Buffalo River Grain Elevator District.  
  • The history, architecture, and technology of the grain elevators, flour mills, and other industries on the Buffalo River and City Ship Canal are explained, along with a general history of the Erie Canal, inner harbor area, and more. Photographs, maps and video further enhance this educational experience suitable for all ages.
  • This is the original tour created 30 years ago by the IHC.

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Classic Cars, Motorcycles and Emergency Vehicles to Take Center Stage at Annunciation Picnic

Classic Cars, Motorcycles and Emergency Vehicles to Take Center Stage at Annunciation Picnic

 

If you have an interest in classic cars, ride a motorcycle or serve as a first responder, then the annual summer picnic at the Church of the Annunciation in Elma is the place to be the weekend of Aug. 14-16.

Annunciation’s annual Classic Car Cruise Night takes place from 6 to 9 p.m. Friday, Aug. 14. Stop by for a fish fry, check out all the classic vehicles on display and enjoy music by the Boys of Summer from 7 to 11 p.m.

Catholic Charities Breastfeeding Walks, Healthy Baby Festivals set for July 31, Aug. 5

Catholic Charities Breastfeeding Walks, Healthy Baby Festivals set for July 31, Aug. 5

Family fun walks, children’s activities, games, education, community resource tables and prizes are all part of the annual Breastfeeding Walks & Healthy Baby Festivals hosted by Catholic Charities Women, Infants and Children (WIC) nutrition program. The events will be held from 11 a.m. to 1 p.m. on Friday, July 31 in Delaware Park in Buffalo and on Wednesday, Aug. 5 in Hyde Park in Niagara Falls.

The Buffalo walk and festival will be at the Colvin Avenue and Amherst Street entrance of Delaware Park, and the Niagara Falls event will be held in Hyde Park near the splash pad at Hyde Park Boulevard and Pine Avenue.
All are invited to attend, especially families, caregivers and anyone in support of a healthy start for babies or who would like to learn more about breastfeeding.

Homeowners Brace for Cash Crunch as HELOCs Come Due

During the height of the housing bubble, home equity lines of credit (HELOCs) were an extremely popular way for homeowners to tap into their home equity to fund a variety of purchases, such as home improvements and education expenses. In fact, $265 billion in outstanding HELOCs were originated between 2005 and 2008. (Source: Experian, May 2015) Unfortunately, many homeowners who took out HELOCs during this time period now find themselves bracing for a cash crunch as these loans enter their repayment phases.

What is a HELOC?

A HELOC is a revolving line of credit based on the amount of equity in your home. With a HELOC, you can borrow what you need (up to the maximum allowed) when you need it (subject to any time limit on the borrowing period--typically 10 years). With a HELOC, you can use the line of credit while making interest-only payments.

What is the "repayment phase"?