Matt's Monthly Money Must Do's | November 2018

November is popular for the Movember movement.  The whole month is dedicated to foolish men (myself included) growing facial hair for men’s health issues such as prostate/testicular cancer and suicide.  Wade Boggs, Borat, and our own Tom Ferkinhoff all immediately become my mustache idols for November.  Their mustaches could be described just like excellent Scotches are: full-bodied, dignified and balanced.  They are sooooo manly, they appear to have peat in them.  I look more like Larry Bird or Justin Bieber.

On to the Movember related must do’s…

Review your shopping list

Using services such as ClickList or Amazon subscriptions is great for convenience.  A lot of times you get great deals, but is it always something you need?  My wife and I spend a few minutes in November to plan out how we need to update our subscriptions.  For November, specifically, men can cut down on their grooming supplies.  Although my upper lipholstery may not be much, it is a chance to review if I need the highest end shaving cream just because I can save $5 for the year on it.

Take your required distributions

A lot of men who could rock mustaches are now at an age where they are required to take a distribution from tax deferred accounts.  This annual distribution, Minimum Required Distribution, is calculated using the prior year-end balance and a life expectancy divisor from one of the IRS tables.  It starts in the neighborhood of 3% of the account value and increases over time.  If you fail to take it by the required deadline (usually year-end; however, the first one you have up until April 1st the year following turning 70.5), there is a 50% penalty on the amount not distributed.  I am pretty sure men with mustaches mean business and would never forget such a requirement.

Buy items on deep discount

What goes better with a mustache than grills, bicycles, or coffee makers?  Nothing.  Those items are usually on sale in the month of November.  Coincidence? I think not. I am just disappointed that axes actually get more expensive in November.

Use Movember as your chance to picture a man on a deeply discounted Penny Farthing with coffee in hand on his way to see his barber for a fresh shave.