SavvySugar

How Money Are You: Highest Earning American Athletes

SavvySugar — Thu, 02 Jul 2009 10:30:58 -0700

We tune in for the entertainment (and maybe for a little eye candy), and the highest earning American athletes know they're appreciated. These guys might suffer from injuries here and there and endure grueling training schedules, but they certainly aren't hurting for cash. In fact, their income is so high that Sports Illustrated compiles an annual list it calls the Fortunate 50. Can you guess who scores the most money and what type of athletes are more likely to rake in cash ? Take the quiz!

Take the quiz

Guess Who? Supportive Parents

SavvySugar — Thu, 21 Aug 2008 15:30:31 -0700

Whose parents mortgaged their home more than once to keep their daughter in the gym?

Something to Think About When You're Watching the Olympics

SavvySugar — Thu, 24 Jul 2008 15:30:07 -0700

I've always been kind of obsessed with the Summer Olympics - not in a sporting-an-Olympic-torch-t-shirt kind of way, but I wholeheartedly enjoy and appreciate watching the athletes whose careers are, in fact, sports. The competitors have spent most of their lives working toward the ultimate event that is the Olympics, and many would not have been so successful without their parents' emotional and financial support.

Here's how dedicated one Olympian's parents have been to her sport: Seventeen-year-old Charlotte Craig's father is building a house which he's hoping to sell to help finance her participation in taekwondo. Charlotte's parents spend $400 every month driving the 130 miles round trip to her lessons, four days a week. They've also shelled out about $15,000 a year traveling to taekwondo tournaments. Charlotte's success can be attributed to her dedication to the sport, but her parents certainly deserve a shiny medal for their steadfast support.

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Labor Day Weekend Sale Roundup

SavvySugar — Fri, 04 Sep 2009 06:30:20 -0700

Let's hear it for a long weekend! My excitement is heating up and so are the sales. Shop online to maximize your time at end of Summer celebrations and on the beach. Start perusing now for the best selections on everything from Summer and Fall apparel, shoes, athletic gear, home goods, gift cards, and more.

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Which Celebrity Guy Earned More During the Last Year?

SavvySugar — Fri, 21 Aug 2009 12:00:37 -0700

Talented actors, athletes, and musicians are paid well for their work. Do you know which famous guy earned more during the last year? Take the quiz!

Question 1 of 7

Who earned more?

Money Tip: May Is the Month to Find Deals on Fitness Gear

SavvySugar — Thu, 07 May 2009 10:30:14 -0700

If discounts are your thing, you'll welcome a 30 to 60 percent break on fitness gear like clothes and apparel. The time to hop on those discounts? Now! According to Dan Butler, VP of retail operations for the National Retail Federation, May is the month that retailers begin offering discounts on athletic apparel to empty their inventories before the end of the Summer.

In the May issue of Real Simple, Butler reveals discounts on fitness gear also come around whenever there's a natural disaster and explained, "Some people will wear out their shoes during storm cleanup, and those unaffected invest in more durable pairs in the event that destructive weather hits in their zip code."

Will you be taking advantage of the May fitness gear sales?

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Guess How Much: Celebrity and Regular People's Salaries

SavvySugar — Fri, 10 Apr 2009 09:30:50 -0700

It's no surprise that celebrities, CEOs, and athletes were revealed as the biggest earners in Parade's annual What People Earn survey, but it's always a little shocking to see what they take home next to how much other people make. Can you guess how much celebrities and other people around the US are earning in their particular jobs? Take the quiz!

Take the quiz

What's the Difference Between an IRA and a 401k?

SavvySugar — Fri, 13 Mar 2009 09:30:40 -0700

One of the most common questions I get from readers is, "What's the difference between an IRA and 401(K)?"

If you're an athlete, 401(k) sounds like it should be the length of some torturous marathon. Of course, IRA might evoke images of the Irish Republican Army. I suggest you ignore your immediate word associations and begin thinking about your future immediately. Retirement as a goal really is like a long, slow marathon, and a well mapped out plan makes finishing on your feet a real possibility. I have graphed out the differences between IRAs and 401(k) accounts below. Here's to the long haul!

Name of plan	Purpose	Who can invest	IRS Contribution Limit for 2009	Taxes
401(k)	Tax-deferred retirement savings account offered by many employers.	If your employer offers it, you may be eligible. Check your employer’s plan for requirements.	$16,500 (plus up to $5,000 more if you are 50 or more). Your Employer’s Plan rules may also further limit your contributions.	Deferred until retirement; taxes paid when funds are withdrawn.
Roth 401(k)	After-tax retirement savings account.	If your employer offers it, you’re eligible. Check with your employer’s plan for requirements.	$16,500	Contributions are made with after tax dollars; qualifying withdrawals aren’t subject to income tax.

See the difference between a traditional IRA and a Roth IRA when you read more.

Name of plan	Purpose	Who can invest	IRS Contribution Limit for 2009	Taxes
Traditional IRA	Individual retirement savings account.	Anyone with earned income and under age 70.5 for the year in which the contribution is made	100% of earned income or $5000 ($6000 if you are over 50), whichever is less.	Contributions may be tax-deductible depending on several factors. Withdrawals of income and pretax contributions after age 59.5 are taxed as regular income.
Roth IRA	Individual retirement savings account.	Available to single-filers making an income up to $116,000 or married couples filing jointly making a combined maximum of $169,000 annually. If you are married filing separately, talk to your tax adviser for income limits	100% of earned income or $5,000 (or $6,000 if you are over age 50) whichever is less.	Contributions are made after taxes. Withdrawals of income aren’t subject to income tax if all conditions are met. For example, your withdrawal of income won’t be taxed if at least 5 years has passed since your first Roth contribution and you are at least 59.5 years old.

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Interview With Celebrity Apprentice's Annie Duke, Part II

SavvySugar — Fri, 27 Feb 2009 11:30:42 -0800

Poker pro Annie Duke seems like she will be a force to reckon with as a contestant on The Celebrity Apprentice. She knows what Donald Trump is looking for on his show - competency and controversy - and this intelligent and frank player could bring both elements to the table. Here's more from my fun interview with Annie.

SavvySugar: Did you form any bonds with the other contestants?

Annie Duke: Anyone who knows me would be surprised by this unless they know this person. But Brande Roderick, she's a former Playboy playmate. Brandy is really smart, one of the sweetest people on the planet, and to this day we’re really good friends. I would never guess I’d go on a show like that and become real friends with someone, but we started bonding during press week. She’s one of my favorite people now. Herschel Walker is one of the nicest people you’ll ever meet. He’s a total sweetheart. The call time for that show is 5 a.m., so in order for him to get in his run, he’d wake up at 3 a.m. He’s a business owner, confident guy, really nice. Natalie Gulbis . . . we probably bonded because we kind of do similar things. She travels a lot, she's a female athlete, really smart and confident.

To see how Annie worries about how she comes off on the show and her feelings about the March 1 premiere, read more.

SavvySugar: What’s next for you in your career?

Annie Duke: I don’t know, I'm just sitting here dreading the premiere of the show. One of the reasons I hesitated to go on . . . I have a very strong personality and I’m really direct and used to communicating with men. The way you communicate with men is much different than the way you communicate with women. You have to go at things more sideways, and I’m more of a frontways person. I’m definitely concerned that the show is going to premiere and people will say 'that’s one snarky bitch.' You give me a task and I face it head on . . . besides the dread of March 1 I have a lot of poker coming up. . . and I'm going to hide in my house [laughs]. I had a horrible panic attack, people in my yoga studio don’t really know who I am. Right after I got back from The Celebrity Apprentice and someone came up to me and said, 'hey just wanted to let you know, big fan.' Then I thought, what if I come to the yoga studio and more people recognize me. I’m having a little bit of a, oh no what have I done?

Join me in rooting for Annie on Sunday when The Celebrity Apprentice premieres its second season.

Photo courtesy of Charles William Bush

Is Kellogg's Better Off Without Michael Phelps?

SavvySugar — Wed, 11 Feb 2009 11:30:48 -0800

Olympic champion Michael Phelps became the poster child for many eager brands after his unprecedented success in the Beijing 2008 Games, but there's one company who no longer wants its products associated with the swimmer.

After the golden boy's bong drama unraveled last week, most of you thought companies would be overreacting if they pulled Phelps' endorsement deals. Kellogg is the only company that has made the decision to not renew the swimmer's contract that expires at the end of this month with the explanation that his behavior is "not consistent with the image of Kellogg."

Less than one week after the decision was announced, eight arrests were made in connection with the incident. With all of the negative attention surrounding the athlete lately, do you think the Kellogg brand is better off without him.