Update and Goals for March 2011

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A lot has happened since I last updated what is going on in my life. I decided to delay taking the bar until July. I just didn’t feel I was ready for it this month and I’m not sure if I will be able to prepare for it with self-study alone. I’m going to start reviewing again in May and if I don’t feel like I’m making sufficient progress on my own I’ll shell out the money for a review course. I’ll definitely be taking the bar in July since you are only allowed to postpone the exam one time after that you are out your exam fee. I’m not going to pay another $1000 to take the exam again so this time will be it.

I also have started a new medical study. For this study I’m basically gone a week then back home for a couple weeks three times. There are two visits this month and one in March. It is a bit of a hassle but it is worth the money.

I’m also going on a short trip to Dallas next week with my wife. This is just a getaway trip. I had a $200 credit from Southwest that I got for being bumped from a flight last year that was about to expire and I decided to use it for this. A short getaway should be good for my mental health.

I’ve not done very well on getting things done so far this year. Therefore I’m going to set some goals and try very hard to keep them.

My first goal is to make at least $500 in income from sources other than my blogs and the medical study by the end of March. This should be fairly easy to meet. Most of the money will probably come from mystery shopping but I am hoping to sell a few things as well.

My second goal is to have my ebook finished by the end of March. I’m hoping it will be closer to the beginning of March. I am going to write at least a page a day until I’m done. I’ve outlined most of what I want to write and I think the material is all in my head I just need to get started. I’ll post again at the end of March with some new goals and how I did on these goals.

Paid Clinical Studies How To Guide

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One of the reasons I haven’t written much this past week is because I was participating in a paid clinical study. This is the first paid medical trial I have done this year although I do participate in a couple of medical studies last year. Whenever I write about doing these paid studies people want to know how they can do paid medical studies as well. It is pretty simple and I’ll break down the process to make it easy for others to find and participate in paid research studies themselves.

The process of doing this medical study started last Wednesday. First, I called a clinical research facility I had done a study with before to find out if they were offering any current studies. To find a clinical research facility in your area look at websites such as GPGP.net(guinea pig get paid) or JALR.org (just another lab rat)which have lists of facilities. If you live near a major metropolitan area there is probably a clinic research facility near you. These facilities use advertise in the local media as well.

Once you find a clinical research study you call them and see what studies are available that you qualify for. The studies qualifications are usually based on age, gender, BMI, or some combination of these. My over 30 BMI disqualifies me from many studies and the fact that I don’t have a gall bladder disqualifies me from many studies too. There are usually still some studies I can qualify for though.

Once you have qualified for a study the recruiter will set up a screening appointment for you. These appointment usually last for 2-3 hours. During the appointment you usually will have blood drawn, give a urine sample, have your vital signs taken, and ECG taken, complete a medical history, have your height and weight recorded, and receive a physical from a doctor. Depending on the study you may have some more medical procedures. If everything is ok the facility will contact you and let you know when to report for the study.

The time frame between screening for a study and starting a study varies but it is usually a week or two. In my case I called last Wednesday, had my screening on Thursday and started on Friday. The process is normally more spread out then that but the facility was having trouble finding enough volunteers for this somewhat large medical trial and I just happened to have the good timing to take advantage of their shortage.

If you don’t qualify for the study then you have wasted some time because you don’t get paid for screening only for participating in the actual study. Depending on what disqualified you it is possible to set up a screening for another study.

Before you report for the study the facility will give you instructions on what you need to do before starting. This is usually stuff like avoiding caffeine, strenuous exercise, and prescription and non-prescription medicine for a certain period of time before entering the study. They should also give you information on the house rules and what you need to bring.

Once you arrive at the study you should get a schedule of what you are going to do. In my most recent study I arrived on a Friday afternoon and there were no procedures that day just a couple of meals. On Saturday I had to get up at 3am to start the medical testing. They took vital signs and a baseline blood draw. A couple of hours later I was dosed with the study drug and had blood drawn every two hours for the next 30 hours. I wasn’t wild about this since it made it difficult to sleep but it wasn’t too bad. Every study is different but generally there will be lots of blood draws.

This study allowed everyone to leave the facility 36 hours after dosing with the drug although I did have to be back for a follow up visit 12 hours after leaving the facility. The duration of your visit will vary but usually the longer you are required to stay the more money you will make.

Upon completing the study you will receive a check to compensate you for participating in the medical study. Depending on the facility the check will either be given to you at the facility or mailed to you at a later date.

The facility I just was at does clinical trials of generic versions of already approved prescription medicines which seems pretty safe to me. I usually don’t feel any effects at all from taking the medication and there has only been one study where I experienced unpleasant side effects.

Doing a paid medical study is pretty easy. Basically all you have to do is call to set up a screening appointment and then show up. I consider it fairly easy money although others would disagree with me. If you are interested in doing a paid medical study all you need to get started is find a facility near you and give them a call. This post is getting long so I’m going to wrap it up. If you want to do a medical study his is enough information to get you started, all you need to do is actually take action.

If you have any questions about participating in a medical trail leave me a comment and I’ll answer as best I can.

Why Should You Downsize to a Smaller Home

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In tougher times and especially with the issues that face our economy today, families should consider downsizing to a smaller home as an option to deal with a shortage of funds. Many families have been hit hard in this economic downturn, and can’t afford the hidden costs of owning a home. For those who don’t want to move in apartments or condos, downsizing is one way to stay in a house, but cut costs.

If you don’t already own a home now is not the best time to buy, especially if you’re unsure whether the house is a long-term commitment.. Buying a home isn’t necessarily a bad thing. There are many benefits, such as building credit through payments, tax benefits, and no noisy apartment building neighbors. However, there are costs for maintenance of a home and insurance coverage,

Larger homes have more space, but these can be hard to keep clean over time. If you just take into account the cost of energy it takes to heat a larger home the downsides start to become obvious. The cost of gas is only going to rise in the coming years so you should consider this fact before deciding on your next living space. Also consider the other expense like property tax, insurance, and maintenance. These factors can make your living situation economically unbearable.

Once you decide decide to downsize there will be items that you don’t want to throw away. They might be belongings that you don’t want to part with or family heirlooms. If this is a concern, there are options, such as storage facilities that can accommodate any storage needs you may have – from extra bookshelves to the family boat.

Renting is a cheaper way to live, but you’re getting nothing back from your investment. If you still want to own your own home you can still downsize and have all of the investment benefits that come along with ownership. Take a look at the market and see what’s available. It may be a decision for you that has more pros than cons.

Updated!! H&R Block Online Tax Software Giveaway

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****Contest is now over. The winners have  been chosen and notified.

In exchange for publishing the previous post H&R Block is providing me with free copies of the Federal Premium version of their online tax software.  I’m going to be giving away two copies here as well as giving away copies on my other sites.  I’ll provide links to the other giveaways later.  This software should allow you to do your federal taxes for free but if you use it for your state taxes as well you will have to pay a fee for that.

This contest will be a little different than the others I’ve had.  Now that I’m starting to make some decent money online I am forming an LLC and opening a business account for my online businesses.  I could just use my name for the business but I’d like something a bit more creative than that.  I’ll be giving away one copy of the tax software to whomever comes up with the best name for my business.  Creating a name out of the blog name or my name is my preference but if you come up with a good name that doesn’t use either of those I’ll still consider it.  In addition to the copy I give away to whomever comes up with the best name I’ll also give away a copy at random.  Just leave a comment on this post to enter. The winners will be chosen this Monday, February 7,2011.

You can also enter this online tax software giveaway or this tax software giveaway at my other sites.

Making Cash Selling Your Old Stuff Online?

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If you’re in it for the profit or if it’s more than an occasional sale, you may be crossing the line.

You love holding garage sales, and selling on eBay and Craigslist. You’ve become expert at holding garage sales – friends seek your advice for success and you’ve cleaned out your attic and closets. You don’t want to stop, but you’ve run out of items to sell.  “Maybe you can buy that sweet chair at the sale around the block and with a little *brush up* sell it for more than the neighbor asked?  Um, maybe that lamp at the flea market could go for more if you added some beads…”

“Look out – you may be crossing a line,” says Leigh Mutert, CPA and Community Manager at H&R Block. “Whether sales occur occasionally or regularly, and if there is intent to make a profit are two factors that separate casual sellers from hobbyists and business operators,” says Mutert.  Remember, most casual sellers are holding sales where the items are sold for less than the seller paid for the items – i.e. there isn’t a profit or gain.

A taxpayer with a hobby must report all income generated from sales.

  • As a hobbyist, the taxpayer may deduct all related expenses, but not more than the total revenue from that hobby.
  • This means that a hobby can’t generate a loss on your tax return.
  • If your activity is a hobby, report your income on line 21, Form 1040. Check out a full list of Hobby Expenses Tax Tips.
  • A hobby that supplements income could be considered a business by the IRS.
  • An H&R Block professional tax advisor help you determine if you need to file as a business; get a free 30-minute tax consultation at an H&R Block office near you.
  • If a taxpayer regularly buys and sells items to the extent that a business results, each sale has a tax consequence.
  • If the taxpayer is the sole owner, purchases and sales must be reported on Schedule C.
  • For example, if a business buys basketballs for inventory at a wholesale price of $3 each and sells them for $10 each, the business can deduct the $3 cost. The $10 sales price is revenue and the $7 profit is taxed. If a basketball is sold for $2, the $1 loss is deductible.
  • Also, there are several Schedule C tax deductions the business owner may be entitled.

ALERT for Online Sellers: For 2011 returns, taxpayers who annually sell more than $20,000 worth of goods and have more than 200 electronic transactions will receive the new 1099-K Form, which will report payment card and third-party transactions, including PayPal and eBay payments.

For more expert tax advice on any topic go to H&RBlock.com. H&R Block At Home online and desktop solutions for tax filing make it easy to file from home., or you can find an H&R Block office near you.