Free Museums in Manhattan

Not everything in New York City is pricey. In fact New York City in the summer can be downright cheap. Taking a walk in the sunshine along the paths of Central Park is free. There are free outdoor concerts and dancing during the summer. Summer is also a great time to enjoy the many museums of Manhattan. There are some museums and galleries where you can see their exhibits at no charge. That's right -- free! Below is a list of museums and galleries that don't charge any admission.

Forbes Magazine Galleries

62 Fifth Avenue (at 12th Street)
 212-206-5548

The permanent exhibit has wonderful collections of toy boats, toy soldiers, and Monopoly board games. It's fun to see the craftsmanship that went into these toys and the iconic board game. They also have other exhibits that change periodically.

Museum at Fashion Institute of Technology

Seventh Avenue at 27 Street
 212-217-5970

If you are interested in fashion then this museum is for you. Every six months the exhibit is changed to feature historical items, fads, trends in style, fabrics, and design from the permanent collection. In addition, there are special exhibits that highlight current trends in fashion not only here in the US but internationally.

National Museum of the American Indian

1 Bowling Green, George Gustave Heye Center
 212-668-6624

This museum is part of the Smithsonian Institution and therefore a national museum and funded with our tax dollars which is why there is no entrance fee. It highlights not only the arts and crafts of the various American Indian peoples but also focuses on aspects of their history. The changing exhibits feature modern trends and issues in the various American Indian communities and societies.

Goethe Institute

1014 Fifth Ave
 212-439-8700

Not only can you take German lessons (for a fee of course) but you can learn more about about the current trends in German society, whether that be arts, food, history, design, engineering and other aspects of German culture in through one of its featured exhibits.

Sony Wonder Technology Lab

Sony Plaza Public Arcade at 56th Street and Madison Avenue
Phone: 212-833-5414

This place describes itself as a techonology and entertainment experience. You and especially the kids can explore this exciting, state-of-the-art facility to learn how science is used to create the latest technology.


After exploring these places, you have enough money to treat yourself to a good lunch or dinner at a nice restaurant. You even have money left over to go shopping. Then you can go home and tell everybody about the great deals that you got in New York!

How to Look like a Million Bucks on a Budget

Being in style is so expensive, thinks the average consumer, but that's not true, it can just look expensive. Not many women I know want to spend $300 on a Dooney and Bourke giraffe print bag, but I can drop $20 for a giraffe print handbag that I saw online. There are so many things that have the look of fashion designer apparel and accessories but not the price. Now I'm not talking about buying the fake bags you would see in Chinatown or on the streets of Manhattan; that's engaging in a criminal activity. However, part of being fashionable is recognizing the trends that come from the designers that are popular and buying the equivalent at your price range.

And there are so many opportunities to get the look at an inexpensive price -- in fact that's what America is all about. Taking the elite styles and making it possible for the masses. Where but in America would mass merchandising happen?

Take my earlier example, a Dooney & Bourke giraffe print bag with a price tag of $295 (there is a whole line of giraffe print bags at Dooney & Bourke). Now for that kind of money, I can buy a small gas stove for my apartment or a 4-piece dining set, or an evening out at a nice restaurant and a Broadway show or a weekend at a good hotel in the mountains of upstate New York. There's plenty that I can do with that $295 instead of splurging it on a bag. Then again, I'm not a fashionista where I have to have a designer bag. I'm happy to get the "look" of that same bag and I can get it for approximately $20 on Amazon. For me it's a no brainer, I'll take style at a budget price.

You and I can do the same thing when it comes to the black shirtdress over here by Ralph Lauren. The shirtdress is one of those great pieces that you can wear at the office during the day and be ready to go out at night by accessorizing with either a scarf or chunky jewelry and a change of shoes. I can either buy Ralph's at $169 or I can go to Target and buy a similar look and have fashionable style from Merona for under $30.

Now if you are the kind of shopper who wants the authentic thing by all means, buy the real thing. I'm not here saying that it's foolish to do that. But what I do want to make clear is that you can still take advantage of the latest trends and do so on a small budget, and that's why having fashionable style can be so much fun.

Keep in mind that just because the lookalike is cheaper doesn't mean that you would want to buy it. The consideration for whether a product is worth the purchase should be the same. Is the product well made? If you see uneven stitching, loose threads, flimsy material, then it's really not worth buying. Will you get a lot of use out of it? This is an important question. For me, I like to combine fashion with practical use. I buy something because I will get a lot of use out of it in addition to it being cute and fashionable. A bargain is only good if you get more than your money's worth.

Originally published 08/30/2010

How to Fly First Class -- Cheap!

I like to get a good bargain when I travel, who doesn’t? Now that the airlines have reduced their capacity so that there are fewer flights, the airplane seems more congested than ever. But there are ways to still enjoy a free first class or business class upgrade inexpensively.

Travel on Saturday to get an inexpensive upgrade to Business or First Class. Saturday flights are slow travel days and that’s basically because there are no businesspeople flying. It’s usually the businesspeople who accumulate a lot of frequent flyer miles and often get an upgrade to First Class as a reward. But on Saturday, they are home enjoying a late day, and It’s those Saturday flights when first class upgrades are available for a ridiculous price. I flew from Cancun to Atlanta on AirTran and upgraded to Business Class for only $69 for a 1 ½ hour trip. That seat would have cost five times that much if I had bought in advance. What did I get for that $69? A much roomier, cushier seat, alcoholic drinks and really good snacks. By the time I got to Atlanta, I was very happy all the way through customs. If your flight is two hours or longer with some airlines, you even get a meal. Granted, it might cost you more than $69, but that Business/First Class seat again would have cost you five times as much as your coach fare.

Avoid the Baggage Fees

Also, do you have at least two bags that you need to check in? Then it might be a good buy to pay extra for the first class upgrade. For most airlines, a first class seat entitles you to two free bags. Currently most airlines charge $25 for the first bag and $35 for the second bag. If you buy a first class upgrade at $100, then that upgrade helped you to save $60 on your bags or if you want to look at it another way, that first class seat only cost you an extra $40. Also, if your trip consists of a connection, it might be worthwhile to pay a first class upgrade on one part of the trip so that you still get your bags free.

Use one frequent flyer membership for the whole family so you can accumulate miles faster and get benefits. If you are a family of four, it doesn’t make sense to have four frequent flyer numbers if three of you don’t travel as much. Consolidate all your frequent flyer miles on one membership so that you attain an elite level and get a free upgrade faster. As an elite member you are usually allowed to have one free companion accorded the same benefits as the elite member.

Choose the frequent flyer program that has the airlines that you fly frequently in order to attain a level to get free upgrades. If most of your flying is done on United, Lufthansa, and US Airways then use the Star Alliance Program. If you fly on American Airlines and British Airways then be a member of the One World Program.

Check and see whether it’s inexpensive to buy the miles so that you can get your upgrade sooner. Depending on how many miles you have already accumulated, buying miles might be cheaper than buying that Business/First Class seat.

Retirement Plans for Small Businesses

So you’ve finally made the leap and started your own business and you have positive cash flow. Not so much that you can retire next year but enough that you can start thinking about putting away some money for your future. Here are some easy ways to build a nest egg.

IRAs: Roth vs Traditional

One of the easiest ways to put money into a retirement plan is to open up your own Individual Retirement Account commonly known as an IRA. IRAs came into being when the Employee Retirement Income Security Act was passed in 1974. At the time, it allowed you to contribute as much as $1500 into an IRA and to make that contribution deductible, allowing the individual to reduce their taxable income. When it came time to take the money out of the account for your retirement, that was when you were taxed on your money. This type of IRA is a tax-deferred retirement account because you were not required to pay any taxes on gains and the principal until you were allowed to take the money out at age 59 ½.

A few modifications had been made through the years with the IRA in terms of an increase In contribution limits, eligibility requirements, deductibility requirements, but there were not major changes until 1997 when the Tax Payer Relief Act was passed and created the Roth IRA, which was different from the traditionally existing IRA. Unlike the traditional IRA, contributions to a Roth IRA were not deductible but they had one big advantage over the traditional IRA, any earnings that the Roth IRA gained over the years were NOT taxable. This type of IRA is a tax-free retirement account because you didn’t have to pay any taxes on the money it earned. Another big advantage to the Roth IRA was that since the contributions were not deductible, the rules allowed you access to your contributions at any time. This gave the Roth IRA account owner more flexibility than the Traditional IRA account owner. With the traditional IRA, your money was locked up until much later into the future. If you had to take the money out, you were hit with penalties for taking your money out early. With the Roth IRA, if you had an emergency you can tap into your Roth IRA contributions without any penalty or taxes since these contributions were never deductible! These two reasons alone made the Roth IRA the more popular choice for the self-employed.

Currently you are allowed to contribute up to a maximum total of $4000 annually into an IRA account whether it’s a traditional IRA or a Roth IRA or both. IRA accounts can be opened in your local bank or a brokerage firm. The money you put in your IRA can be invested in CDs, mutual funds, bonds, stocks, annuities or a combination of these.

SIMPLE IRAs

Another type of retirement plan for self-employed businesses that was created in 1996 is the Savings Incentive Match Plan for Employees of Small Employers or SIMPLE IRA for short. If you are a one-person business, meaning that you are your own CEO, CFO and COO, then this type of IRA is worth looking into if you can put away more than $4,000 and as much as $11,500 annually. At this level, your business has grown to the point that your cash flow is consistent and you can easily contribute up to the maximum allowed in order to reduce your taxable income. Similar to the traditional IRA, your contributions to the SIMPLE IRA account was tax-deductible and if you were to take money out before age 59 ½ you will incur penalties. You can open up a SIMPLE-IRA in a bank or a brokerage firm and that money can also be invested in CDs, mutual funds, bonds, stocks, annuities or a combination of all those types of investments.

SEP-IRAs

A third choice to put money away for retirement is to use a SEP-IRA. SEP is short for Simplified Employee Pension Plan and was created with the passing of the Revenue Act of 1978. With a SEP-IRA, the self-employed business owner can put away as much as 25% of eligible compensation but no more than $49,000 each year. These contributions are fully deductible and if you were to take money out before age 59 ½ you will incur penalties. To be able to comfortable contribute to a SEP-IRA, your business at this stage is not only established but continues to thrive and you are actively looking to help reduce your taxable income in a legitimate way. Also at this stage, the business owner has some full-time employees and you would be required to make contributions on their behalf, based on a calculation not a dollar-for-dollar match, into their own SEP-IRAs when you make contributions to your own. If you value your employees and want them to remain with you, it is to your benefit to offer this type of retirement plan to them. As with the other IRAs, a bank or brokerage firm can help set up these accounts for you and your employees and as previously mentioned, the moneys can be invested in CDs, mutual funds, stocks, bonds, annuities or a combination.

As always, before you open any kind of IRA account, discuss your choices with your accountant so that you can choose the type of retirement plan that is appropriate for you at your given stage of the business. You want to be informed of the eligibility rules, maximum contribution limits, distribution rules, the deductibility of your contributions and so forth. Most important, if you are using investments other than a Certificate of Deposit you will want to discuss the risk involved with the type of investment that you use in you IRA.