Featured Archives - Page 8 of 9 - The Free Financial Advisor

5 Questions to Ask your Mortgage Broker Before Signing Anything

April 23, 2014 by The Other Guy 5 Comments

Taking on a home loan can be a daunting experience, and one of the biggest decisions you will ever have to make, so it is crucial to have all the facts at hand when deciding where to get your loan. Despite the solid reputations of the big banks, you should strongly consider mortgage products from the smaller banks, such as the BOQ Clear Path Home Loan, which can offer very competitive interests rates and often beat the big banks hands down.

Regardless of where you go to get your home loan, the following five simple questions will help you navigate and simplify the process, any mortgage broker worth their salt should be able to give you clear and concise answers.

Do you have references from previous customers?

Whether you are getting renovations done, hiring a new employee, or looking for a babysitter, the first thing you want to have are references from their previous customers. This is such a simple question that it is often overlooked, but getting a home loan is life-changing decision and it makes sense to talk to your brokers previous or current customers to get the low-down on how well they did their job. If this question is met with evasion or shrugged off, its time to find a different broker.

What is the best interest rate you can get me?

The most important factor in any home loan is the interest rate. Having a clear understanding of how the interest rates of various loans are structured enables you to compare loans like-for-like to find the one that suits you best. Some banks try to lure customers in with a special rate, only to have it revert to the standard variable rate after one year or less. Don’t be fooled by such offers, ask your mortgage broker to explain how your interest rate might fluctuate over the entire life of the loan and whether a fixed rate or variable rate loan is best for you.

What are all of the fees will I have to pay?

There are a plethora of fees associated with getting a home loan and you should be wary of fine print and vague language when going through the application process. Ask your broker to explain how all fees are calculated, from first applying for the loan to finally receiving the money, and then on, for the entire life of the loan. Many savvy banks are now offering fee-free applications for their home loans, for example, the Clear Path Home Loan from BOQ. Not having to pay an application fee can take the uncertainty out of applying for home loans, as if you are not successful, or change your mind, you have not committed any money and can move on to consider other options.

Are there any penalties for overpayment or early payment of my loan?

Paying off your loan early is the key to saving money and owning your home sooner. If interest rates drop, and you can afford to pay more, you don’t want to be penalised do you? Ask your broker to explain if any administration fees apply for paying more than your monthly repayment or if there is a penalty for repaying your entire loan early.

What documents do I need to provide and how long will the loan take to be processed?

Supplying the requisite documents is essential to making your application proceed smoothly and quickly. Ask your broker for a complete list of the documents you will need to provide, this will usually include proof of identification and employment, bank statements, proof of your liabilities and assets and depending on your situation, a credit history and tax records. Your broker should be able to give you a clear time-line for the processing of yourapplication once you have supplied all of the necessary documents.

Armed with these five simple questions, you should be quickly able to tell whether your broker is reliable, professional and able to provide you clear answers to help guide you through the application process.

Money-Saving Tips to Help You Live Like Royalty (or Close to It)

April 21, 2014 by Average Joe 4 Comments

The perfect accessory to any outfit is an overstuffed wallet. And we don’t mean a receipt-crammed pocketbook, either. If your charmed lifestyle is siphoning just about all of your paycheck, it’s time for a change. Don’t worry, no penny-pinching required here—just a few smart financial adjustments. You can have your stilettos and matching handbag, too.

Take Control of Your Household Bills

Pat yourself on the back for setting up those monthly automatic payments. But, if you’re relying on the “set it and forget it” method, you could be losing money on miscellaneous fees or account errors. Start by taking a thorough look at your itemized bills. With highlighter in hand, mark any miscellaneous monthly charges and usage fees. Then use these tips to remove them and negotiate reduced payments.

Cable and Internet: If you bundle services and pay your bills on time, the ball is in your court. Use your customer loyalty as leverage for lower rates. Do your homework and familiarize yourself with competitor offerings. Make mention of the savings you could gain by switching providers. Customer service-minded companies do what it takes to keep valued customers. If not, make the switch.
Cell phone: Even if you’re locked in to a mobile contract, you can still shave a few dollars off your bill. Take a few moments to understand your contract. What does your mobile package encompass? Are you paying for 6 GB of data when you only use 3 GB? Lowering your data package can save between $10-$20 per month. Does your plan include unlimited text messaging, or are you paying a bundle in overage fees? Look at your usage history to decide whether to reduce your monthly usage or increase your plan and save on overage fees.
Auto insurance: Don’t overpay for car insurance. Try The Hartford’s auto insurance calculator to shop for the best deal. Answer a few short questions, and the site provides you with the best options to fit your budget and lifestyle.

Create a Spending Plan

Now that you’ve negotiated your way to extra savings, how will you allocate your new-found cash? Forget budgeting; this isn’t a course on deprivation. It’s about making the most of your hard-earned dollars, so you can enjoy a well-lived present while preparing for a sound future. Have you been eyeing that new Kate Spade handbag, those stunning Michael Kors heels? You can make them yours. Visit LearnVest’s Money Center to determine your financial priorities, set goals and track your progress. Find out what stays (haute couture) and what goes (perhaps your daily coffee run?).

Shop Smarter

You’re strong, successful and independent. But when it comes to the latest shiny object, you’re a deer in the headlights. Even the most headstrong females can fall victim to the overpriced trends. Your smartphone provides much-needed guidance to save you from making rash decisions. Download the ShopSavvy app and never overpay on the items you love again. Use the barcode scanner on any product you have your eye on, and the app delivers a list of stores that carry the item. You’ll also see the price points available (both online and in-store) to ensure the best deal possible.

Cash Flow Issues? Fix It Now and Forever

April 17, 2014 by Average Joe 4 Comments

Here’s a problem: you’re at the end of your money and there’s three days left before you’re paid. Where do you turn?

Maybe you’ve been there…I was in this situation in my early days as a financial advisor. It was horrible. Here I was, telling people about how to manage their money, and I was sweating every meeting, just praying that they’d sign on the dotted line. One time I even ran out of gas on the way home and had to search frantically for money under my seats.

There are two solution levels: “Right now” and “Never Happen Again”. Let’s tackle both.

Take Care Of The Problem Right Now

Raid the cupboard – It’s time to get creative on your meal plan. In my “broke days,” if I could get through without buying any food, I was golden. That thing in the freezer that I wasn’t sure whether I could still eat it? Time to find out. Those crackers that are slightly stale in the back of the pantry? They’ll go great with the chicken broth I’m using to make a creative soup.

Find alternate transportation – Heading to work? If you live close enough, it’s time to walk or ride a bike. Walking is—of course—free. The bike? You made an investment in it at one time, but it’s good for your pocketbook and your wallet to dust it off. Live too far away? Explore ride sharing options. Hopefully, your new ride-mate will let you pay for gas on Friday….once you’ve been paid.

Explore Ways To Get Cash – God forbid I had an emergency….. if that happened, I’d attempt to borrow money from relatives for a few days, offering them a good interest rate. If nobody bought (near the end of my rope those people were exhausted from continuously loaning me money, although I always repaid them), I needed to find other ways to get cash. When I’d need cash, none of them were especially attractive, so that’s why I always thought about….

Making sure it “Never Happens Again”

The great part about making mistakes is that they allow you to learn. If you fall forward, it’s not quite so painful.

Build An Emergency Fund – On my personal blog, Stacking Benjamins, I talk about automating my savings as my big money “a-ha.” No matter how painful, putting a few dollars away for a rainy day fund is vital. You had to raid the fund? That’s what it’s there for! Now, go and rebuild.

Sell Your Junk – Clutter, whether it’s in your closet or your mind, creates confusion. If you’re going to focus on ways to earn more money, you’re going to need to clean the slate. Use eBay, a garage sale, or Craig’s List to dump as much access stuff as possible. Use that money to fund your rainy day account.

Build a Better Budget – Ask yourself “what went wrong” this time and fix your budget to avoid that the next time. You needed tires for your car? Why isn’t that built into your plan? Your furnace died? Why don’t have you a strategy for that? Sure, you won’t be able to fix every potential problem, but there are always ways to fix your plan so that you’re more prepared next time.

Ask For a Raise – Studies show that most workers could get a raise if they just asked their boss the right way for more money. You’ll need to come armed with statistics and you’ll also need to prove that you deserve it. What do you do if the boss says no? Look for new work. The quickest way to make it up the ladder is to find a new boss who’s willing to pay you what your worth. Often, that’s a much quicker way to more money than settling for little raises at your current job.

photo: Sharon Hahn Darlin

Top Tips for Buying and Running a Business With Your Spouse

April 4, 2014 by Average Joe 3 Comments

A solid marriage is the first thing you need in order to run a successful business with your spouse, but that’s certainly not the only thing. Partners that share the same visions, goals, outlooks, and can stand each other’s company 24/7 are more apt to make it work. Subsequent steps to success involve a mixture of business sense, legal sense and common sense that can help you reap the rewards of working so closely with someone you trust and love.

Decide on Business Type

Whether you’re buying a franchise, launching a start-up or taking over an established area business, you should both agree on the business type: partnership or joint venture. Your next step is to file the required paperwork to ensure you meet compliance requirements.

A husband-wife business automatically qualifies as a partnership, or you can take advantage of the Small Business and Work Opportunity Tax Act that lets you file your business as a joint venture. Partnerships file a single tax return on Form 1065. It assumes all contributions, gains, losses, business decisions and balance of power are split 50-50. A joint venture lets each spouse file his or her own tax return using Form 1040. The joint venture option files the same way a sole proprietorship would, listing individual contributions, gains and losses, according to IRS.gov and SBA.

While the IRS says a joint venture doesn’t usually get you a higher tax return, it does keep Social Security retirement credits separate.

Figure Out Who Does What

Clearly defining your roles and duties can stop potential power struggles before they even start. Decide on each spouse’s title and compile a detailed list of responsibilities and tasks that come with those titles. Make tasks easier for both of you by looking into tools like online accounting software from Quickbooks, which can make handling the books easier for both of you.

Also devise a plan for settling disagreements that involve major business decisions. Set up an impartial board of directors. Make sure each member only has only the best interests of the business in mind and no personal ties to either spouse. Your board of directors can be your go-to source for settling key decisions from a business, rather than a personal, perspective.

Have an Exit Plan

While no one tracks divorce rates for husband-wife businesses, with 40%-50% of first marriages ending in divorce, according to Divorce.usu.edu, an exit plan becomes a must-have plan.

Even if your marriage doesn’t end in divorce, an exit plan can be essential if you two realize that working together simply doesn’t work. A common exit plan strategy is for one partner to sell the business to the other, either as a one-time purchase or over a set period of time. Splitting the business in two is another option.

A third option is to sell the business to an outside party and split the profit. Either spouse may decide to continue working at the business, but neither has the full set of responsibilities that come with being an owner.

Answers to the Most Common Questions About Structured Settlements

March 8, 2014 by Average Joe 3 Comments

Why so much confusion about structured settlement?

Structured settlements are becoming highly popular these days, partly due to the benefits they provide and partly due to the flexibility they offer to the holder. According to Einstein Structured Settlement, Structured settlements are regarded much well as compared to other types of investment in the sense that they are oriented towards the needs of the owner. Despite all the advantages many people have doubts about this financial instrument when it comes to make an investment. They have many questions regarding the investment and handling of structured settlement that they want to answer before making any decision.

The questions are countless but a few, that are continuously haunting the minds of those who want to invest in structured settlement, are answered below:

What is the effect of inflation on structured settlement?

The biggest worry for the investors these days is inflation, which is chomping off their plans to save for their future. The investors need to mark up their investment for their future with the expected rise in inflation. Without a proper calculation their investment will not pay them as per their expectations. Annuity is no exception for this truth. Annuity sure pays a comfortable annual income but it does not promise to do so after a time of 10 years, as the purchasing power is expected to change with the rise in inflation. The value of the annual payment of structured settlement can drastically reduce due to the effect of inflation. In this case most of the people decide to sell this financial instrument to a structured settlement company in exchange of cash that they can invest in some other instruments to fight off inflation.

Is the income from structured settlement taxable?

Legally a person does not have to pay tax on the any amount of money received as the compensation of physical damage caused to him/her. This money is not treated as the source of actual income and thus is exempt from tax. In legal terms this money is for the compensation for recovery from that particular damage. In fact, the tax free nature of the structured settlement amounts is among the most highly regarded benefits of this financial scheme. But this income from the structured settlement is tax free only as long as the payee is alive. In case of the death of the payee, the income becomes taxable as per the law of Inheritance. This is because the source of income is now transferred to the descendent of the actual payee who did not suffer any damage. Thus this money coming as a source of income becomes taxable.

In some cases this financial instrument is tax deferred, which means the taxes on the income through structured settlement are delayed for a specific period of time only. After that period of time the income becomes taxable. If the payee decides to make a withdrawal, in this case the amount withdrawn is taxable.

What if the holder wants to sell only a portion of structured settlement?

It can be seen very often that the holders of the structured settlement sell only a portion of the structured settlement to fulfill their immediate financial needs. It is also possible for the holder of the structured settlement to sell this instrument in portions on different occasions throughout their lifetime as per their need and convenience. There are many individuals and companies that are ready to purchase these portions of structured settlement in exchange of a good amount of cash. This option gives the holder a flexibility of handling it and gets the holders higher amount of liquidity on their holdings.

What are the things to be considered before selling structured settlement?

While making the decision to sell the structured settlement, it is necessary for the holder to consider some important factors which are sure to affect their deal.

The very first thing that the seller of the structured settlement needs to consider is the legal restrictions involved in the deal.
The holder also needs to look for the contractual restrictions, which sometimes do not allow the holder to sell the structured settlement.
When a structured settlement is sold for cash, the amount of money received becomes taxable and the plaintiff is exposed to an immediate tax liability.
The seller of the structured settlement should be aware of the low offers that are often made by the buyers of the instruments.

Should one consult a lawyer in the deal related to structured settlement?

It is very wise to take help from a lawyer before making any deal related to structured settlement. He will ensure that the rights of the holder are protected against any type of fraud or he/she is not held responsible for anything outside his/her control. The lawyer will help the plaintiff with the purchase or selling agreement.

Suing Your Parents for College Money? 5 Reasons I’m All For It

March 4, 2014 by Average Joe 13 Comments

Today in New Jersey an 18 year old is suing her parents for college money. According to USA Today, she says that they issued her an ultimatum (ditch the boyfriend or get out). Dad says they asked her to follow a few house rules.

Whatever. I think this is an awesome exercise.

Partially, I like this lawsuit because I think entertaining me (no matter what it means to the court system) is a great idea. But there are many BETTER reasons:

1) Blaming Someone Else For Your Problems Is Often the Best Solution. This idea of “trying to solve your problems through listening and compromise” is complete baloney. Take a page out of Washington’s book and adopt this slogan: My Way or the Highway.

This plays into any financial decision, doesn’t it? I met with a client during the 2000 market collapse with a young advisor. The client was agitated because the market was collapsing and she wanted someone to blame. The advisor continually tried to reconfirm the strategy that they were using, but the client would hear none of it. “I don’t care what the strategy is. I just want my money back.”

I felt for the woman. Clearly, understanding your strategy is overrated. It isn’t about the world….it’s all about you.

2) Rules Are For Suckers. If you lose money in the stock market you should sue your broker. If McDonalds only gives you one napkin, sue them. I should have sued J Crew for my horrible shopping experience. If your parents won’t pay for college, then tell it to a judge.

I have no sympathy for this guy. Sure, it’s his home, but what about her rights? If she has a boyfriend that dad doesn’t like, why shouldn’t he let her bring him home? In fact, why doesn’t he just pony up for them to live in a hotel? That’s what she SHOULD be suing for….a nice hotel stay.

teen sues parents for college money in New Jersey

I think the judge should throw this giant gavel at the dad. Teach him a lesson!

3) It’s Not Your Fault You’re Young And Smart. This girl, according to sources, has a $20,000 scholarship and wants to go to school out of state to Vermont. Does it really matter that $20,000 probably doesn’t come close to covering out of state tuition costs? Not to me, it doesn’t. I think she’s completely entitled to whatever education level she desires, if only because she wants it. I don’t care if there are less expensive options. I really don’t care if this is a logical choice at all. If the girl wants it, she should have it.

4) Dad Had A College Fund And It’s For Her. Does it really matter that a 529 plan is in a parent’s name? If dad (or in this case let’s just call him “daddy”) set aside money, it should be the girls. Daddy should waive his right to dole this money out as he sees fit. It doesn’t matter that he earned it. It doesn’t really matter that he probably took all the risk in investing the money, does it?

5) Nobody, AND I MEAN NOBODY, Puts Baby in a Corner.

Do we need more reasons this is a great idea?

Photo: Sam Howzit

How I Learned To Love Pie Without The Charts

February 27, 2014 by Average Joe 8 Comments

You attend your first ever 401k meeting….and they hand you some pie charts.

Oh, no.

First of all, I should say I love pie. Especially apple pie.

But I hate generic pie charts in retirement plan books.

I can’t tell you the number of boring-ass financial meetings I’ve attended where some dude in a suit is plowing through a bunch of pie charts while his clients pretend to be awake.

Rule one of asset allocation: Chuck the pie chart.

Most of the time, these charts are based on your age and risk tolerance. Nothing like putting a few square pegs in round holes, huh? I’m sure yours will fit just nicely into this….oh, wait, it won’t fit? Let’s just

Jam it home.

What about your goal? What about “How much do I really need my money to earn?”

Nope.

Asset allocation, or (to use the five dollar word) “diversification”, starts with what you want for yourself, doesn’t it? Don’t you think you should try to achieve your real goal?

So, here’s the rocket science of 401k planning:

1) Write down what you want. I know that may seem like a shock to you. The National Endowment for Financial Education (NEFE), The Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) and the College for Financial Planning (FPA) all recommend starting with your goal.

You want to use a generic pie chart instead?

Good luck with that the next time the market drops.

2) Here’s the next amazing step: read through different types of investments to see which ones actually have historically met your goal. I think my head just exploded. Really? Who thought that you could actually look back at investments and see what they’ve accomplished?

Some thoughts:

Gold and Collectibles: Good for people who can actually predict the future. Ms. Cleo and Nostradamus should have loaded up. Gold is five times more volatile than the stock market. Think you know where it’s headed? Think again. (This doesn’t mean I don’t like gold. It means that you can’t tell me it’s going to be through the roof in three years, moron on Twitter…..).

Stocks: This is like saying that you should always have cake after dinner, but generally, ten years or more and you’re looking good with stocks. If you need the money next year, you’ve done about as well at the casino.

Bonds: Depending on the type, over five years.

….and so on.

Get the point? Real diversification, dear readers, is going to be based on your personal end-game. Start there. Or not. Avoid pie charts, but load up on pie. Yum.

5 Ways to Turn Your Budget Into a Hot, Soapy Dream

February 24, 2014 by Average Joe 8 Comments

Ah, the budget.

While I dream about hot, soapy fun, I’m not sure that “a budget” is what I had in mind. Sure, I’m into crazy stuff as much as the next guy, but this whole budget and soap thing….I thought, “I’ll pass.”

…until I was recently looking at my dishwasher.

Then I thought, “I’ll pass….out! This is awesome!”

Here’s hot, soapy, and the key to my biggest budget dreams of all time.

When I want to get stuff done….you know, real stuff, like washing dishes or clothes, I don’t do the job by hand. I throw in a few ingredients and let a machine handle it.

People tell me that they like to budget by hand. I don’t get it. I could wash my clothes by hand. They’ll probably smell a little and I’m fairly certain I won’t do a wonderful job….but I could do it.

Instead I just press a button.

I’ve got better things to do than sit around and worry about how I’m spending every penny. I could be playing video games, running, or working on writing an article about budgeting…..(how META!)

Instead, try these ways to create the automatic thrills of a budget lifetime:

1) Soak in your expenses without writing stuff down. Ummm….how unbelievably wild and crazy. Using a system like Mint or YNAB instead of writing out every expense? Oh la la.

2) Wash down easy purchases automatically by avoiding the store. I’ve been using Amazon’s Subscribe and Save for some time now for basic household expenses. Not only do I get great prices, but I know what a large portion of my grocery budget is going to be before the month begins. This also saves me time at the grocery store, so I can spend more time writing crazy dishwasher/budget analogies.

3) Rinse yourself in free, credit protecting services. Afraid you’ll damage your credit by missing payments on your credit card? Ask your lender about automatic minimum payments. Sure, you want to stay ahead of the game, but if you accidentally overlook a payment, you’ll keep your credit intact. …and nothing is sexier than a perfect credit score.

4) Spin your investments by reinvesting dividends. I swoon when people start talking to me about dividends. Is it getting hot in here? Until you’re ready to start spending your fortune, use the power of automatic dividends to build your savings quickly, and better yet….without paying attention.

5) Dry out any rough investments by scheduling alerts when your funds drop more than your risk tolerance can stand. Who wants to worry about the financial markets? Well, I do, if there’s something to worry about. Here’s a plan: use alerts to tell you when there’s something you should pay attention to. Until then, spend your days sprinkling rose pedals across your bed and singing horrible love songs. Or not.

Aren’t those sexy? I know what you’re thinking. “How can I get more of these tips, but on my mp3 player or phone?” Check out the Stacking Benjamins podcast every Monday or our single-interview Short Stack on Fridays for more overwraught analogies…..

My brother just sent me this hilarious SNL Amazon.com skit video….talk about hot, soapy dream! 🙂

The Market’s Coming Back! I’m Panicking Again!

February 20, 2014 by Average Joe 6 Comments

Here’s a quick lesson in human behavior:

Fed quantitative easing, problems in the Ukraine, soft volume numbers in the stock market. It seems like a recipe for more downer days in the stock market. It’s also a recipe for worriers to worry even more.

…Yet the market continues to roar back.

Did you get caught?

Did you move money to the sidelines when the market was low and then miss out on the upswing (essentially losing money and locking it in….).

A better question might be: did you do anything at all?

….and Action!!!!!

When I was an advisor we had some clients who wanted to see some action if the markets sank. We should be doing something, dammit!

The more experienced guys in the office insisted that we talk about re-diversifying the portfolio with our clients like the guy helping ease the suicidal lady off the window ledge. It didnt matter that we already had damned good diversification in our portfolios.

When the markets moved, here’s how we’d end meetings:

We’d move a few things around to prove to clients that we were doing something about it.

That was “the show.” Let me tell you what we were really doing:

…we were watching the market very closely and hoping that it rebounded soon. That way, the phone calls from clients would stop and we could quit pretending to be market gurus (even though we’d been insisting with our clients that we weren’t market gurus….AND that there’s really no such thing……).

At first I thought this was nonsense.

The Truth About Client/Advisor Relationships

Why would we move a few funds around if we believed they were the right places to invest? Why would we abandon the strategy? A friend of mine, we’ll call him Joe, told me everything I needed to know about human behavior my second year practicing.

He said, “Either they’ll get rid of the fund they don’t like or they’ll get rid of you. Which would you prefer?”

You know the answer to that one.

So, answering my own question, it was nonsense for the client, but made perfect sense for the advisor. Sadly, most clients thought that it made sense also.

Let’s set the record straight.

If you have a good fund with a track record and your long term diversification says to keep that fund, you should hold on to it. Don’t just hold on with your eyes closed and teeth clenched; hang on while knowing what you’re doing. Here is what you should know:

1) Make sure your fund is keeping up with its benchmark. Some funds track the S&P 500, while others follow the NASDAQ or a certain sector of the market. Use Morningstar.com to find out what your fund tracks and to see if it’s keeping up with ‘the Joneses.’

2) Is your goal still the same? If you have a fund, it’s really only a fuel for your goal, isn’t it? When your goals change, your diversification should also change. If you’re in the best fund in the wrong part of the market, you’ll never be able to use the fuel.

3) Pay attention to taxes and turnover. If your fund is outside of tax shelters, track a metric called turnover (also found at Morningstar.com or any of the reliable search engine sites). Turnover show how much of the portfolio your manager is churning to keep his head above water. This movement can create taxes and unnecessary expenses. Turnover of 100 percent means that all of your positions are changing in a twelve month period.

So the market’s been moving around…..what do you do now? Check out your funds to make sure you’re in the right spot to meet your goals, and then do nothing.

6 Money Saving Ideas That Aren’t – 2 Guys and Your Money #66

February 19, 2014 by Average Joe 3 Comments

Crazy man Len Penzo sits in for OG on today’s show, reviewing his article from Len Penzo dot Com called Money Saving Ideas That Are Anything But.

Thanks to Len for sitting in today!

SHOW NOTES

<> Open

<> Amazon.com – Follow this Amazon.com link when you do your shopping and not only will you score those great Amazon deals, but you’ll also help out the podcast! (You can also go to StackingBenjamins.com/Amazon and you’ll reach the same spot).

<> Len Penzo – 6 Money Saving Ideas That Really Aren’t

Book Mentioned: Kitchen Confidential by Anthony Bordain….I love this book: