Latest financial news and information
3 things you should do before you turn 27
Your early 20s can be a stressful time — out in the world on your own, making your own decisions. There are four financial moves, however, that almost guarantee you will be putting yourself behind, financially.
Stay out of debt
Consumer debt is essentially any debt that does not have a chance of appreciating in value. Generally, credit cards of any kind are considered consumer debt. Debt that is likely to pay back on the investment may be justifiable, but debt to pay for a want instead of a need is likely not justifiable. Especially if you have no way to pay [...]
Women slightly less ready to retire than men
Although the differences are not great, “Retirement Revealed,” a new report from the ING Retirement Research Institute, concludes that men are more prepared to retire than women.
Men have more savings
Perhaps the most significant difference between male and female retirement readiness, according the the report, was in terms of savings. Of those who had savings, Men, on an average, had nearly 50 percent more. The average man had $149,000 stashed away. The typical woman, on the other hand, had about $108,000.
There have been many studies lately demonstrating how unprepared most Americans feel when it comes to retirement. While just more than [...]
Social Security, credit bureaus falsely declare people dead
Stories keep popping up about people who have been falsely declared dead by credit bureaus or by the Social Security Administration. Usually, it is due to an error in reporting, but it can happen to anyone.
Reports get exaggerated
Every now and again, a story comes out about a person having been declared dead and finding out about it when they go to get a loan of some sort. For instance, it was recently reported that 18-year-old high school senior Corbin Russell of Nebraska, according to the Daily Mail, has been turned down for student loans because he is, according to the [...]
Consumers next target of anti-counterfeit crusaders?
Homeland Security and anti-counterfeiting groups are cracking down on counterfeit goods that steal the hard-won goodwill of legitimate band names. But for the first time these crusaders have decided to target the consumer. If they have their way, consumers who knowingly buy counterfeit goods could face fines or even jail time.
A $650 billion industry
Knock-off counterfeit merchandise, like fake Prada shoes, Gucci bags and Rolex watches, routinely flood flea markets and bargain outlets across the nation. In recent years, so-called rogue websites have popped up, ballooning the illegal industry into one that, according to Daily Finance, rakes in $650 billion a [...]
Downgrade costly, broken appliances to save money
When you use things, they will break. When those items break, however, replacing or upgrading are not your only options. Downgrading can be just as legitimate an option.
The costs of keeping something running
Be it a lawnmower, a camera, or your television, everything that turns on has a cost associated with it. This could be the batteries it uses, the power outlet it plugs into, or the fuel you put into it. When something breaks, you should run an analysis of how much money you put into keeping it running. This does not need to be a full lifetime analysis, but [...]
Baggage fees likely to get worse
Airline baggage and other fees at this point are not merely an inconvenience, but rather a fact of life. Air carriers are likely to only continue to charge fees in coming years as it gets harder for some carriers to stay in the sky.
Fees getting sky high
Unfortunately for anyone who travels by air these days, most airlines charge a fee to check bags. In some cases, passengers get charged to stow bags in the overhead compartment. For instance, according to Fox Business, Allegiant Airlines charges $35 to stow a carry-on bag in the overhead compartment. Spirit Airlines charges $45.
Spirit has [...]
Wal-Mart bribery scandal hurts consumers
According to a recent New York Times article, Wal-Mart de Mexico — the Mexican branch of the box store giant — was caught offering more than $24 million in bribes to skirt zoning regulations and to unfairly give it an edge over the competition. Once they learned of it, the top executives at Wal-Mart Corporate hushed it up and even promoted some of the players. Such unethical behavior not only hurts fair competition, it costs consumers in the long run.
Viva Zapata
The bribery scandal occurred and was suppressed in 2005. However, thanks to whistle blower Sergio Cicero Zapata, it was finally [...]
Avoid bad spending choices when it comes to your kids
The impulse toward frivolous spending on our children is hard to resist. Parents want to make their children happy, but spending in excess on needless things can damage your budget and send kids a bad message. Here are some bad spending choices people typically make for kids. Avoid them.
Love them enough to make good choices
Giving in to the “buy it now to show your love” impulse can have serious financial consequences, says Joan Koonce, University of Georgia economics professor and financial planner.
“Parents are trying to provide (kids) with these things, and sometimes it’s a bad situation because they really can’t [...]
How to recycle old towels with money-saving ideas
Don’t throw away old towels. As long as they don’t stink of the grave, there are ways of reusing old towels. Here’s how to recycle old towels like a pro.
Use old towels as cleaning rags
Here’s the most obvious, yet always practical use for old towels. If you spend a lot of time in the garage on projects, or find yourself polishing the cutlery often, re-purposing old towels for cleaning is essential. Save the $6.99 it costs for a pack of 12 terrycloth shop rags or dish towels.
Use old towels as picnic or beach blankets
Sew together multiple old towels – say [...]
12 months to a better financial foothold
Making big financial changes can be difficult, because they include changing long-held habits. Changing just one thing per month, however, can be an easy way to give yourself a more secure financial foothold.
Month 1: Eat out less
Make an effort to eat out less often in your first month. This doesn’t mean you have to brown-bag every lunch, but try down-sizing your bills or eating out a bit less often.
Month 2: Cut out a premium
This could be the amount you pay for a premium service of any kind. XM radio, HBO, even a $10 per month charge for a postal service. [...]
The debt gap further separates consumers from rich
The previous year of presidential campaigns and Wall Street occupations has shined a great big spotlight on the income gap between the super-rich and everyone else. A new report points to yet another equality gap between the wealthy elite and the struggling majority. Namely, a debt gap that has been widening for decades.
Debt rising for consumers
The typical American consumer is buried in debt. The lower-earning 95 percent of American consumers owed 62 cents of every dollar they earned in 1983, according to the International Monetary Fund, which sponsored the study. However, by 2007 that ratio had risen to an insurmountable [...]
Staying at a more expensive hotel could save you money
When you are traveling, it is easy to drop the equivalent of a month’s rent on a few nights in a hotel. Taking a holistic view of your stay, however, could mean that an expensive hotel could save you money.
Consider all the costs of traveling
Traveling does not exist in a vacuum. When you travel, there are several expenses that you must consider. Not only will you need to pay for the travel itself, but you will also need to pay for somewhere to stay, something to eat, and possibly for entertainment. All told, these things can individually be expensive no [...]
Bad celebrity investments for the ages
While the magic of celebrity may elevate the status attributed to certain individuals, this does not mean that everything celebrities touch turns to gold. Here are some bad celebrity investments that may make you feel better at night.
Mark Twain
A famous writer and humorist who has been called America’s first modern celebrity, Mark Twain spent $150,000 to $300,000 (a massive amount of money back then) over 11 years during the late 19th century on a machine called the Paige Compositor. This was a typesetter that was said to be faster than standard Linotype. Unfortunately, the machine had more than 18,000 parts [...]
Garage sale shopping tips you can use
The weather is fine, and bargain hunting is on everyone’s mind. That means it’s time for the garage sale circuit. Here are some garage sale shopping tips to help you bag the best deals.
Do your research first
Begin your garage sale shopping at home. There are a number of websites that enable the frugal shopper to scope out what local garage sales have to offer. These sites have become increasingly popular with sellers, as have various sections of the local newspaper’s website. Here are a few of the big ones to check. These require minimal information to get started, although some [...]
Interchange fee revenue plummets for banks
Limits on interchange fees, or fees banks charge merchants on debit card transactions, have begun to take effect. As a result, interchange fee revenue has begun to plummet at some of the nation’s largest banks.
Financial reform dealt significant blow to banks
Part and parcel to the Dodd Frank Act, the financial reform laws passed in 2009, was an addendum referred to as the Durbin Amendment. The addition is named for its sponsor, Senator Dick Durbin of Illinois. The amendment’s key provision is for the Federal Reserve to set limits for interchange fees.
Also called swipe fees, the fees are incurred by merchants, [...]
Peer to peer lending services continue crowd funded growth
In the past few years, a new paradigm for borrowing money emerged, where people with money to lend extend funds to borrowers directly. Called “peer to peer lending,” the model has begun to slowly mount a legitimate challenge to traditional lending channels.
We don’t need no stinking bankers
If a person wants a loan, there are only so many channels one can go through in order to secure it. The most common source would be a bank of some sort; other than that, one can try to borrow money from friends or family. One could hardly ask perfect strangers for a loan. [...]
Use Craigslist to save money, too
Craigslist is where most people go to buy everything from a house to a ton of bricks. You can actually use Craigslist to save money, too, and not by getting a screaming deal.
Bartering can be best
If you want to get something new, you may not actually need to spend money. Instead, you can use the Craigslist “barter” section to trade things you already have and no longer use or want for the new things that you do want. When you are bartering, you want to have in mind how you value your items, and keep in mind all of the [...]
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