Money

• Rent or Buy?

  TO BUY OR NOT TO BUY? A house is not just an essential part of the American dream, it’s a belief about pride and security that’s hardwired into us all. With property prices down, interest rates at a low and some desperate sellers, there is no doubt that there are some excellent deals out there. Think about your investment on the buy-to-rent basis and if you can’t put down at least 10% to 20% of the purchase price as a down payment on the house, you shouldn’t be thinking about buying.

  
  

• 10 Ways Twitter Will Change American Business

  AS TWITTER GROWS, it will increasingly become a place where companies build brands, do research, send information to customers, conduct e-commerce and create communities for their users. This popular micro-blogging tool will replace message boards for stock discussions, measure the influence of outdoor ads, and expand the power of micro-payments in 140 characters or less!

  
  

• How to Spend Like a Frugal Millionaire

  TO KEEP THE economy going we need to keep spending but not waste money in the process. When it comes to spending money like a frugal millionaire, efficiency is key. Remember, shopping is not a sport. Buy used (or off lease) fuel-efficient cars, wait for off-season to acquire clothes, and purchase low-end gear that has the basic functionality of the more expensive stuff.

  
  

• Raise Your Credit Score in 4 Simple Steps

  A HIGH CREDIT SCORE means lower rates, easier access to credit, and potentially favorable treatment when it comes to renting an apartment or even landing a job. Start on your path to financial security by getting a free credit report. This allows you to review existing accounts and dispute inaccurate information. Next, identify what your spending money on and prioritize your budget. A review of your credit report may also show accounts that are open with zero balances. Keep these accounts open. It works better for your credit score if your debt is spread out across multiple accounts rather than loaded up onto one. Most importantly, pay down your debt.

  
  

• 5 Steps to Getting Started On Next Year's Taxes

  NOW THAT YOU'VE finished filing your 2008 tax return, it's the perfect time to think about next year's effort. Maximize deductions, clean up your files, consolidate accounts, and adjust your withholdings. Plus, consider making your IRA contribution now --too many people wait until the last minute to make their contributions, then have a tough time coming up with enough cash.

  
  

• 10 Ways to Save Money on Food Shopping

  LOOKING FOR WAYS to save money on food shopping without sacrificing nutrition. Planning is the most important step. Take inventory of what you have on hand, create a detailed shopping list, and take into account how you plan on using leftovers. Before you plan your weekly menu, check the ads to see what’s on sale and use coupons during your shopping trip. Next time you're gathering ingredients for a recipe, try using frozen, canned, or dried foods. They may be less expensive than fresh, yet are equally nutritious. Or buy produce in season. Go generic. Buy prepackaged only if you need it and consider buying and cooking in bulk.

  
  

• Check Your Retirement Calculations

  THERE ARE MANY retirement calculators available to plan for the future. But make sure you confirm the accuracy of the computations since there’s quite a bit at stake. Be skeptical about the outcome, know how the software works and who makes it, consider your alternatives, and be realistic about how uncertain any projections can be.

  
  

• Dividing Debts in Divorce

  IN DIVORCE dividing assets isn’t nearly as difficult as dividing debts. Having debts assigned in a divorce isn’t always what it seems. If you signed a loan application, the lender could still require you to pay up despite the fact that your ex-wife is assigned the debt. Get a credit report to discover your potential exposure and make sure you’re protected in the divorce settlement if debts exist. Next, cancel joint credit cards.Why is that so important? A jointly held card is reported on the credit reports of both you and your ex-spouse. If your ex fails to pay bills on time, the damage ruins your credit too.

  
  

• Effortless Budget Cuts

  WANT TO SAVE MONEY without sacrificing your current lifestyle? Effortless budget cuts are the answer. Start by reducing the temperature setting on your hot water heater. Expect a 5% drop in energy consumption for every 10 degrees you drop it. Also consider dividing credit card payments. Pay $100 twice a month, instead of paying $200 once a month. Since finance charges are based on your average daily balance, you will reduce your monthly finance charge without paying any more than you already do. Plus, raise your car insurance deductibles, review your phone plans, buy generic prescriptions and food, and unplug your electronic devices when they are not in use.

  
  

• Diving Credit Scores

  ARE CREDIT SCORES being lowered to account for the current economy? No, but some consumers have had negative actions taken by financial institutions even though they haven't done anything wrong. The steps taken by the institutions had a chilling impact on the individuals’ FICO scores. Wise men who want to avoid unnecessary dings to their credit scores should cut back their debt positions and new purchases.

  
  

• Vacation Bargains In A Down Economy

  SMART GUYS WHO are willing to be flexible with travel arrangements can find some great vacation bargains these days. Many money wise US travelers lost interest in trips overseas last summer when the dollar was in the basement. If you’re willing to make some extra stops in your flights, travel on non-peak days, and book relatively far in advance, there are great deals in travel. The travel industry is feeling the recession pinch and you can help out while saving money on a great trip abroad.

  
  

• Seven Life Insurance Mistakes

  IS YOUR INSURANCE ADEQUATE? Don't let these simple life insurance errors leave you unprotected. Make sure you (1) don’t have too little, (2) talk with those who depend on you financially about life insurance, (3) use old formulas to calculate your modern needs, (4) insure to cover your benefits, not just your income, (5) take the long view, (6) don’t be too cheap, and (7) review and update your policy regularly.

  
  

• 10 First-time Homebuyer Mistakes

  A HOUSE IS MORE than a home -- it's a long-term financial investment. Knowing the dangerous mistakes of the buying process might save you from a lifetime of debt. Start with a realistic budgeting plan. It's easy to overestimate what you can afford. List all your income, including wage and investments as well as all of your expenses, from monthly payments to food to hair cuts. Also keep emergency expenses in mind-- like a costly surgery for your family dog or the loss of your job. Hidden costs are also a problem for first-time buyers. Appraisal, credit report, escrow, notary, and homeowner's insurance fees add up. Have a firm understanding of house market trends, consider home resale value, have the home professionally inspected, and get familiar with the role of a real estate agent to understand his or her motivations. Plus, never trust a verbal agreement.

  
  

• Savings Equal Silver Lining to the Economy

  SOME PEOPLE ARE preprogrammed to save and some are hardwired to spend. But many people are either savers or spenders based on their experiences with money. And those folks are going to come out of this recession with better savings habits and less propensity for debt. So the tough economy will have some good long term impact on smart guys who can learn lessons from this economy.

  
  

• Safe To Go Back in the Water

  IF YOU'VE GOT AT LEAST 10 years until retirement, this recession may not have a negative impact on your target retirement date. The current market is a good time for savvy guys in their 30s, 40s, and 50s to look at what their investment risk should be, assess what in their portfolio is good quality and what isn’t, and begin structuring a quality portfolio. For those who don’t want a complicated investment strategy, check into model portfolios.

  
  

• Seven Things You're Wasting Money On

  THINK TWICE BEFORE, you buy. Make sure you're tapping into all of the discounts available to you. Check with your employer or health insurer to see if they offer discounts on fitness club memberships. Ask auto insurers for better rates. Shop around when downloading music. Replace bottled water with a filtered pitcher. Cut down on organic produce purchases. And watch out for overdraft fees. Plus, say no to extended warranties on new products since they tend to malfunction within the manufacturer’s initial warranty period.

  
  

• Is Bankruptcy the Answer

  THE ECONOMY IS the pits, so even smart guys may find themselves in an untenable financial situation. If you find yourself regularly dipping into retirement savings, having your wages garnished, and getting regular calls from creditors, or your house is in foreclosure, you might want to consider bankruptcy. The laws changed several years ago to make bankruptcy a last resort instead of an easy out. But now more people need bankruptcy protection to stop the financial bleeding from lost jobs, debts, and an overall bad economy.

  
  

• How Savers Could Doom the Economy

  THE ECONOMIC RECOVERY strategies in place assume that people who can spend WILL and that as things get better for everyone, we’ll all spend. But if smart guys get bogged down in being too cautious, it could actually hurt the economy. Even some very high income folks are holding onto their cash as if it’s the last money they might ever see. Putting out cash flow just for the essentials in case things get worse could actually keep a bad state of affairs. We need some retail therapy!

  
  

• Is Your Financial Advisor Up to the Challenge?

  WORRIED THAT YOUR financial advisor isn’t trained for this market? Your concerns might be valid. Some financial planners don’t feel they were prepared for the current economic crisis. Finding a new, better advisor isn’t easy, though. If your consultant contacted you during the downturn to discuss possible investment changes or future plans, then riding out the storm with your current financial professional. However, investors should dump an adviser who doesn't tell them if a portfolio is too risky.

  
  

• Good News for College Financing

  IF YOU'RE WONDERING how to send Junior to college in this economy, there might be good news for you. Recent legislation makes more people eligible for grants, programs that pay off education costs with work, and loans. Plus, when you file your federal tax return next year, you could qualify for a bigger refund. There's also a chance public universities won't introduce steep tuition increases next fall. Remember--the deadline to apply for financial aid at most colleges and universities falls within the next month. To apply, you need to fill out the Free Application for Federal Student Aid at www.fafsa.ed.gov.

  
  

• Stimulus Winners Are Green-- And Not Just With Cash

  THE ECONOMIC STIMULUS has one clear winner which is best defined by the word green. Many projects that were put on hold as capital dried up, meet the "shovel ready" and "green" requirements. Solar power construction companies like OptiSolar, Solar Reserve, and Stirling Energy Systems may be able to complete projects that are currently sidelined. The green energy sector is certainly one to keep your eye on in the year to come.

  
  

• Pay Attention – Re-Enrollment in 401k

  SMART GUYS NEED to pay attention to what’s going on with their 401ks. The Pension Protection Act of 2006 enforced the responsibility of employers to ensure that employees are properly diversified in their retirement plans. Many employees are either too conservative, too aggressive, or have invested too much in company stock. Few companies have adopted the re-enrollment option, which allows the employer to change the allocation for an employee. But if re-enrollment is in place, an employee can opt out – if he’s paying attention.

  
  

• Diversification Eases Stock Losses -- But Can't Stop Them

  YOU DIVERSIFIED your portfolio, spread your risk between U.S. and international stocks, and bought into high-quality and low-quality bonds. But you still got stomped. Is it time to re-think diversification strategies? NO. When you diversify, you spread risk among several different types of investments. And diversification is a good strategy-- if it is applied correctly. Experts suggest using one or two broadly diversified stock funds as a core position, and adding bonds to reduce risk.

  
  

• How to Negotiate Credit Card Debt

  REDUCING YOUR DEBTS is key when it comes to surviving a recession. Credit card companies are surprisingly willing to negotiate with consumers on everything from interest rates and fees to payment plans. Often, all you have to do is ask. Take control of debt by practicing your negotiating skills. Have a list of your debts, know the facts about your card, and be courteous. If you don't think you’re getting a reasonable response from a customer service representative, ask for a supervisor. Like any negotiation, walk-away power puts you in a strong position -- closing your account will get you the best offers.

  
  

• Target Funds or Not?

  IF YOU'RE STARTING OUT with investing and don’t have enough to put money into a variety of funds, a Target Fund may be right for you. These funds have a set asset allocation that’s geared for meeting a goal in the future. The farther into the future the goal, the more aggressive the asset allocation. Once you’ve got enough money to spread across several funds, a multiple fund strategy gives more control than a Target Fund.

  
  

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