Showing posts with label online stock trading and investments. Show all posts

Wednesday, November 17, 2010

managing your personal finances

In the digital age, nobody likes carrying a lot of cash around – I know I don’t, anyway. This can be especially frustrating when you go to keep track of your expenses, who you owe money to, who you lent some to and just where it all goes over the month.

As always, there are a lot of apps out there to help you do various things with your money. There are apps to figure out how to manage your money, oversee expenses, send money to people, keep track of who owes you, and more.

In this article, I’ll show you some of the applications you can take advantage of to do everything I’ve mentioned here, leaving you free to pick and choose the apps that will make your life easier.

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How to Manage Your Money

I’m beginning to learn just how difficult managing your expenses can be. For the most part, I use my debit card tied to my checking account to make purchases. I use it at the grocery store, when I go out to lunch with my coworkers and on the weekend when I’m out exploring the city.

At the end of the month, my bank statement looks pretty ridiculous. All of these small transactions make it difficult to sift through. I still know what everything is, but if I wanted to see where I could be saving some money I wouldn’t know the first place to look.

Sounds like you? Even if it doesn’t, you could still reap the benefits of visually being able to manage your money. These apps make the process a lot easier.

Mint

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Mint has been on our radar since back in 2007 when Karl wrote about it. Plain and simple, if there is one app I want you to keep in mind it’s this one.

Mint is a free personal finance application that can help you compare your bank accounts, credit cards, CDs, brokerage and 401(k) to the best products out there. It offers a visual representation of your finances and is very easy to set up. Use it to manage your budget, get credit card advice and understand investing.

Here’s a great video showcasing an overview of Mint’s features:

For some helpful tips on how to use Mint, check out Bakari’s article on How To Use Mint To Manage Your Budget & Spendings Online.

Thrive

Thrive (directory app) is also a great application if you’re looking for a simple way to keep track of your spending. With Thrive, you get an overall Financial Health score, which is one number that shows you how financially fit you are. It also shows you scores in other areas and offers you advice on how to make improvements.

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Thrive breaks down your spending for you and shows you where you can save. Compare your current budget to last month’s, as well as view a six month average and target budgets to follow.

Texthog

Looking for an even simpler way to track expenses? Texthog (directory app) lets you easily store, organize and access your receipts, expense reports and more via text message, the web, your email, iPhone and even Twitter.

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A Texthog free account gives one user the ability to track expenses, view unlimited reports and get budget/bill reminders. Take a photo of your receipts and utilize tags and categories to keep track of everything.

To check out Texthog on your iPhone, you can find the application on iTunes.

Venmo

Speaking of text messages, have you heard of Venmo? Venmo (directory app) is a nice little app that lets you pay and charge friends with your phone. Send and receive secure payments by linking your card to your account. This allows you to settle small loans you give/get by eliminating paper transactions for small amounts of money.

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To use Venmo, all you do is create an account. You can then send and receive money to other accounts simply by using text commands in SMS. Accept a “trust” request from your friends and make transactions without having to authorize them by texting a 3 digit code.

This is a pretty solid application that I have been using a lot lately with my friends/coworkers. It’s great for when a bunch of you are out to lunch and not everyone has cash on them. “I’ll just put it on my card and Venmo you all afterwards.”

Owe Me Cash

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Owe Me Cash is a nice app I found recently that is also very easy to use. If someone owes you money, you just sign into Owe Me Cash with your Twitter, Facebook, OpenID, or regular account and tell the app about the debt. The app will send automatic reminders to those that owe you money by phone, text and email, so you can get paid!

This app is more fun than serious, but it doubles as an easy way to keep track of who owes you what. Let the app bug your friends to pay you so you don’t have to do it yourself – it’s a win-win.

Conclusion

With these applications, your finances will never look better. Say goodbye to paper money and change.

What do you think of these money-managing applications? Will you be using any of them?

Image Credit: marema

A survey released today by Javelin Strategy & Research, which serves financial institutions, found in August that nearly one in five Americans doesn't monitor or manage their personal finances. That rate is double what it was just a year ago. Despite the fact the recession has made it more important than ever to carefully track our money, when it comes to personal finances, 19% of Americans stuck their head in the sand. A year before, another survey had the figure at just 8%.

More anxiety-induced news: The percentage of Americans who say they sometimes log onto their checking account balances with their banks' websites dropped to 46%, down 13 points from 59% a year ago. Even those who track their money by pen and paper dropped, from 50% to 46%.

"It's a natural human reaction to stress: 'Maybe if I don't look at it, it will go away.'" explains the study's co-author, senior analyst Mark Schwanhausser. "I think you have fewer people checking their finances online because they don't like what they're seeing. 'I'm going to be a financial sleepwalker. I'm not going to look.'"

Schwanhausser's prescription for the problem involves convincing America's major financial institutions that they're doing a lousy job helping make it easier and less stressful for their customers to track their money. "It's not enough to tell you how to fix the toilet," he says. "You've got to have the wrench."

Yet despite the fact that most Americans' money resides at a bank, few banks are interested in furnishing financial planning tools. Right now, Schwanhausser argues, most people are required to log into a wide variety of websites to track their money. For example, 75% of Americans who have a credit card get it from somewhere other than their primary bank, meaning their finances are scattered across many websites, unreconciled.

When people do turn to their bank's websites, he argues, the financial planning tools are nearly non-existent despite the fact our society increasingly demands greater personal control through technology. "Today's online banking is like having avocado green appliances from the 1970s. It just doesn't cut it," says Schwanhausser.

Schwanhausser is using the survey to convince banks that it will actually endear customers to them if they put personal finance tools front and center on their sites, helping customers paint a clear picture of their own financial habits. He's pressing them to develop systems, both on the Web and through mobile apps, that can draw in customers' information from other sites, such as credit cards and mortgage lenders, so financial care-taking can be a one-stop process.

So far, banks and lenders have been slow to use existing technology to make money management a less daunting chore. Part of the issue is that many banks don't want to acknowledge competitors by drawing in account balances from elsewhere. Banks also stand to make money off poor financial planning through penalties and fees. Like a doctor who makes money off treating disease, promoting financial good health does not on the surface appear to be in a bank's best interest.

"You can't manage what you don't measure," says Schwanhausser. "And if the bank's not going to provide it for you, you have to go get it in other places."

He recommends existing aggregators such as Mint.com, which pulls your data from multiple sources and lays it out in spreadsheets and in spending plans, as a model for what all the banks should be doing for their customers.

He also notes that Bank of America's "My Portfolio" and Wells Fargo's "My Savings Plan" are two fledgling, if little-known, bank-created features that are slowly reaching toward the sort of comprehensive personal finance planning features he advocates.

As long as it remains difficult or scary, though, when it comes to their finances, Americans will remain more likely to use the Ostrich Method.
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The Inevitable Taiwanese News Animation about the TSA's Touching ...

Does anyone know if this animation, or any of these CGI clips from NMA.tv, actually appeared on TV news in Taiwan? Because their website seems more like it's mostly an online thing - I would love to see video of this actually being ...

Video: Is Cable News Actually News? - NYTimes.com

Video: Pondering the value and integrity of cable news.

More Bad News for Obama 2012: Catholics Elect Dolan - Swampland ...

Corrected Nov. 17: The Catholic bishops' surprise election yesterday of New York's Archbishop Timothy M. Dolan as their president is more bad news for Obama in 2012.

The Inevitable Taiwanese News Animation about the TSA's Touching ...

Video: Is Cable News Actually News? - NYTimes.com

Video: Pondering the value and integrity of cable news.

More Bad News for Obama 2012: Catholics Elect Dolan - Swampland ...

Corrected Nov. 17: The Catholic bishops' surprise election yesterday of New York's Archbishop Timothy M. Dolan as their president is more bad news for Obama in 2012.

alpine payment systems scam

The Inevitable Taiwanese News Animation about the TSA's Touching ...

Video: Is Cable News Actually News? - NYTimes.com

Video: Pondering the value and integrity of cable news.

More Bad News for Obama 2012: Catholics Elect Dolan - Swampland ...

Corrected Nov. 17: The Catholic bishops' surprise election yesterday of New York's Archbishop Timothy M. Dolan as their president is more bad news for Obama in 2012.

Friday, September 24, 2010

how to budget personal finances

I am a 25 year old college student (school, job + savings, back to school… long story) and boy do I wish I knew about all the resources available to me back then. Good for you for starting early!

Lucky for me I have 1 parent (divorced) who is so bad with money that I have been scared into financial responsibility from a young age. Was I perfect? Hahaha.. but I am doing better than 95% of my friends are right now so I guess I am doing something right?

Here is my advice:

1. GET A JOB! - 2 shifts a week is all it takes. I have friends who just graduated from college without ever having a job. Result? No work experience so nowhere will hire them. Some had problems even getting an internship! Try for customer service jobs. Employers value people skills more than flipping burgers.

2. BUDGET! - Cant teach an old dog new tricks so it is best to start young. Add up your monthly expenses such as rent/insurance/cell/gas/etc and divide by 2 or 4 (depending on weekly/bi-weekly payday). Put this money in savings and no touchy! Once you can live on that budget a certain % for an emergency fund and then % for savings. The rest is your “fun” money. As others have said: pizza, ipods, and clothes are “fun money” and NOT emergencies!

3. DEBIT, CREDIT, or CASH?

DEBIT- I am a die hard debit card user. My credit union has detailed (free) online banking. I check my online bank statement in the morning and at night and go over my spending. Think of it as an instant virtual slap in the face about your spending habits. It hurts for the best.

CASH - Some people just cant be responsible enough to respect the plastic and do better with cash. Try and keep bigger bills on you. Breaking a $5 is less mentally painful than breaking a $20. $1s are dangerous. That can of coke is “only $1″. $7 a week, $30 a month. It adds up.

CREDIT - Many say don’t get a credit card, but I disagree. If you are responsible college is a great time to build credit (unless you have some serious control issues… if that is the case, these are not the droids you are looking for…). Not building credit early is the BIGGEST regret I have. Good credit means better rates when buying a house or a car. Do your research first. Consider a student, or if you have to a secured card.

More about credit-

*Do NOT apply for a credit card on campus. It is like selling your soul for a candy bar. Every time you apply for a credit card they run a credit check, which “pings” you. Too many pings hurts your credit score. Not good. Friend did that at every kiosk that offered something free to sign up when she was 20. This was 7 years ago and her credit is still recovering! The same is true for store credit cards. Do.Not.WANT!

*Pick a required expense, such as gas or cell phone bill and put it on the credit card. Pay off the card at the end of each month. Repeat.

*Do NOT use your credit card to buy “fun money” purchases. No clothes, no ipods, no pizza. This is why you have your debit card of cash. Don’t even think about it mr.!

4. EATING/DRINKING - This is going to be the weird random one from one young person to another.(Part of this only applies to you on/after your 21st birthday!) The young person’s life revolves around being social. For a 20 something this normally involves dinner and/or drinks with friends. It is expensive! So much money can be saved if you plan ahead!

*Eating - Going out to eat is a much needed social experience but NEVER go out to eat starving! Just like you don’t go shopping when you are hungry you never want to experience the whole “eyes bigger than stomach” thing while dining out. Have a snack an hour or so before you meet friends for dinner. This will help you avoid ordering that $8 appetizer! Also, try and order things that reheat or are good cold. LEFTOVERS! Also, water is free. It is good for you! Coke is $3. Go buy yourself a 12 pack and have one when you get home.

*Drinking - Most 20 somethings drink. It is a very expensive part of our lives. It is a social event to help us forget about school and work. We like bars. Unfortunately $5 for a beer is highway robbery! NEVER go to a bar completely sober (when you are 21+ & no drinky + drivey!). Have a drink or 2 at home and then have a beer at the bar. You will save TONS. Also, bring cash to a bar. Only bring as much cash as your sober self would like to spend. Alcohol impairs judgment. Sober you will thank drunk you for not spending. Drunk you will thank sober you for being smart enough to make sure you can afford the advil to take care of that hangover the next day. It is a win win.

Put all that saved food and drink money towards something that will last.

5. BOOKS - Buy used whenever possible. Check online first because campus stores are normally a ripoff. Try and sell the books back online, even if they have released a new edition. Most student book stores on campus will only give you 1/2 of what someone online will be willing to give you!

6. CARS - Buy used and reliable, but not “cheap”. New cars lose tons of value when you drive them off the lot. Don’t buy a “cheap” used car on it’s last leg. Think Goldilocks - not too new, not too old, juuusssttt right! Save up as much money as possible. Pay for it in cash if you can. If not, save up at least 2/3 before purchasing and do your homework!

And whatever you do: AVOID parking tickets, speeding tickets, registration fines.. may as well light the money on fire! Or if you do not want it I will give it a nice home and save you the trouble.

Events of the last week have made the Deficit Commission an embarrassment. Co-Chair Alan Simpson is a one-man disaster movie, compulsively offending one key voting bloc after another. Commission member Paul Ryan faced an angry crowd over his anti-Social Security stance, while another Commissioner locked experienced workers out of a nuclear facility rather than provide retirement benefits.

That's right: He's cutting retirement benefits.

But if the political blowback is obvious, here's what isn't: The Commissioners who are determined to cut your Social Security benefits are going to enjoy their own retirements in comfort. Their own pension plans insulate them from the fears that many other Americans face, and they don't have the professional expertise that would help them understand those concerns. In fact, the Commission's only expert on retirement is Rep. Jan Schakowsky, and she apparently opposes benefit cuts. The rest of the Commission is dominated by people who've expressed their desire to cut Social Security, despite their own secure futures. Millions of working Americans who have contributed to Social Security all their lives will lose out if these Commissioners have their way.

Happy Labor Day.

Normally I consider it off-limits to discuss people's personal finances when discussing their political opinions. But these Commissioners' lack of subject matter expertise, along with their lack of empathy, is important. If you don't know much about the topic and are protected from the problem, what makes you credible? Their pre-established prejudices makes the situation even worse, and their own situations underscore the irony of their self-professed willingness to make "brave choices" - choices whose consequences will mean little or nothing to them.

The Commission's Social Security obsession is odd anyway, since the projected Social Security shortfall comes out to only 0.7% of GDP. Nevertheless, these Commissioners have made their benefit-cutting intentions plain, presumably because they want to offer up America's seniors as a sacrifice to the bond markets. So how will these would-be income-slashers for the elderly make out in their own golden years? They'll be golden.

Consider Commissioner Alice Rivlin. Rivlin co-authored a paper that called for raising the retirement age and other benefit cuts, and recently released a specious paper about "Saving Social Security." As a former HEW Undersecretary, CBO Director, White House Budget Director, and Federal Reserve Vice Chair, she will presumably enjoy a comfortable retirement supported by multiple public pensions. Says Rivlin: ""We can't get out of this problem without doing both spending cuts, especially slowing the growth of entitlement, and tax increases."

Experts on Social Security finance (including the long-time Chief Actuary for the program) flatly disagree with Rivlin, pointing out that an adjustment to the payroll tax cap would unquestionably be enough to get the job done. They have the numbers to prove it. So why does Rivlin, who does not have their expertise in this area, disagree? Go ask Alice.

Co-Chair Erskine Bowles brokered a deal with Newt Gingrich to cut Social Security in the 1990s, when he served as Bill Clinton's Chief of Staff. Before that he headed the Small Business Administration, so his government tenure presumably qualifies him for a Federal pension. If not, don't worry: He receives $425,000 per year in his current job running the public universities of North Carolina, and the people of North Carolina are presumably also funding a pension on his behalf. To his credit, Bowles pledged to donate $125,000 of his salary for need-based student funds - but then, he can afford it. As the son of a US Congressman, Bowles had the education and connections needed to make millions as an investment banker. The added income he earns today as a Board member for General Motors and Morgan Stanley will help, too - and his government experience undoubtedly helped him win those positions, too.

Republican Rep. Paul Ryan, an aggressive advocate of Social Security cuts and privatization, will also enjoy his sunset years in comfort, thanks to a publicly-funded pension from his tenure as a Congressman. (He'll presumably earn even more as a result of his employment as an aide to two United States Senators.) Rep. Jeb Hensaerling has served as both a Representative and as an aide to Sen. Phil Gramm, so he should be safe from financial insecurity in his old age too .

The average annual pension payments for former members of Congress ranged from $41,000 to $55,000 in 2002, considerably more than the average $13,836 that Social Security recipients received in 2009. Yet neither Ryan nor Hensaerling have proposed cutting Congressional retirement benefits - nor should they. Sound pension plans like theirs were once available to most working Americans, and more effort should be made to restore them.

Former SEIU President Andrew Stern, who once might have been counted on to defend Social Security, recently sneered at Commission critics as "assassins of change" while saying that "all entitlements should be on the table." Mr. Stern's annual pension is $152,000 - and he retired at the age of 59, not 70. Nevertheless, Stern now publicly muses about "whether defined benefit pensions can really exist in the long run in a globalized economy."

Judd Gregg, who wants to raise the retirement age to 70, will receive a Federal pension for his Senate position. Gregg, like Alan Simpson, is the son of a Governor (self-made men, you might say), which means that public pensions also ensured that neither of them had to worry about supporting their aged parents. Tom Coburn, another would-be Social Security cutter, will receive a Congressional and Senatorial pension too.

David Cote, the CEO of Honeywell, provides some "private enterprise" perspective to the Commission's work. But Cote's wealth comes in part from Honeywell's government contracts, which exceed $4 billion annually. What's more, Cote's "free enterprise" ethic didn't stop him from making sure that Honeywell grabbed a few million in stimulus money from the taxpayers, too. A few billion from the Pentagon here, a few million more from Uncle Sam there - that'll plump up the nest egg a little for Mr. Cote's sunset years.

Cote made the headlines this week when Honeywell locked out the union workers at a nuclear power plant over a labor dispute - even though the workers agreed to stay on the job to protect public safety. Instead, Cote hired replacements and put them through a pared-down training process. The image of Homer Simpson comes to mind, pushing the wrong buttons and spilling beer on the reactor console - which would presumably make Cote Mr. Burns.

But it's no joking matter. Apparently there's real danger, which is why the Nuclear Regulatory Commission reportedly stepped in to block Honeywell from distilling uranium with its crew of replacement workers And what are the union and Honeywell arguing about? Honeywell's raising health care costs - and eliminating retiree pension plans for new workers.

That's right. A member of the Commission that's pretending to judge our retirement security with impartiality would rather have hastily-trained amateurs handle nuclear materials than bargain openly with his workers - about their retirement. D'oh!

As for Simpson (Alan, not Bart), to say that he suffers from "political Tourette's syndrome" would be a disservice to Tourette's sufferers. Most of them don't really say socially objectionable things, and those who do (it's called "coprolalia") don't mean what they say. But Simpson does. By attacking senior citizens as "greedy geezers," then offending women with his "milk cow with 100 million tits" comment, and now offending veterans' groups, Simpson has now hit the voting bloc trifecta.

And Cote's outraged labor, a fourth group. But the problem isn't Simpson anymore, or Cote for that matter. It's the Commission itself. The coprolalic curmudgeon Simpson has done a service to the nation. He's drawn attention to the Commission, and to the anti-Social Security biases held by so many of its members - all of whom will retire in comfort, thanks to those whose benefits they would cut. It's the comfortable afflicting the afflicted.

If these Deficit Commission members want their recommendations to have any credibility, they should pledge to live on the same Social Security benefits that they would impose for other Americans. Better yet, they should dedicate themselves to helping provide every American with the kind of retirement security they enjoy. That was part of the social contract this nation embraced during its years of greatest economic growth, the fulfillment of a promise that a lifetime of work should never end with years of deprivation. They should be working to restore that contract, not erode it even further.

One thing is clear: This Commission has no business making recommendations about Social Security.

(Sign a petition asking Congress and the President to protect Social Security from the Deficit Commission. Roger Hickey has more here.)

Additional links:

* Sam Seder and I discussed Social Security this week while co-hosting The Young Turks.

* For further reference on the Commission's members and their biases, see Firedoglake and Talking Points Memo.

* House Democrats are vowing to protect Social Security from any cuts. The polls show why that's a very wise idea.

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Middle East Countries Race for Nuclear Power

(Sept. 24) -- Nations in the Middle East, rich in oil, natural gas and volatile politics, are pursuing nuclear power with a headlong vigor that gives some analysts pause.

Expats talks news over booze - RT

This week, Moscow's expats share their impressions of the stories that made the news, including the Arctic Forum, Pakistan's floods and the Art Moscow Fair.

Ngmoco releases We City | iLounge News

iLounge news discussing the Ngmoco releases We City. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

Middle East Countries Race for Nuclear Power

(Sept. 24) -- Nations in the Middle East, rich in oil, natural gas and volatile politics, are pursuing nuclear power with a headlong vigor that gives some analysts pause.

Expats talks news over booze - RT

This week, Moscow's expats share their impressions of the stories that made the news, including the Arctic Forum, Pakistan's floods and the Art Moscow Fair.

Ngmoco releases We City | iLounge News

iLounge news discussing the Ngmoco releases We City. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

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Middle East Countries Race for Nuclear Power

(Sept. 24) -- Nations in the Middle East, rich in oil, natural gas and volatile politics, are pursuing nuclear power with a headlong vigor that gives some analysts pause.

Expats talks news over booze - RT

This week, Moscow's expats share their impressions of the stories that made the news, including the Arctic Forum, Pakistan's floods and the Art Moscow Fair.

Ngmoco releases We City | iLounge News

iLounge news discussing the Ngmoco releases We City. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

personal finance blog

If you walked into the average bookstore, you'd think that women rule the roost when it comes to personal finance. From Suze Orman's now-classic Women and Money to the more recent (and more colorfully titled) Bitches on a Budget, there's no shortage of do-it-yourself financial advice tailored to women.

Apparently, though, when women make the momentous move from self-help to seeking professional advice about investing and retirement, things go rapidly downhill. A recent study by the Boston Consulting Group revealed that women perceived themselves as receiving wealth management services at a level of quality that is inferior to that received by their male counterparts.

According to the study, women are the key decision-makers when it comes to 27% of the wealth worldwide: that's $20 trillion! But despite the massive chunk of power they wield, 55% of the women surveyed in the study said they felt their wealth manager could do a better job of advising them. Almost a quarter of the respondents said private banks needed "significant improvement" in the services they offer to women.

"The dissatisfaction stems from the unshakable perception that men get more attention, better advice, and sometimes even better terms and deals," according to study co-author Peter Damisch. "We heard this sense of subordination time and time again in our interviews."

This perceived disparity in service arose from several key disconnects in the relationships and communications between women and their financial advisers. Manisha Thakor, Chartered Financial Analyst and women's financial literacy advocate, offers some steps savvy female investors can take to avoid being under-served by their wealth managers and investment advisers:

1. Find your adviser and get your financial education from women-run resources.

The financial services industry is dominated by males and therefore the "DNA is structured around the male experience," Thakor explains, adding that she sees many firms making an effort to change this. Most financial advisers are men, who may not inherently understand the whole-life nature of the average woman's financial plans and needs. They also may have very different communication styles than their women clients.

Thakor recommends women use women-created resources like LearnVest and DailyWorth to educate themselves in order to avoid the intimidation factor when talking about investment products with their advisers. She also encourages women to consult Garrett Planning Network, founded by Certified Financial Planner Sheryl Garrett, to locate a local certified financial planner who works on an hourly-fee-only basis. Taking these steps, Thakor explains, may alleviate the concern expressed by many women in the BCG study that they were not being taken seriously or talked to on the same level as male clients by their financial advisers.

2. Expressly state your ideal career trajectory, then ask how you should alter your investment plans accordingly.

In the BCG study, women stated that their investment advisers fundamentally misunderstood what was actually important to them, and recommended a too-narrow range of inappropriate investment vehicles as a result. Many said their advisers assumed they had a lower risk tolerance than they actually did, or that their advisers focused on short-term results and disregarded their long-term goals, which often included time out to care for a child or parent.

Thakor offers women a script of sorts to remedy this communication disconnect. "Go in and say: "I want to be a mom and I may take X amount of time out of the work force," she advises. Then ask, "How do we adjust how much I need to save and how I should invest to compensate for this?"

3. Start saving early.

Compare Individual Services, Not Bundles, to Save Money

While bundling services (like cable, phone and internet) can sometimes save you money, personal finance blog Free Money Finance shows us that sometimes, you're better off paying for services separately.

Since bundles often advertise short-term "promotional prices", you may be better off buying services separately from different companies:

I pay AT&T $80 per month for my phone (unlimited long-distance) and DSL (I believe it's the highest speed they offer.) I pay Comcast $35 for cable TV. This is a promotional rate, so let's say I had to pay them $50 as the "standard" rate. Even then, I'm looking at $130 per month versus Comcast's "every day low price" of $146. Tell me again how I'm saving money by bundling?

We've all seen posts touting how bundling your services can save you money. It probably can in some cases. But often those are promotional rates designed to get you hooked. Then once you are, the rates go up to "normal" which are often very high. Consider this a reminder to always do the math and not assume something is cheaper simply because it's bundled.

Now, this is an anecdotal example, so your mileage may vary. It's all very dependent on how many companies are in your area, what technology they're using, and other factors. I, for example, live in a specific part of town where I only have access to one or two companies, such that if I separated my internet and cable TV, it would certainly be more expensive.

That said, if there are a lot of services in your area, this is a pretty good tip—since we often look at the more heavily advertised prices and don't dig deep into looking at the price of each individual service from each company. Of course, you can always just ask for lower prices too. Hit the link to read more, and if you've got your own tips for saving money on subscription services, share them with us in the comments.

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News - Lindsay Lohan Going Back to Jail Until Oct. 22 - Celebrity ...

Los Angeles Superior Court Judge Elden S. Fox revokes her probation for failing at least one drug test.

BREAKING NEWS: Lindsay Lohan Ordered Back To Jail; Bail Revoked ...

Lindsay Lohan is going back to jail. In a stunning move, Los Angeles Superior Court Judge Elden Fox threw the book at Lohan Friday morning in Beverly Hills, revoking her bail and ordering her back to jail. PHOTOS: Lindsay Lohan Arrives ...

BREAKING NEWS: Lindsay Lohan Ordered Back To Jail; Bail Revoked ...

9:08 am PST: The judge has thrown the book at Lindsay. Her bail was revoked. She was handcuffed and taken into custody. A probation hearing was set for October 22nd. Lindsay appeared stunned. 8:22 am PDT: Lindsay has entered the ...

News - Lindsay Lohan Going Back to Jail Until Oct. 22 - Celebrity ...

Los Angeles Superior Court Judge Elden S. Fox revokes her probation for failing at least one drug test.

BREAKING NEWS: Lindsay Lohan Ordered Back To Jail; Bail Revoked ...

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News - Lindsay Lohan Going Back to Jail Until Oct. 22 - Celebrity ...

Los Angeles Superior Court Judge Elden S. Fox revokes her probation for failing at least one drug test.

BREAKING NEWS: Lindsay Lohan Ordered Back To Jail; Bail Revoked ...

Saturday, September 18, 2010

how to manage personal finances

From Hotline (HT: Mataconis):

O'Donnell, a perennial conservative candidate in Delaware, is challenging moderate Rep. Mike Castle (R), the clear favorite of the GOP establishment. But she has come under fire recently for her personal financial problems. Reports have surfaced that she owed $10K in back taxes, defaulted on her mortgage and holds outstanding campaign debt.

Levi Russell, a spokesman for the group, told Hotline On Call that the group was not aware of O'Donnell's personal financial problems before it endorsed her.

"We don't know the exact situation," he said.

When asked if the group discussed the issues with O'Donnell, Russell responded: "No we haven't. We don't really have any contact with the campaign or the candidate."

We have blogged before reasons why we support Mike Castle over O'Donnell. But this report raises even more questions, such as:

If the Tea Party really stands for fiscal conservatism, why would they endorse somebody who can't even manage her personal finances?

Does it give you confidence in the Tea Party that they go around endorsing people without having any contact with the candidate? How do they know that this female version of Harold Stassen is really worthy of such an endorsement?

Christine O'Donnell has run for office 4 times. Her sole victory was an uncontested Republican primary.

In 2008, O'Donnell lost the Delaware senate race to Joe Biden by 65-35. She later falsely claimed to have won two counties in that race. Biden's percentage of the vote in 2008 was the largest of any of his senatorial campaigns.

In 2008, one of the great Democratic landslides, Mike Castle beat his Democratic challenger for Delaware's sole Congressional seat by 23 points. Castle has won 13 consecutive state-wide races as a candidate either for Governor or Congressman. He's way ahead of the Democrat in the polls while O'Donnell trails the Democrat by 10 points.

As a student of Delaware corporate governance, I am firmly convinced that Delaware needs quality representation in Congress if it is to fend off the creeping federalization of corporate law. As a big tent Republican, I'm inclined to support smart, electable, centrists like Mike Castle over someone like O'Donnell. The perfect must not be allowed to become the enemy of the good. Especially when the supposed perfect candidate is pretty seriously flawed and probably unelectable.

This post is from staff writer Sierra Black. Sierra writes about frugality, sustainable living, and getting her kids to eat kale at Childwild.com. This post is part of Book Week at Get Rich Slowly.

Since my twin victories of paying off our last credit card and funding a summer of travel, my husband has begun to show interest in personal finance.

It’s not that he wasn’t supportive of my efforts before — he just preferred to support them from a safe, ignorant distance. A distance from which I handed him an envelope of cash each week to do the grocery shopping, he didn’t ask too many questions, and somehow we were climbing out of debt. He was more than happy to adopt any frugal-living strategy I suggested, as long as he didn’t have to think about the Big Picture.

That system worked, but I longed for more active participation from him. Not only because I wanted us to share equally in the journey toward financial freedom — I do want that — but also for a selfish reason. I wanted him to participate because he’s better at this stuff than I am. He’s a whiz at spreadsheets. The man has a Ph.d in Physical Chemistry. You don’t get one of those without doing a few math problems.

Lately, I’ve been getting my wish. My husband has been talking with a financial advisor at the university he works for, and having clear, honest conversations with me about our money.

This seemed like the perfect time for me to read Mary Hunt’s How to Debt-Proof Your Marriage.

Relationship first

Hunt’s book covers the basics of personal finance and debt destruction, with a special focus on doing it as a couple. Before she even begins talking about financial management, Hunt talks about strengthening the foundations of your marriage. You can’t have financial harmony without emotional intimacy, she says.

I couldn’t agree more. It’s clear in my own marriage that spending time relaxing together on vacation helped my husband and me both chill out and have better conversations during our family finance meetings too.

Hunt and I part ways in the chapters about how to achieve that emotional intimacy, though. She bases her prescription for marital bliss on traditional gender roles. She includes chapters for each sex on how to make deposits in the other’s Love Bank — a metaphorical bank of goodwill made of small, loving gestures.

The Love Bank is an adorable idea, one I’m tempted to put into practice here in my own home. I’m pretty sure I won’t be making my deposits to my husband’s Love Bank by biting my tongue when I disagree with him, though. Likewise, I don’t expect him to express his love for me by bringing me flowers and handling all the tough decisions for me like the natural leader of our family should.

Hunt is a generation (or two) older than I am, and what works for her marriage is so foreign to my young, feminist mind that it was actually a little hard to read. But leaving aside the details of how you get to an intimate marriage, though, she and I agree wholeheartedly that it’s important to get your emotional needs met before you can effectively work together with your spouse to manage your finances.

Money second

The personal-finance half of the book will be familiar to most GRS readers. Hunt advocates an approach similar to Your Money or Your Life and Dave Ramsey’s Total Money Makeover, one that begins with calculating your net worth and tracking your expenses. From there, she covers the basics of setting up an emergency fund, creating a spending plan, and starting a debt snowball (though she uses different terms for these steps).

Like her ideal of a healthy relationship, Hunt’s financial advice seems a little dated in places. A lot of it has to do with how to organize your three-ring binders, or how to painstakingly accomplish by-hand calculations that Mint can do for you in a few minutes. If you’re a devotee of the pen-and-paper approach, though, her chapters on how to track and plan your spending are rock solid and detailed enough to easily follow.

The one thing in this book that made me want to put it down, run to my office, and implement it on the spot was, in fact, her filing system. Hunt takes a few pages to go over exactly what personal records you should be keeping, and outlines an elegant effective way to organize them. I spent an hour tearing apart my filing cabinet yesterday as soon as I read those pages. I may not want my marriage to look much like hers, but I’m delighted to have made over my filing cabinet in Mary Hunt’s image.

Different views

There are a few areas where Mary’s financial advice deviates from the usual Get Rich Slowly formula. One is the matter of the debt snowball. She encourages readers to start saving 10% of their income towards an emergency fund immediately, while still paying the minimums on their credit cards. Only after saving up a fully funded six-month emergency fund would Hunt advise you to roll those savings into your credit card payments.

Given the relative interest rates on credit cards and savings accounts, this approach will almost certainly cost you money. If it works for you psychologically, though, by all means pursue it. No matter what order you do them in, the key steps of tracking your spending, creating an emergency fund, and snowballing your debt payments will lead you to financial security.

Another place where she breaks with conventional wisdom is in her savings and spending ratios. GRS readers are familiar with the Balanced Money Formula that encourages us to use 50% of our money for living expenses, 30% for fun and 20% for savings. Hunt advises 10% for giving, 10% for saving and 80% for spending.

The order of those percentages is vital to her. A devout Christian, Hunt feels that all the money that comes into your life is a blessing from God, and promptly giving 10% of it back to God shows you can be trusted with this blessing, and more of it will come your way.

I’m not a Christian, but I admire Mary’s faith and devotion to charitable giving. It’s a goal of mine to give 10% of my income. I’ve written about that here before, and readers made a persuasive case for waiting until my debts were paid before giving so much away. For now, I give a modest amount and look forward to giving more in the future.

I think that for Hunt, the psychological benefits of giving 10% and saving 10% before you make any spending decisions at all outweigh the financial benefits of paying off your debts as fast as possible and then beginning to accumulate and donate wealth.

It’s an interesting approach, and one that might work for a lot of people. Particularly if you’re a devoted Christian and looking for a personal-finance book that reflects your values, you’ll find a lot of good in How to Debt-Proof Your Marriage. If you’re looking for a book that’s totally focused on financial savvy and relationship skills, though, this might not be your best bet.

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Pope expresses 'deep sorrow and shame' over abuse • Benedict met five victims of clerical sex abuse • Pontiff meets party leaders ahead of a Hyde Park vigil • Thousands attend march by the Protest the…

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Tuesday, September 14, 2010

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Bloomberg News Hops Aboard Yahoo Finance

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The new Fox News poll of the Florida Senate race has very good news for Republican Marco Rubio, with him holding a commanding lead over independent Gov. Charlie Crist and Democratic Congressman Kendrick Meek.

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Bloomberg News Hops Aboard Yahoo Finance

Perhaps to get a piece of its 45.6 million monthly uniques?

Good News: People Are Consuming More News «

Fox News Poll: Rubio Way Ahead In FL-SEN Race | TPMDC

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Thursday, September 2, 2010

personal finance money management

As investors search for yield anywhere and everywhere, bonds are trading in uncharted territory. Please consider Obama Wins Low Yield as Markets Shrink Aiding Deficit

Bond investors seeking top-rated securities face fewer alternatives to Treasuries, allowing President Barack Obama to sell unprecedented sums of debt at ever lower rates to finance a $1.47 trillion deficit.

Shrinking credit markets help explain why some Treasury yields are at record lows even after the amount of marketable government debt outstanding increased by 21 percent from a year earlier to $8.18 trillion. Last week, the U.S. government auctioned $34 billion of three-year notes at a yield of 0.844 percent, the lowest ever for that maturity.

Spending by companies and consumers has slowed as the economy has shown signs of weakening. Companies in the Standard & Poor’s 500 Index have stockpiled a record $2.3 trillion of cash and equivalents. Company borrowing slid 29 percent in the first half of the year to $528 billion amid a dearth of business investment, Bloomberg data shows.

Piles of Cash Equates to Piles of Debt

Companies are piling up cash alright. However, the flip side of that cash is debt.

Moreover, analysts mistake that cash for willingness to expand. The reality is corporations do not want to get trapped like they did in 2008, unable to borrow.

For more on corporate cash levels, please see Are Corporations Sitting on Piles of Cash?

Individuals are also hoarding cash. The U.S. savings rate reached 6.4 percent in June, up from 1.7 percent in August 2007, the start of the financial crisis.

Are Individuals Hoarding Cash?

Individuals are not really "hoarding cash" either. Instead they are paying down debt. Most do not realize that by definition, paying down debt constitutes "saving".

For most wage earners, the savings rate is after-tax salary minus personal consumption expenditures (PCE). For a more precise definition, please see What's Behind The Soaring Savings Rate?

“There’s been a collapse in both consumer and business credit demand,” said James Kochan, the chief fixed-income strategist at Menomonee Falls, Wisconsin-based Wells Fargo Fund Management, which oversees $179 billion. “To see both categories so weak for such an extended period of time, you’d probably have to go back to the Depression.”

Food Stamps and Unemployment Insurance Mask Depression

I believe we are in a depression now. The key difference is food stamps and unemployment checks have replaced bread lines.

We also have hundreds of thousands of people living in their homes without making payments on their mortgage or home equity lines. The slow foreclosure process encourages more to do the same.

“The diminishing supply” of alternatives to Treasuries “is giving Washington an opportunity to continue with its fiscal irresponsibilities,” said Mark MacQueen, partner and portfolio manager at Austin, Texas-based Sage Advisory Services, which oversees $8.5 billion. “The only way to tell Washington and America ‘no more’ is a weak dollar, which eventually leads to higher interest rates.”

“We are slowly playing a fool’s game as rates go further down to unsustainably low levels,” said Dan Shackelford, a money manager who helps oversee $15 billion in fixed-income assets at T. Rowe Price Group Inc. in Baltimore.

Thoughts on the Fool's Game

If you are managing $15 billion thinking it is a "fool's game", then in my opinion you ought not be doing it. It seems to me there is a lack of fiduciary responsibility if one is investing client money in a "fool's game".

What the hell - Anything for a fee!

I do think corporate bonds, especially most junk is playing for the greater fool. In regards to treasuries, there is going to be an exit problem for sure, but that could be years away. In Japan, yields stayed low for a decade. Why can't it happen here?

Yields certainly might stay low for an extended period. Whether or not they do remains to be seen. I happen to like long-term treasuries right now, but certainly not as much as when the 10-year was at 3.75% and bears were foolishly shorting treasuries like mad.

The government isn’t the only one getting a good deal. Armonk, New York-based International Business Machines Corp., the world’s biggest computer services provider, sold $1.5 billion of three-year notes on Aug. 2 with a coupon of 1 percent, the lowest of the more than 3,400 securities in the Barclays Capital U.S. Corporate Index of investment-grade company debt.

Portland, Oregon, sold about $408 million in sewer-system revenue debt on Aug. 11, with utility bond yields at the lowest level on record. Yields on 10-year, AA rated tax-exempts backed by utility revenue stood at 3.02 percent on Aug. 10, according to Bloomberg Fair Market Value data. That’s the lowest since the index was created in November 1993.

“We are in unchartered territory,” said [William Larkin, a fixed-income money manager in Salem, Massachusetts at Cabot Money Management]. “We are pushing and pulling levers that we don’t understand the full implications.”

Uncharted Territory

This is indeed uncharted territory thanks to the Fed pushing and pulling levers in a manner it does not understand. William Black, a former bank regulator, is one person who does understand. Black says U.S. Using "Rally Stupid Strategy" to Hide Bank Losses - Will Produce Japanese Style Lost Decade.

I agree with his assessment.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

If you are having a tough time understanding the nitty gritty of your mortgage, like the total interest you’ll end up paying and the monthly payments you’ll need to make, then you might as well use this simple web based tool called the AmortizationLoanCalculator.

It asks you for the principal loan amount, the loan term and the annual interest rate and returns a table that’s an amortization schedule showing your periodic payments, what part of it is going towards paying the principal and the interest, and the overall interest you pay in the lifetime of the mortgage.

As you can see in the above screenshot, the table is pretty easy understand. The C Prin and C Int stand for cumulative principal and cumulative interest respectively.

Features

Online calculator for calculating loan payments and interest.
Simple interface; no sign up required.
Enter the principal amount, loan term and annual interest rate.
Amortization schedule with cumulative rates and amounts displayed.

Check out AmortizationLoanCalculator @ amortizationloancalculator.net/index.php (By Abhijeet from Guiding Tech)

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Democrats Accuse Fox News Of Illegal Support To Ohio Republican ...

Democrats allege in a legal filing that, by plugging an Ohio gubernatorial candidate's website in a chyron, Fox News illegally contributed to the Republican's campaign.

How Murdoch's News Of The World Hacked The Royals' Voice-Mail

The palace was in an uproar, especially when it suspected that the two men were also listening to the voice mail of Prince William, the second in line to the throne. The eavesdropping could not have gone higher inside the royal family, ...

Obama to push message on economy, hold news conference | Analysis ...

Washington pundits questioned President Barack Obama's decision to devote much of this week to foreign policy, but it looks like next week is full of events on the economy.

Wednesday, September 1, 2010

personal finance planning

When Crepes Bonaparte was first approached by the Food Network to participate in the Great Food Truck Race, in which seven acclaimed food trucks compete for the highest sales in various cities across America (and a grand prize of $50,000), Murcia jumped at the chance to compete against some of the other well-known trucks from across the country. As Murcia puts it, “It was an opportunity to test our abilities against some of the most successful food trucks out there.” Spoken like a true competitor. Of course, arriving on the first day of the competition to be greeted by famed chef Tyler Florence was no doubt an exhilarating experience for the show’s contestants. Murcia recalls, “We were a little nervous because it was a little intimidating. You know…you show up, and there’s Tyler Florence!”

Two of the six Great Food Truck Race episodes have aired to date. The first episode took Crepes Bonaparte and the competition to San Diego, California, where Murcia had his first taste of the challenges that were to come: “We were thrown into an environment of, ‘OK, you’re going to San Diego…GO!’ so it was very rushed to figure out what to do. We were planning literally as we were on our way to San Diego.” Murcia also recalls the challenges met in the second episode’s trip to Santa Fe, New Mexico: “We ran out of food like three times, so we had to keep buying more food! It’s tough to know how many people to prep for when you’re in a place where you don’t know what your sales are going to be.”

One can’t help but wonder how the dynamics were between the contestants off-camera in such a competitively-charged atmosphere while on the show. Murcia explains, “When we were selling, we were competitors. We didn’t talk at the end of the day about who had done what in terms of sales…but we’re all great friends. We all got to try each other’s food, and it was all delicious.”

Also featured on the show as a key member of team Crepes Bonaparte is Murcia’s then-fiancé Danielle. Now married, Murcia jokes, “We spend more time together as a couple than I think any other couple out there.” Despite the long hours logged side by side, the duo works very well together. Murcia explains, “I’m more the numbers, finance guy who has to do all the paychecks, HR, and permitting, and Danielle is very much our marketing and operations person. Because we work so much, it’s a great way to spend that time together.”

Of course, operating a food truck presents its own challenges, television show or not. The most challenging aspect of the business for Murcia is simply working within such a small physical space. Murcia explains, “Dealing with a small kitchen and operating a full service catering business out of here as well is the biggest challenge. We are constantly dealing with never having enough refrigerator space, and having to get creative with how to position things in the fridge and make it work.”

Challenges aside, Crepes Bonaparte has benefited from the exposure gained through the show, if not a few borderline-obsessed fans. Murcia laughs, “We do a farmer’s market in Anaheim, and one lady literally shoved her cell phone in the truck and was like, ‘I have to take a picture of you!’ I thought, ‘Whoa, that’s a first!’ When people come by the truck who have seen the show and say, ‘Oh, I’m rooting for you guys,’ it has made our work environment that much more fun.” Call it irony, but Murcia has yet to watch any of the episodes of the Great Food Truck Race. “I don’t have cable!” he confesses.

Murcia first conceptualized Crepes Bonaparte as an undergraduate student at the University of Southern California. Lacking the big dollars required to open a full fledged restaurant, Murcia first operated Crepes Bonaparte as a catering firm specializing in crepe stations, with the hope of evolving into to a restaurant in the future (catering still comprises 30% of the business). Of course, given the popularity and expansion of the food truck industry over the past few years, Murcia is content with current operations: “As of now, I plan on staying with the food truck, and just seeing it out because it’s still such a new trend. We don’t really know exactly where it’s going…we’re all learning.”

Behind the beret, Murcia is a businessman with a passion for providing customers with crepes just the way they are in France: “simple, cheap, and on-the-go.” Murcia reflects, “Every time I see a Yelp or blogger review about us, I feel like we’ve done that part right. So I think that’s the most rewarding part of the business. Even though I have these ideas of how I want my business to look in my head, the consumer gets it, and it reminds me that OK, I’m doing what I meant to do.”

Maryn Nelson Moslenko is an OC-based food blogger who writes Le Cupcakerie. The Great Food Truck Race airs Sundays at 9 on the Food Network.

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Freebie Friday is provided by Wendi, who blogs at TheFreebieBlogger, where she finds you 100% free items each and every day.

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Every Friday I’ll start a new post with a Mr. Linky for you all to share your fabulous freebie finds with Deal Seeking Mom readers! If you have a freebie you’d like to list, just leave your link below.

To keep it neat, I suggest that you list your blog name and then the freebie you've found in parentheses, ex. Deal Seeking Mom (Free Toilet Paper Sample). The only requirement is that you link directly to your post on the freebie. Links directly to your homepage will be deleted.

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Wednesday, November 17, 2010

How to Manage Your Money

Mint

Thrive

Texthog

Venmo

Owe Me Cash

Conclusion

Friday, September 24, 2010

Compare Individual Services, Not Bundles, to Save Money

Saturday, September 18, 2010

Tuesday, September 14, 2010

Thursday, September 2, 2010

Wednesday, September 1, 2010

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