When you have worked hard and earned a steady income for the better part of your life, retiring with no monthly paycheck might seem a little scary. Consider your options. They may not be restricted to 401ks, annuity savings and IRAs. Thanks to the constantly evolving marketplace and the internet, there are several opportunities for those who wish to earn an additional income. [Read more…]
Goldman Sachs Dealings Reveal Murky Side of High Finance
As the Goldman Sachs issue continues to draw attention from the public, the media and the government, several facts are coming to light that show the murky side of high finance. Questions are being raised about the ethical standards of financial companies and the dubious dealings they indulge in. [Read more…]
Should You Rent or Buy a House Which Option Is Best for You?
As the President’s First Time Home Buyer Credit and its extension covering repeat home buyers draw to their close, and as mortgage rates start to rise, the question of whether it is financially advisable to buy a house or to rent one has become important again. Most financial advisers suggested renting when house prices were sky high, but that is set to change following much upheaval in the housing market. [Read more…]
How to Get Rid of Your Credit Card Debt and Put Money Back in Your Pocket
If you have maxed out on your credit card and are reeling under a sizeable debt, the last thing you want to do is to panic. By planning carefully and through some smart investing, you can get rid of your debt quickly. [Read more…]
Understanding How Private Mortgage Insurance Works
Private mortgage insurance (commonly known as PMI) is a type of insurance that protects the lender if the borrower fails to repay his home loan. Most lenders require such a policy when the borrower makes a down payment of less than 20% of the property’s total value or sale price. The PMI premium is included in your monthly mortgage payments, but some schemes allow the borrower to pay all the premiums in one go. [Read more…]
Respect for Money or Saving Money Starts with Loose Change
Most people have forgotten the good old practice of collecting loose change. When collected over a long period of time, pennies, dimes, nickels, and quarters can amount to a substantial amount of money. It can also act as your own little emergency fund – it will help with urgent expenses without you having to run to the ATM. [Read more…]
Financial Reform Proposals Draw Mixed Reactions
Even as President Obama’s financial reform looks all set to make a place for itself in the economic fabric of the country, critics within political circles say that these changes will still not address the risks posed by “too big to fail” institutions. [Read more…]
Planning Your Holiday Budget in Times of a Slowdown
Officially, recession has been over for 18 months now and the US economy is recovering fast. Still, unemployment rates are high and businesses have not reached pre-recession levels. In such times, it’s wise to plan your holidays or vacation carefully. Here are some tips on how to enjoy your holidays without spending too much. [Read more…]
Beginners Tips for Smart Investing and Saving Money
Investing your hard earned money well is an exercise which will require judgment, planning and substantial research. The key to sound investing is keeping yourself well informed and resisting the temptation to put money into dubious ‘get rich quick’ schemes. The best way to make sure your investments are right for your future needs and your risk appetite is to understand them well before you put your money in them. [Read more…]
Is This the Right Time to Buy a House When the Economy is Down?
The subdued activity in the housing market continues to give nightmares to economists and policy makers, but it actually presents you with a good investment opportunity for your retirement or big future expenses like your children’s education. The time seems right for investing in a home, because the prices are still low following the crash in the housing market. [Read more…]
How to Fetch a Good Price for Your House in a Down Market
Selling a house for a great price is never an easy job and it gets even tougher when the market is down. However, through careful planning for the sale, you can ensure that your house gets the best possible price. Here are some ideas you can use to boost your property’s value if it is up for sale. [Read more…]
How to Save Money the Easy Way
I have been experimenting with some simple ways of saving money and they have made a considerable difference in my accumulated savings. Savings are very important because they take care of your sudden expenses, such as a medical emergency or replacement of a necessary household appliance like your refrigerator. [Read more…]
Taking Stock of Your Finances after Losing Your Job
Managing your finances becomes extremely important when you lose your job. Your cash inflow drops suddenly and substantially, but your expenses do not lessen proportionally. The most important thing to do if you get laid off is to keep your spirits up and plan your finances carefully. Here are a few tips on how to manage your finances when unemployed. [Read more…]
Tax Advantages of Contributing Towards 401(k)
Making a retirement fund does not seem to be a priority for most people. Those who are young feel that it is too early to start saving for retirement when there are always other payments to make. However, there are many reasons why you should start taking your 401(k) contributions seriously. Other than your employer’s contribution for building your fund, there are many tax benefits of contributing to 401(k) as well. [Read more…]
The Difference Between Good Debt and Bad Debt
Debts are a part of every individual’s life. Every body takes debt, whether it is short term or long term. But it is important to strike a financial balance – our expenses and debts should always measure up against our income. To understand which debts are ok and which should be handled with care, you need to know the difference between a good debt and a bad debt. [Read more…]
How to Stay Out of Debt When You are Unemployed
How do you weather the loss of a job and keep yourself going till you get a new one? It may seem very difficult, but if you have prepared for the worst and if you deal with the problem methodically, then you can pass the period of crisis without getting a huge debt burden. [Read more…]
Be Aware of Hidden Credit Card Charges Before You Apply
Credit cards are useful when you need to make large payments on your purchases, in emergencies, or even for regular day-to-day expenses. Although there are many benefits of credit cards, you should be aware of a few important things when you are using them. [Read more…]
Credit Organizations Charged with Worsening the Recession
An 18-month investigation by the Senate Permanent Subcommittee on Investigations, led by Senator Carl Levin has revealed that credit organizations played a major role in worsening the economic downturn.
Credit rating agencies (CRAs) such as Moody’s Investors Service and Standard and Poor’s Ratings Services have been accused of grave irresponsibility and unethical practices. Several internal emails exchanged among the internal employees of these agencies show that the agencies were perfectly aware of the consequences of their actions. [Read more…]
How to Prioritize and Manage Your Investment Goals
Setting investment goals is very important to put your savings to productive use and constantly check your financial health. You should prioritize these goals and stay committed to them.
You can share your investment goals with your spouse or a family member who can support you and help you stay focused. You should also learn how to manage conflicting goals, so that they do not have an adverse impact on your finances. [Read more…]
Balancing Retirement Savings and Children’s College Fund
Parents have to make a difficult choice between saving money for their retirement and providing for their kids’ education. With increasing inflationary pressure and rising expenditure, it is difficult to accomplish even one goal fully, and striking a balance between the two can be very tricky. This has become a major concern among many parents as the cost of higher education is increasing rapidly. [Read more…]
How to Reduce Your Traveling Expenses
Most of us commute long distances to work every day. We spend a lot of money in tolls, parking, fuel, and even depreciation of the vehicle. With some simple steps, some of these expenses can be easily minimized, saving you a lot of money in the long run. [Read more…]
Housing Begins Its Comeback March Data Shows Improvement
The housing market is finally showing signs of a turn around after a long period of recession. Although other segments of the economy have been steadily improving for a while now, the lack of any significant improvement in housing statistics was rather disconcerting. [Read more…]
Be Aware of Gift Card Scams on Facebook
Facebook is a great way to keep in touch with our friends and even make new acquaintances. Many of us are completely hooked on to it and can’t let a day pass by without checking updates on it. Facebook even though is a place for friends, attracts scammers also. It gives these deceitful people a chance to reach millions of people worldwide through a closely knit network. [Read more…]
Bad Economy Equals Layoff’s So Be Prepared
Companies had to cut down on their staff strength during the economic recession, because of which many Americans faced layoff during this period. The recession is now over and the employment market is picking up. But it is still advisable that you keep yourself prepared for the possibility of a layoff if your company is not doing too well. You do not want to be caught off guard if you are suddenly fired from your job. [Read more…]
Goldman Sachs to Face More Than Just SEC Investigation
Leading investment banking and investment management firm, Goldman Sachs is continuing to bear the brunt of bad publicity and suspicion for its alleged unethical business practices.
Investigators have made it clear that excessive attention to the profits of the company rather than to investor welfare led the firm into promoting unreliable financial products. Analysts believe that these products contributed to the financial crisis, which in turn set off the economic downturn. These allegations have led to investigations and a review of the company’s actions by several bodies, including the SEC. [Read more…]
How to Withdraw Cash and Make Purchases on Your Foreign Vacation
Foreign vacations can prove to be very expensive, as they can involve huge bills for traveling, accommodation and all the fun things that you do. It is important that you pay attention to the way you spend money and make overseas purchases so that your expenditure is minimized. However, contrary to what most people think, the standard ways of executing financial transactions work equally well when you are abroad. [Read more…]
How to Pay Your Bills Online and the Advantages
The convenience of paying bills online has been there for a long time. But most people do not take advantage of this facility because they do not want to go through the trouble of setting up the online system. What they do not realize is that online bill payment can have many advantages including savings in terms of time, effort and money. [Read more…]
FDIC Chairwoman Underlines the Importance of Banking Values
The chairwoman of the Federal Deposit Insurance Corp. (FDIC), Sheila Blair recently talked about the importance of banking values to a gathering in the Robert J. Dole Institute of Politics of the University of Kansas. She said that the U.S. economy can prosper and avoid setbacks only if better lending standards are adopted by the banks. She also talked about the need for greater transparency in markets in order to keep recession at bay. [Read more…]
Why Working from Home May Be Ideal for You
The Internet has opened up opportunities at an unbelievable scale, so much so that a growing number of people are opting to work from home using the connectivity offered by internet. The past few years have seen changing trends in company policies and the world in general. You now have longer work hours, longer commute hours and harder timelines to beat out the competition. [Read more…]
Government’s Next Step to Pull U.S Out of the Recession
When Lehman Brothers announced bankruptcy and the economy went into a recession, the Fed did its best to avoid a 1930s like scenario. It pumped a lot of money into the economy to maintain liquidity and help businesses survive.
Now that the economy is recovering, the Fed will have to act in the opposite direction in order to control the surplus money in the system or we’ll have to face a period of high inflation. Several economists have emphasized the need for the Fed to act before it is too late. [Read more…]
Making Up for Loss Income Due to the Economy
Hard times have hit upon everyone since the financial crisis. If you have suffered the severe setback of losing a steady income, you need to take stock of your financial position and look for ways to get out of your problems.
You are probably wondering how you are going to meet your credit card and mortgage payments till you find a new job or another source of income. You may have savings but they will only suffice for a year at the most. The cost of living remains more or less the same and the prices of many products have even risen. You need a plan to manage your money and safely get past these expenses. [Read more…]
Smart Short Term and Long Term Investing Tips
Post recession, as vulnerable financial institutions have grabbed federal aid to save their businesses from bankruptcy, most of the investment options no longer look safe. Interest rates have fallen, investment bankers and stock traders are being held for fraudulent practices; the list is unfortunately long. In the present financial situation, you may be wondering how to find safe and reliable options to invest your hard earned money. [Read more…]
