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Posted
Aug 26 2008, 10:49 AM
by
Karen Datko
Rating:
To borrow a phrase from Dave Ramsey, bad financial behavior has become acceptable and "normal." Are you engaging in all-too-common practices that can lead to ruin? "Mr. ToughMoneyLove" of the deliciously snarky Tough Money Love blog describes 10 common financial practices that really should be avoided. For example: "You are comfortable being upside down." Somehow, owing more on your house, car, etc., than they're worth has became routine, Mr. ToughMoneyLove laments.
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Posted
Jul 23 2008, 12:09 PM
by
Karen Datko
Here's bad news for people shopping for a house or looking to refinance an adjustable-rate or interest-only mortgage: The average mortgage rate just reached a five-year high. The rate on Tuesday for a 30-year fixed-rate mortgage was 6.71%. It's not crazy high by a long shot, but it's more than people have been accustomed to paying in recent years. The higher rate is due to the pressing problems at mortgage giants Fannie Mae and Freddie Mac, says a New York Times article, even though Congress is poised to bail them out.
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Posted
Jun 25 2008, 06:40 PM
by
Karen Datko
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Driving his pickup is now out of the question since $75 didn't even buy three-quarters of a tank -- and his plan to limit his driving to locations downhill from home has a serious flaw. So Kyle at Rather Be Shopping came up with "Frugality in practice (sorta): 5 great new uses for my truck." No. 1 on the list is "storage, baby!" His pickup has a shell, which makes it perfect for storing the lawn mower and other things you'd normally keep in a shed. Bonus: The gas tank serves as a storage tank for fuel for the mower. (Honestly, folks, complaining about gas prices gets us nowhere, so we might as well have a few laughs.)
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Posted
Jun 09 2008, 12:09 PM
by
Karen Datko
Cash is great, but consider other gifts to start the new graduate on a path to financial health that aren't so easy come, easy go. So says Money Smart Life. "The problem, as I remember it, is that cash is a hard thing to hold on to once you're out of school and thrust into the job hunt or working world," he writes in a post called "Gift ideas for college grads for a financial head start." We particularly liked his suggestion to set up an investment matching program.
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Posted
May 08 2008, 08:32 PM
by
Karen Datko
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The cost of a first-class stamp is going up yet again on May 12, by one penny to be exact. The smart shopper will lock in the soon-to-be-departed 41-cent rate for a standard letter  by stocking up on the forever stamp. The U.S. Postal Service introduced the stamp about a year ago so people can avoid having to buy those annoying 1- or 2-cent stamps every time the rates go up. The forever stamps you buy now for 41 cents will cover the postage for a letter weighing no more than an ounce no matter how high the first-class rate climbs. Love may not be forever, but this stamp is.
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Posted
Apr 14 2008, 01:10 PM
by
Karen Datko
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A new survey shows that only 48.3% of high school seniors could correctly answer basic questions about personal finance. That's the worst score in the six times the survey has been conducted. For instance, 48% realize that a person who pays only the minimum due on a credit card each month will end up paying more in finance charges than those who pay more than the minimum. In fact, 18% thought the person who pays off the entire balance each month will pay the most finance charges. Actually, Steve at brip blap, who posted about the survey results (to read the post, click here) made public by the Federal Reserve last week, thinks there is reason for optimism in these answers. He goes on a little political rant to make his point.
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Posted
Apr 10 2008, 12:25 PM
by
Karen Datko
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We sometimes have this discussion with our younger friends: You're not saving for retirement because ...? But young folks aren't the only ones thinking they won't live long enough or can't save enough, or otherwise are resigned to living out their days on meager Social Security payments. Michael B. Rubin at Beyond Paycheck to Paycheck excoriates just about every silly excuse people have for not saving for the future. (To read his post, click here.) No. 1 is "my house is my retirement savings." Michael says, "Oh c'mon! Open a freakin' newspaper."
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Posted
Apr 07 2008, 05:03 PM
by
Karen Datko
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A newspaper story about Ford Motor Co. warehouse worker David Sneath walking off the job after winning the Mega Millions jackpot prompted "JLP" of All Financial Matters to wonder what he'd do if he won the lottery. He asked his readers the same question.
Sneath, 60, is taking a lump sum of $59.6 million after taxes. Fishing for walleye plays a large role in his plans. JLP said that if he won, he'd give a lot away to charity and family members, fix up the house, put in a pool, buy a vacation home in Colorado, and invest the rest of the money.
Many of JLP's readers presented common-sense or even modest plans for the imaginary windfall. In fact, Ernesto wrote, "I would for sure buy myself
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Posted
Apr 04 2008, 03:24 PM
by
Karen Datko
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"Fox" at Squawkfox is intimately familiar with a problem many of us have. Here's how she puts it: "I am a terribly shy introvert who cannot stomach the slightest notion of public speaking. Just writing it out strikes terror into my heart, dampens my armpits, and erupts hives all over my body. Sexy," she writes. She had to face her fear when her grandmother asked her to give the eulogy at the funeral of Fox's grandfather. "I knew I had to speak to hundreds of people. I knew I had to speak well. I knew I had to do my grandfather proud," she writes. "I joined Toastmasters for help." With her newfound skills -- her description of how Toastmasters helps is a very interesting read -- she's realizing that she was missing out on a powerful financial tool.
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Posted
Mar 24 2008, 11:29 AM
by
Karen Datko
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Grace's post at GRACEful Retirement will sound familiar to many aging boomers watching the effect of Wall Street gyrations on their retirement accounts. Grace is 58 and playing catch-up after getting a late start on socking away money for her hopefully golden years. "I started this blog last July with $176,000 in retirement savings. Now I'm down to $146,000, notwithstanding the money I keep putting in," writes Grace, who plans to retire in 10 years. That drop, "when I allow myself to think about it, scares me to death." Yet she continues to invest $1,025 a month in index and growth funds. She tells herself she's right to keep buying when the market is down because it inevitably will come back up. She asks, "When do I find out if I passed the test?"
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