The debate on the BBC news right now is who is cooler, America or Europe. Europe is getting props for acting speedily and decisively in contrast to Paulson’s pace, which is getting characterized as dawdling and indecisive. Some of the very policies Treasury derided, they’re now considering since Europe enacted them. The ex-Reagan economic adviser talking head says it’s nationalizing risk, a backdoor way of calling them socialists. However, it wasn’t until Europe’s “socialistic” actions did the markets rebound. Who is right? Only time will tell; we’ll see if the rally sustains or is just another fitful shiver in this economic fever dream. The key here is confidence, and it seems to be the most precious and rare commodity on the face of the earth right now.
personal finance
Getting Married, What Do I Do With My Money For Now?
WooHoo! I got a job! Right out of college and everything. With an awesome sign-on bonus! Now what am I supposed to do with all this money? I know I have options. Stock Market (HA!), bank, and under my pillow. I would put it in the bank but I have a wedding coming up in less then a year to pay for and I want to know my options for making good quick investments. Please help!
What's The Best Personal Finance Software?
Slate tested a slew of personal-finance tools recently, and Mint and Quicken Online were the top two winners, with Mint only a point behind. Besides the advertising disguised as “ways to save,” one area where Mint lost points was not being able to create custom categories. Three days later, Mint announced that they were enabling custom categories. So, in a do-over, Mint would probably win. Plus it’s free. UPDATE: Quicken Online just launched a basic tier of service for free. The dance continues!
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Stock markets finally rose with investors heartened by coordinated global intervention into the financial crisis and amid signs that the credit freeze was beginning to thaw a bit. [WSJ]
Leading Hotels Still Kinda Committed To Selling 5-Star Rooms For $19.28 Per Night
The Leading Hotels of the World want you to know they are still committed to offering 6,000 five-star hotel rooms for $19.28. The contest, originally conceived as a way to honor the association’s 1928 formation, is proving ironically successful, fusing a modern giveaway with 1928 technology. That whole email do-over idea? Silly! Forget it even existed. The group has gone and hired themselves some internet sherpas to help run the contest, and here’s what they’ve come up with….
People Think Coupon Users Are Cheapskates, Unless You're Hot
If you use coupons in a store, your fellow shoppers are probably negatively judging you as being cheap, according to a new study. The stigma extends to those around the coupon redeemer as well. However, if you’re hot, you get a reprieve. The study had people watch consumers cash coupons, and then interviewed the participants afterward for their reaction. The stigma is lessened if you don’t know the person using the coupon, the coupon is of high value, if they’re in a different line, and if the coupon-user is a hottie. Researchers proposed that the reason for the coupon-hating is “the modern consumer tends to prize status and luxury over thrift.”
US Muses Backing All Deposits, No Deposit-Insurance Ceiling
In order to stem the tide of panic-stricken morons taking out all their cash from banks and further destabilizing the financial system, the US is considering a proposal to completely back ALL deposits. This would mean that there would be no deposit insurance ceiling. So even if you had more than $100,000 in the bank, even if you had $1,000,000 in the bank, the government would give you back ALL of that money if your bank failed. The proposal is only in discussions right now, and several different agencies would have to agree that there was “systemic risk” in order to enact it. Europe has already guaranteed all deposits, however, and in order to keep large corporate accounts from emigrating overseas, the US may be forced to follow suit within a few weeks.
PHOTO: Wall Street Bull Had Blue Balls Today
The balls of the famous Wall Street bull got painted blue today. Before they were cleaned, a Gothamist reader snapped this pic. In terms of the creative comic output it’s sparked, this may be the funniest economic meltdown ever. [More]
How To Find Some Extra Cash
A few weeks ago, part of our advice on how to handle these tough financial times was to increase your emergency fund. Obviously this is something that most people would like to do — have more cash in their lives — but how exactly can this be accomplished? MSN has some suggestions on how to find some extra cash:
3 Ways 2008 Isn't 1929
With the Dow currently below 8600, stocks are continuing their downward spiral this week, the but the WSJ tells us 3 ways why it’s totally different from 1929:
5 Expenses To Cut Right Now If You're In Debt
Let’s say that like so many storied former-investment-banking-giants, you, the average consumer, have found yourself over-leveraged (wink, wink) and are looking to clean up your act before the whole thing falls down around you like the house of cards it is. Well, since you can’t increase revenue at will, you’ll have to decrease your costs. Where should you start? Here are 5 expenses that you can cut right now — so you can take the extra cash and throw it at your debt.
6 Ways Not To F— Up Your Finances Before You're 30
1. Stop with the credit cards already! MSNMoney says that the average credit card debt among 25- to 34-year-olds was $5,200 in 2004. You should be saving in your 20s, not spending.
Personal Finance Roundup
3 safe places to stash your cash [CNN Money] “Despite the current market turmoil – rest assured – there are still places where your money has some degree of protection.”
Test Your Personal Finance Skills With These Quizzes
Kiplinger has two quizzes named “Financial Truth or Bunk?“, and they go through some of the more popular tips you’ve heard about personal finance, including lines like:
- You can’t lose money investing in bonds.
- Stay-at-home moms or dads need life insurance, too.
- Don’t buy a red car — it’ll cost more to insure.
- Dollar-cost averaging boosts investment returns.
- The percentage of stock in your portfolio should equal 100 minus your age.
Planet Earth Cuts Interest Rates
Six central banks of the world did a coordinated interest rate cut to try to help the credit crisis. The group included the US and the European Central Bank. What does this mean for your wallet? It’s possible, at some point, that you’ll be able to get or renegotiate loans or mortgages to a better interest rate, and you’re like to see saving account rates drop, but given the apocalyptic economic climate, don’t count on it happening anytime soon.
What Should We Ask The Personal Finance Toolmakers At Finovate 2008?
I’ll be reporting from the Finovate 2008 personal finance tool conference on October 14. There’s 24 presenters from places like Mint, Yodlee, Quicken and Wesabe. Here’s the complete list. Some of these services you’ve heard about or may use yourself. What questions would you have me ask them? What improvements can be made? What would you love to see in a personal finance tool? Let me know in the comments and I’ll do my best to do your requests justice.
I Told Off The Debt Collector
Some punkass debt collector called trying to get a hold of some lady he thinks my girlfriend knows. Here’s roughly how the conversation went. Keep in mind I had just put a bunch of peanuts in my mouth…
Banks Compete For Your Deposit At Moneyaisle.com
Saw this site, moneyaisle.com, where banks compete with the best rate to get your business in a high-yield savings account or a CD. Sounded interesting, so I tried it out. I said I had $5k to deposit. The best rate they had was 3.51%. In less time it took for that rate to load, I went to Bankrate.com and found a place – yes, the banks on both sites are FDIC-insured – offering 3.91%, and only requiring a $1000 deposit. FAIL.
