These days, when some people want to buy stuff, they whip out the plastic. For life’s emergencies, this is sometimes unavoidable (if you don’t have an emergency fund), but there’s some items you know will need to be replaced and you have a decent idea of when. In those cases, Bankrate writes, you can borrow a technique used by condo-associations called replacement planning. To wit:
personal finance
By 11.12.07
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How to write a will online for less than $100. [US News and World Report]
By 11.12.07
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“If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.” – Warren Buffet. [via Money Crashers]
What's Your Time Worth?
By 11.12.07
One way to do that is to simply look at your hourly wage. If you make $20 an hour and something costs $40, you can figure that it takes two hours of your life to pay for that thing. (A fast way to estimate your hourly wage if you’re salaried: Knock off the last three zeros and halve the result, so $50,000 becomes $50, which halved is $25. The rate you get will be a bit high but in the ballpark.)”
Share Money Problems With Today Show, Get Famous, Buy Gold Mansion
By 11.9.07
NBC’s TODAY show has a new series called “Make Your Life Better TODAY,” and they’re asking viewers to send in their personal finance questions so they can address them on-air: “Whether you’re single or married; young or old, we want to know your concerns about debt, retirement, investments, savings and more.” If you fit one of the following scenarios, they might even want to bring you on the show to find out who your baby daddy is. Or maybe so Ellen can cry at you? Something like that—all that daytime TV sort of blurs together.
Discover Lowered APR When Asked, But High Rate Still Applies To Old Balance!
By 11.9.07
“I took your advice a while ago on asking your credit card company politely for a lower APR. I asked Discover Card to give me just that.
Credit Card Rewards Games Grows Riskier
By 11.9.07
The Washington Post profiles a couple with over 20 different credit cards. The Chengs keep four in their wallet and a sticky note to tell them which card to use for which purchases. This year, they made $1,093 from spending $47,800. The Chengs are part of a growing breed of people who try to play the rewards programs offered by credit card companies for fun and profit. But the game has gotten harder. Credit card companies give more like 1% back instead of the 5% of yesteryear, points can be voided if payments are late, and there’s those will-o-the wisp airline miles…
Call For Advice: Reader Wants Discount Brokerage Recommendations
By 11.8.07
Onoodles writes, “I’ve managed to put away 20k into a Roth IRA. I started it directly through one mutual fund and now I’m looking to move it to a discount brokerage firm to diversify. So my question is, which one is the best?!” For a general overview and comparison of leading brokerages, we suggest looking into SmartMoney’s 2007 Broker Survey from a few months ago. And note that by going with a discount brokerage firm, you’ll likely be trading better customer service, research tools, and trading tools for cheaper fees.
Don't Wait Too Long To Get Help With Money Problems
By 11.8.07
Too many people wait until they hit rock bottom before seeking help from credit counseling agencies, says a New York credit counseling service. The consequence is that consumers end up limiting “the options available to them without having to make major, and often very difficult lifestyle changes. If they wait too long, debt repayment plans become unaffordable—leaving them more vulnerable to losing assets or having to file bankruptcy.”
So how do you know when it’s time to ask for help? If your monthly payments are exceeding your monthly income, it’s probably a good time. To find an agency, check out wikiHow’s How To entry, and use this list provided by Bankrate to ensure the agency will be able to provide the services you need.
3 Ways To Take Advantage Of The Fed Rate Cut
By 11.7.07
Bankrate shares three ways consumers can take advantage of the recent federal interest rate cut.
Use A Spreadsheet To Plan Your Gifts
By 11.7.07
This professor of finance proposes you take all the fun out of wildly overspending on last-minute gifts for friends and family, and replace it with the measured, predictable joy of a spreadsheet. However, if you follow his advice, the odds will be much better that you’ll end the year with healthier checking and credit card accounts.
Get Fit Or Pay Up
By 11.5.07
As health care costs continue to rise and talk of some sort of reform remains a large part of the upcoming presidential elections, some companies and businesses are taking matters into their own hands. The latest idea is to charge higher health insurance fees to people with less-than-stellar health. Here’s how it works: all plan participants start with the lower costs and are then screened medically. If their scores are found to be lacking, they are assigned to a health coach to help them improve. If the participant decides he doesn’t want to bother, he’s charged more. The details:
Make And Take Person To Person Loans With Prosper
By 11.5.07
Person-to-person lending site Prosper.com lets you take and make loans to other average citizens. Prospective borrowers register and let Propser review their credit history. They can request from $1,000 to $25,000 in an unsecured loan and specify an upper limit of interest they’re willing to pay. Then, other users check out the borrower’s profile and decide whether to fund them. You can bid as little as $50 on other people and fund multiple borrowers, spreading out the risk. Depending on the type of loan, you can earn upwards of 9% interest on your investment. The loans are for three years and there’s no prepayment penalty.
Irrational Humans Trying To Be Rational Buyers
By 11.2.07
I was listening to one of personal productivity maven’ David Allen’s teleseminars and he said something incisive about the impulse to buy fancy stuff. People think they want to buy a sports car, Allen said, but maybe what they really want is the sense of freedom they think a sports car will give them. Advertisers understand this and use it to get you to buy stuff. It’s the principle of “selling the sizzle, not the steak.”
How To Avoid Boredom While Turning Your Finances Around
By 11.1.07
The worst part of cutting your expenses is also the worst part of going on a diet. Boredom. Not being able to do exactly what you want, when you want to do it is boring. “Grown up,” but boring.
6 Financial Demons And How To Exorcise Them
By 11.1.07
If you keep trying to save money and failing, there’s a good chance you’re possessed… by “financial demons,” says Kiplinger. Here’s a list of six common ones and how to exorcise them, before your credit rating goes all Linda Blair on you.
