tag:blogger.com,1999:blog-112442982012-02-16T10:41:45.806-06:00Improve Your Finances, Improve Your Life...Brook Syersnoreply@blogger.comBlogger811100tag:blogger.com,1999:blog-11244298.post-51853150985473307272009-05-03T21:44:00.000-05:002009-05-03T21:44:00.366-05:00<p>Spending wisely is key to keeping your family afloat during these tough times.</p> <p>Racking up hundreds or even thousands of dollars in unneeded purchases on a credit card is a bad idea, especially since spending on credit can be extremely costly if bills aren't paid in full every month.</p> <p><a href="http://online.wsj.com/article/SB124010048325132165.html">Still, plastic can help you build credit, accumulate reward points, and limit liability for unsatisfactory purchases or theft.</a></p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5185315098547330727?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-60227281667385290912009-05-02T21:42:00.000-05:002009-05-02T21:42:00.320-05:00A new survey prepared for the <a onclick="return Msn.Navigation.OpenNew(this)" href="http://www.nfcc.org/">National Foundation for Credit Counseling</a>, released Tuesday, indicates many Americans are spending less only because they have less to spend, not because of a new urgency to save. <a href="http://articles.moneycentral.msn.com/Banking/YourCreditRating/study-spending-habit-hard-to-break.aspx">And those who are cutting back don't plan to for long</a>.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6022728166738529091?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com1tag:blogger.com,1999:blog-11244298.post-52635388725928805732009-05-01T21:40:00.000-05:002009-05-01T21:40:00.626-05:00t's not just finances. It's philosophy. Do you need the big house? The minivan? Children grew up quite nicely before either of these caught on.<p>Other things -- food, clothing, child care -- are plain old necessities. Still, there are ways to cut costs without rinsing and reusing baggies. <a href="http://articles.moneycentral.msn.com/CollegeAndFamily/RaiseKids/Your5MinuteGuideToRaisingKids.aspx">Here are the basics and how you can control their costs</a>.</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5263538872592880573?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-22055000078508919412009-04-30T21:38:00.001-05:002009-04-30T21:38:00.526-05:00<a href="http://articles.moneycentral.msn.com/Banking/BankruptcyGuide/Your5MinuteGuideToBankruptcy.aspx">Overwhelmed by debt? Bankruptcy is the means of last resort to rebuilding your financial well-being.</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-2205500007850891941?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-13125660007319865852009-04-29T21:34:00.000-05:002009-04-29T21:34:00.496-05:00<p style="font-family: arial;" class="body"><strong>By signing your 1040 form, you agree to abide by the tax law that holds <i>you</i> responsible for paying your taxes, regardless of who prepares your return. When it comes to collecting on mistakes, innocent or otherwise, the Internal Revenue Service looks for the taxpayer, not the person who filled out the forms.</strong></p> <p style="font-family: arial;" class="body"><a href="http://www.bankrate.com/brm/itax/edit/news/stories/news_031500a.asp">So before you turn your tax life over to someone else, make sure that the preparer is right for you and will do the right thing when it comes to filing your taxes.</a></p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1312566000731986585?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-57573063049932638622009-04-18T23:46:00.002-05:002009-04-18T23:47:00.295-05:00<span style="font-style: italic;">Many highly qualified and educated professionals are discovering that their overqualifications are a scarlet letter on their résumé.</span><br /><br /><a href="http://www.washingtonpost.com/wp-dyn/content/article/2009/04/18/AR2009041800125.html?wprss=rss_business/personalfinance">Link to Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5757306304993263862?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-64483130788389378402009-04-18T23:39:00.001-05:002009-04-18T23:41:46.066-05:00<span style="font-style: italic;">Faced with the darkest summer-job market since the government began collecting data after World War II, a growing number of teens are turning to entrepreneurship. The government's $1.2 billion youth jobs program is expected to make barely a dent in overall teen joblessness this summer. Employment among 16- to 19-year-olds is still likely to sink to a new low of 31% or 32% this summer, down from a previous nadir of 32.7% in 2008, says Andrew Sum, the director of the Center for Labor Market Studies at Northeastern University in Boston.<br /><br /></span><a href="http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/NeedASummerJobCreateOne.aspx">Link to Story</a><span style="font-style: italic;"><br /></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6448313078838937840?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-63458833843662033012009-04-18T23:37:00.001-05:002009-04-18T23:38:52.453-05:00<span style="font-style: italic;"><a href="http://www.forbes.com/2009/04/16/consumer-sacrifice-recession-lifestyle-style-consumer-sacrifice.html?feed=rss_news">No matter your age, gender or financial status, nearly everyone is giving something up in an effort to cope with the deepening recession.</a><br /><br /></span><span style="font-style: italic;"><br /></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6345883384366203301?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-19977270775012338182009-04-18T23:33:00.001-05:002009-04-18T23:36:13.797-05:00<span style="font-style: italic;">With the U.S. economy in a tailspin, programs that get aspiring teachers certified quickly are reporting a recent uptick in interest. Some of those signing up are out of work, while others, long curious about teaching, have decided now is the time to give it a try.</span><br /><br /><a href="http://www.chron.com/disp/story.mpl/chronicle/6380426.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1997727077501233818?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-35193491220082948822009-04-09T22:11:00.001-05:002009-04-09T22:13:32.123-05:00<a href="http://www.msnbc.msn.com/id/30138330/">Story</a><br /><br /><span style="color: rgb(255, 0, 0);">An eight-year study of 218 couples found 90 percent experienced a decrease in marital satisfaction once the first child was born.</span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-3519349122008294882?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com2tag:blogger.com,1999:blog-11244298.post-66832187944638010612009-04-08T21:37:00.002-05:002009-04-08T21:38:42.161-05:00<a href="http://www.msnbc.msn.com/id/30108232/">Story</a><br /><br /><span style="color: rgb(255, 0, 0);">Each episode will feature a company with about 15 or 20 employees that needs to cut costs because of the economy. Instead of the boss deciding who is fired, the company will open its books to show everyone’s salaries and let the employees make the call.</span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6683218794463801061?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-51478581721170772142009-04-07T21:13:00.001-05:002009-04-07T21:16:41.246-05:00<a href="http://www.usatoday.com/money/perfi/credit/2009-04-07-consumer-credit_N.htm?csp=34">Story</a><br /><br /><p style="color: rgb(255, 0, 0);" class="inside-copy">The Federal Reserve said Tuesday that consumer borrowing dropped at an annual rate of $7.48 billion in February, or 3.5%, from January. Wall Street economists expected borrowing to slide by only $1 billion, according to a survey by Thomson Reuters.</p> <p style="color: rgb(255, 0, 0);" class="inside-copy">The decline was led by a record drop in borrowing on credit cards, which fell at an annual rate of $7.8 billion, or 9.7%. That is the sharpest drop in dollar terms since federal records began in 1968, and the steepest percentage fall since 1978.</p> <p style="color: rgb(255, 0, 0);" class="inside-copy">"Consumers don't want to borrow as much, they want to build up their savings," said Zach Pandl, an economist at Nomura Securities International. "People are adjusting to new spending habits."</p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5147858172117077214?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-10321704408192987342009-04-06T21:48:00.000-05:002009-04-06T21:50:08.005-05:00<span style="color: rgb(0, 0, 0); font-family: Verdana,Geneva,Arial,Helvetica,sans-serif; font-size: 10pt;font-family:Verdana,Geneva,Arial,Helvetica,sans-serif;font-size:100%;color:#000000;" ><span style="color: rgb(0, 0, 0); font-family: Verdana,Geneva,Arial,Helvetica,sans-serif; font-size: 10pt;font-family:Verdana,Geneva,Arial,Helvetica,sans-serif;color:#000000;" >It seems that the <a target="_blank" href="http://rs6.net/tn.jsp?et=1102499427668&amp;e=0013ePZfllrRQilm4uuEliAomm0A1sUvzhh5Q-42Ul-vqPqD9kg1zrqXdmUNlZ5OIckC2cKNsniAaDYOCqOfHMyQQBzmk0lFQO0pjSdxYaUAq5jHvETnfAA7j0KTtnMb-x-dAOSSGNdJ5lW5mIgSxE5xJaNvTqSl8b8NMoiBEIKOYJZf-q2zs_06_K89Q1LBp4rFeWUOYWcmFp3irpXdrXZETFpm97zZbIR8zUDfOjTQatzxANkrgvUPg==">FTC </a>is taking aim at freecreditreport.com because, well, the credit reports they offer are not exactly free. The FTC has this to say about this and other "free" credit report sites:<br /><br /><span style="font-style: italic;"><span style="color: rgb(204, 51, 51);">"Other sites require users to pay hidden fees or agree to</span><br /><span style="color: rgb(204, 51, 51);"> additional services in order to get a free credit report. If</span><br /><span style="color: rgb(204, 51, 51);"> consumers don't cancel the service during a short trial period,</span><br /><span style="color: rgb(204, 51, 51);"> they're likely to pay membership fees. The FTC encourages consumers not to</span><span style="color: rgb(204, 51, 51);"> pay for something they can get for free." </span><br /><br /><br /></span>So what exactly are you paying for at freecreditreport.com? Here is what their site says (probably posted after they learned that the FTC was focusing on them):<br /><br /><div style="text-align: left;"><span style="color: rgb(204, 51, 51);">When you order your free report here, you will begin your free trial membership in Triple Advantage Credit Monitoring. If you don't cancel your membership within the 7-day trial period, you will be billed $14.95 for each month that you continue your membership. ConsumerInfo.com, Inc. and freecreditreport.com are not</span> <span style="color: rgb(204, 51, 51);">affiliated with the annual free credit report program. Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting companies. To request your free annual report under that law, you must go to </span><a style="color: rgb(204, 51, 51);" target="_blank" href="http://rs6.net/tn.jsp?et=1102499427668&amp;e=0013ePZfllrRQjPUCpJrAUf_f5hO9xocY7l9NG774y4ppwOkg8Tf7JOeHw2E04k-pA1qylttsmgJg9v1e8CBhOxxzVtvpP2YWts5Z-rqk4CX9BKZukRMHMMB621sgnW6dKajkBjuSNaWGov91yCcZSecQ==">www.annualcreditreport.com</a><span style="color: rgb(204, 51, 51);">.</span><br /></div><br />I have heard from more than one person that they thought they were only confirming their identity by entering their credit card information at the freecreditreport.com site. Upon receiving their next credit card bill, they saw the $14.95 and had no idea they were actually signing up for a credit monitoring service.<br /><br />There is nothing wrong with signing up for a credit monitoring service, especially if you know for a fact that your identity or financial information has been stolen. But any website that <span style="font-style: italic;">tricks</span> you into signing up for it should be punished!</span></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1032170440819298734?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-5367542916524528162009-04-06T21:47:00.002-05:002009-04-06T21:48:12.722-05:00<span><span style="color: rgb(51, 51, 51);font-family:Arial,Helvetica,sans-serif;font-size:85%;" ><span style="font-size:100%;">Actress Natasha Richardson died this week after taking a seemingly minor fall during a ski trip. This terrible tragedy is the perfect example of why we all need to get our financial affairs in order. You never know when your time is up on this earth and when it is, you want to make sure your family is taken care of by having a current will and adequate insurance. I know these things are not pleasant to think about, but they are for your loved ones, not for you. Even though she was a famous actress from a wealthy family, these same principles apply to everyone regardless of income or net worth. </span><br /></span></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-536754291652452816?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-20667101869811447912009-04-06T21:46:00.001-05:002009-04-06T21:47:08.458-05:00Good article from <a href="http://finance.yahoo.com/family-home/article/106701/10-Things-We-Overpay-For;_ylt=AqeWe6LnmBiAxP6DkbdMGTkJo9IF">Kiplinger.com</a> with my comments:<br /><br /><br />1) <strong>Afternoon snacks</strong> - make a trip to the snack machine at work? Consider bringing fruit instead. You could save a couple of bucks a day. $2 a day x 20 work days = $40 x 12 months = $480 a year! <div> </div> <div>2) <strong>Bottled water</strong> - buy a pitcher and filter for $20 and get your cost per glass down to pennies a day. Besides, how many studies have shown that bottled water is really just recycled tap water with a fancy name?</div> <div> </div> <div>3) <strong>A caffeine fix</strong> - Brew your own coffee instead of buying it by the cup at a retail store. My dad works at Starbucks and is on the distribution list of this email, so I will stop now before I get in trouble!</div> <div> </div> <div>4) <strong>Favorite tunes</strong> - There usually isn't a good reason to buy an entire album when you can buy the songs you really want at iTunes of Amazon.com for 79 - 99 cents per song. For years music lovers complained about having to buy an entire album that had only one "good" song on it. Now that the opportunity exists, some people are still buying the entire CD. </div> <div> </div> <div>5) <strong>A night at the movies</strong> - The price of a movie ticket has far outpaced inflation over the years and continues to go up. Get a Netflix subscription and save hundreds of dollars of year in cinema costs. That way you won't be tempted to say yes when the concession guy asks you if you want a large for a quarter more. </div> <div> </div> <div>6) <strong>Fresh flowers</strong> - This one really hits home for me. I have saved a ton of money picking up fresh flowers at HEB or Wal-Mart for my wife over the years. Now, when I get home I don't <span style="font-style: italic;">advertise</span> the fact that I went to Wal-Mart and usually she doesn't ask. As long as they are fresh and smell good, why should she care where they came from? Heck, I even bought my wife's engagement ring at the dollar store (just kidding of course!) </div> <div> </div> <div>7) <strong>Fruits and vegetables</strong> - Buying precut and washed fruits and vegetables costs considerably more than buying them fresh and cutting/washing them yourself. </div> <div> </div> <div>8) <strong>Credit card fees</strong> - Paying your credit card late usually incurs a late fee of $39 or more. Sign up for direct debit and never pay these fees again.</div> <div> </div> <div>9) <strong>ATM fees</strong> - Don't pay $3 or more for getting money out at an ATM not provided by your bank. Choose a bank with a large ATM network or just get cash back on your debit card at the store. </div> <div> </div> <div>10) <strong>Fax and mail services</strong> - Don't pay FedEx to use their fax machines when there are several free online websites that do the same thing. Use Priority Mail at the Post Office to save up to 50% from UPS's rates. </div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-2066710186981144791?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-86470731132616698412009-04-06T21:44:00.000-05:002009-04-06T21:45:12.545-05:00<div>1) <strong>Closing Credit Accounts</strong> - you finally get that credit card paid off and you decide to close the account to make sure that you won't use it anymore. Big mistake! By closing an account, it will eventually drop off your credit report and the payment history will be lost forever. It's like getting straight A's in high school and it not showing up on your transcript. </div> <div> </div> <div>2) <strong>Missing or Making Late Payments</strong> - Credit card companies and lenders are looking for ways to earn even more money from you. By missing or making late payments, you will incur late fees and maybe even increases in interest rates. </div> <div> </div> <div>3) <strong>Applying for a Bunch of Credit Accounts at Once</strong> - Every time you apply for credit, you are giving the lender permission to check your credit score (called an "inquiry"). Too many inquiries make the credit reporting agencies nervous, therefore your credit score will be negatively effected. </div> <div> </div> <div>4) <strong>Over Utilization of Your Credit Card Limits</strong> - Most people think that having a high credit card balance is one of the biggest contributors to their low credit score. But this is most likely not the reason. There are two important numbers that matter with regards to your credit cards; 1) the balance outstanding and 2) the credit limit. It is the ratio of balance outstanding to credit limit that matters (and the higher it is, the worse it is). If you have a $10,000 balance outstanding on a credit card but have a $100,000 limit, your utilization rate is only 10%. However, if you have a $10,000 balance on a credit card but have a $12,000 limit, your utilization rate is 83%. All things being equal, the person with the 83% utilization rate will have a lower credit score. <br /></div> <div> </div> <div>5) <span style="font-weight: bold;">Settling With Your Lender on a Past Due Account</span> - You owe $10,000 to your credit card company and are having trouble meeting the monthly minimum payment. You call them and they offer to settle your account for only $5,000. Good deal, right? It depends. If the lender reports the "forgiven" amount of $5,000 to the credit bureaus as a "deficiency balance," it will stay on your credit report and hurt your credit score for a minimum of 7 years! It may be a long shot, but some people have had success convincing the lender to not report the deficiency balance, which of course would be very beneficial to your credit score. </div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-8647073113261669841?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com5tag:blogger.com,1999:blog-11244298.post-26834274070605972112009-04-05T20:21:00.001-05:002009-04-05T20:23:26.361-05:00<a href="http://www.forbes.com/2009/04/02/financial-advisors-madoff-personal-finance-retirement-check-your-pro.html?feed=rss_news">Story</a><br /><br /><span style="color: rgb(255, 0, 0);">Searching the archives of local news media for the name of your financial professional can also be useful. Many newspapers now have years of their back issues online, and searches are often free, especially if you're already a subscriber. A broader print news media search can be conducted through such commercial databases as Factiva and Lexis-Nexis. Many public libraries have terminals that permit free searches of these services, and some libraries allow borrowing-card holders to search certain news databases from their home computers.</span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-2683427407060597211?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-50742387617574904412009-04-04T20:41:00.001-05:002009-04-04T20:42:37.251-05:00But with unemployment at the highest rate in decades and expected only to get worse this year, you can't afford not to be making and maintaining contacts these days, says Jodi Glickman Brown, founder of Great on the Job, a firm that trains executives in communication skills. Whether you're job hunting or thinking of a backup plan, get <a href="http://money.cnn.com/2009/04/02/news/economy/networking_jobs.moneymag/index.htm?section=money_topstories">yourself out there</a>.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5074238761757490441?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-11893443939734301632009-04-04T20:39:00.001-05:002009-04-04T20:40:42.929-05:00Wow, just <a href="http://www.cnn.com/2009/LIVING/04/02/foreclosure.dream.homes/index.html?eref=rss_topstories">wow</a>.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1189344393973430163?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-90871562288878486912009-04-02T21:54:00.004-05:002009-04-02T22:07:00.428-05:00First, there was health insurance. Next, pet insurance. Then stock market insurance (some annuities provide this). Now we have <a href="http://news.yahoo.com/s/ap/20090402/ap_on_bi_ge/housing_layoff_insurance">layoff insurance</a>!<br /><br /><span style="color: rgb(255, 0, 0);">With the </span><span style="color: rgb(255, 0, 0);" class="yshortcuts" id="lw_1238711380_1">unemployment rate</span><span style="color: rgb(255, 0, 0);"> at a 26-year high and home sales still in the dumps, a growing number of homebuilders and even some </span><span style="border-bottom: 1px dashed rgb(0, 102, 204); background: transparent none repeat scroll 0% 50%; cursor: pointer; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; color: rgb(255, 0, 0);" class="yshortcuts" id="lw_1238711380_2">real estate agents</span><span style="color: rgb(255, 0, 0);"> are trying to coax buyers with a kind of </span><span style="background: transparent none repeat scroll 0% 50%; cursor: pointer; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; color: rgb(255, 0, 0);" class="yshortcuts" id="lw_1238711380_3">mortgage unemployment insurance</span><span style="color: rgb(255, 0, 0);">.<br /><br /><span style="color: rgb(0, 0, 0);">While this may sound like a good idea, you really need to be careful when reading the details. Many of these 'policies' only apply to the first 2 years of ownership and for a period of up to 6 months. Worse yet, some builders are even passing the cost of the insurance on to the buyer.<br /><br />I think a much better strategy is to build your emergency cash fund to 6 months of living expenses (or buy a smaller house so you can maintain your emergency fund at adequate levels) and use that to pay your mortgage in the event of a job loss. If you bought a house and lost your job 2 years later or for more than 6 months, the layoff insurance becomes less valuable. So be careful if a builder suggests this coverage. <br /><br /> </span><br /></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-9087156228887848691?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-72334472775524995602008-11-25T21:27:00.002-06:002008-11-25T21:29:05.066-06:00<a href="http://www.usatoday.com/money/workplace/2008-11-25-companies-holiday-parties_N.htm?csp=34">Looking for ways to cut costs</a>, companies have holiday parties in their crosshairs.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-7233447277552499560?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-31752984144272342432008-11-25T21:19:00.002-06:002008-11-25T21:21:36.318-06:00The answer is a surprising <a href="http://www.bankrate.com/brm/news/debt/20081124_credit_counseling_payment_a1.asp">no</a>!<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-3175298414427234243?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-23768228570511953472008-11-25T21:06:00.002-06:002008-11-25T21:19:00.835-06:00Hurry up and close by 12/31/08, especially if you are paying <a href="http://www.kiplinger.com/columns/taxtips/archive/2008/tax1125.html">points</a>. If it is your principal residence, you can deduct the full amount paid on this year's tax return. Two points on a $200,000 mortgage means a $4,000 deduction on your tax return and even more money in your pocket.<br /><br />Of course, just getting a mortgage in today's climate could prove the hardest part.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-2376822857051195347?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-13931039223750024212008-11-25T21:02:00.002-06:002008-11-25T21:05:56.573-06:00Well now you can find out. This <a href="http://www.kiplinger.com/features/archives/2008/11/check_a_charity.html">Kiplinger</a> article breaks it down into 5 steps:<br /><br />1) Look at spending priorities<br />2) Evaluate accountability<br />3) Beware of red ink<br />4) Gauge the cushion<br />5) Review the charity's annual report.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1393103922375002421?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-17633852610097237572008-11-25T20:42:00.003-06:002008-11-25T21:02:05.789-06:00Had a fellow employee tell me the other day that they have had it and are getting out of the market. I asked them if they planned on getting back in the market someday and they said yes, then I asked "How do you know when it is the best time to get back in?"<br /><br />Their response: "I'll just have a feeling that the time is right." <br /><br />Well let me tell you, if anyone knew the answer to to my question (because I sure don't know the answer), they would be a very rich person! <br /><br />But my question and her response got me thinking. There is some sort of mental threshold that develops as losses in the market start to mount. There is a certain point where the fear of loss becomes greater than the desire for gain. Once this point is crossed, it doesn't matter how long the investor has until retirement or how long a recession has lasted historically. Some investors would rather put their money under their mattress and call it even (though the value of this money would definitely take a hit at a 3-4% annual inflation rate). But that's not the point; the fear of more losses has become so great that it overtakes any rational thought processes.<br /><br />Let me tell you, I feel your pain (to the tune of a 45% drop in my investments). But why haven't I sold anything? Because I believe in the long-term prospects of America and I'm "only" 35, so I've got a good 30-35 years to invest. If I sold now, I could park the money in a money market fund earning 2-3%, but how would I know when it is "safe" to put it back in the market? When it goes up 1,000 points? 2,000 points? 3,000 points? And how much gain would I have given up by being out of the market when it rallies?<br /><br />You may not be able to control the stock market, but you can control your fear of the stock market, and in the end that may be the greatest asset of all.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1763385261009723757?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-82320258823172417432008-11-24T20:47:00.003-06:002008-11-24T20:48:26.981-06:00Well here is a <a href="http://www.onlinehousetrading.com/default.aspx?AspxAutoDetectCookieSupport=1">website</a> that can help you do that. Looking to retire and downsize to something smaller? Well there is a good chance that someone in a smaller house is ready to upsize because of a growing family. Why not trade your house for theirs'?<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-8232025882317241743?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-19541606168126302532008-11-24T20:43:00.002-06:002008-11-24T20:45:51.000-06:00Trying to live on one salary? No problem.<br /><br />Trying to live on a teacher's salary? Not an issue.<br /><br />Still want to see movies while saving money? Check.<br /><br />Want to see the latest DVDs without paying a dime for them? Sure, why not.<br /><br />Then check out this <a href="http://www.cnn.com/2008/LIVING/wayoflife/11/24/o.thriftiest.families/index.html?eref=rss_topstories">article</a> for more tips from the most frugal families around.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1954160616812630253?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-59724724032608588112008-11-24T20:39:00.002-06:002008-11-24T20:42:17.221-06:00With rising food costs, saving even a little bit at the grocery store can add up to a lot over time. When you get a chance, head on over to <a href="http://www.couponmom.com/">couponmom.com</a> and print out all kinds of coupons you can use at the grocery store. The site even claims that in a lot of cases your grocery bill can be cut in half! And if you are a guy, get over the coupon thing and check it out!<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5972472403260858811?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-21217757676466708862008-11-24T20:37:00.000-06:002008-11-24T20:38:44.206-06:00<div>Here are some interesting facts from a mediapostpublications.com article:</div> <div> </div> <div>* Americans owe nearly $1 trillion on their credit cards, yes that is $1,000,000,000,000 with 12 zeros!</div> <div>* 12 million Americans are still in debt from last year's holiday shopping</div> <div>* $8 billion in gift cards goes unused and ends up back in the pockets of retailers</div> <div> </div> All I can say is Wow. To think that in this economy, we still have almost 5% of Americans still paying off last years' holiday bills is concerning. For those of you who plan on spending a lot of money this Christmas (especially on credit cards), now may be the year that you should reconsider everything and find ways to cut your shopping bills down to size. There is a good chance that people buying you gifts may be reducing what they typically spend on you this year, so now is the chance to do the same. Or just agree to send cards and call it even. While this may sound cold, we are living in desperate times which call for desperate measures.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-2121775767646670886?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-39777234689312174742008-11-21T22:52:00.002-06:002008-11-21T22:58:38.073-06:00<a href="http://www.kiplinger.com/features/archives/2008/11/five-ways-to-boost-your-credit.html">Kiplinger</a> says here are the 5 ways:<br /><br />1. Know the starting point - got to know what it is today if you want to increase it.<br /><br />2. Dispute any mistakes immediately - don't want something that is not even true to hurt your score.<br /><br />3. Lower the ratio of your outstanding debt to your credit limits - remember, it's not how much debt you have outstanding it is how that debt relates to your credit limits.<br /><br />4. Don't apply for new credit cards that you don't need - every time you do, there will be an 'inquiry' on your credit report and too many is a bad thing.<br /><br />5. Make your payments on time - one or two late payments can negatively affect your credit score so mail all bills at least 5 business days before they are due.<br /><br />There you have it, get your credit score in shape!<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-3977723468931217474?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-80058053827085983362008-11-21T22:49:00.002-06:002008-11-21T22:51:35.518-06:00<div>Apparently some <a href="http://www.marketwatch.com/news/story/story.aspx?guid=%7B992EC603%2DB39E%2D4B75%2DB39E%2DE816DE43234B%7D&amp;siteid=rss">short-sighted Americans </a>(does this include all Americans?) have decided to jump back into to the SUV/Truck market now that gas prices have temporarily come back down. Let me tell you why I think this is a bad idea: </div> <div> </div> <div>1) Sure you will get a good deal as far as sticker price discounts, but when gas prices go back up, and they will, you will more than pay for the savings in gas costs. </div> <div> </div> <div>2) Gas mileage is still important and more and more SUV/Trucks will be coming out that will have higher gas mileage (think hybrids and developing technology). If you buy an SUV today that gets 17-18 mpg and try to sell this vehicle in 3 or 4 years (no doubt gas prices will be much higher then), there will most likely be all kinds of SUVs on the market (new and slightly old) that get way better gas mileage than the one you are trying to sell. So the residual value of your SUV will be even lower because potential buyers will be paying more attention to mpg (kind of like they were a couple of months ago when gas was $4/gallon). And you will not be able to sell your SUV for very much when it has bad comparative mpg. </div> <div> </div> <div>What are your thoughts?</div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-8005805382708598336?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-88655666644510893392008-11-20T21:01:00.002-06:002008-11-20T21:07:54.904-06:00As this <a href="http://www.boston.com/business/personalfinance/articles/2008/11/16/helping_kids_understand_family_finances/?rss_id=Boston.com+--+Personal+finance">article </a>points out, it is a much better practice to let your children know when the family budget is strained than to keep them in the dark. At some point in each of our lives, we are forced to cut and trim expenses out of our budget for a variety of reasons. But when we don't explain why to our children or hide it from them altogether, it can be very confusing for them. They may ask "Why can't I have this for my birthday?" or "I don't understand why I have to turn the lights off in a room when I'm not using it." If they understand that certain expenses have to be cut because of a job loss or big expense, then they are more likely to be open to it. They may even take the idea and run with it. Ask them to find a way to save $10 a week and put them to work! It is a great character builder for them and will even give them an idea of what the real world is like!<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-8865566664451089339?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-59401270003132786802008-11-20T20:59:00.002-06:002008-11-20T21:01:24.151-06:00Here is an interesting <a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/11/20/AR2008112001096.html?nav=rss_business/personalfinance">article</a> on the pros and cons of letting teenagers use credit cards. What is your own experience with your teens using credit cards? Should we teach them the dangers by letting them have one and prove they can use it responsibly? Or should we forbid them to have one, warn them of the dangers, and hope when they turn 18 they take our advice?<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5940127000313278680?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-18248691155378551152008-11-20T20:31:00.002-06:002008-11-20T20:45:59.135-06:00There is no doubt that it is getting pretty bad out there and for me to suggest that there is no better time to give your money and/or your time to charity sounds crazy. But let me tell you why I believe that now is the best time to give (or keep giving) to the charity or charities of your choice.<br /><br /><span style="font-weight: bold;">#1: It is not about you.</span><br /><br />During the current financial crisis, with thousands of people losing their jobs, their homes, and their hope, it is so easy to focus on your own problems. But by giving your time and/or your money to charity, it is easier to get through your own tough times just knowing that you are positively affecting someone else's life (who may be in a more desperate situation than you). <br /><br /><span style="font-weight: bold;">#2: Your mind needs a break from the anxiety.</span><br /><br />By focusing on someone else's needs, you will become more relaxed and positive about your own situation. Giving your money is fine, but by rolling up your sleeves and giving your time, you will have an even better chance of seeing the fruits of your labor. <br /><br /><span style="font-weight: bold;">#3: It will be returned to you.</span><br /><br />Now the central objective of giving should never be to receive something in return, but I am a firm believer that your kindness will be repaid to you several times over. It is a law of the universe. We have given thousands of dollars to charities and our church over the years and I can tell you first hand that we have never experienced financial problems or lacked for anything. While I would like to believe this is solely due to my impressive financial skills, I sincerely believe that there is something greater happening. So my advice to you is to start giving and don't be surprised when you are blessed in return!<br /><br />'Tis the Season To Give.....<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1824869115537855115?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-41407343935480397462008-11-19T20:03:00.002-06:002008-11-19T20:09:54.991-06:00Well <a href="http://money.cnn.com/galleries/2008/autos/0811/gallery.kelly_bluebook/index.html">CNNMoney</a> has listed the Top 10 resale value cars and what a surprise, all 10 are made by foreign automakers. Dominating the list are Toyota/Scion and Honda. If the Big 3 in Detroit focused more on quality and less on begging for bailout money, maybe they wouldn't be in so much trouble. So in your opinion, what American automaker is #1 for resale value within 5 years? I would have bet the house on the Ford F-150 before the recent cratering of SUV and Trucks sales. What do you think?<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-4140734393548039746?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com26tag:blogger.com,1999:blog-11244298.post-61891161994590411842008-11-19T19:39:00.003-06:002008-11-19T19:48:19.788-06:00Recently read an article which detailed 3 financial rules to live by, as stated by Dick Wagner, a financial columnist. They are as follows:<br /><br />1) Spend less than you make<br />2) Save all you can<br />3) Don't do anything stupid<br /><br />These sound so simple and straightforward, but they are actually quite succinct and complex. How many Americans actually live by rule #1? Not many. And there lies the problem in this country. If you do not spend less than you make, then there is no way you have any money left over to follow rule #2. And if you don't follow rule #1 or rule #2, then you are more likely to take excessive risks to make up for your lack of a positive cash flow. <br /><br />I would imagine that gamblers and extreme financial risk takers routinely violate rule #3. But there are thousands of other people that fall victim to financial scams (ever heard a pitch where you could make 10% - per week - on your investment with no risk?) every day in this country.<br /><br />I read about all kinds of scams that go on to separate people from their money. And even seniors who did follow rule #1 and #2 their entire lives end up with nothing because they trusted someone with their money while breaking rule #3. So be careful out there and follow the rules!<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6189116199459041184?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-59719506827387255142008-11-19T19:23:00.006-06:002008-11-19T19:39:19.379-06:00<span style="font-size:180%;"><span><span><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;" ><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;" ><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;" ><span style="font-size:100%;"><br /></span><p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family:Times New Roman;"><span style="font-size:130%;"><span style="font-size:78%;">Need some FREE online software to help you manage and consolidate your finances? Try <a href="http://www.mint.com/">Mint.com</a> - this nifty little website downloads, categorizes, and graphs all of your finances automatically every day - so you don't have to. It's a good way to track where you are spending your money without much effort!</span><br /></span><span style=""> </span></span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family:Times New Roman;"> </span></p></span></span></span></span></span></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5971950682738725514?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-51067475530115396062008-11-19T19:22:00.001-06:002008-11-19T19:22:58.913-06:00<span style="font-family:Times New Roman;font-size:100%;"> </span><span style="font-family:Times New Roman;font-size:180%;"><em>Source:<span style=""> </span><a href="http://www.investorwords.com/" target="_blank">www.investorwords.com</a></em></span><span><span><span><span id="role_document" style="font-family:Arial;font-size:85%;color:#000000;"><span id="role_document" style="font-family:Arial;font-size:85%;color:#000000;"><span id="role_document" style="font-family:Arial;font-size:85%;color:#000000;"> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-family:Times New Roman;font-size:180%;"> </span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 13.5pt;"><span style="font-size:180%;"><span style="font-family:Times New Roman;"><b style="">Mutual Fund</b>:<span style=""> </span>An </span><a target="_blank" href="http://www.investorwords.com/3435/open_ended.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">open-ended</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> </span><span style="font-size:180%;"><a target="_blank" href="http://www.businessdictionary.com/definition/fund.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">fund</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> operated by an </span><span style="font-size:180%;"><a target="_blank" href="http://www.businessdictionary.com/definition/investment.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">investment</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> company which </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/4025/raise.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">raises</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/3100/money.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">money</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> from </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/4527/shareholder.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">shareholders</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> and </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/2598/invest.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">invests</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> in a </span><span style="font-size:180%;"><a target="_blank" href="http://www.businessdictionary.com/definition/group.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">group</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> of </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/273/asset.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">assets</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;">, in accordance with a stated </span><span style="font-size:180%;"><a target="_blank" href="http://www.businessdictionary.com/definition/set.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">set</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> of </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/3372/objective.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">objectives</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;">. Mutual </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/2121/fund.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">funds</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> raise money by </span><span style="font-size:180%;"><a target="_blank" href="http://www.businessdictionary.com/definition/selling.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">selling</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/4525/share.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">shares</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> of the fund to the </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/3930/public.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">public</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;">, much like any other </span><span style="font-size:180%;"><a target="_blank" href="http://www.businessdictionary.com/definition/type.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">type</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> of </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/992/company.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">company</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> can </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/4467/sell.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">sell</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> </span><span style="font-size:180%;"><a target="_blank" href="http://www.businessdictionary.com/definition/stock.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">stock</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> in itself to the public. Mutual funds then take the money they receive from the </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/4363/sale.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">sale</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> of their shares (along with any money made from previous </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/2599/investment.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">investments</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;">) and use it to </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/3952/purchase.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">purchase</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> various investment vehicles, such as </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/4725/stock.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">stocks</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;">, </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/521/bond.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">bonds</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> and </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/3106/money_market.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">money market</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;"> </span><span style="font-size:180%;"><a target="_blank" href="http://www.investorwords.com/2507/instrument.html"><span style="color: windowtext; text-decoration: none;"><span style="font-family:Times New Roman;">instruments</span></span></a></span><span style="font-family:Times New Roman;font-size:180%;">. </span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 13.5pt;"><span style="font-family:Times New Roman;font-size:180%;"> </span></p> <p class="MsoNormal" style="margin: 0in 0in 0pt; line-height: 13.5pt;"><span style="font-size:100%;"><span style="font-family:Times New Roman;"><span style="font-size:180%;">Think of a mutual fund as one big pot where lots of different people can put their money into and receive a certain number of shares in return.<span style=""> </span>For a fee, an investment manager advises on how to invest the money in the pot.<span style=""> </span>At the end of every trading day, the money in the pot is counted (by adding up all the value of the investments), expenses are subtracted, and the resulting number is divided by the number of shares outstanding to arrive at the share price.<span style=""> </span>Multiply the number of shares you own times the share price and you get the value of your investment in the fund.<span style=""> </span></span><span style=""><span style="font-size:180%;"> </span><br /></span></span></span></p></span></span></span></span></span></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5106747553011539606?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-12231244240341127982008-11-19T19:20:00.001-06:002008-11-19T19:25:29.616-06:00<span><span><span><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;font-size:85%;" ><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;font-size:85%;" ><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;font-size:85%;" ><p style="line-height: 13.5pt;"><span style=";font-family:Times New Roman;font-size:180%;" ><strong>With the stock market in the dumps, should I sell all my stocks (or stock mutual funds) and put it in a money market fund until the market rebounds?</strong></span></p> <p style="line-height: 13.5pt;"><span style=";font-family:Times New Roman;font-size:180%;" >Ah, the age old question.<span style=""> </span>The first thing you have to ask yourself is if you need the money for some other purpose than investing within the next 5 years.<span style=""> </span>If the answer is yes, then it should not have been in the stock market in the first place.<span style=""> </span>If the answer is no, then there a couple of other considerations.</span></p> <p style="line-height: 13.5pt;"><span style=";font-family:Times New Roman;font-size:180%;" >What if I told you that if you gave me $10,000 today and let me invest it for you, I could get you a 10% <u>average</u> return over 30 years? <span style=""> </span>(NOTE:<span style=""> </span>this has what stock market has returned over this time period).<span style=""> </span>Would you take me up on my offer?<span style=""> </span>Of course you would!<span style=""> </span>That initial $10,000 would be worth $175,000 exactly 30 years from now.<span style=""> </span>What if I then told you that I would not send you a statement at all for 30 years, you would just have to trust that it will appreciate to $175,000 in 30 years?<span style=""> </span>You probably would still take the deal.<span style=""> Thirty</span> years go by, and you are extremely happy when you come to me and I give you a check for $175,000.</span></p> <p style="line-height: 13.5pt;"><span style="font-size:180%;"><span style="font-family:Times New Roman;">Now, let’s pretend instead that I send you a monthly statement so you can check the value of your $10,000 at the end of each month.<span style=""> </span>Better yet, I’ll let you go online and check the value every day.<span style=""> </span>And by the way, there are thousands of financial journalists and media people talking about the stock market every day, overanalyzing everything, telling you it is time to sell, inciting panic, making preposterous statements of doom and gloom, citing statistics about how the next Great Depression is upon us.<span style=""> </span></span></span></p> <p style="line-height: 13.5pt;"><span style=";font-family:Times New Roman;font-size:180%;" >Well all of a sudden, you become a little nervous.<span style=""> </span>Everyone else is selling, should you be selling?<span style=""> </span>You get online and check your balance three months after you gave me the $10,000 and it is now worth $9,000.<span style=""> </span>You freak out.<span style=""> </span>You call me and want to sell it and take the $1,000 loss.<span style=""> </span>I ask if you need the money today or in the next 5 years and you say “no,” but you don’t want to lose any more money.<span style=""> </span>I reiterate to you that if you leave the $10,000 invested you will have $175,000 in 30 years.<span style=""> </span>You say, I don’t care, I don’t want to lose any more money!</span></p> <p style="line-height: 13.5pt;"><span style=";font-family:Times New Roman;font-size:100%;" ><span style="font-size:180%;">Do you see the short sightedness that goes on with stock market investing?<span style=""> </span>The truth is if we ignored all the ‘noise’ about the markets, focused on long-term investing, and reviewed our investment performance only yearly (and made adjustments) we would come out so much further ahead over the long run.<span style=""> </span>To make money in any investment, you must buy it low and sell it high.<span style=""> </span>If you invest in the stock market when it is going up and sell when it is going down, you are doing the exact opposite:<span style=""> </span>buying high and selling low, for a loss.<span style=""> </span>Given the current market hysteria, what do you make of Warren Buffet (the greatest investor of our time) jumping in and buying $5 billion of Goldman Sachs stock when everyone else is selling it?<span style=""> </span>Because he knows this is a tremendous opportunity to buy low and one day sell high!</span> </span></p></span></span></span></span></span></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1223124424034112798?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-1616128656863610212008-11-19T19:18:00.003-06:002008-11-19T19:19:41.378-06:00<span><span><span><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;font-size:85%;" ><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;font-size:85%;" ><span id="role_document" style="color: rgb(0, 0, 0);font-family:Arial;font-size:85%;" ><p style="line-height: 13.5pt;"><span style="font-size:180%;"><span style="font-family:Times New Roman;">If you own a cell phone (and if you have made it this long without one, congratulations), you are probably familiar with bills that seem to increase every month.<span style=""> </span>Well, here is a strategy that I have used successfully in the past to lower my monthly cell phone bill and to get the phones for free.<span style=""> </span>If you are approaching or have passed your 2 year contract renewal time, go into your local cell phone store and find the next phone that you want.<span style=""> </span>Write down the model number and net price after rebates (the net price usually requires that you sign another 2 year contract).<span style=""> </span>Do not buy the phone or extend your contract yet.<span style=""> </span></span></span></p> <p style="line-height: 13.5pt;"><span style="font-size:180%;"><span style="font-family:Times New Roman;">Take a deep breath, leave the store and go home.<span style=""> </span>Immediately call the 800 number for your cell phone provider.<span style=""> </span>When you finally get to a live person, ask for the ‘Customer Retention’ department.<span style=""> </span>The Customer Retention department is the last line of defense to keep you from switching providers.<span style=""> </span>They are usually the only ones authorized to give you a bunch of free stuff in order to stay put.<span style=""> </span>Tell them you are considering switching to a rival carrier (we have Sprint and I could hear them cringe when I mentioned AT&amp;T) and wanted to see what kind of deal you could get to stay put and extend your contract.<span style=""> </span>Ask for everything for free and see what they say.<span style=""> </span>It works like a charm.<span style=""> </span>Ask them for 500 free text messages a month, more minutes, free roaming, etc.<span style=""> </span>When you are done haggling, mention that there is a phone that you are interested in buying in conjunction with extending your contract.<span style=""> </span>Tell them the net price and model number and ask for a credit on your bill for the net price, effectively making the phone free.<span style=""> </span>Then tell them you want to pick it up in the store.<span style=""> </span></span></span></p> <p style="line-height: 13.5pt;"><span style=";font-family:Times New Roman;font-size:180%;" >The next day, go back to the store and tell them that you extended your contract 2 years with the Customer Retention department on the phone and you are there to just buy the phone.<span style=""> </span>They will charge you the net price (have them just add it to your next bill) and with the credit you already have on the bill, the price is $0!<span style=""> </span>My wife and I got 2 free phones with this strategy that should have cost us $160.<span style=""> </span>We got the faster network and 500 more text messages for free, all for only $5 more a month.</span></p> <p style="line-height: 13.5pt;"><span style="font-size:100%;"><span style="font-family:Times New Roman;"><span style="font-size:180%;">One caveat:</span><span style="font-size:180%;"> </span><span style="font-size:180%;">the higher your average phone bill, the more likely they are to give you the new phones for free.</span><span style="font-size:180%;"> </span><span style=""> </span><span style=""><br /></span></span></span></p></span></span></span></span></span></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-161612865686361021?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-16536332553383598492008-02-29T20:21:00.000-06:002008-02-29T20:22:08.319-06:00<a href="http://www.cnn.com/2008/LIVING/personal/02/29/rogue.debt.collectors/index.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1653633255338359849?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com1tag:blogger.com,1999:blog-11244298.post-14126082060816855732008-02-29T19:22:00.000-06:002008-02-29T19:23:25.061-06:00Excerpt:<br /><br /><div class="inside-copy">Seven years in the credit-counseling business didn't prepare Ann Estes for the alarming trend she began noticing last fall: As her clients' mortgage bills became unaffordable, a growing number of them began paying their credit card bills before — and sometimes instead of — their mortgages.</div> <p class="inside-copy">"We've never seen anything like this," says Estes, who counsels clients by phone from her office in Richmond, Va. "Their homes are at risk, and they know it. But people say, 'I don't want to let my credit cards go because that's my cash flow.'"</p><br /><p class="inside-copy"><a href="http://www.usatoday.com/money/perfi/credit/2008-02-28-credit-cards_N.htm">Story</a><br /></p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1412608206081685573?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com3tag:blogger.com,1999:blog-11244298.post-13100077768705001452008-02-26T21:46:00.001-06:002008-02-26T21:47:13.796-06:00Excerpt:<br /><br /><p> Most lenders will look at your FICO credit score. The scores range from 300 to 850. The higher the number, the better credit you have and the lower interest rate you'll get. </p><p> Today, you'll need a higher score to get good loan terms.</p><p> "You really have to have good credit," said Bob Moulton, president of the Americana Mortgage Group.</p><br /><p><a href="http://www.cnn.com/2008/LIVING/personal/02/26/credit.repair/index.html">Story</a><br /></p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1310007776870500145?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-38234110471656618612008-02-26T12:01:00.000-06:002008-02-26T12:02:53.245-06:00Excerpt:<br /><br />Americans don't understand debt, which may be one reason that they have too much of it, according to a survey released Tuesday.<p>The survey presented 1,000 people with a hypothetical scenario about credit card debt and asked them to compute how long it would take to pay it off. Only 35.9% of the 1,000 respondents could figure out how many years it would take for the amount they owe on their credit cards to double. A full 18.2% did not know how to respond and 31.9% of those surveyed over-estimated the timeframe.</p><p><a href="http://money.cnn.com/2008/02/26/pf/financial_illiteracy/index.htm?cnn=yes">Story</a><br /></p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-3823411047165661861?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-7648330020751480362008-02-22T20:15:00.001-06:002008-02-22T20:15:58.937-06:00<a href="http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20080222/BUSINESS0108/802220341/1003/business">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-764833002075148036?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-35111025283364834132008-02-22T20:13:00.000-06:002008-02-22T20:14:27.081-06:00<a href="http://www.cnn.com/2008/LIVING/personal/02/22/financial.security/index.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-3511102528336483413?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-5063505694288914592008-02-19T22:04:00.000-06:002008-02-19T22:05:22.927-06:00<a href="http://www.msnbc.msn.com/id/23241606/">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-506350569428891459?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-64334040688796741502008-02-18T19:58:00.001-06:002008-02-18T20:00:21.442-06:00<a href="http://www.azcentral.com/arizonarepublic/business/articles/0217biz-debruhl0218.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6433404068879674150?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-26357098490132364752008-02-17T20:40:00.000-06:002008-02-17T20:42:13.071-06:00<a href="http://www.shreveporttimes.com/apps/pbcs.dll/article?AID=/20080217/NEWS05/802170337/1064/NEWS05">Link</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-2635709849013236475?l=virtualmoneycoach.blogspot.com' alt='' /></div>John Hearnnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-59829682306902466382008-02-17T16:26:00.000-06:002008-02-17T16:27:25.764-06:00Excerpt:<br /><br /><b><strong>Fraud protection<br /></strong></b>Debit cards do not give you the same fraud protection as credit cards do. The federal regulations are very different for debit cards than for credit cards when it comes to financial liability. When using a credit card, you are generally responsible for the first $50 of fraudulent charges, whereas your liability on many debit cards can be as high as $500. In addition, unlike a credit card, if there is a problem with your purchase, you are not able to withhold payment until further investigation by the credit-card company. If your debit card is stolen or lost, report it to your bank immediately. In many cases, if you wait more than 60 days to report your card lost or stolen, you could be responsible for all of the damages. Of course. always check with your bank to understand its policies and applicable state laws. Don't take this lightly: A recent study in 2007 put fraud losses from debit-card purchases at $245 million.<br /><br /><a href="http://www.msnbc.msn.com/id/23129824/">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5982968230690246638?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-87046897304225875362008-02-17T16:17:00.001-06:002008-02-17T16:17:34.052-06:00<a href="http://www.shreveporttimes.com/apps/pbcs.dll/article?AID=/20080217/NEWS05/802170337/1064/NEWS05">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-8704689730422587536?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-40267955008872777982008-02-11T13:31:00.001-06:002008-02-11T13:31:45.933-06:00<a href="http://www.newsday.com/business/ny-bzdalton0210,0,4792041.story">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-4026795500887277798?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-90690770051555532122008-01-20T15:21:00.000-06:002008-01-20T15:22:35.418-06:00<span id="optspots">Excerpt:<br /><br />Mutual funds have been the core — if not sole — staple of investing for millions of Americans. Mutual funds are the simplest, most efficient way for individuals to invest without, well, knowing all that much. But today's investors are more sophisticated than ever, technology has made everything more accessible, and Wall Street is churning out products to appeal to the savvier set. As a result, more and more people are looking beyond the $12 trillion mutual funds business; what's more, their advisers are increasingly steering them elsewhere. "Mutual funds are dinosaurs," says Ric Edelman, a financial planner in Fairfax, Va., with $4 billion under management, who's given up funds entirely. "You can have a horse and buggy and travel the old way, or you can use today's technology. It's not a hard choice."</span><br /><br /><br /><br /><a href="http://www.smartmoney.com/cover/index.cfm?story=february2008-beyond-mutual-funds">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-9069077005155553212?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-57800164707432192802008-01-19T10:11:00.000-06:002008-01-19T10:12:51.279-06:00Excerpt:<br /><br /><p>For anyone who has experienced that moment of panic when you realize someone has hijacked your account, read on. Nancy Trejos, a reporter of the Washington Post, wrote <a href="http://www.washingtonpost.com/wp-dyn/content/story/2008/01/12/ST2008011201190.html?hpid=topnews">this informative piece </a> on identity theft after someone tried to use her ATM card to spend $812.18 at a running store. </p> <p>Trejos takes you step by step through her process, from filing <a href="https://rn.ftc.gov/pls/dod/widtpubl$.startup?Z_ORG_CODE=PU03">a complaint with the FTC</a> to requesting <a href="http://www.annualcreditreport.com/">a free credit report</a> to monitor suspicious activity. She explains how to get a 90-day fraud alert and offers other good tips.</p><a href="http://blog.seattlepi.nwsource.com/consumersmarts/archives/129654.asp">Story</a><br /><p><br /></p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5780016470743219280?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-42126690926390283232008-01-19T10:08:00.000-06:002008-01-19T10:09:10.688-06:00Excerpt:<br /><br /><span><span style="font-size:85%;color:#000000;"><p>Credit card user Tom Andre always tries to pay his credit card bill on time. He figures he has a grace period... time to pay for purchases before getting charged interest. He said, "The grace period, as far as I am aware, is considered a 15-day period after the due date."</p> <p>That may work like that with your mortgage, but guess what...with credit cards, the interest-free grace period is only from the end of your billing cycle until your payment due date. And that's if you get one at all.<br /></p><p><a href="http://www.wtol.com/Global/story.asp?S=7738260">Story</a><br /></p></span></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-4212669092639028323?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-17397245046524732092008-01-13T19:58:00.000-06:002008-01-13T19:59:53.941-06:00<a href="http://www.americanchronicle.com/articles/viewArticle.asp?articleID=48726">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1739724504652473209?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-60679904880176897132008-01-13T19:56:00.000-06:002008-01-13T19:57:51.884-06:00Excerpt:<br /><br /><p> American Express adopted a ``cautious view'' for 2008 after cardholder spending slowed and delinquencies rose in December amid a slowing U.S. economy, the company said in a statement. Capital One Financial Corp., the largest independent U.S. credit-card issuer, said today it may have $5.9 billion in unpaid loans next year, compared with an earlier forecast of $4.9 billion to the ``mid-$5 billions.'' </p> <p> ``We did see some negative credit trends among U.S. consumers during December, particularly in California, Florida and other parts of the country most affected by the housing downturn,'' Chief Executive Officer Kenneth Chenault said in the statement.</p><a href="http://www.bloomberg.com/apps/news?pid=20601087&amp;sid=aODQvpP6BkZs&amp;refer=home">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6067990488017689713?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-83448872632832367702008-01-08T21:32:00.000-06:002008-01-08T21:34:50.582-06:00Excerpt:<br /><br /><p style="font-size: 12px; line-height: 18px;"> Yes, millions of Americans hocked their financial future this shopping season. It is <a class="article_text" href="http://www.startribune.com/business/12962026.html" target="_blank">estimated</a> that shoppers put almost $150 billion on credit cards over the last couple of months—about $15 billion more than last year. An astounding one in six families carry balances of more than $10,000, and almost the same number only make the minimum monthly payments. </p> <p style="font-size: 12px; line-height: 18px;"> But getting out of credit card debt is imperative for your financial well-being. </p> <p style="font-size: 12px; line-height: 18px;"> It is time to take action. With the economy slowing, the housing markets souring, and the latest unemployment report showing deteriorating conditions, now is the time to take concrete steps if your financial house is not in order. </p> <p style="font-size: 12px; line-height: 18px;"> You can be debt-free! Start today and don’t wait for the bills to arrive. </p><a href="http://www.thetrumpet.com/index.php?q=4666.2925.0.0">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-8344887263283236770?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com3tag:blogger.com,1999:blog-11244298.post-55147257609208328822008-01-07T20:00:00.000-06:002008-01-07T20:01:41.188-06:00Excerpt:<br /><br />Citing a litany of personal examples where credit card issuers like Chase, Discover and Capital One and others raised consumers’ rates for almost no reason at all, Levin announced that he was taking on the industry and its rate-raising-for-no-real-reason practice.<br /><br /> One woman said she’d never been informed her rate had gone up, Levin said. More than one person said that, even though they’d never been late on their payments, their FICO score had gone down. Why FICO scores go down is another whole issue — often, they go down if you simply apply for credit somewhere. They also go down if you get too close to maxing-out your card.<br /><br /> But for whatever reason their score dropped, the credit card companies deemed that was a good excuse for doubling or even tripling someone’s interest rates.<br /><br /><a href="http://www.kpcnews.com/articles/2008/01/06/features/columnists/cindy_bevington/doc4780e34a89782931511784.txt">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5514725760920832882?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-46558248223431193322008-01-04T22:00:00.000-06:002008-01-04T22:01:27.206-06:00Excerpt:<br /><br /><p>Small businesses are hooked on plastic. Credit cards are now the No. 1 source of small business financing, but on the downside, more than 70 percent of business owners carry a month-to-month balance. For many, it's a love-hate relationship. But lately it's grown to become more of the latter and less of the former. </p> A majority of small business owners (53 percent) say their credit card terms have grown worse over the past five years, according to a recent survey by the National Small Business Association (NSBA).<br /><br /><a href="http://www.allbusiness.com/banking-finance/banking-lending-credit-services-payment/5526006-1.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-4655824822343119332?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-28837529552778085752008-01-03T20:56:00.001-06:002008-01-03T20:56:28.336-06:00Excerpt:<br /><br /><p>In a news release, Giannoulias sounded a note of caution about using the credit card properly. </p><p>“This credit card should not be used to incur more debt or as a substitute for a family’s obligation to save for a child’s higher education,” he said. “It’s a supplement, not a replacement.” </p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-2883752955277808575?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-37090799251990386102008-01-03T20:53:00.000-06:002008-01-03T20:54:32.562-06:00Excerpt:<br /><br />People who are heavily in debt may have to consider steps such as selling their second car, taking a part-time job on the weekends and slashing expenses for dining out and other optional purchases, Reed said. That will free up more cash to apply to debt, he added.<br />Payments should cover "more than the minimum" on every card — with any extra money applied to the card with the highest interest rate, Reed said.<br /><a href="http://www.msnbc.msn.com/id/22476874/"><br />Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-3709079925199038610?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-72909278936888583872008-01-03T20:49:00.000-06:002008-01-03T20:52:10.845-06:00Excerpt:<br /><br /><p> <b>Lawyer liability:</b> Under the new law, if information about a client's case is found to be inaccurate, the bankruptcy attorney may be subject to various fees and fines. </p> <!--startclickprintexclude--><!--endclickprintexclude--> <p>What that means for consumers is it will be harder to find a bankruptcy attorney willing to file because of the liability and the additional work required to verify a client's information, Elias said. </p> <!--startclickprintexclude--><!--endclickprintexclude--> <p> Those who are willing are <a href="http://money.cnn.com/2005/04/20/pf/bankruptcy_fees/index.htm">likely to charge more</a>. </p> <!--startclickprintexclude--><!--endclickprintexclude--> <p> <b>Credit counseling and money management:</b> Under provisions of the new law you must meet with a credit counselor in the six months prior to applying for bankruptcy. And before debts are discharged, you must attend money management classes at your expense.<br /></p><br /><a href="http://money.cnn.com/2005/04/20/pf/bankruptcy_bill/index.htm">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-7290927893688858387?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-70185149424957379842008-01-02T21:46:00.001-06:002008-01-02T21:47:21.917-06:00Excerpt:<br /><br /><span><span><p class="specialstorytext">The desires of consumers to want, want, want, spend, spend, spend, it’s the fabric of our nation.”</p> <p class="specialstorytext">He’s right about those desires. Americans see their neighbors acquire stuff, and they want it. They see credit cards as an easy way to accumulate things. There was a time, in the generation preceding the baby boomers, that the mantra was not to go into debt. Now it’s, “We want it all and we want it right now.” The fabric of our nation needs some new stitches and a blast of common economic sense.</p><p class="specialstorytext"><a href="http://www.theheraldbulletin.com/opinion/local_story_001182629.html?keyword=topstory">Story</a><br /></p></span></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-7018514942495737984?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-2589446430703703162008-01-02T21:40:00.000-06:002008-01-02T21:43:05.334-06:00Excerpt:<br /><br />More than nine million individuals in Britain are now believed to be struggling to pay credit card bills and mortgages.<br /><br /><a href="http://news.independent.co.uk/uk/this_britain/article3300968.ece">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-258944643070370316?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-88060908715979234542008-01-02T21:38:00.002-06:002008-01-02T21:40:36.458-06:00Excerpt:<br /><br /><p class="storytext">Think twice before signing up for a store's own credit card while you are at the cash register.</p> <p class="storytext">A big discount sounds fine. But the instant savings are rarely worth the risks.</p> <p class="storytext">Here's why, according to CreditCards.com, a leading consumer resource:</p> <p class="storytext">• Most store cards go unused after the initial transaction.</p> <p class="storytext">• Private-label credit cards generally have much higher interest rates than general purpose cards.</p> <p class="storytext">• Too many credit cards can quickly degrade your credit.</p> <p class="storytext">• Purchases with store cards can deplete resources you would have otherwise used on reward-points opportunities from general-purpose cards.</p> <p class="storytext">• In the event of a purchase dispute, store credit cards don't have an association to act on behalf of the consumer.</p> <p class="storytext">• You might end up on mailing lists or find that personal information has been compromised. Large chains routinely sell data to third parties, which then might offer you unsolicited special promotions or services.</p><br /><p class="storytext"><a href="http://www.ohio.com/business/12967222.html">Story</a><br /></p><p class="storytext"><br /></p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-8806090871597923454?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-74628212952243731162008-01-02T21:38:00.001-06:002008-01-02T21:38:33.559-06:00<a href="http://www.nytimes.com/2008/01/01/business/worldbusiness/01credit.html?_r=1&amp;ref=business&amp;oref=slogin">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-7462821295224373116?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-37811710735972092092007-12-31T22:05:00.001-06:002007-12-31T22:06:27.682-06:00Excerpt:<br /><br />More than 3 million people will have to wait until February to get their tax refunds because of Congress’ late fix to the alternative minimum tax, the IRS said Thursday.<br /><br /><a href="http://www.msnbc.msn.com/id/22409868/">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-3781171073597209209?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-82384869085937081672007-12-31T22:00:00.000-06:002007-12-31T22:01:04.043-06:00<a href="http://www.fool.com/personal-finance/retirement/2007/12/31/9-retirement-killers.aspx">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-8238486908593708167?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-72077898519398519232007-12-31T21:57:00.000-06:002007-12-31T21:58:28.566-06:00<a href="http://www.fool.com/investing/general/2007/12/31/the-best-stocks-for-2008.aspx?source=ihptclhpa0000001">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-7207789851939851923?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-78220244433147478792007-12-31T21:50:00.000-06:002007-12-31T21:56:29.719-06:00Excerpt:<br /><br />1) Ditch Your Credit Card<br />2) Boost Earning Power of Checking and Saving Accounts<br />3) Stick to a Budget<br />4) Don't Forget to Save for Retirement<br />5) Pick the Best Credit Card<br /><br /><a href="http://www.smartmoney.com/dealoftheday/index.cfm?story=20071231">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-7822024443314747879?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-74074490340266992272007-12-31T21:48:00.000-06:002007-12-31T21:50:39.140-06:00Excerpt:<br /><br /><p> Credit cards have a complicated price structure. Cards have multiple price points - annual fees, merchant fees, interest (at several different rates) and assorted back-end fees, such as late fees, over-limit fees and currency conversion fees. This pricing structure makes it virtually impossible to determine the potential costs of carrying a balance.</p> <div class="rail"> <!-- google ads --> <!-- END google ads --> <!-- topix links --> <div> <iframe src="http://www.baltimoresun.com/common/includes/topix.html?pcode=6002&amp;url=http%3A%2F%2Fwww.baltimoresun.com%2Fnews%2Fopinion%2Foped%2Fbal-op.creditcards31dec31%2C0%2C2951829%2Cprint.story%3Flast_modified%3D12%2F31%2F07%203%3A16%3A44" marginwidth="0" marginheight="0" allowtransparency="true" frameborder="0" height="0" scrolling="no" width="280"></iframe> </div> <!-- END topix links --> </div><!-- END rail --> <p id="story-body2"> This complex, convoluted pricing structure also invites abusive fees and billing practices, such as late fees that do not correlate with either the balance or time a payment is late, universal cross-default and two-cycle billing. If you are among the nearly two-thirds of Americans who do not consistently pay off your credit card bills in full and on time, you've probably been hit with some combination of these fees.</p><p> It's no wonder that American credit card debt is approaching $1 trillion.</p><a href="http://www.baltimoresun.com/news/opinion/oped/bal-op.creditcards31dec31,0,7096644.story">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-7407449034026699227?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-29761341583900632162007-12-31T21:43:00.000-06:002007-12-31T21:46:43.493-06:00Excerpt:<br /><br /><p> <span class="newstext">“As defaults increase and losses mount, credit will tighten like a noose around the neck of America's consumer-based economy,” Schiff said. “Just as subprime home buyers are being shut out of the housing market, soon Americans will find that their credit is no longer good at car dealerships or department stores.” </span></p><p> <span class="newstext">It's a vicious cycle. The credit crunch could put a crimp on retail sales, which would further slow the economy. And an economic slowdown will push consumers to cut spending even further. That's why so many economists and Wall Street analysts are hoping consumers will keep their shopping bags full. </span></p><p> <span class="newstext">“To avoid recession, Americans are going to have to keep on spending,” said University of Maryland economist Peter Morici. “This will require borrowing at much higher rates on credit cards now that easy home mortgages are gone.” </span></p><a href="http://www.signonsandiego.com/news/business/calbreath/20071230-9999-1b30dean.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-2976134158390063216?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-4302943349195901492007-12-30T21:40:00.000-06:002007-12-30T21:41:54.158-06:00<a href="http://www.smh.com.au/news/national/debtors-face-loss-of-home/2007/12/29/1198778769217.html">Story</a><br /><br />Debtors face quick auctions of their homes in the event of nonpayment of credit card bills....<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-430294334919590149?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com2tag:blogger.com,1999:blog-11244298.post-19787812738902331382007-12-26T11:23:00.001-06:002007-12-26T11:23:55.365-06:00Excerpt:<br /><br />"In general, the changes seem geared toward making clearer distinctions between good credit risks and bad ones. The penalties for occasional slip-ups in making timely payments will be reduced, while those who repeatedly make late payments will see their scores fall more. People who are close to their limits on credit cards will likely see their scores fall. Those who successfully manage a variety of loans -- such as having a mortgage, a car loan, and credit cards at the same time -- will get rewarded for their good behavior. <p> In addition, there are other specific rules that will become more important under the new system. Being more than 90 days late on a payment is already a no-no, but if you start making a habit of it, you'll see your score drop as a result. On the other hand, you might get away with single delinquent accounts if you have other loans whose payments are up-to-date. Also, simply applying for credit too many times used to lower your score, but doing so now won't cause you as much grief."</p><a href="http://www.fool.com/personal-finance/credit/2007/12/24/will-credit-score-changes-hurt-you.aspx">Story</a><br /><p><br /></p><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1978781273890233138?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-67508982763231954162007-12-26T11:19:00.001-06:002007-12-26T11:19:58.475-06:00<a href="http://www.consumeraffairs.com/news04/2007/12/credit_card_debt.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6750898276323195416?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-76130078027408561082007-12-23T17:20:00.001-06:002007-12-23T17:20:51.574-06:00<a href="http://www.independentmail.com/news/2007/dec/22/credit-cards-can-destroy-your-finances/">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-7613007802740856108?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-63595103318327307632007-12-23T17:05:00.001-06:002007-12-23T17:05:45.425-06:00<a href="http://www.kansascity.com/business/moneywise/story/414471.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-6359510331832730763?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-50379004215299030702007-12-23T16:49:00.000-06:002007-12-23T17:01:12.848-06:00Most of us are paid on the 1st and 15th of the month. However, most of us pay our car and mortgage payments out of the paycheck that we receive on the 1st of the month, causing a disparity of expenses paid on the 1st and 15th (most likely we are short on cash on the 1st and have more cash on the 15th). This can easily be fixed by taking the following steps:<br /><br />1) Add up all your monthly bills and note whether you pay each one on the 1st or the 15th.<br />2) Divide your total monthly bills by 2 (let's say for this example that your total monthly bills are $1,000, then $500 would be the calculated amount).<br />3) Rearrange your bills so that you are paying $500 in expenses on the 1st and $500 expenses on the 15th. You can do this by calling your service providers (electricity, gas, phone, etc.) and requesting that your 'due date' be changed. For bills that you want to pay on the 1st, ask them to change the due date to the 10th of the month. For bills that you want to pay on the 15th, ask them to change the due date to the 25th of the month.<br />4) If you pay both your mortgage and car payment on the 1st, then <span style="font-weight: bold; font-style: italic;">prepay</span> your car payment one month and start writing the car loan check out on the 15th of the month. Then set the check aside and mail it in when the car bill comes in the mail. You will have effectively moved the car payment to the 15th without calling the lender (typically banks won't let you change the due date of installment loans anyway).<br /><br />After performing these steps, you will have equal cash flow each pay period, instead of struggling to pay bills on the 1st and wondering what to do with all the extra cash on the 15th.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5037900421529903070?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-18239402646321190612007-12-23T16:44:00.000-06:002007-12-23T17:18:13.295-06:00The fallout from the subprime mortgage lending market is now starting to affect Americans' ability to pay their credit card bills on time. This was not unexpected, because if you cannot pay your mortgage payment (due to rising rates of adjustable mortgages) then it is even harder to pay the rest of your bills. Combine this with the high levels of spending on Christmas gifts (most gifts are bought with credit cards) and this trend will most likely continue well into next year. <span style="font-style: italic;">As a side note, I also recently read a disturbing study that found Americans do not pay off their entire Christmas credit card spend until June of the following year</span>. This article also discusses our 'spend, spend, spend' society....<br /><br /><a href="http://apnews.myway.com/article/20071223/D8TNBH780.html">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-1823940264632119061?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0tag:blogger.com,1999:blog-11244298.post-50673914282345995472007-12-20T12:16:00.000-06:002007-12-20T12:19:05.512-06:00<a href="http://www.americanchronicle.com/articles/viewArticle.asp?articleID=46427">Story</a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/11244298-5067391428234599547?l=virtualmoneycoach.blogspot.com' alt='' /></div>Brook Syersnoreply@blogger.com0