Mortgage and refinance rates are about the best they've been in years. If you're in the market, shop around with several banks and mortage companies. Get your "good faith" estimates to start and look out for hidden fees. These are prone to pop up at actual closings. I have walked away from the table once or twice and threatened to in another instance for things like $300 administrative fee (straight profit).
Document prep, copying and admin fees can be bogus. Ask your bank or mortgage rep is they can waive these fees. Loan origination fees typically more than cover these added costs.
Watch out for fees for credit reports. Some lenders may try to charge you more than $50 to obtain your credit report. Before you begin signing any papers, let your bank rep know you're not willing to pay more than costs for your credit report.
My last advice: Get pre-qualified for your loan amount BEFORE you begin home shopping. Know your limits and be realistic. It also pays to get copies of your own credit reports (you & your spouse) BEFORE you apply for a mortgage. You'll avoid last minute surprises that way (90 days late for a credit card you never had, etc.). The credit bureaus make mistakes all the time. I've conducted hundreds, if not thousands, of credit bureau disputes for clients. Easy to remedy, but don't wait until the last minute.
Oct 20, 2010
Aug 9, 2010
Frugal tips
Isn't everyone looking for a way to save a buck whenever and wherever possible? Youngandfrugal (profile ID) on Twitter seems to be full of tips you can use in your everyday shopping.
Create a profile for yourself or sign on at Twitter and search for Youngandfrugal.
Create a profile for yourself or sign on at Twitter and search for Youngandfrugal.
Aug 8, 2010
Many could see credit scores for free
Beginning next year, new rules unveiled by the Federal Trade Commission and the Federal Reserve will require lenders to provide free credit scores to borrowers. These rules take effect Jan. 1, 2011.
See related postings for tips on shopping for a mortgage.
http://www.creditcards.com/credit-card-news/free-credit-score-risk-rule-1282.php?aid=46bf5df1
See related postings for tips on shopping for a mortgage.
http://www.creditcards.com/credit-card-news/free-credit-score-risk-rule-1282.php?aid=46bf5df1
Cheaper college textbooks
Why pay full price at the bookstore on campus, not to mention waiting in line for three hours? With the sagging economy, can we or anyone really afford $1000 for college textbooks this year?
Check out this link for a story in the NY Times about alternatives to bookstore prices.
http://bucks.blogs.nytimes.com/2010/08/03/how-to-find-cheaper-college-textbooks/?src=me&ref=business
Check out this link for a story in the NY Times about alternatives to bookstore prices.
http://bucks.blogs.nytimes.com/2010/08/03/how-to-find-cheaper-college-textbooks/?src=me&ref=business
Aug 4, 2010
Saving money for the freshman onboarding
On top of college tuition, room and board, parents will find all sorts of ways to easy plop down hundreds or thousands for things on the college freshman's wish list. Do they really need it all?
Do you really need four dorm fridges if four guys are rooming together? Work through the school to ask who the roommates will be and contact them to determine what everyone is bringing.
Other tips at this article:
http://shopping.yahoo.com/articles/yshoppingarticles/408/12-things-college-students-dont-need/
Do you really need four dorm fridges if four guys are rooming together? Work through the school to ask who the roommates will be and contact them to determine what everyone is bringing.
Other tips at this article:
http://shopping.yahoo.com/articles/yshoppingarticles/408/12-things-college-students-dont-need/
Aug 3, 2010
Retire a millionaire
Can you retire a millionaire? Never say never. According to this article and other financial experts, it is possible. (See David Bach's Automatic Millionaire. Great book about financial planning for retirement.)
It simply boils down to setting aside a little and starting early. It doesn't take a rocket scientist to realize you can be rich at retirement, or at least well off. It was Albert Einstein who said, "The most powerful force in the universe is compound interest." It's true.
Start saving early in your career, at least $10 or $20 from each paycheck into a 401K or IRA at work. Most employers will match your contribution to a degree. Take it up a notch each year. If you start out contributing 1 percent of your check, you won't miss the automatic pre-tax withdrawal.
Many people even opt to make a maximum withdrawal of 15 percent into their retirement funds. Why not? Contribute as much as you can afford. These contribution levels can usually be adjusted with some notice, so if you run into some sort of financial difficulty, you can lower the amount.
It simply boils down to setting aside a little and starting early. It doesn't take a rocket scientist to realize you can be rich at retirement, or at least well off. It was Albert Einstein who said, "The most powerful force in the universe is compound interest." It's true.
Start saving early in your career, at least $10 or $20 from each paycheck into a 401K or IRA at work. Most employers will match your contribution to a degree. Take it up a notch each year. If you start out contributing 1 percent of your check, you won't miss the automatic pre-tax withdrawal.
Many people even opt to make a maximum withdrawal of 15 percent into their retirement funds. Why not? Contribute as much as you can afford. These contribution levels can usually be adjusted with some notice, so if you run into some sort of financial difficulty, you can lower the amount.
Aug 2, 2010
Cheap real estate
Condos for sale now in these down markets at prices lower than new Toyotas. If I had boatloads of money and lived in the community, I'd be looking at some property to buy and rent. Increase the revenue streams and build a better retirement for yourself and your family.
Mar 19, 2010
Tired of bake sales and fundraisers at your school?
Aren't we all tired about hearing about cuts to school budgets, teachers losing jobs and reductions to school activities? Who wants to have another five or 10 bake sales and fundraisers next year? Hands?
Here's one option I just stumbled upon that seems like a win-win for school districts. I'm sure it would require local and superintendent approval, but something to think about.
According to the Associated Press, about a half dozen states already allow school bus advertising, including Colorado, Arizona, Florida, Minnesota, Tennessee and Texas. And it's an idea being considered in Ohio, New Jersey and Utah.
LINK: http://news.yahoo.com/s/ap/20100319/ap_on_bi_ge/us_school_bus_ads
Here's one option I just stumbled upon that seems like a win-win for school districts. I'm sure it would require local and superintendent approval, but something to think about.
According to the Associated Press, about a half dozen states already allow school bus advertising, including Colorado, Arizona, Florida, Minnesota, Tennessee and Texas. And it's an idea being considered in Ohio, New Jersey and Utah.
LINK: http://news.yahoo.com/s/ap/20100319/ap_on_bi_ge/us_school_bus_ads
Mar 11, 2010
Networking for a job
Those in the market for a job are finding slim pickings out there right now, unless you happen to be in North Dakota, where the current unemployment rate is only 4 percent. The national average is about 10 percent this month.
Finding a job is becoming more difficult, but the Internet is making it somewhat easier (and hopefully faster). Someone created LaidOffCamp, an ad-hoc gathering of unemployed and nontraditionally employed people (including freelancers, entrepreneurs and startups) who want to share ideas and learn from each other.
LINK: http://laidoffcamp.pbworks.com/
Finding a job is becoming more difficult, but the Internet is making it somewhat easier (and hopefully faster). Someone created LaidOffCamp, an ad-hoc gathering of unemployed and nontraditionally employed people (including freelancers, entrepreneurs and startups) who want to share ideas and learn from each other.
LINK: http://laidoffcamp.pbworks.com/
Steps to take if you're laid off
From one of my heroes: Clark Howard. He and David Bach belong in some special Hall of Fame, in my opinion.
http://www.cnn.com/2009/LIVING/personal/03/12/clark.howard.unemployment/index.html
Source: CNN
http://www.cnn.com/2009/LIVING/personal/03/12/clark.howard.unemployment/index.html
Source: CNN
Easy tips to avoid identity theft
Identity theft has become so rampant that nearly every family has been victimized. The FTC estimates that as many as 9 million Americans have their identities stolen each year. In fact, you or someone you know may have experienced some form of identity theft.
Yours truly was hit when someone created credit card accounts to the tune of about $20,000 and was even paying on one or two of them. And someone else even tried to list a stolen Honda CRV in my name on eBay, where I have a flawless history of about 10 years.
If you ever find yourself the victim of identity theft or wish to prevent it, visit this site:
http://www.ftc.gov/bcp/edu/microsites/idtheft/
Source: Federal Trade Commission
Yours truly was hit when someone created credit card accounts to the tune of about $20,000 and was even paying on one or two of them. And someone else even tried to list a stolen Honda CRV in my name on eBay, where I have a flawless history of about 10 years.
If you ever find yourself the victim of identity theft or wish to prevent it, visit this site:
http://www.ftc.gov/bcp/edu/microsites/idtheft/
Source: Federal Trade Commission
Coupons galore
Who doesn't use coupons these days? I use them for entertainment (movies, rentals), eating out, take-out and retail.
The Entertainment Book is nationwide and has reduced its prices. You'll find them filled with local coupons. Much better selection than ValPak and these coupons are typically good for one year.
I just punched in my zip code, 23236, and found the book reduced by 50 percent- down to $17.50. Use one or two coupons and it will pay for itself. It's loaded with pizza coupons too folks.
I'd pay another one, but we already have two.
The Entertainment Book is nationwide and has reduced its prices. You'll find them filled with local coupons. Much better selection than ValPak and these coupons are typically good for one year.
I just punched in my zip code, 23236, and found the book reduced by 50 percent- down to $17.50. Use one or two coupons and it will pay for itself. It's loaded with pizza coupons too folks.
I'd pay another one, but we already have two.
Feb 27, 2010
What your credit card company won't tell you
Some consumers may feel relatively safe or content with new legislation aimed at credit card companies; however, credit cards are taking aim at those who regularly pay late. Prior to the new legislation, a number of banks did raise their past due fees.
Many will still charge a fee for a payment that is one day late. Many will still move your balance to a default rate, often 25 percent or more, if your payment is one day late.
Best option here:
If you carry a balance, schedule your payments at the credit card company's website or through your Billpay. If you go the latter, give you payment at least five days to reach its destination. Yes, it can take that long. I know because I've seen hundreds and thousands of payments take that long.
You may also want to schedule an electronic auto draft from your checking account. This is a great thing for car payments and mortgages. It simplifies life and the recipient bank will often cut you some kind of deal for participating. Watch your 30-year mortgage become a 25- or 26-year mortgage by making payments every two weeks. This might be something to consider, if you're in the market for a refinance.
ALSO, if you find yourself falling behind, if you've become unemployed, call your creditors. Let them know. You might encounter a human or maybe even a human bank. I've taken those calls and the banks can often work something out. Food for thought.
Many will still charge a fee for a payment that is one day late. Many will still move your balance to a default rate, often 25 percent or more, if your payment is one day late.
Best option here:
If you carry a balance, schedule your payments at the credit card company's website or through your Billpay. If you go the latter, give you payment at least five days to reach its destination. Yes, it can take that long. I know because I've seen hundreds and thousands of payments take that long.
You may also want to schedule an electronic auto draft from your checking account. This is a great thing for car payments and mortgages. It simplifies life and the recipient bank will often cut you some kind of deal for participating. Watch your 30-year mortgage become a 25- or 26-year mortgage by making payments every two weeks. This might be something to consider, if you're in the market for a refinance.
ALSO, if you find yourself falling behind, if you've become unemployed, call your creditors. Let them know. You might encounter a human or maybe even a human bank. I've taken those calls and the banks can often work something out. Food for thought.
Feb 22, 2010
Things your financial aid office won't tell you
The upper classmen at most universities know the tricks and games behind financial aid. They know the forms must be completed early. The earlier, the better, they're told.
One of the running games at my major university was student loan money, often substantial amounts, was "delayed," when the tuition was due. This could happen even when applications had been completed months before.
Tuition couldn't be paid when the GSL money had not arrived and if your class wasn't paid for you lost your seat and/or could not attend the university. I know more than a few students in Iowa who were forced out of school that way. Fortunately, we could depend on the university to loan us emergency funds. This came with another financial aid application, demonstrated proof that you had pending financial aid, and a nice little administrative fee.
My loans were typically $1500-2000 a semester. I paid my way through school with hard work- often three or four jobs at once. Anyhow, the processing fee I paid was in the ballpark of $300. Now, multiply that by 20,000 students. Don't know how it happened, but the government's Guaranteed Student Loan program was guaranteed to get there, but frequently guaranteed to be late- even though the actual money often came from the same state.
Just one example. See the link below to avoid other pitfalls.
Link: http://www.smartmoney.com/spending/rip-offs/10-things-college-financial-aid-offices-wont-tell-you-15281/
Source: Smartmoney.com
One of the running games at my major university was student loan money, often substantial amounts, was "delayed," when the tuition was due. This could happen even when applications had been completed months before.
Tuition couldn't be paid when the GSL money had not arrived and if your class wasn't paid for you lost your seat and/or could not attend the university. I know more than a few students in Iowa who were forced out of school that way. Fortunately, we could depend on the university to loan us emergency funds. This came with another financial aid application, demonstrated proof that you had pending financial aid, and a nice little administrative fee.
My loans were typically $1500-2000 a semester. I paid my way through school with hard work- often three or four jobs at once. Anyhow, the processing fee I paid was in the ballpark of $300. Now, multiply that by 20,000 students. Don't know how it happened, but the government's Guaranteed Student Loan program was guaranteed to get there, but frequently guaranteed to be late- even though the actual money often came from the same state.
Just one example. See the link below to avoid other pitfalls.
Link: http://www.smartmoney.com/spending/rip-offs/10-things-college-financial-aid-offices-wont-tell-you-15281/
Source: Smartmoney.com
A bunch of bologna
You receive an email from someone who appears to be a recruiter. A portion of the email indicates:
***The following is important information regarding your employment application.
We conduct thorough background checks on qualified applicants as part of our employment screening process. We only conduct background checks when we feel a position is available for an applicant.
Our Verification Check includes the following information:
Work Experience Verification
Educational Verification
Criminal Record Verifications
Consumer Report Verifications
Each employer has a unique and specific criterion that is used to determine the qualifications of certain positions that are available within their organization.
Erroneous information in your consumer report can prevent you from obtaining a job offer for which you are otherwise qualified. Companies in industries that provide employees with access to sensitive information rely heavily on the contents of these consumer reports.
We offer our applicants the opportunity to pre-verify the information that we obtain in our decision making processes.
To pre-verify your consumer report today:
As a convenience to our applicants and prospective employees, we have partnered with a company that enables you to receive your complimentary consumer report. Please visit http://www.empscreeninc.com/prescreen.htm to request your report. The link takes you to a spot where you can get a free credit report, but you also enroll in credit report monitoring at $14.95 a month. Ridiculous.
Any American can get a free credit bureau report or all the reports at once at http://www.annualcreditreport.com. This is the only legitimate website created for the purchase of the federal mandate giving each American one free report a year from each of the bureaus. This is a valid website and won't cost you a thing. FICO scores are available, but there is a small charge.
The take-away here: Be careful when responding to "recruiter" emails; some are bogus. And ALWAYS read the fine print BEFORE you get something on the internet. If it sounds too good to be true, it probably is. If you still question it, just conduct a Google search and see if any complaints pop up.
***The following is important information regarding your employment application.
We conduct thorough background checks on qualified applicants as part of our employment screening process. We only conduct background checks when we feel a position is available for an applicant.
Our Verification Check includes the following information:
Work Experience Verification
Educational Verification
Criminal Record Verifications
Consumer Report Verifications
Each employer has a unique and specific criterion that is used to determine the qualifications of certain positions that are available within their organization.
Erroneous information in your consumer report can prevent you from obtaining a job offer for which you are otherwise qualified. Companies in industries that provide employees with access to sensitive information rely heavily on the contents of these consumer reports.
We offer our applicants the opportunity to pre-verify the information that we obtain in our decision making processes.
To pre-verify your consumer report today:
As a convenience to our applicants and prospective employees, we have partnered with a company that enables you to receive your complimentary consumer report. Please visit http://www.empscreeninc.com/prescreen.htm to request your report. The link takes you to a spot where you can get a free credit report, but you also enroll in credit report monitoring at $14.95 a month. Ridiculous.
Any American can get a free credit bureau report or all the reports at once at http://www.annualcreditreport.com. This is the only legitimate website created for the purchase of the federal mandate giving each American one free report a year from each of the bureaus. This is a valid website and won't cost you a thing. FICO scores are available, but there is a small charge.
The take-away here: Be careful when responding to "recruiter" emails; some are bogus. And ALWAYS read the fine print BEFORE you get something on the internet. If it sounds too good to be true, it probably is. If you still question it, just conduct a Google search and see if any complaints pop up.
Feb 21, 2010
A quick way to save $250 a month
This is fairly simple, without any huge sacrifices. Think about some of these steps and either pocket the change, pay off a bill, or stow it in a money market acct, your 401K, etc.
http://shine.yahoo.com/channel/life/how-to-save-250-in-30-days-725690/
http://shine.yahoo.com/channel/life/how-to-save-250-in-30-days-725690/
Financial tips for young adults
Did everyone have the same experience in college? You're offered a department store or gas credit card, then a major bank credit card and then after a few dates, parties and dinners, you wonder what happened when the bills come due.
I went through it years ago and I know talking to many parents of college students, as well as the students themselves, that not a lot has changed there. I guess we tend to ignore what we can today (until it's due tomorrow). Does this sound like your favorite student?
Follow this link to learn financial tips for young adults. These are great for students as well as graduates just entering the real world.
Source: Bankrate.com
I went through it years ago and I know talking to many parents of college students, as well as the students themselves, that not a lot has changed there. I guess we tend to ignore what we can today (until it's due tomorrow). Does this sound like your favorite student?
Follow this link to learn financial tips for young adults. These are great for students as well as graduates just entering the real world.
Source: Bankrate.com
Feb 20, 2010
Save money on your next auto rental
Who doesn’t want to save money on their next business trip or vacation? We often get to that destination with hotel reservations and travel plans already hammered out, but many wait to get to the airport to rent a car. You could be handing out more cash if you’re renting from the airport.
A little time spent on homework or research could translate into substantial savings. Check the link to see how one many saved: http://www.cnn.com/2010/TRAVEL/02/01/car.rental.tips/
Source: CNN
A little time spent on homework or research could translate into substantial savings. Check the link to see how one many saved: http://www.cnn.com/2010/TRAVEL/02/01/car.rental.tips/
Source: CNN
Credit Card Changes
For those of you who have been living in a cave, anticipate changes on your credit cards in the next few days. Phase II of the Credit Card Act of 2009 go into place in several days, on Feb. 22.
If you're unaware of pending changes on your current or existing card or account, you may want to call your bank today. In anticipation of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, many credit card companies raised their rates, or APRs on existing customers. Call them now if you are unaware.
If the pending rate on your balance is going up to 22 percent or perhaps something much more than you previously had, it may be time to shop around for a balance transfer. Many offers for new accounts offer a teaser or introductory rate. Read the fine print for default rates that may occur if your payment is one day late.
If you're just paying off a balance, you may want to automate your payment using scheduled Billpay payments or some other arrangement. Typical balance transfer fees are 2 or 3 percent. This is the industry standard.
If you're unaware of pending changes on your current or existing card or account, you may want to call your bank today. In anticipation of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, many credit card companies raised their rates, or APRs on existing customers. Call them now if you are unaware.
If the pending rate on your balance is going up to 22 percent or perhaps something much more than you previously had, it may be time to shop around for a balance transfer. Many offers for new accounts offer a teaser or introductory rate. Read the fine print for default rates that may occur if your payment is one day late.
If you're just paying off a balance, you may want to automate your payment using scheduled Billpay payments or some other arrangement. Typical balance transfer fees are 2 or 3 percent. This is the industry standard.
What are you doing to survive the recession?
Nearly everyone is clipping coupons these days and many of us are seeing them in stores, in the mail, attached to emails.
What else are you doing to survive the recession? Any tips appreciated.
What else are you doing to survive the recession? Any tips appreciated.
What do you think?
Has this recession we're in helped anyone? Sure, corporate profits might be coming back, but are you still feeling the pain?
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