by Rupe | Jun 14, 2011 | Money Matters
Are we headed for a double-dip recession? Did we ever really recover from the last one? Who knows – ask ten economists and you’ll get ten different answers. What I do know is times are still tough for most people, regardless of what the government statistics report.
It has never been a better time to get out of debt, build savings and learn to live more frugally. Along those lines, here are 62 money-saving tips to help you spend less/earn more money each month, recession or not.
- Don’t pay a dime for banking privileges. There are too many free checking options out there to pay one penny in fees for the right to write a check or use a debit card. Many banks and credit unions simply require direct deposit or a minimum number of debit card uses per month to qualify for fee-free accounts. If you can’t find one, try ING Direct.
- Shop your car insurance coverage at esurance.com. Take 6 minutes to complete the free quote and shave a significant amount off your car insurance premiums.
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by Rupe | Jun 19, 2010 | Money Matters, Real Estate
Saving Money on Summer Utilities Can Save Hundreds of Dollars Each Year
There are countless methods available for lowering your energy bills and one of the best times to cut back is during the dog days of summer. Making the proper adjustments to your home and your lifestyle can work wonders in helping save money on electric bills but also do your part to help the environment as well. Just like other money leaks, just spending $10 or $20 more a month than you have to is very costly over time. Â Read more >>
Pretty good article at Generation X Finances. Â I am all about the savings…only way to accumulate wealth!
by Rupe | Dec 4, 2009 | Money Matters
Note: Quick read by Thomas Stanley on low profile millionaires…
A producer from ABC’s 20/20 news magazine television show once asked if I could identify neighborhoods where the millionaire next door types live. After checking my database, I pinpointed several neighborhoods where these people resided. The resulting televised program certainly raised eyebrows. Most of the homes depicted were in the $200,000 to under $400,000 price range. All of the millionaire next door types who lived in these neighborhoods had an investment portfolio of at least $1 million. Yet the median price they typically pay for a bottle of wine is just over $10.00 – certainly not the acting rich crowd.
Then I did a statistical analysis of my data base and ultimately a profile of millionaires who live in homes currently valued at between $125,000 and $395,000, the low profile millionaires next door. A more detailed examination of the data brought to mind another television episode. It took place while I was promoting The Millionaire Next Door on the Oprah Winfrey Show. A rather well dressed woman from the audience asked me the same question I had heard a thousand times before: What good does it do to have all this money if you don’t spend it? The woman was agitated, even indignant, that I was touting frugality. She further indicated that these people couldn’t possibly be happy. She, like most people who are not wealthy, believed that the more one spends, the more satisfying life is. Thus, more money translates into more spending and therefore more happiness.
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by Rupe | Oct 23, 2009 | Mentoring, Money Matters
Take advantage of real-life money lessons today so that you and your children can reap the benefits in the future.
“In the past year, college savings plans may have had big losses, or a friend’s parents might have lost a job or a house,” says USAA member Susan Beacham, founder and CEO of Money Savvy Generation. “Our kids are paying attention.”
While they’re listening, start talking — and help them gain financial smarts.
1. Give them a plan. Ease your child into the world of self-sufficiency with a financial responsibility plan. “Decide what financial skills you’d like to turn over to your child at what age. Then train him ahead of time so he’ll be ready for each task,” suggests Beacham.CEO of Money Savvy Generation. “Our kids are paying attention.” …click to continue reading.
by Rupe | Aug 12, 2009 | Money Matters
A new report by Deutsche Bank estimates that by 2011 nearly 50 percent of U.S. home owners with mortgages will owe more than their homes are worth.
This estimate of 25 million borrowers is significantly higher than similar calculations by other economic and real estate analysts. For instance, Moody’s Economy.com projected that 17.5 million will be underwater by early 2010.
Currently, about 26 percent of home owners choose to walk away from their mortgages because their equity falls short of what they owe, according to a report by Paola Sapienza, a finance professor with Northwestern University, and Luigi Zingales, a finance professor at the University of Chicago. Their report suggests that situation could worsen if the percentage of underwater mortgage holders increases.
Not everybody agrees with Deutsche Bank’s analysis.
Tom Lawler, a well-respected independent housing economist, wrote that given the recent increase in home sales in many areas, “there is absolute[ly] no doubt that the DB ‘model’ forecast will show a huge miss to the down side on home prices.â€
Source: CNNMoney.com, Les Christie (08/06/2009) and The Wall Street Journal, Nick Timiraos (08/07/2009)
Word: This is really bad juju…not liking this at all! I am currently under water on one property.
by Rupe | Feb 25, 2009 | Money Matters
1. Piling Up Debt
Using credit cards responsibly can help you build good credit so you qualify for lower interest rates on loans. But charging your cards to the max and not paying them off is a sure ticket to trouble. Pay in cash instead to keep spending within your means.
2. Ignoring Murphy’s Law
Bad luck would have it that you’re involved in an accident the day after your auto insurance policy expires. If that happens to you, the financial fallout can be devastating. Be sure you stay fully covered with auto, homeowners (or renters), health care and disability insurance at all times. And if someone else depends on your income, include life insurance.
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Are we headed for a double-dip recession? Did we ever really recover from the last one? Who knows – ask ten economists and you’ll get ten different answers. What I do know is times are still tough for most people, regardless of what the government statistics report.