Penny stocks are common stocks, which cost $5 or less. In comparison to the other stocks, which are traded in the normal market, penny stocks are traded over the counter. The special thing about penny stocks is that they have an enormous potential to raise their value. Even if the stock doesn’t increase in value, many take… Read More
Credit card or debit card? (as reported by privacymatters.com)
Probably the most popular alternative to using cash in day-to-day transactions is using a credit or a debit card. Although they almost look like the same it is important to distinguish them. Here you will find the main differences between a credit and a debit card and a few pros and cons for each. To… Read More
Where are Americans spending their money? (as reported by Lam Thuy Vo and Jacob Goldstein via npr.org)
Most of the money that the average American spends goes to housing costs–31.5% for rent and mortgages. This is followed by 8.6% in food, according to government data. For over 60 years, housing and food have remained the biggest categories. However, back in 1949 Americans spent 40% of their money on food while today that… Read More
Fraud, identity-theft complaints up 19% since 2010, 800% since 2000 (as reported by consumer reports via finance.yahoo.com)
Even as the economy moves through a slow recovery phase, fraud cases are higher than they’ve ever been. There are more schemes related to investments, mortgages, and the internet, according to the FBI. Scammers are becoming more clever and convincing, always inventing new ways to catch consumers. In this article, Consumer Reports researched some of… Read More
Change on the horizon for gift and estate tax (as reported by Sharon Epperson via cnbc.com)
Those planning on giving a large amount of money to their children or grandchildren should consider doing it before the New Year. Beginning January 1, 2013, the amount of money parents or grandparents are allowed give to children for education support might change. Currently, the maximum amount that a single person can transfer to their… Read More
Only 39% of checking accounts that pay no interest are free (as reported by Jonnelle Marte via smartmoney.com)
In today’s economy, “free checking” accounts are harder to find as banks are pressed to meet new government regulations. Many large banks are either adding or increasing fees and requirements for account holders. There are some options for those searching for free checking, read about them here. Read More
1 in 13 American households don’t have bank account (as reported by CATHERINE RAMPELL via nytimes.com)
A Federal Deposit Insurance Company study showed that one in 13 American households do not have a checking or savings account. Furthermore, Americans who are unbanked and underbanked are disproportionately low-income and minority. Read more about the status of the unbanked here. Read More
Credit card use in decline (as reported by CHRISTOPHER S. RUGABER via huffingtonpost.com)
Since the Recession hit in 2008, there has been a decline in credit card use by Americans, suggesting that the current state of the economy has made some more cautious about spending. At the same time, debt for college or car loans increased. Find out more by clicking here. Read More
Fun $ facts (as reported by moneyistheroot.com)
Did you know that a $1 bill will only last 18 months and a $5 bill for two years? Or that the dollar sign “$” has never appeared on any U.S. currency? Find out more fun facts about the original American currencies here! Read More
Suze Orman’s do’s and don’ts (as reported by Suze Orman via oprah.com)
In this article, Suze Orman, a best selling author, television host and one of America’s most popular financial advisers offers the “do’s and don’ts” on some of the biggest financial decisions people make, from car loans to college planning. To read Suze Orman’s helpful financial tips, click here! Read More