For young people heading out into the real world for the first time, managing your money can be one of the more difficult tasks. Though it may be complex, understanding your finances is crucial when you’re just starting out. It is at this time in your life that you need to start planning, budgeting, paying… Read More
Reevaluating Risk in Today’s Market (As Reported by Tom Lauricella via WSJ.com)
Buyer beware! Some of the “truths” of the investing marketplace that we have long held onto are changing. The investment landscape today may not resemble that of even a few years ago. A combination of uncertainty in the global economy and the Federal Reserve’s efforts to keep the interest rate near zero have made traditionally… Read More
Consumer Spending Drops in April (As Reported by Shobhana Chandra via Bloomberg.Com)
The latest consumer spending numbers show that people in the US have slowed their spending in the wake of higher payroll taxes and broad cuts to government programs. Pundits might attribute the drop in consumer spending, the first such drop in more than a year, to hesitance and uncertainty in the broader economy. However, consumer… Read More
Pre-Approval Often Comes With a Catch (as reported by Charles Passy via Marketwatch.com)
Even as an increasing amount of consumers are being preapproved for credit cards, experts say this offer is often too good to be true. Preapproval does not guarantee a competitive interest rate or even acceptance; the rejection rate for preapproved applicants can be as high as 30%. Consumers should be aware of this clever sales… Read More
New Strategies for Insurers Seeking to Cut Costs (as reported by Caroline Humer via finance.yahoo.com)
In attempts to cut costs while still providing adequate health care, many public and private insurance companies have begun offering more wellness and prevention initiatives. One of the most significant plans is the Accountable Care Organizations, which compensate medical providers who reach certain quotas. Government agencies and various insurance companies are optimistic about these new… Read More
Establishing Credit as an Emancipated Minor (as reported by Melody Warnick via creditcards.com)
Emancipated minors can legally make their own financial decisions, but it seems the real catch is establishing a credit history. Without proper credit, companies and landlords are reluctant to enter into contracts with applicants under the age of 18. This makes it difficult to do things such as open a credit card or get a… Read More
Should the Government Require Americans to Save? (as reported by Mitch Tuchman via forbes.com)
For many it comes as no surprise that Ronald O’Hanley, president of Fidelity Investments, believes Americans should try to save more money. What is more controversial is O’Hanley’s proposal for the government to start requiring workers to put away 6% of their earnings by default. Is this push to save necessary, especially in light of… Read More
Banks as the New Community Centers (as reported by Charles Passy via marketwatch.com)
In the age of online banking, some banks are implementing new ways to lure in existing and potential customers to their neighborhood branch. In an effort to become more community friendly, banks are hosting events and offering little perks to make visiting a branch a more enjoyable experience. To read more about this new strategy, read the full… Read More
Limiting Charitable Tax Deductions – Smart or Harmful? (as reported by Mark P. Cussen via investopedia.com)
In response to the fiscal cliff and the push to increase revenue, politicians in and out of the White House have offered proposals that would limit or eliminate the itemized deductions for the wealthy. This could be problematic as both upper and middle class taxpayers use charitable contribution deductions to reduce their tax bills. The… Read More
Curb Your Bad Spending Habits (as reported by Monica Ricci via finance.yahoo.com)
There are many reasons why a person may have a large amount of debt, but much of the time, it is simply because of bad or uncontrolled spending habits. Thankfully, it is never too late for a person to change his or her ways and rein in spending. By utilizing the five tips provided in… Read More