Though used interchangeably in conversation, there are stark differences between stockbrokers, investment advisors, and financial advisors. These differences become crucial when seeking to hire a professional for financial or investment advice. This handy Forbes article outlines the differences between the three in a clear manner, listing the functions and qualifications behind each title. Click here… Read More
Payday lenders endure even as consumers aware of risks (as reported by John Sandman via AARP.org)
This article paints a comprehensive picture of the problem with payday lenders: these quick cash advances are a short term solution to a long term money issue. Most people are familiar with the 20,000 storefront locations in over 33 states offering payday loans, but now payday loans are even available from banks in the majority… Read More
Are we letting a perfectly good crisis go to waste? (as reported by John W. Schoen via cnbc.com)
New research from the PewResearchCenter indicates that people under 35 in the U.S. are carrying lower levels of debt. According to their data, young people have pared debt more aggressively than older households since the 2008 crisis. This marks a paradigm shift from years prior, when debt-to-income ratios among that group were at record levels…. Read More
Supply & Demand in the iPhone Market (as reported by Quentin Fottrell via marketwatch.com)
The laws of supply and demand dictate that if demand is met by disproportionately high supply, there will generally be a decrease in the price of a good. Furthermore, if there is a high supply of a good which is similar to another good in the market, individuals may be unwilling to continue paying high… Read More
No Saturday mail? Impact on financial activities (as reported by Geoff Williams via usnews.com)
Many individuals have already surmised the problems that will arise as a result of losing the Saturday post. The article to be found here iterates a few more. While it seems to jokingly set forward the idea that Netflix subscribers will have less opportunities to ship DVDs back, it does make the case that for people who continue… Read More
Why does the Penny Endure? (as reported by Geoff Williams via usnews.com)
On February 4, Canada announced that it would cease to produce Canadian pennies. While this is of little significance in the U.S., it has reinvigorated an old question related to why the penny endures. In 2012, the U.S. produced $49 million in pennies. It cost $118 million. This cost inequality aside, how often do people… Read More
College students finding more paid internships (as reported by Venessa Wong via businessweek.com)
Alright, time to give your students some future college career advice. During college students can find some lucrative PAID internships now that the economy is back (or at least somewhat trending back). Students in technology and finance are at the top of the list of best compensated internships with monthly wages as much as $6074!… Read More
Identity Theft: dangers and prevention (as reported by Sheyna Steiner via bankrate.com)
Despite its recent comedic portrayal in the media, identity theft can prove to be a very problematic and even life threatening situation. In this article, victims’ stories illustrate the multiple problems they face and the difficulties of remedying them. Learn the most common ways people put themselves at risk and the best identity theft prevention tips here. Read More
Average Joe seeks professional advice on retirement (as reported by Ron Lieber via nytimes.com)
Every day people are increasingly seeking out financial advisors to help them make smart, low-cost investments and to manage their Individual Retirement Account. Having a professional in charge of the retirement plans is seen to be a better alternative to having the individual handle them on his or her own as they are more likely to… Read More
Research shows 401(k) plans may be ineffective savings tool (reported by Steven Greenhouse via nytimes.com)
While the 401(k) plan has become a prominent feature for many employees, some argue that they remain inadequate as savings vehicles. A report published by The Center for Retirement Research at BostonCollege (found here) highlights a number of these concerns, concluding that the 401(k) may not be a sufficient means to save for retirement, especially… Read More