-
Who Do You Blame For the Crisis?
Tweet Share on Facebook January 15, 2009 Comment (6)We're all feeling poorer, and we need something to blame, apparently.
According to a survey from marketing firm Issues and Answers and Stratcom Communications, we've already chosen the targets for our ire. Here they are, along with the percentages of people citing them:
- Mortgage companies (90 percent)
- Lending institutions, such as Fannie Mae and Freddie Mac (88 percent)
- Federal government (86 percent)
-
Attention Walmart Shoppers: No Credit for You
Tweet Share on Facebook January 15, 2009 Comment (9)Credit card companies won't just be looking at late payments to decide who gets loans, but also location, profession, and shopping habits, according to the firm Casey Research.
Consumers who happen to live in an area with a high foreclosure rate or who work in real estate, construction, or the auto industry also might find it more difficult to take out credit cards, says Casey Research. Even shopping at Walmart could raise a red flag, adds chief executive Olivier Garret.
Does that remind anyone else of George Orwell's novel 1984? I'd like to be able to shop where I want without worrying about being penalized for it. And when did it become a bad thing to shop at a store with low prices?
-
Watch Out for These Inauguration Scams
Tweet Share on Facebook January 14, 2009 CommentAfter hearing about a friend who got tricked into thinking a letter in the mail was an Inauguration Day ticket, I discovered a variety of Jan. 20-related scams. First, beware of the fake tickets. The Inaugural Committee has warned consumers against buying tickets from third-party sellers. Since the tickets, which are free and handed out by members of Congress, require in-person pick-up close to the date of the Inauguration, anyone claiming to have tickets to sell is not telling the truth, the committee says. "We urge the public to view any offers of tickets for sale with great skepticism," says staff director Howard Gantman. Websites including eBay and StubHub have officially banned the sale of tickets.
While scalped tickets for ice hockey and other sports games are easy to find in Washington, they aren't a reliable option for Inauguration day, warns the Better Business Bureau. Scalpers may not be able to get enough tickets to sale, and lawmakers are also considering whether to make the act illegal.
Other scams include: -
Audio: Good News About the Retail Season
Tweet Share on Facebook January 14, 2009 CommentOver the weekend, I spoke with WTOP about finding a silver-lining in the sluggish December sales numbers. Not only did shoppers get deep discounts, but there's some evidence that we're starting to save more. (And it's not too late to land great travel deals.)
LISTEN NOW:
Why the Dismal Retail Season Was Good for Us -
Living on $7 a Day
Tweet Share on Facebook January 14, 2009 CommentMy friend Zack generated some controversy when he shared his method of living on $7 a day last year. Some people didn't believe him and others thought $7 a day sounded like a lot of money. Zack says his goal was never to "beat" $7 a day, as some readers had suggested.
Since it has been about 10 months since that post, I asked Zack for an update. He's still living in New York with his girlfriend and practicing the same frugal techniques as before. Here are his three main rules:
- Bring lunch to work whenever possible. This means cooking larger meals for dinner and using leftovers. Zack estimates that leftovers usually cost at most a couple dollars per meal. You can't buy lunch in New York City for less than $5, and typically it's more like $8. So you're more than doubling or tripling your lunch spending every time you go out. If you go out to lunch just one less day a week, that's $24 after one month (in Zack's scenario) and nearly $50 after two months. That could pay for a date at a nice restaurant. (And bringing lunch doesn't have to be unappetizing. Zack buys high-quality bread, like the Texas Toast at Trader Joe's, which tastes so good that he looks forward to peanut butter and jelly sandwiches.)
-
Why Suze Orman is Wrong on Restaurants
Tweet Share on Facebook January 13, 2009 Comment (41)Today's guest post comes from chef and ecologist Aaron French:
As the New Year fades away and the inauguration of President Obama approaches, people are settling into the post-holiday realization that life is just as it was, only a little tougher this year. The economy is not showing any signs of turning around, and it is unclear if Obama, or anyone for that matter, has access to the right tools to quickly correct the course of the American economy.
On the personal level, we all know that we need to tighten our belts and reduce some of the excess spending that helped to get us into this mess we're in. Times like these are the perfect vehicle for the financial advice of Suze Orman, known for her "tough love" approach to reducing credit card debt and getting spending under control. Orman was recently the on Oprah discussing her "2009 Action Plan," the title of her 227 page book to guide people through these troubled waters.
At the core of her Action Plan is what she calls her Action Pledge that she wants everyone to take within one month of reading her book. Her pledge says: "Do not spend money for one day. Do not use your credit card for one week. Do not eat out at a restaurant for one month."
-
Your Inauguration Day Survival Guide
Tweet Share on Facebook January 13, 2009 Comment (18)For native Washingtonians and visitors alike, Inauguration Day is likely to be crowded, hectic, and short on key supplies. With as many as 2 million people expected to descend on the capital, there will probably be long lines at ATMs, runs on beer, and shortages of useful items such as adult diapers, which some viewers plan to wear given the limited bathroom facilities.
That means consumers should stock up just as they would before a big tornado. Here are 6 things you should have in hand before Jan. 20:- Gas. While private vehicle use will be restricted on Inauguration Day itself, bus fleets, limos, and private cars will be shipping large numbers of people into the city and surrounding area in the days leading up to Jan. 20. That could mean long lines at gas stations for anyone who needs to fill up.
-
Why That Obama Victory Plate Isn't Worth Much
Tweet Share on Facebook January 12, 2009 Comment (4)You've probably seen the sappy ads for paraphernalia related to President-elect Barack Obama: Men and women gaze up at their Obama Victory plates, look deeply satisfied, and then go about their business.
Those plates may look harmless, but they're potentially a big waste of money. The Better Business Bureau has issued a warning about such memorabilia and says that posters, buttons, coins, and plates are unlikely to grow in value over time.
-
Marketing Lessons From a Master
Tweet Share on Facebook January 12, 2009 Comment (4)In Rubies in the Orchard, Lynda Resnick explains how she turned POM Wonderful, Fiji Water, and Teleflora into household names. As I was reading the book, I was struck by how much rested on flashes of creativity combined with hard work. (Using a heart symbol for the "O" in POM immediately told people about the drink's heart-healthy benefits, for example.)
Resnick answered my questions about her work in a recent E-mail exchange:
How do you define what marketing is -- are you convincing people to want something they don't necessarily need?
Marketing is everything a company does to acquire customers and maintain a relationship with them. For example, if you look at marketing as a wheel on a bike, each spoke is a specific component that can be used to sell a product or service. It could include sales, strategy, advertising, public relations, package design, customer service and event promotion. Marketing, if used successfully, can win the hearts and minds of a consumer to your product or service.
However, you can’t use marketing to convince someone to want something they don’t need. What you can do with marketing is convince that person to want something they didn’t know they needed.
-
Podcast: Why We're Going Broke
Tweet Share on Facebook January 9, 2009 Comment (23)For this week's Alpha Consumer podcast, I spoke with Stuart Vyse, author of Going Broke: Why Americans Can’t Hold On To Their Money. He explains why Americans have a tendency to overspend, gives advice on resisting such materialism, and shares how he paid off his own credit card debt. You can also pick up this week's Alpha Consumer Tip of the Week on how to keep New Year's Resolutions. (Tell other people what your goals are!)















