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Ramit Sethi: Yes, You Can Still Be Rich
Tweet Share on Facebook March 25, 2009 Comment (3)Ramit Sethi, 26, author of the just-released I Will Teach You To Be Rich
(and blog of the same name), recently spoke with me about how young people are dealing with the recession. He also argued for why 20 and 30-somethings should continue to put money into the stock market, even if most of their investments so far have shrunk in half. Excerpts:
How do young people think about money?
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Juggle Your Money on Our New Finance Page
Tweet Share on Facebook March 24, 2009 Comment (26)We just launched a brand new personal finance page at www.usnews.com/yourmoney. You can find out how your spending and saving habits -- as well as your income -- match up with your peers. Also, get the latest money management tips and financial news, as well as the Alpha Consumer podcast and U.S. News money-related blogs. Please let me know what you think!
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Video Game Teaches Financial Literacy
Tweet Share on Facebook March 24, 2009 Comment (1)Check out the trailer for Celebrity Calamity, a video game from the D2D Fund that promotes financial literacy. Students practice paying off credit card bills, learn how much they really pay for items when they pay interest, and pick up a basic understanding of how to use credit. Early results show that playing the game also increases users' self-confidence in their financial skills. Could this be the future of financial education?
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Lindsay Lohan: Cash-Strapped and Unemployed
Tweet Share on Facebook March 23, 2009 Comment (5)Is Lindsay Lohan following in Britney Spears' footsteps?
No, not as an actress-turned-Paparazzi-magnet, but as a cash-strapped spendthrift. The New York Daily News reports that Lohan has been over-spending and now relies mostly on credit cards and girlfriend Samantha Ronson's funds. A "friend" says, "Sam really thinks Lindsay needs to learn how to become a recessionista and manage her money better.” -
For Singles, How to Split Checks with Couples
Tweet Share on Facebook March 23, 2009 Comment (2)Dear Alpha Consumer,
As a single person with many married friends, I often run into trouble when I go out to dinner with another couple. If the couple offers to pay to simplify matters, I feel guilty that I'm not paying my way and I don't want these married friends to resent me as a financial burden. But it can be awkward to split a bill into thirds. What's the best way to handle the check? -
Suze Orman: President Bush Owes Us Money
Tweet Share on Facebook March 20, 2009 Comment (50)In an interview with Women's Wear Daily, Suze Orman says that former President George W. Bush should share his wealth with the American public since he is responsible for the financial crisis.
She says of Bush: -
Nutritional Labels for Mutual Funds
Tweet Share on Facebook March 20, 2009 Comment (2)So far, the best idea to come out of today’s Brookings Institution conference on financial literacy in Washington, DC is to slap nutritional labels onto mutual funds and other investment products. Instead of calories and fat, the labels would list expense fees, historical rates of return, and other key facts. That way, people can easily compare investments just as they do now with types of cereal. (This idea was suggested by Julie Agnew of College of William and Mary.)
Among the other highlights:
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Fidelity's New Tool Ranks Savings Priorities
Tweet Share on Facebook March 19, 2009 Comment (22)Do you know where you would put your next available $1? Would it pay off credit card debt, go towards your kids' college education, or fund an emergency savings account?
A recent Fidelity survey found that one out of three Americans don't know where to put their next dollar of savings, even though more people are trying to save. The survey also found that 80 percent of Americans have started spending less and almost half have started saving more for an average of $200 additional savings each month. To help people figure out where to put that money, Fidelity designed a "savings planner," which anyone can use for free. -
Shop Discount Groceries and Save $1,000
Tweet Share on Facebook March 19, 2009 Comment (11)If you could save over $1,000 a year by shopping at a discount grocery chain, would you do it?
A survey from Washington Consumers' Checkbook shows that families that would spend $150 a week if they shopped at average-priced chains, such as Safeway, could save $1,326 by shopping at the discount store Bottom Dollar Food -- or spend $3,510 more by shopping at Whole Foods. While the survey focused on Washington, DC-area stores, the same principle applies across the country: Shops sell food, and often the exact same name brands, for very different prices. By switching from Whole Foods to Bottom Dollar Food, customers could save almost $5,000 a year. That figure might be enough to scare you off those price organic brands for awhile. -
Credit Card Companies Go on the Defensive
Tweet Share on Facebook March 18, 2009 Comment (25)Credit card companies, which have been hammered by the financial crisis, are getting increasingly worried about their customers' ability to pay their bills.
Check out these statistics, collected by LowCards.com:
