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How to Plan an Affordable Funeral
Tweet Share on Facebook October 17, 2007 Comment (8)Funerals, like weddings, are expensive affairs usually planned by people with very little experience. After all, with funerals at least, it's a once-in-a-lifetime event. Many people are unaware of their rights guaranteed by federal law, such as the right to receive price information from funeral homes over the phone. And they tend not to plan funerals, which often drives their price up, because people rarely have the time or inclination to shop around while grieving.
The average price of a funeral is $6,580, according to the National Funeral Directors Association. U.S. News spoke with Steven Kopp, an associate professor of business at the University of Arkansas, and Joshua Slocum, executive director of the nonprofit Funeral Consumers Alliance, about how to minimize sticker shock on what is usually an emotionally wrought purchase.
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Five Ways for Women to Ease Retirement Stress
Tweet Share on Facebook October 16, 2007 Comment (1)For many women, retirement isn't the relaxing haven it's cracked up to be. Because women earn less over their lifetimes than men and live longer in retirement, they also tend to have less saved. According to a Government Accountability Office report, 12 percent of women over 65 are living in poverty, compared with only 7 percent of men. For divorced and widowed women, the poverty rate is higher, at 21 and 15 percent, respectively.
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How to Dodge Fees When Buying a Home
Tweet Share on Facebook October 12, 2007 Comment (1)Dear Alpha Consumer,
I recently purchased a home. I obtained a mortgage broker through LendingTree. Its ads state, "No surprises at closing." But I was met with several major surprises, including extra closing costs, a higher interest rate, and a spike in the private mortgage insurance of about 100 percent from the original quote. Is this legal and/or typical?
Unfortunately, first-time home buyers are often surprised by fees, insurance, taxes, and other costs. But it doesn't have to be that way.
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How to Avoid Getting Audited by the IRS
Tweet Share on Facebook October 11, 2007 Comment (2)The Internal Revenue Service relaunched its program of random audits this month in an effort to hone its ability to estimate compliance rates and crack down on tax fraud. Unlike its usual audits, which are more targeted and so not representative of all taxpayers, the program will randomly select about 13,000 individuals for a closer examination of their 2006 returns. The goal is to gather information that will help reduce the $290 billion "tax gap," the estimated difference between taxes paid and taxes owed. (In 2006, the IRS audited about 1.3 million taxpayers as part of its routine auditing process.)
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Staying Safe While Shopping Online
Tweet Share on Facebook October 9, 2007 Comment -
Financial Tips for 20-Somethings
Tweet Share on Facebook October 5, 2007 Comment (7)Ramit Sethi, creator of the popular I Will Teach You to Be Rich blog and author of a forthcoming book by the same name, wants to show young people how to manage their money. While there's no dearth of books on personal finance, he thinks most of them repeat the same old—and unhelpful—story. U.S. News spoke with the 25-year-old recent Stanford graduate.
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How to Repay Family Debt
Tweet Share on Facebook October 3, 2007 CommentDear Alpha Consumer,
To make a long story short, I borrowed $30,000 from my mom. I signed a legal agreement to pay the money back to her. I built a house leveraging the money and now have good renters in it. My mom died. We each received about $20,000 from her estate. That leaves $10,000, or $2,000 each, that I owe to my five siblings. (I did not sign any separate agreement with them.) One sister in particular could use some money. But I cannot afford to pay them. What should I do?
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Using Music to Teach About Money
Tweet Share on Facebook September 28, 2007 CommentFor the third year in a row, the Hip-Hop Summit Action Network, a nonprofit that uses the power of hip-hop music to educate young people, is focusing on personal finance lessons. With help from hip-hop notables such as impresario Russell Simmons and performer Mýa, the organization is hosting a "Get Your Money Right" tour in cities across the country, including Washington, D.C., Miami, and Atlanta. HSAN's president, Benjamin Chavis, spoke with U.S. News.
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Getting Out of Student Loan Debt
Tweet Share on Facebook September 27, 2007 Comment (64)Dear Alpha Consumer,
I am faced with a real hardship. I am a graduate of the University of Miami, with over $125,000 in student loans. I also have $50,000 in credit card debt. I am trying to get a job to pay them off, but being physically disabled I have been unemployed since May of 1998. I have been deferring my student loans for the past nine years. What can I do?
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How to Avoid Money Envy
Tweet Share on Facebook September 25, 2007 Comment (10)In Green With Envy: A Whole New Way to Look at Financial (Un)Happiness, Shira Boss asks people—including her seemingly well-to-do neighbors—how they can afford nice furniture, jaunts to Paris, and a lush lifestyle. It turns out that most of the people she interviews are as cash strapped as she is and charge many of their purchases to their credit cards. By peeking into people's bank accounts, Boss aims to deflate money envy.
