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ObamaCare is Constitutional! Now What?
Tweet Share on Facebook June 29, 2012 CommentThe Supreme Court upheld most of ObamaCare. The reasoning behind the decision was fascinating. In a nutshell, a divided Court concluded that the individual mandate was really a “choice,” and the penalty for not purchasing health insurance was really a “tax.” You can check out more of the details in my analysis of the ObamaCare decision. The Supreme Court’s creativity aside, the big question is what it means for all of us.
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Four Times You Shouldn't Care About Your Credit Score
Tweet Share on Facebook June 29, 2012 CommentThe whole world of personal finance advice-giving operates on a number of assumptions, and chief among them is that people will find the information interesting and useful. But for someone to find information useful, it needs to speak to their situation. But note, if you will, that an extraordinary amount of personal finance advice assumes you want to build up your credit score.
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Better Off Defaulting On Your Mortgage or Financing with a Credit Card?
Tweet Share on Facebook June 28, 2012 CommentIn personal finance, small things can add up to big numbers. That’s exactly why you are better off financing your mortgage payment with a credit card instead of defaulting on your mortgage.
A late fee is usually a small financial number. The last time I was charged a late fee it was $1.40 for my garbage bill—a sum my 3-year-old can afford to pay. Late fees on mortgages aren’t that small, but they aren’t going to drain your bank account either. That is, unless you let them multiply.
According to research published by the St. Louis Fed, the average homeowner who is in default on his mortgage is paying between 18 percent to 85 percent interest on outstanding mortgage payments. Compare those rates to the average credit card interest rate of 16.75 percent.
How did small monthly charges averaging from 3 to 6 percent add up to interest rates exceeding those of credit cards?
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6 Easy Ways to Save on Video Games
Tweet Share on Facebook June 27, 2012 CommentAmericans spent a total of $25.3 billion on video games last year. Because of their popularity, new video game consoles are constantly being introduced, which makes it easy to be overwhelmed and confused by the glut of choices—especially if you're not in the know. However, even if you don't know what a "backwards compatible PS3" is or whether Nintendo 3DS games can be played on a classic DS, you can still save money when purchasing a console and the games to go with it.
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Build Your Own Free Identity Theft Shield
Tweet Share on Facebook June 26, 2012 CommentIdentity theft comes in a variety of shapes and sizes, from someone stealing your credit card to filling out your Social Security Number on forms and applications. It's an enormous business, with thieves hitting nearly 8.6 million households in 2010, according to the Bureau of Justice Statistics. There are several companies that will happily "protect" you from identity theft for a monthly fee, but did you know that you can do much of it yourself? Like MacGyver, you can build your own identity theft shield with absolutely free tools available to anyone. All it takes is some time and some friendly reminders.
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10 Things You Need to Stock a Frugal Kitchen
Tweet Share on Facebook June 25, 2012 CommentCooking your own food is a great way to save money. But if your kitchen utensils consist primarily of extra plastic forks from takeout, cooking can be daunting. Fear not! This list includes everything you need to get started preparing delicious food at home.
As for where to shop for these items, I recommend three places: thrift stores, where you can often find perfectly good used cookware; stores like Marshall’s or TJ Maxx, that have new, high-quality items at deep discounts; and restaurant supply stores.
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5 College Degrees that Aren’t Worth the Cost
Tweet Share on Facebook June 22, 2012 CommentNo degree guarantees that a college graduate will earn more over a lifetime than a high school student. Worse still, there are many degrees where the average high school graduate will likely out-earn a college graduate.
If you’ve ever wanted to know the two main reasons why Americans decide not to go to college, the St. Louis Fed presented two convincing explanations. The more frightening of the two scenarios showed that, for students paying their own tuition, most will need a starting salary of $40,000 or better to overcome lifetime earnings of high school graduates.
How can it be that someone with a $40,000 starting salary can’t out-earn the average high school graduate? The reason is two-fold. Most college students forgo income while attending college. Also, given the average annual tuition of $25,000, a student paying his own way is facing a $100,000 college bill. Add the loss of income and the six-digit education tab, and graduates start their professional lives in a large financial hole.
If a starting salary of $40,000 is what it takes to overcome the high costs of going to college, you will want to know what degrees aren’t averaging the benchmark income. Georgetown pulled together statistics on average starting salary for many popular degrees. Below are five degrees with average starting salaries that may not be worth paying the costs for college.
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Should You Contribute to a 403(b) or an IRA?
Tweet Share on Facebook June 20, 2012 CommentIf you are a public employee, you probably have the opportunity to contribute to a 403(b) retirement plan. But just because you can, does that mean you should? Would an IRA contribution make more sense? Are 403(b) plans complicated? Are IRA restrictions too cumbersome? Let’s take a look.
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7 Tips for Boomerang Kids
Tweet Share on Facebook June 18, 2012 CommentIt’s becoming more common for young adults to take on the label of “boomerang kids”—adult children who move back home with their parents due to career or financial difficulties. It can be a bumpy transition to return home to mom and dad, but here are seven ways to make the transition easier.
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4 Tips for Finding the Right College
Tweet Share on Facebook June 15, 2012 CommentGraduation season has come and gone and many new grads will be off to college this fall. For newly minted seniors who will soon rule their high schools, it might be tempting to relax now that you’re at the top of the food chain, but there’s actually no time to waste. College application deadlines will approach faster than you know it, and it won’t be long before you’re off to college.
Summer vacation is the perfect time to research and visit potential schools. Here are four tips to keep in mind while you’re navigating the daunting application process, so you don’t waste thousands on the wrong college.
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