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Stamping Is My Business!: Personal Finance

8 posts categorized "Personal Finance"

February 21, 2010

PERSONAL FINANCE - How To Avoid The New Credit Card Fee Traps

Starting tomorrow (Monday), the new Credit Card Accountability, Responsibility and Disclosure Act goes into effect.

This new law eliminates several of the strategies credit card issuers have used over the years to increase their bottom line... and decrease yours.

However, there are a couple of old... and several new strategies these companies will begin using that you should be aware of.

Robin Sidel wrote a great article in yesterday's Wall St. Journal detailing some of these new tactics.

Take a moment to read it.  The money you save could be your own!

To read the full article, click here.

February 13, 2010

PERSONAL FINANCE - Getting The Most Bang For Your Airline Miles

Thinking about cashing in your airline miles for that trip to Convention or Leadership?  How do you know when you should be paying cash, instead.

Use this simple formula - Take the price of the ticket and divide it by the number of airline miles you have to exchange.

If you're not getting at least $.01 for each mile, you're better off paying cash.

For example

 - 25,000 miles for a $225 ticket = $.009 per mile.  Not worth it.

 - 25,000 miles for a $350 ticket = $.014 per mile.  Worth it!

November 28, 2009

PERSONAL FINANCE - Should You Purhcase The Extended Warranty

We've all been there.  

We purchase an appliance, or an electronic item, and the salesperson asks if we'd like to purchase an Extended Warranty.

They usually tell you what a great deal it is, and how it offers great protection if your purchase should malfunction.

But is the Extended Warranty really a good deal?

According to Consumer Reports... 

No!

the magazine, citing decades of research, warns consumers away from Extended Warranties for the following reasons:

  • The standard warranty covers many of the same repairs
  • Most appliances and electronics will not malfunction during the period covered by the Warranty
  • The cost of the repair is often comparable to the cost of the the Extended Warranty
  • You may already be getting a similar deal automatically when you charge the purchase to a particular credit card

If you do decide to go for the Extended Warranty, Consumer Reports recommends you spend no more than 20% of the purchase price, and always try to negotiate a better deal!

November 21, 2009

PERSONAL FINANCE SATURDAY - The Rule of 72

Ever wonder how long it will take you to double your investment?

You can figure it out by using the 'Rule of 72.'

Just take your rate of return and divide it into 72 to approximate how many years it will take to double your money.

For example, if you were making an 8% compounded rate of return on your investment:

72/8=9

It would take you approximately 9 years to double your money.

Come back every Saturday for another Personal Finance Tip or story.  To see previous posts in the Personal Finance category, click here.

November 14, 2009

PERSONAL FINANCE SATURDAY - The Five Rules Of Money For Children

It's never too early to start teaching your kids about money. Toddlers can be introduced to the value of money using toy piggy banks and cash registers, while older kids can learn to manage cash and pretend to be real estate moguls by playing Monopoly. To get a taste of trading stocks and mutual funds, there are online games and contests, as well as investment clubs. And more importantly, high schools and colleges around the country are now offering personal finance courses, with some making the class a requirement before graduation.

Karyn McCormack, of BusinessWeek.com, lists these five rules about money parents can pass along to their children:

  1. A penny saved is a penny earned
  2. Stick to the budget
  3. Learn the power of interest
  4. Stay out of debt
  5. Giving back is the best gift

Having these conversations with children at an early age helps them establish a solid financial foundation they can build upon as the get older.

For the full article, click here.

November 07, 2009

PERSONAL FINANCE SATURDAY - Suze Orman's Top 10 Money Tips For Women

Financial guru, Suze Orman, believes that when it comes to women and finance, sometimes there's a disconnect between what women know and how they act, their ability as achiever and their financial underachieving, and between the power they have within reach and the powerlessness that rules their actions.

She shares her list of the top 10 money tips for women to follow:

  1. Listen to Your Gut
  2. Never Co-Sign for ANYONE
  3. Save Yourself First
  4. Don't Hand Over The Finances
  5. Don't Put Yourself On Sale
  6. Protect Your Assets
  7. No Blame, No Shame
  8. Take Care of Your Money
  9. Don't Make Your Underage Children Your Insurance Beneficiaries
  10. Own the Power to Control Your Own Destiny

To read the full article, including an explanation of each of the above tips, click here.

October 31, 2009

PERSONAL FINANCE SATURDAY - 13 Ways To Buy Gift Cards For Less

(from CreditCards.com and Yahoo Finance)

Though the fact is rarely advertised, gift cards can be bought for less than they're worth. You might be able to buy a gift card for half price -- or even less -- and your recipient will be none the wiser. (Unless, of course, that recipient is you.)

If you know how and where to shop, sometimes you can get a lot more than you pay for. Here's how:..

Click here for the full article.

October 24, 2009

PERSONAL FINANCE SATURDAY - 5 Steps To A Better Credit Score

(from Yahoo Finance and Bankrate.com)

Blotches on your credit report cost you.

Don't despair. It's never too late to become creditworthy.

To improve your credit rating, just get started, and remember that it won't happen overnight.

5 Steps to Follow:

 

  1. Order Your Credit Reports
  2. Examine Your Reports Carefully
  3. Double-D strategy -- Dispute and Document
  4. Solve and Dissolve Debt
  5. Add Stability to Your Credit File

To read the full article, click here.