Thank You to My Referrers!

The traffic to my site has been gaining and growing steadily since I first began blogging in September 2007. So I just wanted to take a moment to thank everyone for visiting my site and referencing some of my better posts. So THANK YOU!

Time and Delivery, How and Why to Get Invested

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Matt Fontane

Wise Bread, comment on How the Subprime Lending Boom Hurt Everybody

 

Easy Steps to Get out of Debt and Build Wealth

• If you begin to make more money or receive bonuses, act like don’t have it. Save any additional increases or bonuses. Doing this can directly lead to taking an early retirement.
• Don’t view tax refunds or cash gifts as a way to get extra stuff. Sock it away.
• Stop living as if the future doesn’t exist, stop living in the moment.
• Drive your car for 10 years, get the full value of out it. Never buy a (new) car because you feel like it. If it’s not possible to buy a car out-right and must finance it, don’t take out a loan longer than 3 years. If you can’t make the 3 year monthly payments then you can’t afford it.
• Deny yourself in the moment to have the real life you want in the future.

 

Proposed Changes in Credit Card Lender Practices

In May 2008, the Fed issued 4 new proposals designed to eliminate some practices from the credit card industry. They’re also proposing better disclosure of their rules to the customers. Below is a brief list of the proposed policies, detailing how it is currently being handled and how they want to regulate it.

Ben Bernanke, Federal Chairman, stated: the proposed new regulations are “intended to establish a new baseline for fairness in how credit card plans operate. Consumers relying on credit cards should be better able to predict how their decisions and actions will affect their costs.”

1) Credit card issuers can’t raise interest rates arbitrarily, they must have a legititmate reason.

 

Credit Cards 101- How Credit Cards Really Work

If you already have credit cards, looking to get a credit card, trying to pay down the balance on your cards or using your cards to stay afloat month to month you must read this post!

According to the Federal Reserve Statistical Release of May 2008, outstanding consumer debt reached $961 billion for revolving (credit card) accounts! Which translates to the average American carrying a credit card balance of $8,000.

It seems in our society we must have credit cards to survive! I don’t advocate using credit cards, cash is absolutely the way to go. However, if you do have/need them let’s at least be smart about the kinds of cards we do have.

 

Employer Sponsored Retirement Accounts – What Are Your Options?

In an effort to reduce my debt load, I have taken an additional job in order to increase my accelerator margin payments. The good news is, in the 4 months I’ve been doing this new routine we’ve paid off four credit cards as well as a vehicle loan. The great news is that this new job offers a SEP account. Well, what exactly is a SEP account, is it just a different term for a 401k? Let’s take a look and find out.

Employers will typically offer one of these plans: 401(k), 403 (b), TSA, SIMPLE, SEP, or Keogh.

401(k) is the most popular type of employer sponsored retirement plan. This is also the most complex and costly to maintain for the company. The employer can elect to make a matching contribution to the employees salary-deferral contribution . Within 401(k)’s you can take out loans, set up a vesting schedule, and profit-sharing plan. Maximum annual contributions are $15,500.