Posted: July 31st, 2009 | Author: Joe | Filed under: Reviews | Tags: Banking, Reviews | 1 Comment »
Looking for a new bank? Want the best local bank with the highest interest, or overdraft protection or online bill pay? Try http://www.findabetterbank.com
This handy site lets you search by zip code and filter banks on a range of features:
- 24-hour automated telephone banking
- Email Alerts for balances, transfers, payments or deposits
- Download activity to Quicken or MS Money
- Debit Card Reward Program
- Free additional linked deposit account(s) (i.e., savings, money market, checking)
- Free or discounted check-printing services
After ranking the available features, you are asked to answer a few questions about your average monthly balance, credits and debits to factor into the fees you would likely incur under the various banks.
Once that’s done you get a very nice list of banks that fit your criteria, and a summary page of the fees, features and perks of each.
If you’re looking for a new bank, give them a try. It could take hours off your comparison shopping.
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Posted: July 30th, 2009 | Author: Joe | Filed under: Tips | Tags: Saving Money, Tips | No Comments »
Many times we ask ourselves various questions about money, debt and savings and we use those answers to set a course or path to follow towards the end goal. But what if we’re answering the wrong question, and set off down a path to nowhere?
Here are 4 common questions people often ask, and why they’re wrong.
How much should I be saving?
I see this one about every week on forums and blogs. I think it really highlights the underlying problem. Specifically, the person asking the question is likely in the position he is in because he wasn’t focusing on the right things. This is only part of the question. To really get the answer they are looking for, they need to decide what they are saving for. “How much should I be saving for retirement?” will give a completely different than “How much should I be saving for a new car?”
Should I be buying now?
This has really become popular with the economic downturn. There are some really great deals to be had, especially in the housing market. If I had a dime for every time I saw or heard someone asking if they should be buying a house now, I could quit my day job. The answer to this question is another question : Do you need to buy something now? If the answer to the second question is ‘yes’, then now would be a great time. Buying a house when you don’t need a house is just the same kind of thinking that caused much of the current problems we’re dealing with now.
Is it better to earn more or spend less?
This is the wrong question because it presupposes one is the right thing to do while the other would be the wrong thing to do. The real answer is ‘both’. Spending less is usually easier to do than earning more, and earning more while ignoring spending problems only leads to life on the earning treadmill. People who answer ‘earn more’ are likely the sort of people who live beyond their means. They suffer from spending creep, and have little if anything left over at the end of the month. Conversely, you can’t cut your way to wealth and while a frugal lifestyle can help avoid many financial problems it is only part of the equation.
How much should I have in an emergency savings account?
Most people who follow financial blogs or read personal finance magazines and books will no doubt respond to this question with a robotic ’3 to 6 months of living expenses’, but that’s a pretty catch all answer. What you should ask yourself is, ‘Why do I need an emergency savings fund in the first place?’ If it’s to supplement your income in the event of a job loss, then you need to examine not only how much your essential expenses (mortgage, grocery, etc) are but what the average time to find a new job in your field and location is. It will likely take longer to find a new job today than it did in 2006, so your savings cushion should be plumper.
photo by -bast-
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Posted: July 29th, 2009 | Author: Joe | Filed under: Economy | Tags: economic recovery, Employment, Housing | No Comments »
1. Business sentiment is up!
When business sentiment is up, employers hire. When people get jobs, they have more income and buy more stuff. It’s that simple. Watch for the Institute for supply management’s (ISM) latest Non-Manufacturing ROB report
You want to see an index of 50 or more, that stays for a couple of months. As of this writing it is 49.8%.
2. Increase in temp hiring.
When the economy picks up, the first jobs created and filled are temp jobs, as employers try to fill demand but hold off on the commitment involved in a full time hire.
Keep an eye on the ASA Staffing index. This shows the change in the number of temporary hires. You want to see a rise for 3 consecutive months or more. So far, the index has been hovering around 71. We’re not there yet on this one.
3. Housing supply shrinks.
The housing mess got us into this recession, and the glut of homes available will have to lessen before we can fully rebound. Keep an eye on Inventory data from National Association of Realtors. You want to see existing home sales up.
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Posted: July 28th, 2009 | Author: Joe | Filed under: Investing | Tags: 529s, college savings, Investing, Tips | No Comments »
Here’s a tool for 529 plan comparisons, because you may not be aware of this, but you don’t always have to invest your college savings in your home state’s 529 plan. Some plans offer a tax deduction for any contributions to an instate plan, so you’ll want to check into that first. But assuming your state does not offer any such deduction, here’s a handy 529 college savings plan search, that allows you to view the details on the 529′s in every state from California to New York.
Here’s a sample of the 529 plan comparisons details provided (from New York, my state):
Summary:
The team of Upromise Investments and The Vanguard Group took over management of this 529 savings program from TIAA-CREF in late 2003. It now features age-based and static portfolio options utilizing Vanguard mutual funds, and accounts can be linked to the Upromise Rewards Service.
Program Details:
- Summary: The team of Upromise Investments and The Vanguard Group took over management of this 529 savings program from TIAA-CREF in late 2003. It now features age-based and static portfolio options utilizing Vanguard mutual funds, and accounts can be linked to the Upromise Rewards Service.
- Program type: Savings
- Program manager: Upromise Investments, Inc. and The Vanguard Group
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in New York’s 529 plans for the same beneficiary reach $235,000.
- Minimum contributions: $25, or $15 per pay period via payroll deduction
- Age-based investment options: The Age-Based Option offers a choice among three different risk levels (Aggressive, Moderate, or Conservative) each containing five portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and beneficiary?s age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
- Static investment options: Select among four multi-fund portfolios (Growth, Moderate Growth, Conservative Growth, and Income), nine individual index-fund portfolios, and the Vanguard Short-Term Reserves Account.
- Underlying investments: Vanguard mutual funds
- Enrollment or application fee: None
- Account maintenance fee: None
- Program management fees: 0.55% manager fee; fee includes underlying fund expenses.
- Expenses of the underlying investments: Not applicable, included in the program management fee.
- Total asset-based expense ratio: 0.55%
- Program match on contributions: None
- State tax deduction or credit for contributions: Contributions to any of New York’s 529 plans of up to $5,000 per year for an individual taxpayer, and $10,000 per year for married taxpayers filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner’s spouse, are deductible. Contribution deadline is December 31 postmark.
- Telephone: 1-877-697-2837
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