Personal Finance News Monday 4/30

Phil's Personal Finance Tip of the Day:

How to Live Debt-Free: Tips to Help Eliminate Debt
From TransUnion.com
Paying down debt may reduce the rates you could pay on future loans and save you a lot in interest payments.

 

Making a long-term effort to pay down debt can eventually allow you to live more debt-free. With just a simple debt management plan, you can live debt-free.

 

Collect all your account, loan and credit information. Order your credit reports from all three credit reporting companies and get credit scores to get a baseline for tracking your improvements. Next, write down your total monthly income and list your estimated monthly expenses that don’t appear in your credit reports (such as expenses you pay for with cash).

 

To read the entire article from Transunion.com:

https://www.transunion.com/personal-credit/debt-management/live-debt-free.page?channel=paid&cid=ppc%3Aob%3Apdebtmanagement%2Flivedebtfree

 

 

Quote of the Day from Dave Ramsey.com:
All growth depends upon activity. There is no development physically or intellectually without effort, and effort means work. — Calvin Coolidge

 

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Personal Finance News Sunday 4/29

Phil's Personal Finance Tip of the Day:
Tools to help you navigate airline baggage fees
By Jennifer Waters | MarketWatch – Fri, Apr 27, 2012 11:39 AM EDT

It’s easy to reckon what it will cost you to buy airfare from Chicago to New York, but try tacking on baggage fees without a cheat sheet and you’ll be at a loss.

“There is no standard,” said Alicia Jao, vice president of travel media for NerdWallet.com, which tracks travel and financial products. “That is the problem with the industry. It’s really up to travelers to figure it all out on their own.”

And it isn’t easy, but there are online tools available to help you navigate.

Each airline has its own set of rules and they can impact what you end up paying by hundreds of dollars. And — this won’t surprise many fliers — the rules can be quite confusing.

Some airlines will charge you the same amount for the first and second bags, while others will up the ante for the second bag and really hit you for more than three bags.

Fees add up to more than airfare

Two airlines — Spirit Airlines (SAVE) and Allegiant Travel (ALGT) — charge for carry-ons and bags checked at the gate, ranging from $35 to $45 with maximum weight restrictions.

Almost all airlines will sock you if the bag is a tad too heavy than the general 50-pound limit or 60-inch size. The pain is sharper if you’re traveling outside the U.S. and Canada, so pack lightly for that Caribbean beach vacation.

Before you jump on Spirit Airlines, which offers airfares you can pay for with pocket change, do the math on what it will really cost you. The discount carrier throws down a complicated set of baggage-rate rules that vary by when you pay (online versus at the airport), what you’re carrying, and whether you’re a club member or an international flier.

“Obviously, the airlines want to make money on these fees, but they also want to discourage people from bringing heavy bags,” said George Hobica, chief executive of travel site Airfarewatchdog.com. Heavier bags add more weight to the plane, which adds to fuel costs.

Baggage fees have become the gift that keeps on giving for most airlines, which continue to tinker with charges as they reap revenue, both in total dollars and as a percentage of operating income.

The fees have become such a dependable and necessary source of revenues that even Southwest Airlines (LUV) , which has been touting “Bags Fly Free” in its ads for two years, is embracing fees already in place at AirTran Airways. (Southwest does not charge change fees, another growing revenue stream for airlines.)

Southwest, which bought AirTran Airways last May, said it will keep the baggage and change fees for AirTran — which rang up almost $167 million in the first nine months of 2011 — until 2014.

Those fees and others, including seat-assignment fees and on-board sales of food, drinks, entertainment and even pillows and blankets, add up to about 32% of AirTran’s total operating revenue.

Compare that to Spirit Airlines, which generates almost 90% of its operating revenues from such ancillary charges, and Delta Air Lines (DAL), which rang up 24% of its operating revenues from those extras in the first nine months of 2011, the most recent figures available from the U.S. Bureau of Transportation Statistics.

To read the entire article:
http://finance.yahoo.com/news/tools-help-navigate-airline-baggage-040155567.html

Inspirational Quotes@Inspire_Us from Twitter:
Sometimes it is not enough to do our best; we must do what is required. - Winston Churchill

Personal Finance News Saturday 4/28

Phil's Personal Finance Tip of the Day:

How to Launch Your Dream and Avoid a Nightmare
From Dave Ramsey.com
Ensure not only your independence but also success

Maybe it’s the idea of creating a legacy. Or the chance to follow your passion, help others, and become the next Donald Trump (minus the comb-over). Whatever is driving you to become an entrepreneur, how do you know when it’s time to turn that dream into a reality and launch your small business? Or more importantly, should you even do it at all?

As Dave writes in his newest best-selling book, EntreLeadership, there are several factors you should consider before taking that final leap into becoming a full-time business owner, including:

 

Asking Yourself Why

Question any super-successful business owner about the beginning of their company, and they will tell you countless war stories. It isn’t easy making green. Starting a company usually involves long hours, superhuman efforts and borderline disasters on a daily basis.

Before you make any move, take some time for some deep soul-searching, and ask yourself why you want to open a business. If it’s strictly for the dollars, then count yourself gone. To make it, you have to have a higher calling. You need a burning desire for what you are about to create. “Find something you love doing so much that on the tough days you have a reason to fight on,” Dave says.

To read the entire article on Dave Ramsey.com:
http://www.daveramsey.com/article/how-to-launch-your-dream/lifeandmoney_business/entre_content

Quote of the Day from Dave Ramsey.com:
The truth will set you free. But before it does, it might make you angry. — Jerry Joiner

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Personal Finance News Friday 4/27

Phil's Personal Finance Tip of the Day:

Can Money Mismanagement Kill Your Marriage?
By Katherine Lewis | Bankrate.com – Thu, Apr 26, 2012 10:34 AM EDT

Money: The root of good and evil

Money is infamous for becoming a sore point in a relationship -- and with good reason. Money means more to us than just dollars and cents. It can signify security, freedom, love, spontaneity. Investing that money -- for our retirement, children's future or other goals -- turns an already-fraught conversation into a high-stakes set of decisions.

"It's so emotionally loaded, representing power, security, control, self-esteem," says Olivia Mellan, author of "Money Harmony." "You're not just fighting about the money; you're fighting about what the money means."

How do you manage money as a couple without sacrificing your love or your portfolio? Whether you're newlyweds ready to buy a first home or long-married partners who have amassed enough assets to need an investment strategy, the path to a mutually agreeable money management and investment plan incorporates several important elements.

Begin with sharing goals, understanding each other's perspective, swearing off secrets, and preparing yourselves for the inevitable change in course when the markets or your jobs don't go your way, and you need to re-evaluate your strategy.

Get on the same page

To lay the groundwork for a common money management plan, sit down with your partner and look over all your financial statements together. Make sure you agree on the numbers when it comes to your family income, expenses and net worth.

Surprisingly, research suggests that men tend to overestimate their wealth, while women underestimate it, says Jay Zagorsky, an economist at Ohio State University. According to a study on this, "half of all couples provide family income values that differ by more than 10 percent and net worth values that differ by more than 30 percent."

"Before sitting down and doing these specific numbers, have each person sit down and write on a piece of paper his or her best guess," and then compare the paperwork, Zagorsky says. "If people actually talk about it ahead of time, they can head off many arguments."

Be sure to include real estate, significant personal property and financial assets in your discussion. And when you review your household budget, look at the figures for what you actually spend each month -- not what you wish you could spend. These numbers provide the context for your money management and investment decisions.

To read the entire article by Katherine Lewis | Bankrate.com:
http://finance.yahoo.com/news/money-mismanagement-kill-marriage-070046236.html

Inspirational Quotes@Inspire_Us from Twitter:
You never achieve success unless you like what you are doing. -Dale Carnegie

Personal Finance News Thursday 4/26

Phil's Personal Finance Tip of the Day:

Escalating bank overdraft fees

Tuesday, April 24, 2012 Eyewitness News-Channel 7 WABC TV New York

High bank fees, including charging for debit card use, had people taking to the streets last year. Some banks caved on that issue. But Consumer Reports says that hasn't slowed banks down. They're racking up billions of dollars in overdraft fees.

Sharon Drapeau signed up for overdraft protection on her checking account, thinking it would protect her from penalty fees if she overdrew. Instead, something else happened.

"I got hit with the bank charge for the transfer and the bank charge for the overdraft, and because I had written a check I got charged the returned check fee," Drapeau said Consumer Reports' Greg Daugherty says government rules that went into effect in 2010 were supposed to help curb abusive bank fees, but it hasn't worked out that way.

"Now your bank must get you to sign up for overdraft protection. Then it will cover you if you spend more money than you have in your account," Daugherty says. For instance, if your account is overdrawn, you're still able to use your debit card to buy a cup of coffee, a magazine, or a pack of gum. But for each transaction you can be charged as much as 35 dollars a pop.

Banks are raking in more than 31billion dollars a year in overdraft fees. Sharon says overdraft protection is a sham.

"Don't say that I'm protecting myself by signing up for the program when there's still going to be this Charge," said Drapeau.

Consumer Reports says there are ways to get some real protection.

First, decline your bank's offer to opt in for overdraft protection. If you're already signed up, opt out.

"You won't be able to use your debit card if you don't have enough money in your account. But be aware, you can still be charged overdraft fees for things like a bounced check and automatic withdrawals if there isn't the money to cover them," warns Daugherty.

"We filed alerts. We have alerts that e-mail us or they'll text us when our account is under a certain amount that we set," said Drapeau.

Now Sharon is not getting hit with charges she doesn't expect.

Consumer Reports says another move to minimize fees is to link your savings and checking accounts so you'll have that much more money to draw upon when your balance gets low. You might get charged a transfer fee, but those are generally much lower than overdraft fees.

To see the video an full report from Channel 7 Eyewitness News New York
http://abclocal.go.com/wabc/story?section=news/consumer&id=8634837

Quote of the Day from Dave Ramsey.com:
Man's mind, stretched to a new idea, never goes back to its original dimensions. — Oliver Wendell Holmes, Jr.

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Personal Finance News Wednesday 4/25

Phil's Personal Finance Tip of the Day:

Credit Freeze and Thaw Guide
From Clark Howard.com

Credit freezes are one of the most effective tools against economic ID theft available to consumers. They allow you to seal your credit reports and use a personal identification number (PIN) that only you know and can use to temporarily "thaw" your credit so that legitimate applications for credit and services can be processed. That added layer of security means that thieves can't establish new credit in your name even if they are able to obtain your ID.

Freezes have been available for free to victims of ID theft for some years, but recently all three of the major credit bureaus adopted new rules allowing non-victims to have access to credit freezes as well for a small fee. In addition, most states and Puerto Rico have adopted laws establishing credit freezes for residents of their state.

The cost ranges from $3-$10 per person per bureau to freeze a credit report; a couple of states have higher fees. See specific info for your state with the links below.

The cost to "thaw" your reports for one creditor -- or for a specific period of time -- range from being free to $10.

To read the entire article from Clark Howard.com:
http://www.clarkhoward.com/news/clark-howard/personal-finance-credit/credit-freeze-and-thaw-guide/nFbL/

Quote of the Day from Dave Ramsey.com:
There is no passion to be found playing small—in settling for a life that is less than the one you are capable of living. — Nelson Mandela

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Personal Finance News Tuesday 4/24

Phil's Personal Finance Tip of the Day:

Zander Speaks: Term Life vs. Whole Life Insurance
Jeff Zander answers the most-asked questions about this necessity
From daveramsey.com on 19 Apr 2012

You've heard Dave say that term life insurance is the only way to go! But why is cash value insurance such a rip-off? Why do you even need life insurance? Jeff Zander answers these most popular questions from Dave Ramsey fans so that you can make the best decision for your family.

If there is at least one person in your life that financially depends on you (spouse, children, etc.), then you must have 8–10 times your annual income worth of term life insurance in place, regardless of which Baby Step you're on.

Contact Zander Insurance to get a term life insurance quote now.

To see the video from Dave Ramsey.com:
http://www.daveramsey.com/article/term-life-vs-whole-life-insurance/lifeandmoney_insurance/text2/

Quote of the Day from Dave Ramsey.com:
A hero is no braver than an ordinary man, but he is braver five minutes longer. — Ralph Waldo Emerson

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Personal Finance News Monday 4/23

Phil's Personal Finance Tip of the Day:

50 Side Businesses You Can Start on your Own
April 11, 2009 @ 11:00 am - Written by Trent

In the past, I’ve discussed how it’s a good idea to spend your spare time dabbling in entrepreneurship: it fills your time with something that you choose (and thus you enjoy) and sets up a potential long-term revenue stream. I also discussed how I got a side business going myself.

Since then, lots of readers have written to me, asking for ideas on how to start a simple side business.

What follows is a list of 50 of those ideas that I’ve collected over the last year or so. Each of these ideas is very simple to start, and most can be done as a sole proprietorship at first (meaning you don’t have to file any legal documents to get started, though you will want to do that if it starts to take off).

Most of these can be done at home in your spare time in your spare space, too.

Ready? See if there are any ideas below that fit you well. If you find an idea, seek out a guide on how to get started in that area.

Antique refurbishment This is a perfect side business for people who love antiquing. Take worn-out antiques home with you, invest the time and care needed to transform those old items into something amazing, then resell them at a profit.

Auto detailing Have a meticulous eye for detail and love to get things gleaming clean? Auto detailing is probably a perfect side business for you. In essence, your job is to make cars sparkle inside and out – and many people are quite happy to pay well for this service.

Babysitting Got lots of evenings free? Like kids? Babysitting may be a great side business for you. Keep an eye on multiple children on Friday and Saturday nights and you can earn some solid income.

Bed and breakfast Have some extra space in your home? Turn that extra bedroom into a “bed and breakfast” room. This works particularly well if you have a somewhat older home or live near an area that attracts regular travelers and tourists.

Blogging If you enjoy writing, find a topic you’re passionate about and start a blog on the topic. All you need is a computer, some time, and some energy to consistently write.

To read the entire article from The Simple Dollar Blog:
http://www.thesimpledollar.com/2009/04/11/50-side-businesses-you-can-start-on-your-own/

Quote of the Day from Dave Ramsey.com:
In the absence of clearly-defined goals, we become strangely loyal to performing daily trivia until ultimately we become enslaved by it. — Robert Heinlein

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Personal Finance News Sunday 4/22

Phil's Personal Finance Tip of the Day:

The Student-Debt Playbook
by Karen Blumenthal Wall Street Journal

Are you or your adult children carrying a big load of student debt? Your family may well feel like the federal deficit is sitting on your shoulders.

Total student debt has climbed past $1 trillion, but that's only part of the story. Among 2010 graduates who took out loans, the average debt at graduation was $25,250, an amount that can feel daunting even if you can afford to pay.

In the last Getting Going column, we outlined ways to use debt judiciously. But what options are there for people already saddled with it?

Take heart. Experts say there are a number of ways to reduce, rework or even get rid of your federal loans, depending on your circumstances and what kind of work you're willing to do. Here are some ideas.

Change your payment plan. If your monthly loan bill is more than you can comfortably pay, the government offers federal-loan holders a number of different repayment plans. They include paying on a graduated scale, where payments increase every two years, or calculating your monthly payment based on your annual income.

Each has trade-offs. The longer it takes to repay the loan, for instance, the more you will pay in total interest costs.

To read the entire article from The Wall Street Journal:

http://online.wsj.com/article/SB10001424052702304818404577349792848426360.html?mod=ITP_businessandfinance_5

Inspirational Quotes@Inspire_Us from Twitter:

Faith is the strength by which a shattered world shall emerge into the light. -Helen Keller

Personal Finance News Saturday 4/21

Phil's Personal Finance Tip of the Day:

Unit pricing pitfalls

Eyewitness News

NEW YORK (WABC) -- With food prices rising, is your grocery bill enough to make you choke? Consumer Reports says one of the best ways to cut those bills is to check unit-pricing labels.

Unfortunately, unit pricing isn't universal. Only a handful of states require it: Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Oregon, Rhode Island, Vermont, plus Puerto Rico and the Virgin Islands.

And Consumer Reports finds that even where unit prices are required, the labels can vary radically. That can make it difficult to compare prices.

Consumer Reports sent shoppers across the country to assess unit-pricing labels. They found plenty of problems. The labels can be a jumble of numbers. And in some cases, quantities couldn't be easily compared. For example, tuna was priced by the ounce for one can and by the pound for another.

Consumer Reports is calling for a law that requires a universal standardized unit-pricing label.

To watch the video from Eyewitness News Channel 7 WABC-TV New York:
http://abclocal.go.com/wabc/story?section=news/consumer&id=8630255

Inspirational Quotes@Inspire_Us from Twitter
Inspire yourself and others will be inspired. Motivate yourself and others will be motivated. Develop yourself and others will start to develop themselves. Be an example first and then the world changes around you. - Author Unknown

Financial Headline News for Friday 4/20

Phil's Financial Tip of the Day:

How to Apply for a Job in Another State

By Christopher Carter, eHow Contributor

Christopher Carter loves writing business, health and sports articles. He enjoys finding ways to communicate important information in a meaningful way to others. Carter earned his Bachelor of Science in accounting from Eastern Illinois University.

With jobs more scarce than ever, now may be as good a time as any to broaden your job search.

Fortunately, with the assistance of the World Wide Web, applying to a job out of state is easier than ever. A number of popular job search websites, such as monster.com or careerbuilder.com, allow you to conduct your job search outside your state. This is helpful in cases where you live on the border between your home state and another state. If distance permits, it's possible you may be able to commute to work out of state as opposed to changing your residence.

Read more: How to Apply for a Job in Another State | eHow.com

Quote of the Day from Dave Ramsey.com:
Proverbs 15:19 — The way of the sluggard is blocked with thorns, but the path of the upright is a highway.

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Financial Headline News for Thursday 4/19

Phil's Financial Tip of the Day:
Declutter Financial Files, and Organize Your Life

by Sonya Stinson

Published April 16, 2012

Bankrate.com

Closets and kitchens were once the bread-and-butter business for professional organizer Natalie Schrier. But lately, she finds most of her clients battling paper clutter, with their personal finance records often getting lost in the heap.

"The influx of paperwork they're receiving in the mail -- bank statements, 401(k) statements, IRA statements -- comes in, it doesn't get opened right away, and it piles up," says Schrier, president and founder of Cut the Clutter, in New York City.

Sound familiar? The solution is setting up a good filing system and knowing how long to keep the financial records you put in it. Here's how you can organize clutter.

Reduce the Pile

One way to cut back on paper clutter is to prevent some of it from entering your home in the first place. You can opt to receive your bank statements, credit card bills and utility bills exclusively online and eliminate the paper altogether. If you go this route, make sure you're diligent about checking your accounts and noting when payments are due.

Digitizing your financial records is a great space saver. You can find portable receipt and document scanners starting at around $100, or spend several hundred for a desktop high-speed scanner.

If you don't want to do it yourself, some financial advisers and accountants will scan clients' documents for free, or you can get it done at a copy center for a small cost. You can also use a service such as Shoeboxed, which lets you mail in your receipts or email copies via your cellphone camera for processing.

Read more: http://www.foxbusiness.com/personal-finance/2012/04/16/declutter-financial-files-and-organize-your-life/#ixzz1sQJMXNQ2

Quote of the Day from Dave Ramsey.com:

Ecclesiastes 9:10 — Whatever your hand finds to do, do it with all your might.

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Financial Headline News for Wednesday 4/18

Phil's Financial Tip of the Day:

Should You Downsize Your Home to Shed Debt Faster?
by Dave Ramsey

Dave Says

Published April 17, 2012

FOXBusiness

Dear Dave,
Is it ever a good idea to sell your home and buy a smaller, less expensive one in order to get out of debt more quickly?
-Autumn

Dear Autumn,
It’s a good idea in some situations. If you don’t really like the house, or maybe you were thinking about selling it anyway, then I’d say go for it. It would also be a smart move if you simply have too much house and the payments are eating you alive.

I usually recommend that your monthly mortgage payment or rent be no more than 25% of your take-home pay. If your house payments are taking 40% to 50% of this figure, then it’s time to unload the house.

But selling your home can be a tough thing emotionally. I’d never advise someone to sell the place they love and move down in house if their payment is reasonable. In these situations there are usually other areas where you can cut back, keep your home, and still get out of debt in a reasonable amount of time.
-Dave

Read more: http://www.foxbusiness.com/personal-finance/2012/04/17/should-downsize-home-to-shed-debt-faster/?intcmp=featuredmedia#ixzz1sQGnELKG

Quote of the Day from Dave Ramsey.com:
In order to succeed, your desire for success should be greater than your fear of failure. — Bill Cosby

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Financial Headline News for Tuesday 4/17

Phil's Financial Tip of the Day:

For those of you who prepared your taxes on Turbo Tax this tax season please read this article published yesterday in the Wall Street Journal opinion page:

Mock and Shurtz: The TurboTax Crime Wave
Taxpayers deserve the same defense from IRS penalties as Tim Geithner.

This year more than three-fourths of all individual tax returns will be filed electronically, and a growing number will come from people who used tax-preparation software. As modern and efficient as this is, the law has not caught up. Taxpayers who employ an accountant or other preparer have some protection from daunting penalties if the IRS finds mistakes. Software users who prepare their returns without help have little or no protection. 

The most famous software fiasco had a very atypical ending. During the confirmation hearings of Treasury Secretary Timothy Geithner three years ago, we learned that he failed to pay self-employment tax on income from the International Monetary Fund. Mr. Geithner partially blamed the oversight on the TurboTax software he had used, claiming it wasn't formatted "in a way that caught" his embarrassing mistake.

This excuse is now memorialized in tax lore as the "TurboTax defense." The IRS waived all penalties against Mr. Geithner—a waiver not customarily offered to ordinary taxpayers, who routinely face a 20% accuracy penalty (plus interest) on back taxes.

Mr. Geithner's episode notwithstanding, there's a growing issue here. Taxpayers who utilize a professional tax adviser such as a CPA or attorney can often avoid IRS penalties by alleging reliance on the tax adviser. (You're always responsible for the underlying tax itself and any interest on the amount.) But for someone who uses commercial software to prepare returns, no such defenses are generally available: The software isn't considered to be a "professional tax adviser." That's unfortunate, because growing numbers of Americans may end up with Mr. Geithner's the-software-did-it problem.

To read the entire article by  RODNEY P. MOCK And NANCY E. SHURTZ from The Wall Street Journal published Monday April 16, 2012:

http://online.wsj.com/article/SB10001424052702304444604577339840734386180.html?mod=ITP_opinion_0

Quote of the Day from Dave Ramsey.com:
The obstacles of your past can become the gateways that lead to new beginnings. — Ralph Blum

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Financial Headline News for Monday 4/16

Phil's Financial Tip of the Day:

Consumer Reports: Super supermarket savings

NEW YORK (WABC) -- It's not just Donald Trump who's screaming, "You're fired!"

A just-released survey of Consumer Reports subscribers found one in three shoppers has dumped their supermarket. The main complaint, prices. Even if you don't switch supermarkets, Consumer Reports says switching strategies can slice your grocery bill in half!

Are you a harried shopper who buys whatever catches your eye? Does your grocery bill send you into a state of shock? Consumer Reports shopped for 30 everyday items and says the type of shopper you are makes a big difference.

Consumer Reports bought 30 everyday items playing the role of three different types of shoppers. First as the "impulsive shopper" who never shops for bargains. Next as the "savvy shopper" who scours flyers and uses savings cards and coupons. Then as the "store-brand fan" who buys only store brands.

Consumer Reports found that you could save hundreds, even thousands of dollars a year if you shop smarter.

For example, orange juice. The impulsive shopper paid $1.89 a quart. The savvy shopper got it for $1.36, and the store-brand fan paid even less, $1.25.

Another example, tomato sauce. The impulsive shopper paid $7.99, while the savvy shopper and the store-brand fan each got it for $1.67!

And the savings on cream cheese. The impulsive shopper paid $3.29, while the savvy shopper spent $2.32 and the store-brand fan got it for 99 cents!

All in all, Consumer Reports cut the impulsive shopper's $241 grocery bill to $87 as a store-brand fan.

Consumer Reports says that if you want to buy national brands, you can still save money by stocking up when they are on sale.

Consumer Reports also compared prices at Costco and found that you can save almost as much at a warehouse club as by buying store brands. But bigger packages don't work for a small family. And keep in mind that bigger packages don't always mean the best value. You still need to check prices carefully.

To see the video from Channel 7 WABC-TV Eyewitness News:
http://abclocal.go.com/wabc/story?section=news/consumer&id=8607074

Quote of the Day from Dave Ramsey.com:
You can't build a reputation on what you are going to do. — Henry Ford

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Financial Headline News for Friday 4/13

Phil's Financial Tip of the Day:

Read Any Good Business Books Lately?
April 12, 2012 By Harvey Mackay

People who read business books earn more money – a lot more! – even in tough economic times. According to a number of studies, business people who read at least seven business books a year earn over 2.3 times more than those who read only one per year.

Why?

One reason is they have a constant flow of new ideas and strategies they can use to help their careers, their teams and their companies. Given the uncertainty of layoffs and other challenges as the economy slowly recovers, you should do everything you can to help your team and your company. That is the best way to not only safeguard your career, but also to help it grow.

You can find a stream of new and practical ideas to drive your success from the world’s business experts. Many of them have written books offering their proven strategies and winning ideas. One winning idea, and the book is worth its weight in gold. It’s a terrific investment.

To read the entire article by Harvey Mackay:
http://harveymackay.com/column/read-any-good-business-books-lately/

Mackay’s Moral: Open a book … open your mind.

Financial Headline News for Thursday 4/12

Phil's Financial Tip of the Day:

Last-minute tax tips for procrastinators
Good things don't always come to those who wait to file taxes; don't rush and make it worse.

By Dave Carpenter, AP Personal Finance Writer | Associated Press – Wed, Apr 11, 2012 2:08 PM EDT

CHICAGO (AP) -- Getting an extra two days to file taxes beyond the usual April 15 tax filing deadline isn't likely to cure a nation of procrastinators this year.

Tens of millions of us routinely wait until just before the deadline to file returns. More than 30 percent of taxpayers filed the week before Tax Day or later via extensions in 2011, and Internal Revenue Service statistics show the pace is similar this year.

Perhaps working under deadline pressure helps you focus better on the task at hand. But procrastinating may come at a price.

"The amount of work that's going to need to be done at the last minute is no less just because you've waited, and the potential for errors is greater," says Suzanne Shier, a tax strategist at Northern Trust Bank in Chicago. "There's not really an upside to waiting."

So you probably should dive into your tax return without waiting any longer.

Either way, there's little time left to round up records and research the details of any tax code changes from last year.

Here are some points for end-of-season tax filers to keep in mind:

THE PRICE OF RUSHING
It's easy to miss possible deductions that will lower your taxes if you're in a hurry. With the clock ticking down, you might not try as hard to look for them.

Along with simple math errors, late filers also are prone to transposing Social Security numbers or birthdates on their returns. Not only can such snags delay your refund, you might not even be allowed to file your return online if all the numbers of you and your dependents don't match up properly with the records. That might be an issue if the 11:59 p.m. Tuesday deadline is looming and you can't quickly figure out what the problem is and how to fix it.

Don't use estimates because you're short on time. H&R Block sees a lot of instances in which taxpayers guess on their adjusted gross income from the previous filing year as well as their e-file pin number, says Elaine Smith, master tax adviser for the tax preparation giant.

Round-figure estimates don't help your chances of avoiding an audit, either.

To read the entire article by Dave Carpenter, AP Personal Finance Writer | Associated Press:
http://finance.yahoo.com/news/last-minute-tax-tips-procrastinators-180629900.html

Quote of the Day from Dave Ramsey.com:
The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack in will. — Vince Lombardi

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Financial Headline News for Wednesday 4/11

Phil's Financial Tip of the Day:

Don’t Forget These 5 Tax Breaks
Find out if you're eligible for these deductions and credits.
By Kimberly Lankford | Kiplinger – Tue, Apr 10, 2012 5:02 PM EDT

I’m finishing up my taxes and want to make sure I don’t overlook any tax breaks I’m entitled to. What are the breaks that people often miss?

With the tax-filing deadline coming up very soon, I’m still getting a lot of questions from people about potential tax breaks. Before you file, see if you’re eligible for the following deductions and tax credits.

To read the rest of the article By Kimberly Lankford | Kiplinger
http://finance.yahoo.com/news/don%E2%80%99t-forget-these-5-tax-breaks.html

Quote of the Day from Dave Ramsey.com:
Always remember, there is more strength in you than you ever realized or even imagined. Certainly nothing can keep you down if you are determined to get on top of things and stay there. — Norman Vincent Peale

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.

Financial Headline News for Tuesday 4/10

Phil's Financial Tip of the Day:

What if you can't pay your taxes?
By Amy Feldman
NEW YORK | Tue Apr 10, 2012 9:43am EDT

(Reuters) - It's one of the worst tax time scenarios: You discover while doing your taxes — or you just know without even doing them —that you owe taxes, and you don't have the cash. What should you do?

You may be tempted to ignore the problem. Don't do it. The worst thing you can do is put off filing your return because you're afraid of the bill. The Internal Revenue Service (IRS) penalties for not filing are more punitive than the ones for not paying.

The failure-to-file penalty runs to 5.0 percent a month that your return is late, up to 25 percent, with a minimum penalty of $135. The failure-to-pay penalty is just a fraction of that, at 0.5 percent a month of the unpaid tax at April 17, and even that is cut in half for taxpayers who set up a formal installment plan with the IRS. Either way, you'll also owe interest, currently at a modest 3.0 percent a year.

To read the entire article from Reuters:
http://www.reuters.com/article/2012/04/10/us-column-yourmoney-taxes-feldman-idUSBRE8390P120120410

Quote of the Day from Dave Ramsey.com:
If you are not willing to risk the unusual, you will have to settle for the ordinary. — Jim Rohn

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST.

Financial Headline News for Monday 4/9

Phil's Financial Tip of the Day:

Ten Questions to Ask Before Splurging

Written by Julie Bawden-Davis

Published April 09, 2012

SavingsAccounts.com

You've probably been there: You've succeeded in building up a little in savings -- and then you see something you can't live without. Before you know it, your rainy-day fund is only a memory.

The next time the urge to splurge hits, avoid making an unnecessary purchase by asking yourself the following questions.

1. Why do I want this item?
Analyzing why you want something quickly can make evident if the purchase is a true need. If you want the item because it's attractive or fun, you don't truly need it. On the other hand, if you require the item for work or to fix something necessary that is broken, then you probably do need it.

Read more: http://www.foxbusiness.com/personal-finance/2012/04/05/10-questions-to-ask-before-splurging/?cmpid=cmty_%7BlinkBack%7D_Ten_Questions_to_Ask_Before_Splurging#ixzz1reeCwmCJ

Quote of the Day from Dave Ramsey.com:
Great spirits have always encountered violent opposition from mediocre minds. — Albert Einstein

Financial Headline News for Friday 4/6

Phil's Financial Tip of the Day:

Christy's Debt-Free Story
From Dave Ramsey.com

Now, at 28, Christy is completely debt-free, working in a career she loves, and ready to begin a marriage without owing money to anyone.

But getting to that point wasn't easy.    

To read the article from Dave Ramsey.com:
http://www.daveramsey.com/article/6-keys-for-young-adults-to-become-debt-free-split/lifeandmoney_debt/lm2/

Quote of the Day from Dave Ramsey.com:
You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of. — Jim Rohn

Financial Headline News for Thursday 4/5

Phil's Financial Tip of the Day:

The ABCs of entrepreneurship

By Harvey Mackay

I was recently asked by master marketer Jay Abraham to appear on his radio program, "The Ultimate Entrepreneur" along with several others including Stephen Covey and Mark Cuban. In that company, I knew I had my work cut out for me!

Start with the basics: What better way than to create the ABCs of entrepreneurship? Over the past few years I have developed my version of the ABCs of selling, leadership, negotiating, networking and team-building, which are among my most requested columns.

A is for ability. Entrepreneurs excel at identifying problems and solving them fast. They anticipate obstacles and opportunities.

B is for business plan. A successful entrepreneur must make one before doing anything else.

C is for cash because all entrepreneurs need money. Use it wisely, even when you are rolling in it.

D is for delegate. You know what you do well and what you do poorly. Decide what to outsource and delegate these tasks to others.

To read the rest of the article:
http://harveymackay.com/column/

Mackay’s Moral: Being an entrepreneur is a lot like the ABCs – start at the beginning and follow your plan through to the end.

Financial Headline News for Wednesday 4/4

Phil's Financial Tip of the Day:

Know your options if seeking help with debt
By Christine Dugas, USA TODAY

The national household debt now totals $13.3 trillion, and although millions of Americans are in financial distress, not many are seeking help. Some worry that they'll get ripped off by debt scams. Others don't think they can afford to pay for the advice they need.

For those getting crushed under the weight of what they owe, the key to taking advantage of debt relief is avoiding traps and understanding your options, because not all of them can fix every problem. And you should know about industry reforms. What are the different types of debt relief — and factors you should keep in mind?

To read the complete article by Christine Dugas, USA TODAY
http://www.usatoday.com/money/perfi/credit/story/2011-11-15/debt-relief/51223354/1

Quote of the Day from Dave Ramsey.com:
Success is how high you bounce when you hit bottom. — George S. Patton

Financial Headline News for Tuesday 4/3

Phil's Financial Tip of the Day:

Last-Minute Tax Tips-From The Wall Street Journal

The tax filing deadline, April 17, is coming up soon—and experts say this year's returns are littered with potential land mines.

Among them: a new form for reporting foreign financial assets (with large penalties for not filing) and a new form for small businesses reported on individual returns that will make it easier for the Internal Revenue Service to find unreported income.

But the biggest new hurdle involves capital gains on investments. Tax preparers say they are finding serious snafus involving "cost basis," or the amount an investor paid for a stock he later sold.

To read the rest of the article from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052702304177104577310121246685642.html?mod=ITP_businessandfinance_4

Quote of the Day from Dave Ramsey.com:
Matthew 19:26 — Jesus looked at them and said, "With man this is impossible, but with God all things are possible."

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST on Dave Ramsey.com and at 8PM on WOR 710

Financial Headline News for Monday 4/2

Phil's Financial Tip of the Day:

Employees, Measure Yourselves
Encouraging workers to keep track of what they're doing can make them healthier and more productive

Imagine how much better workers could do their jobs if they knew exactly how they spend their day.

Suppose they could get a breakdown of how much time they spend actually working on their computer, as opposed to surfing the Web. Suppose they could tell how much an afternoon workout boosts their productivity, or how much a stressful meeting raises their heart rate.

Thanks to a new wave of technologies called auto-analytics, they can do just that. These devices—from computer software and smartphone apps to gadgets that you wear—let users gather data about what they do at work, analyze that information and use it to do their job better. They give workers a fascinating window into the unseen, unconscious little things that can make such a big difference in their daily work lives. And by encouraging workers to start tracking their own activities—something many already are doing on their own—companies can end up with big improvements in job performance, satisfaction and possibly even well-being.

To read the rest of this article on Work Time Management from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052970204520204577249691204802060.html?mod=ITP_thejournalreport_0

Quote of the Day from Dave Ramsey.com:
Success is how high you bounce when you hit bottom. — George S. Patton

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST on Dave Ramsey.com and at 8PM on WOR 710