Personal Finance News Thursday 5/31

Phil's Personal Finance Tip of the Day:

When is filing bankruptcy a good idea?

Fox and Friends Thursday May 31,2012

Fox News legal analyst Bob Massi explained on his Shattered Dreams weekly spot what is Chapter 7 Bankruptcy and when it is right to file for it.

Mr. Massi explains when you are overwhelmed by debt, Chapter 7 can be a good way to start over. He also explains the means tests that is administered to qualify for a Chapter 7.

To view his weekly Shattered Dreams segment from Fox and Friends:  

http://www.foxnews.com/on-air/fox-friends/index.html#/v/1664459473001/when-is-filing-bankruptcy-a-good-idea/?playlist_id=86912


Quote of the Day from Dave Ramsey.com:
It doesn't matter where you are coming from. All that matters is where you are going. – Brian Tracy

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 5/30

Phil's Personal Finance Tip of the Day:

Savings Fall Short for Most Retirees
By TOM LAURICELLA/The Wall Street Journal

Your financial adviser doesn't want you to read this column.

Many retirement investors, egged on by brokers and mutual-fund companies, put a great deal of emphasis on crafting finely tuned portfolios out of stocks, bonds and—increasingly, these days—other exotic investments.

Through website tools and advertising, investors are barraged with the message that allocating among different investments just so is crucial to achieving the retirement lifestyle they desire.

But all that focus on asset allocation in misplaced, a new study argues. For the vast majority of savers, improved investment returns won't materially extend how long retirement money lasts. That's, in large part, because few investors have enough money in their retirement account to tilt the balance.

Far more important, says the paper from the Center for Retirement Research at Boston College, are three variables that don't require a brokerage account: how long you work, controlling spending and tapping the value of your home.

Alicia Munnell, who heads up the retirement center, decided to write the paper after being asked to speak at a conference where the topic was that more people could use financial advice.

"My concern was that it was focused on the wrong thing," she says. The financial industry revolves around selling investments, Ms. Munnell notes, so the advice revolves around selling those products.

"The discussion is always: How much in stocks, and how much in bonds? What our paper showed is it really doesn't matter how that money is invested."

To read the entire article from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052702303448404577408690819674200.html?mod=WSJ_PersonalFinance_PF16

Quote of the Day from Dave Ramsey.com:
A leader who develops people, ADDS – a leader who develops leaders, MULTIPLIES! — John Maxwell

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 5/29

Phil's Personal Finance Tip of the Day:

11 Easy Ways to Slash Travel Costs

By Wise Bread | U.S.News & World Report LP – Tue, May 29, 2012 1:30 PM EDT

Traveling on a budget doesn't mean you have to compromise on comfortable accommodations and decent flight times. In fact, savvy travelers already know how to maximize their travel budget and take advantage of low prices on travel packages, airline tickets, and other travel-related expenses.

Planning ahead will usually give you the upper hand when it comes to playing the vacation-booking game, and there are several tricks and tactics you can use to slash those costs even further. Whether you're dreaming of a trip to the Bahamas or looking to book an overseas adventure, make sure you're aware of all of the different deals, discounts, and specials available to your destination of choice.

Here are 11 tips to help you slash travel costs with ease:

1. Fly in to Alternate Airports
Don't overlook the opportunity to fly in to an alternate airport when you are heading to a major city or other hub with multiple airports. Flights to alternate airports can end up being slightly less expensive than flying into a larger, international airport in the same city. In some cases, you might also be closer to your final destination and be able to skirt traffic. Just make sure to calculate taxi fares from all airports, so you aren't paying extra for ground transportation when flying in to an alternate airport.

2. Book and Fly on the Right Day of the Week
Shop for airfare on Tuesdays and Wednesdays, says Travelzoo's Senior Editor Gabe Saglie. Most airlines publish their sale fares on Tuesday--this is when competition to match those fares begins each week. You're also likely to find a better deal when you fly on a Tuesday, Wednesday, or Saturday. This might mean you have to wait a few days to secure that vacation package, but you could end up saving a significant amount of money on those airline tickets.

3. Book Group Travel with a Rewards Card
Earn bonus miles when booking a group trip by paying for travel expenses using a travel rewards credit card. The best travel rewards card program will allow you to earn extra miles under your own account, and you can have the group members pay you directly in cash for their portion of the trip. Buying airline tickets with a rewards credit card is a smart move for most--especially if you travel frequently and are planning on taking another trip in the near future.

To read the entire article from the US News and World Report/Yahoo Finance:
http://finance.yahoo.com/news/11-easy-ways-slash-travel-152333906.html

Quote of the Day from Dave Ramsey.com:
One often learns more from ten days of agony than from ten years of contentment. — Merle Shain

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 5/28

A break from Financial news today as we all should honor our fallen troops who have made possible our freedom through them paying the ultimate sacrifice.

This article says it all from The Wall Street Journal Friday May 25th.

Tom Manion: Why They Serve—'If Not Me, Then Who?'
After more than a decade of war, remarkable men and women are still stepping forward.

I served in the military for 30 years. But it was impossible to fully understand the sacrifices of our troops and their families until April 29, 2007, the day my son, First Lt. Travis Manion, was killed in Iraq.

Travis was just 26 years old when an enemy sniper's bullet pierced his heart after he had just helped save two wounded comrades. Even though our family knew the risks of Travis fighting on the violent streets of Fallujah, being notified of his death on a warm Sunday afternoon in Doylestown, Pa., was the worst moment of our lives.

While my son's life was relatively short, I spend every day marveling at his courage and wisdom. Before his second and final combat deployment, Travis said he wanted to go back to Iraq in order to spare a less-experienced Marine from going in his place. His words—"If not me, then who . . . "—continue to inspire me.

My son is one of thousands to die in combat since the terrorist attacks of September 11, 2001. Because of their sacrifices, as well as the heroism of previous generations, Memorial Day 2012 should have tremendous importance to our entire nation, with an impact stretching far beyond one day on the calendar.

To read the entire article from the Wall Street Journal by Tom Manion:
http://online.wsj.com/article/SB10001424052702303610504577419973285034422.html?mod=wsj_share_tweet

Personal Finance News Sunday 5/27

Phil's Personal Finance Tip of the Day:

Two ways to save money as you plan summer vacation
By Clark Howard

Here we are on the eve of the unofficial kickoff of summer this Memorial Day weekend and I've got a couple of ways for you to save money on summer travel.

I've talked in the past about sites like VRBO.com, HomeAway.com and Airbnb.com as a way to get a deal if you're looking for a rental. With site likes these, you get to rent a private home or a room in a home directly from the owner rather than renting a hotel room. This can also be a great way to supplement your income when you're the owner of the property.

Now comes word that Airbnb.com is offering $1 million in insurance coverage if you make your home, vacation home or a single room available for rent to travelers. That should go a long way to addressing concerns about what happens if you rent your home and the renter damages it.

To read the entire article from Clark.Howard.com:
http://www.clarkhoward.com/news/clarkhoward/travel/two-ways-save-money-you-plan-summer-vacation/nPDSs/

You can hear the Clark Howard show live from 1-3 PM Monday to Friday on WSB radio Atlanta:
http://www.wsbradio.com/

Inspirational Quotes@Inspire_Us from Twitter:
Anything I've done that was ultimately worthwhile initially scared me to death. -Betty Bender

Personal Finance News Saturday 5/26

Phil's Personal Finance Tip of the Day:

Rebuilding Your Dreams: What do you do after foreclosure?

Bob Massi weighs in on Fox and Friends

Real estate attorney Bob Massi explains the difference between a short sale, bankruptcy or foreclosure.

Please watch the video from Fox and Friends May 24th:

http://www.foxnews.com/on-air/fox-friends/index.html#/v/1654058138001/rebuilding-your-dreams-what-do-you-do-after-foreclosure/?playlist_id=162383

Inspirational Quotes@Inspire_Us from Twitter:

It is hard to fail, but it is worse never have tried to succeed. - Theodore Roosevelt

Personal Finance News Friday 5/25

Phil's Personal Finance Tip of the Day:

Smart Businesses Catch The “Age Wave”

May 24, 2012 By Harvey Mackay

With each passing birthday, some wise guy asks me if I’m finally going to retire. Oh, how I hate that question. I love my work, and I love to work. And as it turns out, I’m part of an emerging demographic: the longevity revolution.

It’s also an underrated generation. To confirm my suspicions, I turned to the real expert in this field.

My good friend Dr. Ken Dychtwald is North America’s foremost visionary regarding the lifestyle, marketing, healthcare and workforce implications of the 50-plus generation. American Demographics magazine honored him as the single-most influential marketer to Baby Boomers over the past century.

He’s the best-selling author of 16 books on age-related issues, including his most recent book, “A New Purpose: Redefining Money, Family, Work, Retirement and Success.” His website is www.agewave.com.

And if that’s not impressive enough, he’s a psychologist, gerontologist, documentary filmmaker, and entrepreneur. He’s devoted nearly 40 years to studying what happens when more and more of us live longer and longer.

To read the entire article from Harvey Mackay.com:
http://harveymackay.com/column/smart-businesses-catch-the-%E2%80%9Cage-wave%E2%80%9D/

Mackay’s Moral: We all have to grow up, but we never have to get old.

Personal Finance News Thursday 5/24

Phil's Personal Finance Tip of the Day:

Consumer Reports: Finding the best hotel deals
Eyewitness News Channel 7 New York

NEW YORK (WABC) -- Finding a nice hotel room at a great rate can take some work. Consumer Reports' Tod Marks says these days a good place to start is with the hotel's website.

"Hotels have taken back the night by imposing best-rate guarantees," he said. "That is, find an advertised price lower anywhere else and we'll match it plus give you a bonus."

So book at the hotel site, then keep looking online for a cheaper rate. It also pays to look for special deals on hotel sites - like "Up to 20 percent off" and "complimentary parking."

"Now if you really want to save and get the rock-bottom drop dead low rate, do what I do," Marks said.

"Use Hotwire, Priceline's Name Your Own Price program, or use Travelocity's Top Secret Hotels.

They don't reveal the name of the hotel until after you've committed to purchasing that room for a given night."

However, it can lead to big bargains. On Hotwire, Tod booked a room at what turned out to be The James - a high-end hotel in Chicago. The rate was just $133 a night. The best rate the hotel or any other site offered was $234.

And while budget hotels are the cheapest place to stay, Consumer Reports says some are no bargain. Its survey of almost 23,000 subscribers found Americas Best Value Inn among the worst.

A much better bet - top-rated Microtel Inn and Suites - where rooms can go for as little as $59.

"They offer decent upkeep, they're clean, and check-in, most of the time, it's a snap," Marks said.

Consumer Reports says if you can't plan ahead and need to book a hotel for the same night, there are ways to save there, too. A free app for smart phones called Hotel Tonight shows deals on hotels in some 30 cities. You can start checking rates at noon in the hotel's time zone.

To see the entire story from Channel 7 Eyewitness News New York:
http://abclocal.go.com/wabc/story?section=news/consumer&id=8675068

Quote of the Day from Dave Ramsey.com:

If you accept a limiting belief, then it will become a truth for you. — Louise Hay

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 5/23

Phil's Personal Finance Tip of the Day:
Here is another out of the ordinary idea from the Clark Howard show today:

VOYAGER Mobile has $19/month unlimited smart phone plan
By Clark Howard

Another day, another phenomenal deal on unlimited no contract smart phone service! Though I have to caution I haven't tested this one out personally yet...

VOYAGER Mobile is a new cell phone service started by a 22-year-old student who's still attending New York University. John Mardini is running what's called a 'mobile virtual network operator' (MVNO,) which means he wholesales blocks of service on the Sprint network and then turns around and sells it at two price points:

• $19 for unlimited talk and text
• $39 for unlimited talk, text, and data

VOYAGER is available in almost two dozen states, concentrated heavily in the Heartland with some West Coast presence. Though taxes are extra, VOYAGER offers the lowest price point for unlimited everything I've seen -- with the exception of an experimental beta service I've talked about called Republic Wireless. Again, I have not yet tested VOYAGER, but you can read my review of Republic Wireless.

Because VOYAGER is a no-contract service, you pay full retail price for the handsets, which range from $119 to $549.

Who knows if VOYAGER will stick around? I have no idea. But if it works, boy, is it cheap!

You can hear the Clark Howard show live from 1-3 PM Monday to Friday on WSB radio Atlanta:
http://www.wsbradio.com/


Quote of the Day from Dave Ramsey.com:
This is the only chance you will ever have on earth with this exciting adventure called life. So why not plan it, and try to live it as richly, as happily as possible? — Dale Carnegie

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 5/22

Phil's Personal Finance Tip of the Day:

Handling the Master's Money
By Austin Pryor for Sound Mind Investing-From CBN.com

Investing that glorifies God is motivated solely by a desire to see His kingdom grow. If you're a follower of Jesus Christ, then you know that:

Our life is not your own. "You also are among those who are called to belong to Jesus Christ." (Romans 1:6) "If we live, we live to the Lord; and if we die, we die to the Lord. So, whether we live or die, we belong to the Lord." (Romans 14:8)

Your body is not your own. "Do you not know that your body is a temple of the Holy Spirit, who is in you, whom you've received from God? You are not your own; you were bought with a price." (1 Corinthians 6:19-20)

And, neither is your money your own. "To the LORD your God belongs the heavens, the earth and everything in it." (Deuteronomy 10:14) "Who has a claim against me that I must pay? Everything under heaven belongs to me." (Job 41:11)

To read the entire article from CBN.com:
http://www.cbn.com/finance/handling-masters-money.aspx

Quote of the Day from Dave Ramsey.com:
True happiness flows from the possession of wisdom and virtue and not from the possession of external goods. — Aristotle

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 5/21

Phil's Personal Finance Tip of the Day:

3 Money Topics to Discuss Before College Starts-Get your college-bound teen started off right—and save money!

From daveramsey.com on 21 May 2012

By Rachel Cruze

If you’ve ever had a kid who went to college, you know that it’s not uncommon to get a call that goes something like this:

“Hey Dad!.”

“Hey son. How are things?”

“Classes are going well, but can you send me $100 by the end of the week?”

“Well, things are kind of tight here. But what do you need the money for?”

“Uh, you know, books. Things. Just school stuff.”

“All right. Well let me talk to your mother.”

In the dorms, I heard conversations like this all the time. A few days later, dad transfers the money to his son’s account. But what happens after that? Where does that money actually go? Is Junior a human black hole?

Despite his best intentions, that money is probably going to something more than just “school stuff.” Don’t get paranoid (unless you need to be). It’s doubtful your son or daughter is involved in anything sketchy, but it’s easy as a college student to spend a few bucks here and there and never even realize how quickly it adds up, until it is all gone and the cycle repeats itself.

I continue to see this happening, and that is why I’m here to help. If you’ve got a kid about to head off to campus, think about these possibilities and talk them through together before you drop him or her off at the dorm.

Extracurricular Activities

Does your teen plan on being in a sorority or fraternity? With all the parties and formals, Greek life can be expensive. And then you also have intramural sports, meal plans and all kinds of other clubs and organizations that might cost a pretty penny. Sure, it’s perfectly fine to have some interests outside of school, but make sure you and your teen budget and save for them beforehand. If not, you’ll be getting even more frequent calls for your hard-earned $100 bills.

To read the entire article from Dave Ramsey.com:
http://www.daveramsey.com/article/3-money-topics-to-discuss-before-college-starts/lifeandmoney_college/text2/

Quote of the Day from Dave Ramsey.com:
I am never bored anywhere; being bored is an insult to oneself. — Jules Renard

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 5/20

Phil's Personal Finance Tip of the Day:

Is It a Harmless Gift...or Is It an Indulgence?
THE JUGGLE ON SUNDAY, BY KATY MCLAUGHLIN
The Wall Street Journal

When we were dating and first married, one of my husband's most endearing habits was giving me spontaneous gifts. He came home with beautiful bouquets of roses, scrumptious spinach pie from a South American bakery and once a Norah Jones CD. At the time, these out-of-the-blue surprises struck me as the sweetest things in the world.

Enter two young children—our sons are 5 and 4—and the spontaneous gifts have become a flash point between Alejandro and me. Oh, don't get me wrong: I love when he brings me flowers, which he still does on occasion. But I have a big problem with the on-the-fly presents he showers on the kids. How can we teach the kids that they don't need things to make them happy if we are constantly giving them…things to make them happy?

***

Alejandro has walked in the door with a huge Hot Wheels track under his arm, and with collectible red and silver model cars. He gets them a new soccer ball every few months. Whenever they serve cake at his office, he brings home two slices for the boys.

"Oh, great," I'll groan. "It's Christmas in July."

To read the entire article from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052702304070304577399712221041918.html?mod=WSJ_PersonalFinance_FamilyFinance

Inspirational Quotes@Inspire_Us from Twitter:
Life is really simple, but we insist on making it complicated. -Confucius

Personal Finance News Saturday 5/19

Phil's Personal Finance Tip of the Day:

Here's a 7-step blueprint for a happy marriage, money-wise
By Alex Veiga, Associated Press-USA Today

LOS ANGELES–Newlyweds and couples moving toward marriage, take note: Love, as it turns out, is not all you need.

Not if your goal is to avoid the No. 1 reason marriages end in divorce: money problems.

Everyone knows, or should know, this. But love and a reluctance to take a hard look at our own financial habits, often keep us from seeing, much less confronting, potential financial troubles in a relationship.

Failing to do so can lead to serious trouble.

"Mature, responsible conversations about money are a sign of a marriage that's going to be healthy and wonderful and enduring," says Brooke Salvini, a certified financial planner based in San Louis Obispo, Calif. "If you can't talk about money when you are dating, that is a red flag right there."

To get the conversation rolling, here are seven steps experts recommend to steer clear of potential marital money troubles:

1. DISCLOSE FINANCIAL RECORDS

Before corporations merge, both sides get a close look at each other's financial records. Take the same approach before you get hitched.

Swap statements for your bank accounts, credit cards, student loans, retirement accounts and so on. Also share credit reports and FICO scores.

"Not only can you start to put together a balance sheet of what the two of you own and what your debts are, you can start to discuss 'do we want to combine our checking account?'" says Salvini.

To read the entire article from USA Today.com:

http://www.usatoday.com/money/perfi/basics/story/2012-05-20/couples-and-money-marriage/55059930/1

Inspirational Quotes@Inspire_Us from Twitter:

If you don't like something, change it. If you can't change it, change your attitude. -Dr. Maya Angelou

 

Personal Finance News Friday 5/18

Phil's Personal Finance Tip of the Day:

Best Airlines for Redeeming Miles
By Scott McCartney | The Wall Street Journal

Ready to redeem your frequent-flier miles and reward points for a plane ticket? You'll probably get a seat on Southwest, but good luck with Delta, at least at the basic redemption level.

Southwest Airlines has the best availability of award seats among U.S. airlines on travel dates this year between April and October, according to an annual survey by IdeaWorks Co., a travel consultancy that made 6,680 queries on 23 airline websites testing availability. The worst among U.S. airlines: Delta Air Lines and US Airways. Those two had no seats available at the lowest mileage level on about two out of every three inquires, or worse.

Availability increased this year at British Airways and United Airlines, along with JetBlue Airways, Southwest and its AirTran Airways unit. And it is tougher this year to get standard-level award tickets at American Airlines, which is undergoing bankruptcy reorganization.

To read the entire article from The Wall Street Journal/Yahoo Finance:
http://finance.yahoo.com/news/best-airlines-redeeming-miles-041000814.html

Quote of the Day from Dave Ramsey.com:
Matthew 13:16 – But blessed are your eyes because they see, and your ears because they hear.

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 Thursday 5/17

Phil's Personal Finance Tip of the Day:

Knowing Something About Your Customer Is Just As Important As Knowing Your Product

May 17, 2012 By Harvey Mackay

On a national sports radio program recently, the two talk show hosts were discussing star quarterback Peyton Manning and the enormous impact he is having in his new football home, Denver. They mentioned that Manning had already learned the entire playbook, but even more interesting was the fact that he learned the names of the entire press group and knows as much as he could about them and their families. One show host opined how “brilliant” that was of Manning, and what is most impressive is that he took the time to read and find out as much information as he could.

Perhaps he does this because he knows the value of scouting reports, which colleges and major sports leagues use to assess their competition and draft choices.

I don’t know if Peyton Manning is familiar with the Mackay 66-Question Customer Profile, which I wrote about in my book, “Swim With The Sharks Without Being Eaten Alive.” However, Manning certainly knows the power that it yields when used properly to build relationships.

To read the entire article by Harvey Mackay:

http://harveymackay.com/column/knowing-something-about-your-customer-is-just-as-important-as-knowing-your-product/

Quote of the Day from Dave Ramsey.com:

Either control your own destiny, or someone else will! – John F. Welch, 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 5/16

Phil's Personal Finance Tip of the Day:

Couponing to the extreme

I heard about this website Couponmom.com while listening to the Clark Howard show today. I am going to check them out since Clark mentioned that these ladies take couponing to the 9th degree.

If it is good enough for Clark Howard it is good enough for me.

To check out their website and their coupon deals:

http://www.couponmom.com/

Quote of the Day from Dave Ramsey.com:
"Life is like a ten-speed bike. Most of us have gears we never use." – Charles M. Schulz

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 5/15

Phil's Personal Finance Tip of the Day:

New online tool helps you estimate Social Security benefits
By Sandra Block, USA TODAY

If you're feeling nostalgic about the days when you drank Pabst Blue Ribbon beer because it was cheap, not trendy, a new online tool from the Social Security Administration will take you on a walk down memory lane.

On May 1, Social Security launched a feature on its website, www.socialsecurity.gov, that allows workers to view an online version of their Social Security earnings and benefits statements. The program also allows you to estimate your retirement, disability and survivors benefits.

You can use this tool to show your kids how little you made when you started working (after you've reminded them that you walked 5 miles to get to school, without an iPod or cellphone). But more important, it can help you receive all of the benefits you're due, and make smart decisions about when to claim them.

To read the entire article By Sandra Block, USA TODAY:
http://www.usatoday.com/money/perfi/columnist/block/story/2012-05-10/social-security-online-sandra-block/54963382/1

Quote of the Day from Dave Ramsey.com:
Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude. – Thomas Jefferson

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 5/14

Phil's Personal Finance Tip of the Day:

Should You Purchase Long-Term-Care Insurance?
From The Wall Street Journal
Mr. Cole is a senior staff attorney at California Advocates for Nursing Home Reform.

Long-term-care insurance. It's a subject most people don't want to think about—but many people know they need to.

At first blush, policies that help pay the costs of extended nursing care make perfect sense. Bills add up quickly when you can no longer take care of yourself and your needs exceed what family and friends can provide. Nursing homes, assisted-living centers and home care all are expensive, and there is no telling for how long you may need the service. Buying a long-term-care insurance policy can be a way of making sure your future physical needs will be met. Policies designed in partnership with state governments also give individuals and their families a way to protect savings in the event of burdensome care costs that stretch on for years.

To read the entire article from The Wall Street Journal:
http://online.wsj.com/article/SB10001424052702303425504577352031401783756.html?mod=WSJ_PersonalFinance_PF14


Quote of the Day from Dave Ramsey.com:
Live your life so that your children can tell their children that you not only stand for something wonderful – you acted on it. – Dan Zadra

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 5/13

Phil's Personal Finance Tip of the Day:

Buy your NFL merchandise at Reebok clearance prices

I just came back from shopping at the Reebok outlet store and pricing the NFL clearance items. As you probably know, Nike became the official outfitter for the NFL on April 1st, 2012, replacing Reebok.

I priced a brand new Nike Eli Manning jersey at $100 from Sports Authority. Since NFL items are dead inventory now to Reebok and must be cleared out, I saw Giants jerseys for $19.99. Other Reebok NFL apparel are about 60% off at the outlet stores.

Before going out and paying retail price for your favorite NFL team's new Nike merchandise, take advantage of Reebok clearance prices at their outlets.

Inspirational Quotes@Inspire_Us from Twitter:
What would life be if we had no courage to attempt anything. -Vincent Van Gogh

Personal Finance News Saturday 5/12

Phil's Personal Finance Tip of the Day:

New credit card breach: Protect yourself.
By Clark Howard

Criminals recently took advantage of a weak link at a particular merchant processor, which is an intermediary service between customers and retailers that clears credit cards for purchases. In the course of five weeks, over 1.5 million credit card numbers were stolen from all major cardholders including Visa, American Express, MasterCard and Discover.

As best as anyone knows, no personal I.D. information was stolen such as name, date of birth, address or social security. They only got the credit card numbers. However, just having the numbers will allow the criminals to run charges to your account.

We are the last major country still using the 1960's-era credit card technology that allows cards and accounts to be stolen this easily! Most developed countries use a much more secure system called "chip and pin," which embeds a computer chip within the card, making it next to impossible to duplicate or use the card.

So what do you need to know to protect yourself?

To read the entire article from Clark Howard.com:

http://www.clarkhoward.com/news/clark-howard/scams-rip-offs/new-credit-card-breach-protect-yourself/nMJNy/

You can hear the Clark Howard show live from 1-3 PM Monday to Friday on WSB radio Atlanta:
http://www.wsbradio.com/

Inspirational Quotes@Inspire_Us from Twitter:
Don't wish it were easier. Wish you were better. - Jim Rohn

Personal Finance News Friday 5/11

Phil's Personal Finance Tip of the Day:

Turn Your Household Junk Into Cash
Creativity will help you bring in the dough at your yard sale.

from daveramsey.com on 10 May 2012

Yard sales. Virtual yard sales. Consignment sales. Ebay. Craigslist. And the list of ways to buy and sell stuff goes on! With spring cleaning in the air, it’s the perfect time to get rid of some clutter and make some extra cash to pay off debt or build up the emergency fund!

When you’re getting out of debt, Dave says to sell so much stuff the kids think they’re next! But how do you make sure you’re getting the most you can for your stuff?

To read the entire article from Dave Ramsey,com
http://www.daveramsey.com/article/turn-your-household-junk-into-cash/lifeandmoney_other/text2/

Quote of the Day from Dave Ramsey.com:
A flow of good ideas can keep the good times from turning bad. — Marion Buhagair

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 Thursday 5/10

Phil's Personal Finance Tip of the Day:

Lou Holtz’s 3 Rules of Life

May 10, 2012 By Harvey Mackay

I wish I had said that, but it was my very close friend Lou Holtz. I recently invited Lou to speak to a professional group I am mentoring and he was his usual outstanding self. It’s no wonder that the Washington Speakers Bureau calls Lou one of the best speakers in the world.

I’ve heard Lou speak a hundred times, and he still amazes me with his practical, down-to-earth, plain and simple advice.

For example, we have all kinds of rules and laws. We’ve got federal laws, state laws, corporate laws, bylaws … you name it. Holtz simplifies things by following three simple rules.

Rule #1 – Do right. “Just do the right thing,” Lou says. “We’ve all done dumb things and wish we hadn’t done them, but you can’t go through life with an albatross around your neck saying, ‘I made a mistake.’ Say you’re sorry, make amends and move on.”
He added: “I think it’s wrong to be bitter. We all have a reason to be bitter. We’ve all had injustices done to us by society, by a spouse, by a friend, but you can’t go through life being bitter. We’re always blaming someone else. Wherever we are it’s because of the choices we make.”

Rule #2 – Do everything to the best of your ability with the time allotted. Lou says: “Not everybody will be an All-American. Not everybody will be first team. Not everybody will be great. But everybody can do the best they can with the time allotted.”

To read the entire article from Harvey Mackay:
http://harveymackay.com/column/lou-holtz%E2%80%99s-3-rules-of-life/

Inspirational Quotes@Inspire_Us from Twitter:
The first step before anyone else in the world believes it is that you have to believe it. -Will Smith

Personal Finance News Wednesday 5/9

Phil's Personal Finance Tip of the Day:

10 Frugal Living Tips To Happiness On A Tight Budget
By Matthew Cenzon/Can Do Finance

Whether you're dealing with a mountain of debt or trying to save money for your retirement, there are numerous circumstances that can force someone to change his or her spending habits. Frugal living is typically viewed in a negative light, where the word "sacrifice" becomes synonymous with "suffering."

However, this does not have to be the case. Here are 10 frugal living tips to achieve happiness on a tight budget.

1. Keep Track of Your Spending

If you're planning to live on a tight budget, you need to start by keeping track of all your expenses. From car repairs to that cup of coffee you buy every morning, everything must be recorded. It's easy to lose track of how much you spend in any given week. The next thing you know, you are looking at a credit card bill that is well outside your means. So, you pay the minimum payment, which is another no-no, and the cycle of perpetual debt begins. Keeping better track of your spending can help you avoid wasting money on unnecessary expenses.

2. Change Your Spending Habits

Now that you're keeping track of what you're spending your money on, look through your monthly expenses and start trimming the fat. This is where people begin to think that frugal living is a complete downer compared to a lifestyle of superfluous spending. Don't think about limiting yourself on the things you want, start thinking about cutting out the things you don't need or waste money on.

Avoiding name brand items, buying in bulk, and buying used or refurbished items are just a few examples to help you save and change your spending habits.

To read the entire article by Matthew Cenzon/Can Do Finance:
http://www.candofinance.com/debt-management/frugal-living-tips/


Inspirational Quotes@Inspire_Us from Twitter:
Most of us are just about as happy as we make up our minds to be. - Abraham Lincoln

Personal Finance News Tuesday 5/8

Phil's Personal Finance Tip of the Day:

How to squeeze out higher interest rates from your savings
By Sandra Block, USA TODAY

When the Federal Reserve pushed interest rates higher in the late 1970s to bring down inflation, angry farmers drove their tractors to Washington, D.C., and blockaded the Fed's headquarters.

The Fed's current stance on interest rates has just as many detractors, but most of them are too old, weary or poor to board a bus for the nation's capital. The Fed reiterated last month that it intends to keep rates near zero through 2014. This policy, aimed at boosting the struggling economy, has been a boon for borrowers, but savers have suffered. Interest rates on most bank accounts, certificates of deposit and other low-risk investments aren't even keeping up with inflation.

One way around that is to take more risk, but many seniors are unwilling to take chances with their retirement savings. Similarly, investors who are building an emergency fund or saving for a short-term goal need a safe, easily accessible place for their money.

To read the entire article By Sandra Block, USA TODAY:
http://www.usatoday.com/money/perfi/columnist/block/story/2012-05-07/making-more-money-on-savings/54813920/1

Inspirational Quotes@Inspire_Us from Twitter:
Always do right. This will gratify some people and astonish the rest. - Mark Twain

Personal Finance News Monday 5/7

Phil's Personal Finance Tip of the Day:

Picking a Place to Retire
By ELLEN E. SCHULTZ From the Wall Street Journal

Where to retire? It's an age-old question that for many people centers on two big variables: housing costs and taxes.

They should add a third criterion to their list: the percentage of people collecting pensions.

Most people tend to retire close to home, according to an analysis of U.S. Census data by Cheryl Russell, a demographer and editorial director of New Strategist Publications. Those who move farther away fall into two groups: the frail elderly, who want be closer to their children, and, as Ms. Russell calls them, the "energetic affluent."

For those looking make a long-distance move, the websites Zillow, Trulia and Realtor.com provide listings, historical sales prices, mortgage rates, property taxes and foreclosure rates, among other information.

Zillow, for example, shows trends within states and metropolitan areas over one, five and 10 years, the percentage of homes sold for gain or loss, and the percentage that increased or decreased in value. Trulia includes data on crime rates and schools, and Google Earth lets you peek at the property.

Taxes are more complicated. States vary considerably, with different rules for different kinds of income.

Tennessee, for example, doesn't tax wages, Social Security benefits, or pension and IRA distributions. But the state sales tax is high (7% for tangible property, for example), and it taxes interest and dividends at 6%. Estate and inheritance taxes range from 5.5% to 9.5%.

Florida has fewer variables. It has no state income tax of any kind, no inheritance tax and limited estate taxes. Property taxes have a number of homestead exemptions. The state sales tax is 6%, though some counties have a sales tax that can bring the combined rate to 9.5%.

To read the entire article by ELLEN E. SCHULTZ/The Wall Street Journal:
http://online.wsj.com/article/SB10001424052702303877604577380360566783028.html?mod=WSJ_FamilyFinance_FamilyFinance_2

Inspirational Quotes@Inspire_Us from Twitter:
If a man does his best, what else is there? -George Patton

Personal Finance News Sunday 5/6

Phil's Personal Finance Tip of the Day:

I came across a program called Princess on CNBC when I was channel surfing last night. In it, money wizard Gail Vaz-Oxlade, with her no-nonsense approach to finance, helps the most desperate debt dodger get in touch with their inner scrooge. Whether you’re living a champagne lifestyle as you drown in debt or counting pennies for that walk down the aisle, Gail Vaz-Oxlade has the expertise to give you the financial makeover of your dreams. With basic concepts like "money runs out" and "think before you shop" Gail Vaz-Oxlade is the guru of finance and can take any families from red to black.

I recommend her website and blog for no nonsense common sense financial advice:

http://www.gailvazoxlade.com/

http://gailvazoxlade.com/blog/

Inspirational Quotes@Inspire_Us from Twitter:
To know what you know and to know what you don't know, that is real wisdom. - Confucius

Personal Finance News Saturday 5/5

Phil's Personal Finance Tip of the Day:

How do you teach your kids about money?
By Clark Howard

How do you teach your kids about money? If you don't do it, one thing is certain: They'll learn their lesson in the school of hard knocks and you don't want that.

As a parent, there is so much you can do in this arena, yet a recent T. Rowe Price survey found that four in 10 parents said their own parents didn't do a good job teaching them about money. Those same respondents in turn graded themselves at a C or lower when it comes to teaching their own children.

To read the entire article by Clark Howard:
http://www.clarkhoward.com/news/clark-howard/family-lifestyle/how-do-you-teach-your-kids-about-money/nNWZP/


You can hear the Clark Howard show live from 1-3 PM Monday to Friday on WSB radio Atlanta:
http://www.wsbradio.com/

Inspirational Quotes@Inspire_Us from Twitter:
Danger 4 most of us lies not in setting our aim too high & falling short; but in setting our aim 2 low &achieving our mark. -Michaelangelo

Personal Finance News Friday 5/4

Phil's Personal Finance Tip of the Day:

Tie-Downs Are Critical To Sales

May 3, 2012 By Harvey Mackay

If you knew two little words that could improve your sales, you’d use them, wouldn’t you?

When you see your customer has some reservations, it makes sense to get the issues out in the open, doesn’t it?

And after the ink is dry on the deal, you should make every effort to make sure your customer is satisfied, shouldn’t you?

So why all the questions? They illustrate a simple technique – sales tie-downs – that can help you improve your sales. By getting your customers to agree with you in small steps along the way, you have a better chance of reaching agreement when it’s time to do business.

The salespeople who effectively use tie-downs are more successful. The ones who don’t aren’t nearly as successful. It’s that simple.

So what exactly are sales tie-downs?

They are short phrases that can be added to statements to turn them into questions that get your prospective customer to start saying yes long before you go for the close. You ask these little questions throughout your sales presentation to engage your customer and get them used to saying yes. Psychologically, they will then be more likely to say yes when you ask for the sale.

To read the entire article from Harvey Mackay:
http://harveymackay.com/column/tie-downs-are-critical-to-sales/

Quote of the Day from Dave Ramsey.com:
Success is the good fortune that comes from aspiration, desperation, perspiration and inspiration. — Evan Esar

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 Thursday 5/3

Phil's Personal Finance Tip of the Day:

Homeowners Association 101: What you need to know

Bob Massi weighs in/Fox and Friends Thursday May 3, 2012

There was a must see segment this morning on Fox and Friends regarding a lady whose tenants were evicted over her failing to pay a lien. Bob Massi on his Shattered Dreams segment lays out what to look out for as being members of a Homeowners Association.

To view the video:
http://www.foxnews.com/on-air/fox-friends/index.html#/v/1618735204001/homeowners-association-101-what-you-need-to-know/?playlist_id=162383


Quote of the Day from Dave Ramsey.com:
The greatest secret of success in life is for a person to be ready when their opportunity comes. — Benjamin Disraeli

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 5/2

Phil's Personal Finance Tip of the Day:

Half of Americans Set to Die Without a Will

By Lisa Scherzer | The Exchange – Tue, May 1, 2012 3:31 PM EDT

If you died tomorrow, who would inherit your assets? Your house? Your Snapfish albums?

If you're like half of American adults, you haven't made a will and therefore — legally speaking — haven't answered these questions.

A survey from RocketLawyer.com, a legal services web site, last month found that 50% of Americans with children do not have a will. Even more alarming, 41% of baby boomers (age 55-64) don't have one. The top three reasons cited by survey respondents for not having a will: procrastination, a belief that they don't need one and cost.
[Related: How Long Will You Live, Exactly? Ask the Calculator.]

So what happens if you die without a will (known as dying "intestate")? The state will decide how your property is distributed. "You don't want the default to be what the state law is — sometimes it could work out in your favor, but sometimes it can't," says Jason Smolen, an estate planning lawyer and founding principal of SmolenPlevy.

Shifts in demographic patterns are making estate plans even more critical. As the survey notes, in the past five years the number of unmarried couples has jumped, according to the National Marriage Project. Throw a child into the mix and the surviving partner doesn't get the same protections that are default under law for a married couple.

Don't forget your 'digital estate'

And no doubt you've heard about the digital afterlife. According to the RocketLawyer survey, 63% of respondents don't know what happens to their digital assets when they die. Traditional estate planning doesn't take into account this emerging class of assets — and it's not just thinking about what you want to happen to your Facebook page or Match.com profile.

Your survivors may not even be aware of the extent of your online presence. Consider your online bank accounts, email accounts, iPod and all its music, blogs, photo albums, YouTube account, eBay account, PayPal account, e-book collection, Gilt Group subscription…you get the picture. Even your U.S. savings bonds are online.

Most popular online account services like Facebook, Gmail, LinkedIn and Twitter have developed deceased-user policies, which provide the family or executor of the deceased user with information about what's required to access the account.

"This is a problem most people don't know they have," says Smolen. His advice? Make a list of your accounts and passwords and print it out. His firm is in the process of setting up an online service for their clients to catalog their digital assets, as are others. Both RocketLawyer and LegalZoom have introduced services to address this rising need, allowing consumers to create a trust to manage their digital assets.

To read the rest of the article by Lisa Scherzer | The Exchange:

http://finance.yahoo.com/blogs/the-exchange/half-americans-set-die-without-193140015.html

Quote of the Day from Dave Ramsey.com:

Sticking to it is the genius. — Thomas Edison

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 5/1

Phil's Personal Finance Tip of the Day:

Improving Your Credit Score Without Gimmicks
By Ray Martin | CBS MoneyWatch – Mon, Apr 30, 2012 3:19 PM EDT

Chat boards and web sites are filled with tricks and gimmicks to improve your credit score.

One gimmick that gets a lot of attention is the practice called credit piggybacking. This is where one person, sometimes for a fee, agrees to add you as an approved user on their credit account. This is typically an account with a good history and lots of available credit. The result is that their credit account and history is added to your credit report. This increases your credit score and in some cases the increase can be dramatic. It amounts to buying another person's good reputation and posing that it is your own. While I'm sympathetic to the folks who want to improve their credit score, it's simply the wrong way to go about it.

[Related: Dangerous Black Holes in Your Family Budget]

But what if you have a few late payments or other negative information on your credit report? First, get a free copy of your credit report. Don't assume your credit score is doomed. There are steps you can take that can boost your credit score. Some of these steps can increase your score by 20 points or more in a single month -- and best of all is that you don't need to hire some credit repair shop to do it.

Pay Recent Past-Dues: The first thing to do is to pay the past due payments on the accounts that recently fell a month or two behind. That's because the more recent the late payment, the more it will lower your score.

Request Credit Report Adjustment: After bringing past due accounts current, contact the creditors who report late payments on your credit report and ask them to make a good faith adjustment to remove the late payment information from your credit report files. Not all creditors will do this, but if you ask politely and remind them that you will continue to be a good customer, you may find a few that will work with you.

Pay Collections that Vanish: Pay off accounts where the collection agencies agree to remove all references to the accounts from the credit bureau files. Make this a requirement of your offer to pay off the account.

To read the entire article By Ray Martin | CBS MoneyWatch:
http://finance.yahoo.com/news/improving-your-credit-score-without-gimmicks.html

Quote of the Day from Dave Ramsey.com:
I'm not going to limit myself because people won't accept the fact that I can do something else. — Dolly Parton

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.