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Ho ho ... oh no: When a holiday party goes wrong, insurance could save you millions
Lita Epstein
Dec 14th 2009 at 5:00PM
Filed under: Insurance
Now that the party season is at hand, and you may be planning to host a big shindig, think about protecting yourself or your company from a huge liability bill by getting event liability insurance. Accidents can happen at parties, especially if booze is being served, and you could get stuck with the bill if one of your guests causes damage.
With weddings and bar/bat mitzvah parties costing $20,000 and more, you can also protect deposits and get them back as long as the reason for cancellation is one of the allowable excuses in the policy. Yes, some policies even allow "cold feet" as an excuse.
Considering that you can get as much as $2 million in insurance for as little as $450, it's worth the cost to protect against a much larger liability.
Mortgage payoff pitch is no panacea
Martha C. White
Dec 14th 2009 at 4:30PM
Filed under: Borrowing, Home, Mortgages
Someone recently sent WalletPop a press release detailing what claimed to be one of those "eliminate your debt" strategies.This one hinges on something called a "mortgage checking account." It's similar to a mortgage elimination scheme that proliferated in Australia a few years back and hopped onto our shores under a different name.
In this 2007 article, the Boston Globe explored what was then being called a "line-of-credit" mortgage and concluded that the scheme was more about marketing than merit.
The plan pitched to us by a company called MoneyDesktop purports to let you pay off your mortgage via a home equity line of credit (HELOC). In theory, you take out a home equity line of credit, deposit your paychecks into that line of credit instead of a checking account, and write a check paying down your mortgage in the amount you've just deposited.
For-profit college loan default rates soar
Zac Bissonnette
Dec 14th 2009 at 4:15PM
Filed under: College
Earlier this month, I warned readers not to enroll -- or encourage their children to enroll -- in for-profit colleges.New student loan default rates from the U.S. Department Education highlights in more detail why these institutions are such a bad idea. According to a Wall Street Journal analysis of the data (subscription required), 21% of students who use federal loans to attend for-profit college go into default within three years. That compares to 7% at public four-year colleges and 16% at public two-year colleges.
Is a value-added tax the answer to U.S. debt?
Kelly Phillips Erb
Dec 14th 2009 at 4:00PM
Filed under: Tax
As of this morning, the national debt of the US is $12.1 trillion. To put that into context, if you counted $1 every second of every minute, you would have to count for 383,434 years to reach $12.1 trillion.It doesn't look to get any better as Congress just voted in a $447 billion spending bill in a year where revenues are down. That doesn't include the projected cost of the health care bill, tax credit extensions and other budget-altering items slated for consideration. It's clear that something has to change.
42% of parents have paid off an adult child's debt
Geoff Williams
Dec 14th 2009 at 3:45PM
Filed under: Debt, Personal loans
If you're a parent and have grown kids, have you ever paid off a debt of theirs?That's a question that GfK Roper Public Affairs & Media recently posed to 1,004 adults in a survey for CreditCards.com. Two out of five adults, or 42%, said that they had paid off a debt for a grown child at some point.
Auto loans topped out the most likely to be paid (40%), with medical debt close behind (37%) and utilities (31%) following. Credit cards were next (30%), followed by student loans (29%) and the mortgage (11%). The entire story can be found here.
Podcast: Tips for Gen Xers and Yers on saving for retirement
Lan N. Nguyen
Dec 14th 2009 at 3:30PM
Filed under: Debt, Saving Money, Retirement advice
WalletPop's Lan Nguyen chats with Frank Armstrong -- founder of Investors Solutions and author of several books including "Save Your Retirement" (FT Press) -- on what Gen Xers and Gen Yers need to do to have a happy retirement.
Open a 401(k), but only if your company matches and the cost isn't too high. Otherwise, open your own 401(k) or IRA. Most importantly, pay down credit card debt and "rights-size" your life.
Open a 401(k), but only if your company matches and the cost isn't too high. Otherwise, open your own 401(k) or IRA. Most importantly, pay down credit card debt and "rights-size" your life.
Savings Experiment: Can you buy cheap and look like a lavish gift-giver?
Marlene Alexander
Dec 14th 2009 at 3:30PM
Feeling the pinch as you scan your holiday gift-giving list? You should be heading for a dollar store to get great gifts that you can dress up as fancy gifts. How much can you save? We put ourselves to the test to see what we could get for the people on our list.
(Plaid dress in this video provided by Anastasia Chatzka. Special thanks to Nolcha.com)
Tips for the unemployed to stay sane during the next two weeks
Ann Brenoff
Dec 14th 2009 at 3:15PM
Filed under: Career, Recession
Unemployment isn't a disease that needs a 12-step program, but let's face it, being broke and trying to feel festive around the holidays don't exactly go hand-in-hand. Which is why a California business coach got my attention. Deborah Gallant normally commands big bucks for telling people what they need to do to start up a business or grow the one they already have. She has first-hand experience dealing with professionals who got the axe in the recession during the past year: Her husband was laid off from his big-deal job in finance 16 months ago and is still looking. She also coaches people who are frustrated with their job search. And she does that for free. Heck, she's even helped me for free.
Gallant runs a free group hug every Tuesday morning called the Conejo Jewish Support, held at Temple Adat Elohim in Thousand Oaks, CA. You don't have to be Jewish to attend and nobody expects you to actually cry or bare your soul. She arranges free speakers about different aspects of the job search, serves free coffee and has one rule: When you get a job (notice, she says "when" not "if") donate a few bucks from your first paycheck to the coffee kitty. The woman is Santa with a New York accent.
Qdoba introduces kids meal
Madhusmita Bora
Dec 14th 2009 at 3:00PM
Filed under: Food
They have long served the professional and student demographic. Now, quick service restaurant Qdoba Mexican Grill wants to appeal to families. The restaurant chain debut a kids meal option, and is marketing it by having a "Kids Eat Free" weekend Dec 19-20, offering one free kids' meal to children 12 and younger with an order of one regular entree, according to a press release.
"We found that parents who come to our restaurants want fresh and nutritious choices for their children," said Gary Beisler, president and CEO of Qdoba, in the press release. "And, we found that children are engaged in making healthier meal decisions when they can be creative and make their own choices."
What can we give Grandma?
Marlene Alexander
Dec 14th 2009 at 2:45PM
I knew that Mom loved chocolate, playing Bingo and word find puzzles. A rare debilitating disease had robbed her of her fine motor skills and her speech. So much for Bingo and puzzles. With each passing month, it became more and more difficult for her to swallow. So much for giving a box of chocolates.
Even without physical limitations, it can be a real chore figuring out what to get our elderly relatives. In my mom's case, I could buy her a new nightie and she loved getting new tops (clothes tend to get lost in a nursing home.) Another good choice seemed to be body wash that the staff would use for her shower and body lotions as the air is often dry during the winter months.
BOGO free photobook offer
Julia Scott
Dec 14th 2009 at 2:30PM
Filed under: Bargain Babe
Get a free photobook from MyPublisher when you order a second copy of one paid photobook. Use code FREEGIFT. Expires Tuesday, Dec. 15. New customers only.
The photobooks are $13-$60 depending on whether you go with the pocketbook, hardcover or deluxe hardcover. Each can hold 20-100 pages with up to 12 photos per page.
The latest you can order your free photobook and get it on time for Christmas is Dec. 20, and that means you'll have to pay for FedEx overnight.
Caveats: one per person. To get the freebie you'll need to download their photo software, which takes about three minutes.
Double cash back offers from eBates today only
Julia Scott
Dec 14th 2009 at 2:15PM
Filed under: Bargain Babe
The cash back shopping site eBates has ramped up its rebate offers for one day - today, Monday Dec. 14 -- as part of a Cyber Monday II promotion. Which means you can save even more when you shop online. Remember, these cash back rebates can be combined with coupon codes, sales, and free shipping deals.
Here are some of the percentages you earn back in cash when you shop today on eBates:
Barnes & Noble is 10% -- up from 4%
Cost Plus World Market 6% -- up from 4%
DSW is 12% -- up from 6%
Godiva is 11% -- up from 5%
Nordstrom is 7% -- up from 3%
North Face is 12% -- up from 4%
Old Navy is 10% -- up from 2%
Sephora is 10% -- up from 4%
Snapfish by HP is 18% -- up from 10%
Walmart is 3% -- up from 1%
See the entire rebate list here. Sale ends at 11:59 p.m. today. If you are not already a member, join here. It's free.
Caveats: the downside to eBates.com is that it takes awhile to receive your money -- about 90 days. But that's better than not getting it at all.
Could sitcoms help you get out of debt?
Gina Roberts-Grey
Dec 14th 2009 at 2:00PM
Filed under: Budgets, Credit, Debt
Pop culture is poised on the precipice of a mid-season replacement lineup as networks get ready to roll out their latest offerings, hoping millions will tune into their channels. Many will watch in the hopes of sharpening their punch line delivery skills or getting a hearty chuckle.But few viewers realize that the laughable and lovable characters we welcome into our homes once a week can actually teach us some valuable lessons about managing money and protecting our credit.
Whether they're fiscally frugal or free-spending, here's some practical advice from a few classic characters.
Saving money, the Ron Howard way
Ron Dicker
Dec 14th 2009 at 1:30PM
Filed under: Saving Money, Investing
Bryce Dallas Howard has a film career that includes roles in the megahit "Spider-Man 3" and the upcoming "Twilight: Eclipse." Her father, Ron Howard, has won an Oscar and directed worldwide blockbusters.But it seems even Hollywood royalty can feel the economic pinch. Bryce said she and her husband, Seth Gabel, have had to readjust their lifestyle.
"We're needing to be significantly more responsible than before," Bryce told WalletPop in an interview to promote her new movie, "The Loss of a Teardrop Diamond,"opening Dec. 30.
The 28-year-old actor said she had a recent conversation with her father in which he described his philosophy of personal finance. She listened. Bryce said she has no trust fund and has been financially independent from her family since leaving New York University in 2003.
Will Jim Powers' BeerCompass point the way to money?
Lou Carlozo
Dec 14th 2009 at 1:00PM
Filed under: Recession Diaries
As a record industry executive and owner of Minty Fresh Records, Chicago's Jim Powers has proved his creativity and eye for talent time and again. He discovered the Cowboy Junkies, was one of the first to sing the praises of Liz Phair, brought the music of the Cardigans to America, and turned Ralph Covert from an aging club rocker into a kids-music phenom. So why is a guy like Powers dabbling in the world of iPhone apps, especially those designed to sniff out beer? It turns out that Powers, a beer connoisseur, found himself intrigued by the possibility of turning a pastime passion into a viable cash cow. And so, BeerCompass was born -- an app that locates suds and pubs anywhere on the planet.
WalletPop spoke with Powers not long after BeerCompass went public to find out what inspired his sudsy smart-phone creation, and how his detour into applications has fared financially.
WalletPop: Where did the idea for BeerCompass come from? Where were you, how did the idea come to you, and what was your first impulse once the light bulb went off?
Powers: I was talking with someone who was looking for marketing ideas for an app they were making for a festival, and I blurted out the idea of a compass dedicated to finding beer ... a "beer compass." I loved the idea and thought the compass had potential, so I made one.
Reader Comments (Page 1 of 5)
7-13-2009 @ 8:28PM
Meggan said...
wow you guys are lame
Reply
7-14-2009 @ 10:50AM
alex said...
I lost my job a few months ago, as many of us are now. I was devastated, how was I going to support my family? I read about the eBay Success System in Entrepreneur magazine and they even had a link ( http://cli.gs/HomeBizSuccessSystem ) to get a free kit explaining how to make money that way. I found out that over 720,000 Americans are making a living on EBAY right now. I am one of them now. Now you can do that too. I can tell you that I'm already making as much money as I did on my job and I'm working less time than I used to spend commuting. Beat the economic depression and get your free kit today http://cli.gs/HomeBizSuccessSystem
7-13-2009 @ 8:29PM
ycav4424 said...
I started an internet debit card account at my bank along with my regular checking account, just because of these scams. I keep just enough in that account to cover what purchase's I might make on the internet. It has already saved me $150.00 when they saw that there was only $20.00 in there at that time. Most of the things that are sold on these ripoff sites cost double just for shipping. They sell the same things in the stores without shipping. Besides who needs all of that crap anyway.
Reply
8-12-2009 @ 4:54AM
billsstoy said...
Good tactic there ycav4424. There is one other one that will send these people into orbit also. I went to a local payday loan business where they sell preloaded Visa and Master Cards. I put 25 bucks on the card and used $15 of the money at the grocery store, leaving $15 on the card. Now if I see something that I want to try, I use this card, then never return the item after the trial period. They have called me and I just hang up on them because I that's what my lawyer said to do. Just ignore them. I get a new card and look for one of these slime bags to screw before they can screw me. It s really funny. If enough people do this to them, it will stop.
7-13-2009 @ 8:41PM
james said...
this is nothing new to me i see it all the time it's like dancing through a mine field beware people it's all a scam. these thieves are not making money on 19.95 junk only
Reply
7-13-2009 @ 8:58PM
Scott said...
Snuggie is one of the most crooked mail order firms I have ever seen. They advertise the blankets (cheaply made) at a bargain , then "add" one for each individual order. They say (quickly and furtively) "just pay shipping and handling". They further add a "fifteen dollar value" crackerjack quality reading light for "free". It's a plastic, cheap piece of x#*XX##!
The most amusing thing about their scam is that the "Shipping and Handling was $15.00 per blanket!!!! This came out to be MORE THAN THE ORDER!!!!
My toast to 'SNUGGIE' is that they take a well deserved hard fall . I can't believe that they are still allowed on air by the FTC or other agencies.
Reply
7-13-2009 @ 8:59PM
Phil said...
Haband is using the same trick, sending you a check for $8.95 and if you cash it and dont cancel you will be billed for about $150.00
Someone should do something about this bad business practice.
Reply
7-14-2009 @ 2:45PM
Larry said...
It is stunning that the government purports to protect you from all things, and they cannot put a stop to the simple scammers. We get many calls for service from older people who have been scammed by phone,mail, email and door-to-door.
7-13-2009 @ 9:40PM
Jim said...
Melissa -- I would suggest you take some of that massive amount of money you earned and invest in spelling and grammar lessons.
Normally I wouldn't insult a total stranger like that -- but let's face it, folks, Melissa is not a real person. I have seen this exact same ad twice this week attached to other articles. A scam attached to an article about internet scams -- how rich!
Reply
7-13-2009 @ 9:45PM
E SCHIANO said...
I HAD A ROTTEN EXPERIENCE WITH READERS DIGEST OF ALL COMPANIES. THEY OFFERED A FREE BOOK, AND A MEMBERSHIP TO A CLUB, UNLESS IT WAS CANCELLED. I CANCELLED THE MEMBERSHIP IN PLENTY OF TIME, AND THE NEXT THING I GOT IN THE MAIL WAS A BILL FOR THE "FREE" BOOK. NO AMOUNT OF EXPLAINING OR QUESTIONING WOULD MAKE THEM RESCIND THE BILL. I PAID IT, BUT WROTE AND TOLD THEM WHAT I THOUGHT OF THEIR MISERABLE PRACTICES. TWO MONTHS LATER---THE SAME OFFER---WHAT A CROCK--------------
Reply
7-13-2009 @ 9:53PM
Marylynn said...
I can't thank you enough for running this article. I have one of those 'rebate' Snuggie (actually gave the things away as gifts) checks & just haven't gotten around to doing any deposits yet this week. Was planning to deposit it in the morning!
Thanks to your article you just saved us 150/year. We plan to use this check to teach the kids that it's important to read the tiny print.
Reply
7-14-2009 @ 2:42PM
originlcin said...
I advise all of my clients (usually after the fact) to READ every freakin' piece of print on any document. A good rule of thumb is that, if they have to keep it in teeny print to purposely make it hard to read, they probably don't want you reading it.
7-13-2009 @ 9:53PM
Dee said...
I never order these things online or over the phone, if I want it bad enough, I wait until my local store has it in there "as seen on tv" section. I can then look at it, decide if I want it, save the s&h (who needs double if it ain't good, I'll be returning it anyway) and don't worry about the hype and fake rebate checks, 'cause the company doesn't have name, address or cc #. Enough said!!!
Reply
7-13-2009 @ 9:59PM
Michelle said...
I have dealt with 'Great Fun' in the past and it sure isn't "great fun" to do. I hate those SOBs. My issue dealt with Budget car rental. Budget told us they would send us a frequent renters' check. We got a check that said it was from 'Budget' for $10 and cashed it and lost $150 from Great Fun. I reported them to the Better Business Bureau. There was NO writing on that check and no supporting documentation explaining that Great Fun was going to go through my pockets if I cashed it. I got half of my money back and called it a day. I still receive marketing offers from Great Fun to this day, even after filing a police report against them for harassment for sending me checks at least twice a week to sign up for things after I demanded to be removed from all marketing ventures. I hate Great Fun and am glad that someone is finally calling them out. Thank you, Wallet Pop.
Reply
7-13-2009 @ 10:05PM
MIKE said...
E SHIANO...HUMMM. I HAD THE SAME EXPERIENCE WITH READERS DISGUST ABOUT 25 YEARS AGO. HAVE NOT PICKED UP ONE OF THEIR BOOKS SINCE.
Reply
7-13-2009 @ 10:09PM
kathy said...
beware , of the majicjack also there a scammer when you try mailing it back for a refund
Reply
7-13-2009 @ 11:09PM
John Doe said...
Radio Shack and Best Buy now have the MajicJack(?) so if you don't like it, you can return it to a real store for your refund.
7-14-2009 @ 1:24AM
bILL said...
I returned MAGICJACK successfully and wasnt charged on my credit card. U have to read the directions carefully and comply with them to a "T". Plus they have IMers on their site to help.
7-13-2009 @ 10:10PM
KAREN said...
Never cash a check without looking it over. Everyone should notify their bank and tell them about these checks so that if they are cashed they would ask if you are aware of the printing on the back and that you are joining a club (whatever). My bank will not allow anyone to touch my funds without me signing a bank document allowing it. This will help stop those who try to trick you into joining. Everyone protect yourself!
Reply
7-14-2009 @ 8:59AM
Jerome Crosson said...
For Schiano and anyone else who didn't know: Rd is NOT the all American business we imagine. RD's major source of income is selling their extensive mailing lists, not the magazine ot associated advertising. And who wants the mailing lists ?
All the scammers, such as Snuggie and the others who use fine print and other tricks to steal.
Reply