WalletPop Blog http://www.walletpop.com/blog WalletPop Blog http://www.walletpop.com/blog/media/feedlogo.gif WalletPop Blog http://www.walletpop.com/blog en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Underrated in America: RadioShackhttp://www.walletpop.com/blog/2008/11/07/underrated-in-america-radio-shack/http://www.walletpop.com/blog/2008/11/07/underrated-in-america-radio-shack/http://www.walletpop.com/blog/2008/11/07/underrated-in-america-radio-shack/#commentsFiled under: ,

It's all too easy to make fun of RadioShack. The home electronics chain endures with whole walls devoted to different kinds of wires, cables and connectors. A 2007 spoof , "Even CEO Can't Figure Out How RadioShack Still In Business," from The Onion has its chief executive saying, "I wouldn't think that people still buy enough strobe lights and extension cords to support an entire nationwide chain, but I guess they must."

Well, I certainly do. I'll go there for an ethernet cable, a cheap phone, an AC adapter, even a quick birthday present for a child's party. If I need some kind of component to get my ancient VCR hooked up to my new TV, I know where to turn.

RadioShack is a bridge from old technology to the new. The stores are ubiquitous and remain an easy stop for picking up items that can solve all sorts of electronics problems faced by modern families -- a phone with three handsets, a box to convert your television to receive digital signals (that was a big recent driver of sales).

Continue reading Underrated in America: RadioShack

Underrated in America: RadioShack originally appeared on WalletPop Blog on Fri, 07 Nov 2008 16:00:00 EST. Please see our terms for use of feeds.

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]]>converter boxConverterBoxRadioShackunderratedAmey StoneFri, 07 Nov 2008 16:00:00 ESTMakeover needed: Social Securityhttp://www.walletpop.com/blog/2008/10/29/makeover-needed-social-security/http://www.walletpop.com/blog/2008/10/29/makeover-needed-social-security/http://www.walletpop.com/blog/2008/10/29/makeover-needed-social-security/#commentsFiled under: ,

Everyone knows that Social Security is seriously in need of reform. But now that the retirement savings of so many Americans have been decimated by declines in the stock market, shoring up the program seems more important than ever.

Meantime, the options for what to do are dwindling. It's clear now that President Bush's main proposal for reform -- putting the money in the stock market -- would have been a recipe for disaster. Congress already raised the age you start getting Social Security to 67 for all people born after 1960, so raising it even further -- especially as increased unemployment forces more people into early retirement -- seems ludicrous. Both presidential candidates are against increasing the retirement age any further.

So what's left? McCain wants to set up a bipartisan commission to solve the problem -- perhaps by letting people create private accounts that they could invest in the stock market. Obama wants to raise the payroll tax for people who make more than $250,000.

I think those are both bad ideas. My preference is that politicians find a fair way to reduce benefits so we can afford payments to folks that really need them. It seems pretty obvious that Social Security should not go to the rich. So we can start by phasing out payments over a certain income level. The sooner we start, the easier it will be to fix the program.

Don't miss the rest of our series on Makeovers Needed!


Something must be done soon. As baby boomers retire, the amount collected will be less than needed to fund the program in just nine years and the so-called "trust fund" will be depleted by 2041, according to government figures (via AP).

I'm 42, so if I start collecting Social Security at age 67, that will be 25 years from now, or 2033. That puts me and my age group right at the sweet spot where we face real worry that our Social Security benefits could disappear just when we're starting to count on them.

Reducing benefits now would be painful, but I'd rather know I was going to get something from Social Security, however small, than wonder if I'd ever get anything at all.

Update on 10/25/08: A fellow WalletPop blogger, Lita Epstein, schooled me on some misconceptions I had in the last line of my post. As she explained, even though the trust fund will be depleted by 2041 if Social Security isn't changed, that doesn't mean benefits would stop being paid out. It just means they would be paid out of current payroll taxes and the amount collected could cover most (but not all) of projected payments due at that time. Lita wrote The Complete Idiot's Guide to Social Security and Medicare so she knows this topic well!







Makeover needed: Social Security originally appeared on WalletPop Blog on Wed, 29 Oct 2008 09:00:00 EST. Please see our terms for use of feeds.

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]]>payroll taxPayrollTaxSocial SecuritySocialSecurityAmey StoneWed, 29 Oct 2008 09:00:00 ESTMakeover needed: Professional horse racinghttp://www.walletpop.com/blog/2008/10/27/makeover-needed-professional-horse-racing/http://www.walletpop.com/blog/2008/10/27/makeover-needed-professional-horse-racing/http://www.walletpop.com/blog/2008/10/27/makeover-needed-professional-horse-racing/#commentsFiled under:

For a variety of reasons that have very little to do with an abiding interest in professional horse racing, I've been to the races quite a few times and in several different venues. My husband is from New York's North Country (that's about four hours drive north of "upstate" New York), and the historic Saratoga Race Course is on our route. We go sometimes. Also, we were put up in the Dover Downs Hotel & Casino when Mike was invited to the Delaware state book festival. And his prior day job held a summer outing for employees last year at the Belmont Park.

I've learned enough from these trips -- which have all included bringing my young children -- to proclaim with confidence that going to the races could be a fun, thrilling, even educational family outing. But first, the sport needs a radical makeover.

Foremost, gambling has to be taken off site. My husband tells me that without gambling there would be no professional horse racing, so I won't go that far (even though I think gambling is a vice that can be addictive and that is a regressive tax on the poorest people). But if people want to gamble, I think they can place their bets online or go to Vegas or to off-track gambling parlors. That would remove the aura of seedy desperation that some racing venues have.

Don't miss the rest of our series on Makeovers Needed!

Continue reading Makeover needed: Professional horse racing

Makeover needed: Professional horse racing originally appeared on WalletPop Blog on Mon, 27 Oct 2008 09:00:00 EST. Please see our terms for use of feeds.

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]]>gamblinghorse racingHorseRacingtrackAmey StoneMon, 27 Oct 2008 09:00:00 ESTWhat the bailout package means to you http://www.walletpop.com/blog/2008/10/08/what-the-bailout-package-means-to-you/http://www.walletpop.com/blog/2008/10/08/what-the-bailout-package-means-to-you/http://www.walletpop.com/blog/2008/10/08/what-the-bailout-package-means-to-you/#commentsFiled under: , , ,

The U.S. government passed a $700 billion economic bailout package in an effort to stabilize the flailing banking sector. So far, it hasn't worked as hoped and the financial crisis has deepened since the law was approved. That's the bad news.

The good news is that there is a lot more than help for just banks in the 451-page legislation. Lawmakers added hundreds of other "sweeteners" to make the bill more popular with the public. See if you can benefit from any of the following provisions:

More insurance for bank deposits: Now your bank deposits are protected up to $250,000 for each account. Formerly, the Federal Deposit Insurance Corporation (FDIC) backed your deposits up to $100,000. The increase is temporary, but is likely to be extended.

AMT Reform: Fewer taxpayers are going to get hit with the dreaded Alternative Minimum Tax, a parallel tax code that was originally intended to make sure wealthy people paid their fair share of taxes, but which has increasingly slammed middle-income earners. Basically, unless you make more than $100,000 for single taxpayers or $175,000 for married taxpayers filing jointly, you shouldn't have to worry about the AMT due to the change.

Continue reading What the bailout package means to you

What the bailout package means to you originally appeared on WalletPop Blog on Wed, 08 Oct 2008 08:00:00 EST. Please see our terms for use of feeds.

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]]>bailoutfinancial crisisFinancialCrisisTARPAmey StoneWed, 08 Oct 2008 08:00:00 ESTWall Street Crisis Hits Main Street: 8 changes affecting your financeshttp://www.walletpop.com/blog/2008/09/29/wall-street-crisis-hits-main-street-8-changes-affecting-your-fi/http://www.walletpop.com/blog/2008/09/29/wall-street-crisis-hits-main-street-8-changes-affecting-your-fi/http://www.walletpop.com/blog/2008/09/29/wall-street-crisis-hits-main-street-8-changes-affecting-your-fi/#commentsFiled under: , , ,

Politicians, economists, columnists and bloggers have offered numerous stark predictions about how the current financial crisis and government bailout will affect average Americans. But the truth is that Wall Street's crisis, which kicked off September 15 with the fall of Lehman Brothers, Merrill Lynch and AIG, is already affecting Main Street.

We list eight ways your finances are already being affected by the current financial meltdown:

Credit card limits reduced:
Even if you have a high credit score and a blemish-free payment history, your credit limit may have been cut. American Express recently cut the credit for 10% of its cardholders, but most banks have reduced credit limits for some customers since last summer. If you are making a big purchase or use your credit card for unplanned expenses, be sure to check your limit. There are big penalties for going over it.

Student loans harder to come by:
It's not just banks and mortgage lenders that are suffering. The student loan industry is in crisis. Private lenders are going under and some state agencies and large banks, including Bank of America and Wachovia, have stopped issuing student loans. Some schools are being more forgiving on payment schedules as students scramble to secure funding. Call the student aid office for help, but expect less favorable terms than prior years.

Money market mutual funds safer:
To stave off investor panic after one prominent money market fund "broke the buck," or posted a small decline in value, the government has promised it would cover any losses. Not all funds are covered in the new program, so check with your fund company if you are worried. With this added protection, money market funds are now just as safe as bank savings accounts.

More incentives to open bank accounts:
One result of the credit crisis is that banks are trying their darndest to attract more deposits. Chase is currently offering $125 (at least in New York City) to open an account with direct deposit. Citibank is beefing up its "Thank You" rewards program. Refer a friend, and Bank of America will give you both $25. Remember, low fees and high interest on savings are more important than one-time incentives when choosing a bank.

Easier to get a loan if you have good credit:
Don't forget, even in the current crisis, banks want to stay in business. So they are continuing to make loans to borrowers with with good credit records and plenty of assets. There are good deals on home equity lines of credit and businesses have found short-term loans easier to come by since the bailout talks began.

Harder to get a loan if you have weak credit:
If you have a tarnished credit history, don't expect to get a loan any time soon -- even if you're willing to pay high interest rates. Banks continue to tighten their lending standards as the credit crisis deepens. If you need to rebuild your credit score, a good way to start is by using a secured credit card (one where you have cash in a bank account to back up purchases).

More deals at stores in preparation for weak holiday spending:
With the economy slowing and family budgets tightening, retailers are anticipating a tough holiday sales season ahead. So they are layering on the deals early. Black Friday, the day after Thanksgiving when the holiday shopping season kicks off, should provide a bonanza of deals. Consumer electronics will offer particularly good buys.

Investment returns are down:
The stock market has taken it on the chin in recent weeks. But sharp sell-offs on bad news have been followed by major relief rallies a day or two later. The worst thing you can do is panic and sell at the bottom. Instead, make sure your investments are diversified and use the upswings to sell some stocks if you realize now that you've taken on more risk than you can handle.

Wall Street Crisis Hits Main Street: 8 changes affecting your finances originally appeared on WalletPop Blog on Mon, 29 Sep 2008 08:00:00 EST. Please see our terms for use of feeds.

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]]>banksCredit crisiscredit scoreCreditCrisisCreditScorelendingWall StreetWallStreetAmey StoneMon, 29 Sep 2008 08:00:00 EST15 ways to ruin your financial future: Choose the wrong health insurancehttp://www.walletpop.com/blog/2008/09/26/15-ways-to-ruin-your-financial-future-choose-the-wrong-insuranc/http://www.walletpop.com/blog/2008/09/26/15-ways-to-ruin-your-financial-future-choose-the-wrong-insuranc/http://www.walletpop.com/blog/2008/09/26/15-ways-to-ruin-your-financial-future-choose-the-wrong-insuranc/#commentsFiled under:

Everyone knows health insurance is important, right? It's obvious: If you don't have health insurance because you can't afford it, you know you are risking racking up serious long-term medical bills should you become ill.

But this series is about ways you can harm your financial future when you may not even realize it. For this series, the health insurance warning is really about choosing the wrong plan.

The truth is that every plan is different. Some plans allow you to choose your doctor, others don't. Some have great prescription drug coverage, others limit your options quite severely. If you get seriously ill, you may have to fight with your insurance company to get the treatment you want from the best doctor around. If you violate the provisions of your plan -- say by seeing a specialist that isn't in your HMO -- you may have to foot the bill.

I realized how important the details of your health insurance plan after I had two hospital stays in the same 12 months (but not the same calendar year). I had a C-section and then, eight months later, my gallbladder removed. My insurance covers only 90% of hospital stays up to a certain cap. That 10% in my case meant more than $2,000 of extra bills I hadn't expected.


Don't miss the rest of our series on 15 Ways to Ruin Your Financial Future!


Personal finance expert Dan Solin explains more in this post about the different types of insurance and why it is important to pay attention to the fine print -- not just the co-pay and the monthly premium -- when choosing a plan.

When you're young and virile, health insurance can seem unimportant. Choose unwisely, though, and you can spend a lifetime paying for your mistake. Too little, and a neck injury can leave you broke for life. And don't forget the risk of buying too much -- that can sap money that could be invested, compounding for decades.

15 ways to ruin your financial future: Choose the wrong health insurance originally appeared on WalletPop Blog on Fri, 26 Sep 2008 15:00:00 EST. Please see our terms for use of feeds.

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]]>co-payhealth insuranceHealthInsurancemedicineAmey StoneFri, 26 Sep 2008 15:00:00 ESTWhat the financial crisis means for you and your moneyhttp://www.walletpop.com/blog/2008/09/17/what-the-financial-crisis-means-for-you/http://www.walletpop.com/blog/2008/09/17/what-the-financial-crisis-means-for-you/http://www.walletpop.com/blog/2008/09/17/what-the-financial-crisis-means-for-you/#commentsFiled under: , , , , , , , ,

It's easy to feel panicked with titans of the financial world like Lehman Brothers, Merrill Lynch and AIG either failing, selling out, or getting taken over by the government this week. The financial world is truly in crisis, but that doesn't necessarily mean your money is now at risk.

Take a deep breath and read on as we take you through 12 personal finance topics and explain what the mayhem on Wall Street means for you:

For your stocks: No doubt about it, the market is going to be swinging wildly for the next few months. Predicting the direction of stocks is all but impossible, but it seems likely the major indexes will be down from here at year-end. That doesn't mean you should sell. But if you will need some of that money in the next year or two, use upswings as an opportunity to gradually exit your riskiest positions.

For your mutual funds: Many mutual funds have been heavily weighted in financials (especially value funds, which buy stocks that seem cheap), so you may be feeling the pain now. But you can bet your fund managers are working feverishly to recover. If you sell now, you miss out on a chance at a rebound. Still, in times like these, index funds prove their mettle. At least you don't have to worry about doing worse than the market.

Continue reading What the financial crisis means for you and your money

What the financial crisis means for you and your money originally appeared on WalletPop Blog on Wed, 17 Sep 2008 14:00:00 EST. Please see our terms for use of feeds.

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]]>Amey StoneWed, 17 Sep 2008 14:00:00 ESTOverrated: The Jonas Brothers are not the new Beatles -- not even closehttp://www.walletpop.com/blog/2008/09/12/overrated-the-jonas-brothers/http://www.walletpop.com/blog/2008/09/12/overrated-the-jonas-brothers/http://www.walletpop.com/blog/2008/09/12/overrated-the-jonas-brothers/#commentsFiled under:

The Jonas Brothers are no doubt a teen singing sensation. The three young men, ages 15 to 20, boast sold out concerts, chart-topping records and throngs of adoring fans.

They get heaps of credit for playing their own instruments and writing their songs (isn't that what most professional musicians do?). But unlike most professional musicians, they are noted for wearing purity rings and promising to remain chaste.

They make gobs of money -- estimated at $12 million in 2007 by Portfolio.com -- and will soon have their own show on Disney's cable channel.

But are they overrated? Of course they are. I heard a radio announcer compare them recently to the Beatles. Now, that's overrated.

Don't miss the rest of our series on Overrated people, places and things!

Their songs are catchy, but forgettable pop tunes. Camp Rock, their debut movie was terrible. The acting of the overly made-up Joe was wooden. The other brothers appeared only briefly and their acting was even worse. I'm predicting the brothers' upcoming Disney program will be unwatchable.

Continue reading Overrated: The Jonas Brothers are not the new Beatles -- not even close

Overrated: The Jonas Brothers are not the new Beatles -- not even close originally appeared on WalletPop Blog on Fri, 12 Sep 2008 15:00:00 EST. Please see our terms for use of feeds.

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]]>Camp RockCampRockDisneyJonas BrothersJonasBrothersMiley CyrusMileyCyrusAmey StoneFri, 12 Sep 2008 15:00:00 ESTThanksgiving travel: Make your air reservations nowhttp://www.walletpop.com/blog/2008/08/28/thanksgiving-travel-make-your-air-reservations-now/http://www.walletpop.com/blog/2008/08/28/thanksgiving-travel-make-your-air-reservations-now/http://www.walletpop.com/blog/2008/08/28/thanksgiving-travel-make-your-air-reservations-now/#commentsFiled under: ,

Even though summer isn't over yet, for those of you who travel over Thanksgiving, it is already time to start thinking about booking your flights.

Thanksgiving is one of the busiest flying times of the year and this year there are going to be a lot fewer flights available. In an effort to save on costs and in hopes of being able to raise prices, airlines are cutting back on the number of flights they offer. American airlines is shrinking its flight capacity in its main US markets by up to 12% in the Fall and United by up to 16.5%. (Southwest just announced it would cut 200 flights, or about 6%, but not till January, 2009).

Travelers in certain markets will find the cuts much more severe than those percentages imply. If you are used to taking a direct flight, from, let's say, Albany to Chicago on the Tuesday before Thanksgiving, you will have half the amount of flights to choose from -- four this year, down from eight last year, according to a report from USA Today. From Boston to Chicago there are three fewer flights, from San Diego there are two fewer flights, and from Pittsburgh there are six fewer direct flights on that route that day.

Continue reading Thanksgiving travel: Make your air reservations now

Thanksgiving travel: Make your air reservations now originally appeared on WalletPop Blog on Thu, 28 Aug 2008 15:00:00 EST. Please see our terms for use of feeds.

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]]>airlinesairportamerican airlinesAmericanAirlinesholidashsouthwestthanksgivingtravelunitedAmey StoneThu, 28 Aug 2008 15:00:00 ESTIs eating out cheaper than eating at home these days?http://www.walletpop.com/blog/2008/07/31/is-eating-out-cheaper-than-eating-at-home-these-days/http://www.walletpop.com/blog/2008/07/31/is-eating-out-cheaper-than-eating-at-home-these-days/http://www.walletpop.com/blog/2008/07/31/is-eating-out-cheaper-than-eating-at-home-these-days/#commentsFiled under: , ,

I haven't done thorough scientific research on this topic. But one thing I've concluded this summer -- albeit, a self-serving conclusion given that I am not a big fan of cooking -- is that going out to eat with kids can often be just as cheap as eating in.

Let's consider a sample meal at, say, Red Lobster. I went there for lunch recently with my three kids.

First let me mention that they serve these delicious cheddar cheese biscuits that are "free" with most meals and quite filling. My girls scarfed them right up and the waiter was kind enough to bring more. Their appetite was then ruined, of course, for the $5 kids' meals they ordered. That meant plenty of leftovers.

My fish entree was just $7.75 and came with those incredible biscuits, a salad and a side dish. My one-year old shared my meal with me and we still had lots of leftovers. Hence, dinner at home with Dad was taken care of with the addition of a few supplemental noodles. Our total bill plus tip for lunch came to about $25 and amounted to nine meals, or about $2.70 a meal.

Of course, a home cooked meal is often much healthier and can be more relaxing and intimate. So I want to be clear to everyone getting ready to write a nasty comment -- I don't recommend you do this every day.

But if you have cut meals with the kids at casual dining establishments from your budget as a way to save money -- and many people have -- you can make a case that a meal out now and then is actually a pretty good deal.

Continue reading Is eating out cheaper than eating at home these days?

Is eating out cheaper than eating at home these days? originally appeared on WalletPop Blog on Thu, 31 Jul 2008 12:20:00 EST. Please see our terms for use of feeds.

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]]>budgetRed LobsterRedLobsterrestaurantsAmey StoneThu, 31 Jul 2008 12:20:00 ESTSummer clothing on super-sale: When Gap is cheaper than Goodwillhttp://www.walletpop.com/blog/2008/07/30/summer-clothing-on-super-sale-when-gap-is-cheaper-than-goodwill/http://www.walletpop.com/blog/2008/07/30/summer-clothing-on-super-sale-when-gap-is-cheaper-than-goodwill/http://www.walletpop.com/blog/2008/07/30/summer-clothing-on-super-sale-when-gap-is-cheaper-than-goodwill/#commentsFiled under: , ,

True story. Last weekend I went shopping with my daughters on both Saturday and Sunday. Saturday, I was dragged by my eight-year-old into a local Gap where she convinced me to buy her and her sister the cutest little spaghetti-strapped tank tops on sale for just $3.99 each.

The next day, after dropping some junk off at a Goodwill Superstore, I let them run wild through the aisles and pick out a few items (it's for a good cause, right?). This time my daughter picked out a used Gap tank top and the tag proclaimed a whopping $5.99 price.

The takeaway from this? It's not that you can't get a good deal at a thrift shop. We actually bought many more items that day. I purchased myself t-shirts with labels from J.Jill, DKNY and (yes) Gap. My younger daughter picked out an adorable pink dress. The find of the day was a Ralph Lauren buttoned-down shirt for my husband. Our whole bill came to $35. I'm not sure how it happened, but I think there is a color-coded system I didn't pay much attention to where you actually pay a lot less for items than they are marked.

No, the real lesson from this post is that we are only about halfway through peak summer heat and there are incredible bargains to be had on summer clothes on the racks at major chain stores.

So get out there and buy yourself a nice new t-shirt. It will set you back about the price of an ice cream cone and last a lot longer.

Summer clothing on super-sale: When Gap is cheaper than Goodwill originally appeared on WalletPop Blog on Wed, 30 Jul 2008 14:02:00 EST. Please see our terms for use of feeds.

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]]>GapGoodwillthrift shopThriftShopAmey StoneWed, 30 Jul 2008 14:02:00 ESTFinally buying a minivan: Why we chose a three-year leasehttp://www.walletpop.com/blog/2008/07/28/finally-buying-a-minivan-we-go-with-a-three-year-lease/http://www.walletpop.com/blog/2008/07/28/finally-buying-a-minivan-we-go-with-a-three-year-lease/http://www.walletpop.com/blog/2008/07/28/finally-buying-a-minivan-we-go-with-a-three-year-lease/#commentsFiled under:

I wrote a post a few months ago about my decision to postpone a minivan purchase as part of a WalletPop series highlighting real-life signs we're in a recession. Many readers thought it was silly for a family of five to drive around in a '99 Ford Taurus for one more minute and had lots of advice on how we could get into something more suitable without blowing our budget.

I'm happy to report that we finally bit the bullet and, after weighing lots of options, recently leased a Honda Odyssey.

We've had the car for about a month. I am pleased as punch with the purchase. It's fun to drive, incredibly roomy (so the older kids can actually buckle themselves in) and we feel like we show up at events and friends' houses driving a nice set of wheels for the first time in a long while. Best of all, we are only paying $259 a month for our lease.

I have always been against leasing cars. We bought our Taurus with a three-year no interest loan plus a few thousand off from my Ford credit card. We paid $422 a month for three years and then had five years of driving pleasure with no payments.

I wanted to do the same thing again.

Continue reading Finally buying a minivan: Why we chose a three-year lease

Finally buying a minivan: Why we chose a three-year lease originally appeared on WalletPop Blog on Mon, 28 Jul 2008 12:15:00 EST. Please see our terms for use of feeds.

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]]>Dodge CaravanDodgeCaravanHonda OdysseyHondaOdysseyminivanAmey StoneMon, 28 Jul 2008 12:15:00 ESTRaising cash in a hurry #10: Sell your life insurancehttp://www.walletpop.com/blog/2008/06/20/raising-cash-in-a-hurry-10-sell-your-life-insurance/http://www.walletpop.com/blog/2008/06/20/raising-cash-in-a-hurry-10-sell-your-life-insurance/http://www.walletpop.com/blog/2008/06/20/raising-cash-in-a-hurry-10-sell-your-life-insurance/#commentsFiled under:

Update May 2009: The IRS has issued a couple of ruling recently that could affect taxation on viaticals, so check with your accountant before dipping into this market.

Yes, you did buy that life insurance for a reason and you may have family members who would desperately need the proceeds in the event of your untimely demise. But if things are getting desperate now, you may be able to turn that policy into cash. And, no, you don't have to die to do it.

If it is "whole" or "universal" life (a type of insurance you buy to last your "whole" life and your heirs get the payout even if you live to 104), you pay higher premiums, but the insurance has a "cash value" that you can tap any time. All you have to do is call your life insurance company to access the money. It won't be much if you've only had the policy a few years, but at least you won't be paying premiums anymore. This is an option that you should only take if you are still fairly young and healthy, really desperate for cash and can't afford the premiums anyway.

However, if you are elderly or terminally ill, there is another way to cash in your insurance policy that may indeed make sense for you and can net some serious dollars right away. If you've never heard of it, it sounds like a scam (and, beware, this industry has been filled with scammers). Here it is: You can sell your insurance policy to an investment company (usually through a broker), who will continue paying the premiums until you die, at which point the company will collect the benefits.

Continue reading Raising cash in a hurry #10: Sell your life insurance

Raising cash in a hurry #10: Sell your life insurance originally appeared on WalletPop Blog on Fri, 20 Jun 2008 15:00:00 EST. Please see our terms for use of feeds.

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]]>life settlementLifeSettlementuniversal lifeUniversalLifeviatical settlementViaticalSettlementwhole lifeWholeLifeAmey StoneFri, 20 Jun 2008 15:00:00 ESTPost-wedding financial planning : Five steps for newlywedshttp://www.walletpop.com/blog/2008/06/12/post-wedding-financial-planning-five-steps-for-newlyweds/http://www.walletpop.com/blog/2008/06/12/post-wedding-financial-planning-five-steps-for-newlyweds/http://www.walletpop.com/blog/2008/06/12/post-wedding-financial-planning-five-steps-for-newlyweds/#commentsFiled under: , , ,

It's wedding season and couples across the country are spending all their time planning expensive weddings and honeymoons. That's all well and good, but once you get home, it's time to put the lavish spending aside and figure out a plan for your financial health as a couple.

Here's my five step plan for how newlyweds can get their finances on track right from the start:

First, figure out how you're going to pay the bills (both where the money is going to come from and who will actually do it). It may make sense for one person to take it over (whoever is best at dealing with paperwork) and the other to contribute funds to a joint checking account.

Continue reading Post-wedding financial planning : Five steps for newlyweds

Post-wedding financial planning : Five steps for newlyweds originally appeared on WalletPop Blog on Thu, 12 Jun 2008 11:00:00 EST. Please see our terms for use of feeds.

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]]>financial planningFinancialPlanninghoneymoonnewlywedsweddingsAmey StoneThu, 12 Jun 2008 11:00:00 ESTComebacks we'd like to see: #2 -- The in-store lunch counterhttp://www.walletpop.com/blog/2008/05/27/comebacks-wed-like-to-see-2-the-lunch-counter/http://www.walletpop.com/blog/2008/05/27/comebacks-wed-like-to-see-2-the-lunch-counter/http://www.walletpop.com/blog/2008/05/27/comebacks-wed-like-to-see-2-the-lunch-counter/#commentsFiled under:

This post is part of our series ranking the top 25 bygone products and trends we'd like to see return.

Growing up in the Connecticut suburbs in the 1970s, a meal out at a restaurant meant one thing: A quick stop at a lunch counter while doing errands downtown with my mom (hear that? Downtown).

We didn't have Applebee's or Olive Garden. I don't think there was such a thing as a "children's menu" and I'm not sure McDonald's had even come up with the Happy Meal concept. Even if such things existed, my parents, who remain fans of the healthful home-cooked meal, would not have been early adopters, I'm sure.

But while shopping at Woolworth's or the family-run drug store in our town, my sister and I might just get cranky and whiny enough to convince my mother to buy us lunch or an afternoon snack at the store. Yes, right there, at the in-store lunch counter.

There remains nothing quite like the thrill of the spontaneous grilled cheese or ice cream break at a lunch counter. Right up there with the adults on the swiveling stools, we'd place our own orders, watch the food prepared, joke with the friendly waitresses and even interact with colorful strangers sitting right next to us. It seemed anything could happen.

Continue reading Comebacks we'd like to see: #2 -- The in-store lunch counter

Comebacks we'd like to see: #2 -- The in-store lunch counter originally appeared on WalletPop Blog on Tue, 27 May 2008 09:00:00 EST. Please see our terms for use of feeds.

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]]>25 products and trends we wish would come back25ProductsAndTrendsWeWishWouldComeBackdining experienceDiningExperiencelunch counterLunchCounterAmey StoneTue, 27 May 2008 09:00:00 ESTRecession watch: Finally joining Costcohttp://www.walletpop.com/blog/2008/05/02/recession-watch-finally-joining-costco/http://www.walletpop.com/blog/2008/05/02/recession-watch-finally-joining-costco/http://www.walletpop.com/blog/2008/05/02/recession-watch-finally-joining-costco/#commentsFiled under: , ,

This post is part of a series about real-life signs we're in a recession.

As a city dweller, I've always found visiting Costco with my parents something of a treat. The cheap food at huge quantities, the surprisingly affordable gadgets, the mounds and mounds of remarkably affordable clothes.

I would make an afternoon of it a couple of times a year, bring my kids, wander the aisles with my folks and sample the free goodies. At check-out time, the bill would inevitably come to something in the $200 to $300 range, I'd write a check to my Dad, and we'd leave feeling like we had a kind of expensive but amusing family outing. I didn't join Costco since the idea of paying a fee to save money on purchases just didn't make sense to me. And how often would I really get there?

But finally, just a month or so ago, in my own personal sign of recession, I decided that it was time for me to join Costco myself. I know I'm not alone. Costco is one of the few retailers doing pretty well these days. Lots of Americans are worrying about the rising price of food. No matter how secure my husband and I feel in our own jobs, we see rising job insecurity all around us. Given that backdrop, I decided it really is worth it to pay $50 to join the Costco club.

Continue reading Recession watch: Finally joining Costco

Recession watch: Finally joining Costco originally appeared on WalletPop Blog on Fri, 02 May 2008 15:00:00 EST. Please see our terms for use of feeds.

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]]>bulk buyingBulkBuyingbuying in bulkBuyingInBulkcostcorecession watchRecessionWatchshoppingwise shoppingWiseShoppingAmey StoneFri, 02 May 2008 15:00:00 ESTRecession Watch: $1,000 a month for a new minivan? No wayhttp://www.walletpop.com/blog/2008/05/02/recession-watch-1-000-a-month-for-a-new-minivan-no-way/http://www.walletpop.com/blog/2008/05/02/recession-watch-1-000-a-month-for-a-new-minivan-no-way/http://www.walletpop.com/blog/2008/05/02/recession-watch-1-000-a-month-for-a-new-minivan-no-way/#commentsFiled under: , ,

This post is part of a series about real-life signs we're in a recession.

It has been fun for the past year, since my son was born, driving around in a 1999 Ford Taurus with three kids crammed into the back seat. But the plan has long been to buy a minivan.

The only one my eight-year-old daughter, who loves our Taurus almost as much as my husband, would consent to is the new Dodge Grand Caravan, for 2008. That's because it is the one with the seats that spin and face backwards and the little pop-in table for in-van picnicking.

Am I a sucker for swivel and go seating? Yes! I thought we had an easy decision and I even joined Costco (more on that decision) to take advantage of their no-haggle car buying program. I had my special incentives and zero percent financing deals all lined up when I went to the nearest participating dealer, ready to buy.

Only problem: I thought I could buy a car for about $22,000. But when I got done talking to the salesman, he had me convinced I needed a model that cost $36,000. With my cheap financing deal, that was still $1,000 a month.

Continue reading Recession Watch: $1,000 a month for a new minivan? No way

Recession Watch: $1,000 a month for a new minivan? No way originally appeared on WalletPop Blog on Fri, 02 May 2008 09:00:00 EST. Please see our terms for use of feeds.

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]]>car buyingcar shoppingCarShoppingfamily transportationFamilyTransportationrecession watchRecessionWatchvan buyingvan shoppingVanBuyingVanShoppingAmey StoneFri, 02 May 2008 09:00:00 ESTEntrepreneur's Corner: Can you boost sales by doing good?http://www.walletpop.com/blog/2008/04/28/entrepreneurs-corner-can-you-boost-sales-by-doing-good/http://www.walletpop.com/blog/2008/04/28/entrepreneurs-corner-can-you-boost-sales-by-doing-good/http://www.walletpop.com/blog/2008/04/28/entrepreneurs-corner-can-you-boost-sales-by-doing-good/#commentsFiled under: , ,

"Cause marketing" is a current buzzword in corporate circles. It stands for a simple idea: that you can convince more people to buy your products if you promise to give some of the proceeds to a social or environmental cause.

Consumers get to buy something they like and do good at the same time. Businesses fork over some of the profits, but get a halo effect (hopefully), for encouraging a greener planet, end to poverty, cure for breast cancer and the like.

Product Red may be cause marketing's most conspicuous recent example. It is a brand licensing effort started by U2's Bono and Bobby Shriver. Companies including Gap, Apple, American Express, Microsoft and Dell have participated, creating specially branded "(Product) Red" items and contributing 50% of the gross profits to the Global Fund for AIDS, Tuberculosis and Malaria. It has been criticized since such a small portion of dollars people spend on the products actually makes it to Africa, but also heralded as a huge success for raising $100 million for the Global Fund in just two years and generating goodwill toward the companies involved.

Here's a new cause marketing effort that may be the first aimed specifically at small businesses: Kiva.org, a microfinance site which allows individuals to make loans as small as $25 to entrepreneurs in developing nations, teamed up Advanta to launch the KivaB4B program in mid-April. Advanta issues a Kiva-branded small business card and will match grants made by cardholders to Kiva dollar for dollar (up to $200 a month). Entrepreneurs get to flash their Kiva credit card, which has no fee and low rates, plus they get an insignia to put on their web page or office that shows they are supporting entrepreneurs in the developing world. "Entrepreneurs recognize the value of getting a little seed money," says Ami Kassar of Advanta. "This program allows them to be the good guys and show they care about the community."

Can small companies create their own cause marketing efforts, while avoiding any potential pitfalls? Bryan Specht, an expert in corporate responsibility with Dig Communications in Chicago, believes it can be a terrific strategy for increasing sales and building customer loyalty if done right.

Continue reading Entrepreneur's Corner: Can you boost sales by doing good?

Entrepreneur's Corner: Can you boost sales by doing good? originally appeared on WalletPop Blog on Mon, 28 Apr 2008 13:00:00 EST. Please see our terms for use of feeds.

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]]>Advantacause marketingCauseMarketingfeaturedKivaProduct RedProductRedAmey StoneMon, 28 Apr 2008 13:00:00 ESTSpending down debt: What to do with a one-time windfall?http://www.walletpop.com/blog/2008/03/16/spending-down-debt-what-to-do-with-a-one-time-windfall/http://www.walletpop.com/blog/2008/03/16/spending-down-debt-what-to-do-with-a-one-time-windfall/http://www.walletpop.com/blog/2008/03/16/spending-down-debt-what-to-do-with-a-one-time-windfall/#commentsFiled under: , ,

This post is part of a series on strategies you can adopt to free yourself from burdensome debt.

A big cash windfall may only come once in your lifetime. Perhaps it is an inheritance, a payout from a law suit or lottery winnings. But no matter what the source and the feelings associated with it, it represents a powerful one-time chance to get out from under a pile of debt.

In story after story about lottery winners, the first thing they want to do is pay off their loans. Not so fast. If you use all the cash to pay off credit cards, you may just run up the balances again. Two years later, you'll be right back where you started.

This cash infusion is your opportunity to invest for your future, start saving for retirement, or simply create the emergency fund you never had and always wished you did. A cash cushion can provide great financial security as the economy heads into a possible recession and you don't want to go through it too soon.

Let's imagine you inherited $25,000 and have a $150,000 mortgage, a $15,000 credit card balance, and $10,000 left on your car loan. Go ahead and pay off a big chunk of your credit card debt -- say $10,000 -- paying off (and then cutting up), the highest interest cards first.

Continue reading Spending down debt: What to do with a one-time windfall?

Spending down debt: What to do with a one-time windfall? originally appeared on WalletPop Blog on Sun, 16 Mar 2008 10:30:00 EST. Please see our terms for use of feeds.

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]]>Amey StoneSun, 16 Mar 2008 10:30:00 ESTSpending down debt: The best way to pay depends on your goalshttp://www.walletpop.com/blog/2008/03/13/spending-down-debt-the-best-way-to-pay-depends-on-your-goals/http://www.walletpop.com/blog/2008/03/13/spending-down-debt-the-best-way-to-pay-depends-on-your-goals/http://www.walletpop.com/blog/2008/03/13/spending-down-debt-the-best-way-to-pay-depends-on-your-goals/#commentsFiled under: ,

This is part of our series on strategies you can adopt to free yourself from burdensome debt.

There is no doubt that the hardest part about getting out of debt is finding the extra cash to do it with. Most of our posts here on WalletPop deal with different shades of that perplexing question -- how to generate extra income, spend less money, find the cheapest credit cards -- all towards the goal of reducing your punishing levels of debt.

But there is another, not quite so hard question about getting out of debt that we've only scratched the surface of so far on WalletPop. That is, once you've unlocked that extra cash and are in a position to start actually getting out of debt, what is the best way to pay it off?

Simple answer: That depends on your goals. In this series we list common reasons people want to reduce their debt load and the best strategy for that goal.

The two main techniques for spending down debt, our blogger Lita Epstein has come up with are the 'Snowball Effect' and the 'Round Robin.' The snowball effect is best for people who are getting eaten alive by high interest charges on their credit card balances. The plan there is to simply pay off your high interest credit cards first.

Continue reading Spending down debt: The best way to pay depends on your goals

Spending down debt: The best way to pay depends on your goals originally appeared on WalletPop Blog on Thu, 13 Mar 2008 10:30:00 EST. Please see our terms for use of feeds.

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]]>credit cardsCreditCardsdebtinterest rateInterestRateretirementsnowball effectSnowballEffectSpending down debtSpendingDownDebtAmey StoneThu, 13 Mar 2008 10:30:00 EST