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/Will working a low wage job kill your career? No!http://www.walletpop.com/blog/2009/11/20/will-working-a-low-wage-job-kill-your-career-no/http://www.walletpop.com/blog/2009/11/20/will-working-a-low-wage-job-kill-your-career-no/http://www.walletpop.com/blog/2009/11/20/will-working-a-low-wage-job-kill-your-career-no/#commentsFiled under:

In a fairly idiotic bit of tabloid-style hysteria, CNNMoney asks the question "Are you committing career suicide?" by taking a low-paying job because you can't find anything better.

According to staff writer Jessica Dickler, many laid-off workers are taking steep paycuts to make ends meet, often working at entry-level or menial jobs to put food on the table: "But a smaller paycheck could push you back a rung in the in salary ladder, and make it that much harder to get back to where you were."

Continue reading Will working a low wage job kill your career? No!

Will working a low wage job kill your career? No! originally appeared on WalletPop Blog on Fri, 20 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>CareersJobsZac BissonnetteFri, 20 Nov 2009 16:30:00 ESTIRS still not done with Girls Gone Wild founder Joe Francishttp://www.walletpop.com/blog/2009/11/20/irs-still-not-done-with-girls-gone-wild-founder-joe-francis/http://www.walletpop.com/blog/2009/11/20/irs-still-not-done-with-girls-gone-wild-founder-joe-francis/http://www.walletpop.com/blog/2009/11/20/irs-still-not-done-with-girls-gone-wild-founder-joe-francis/#commentsFiled under: , ,

Joe FrancisEarlier this month, Girls Gone Wild promoter Joe Francis plea-bargained his way out of a possible prison sentence for charges related to filing false tax returns. By pleading guilty to filing false tax returns and bribing Nevada jail workers, Mr. Francis was sentenced to time served and one year of probation, according to the Los Angeles Times.

Initially accused of taking $20 million in fraudulent tax deductions, Francis ended up pleading guilty to a misdemeanor, the newspaper reported.

"It took us seven months, but in the end we demonstrated that the felony tax charges never should have been brought in the first place," Brad Brian, Francis' lead trial attorney, said in a statement.

But now the IRS is back for more.

Continue reading IRS still not done with Girls Gone Wild founder Joe Francis

IRS still not done with Girls Gone Wild founder Joe Francis originally appeared on WalletPop Blog on Fri, 20 Nov 2009 14:00:00 EST. Please see our terms for use of feeds.

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]]>back taxesBackTaxesGirls Gone WildGirlsGoneWildirsJoe FrancisJoeFrancisTax evasiontaxesTaxEvasionZac BissonnetteFri, 20 Nov 2009 14:00:00 ESTThinking about co-signing on a loan? Listen to this first!http://www.walletpop.com/blog/2009/11/19/thinking-about-co-signing-on-a-loan-listen-to-this-first/http://www.walletpop.com/blog/2009/11/19/thinking-about-co-signing-on-a-loan-listen-to-this-first/http://www.walletpop.com/blog/2009/11/19/thinking-about-co-signing-on-a-loan-listen-to-this-first/#commentsFiled under:

I listen to Dave Ramsey pretty regularly and I'm here to tell you: the rant that you're about to listen to is the best. thing. I. have. ever. heard. in. my. whole. life.

A nice lady e-mails Dave to ask whether it's OK to let her husband co-sign on a car loan for his parents. Dave explains why that's a bad idea and then goes. . . completely nuts.

Click here to listen to the call in its entirety -- and forward to anyone you know who might ever considering co-signing for anything ever for anyone.

Thinking about co-signing on a loan? Listen to this first! originally appeared on WalletPop Blog on Thu, 19 Nov 2009 13:30:00 EST. Please see our terms for use of feeds.

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]]>loanloansZac BissonnetteThu, 19 Nov 2009 13:30:00 ESTSurvey says 2010 grads will face horrible job prospectshttp://www.walletpop.com/blog/2009/11/18/survey-says-2010-grads-will-face-horrible-job-prospects/http://www.walletpop.com/blog/2009/11/18/survey-says-2010-grads-will-face-horrible-job-prospects/http://www.walletpop.com/blog/2009/11/18/survey-says-2010-grads-will-face-horrible-job-prospects/#commentsFiled under: ,

Michigan State University's College Employment Research Institute's latest graduate job outlook is pretty bleak.

This year's college graduates have a mind-boggling 40% fewer job prospects, and jobs for candidates with bachelor's degrees are expected to drop by 1% in 2010.

Eighty percent of employers won't be offering higher starting salaries, and 8% will lower starting pay by an average of 5%. Twelve percent will increase starting pay by an average of just 3%.

Signing bonuses and performance bonuses are also on the decline -- understandable given that there is so little competition to woo recent grads.

Adding to employment woes for recent college graduates is the 10.2% national unemployment rate -- which means that young people will have to compete with older candidates with years of experience and families to feed. As the rising number of unemployed workers cycle through the unemployment system, they'll become increasingly desperate for income, making the situation even worse for recent grads.

So what's a grad to do? One short-term solution may be to pour energy into finding freelance and temp opportunities. Independent contractors often lament the lack of benefits but for young single people, it's just not that important.

You can buy your own health insurance for a few hundred dollars a month. Indeed, young single people who work at full-time jobs with benefits are, in effect, subsidizing their co-workers who have large families and consequently large health insurance costs.

Another idea for recent grads: recognize that the job you work in the crappiest job market in a long, long time might not have a lot to do with your long-term career. If all you can get is an unpaid internship in the field of your choice and find yourself working six nights a week at WalMart to make ends meet, that won't kill you.

Survey says 2010 grads will face horrible job prospects originally appeared on WalletPop Blog on Wed, 18 Nov 2009 17:00:00 EST. Please see our terms for use of feeds.

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]]>CareersCollegeZac BissonnetteWed, 18 Nov 2009 17:00:00 ESTZsa Zsa Gabor owes IRS $118,321http://www.walletpop.com/blog/2009/11/17/zsa-zsa-gabor-owes-irs-118-321/http://www.walletpop.com/blog/2009/11/17/zsa-zsa-gabor-owes-irs-118-321/http://www.walletpop.com/blog/2009/11/17/zsa-zsa-gabor-owes-irs-118-321/#commentsFiled under:

After losing about $7 million in Bernie Madoff's Ponzi scheme, 92-year old Zsa Zsa Gabor now has the IRS to deal with.

On Oct. 5, the IRS filed a lien for $118,321 for the years 2001 and 2002 with the Los Angeles County Recorder of Deeds.

According to The Associated Press, "Gabor lawyer Chris Fields estimates that Gabor lost about $7 million in Madoff's Ponzi scheme and the tax bill is part of the fallout. Fields says third-party money managers invested Gabor's money with Madoff."

How losing money in 2008 would lead to additional taxes being owed for 2001 and 2002 is a bit of a mystery to me. It's possible that she was trying to work out her tax issues with the IRS but with the losses to Madoff, no longer has the money to pay her back taxes.

When the Madoff fraud was first revealed, Gabor's husband, the 64-year old Frederic Prinz von Anhalt, lamented that the couple "might be forced to sell our Bel Air home."

Hopefully the IRS will be lenient with the couple in light of the massive losses they sustained at the hands of Bernie Madoff.

Zsa Zsa Gabor owes IRS $118,321 originally appeared on WalletPop Blog on Tue, 17 Nov 2009 17:15:00 EST. Please see our terms for use of feeds.

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]]>zsa zsa gaborZsaZsaGaborZac BissonnetteTue, 17 Nov 2009 17:15:00 ESTReally want to save the world? Quit having kidshttp://www.walletpop.com/blog/2009/11/16/really-want-to-save-the-world-quit-having-kids/http://www.walletpop.com/blog/2009/11/16/really-want-to-save-the-world-quit-having-kids/http://www.walletpop.com/blog/2009/11/16/really-want-to-save-the-world-quit-having-kids/#commentsFiled under:

The IRS recently updated consumers on all the tax savings you can get from making your home more green-friendly. Installing energy efficient windows and doors, insulation, roofing, HVAC, water heaters, and biomass stoves can save you a boatload of money on your taxes.

But will doing all those things really help the environment? Yes. But ya know what will help mother nature a hell of a lot more?

Not breeding.


Continue reading Really want to save the world? Quit having kids

Really want to save the world? Quit having kids originally appeared on WalletPop Blog on Mon, 16 Nov 2009 11:30:00 EST. Please see our terms for use of feeds.

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]]>carbon footprintCarbonFootprintoverpopulationprocreationserilizationtube tyingTubeTyingvasectomyZac BissonnetteMon, 16 Nov 2009 11:30:00 ESTNational Association of Realtors predicts 4% gain for housing in 2010http://www.walletpop.com/blog/2009/11/16/national-association-of-realtors-predicts-4-gain-for-housing-in/http://www.walletpop.com/blog/2009/11/16/national-association-of-realtors-predicts-4-gain-for-housing-in/http://www.walletpop.com/blog/2009/11/16/national-association-of-realtors-predicts-4-gain-for-housing-in/#commentsFiled under:

The good news: National Association of Realtors chief economist Lawrence Yun is predicting that home prices will rise 4% in 2010.

The bad news: Lawrence Yun has never been right about anything in his entire life, ever.

Yun predicted that sales volume will also rise about 14%. I'm definitely not smart enough to try to make short-term predictions about what will happen with home prices or sales volume. But the track record suggests that Lawrence Yun isn't smart enough either.

In July of 2008, Yun opined that "I think we are very near to the end of the housing downturn. In June of 2008, Newsweek guru Daniel Gross wrote that "Yun is the Little Orphan Annie of forecasters. He's always sure the sun will come out tomorrow." Lawerence Yun Watch is an entire blog devoted to exposing Yun's track record of poor predictions.

And as much as it pains me to link to a video of Glenn Beck, he actually has a pretty good exploration of the disastrous predictions of the National Association of Realtors' economists. (see below)

So what will happen with housing in 2010? I have no idea. But don't get your hopes up based on Little Orphan Annie's mumblings about price increases.

National Association of Realtors predicts 4% gain for housing in 2010 originally appeared on WalletPop Blog on Mon, 16 Nov 2009 08:00:00 EST. Please see our terms for use of feeds.

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]]>HousingLawrence YunLawrenceYunNARReal Estatereal estate bottomRealEstateRealEstateBottomRealtorsZac BissonnetteMon, 16 Nov 2009 08:00:00 ESTSchool tries to sell grades for cash -- administrators halt programhttp://www.walletpop.com/blog/2009/11/13/school-tries-to-sell-grades-for-cash-administrators-halt-prog/http://www.walletpop.com/blog/2009/11/13/school-tries-to-sell-grades-for-cash-administrators-halt-prog/http://www.walletpop.com/blog/2009/11/13/school-tries-to-sell-grades-for-cash-administrators-halt-prog/#commentsFiled under:

From the "You ain't gonna believe this" file comes this gem: Rosewood Middle School in Goldsboro, N.C. unveiled a plan to raise much-needed funds by selling middle schoolers better grades.

A $20 "donation" would get you (or your poor kid, who really has grounds for a lawsuit if you would pony up cash for something like this) 20 test points that could be used to boost grades on the test of that student's choosing.

Principal Susie Shepherd's explanation? "Last year they did chocolates, and it didn't generate anything," she told the News Observer.

Continue reading School tries to sell grades for cash -- administrators halt program

School tries to sell grades for cash -- administrators halt program originally appeared on WalletPop Blog on Fri, 13 Nov 2009 14:30:00 EST. Please see our terms for use of feeds.

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]]>fundraiserFundraisersgradesGradeSchoolZac BissonnetteFri, 13 Nov 2009 14:30:00 ESTWorried about the national debt? Donate money to pay it down!http://www.walletpop.com/blog/2009/11/12/worried-about-the-national-debt-donate-money-to-pay-it-down/http://www.walletpop.com/blog/2009/11/12/worried-about-the-national-debt-donate-money-to-pay-it-down/http://www.walletpop.com/blog/2009/11/12/worried-about-the-national-debt-donate-money-to-pay-it-down/#commentsFiled under:

With the national debt growing at a frantic pace, a lot of Americans are terrified about what it will mean for our economic futures.

Luckily, you can help. CNNMoney senior writer Jeanne Sahadi reports that under an obscure 1961 law, you can make tax deductible contributions to help pay down the national debt. On average, about five donations are made per week and so in 2009, there have been just over $3 million in donations -- whose impact was quickly reversed by government spending on just 666 clunkers under the Cash For Clunkers program (funny how that math works out, just sayin').

Continue reading Worried about the national debt? Donate money to pay it down!

Worried about the national debt? Donate money to pay it down! originally appeared on WalletPop Blog on Thu, 12 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

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]]>debtNational DebtNationalDebttaxesZac BissonnetteThu, 12 Nov 2009 15:00:00 ESTHow to lend to a flakey friend? Don't do ithttp://www.walletpop.com/blog/2009/11/12/how-to-lend-to-a-flakey-friend-dont-do-it/http://www.walletpop.com/blog/2009/11/12/how-to-lend-to-a-flakey-friend-dont-do-it/http://www.walletpop.com/blog/2009/11/12/how-to-lend-to-a-flakey-friend-dont-do-it/#commentsFiled under:

A Money magazine reader asks ethicists Jeanne Fleming and Leonard Schwarz "Is there anything wrong with asking a good friend to secure the loan I'm giving him with the title to his car? Tom really needs the money, but he can be pretty irresponsible, and I don't want my $2,500 to become a gift."

The ethicists get the first part right (Answer: In a word, No. And in two words, Absolutely Not.") but then offer some really bad follow-up advice: "Consider asking Tom to give you some collateral to hold until he repays you: a fine watch, say, or his prized Stratocaster -- something of sufficient value to give him a real incentive to pay off the loan. Because you're right: You don't want to bet $2,500 on the good intentions of an irresponsible friend."

Here's why you shouldn't do that:
  • If Tom is so hard up for cash that he's trying to borrow $2,500 from a friend (most people borrowing cash from friends are borrowing it to stay afloat and make payments on other debt) and he has a watch worth anything close to $2,500, he should sell the freakin' watch. If he's so brain dead that he'd rather go into debt to a friend rather than sell a watch, you really don't want to lend money to him.
  • If his watch is so important to him that he'd rather hit up a friend for cash than sell it, are you really going to be prepared to sell it to make good on the debt?

Continue reading How to lend to a flakey friend? Don't do it

How to lend to a flakey friend? Don't do it originally appeared on WalletPop Blog on Thu, 12 Nov 2009 11:30:00 EST. Please see our terms for use of feeds.

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]]>friendshipfriendshipsloanloanspersonal loanpersonal loansPersonalLoanPersonalLoansZac BissonnetteThu, 12 Nov 2009 11:30:00 ESTFootball coaches continue to rake it in as college finances sufferhttp://www.walletpop.com/blog/2009/11/12/football-coaches-continue-to-rake-it-in-as-college-finances-suff/http://www.walletpop.com/blog/2009/11/12/football-coaches-continue-to-rake-it-in-as-college-finances-suff/http://www.walletpop.com/blog/2009/11/12/football-coaches-continue-to-rake-it-in-as-college-finances-suff/#commentsFiled under: ,

With endowments in the toilet, state aid on the decline, and families scrounging for cash to cover tuition increases, it's nice to know that one group of college constituents aren't suffering: top flight, 7-figure football coaches.

An extensive study conducted by USA Today found that at least 25 college football coaches are making more than $2 million this season -- up 100% from two years ago. The average pay for a head coach in the 120-school Football Bowl Subdivision is up 28% in two years and 46% in three years. The average coach in that elite conference earns $1.36 million.

A survey of bowl-division college presidents conducted by Knight Commission on Intercollegiate Athletics found that 85% of respondents considered the pay packages football and basketball coaches are taking to be "excessive."

Continue reading Football coaches continue to rake it in as college finances suffer

Football coaches continue to rake it in as college finances suffer originally appeared on WalletPop Blog on Thu, 12 Nov 2009 10:00:00 EST. Please see our terms for use of feeds.

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]]>Collegecollege coachesCollegeCoachesfeaturedFootball CoachesFootballCoacheskids and moneyKidsAndMoneyZac BissonnetteThu, 12 Nov 2009 10:00:00 ESTJoel Osteen serves up recession-themed positive thinkinghttp://www.walletpop.com/blog/2009/11/11/joel-osteen-serves-up-recession-themed-positive-thinking/http://www.walletpop.com/blog/2009/11/11/joel-osteen-serves-up-recession-themed-positive-thinking/http://www.walletpop.com/blog/2009/11/11/joel-osteen-serves-up-recession-themed-positive-thinking/#commentsFiled under:

Pastor Joel Osteen's 2004 book "Your Best Life Now" has sold more than 4 million copies -- buoyed in part by one uplifting and irresistible message: Positive thinking and faith will lead to material success and happiness. Now he's back with a new book and a new message for a new era: patience.

Back in 2005, he told BusinessWeek that "God's dream is that we be successful in our careers, and that we be able to send our kids to college. I don't mean that everyone is going to be rich, and I preach a lot on blooming where you're planted. But I don't have the mindset that money is a bad thing. . . I think we should have a mindset that God wants us to prosper in our relationships, our health, and our finances. God's desire is that we excel."

But there's just been just one problem: for all the talk of the prosperity gospel and God's tendency to impart material gain on those who have faith in him, no evidence has emerged that suggests that people who believe in God were less likely to lose their jobs, their homes or their retirement funds to the financial meltdown.

Continue reading Joel Osteen serves up recession-themed positive thinking

Joel Osteen serves up recession-themed positive thinking originally appeared on WalletPop Blog on Wed, 11 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>joel osteenJoelOsteenZac BissonnetteWed, 11 Nov 2009 16:30:00 ESTMadoff memorabilia hits auction block: Start your own financial scandals collectionhttp://www.walletpop.com/blog/2009/11/11/madoff-memorabilia-hits-auction-block-start-your-own-financial/http://www.walletpop.com/blog/2009/11/11/madoff-memorabilia-hits-auction-block-start-your-own-financial/http://www.walletpop.com/blog/2009/11/11/madoff-memorabilia-hits-auction-block-start-your-own-financial/#commentsFiled under: , ,

Bernie Madoff's collection of jewelry, sports memorabilia, furs, and even duck decoys is set to hit the auction block in a U.S. Marshalls-sponsored sale that will raise money to back his victims.

Gaston & Sheehan Auctioneers is handling the sale, which will be at the Sheraton New York Hotel & Towers at 811 7th Avenue at 52nd Street in New York City.

You can view the 65-page catalog online (PDF file) and, if you just can't live without at least one the several lots of Madoff's Wayne Gretzky cards, fill out the absentee bidding form here. Among the lots to be sold:
  • A blue satin with orange trim New York Mets jacket with Madoff's name embroidered on the back (Estimate: $500-$720)
  • Three Boogie Boards with "Madoff" written on them in marker (estimated to bring $80 as a lot)
  • A 1960 Hofstra University ring with Madoff's initials (Estimate: $300)

Continue reading Madoff memorabilia hits auction block: Start your own financial scandals collection

Madoff memorabilia hits auction block: Start your own financial scandals collection originally appeared on WalletPop Blog on Wed, 11 Nov 2009 15:45:00 EST. Please see our terms for use of feeds.

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]]>auctionmadoffZac BissonnetteWed, 11 Nov 2009 15:45:00 ESTMillion Dollar Listing: Don't let Realtors fool you with listing presentation BShttp://www.walletpop.com/blog/2009/11/10/million-dollar-listing-dont-let-realtors-fool-you-with-listing/http://www.walletpop.com/blog/2009/11/10/million-dollar-listing-dont-let-realtors-fool-you-with-listing/http://www.walletpop.com/blog/2009/11/10/million-dollar-listing-dont-let-realtors-fool-you-with-listing/#commentsFiled under:

On a recent episode of Bravo's Million Dollar Listing, Ben Bacal of Keller Williams Realty teamed up with one of the show's stars, Chad Rogers, to sell a potential client on the benefits of listing a house for sale with the pair.

Bacal launches into a spiel about how great his firm is: "Keller Williams is totally tapped into the internet market. . . A lot of the top reasons to move to Keller Williams Real Estate: We also put you on Trulia, Google, Yahoo! Real Estate, HomeScape, Zillow, FrontDoor. . ."

Continue reading Million Dollar Listing: Don't let Realtors fool you with listing presentation BS

Million Dollar Listing: Don't let Realtors fool you with listing presentation BS originally appeared on WalletPop Blog on Tue, 10 Nov 2009 12:00:00 EST. Please see our terms for use of feeds.

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]]>real estateRealEstateZac BissonnetteTue, 10 Nov 2009 12:00:00 ESTCollege town housing remains affordable, according to Coldwell Bankerhttp://www.walletpop.com/blog/2009/11/09/college-town-housing-remains-affordable-according-to-coldwell-b/http://www.walletpop.com/blog/2009/11/09/college-town-housing-remains-affordable-according-to-coldwell-b/http://www.walletpop.com/blog/2009/11/09/college-town-housing-remains-affordable-according-to-coldwell-b/#commentsFiled under: ,

Akron, OhioInstead of sitting on the couch watching college football, make yourself useful: go buy some college-town real estate!

According to a new report from Coldwell Banker, "Every fall, college football fans feel nostalgic for the tradition, lifestyle and spirit of their college towns as they cheer on their favorite teams. This year's Coldwell Banker(R) College Home Price Comparison Index (HPCI) reveals that these school-centric areas also sport very affordable homes, in addition to the culture and economic stability associated with higher education institutions - making them great areas to purchase real estate."

Continue reading College town housing remains affordable, according to Coldwell Banker

College town housing remains affordable, according to Coldwell Banker originally appeared on WalletPop Blog on Mon, 09 Nov 2009 13:00:00 EST. Please see our terms for use of feeds.

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]]>CollegeHousingReal EstateRealEstateZac BissonnetteMon, 09 Nov 2009 13:00:00 ESTDrive like a millionaire ... in a 1993 Ford Taurushttp://www.walletpop.com/blog/2009/11/09/ford-offers-a-new-car-for-a-new-era-the-1993-ford-taurus/http://www.walletpop.com/blog/2009/11/09/ford-offers-a-new-car-for-a-new-era-the-1993-ford-taurus/http://www.walletpop.com/blog/2009/11/09/ford-offers-a-new-car-for-a-new-era-the-1993-ford-taurus/#commentsFiled under: , ,

The Onion, a leading satire website, has been one of the funniest websites in the world for a long time, but every once in awhile, there's a bit of serious financial wisdom in its content.

In the video below, a "Ford vice president" Daniel Grossman announces Ford's "new vision for the future of automobiles in America -- the car for the modern age, the 1993 Ford Taurus." All you need is $650 in cash.

The video's funny, but here's the truth: If your goal is to be rich, you'll have a lot more in common with a rich person by driving a 1993 Ford Taurus than you will by leasing or financing any other car.

Continue reading Drive like a millionaire ... in a 1993 Ford Taurus

Drive like a millionaire ... in a 1993 Ford Taurus originally appeared on WalletPop Blog on Mon, 09 Nov 2009 07:00:00 EST. Please see our terms for use of feeds.

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]]>CarsFordhabits of the wealthyHabitsOfTheWealthymillionairesOnionwealthZac BissonnetteMon, 09 Nov 2009 07:00:00 ESTHedge fund honcho wins $27 million tax fight with NYChttp://www.walletpop.com/blog/2009/11/04/hedge-fund-honcho-wins-27-million-tax-fight-with-nyc/http://www.walletpop.com/blog/2009/11/04/hedge-fund-honcho-wins-27-million-tax-fight-with-nyc/http://www.walletpop.com/blog/2009/11/04/hedge-fund-honcho-wins-27-million-tax-fight-with-nyc/#commentsFiled under:

Billionaire hedge fund manager Julian Robertson won a $27 million tax case after convincing a a judge that he wasn't a resident of New York City in the year 2000 -- and it all came down to four days.

The way the law works is that anyone who spends more than half the year living in New York City is subject to the jurisdiction's taxes -- in 2000, the top tax rate was 3.78%, meaning that Mr. Robertson must have earned around $700 million in the year 2000.

The New York State Department of Taxation and Finance argued that because he couldn't provide proof that he didn't spend more than half the year in New York City, he had to pay the tax. Robertson and his lawyers, family, and his assistants spent countless hours pouring over schedules, calendars, tickets, etc. to convince a judge that he spent less than half the year in NYC proper -- with a good chunk of the rest of his time spent on Long Island.

Continue reading Hedge fund honcho wins $27 million tax fight with NYC

Hedge fund honcho wins $27 million tax fight with NYC originally appeared on WalletPop Blog on Wed, 04 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>Julian RobertsonJulianRobertsonTaxesZac BissonnetteWed, 04 Nov 2009 16:30:00 ESTSuze Orman says: Switch to a credit union!http://www.walletpop.com/blog/2009/11/04/suze-orman-says-switch-to-a-credit-union/http://www.walletpop.com/blog/2009/11/04/suze-orman-says-switch-to-a-credit-union/http://www.walletpop.com/blog/2009/11/04/suze-orman-says-switch-to-a-credit-union/#commentsFiled under:

In an interview with KMBC's Donna Pitman, First Lady of Personal Finance Suze Orman trashed the big banks for inexplicable fee and interest rate hikes on consumers -- and offered a ringing endorsement of credit unions.

"Don't get me started with these credit card companies, these banks -- it's like, 'What are they thinking?'" Orman said.

"Here's the answer: Credit unions," she said. "They are different than banks. Most banks are owned by their shareholders. They're responsible to these shareholders and it happens to be on the stock exchange, so anything to increase earnings and profits. Credit unions have members. They're responsible to the members. So, many credit unions -- not all -- are giving you no balance-transfer fees, low interest rates. They're being ethical and honest."

Another key advantage to working with a credit union instead of Chase, Bank of America, or Citi, is that most credit unions are not staffed by the dumbest people you will ever meet in your entire life -- which matters when your financial well-being is on the line.

To find a credit union in your area, visit the National Credit Union Administration's credit union locator.

Suze Orman says: Switch to a credit union! originally appeared on WalletPop Blog on Wed, 04 Nov 2009 13:30:00 EST. Please see our terms for use of feeds.

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]]>BanksCredit UnionsCreditUnionsSuze OrmanSuzeOrmanZac BissonnetteWed, 04 Nov 2009 13:30:00 ESTWhy aren't credit scores free anyway?http://www.walletpop.com/blog/2009/11/04/why-arent-credit-scores-free-anyway/http://www.walletpop.com/blog/2009/11/04/why-arent-credit-scores-free-anyway/http://www.walletpop.com/blog/2009/11/04/why-arent-credit-scores-free-anyway/#commentsFiled under:

creditreport.comThe New York Times reports on a topic that's long been a pet peeve of many financial-minded people: those pesky FreeCreditReport.com ads that are a classic bait and switch marketing technique designed to coax consumers into signing up for expensive monthly credit monitoring services.

The FTC is now running its own spoof ads warning consumers about the misleading marketing. According to the Times, "But while the government has taken issue with the ads, it has had little to say about credit monitoring services themselves, a rapidly expanding niche approaching $1 billion in sales for which millions of people have signed up, often unwittingly. The problem, say critics, is that most people really don't need it."

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Why aren't credit scores free anyway? originally appeared on WalletPop Blog on Wed, 04 Nov 2009 10:00:00 EST. Please see our terms for use of feeds.

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]]>Creditcredit monitoringcredit scorecredit scoresCreditMonitoringCreditScoreCreditScoresFICOZac BissonnetteWed, 04 Nov 2009 10:00:00 ESTPrivate college presidents' pay rose 6.5% in 2008http://www.walletpop.com/blog/2009/11/03/private-college-presidents-pay-rose-6-5-in-2008/http://www.walletpop.com/blog/2009/11/03/private-college-presidents-pay-rose-6-5-in-2008/http://www.walletpop.com/blog/2009/11/03/private-college-presidents-pay-rose-6-5-in-2008/#commentsFiled under:

Even as endowments tanked, employees were laid off, and tuition bills were hiked in the face of decimated 401(k)s and home values, the presidents of the "top" (whatever that means) private college and universities in the United States still managed to take home 6.5% more cash in 2008 than they did in 2007.

Take a look at the list of the highest paid college presidents:

Shirley Ann Jackson, Rensselaer Polytechnic Institute - $1,598,247
David J. Sargent, Suffolk University -- $1,496,593
Steadman Upham, University of Tulsa -- $1,428,275
Richard S. Meyers, Webster University -- $1,429,738

It's hard for me to imagine why anyone should get $1,598,247 for running Hartford, CT-based Rensselaer Polytechnic Institute. Given that school's student body of just 5,394 undergraduates, that works out to nearly $300 per student flowing directly into the pocket of the president. Perhaps that explains the 2009-2010 sticker price of $39,165 -- and the fact that 70% of students graduate with an average of $30,375 in debt -- nearly 50% higher than the national average among college graduates.

Look, I don't doubt that these college presidents provide value to the schools they work at -- mainly in the form of fundraising. But at a time when so many of their students are struggling and debt loads are ballooning, it would be nice to see them take a break from pay increases. Sadly, that didn't happen.

On reason that large colleges -- especially public colleges -- generally offer a good deal is that administrative costs scale well: A school with 10 times as many students will generally have far lower per capita administrative costs.

Private college presidents' pay rose 6.5% in 2008 originally appeared on WalletPop Blog on Tue, 03 Nov 2009 11:00:00 EST. Please see our terms for use of feeds.

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]]>college president salariescollege presidentsCollegePresidentsCollegePresidentSalariescollegeslayoffssalarystudent loandsStudentLoandstuitionZac BissonnetteTue, 03 Nov 2009 11:00:00 EST