WalletPop Wire

Ad Rant: Tiger Woods fell victim to his branding

Jami Bernard Dec 15th 2009 @ 12:30PM EST Filed Under:

As the myth of Tiger Woods unravels at the speed of light, let's remember what started it all. This is not just because the billion-dollar golfer apparently slept with every cocktail waitress with collagen lips from Las Vegas to Dubai. The problem, really, is that he is a victim of his branding.

Tiger is in a sand trap that is partly of his own making (in his last interview before the scandal broke he declared that his family would "always" come first -- even before golf), and anyone who paid him to do it or bought into the myth had a hand in it, too. His dilemma can be summed up by an ad for one of his video games last year that showed him walking on water.

Where can someone with such an image go from there? Down, down, down.

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4G network debuts in Sweden

Madhusmita Bora Dec 15th 2009 @ 12:00PM EST Filed Under: Technology

Do you try to video conference, play online games or watch web TV only to find that your 3G connection from your mobile carrier is not fast enough?

TeliaSonera, a Swedish telecom company on Monday launched the next generation 4G service in Sweden and Norway. At 100 Mbps, the networking speed is up to 10 times faster than what current 3G networks offer. That kind of blazing speed is not available to US consumers.

Yes, there are a few companies here that claim 4G coverage, but their speed is nothing compared to what TeliaSonera is offering. Nextel's 4G maxes out at 10Mbps. Companies like Comcast that are offering 4G coverage based on Clearwire's network can offer speeds only up to 4 Mbps. So clearly, the prize for the first blazing 4G network goes to TeliaSonera.

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States and Feds go paperless to save at tax season

Kelly Phillips Erb Dec 15th 2009 @ 11:00AM EST Filed Under: Tax, Taxes-advice

Money may not grow on trees -- but cutting back on paper sure saves money. At least that's what a number of states are saying this year.

This year, states are encouraging the use of electronic filing for individual income tax returns by cutting back on the distribution of printed income tax forms in an effort to save money. While some taxpayers may complain, it's a decision that makes sense.

Consider these national statistics: last year, the IRS processed more than 140 million individual income tax returns. Two out of three of those returns were filed electronically.

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Child deaths spur recall of nearly all roman blinds and shades

Mitch Lipka Dec 15th 2009 @ 10:15AM EST Filed Under: Recalls, Shopping, Consumer Ally

In one of the largest recalls in history, the U.S. Consumer Product Safety Commission is calling for the repair of nearly every roman blind and shade amid growing concerns over child strangulation. Tens of millions of these blinds and shades have been sold -- an estimated 8 million each year.

The CPSC said it issued the recall after it tallied five deaths and 16 incidents of near strangulation as a result of cords wrapping around the necks of children. The blinds and shades were already being recalled by the million brand by brand. In fact, 5.5 million were flagged in August.

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LOL cats and Failblog's secret of success? Founder Ben Huh's financial smarts

Amy Vernon Dec 15th 2009 @ 10:00AM EST Filed Under: Extracurriculars, Saving Money, Video

As owner of some of the most successful blogs in the history of the Internet -- I Can Has Cheezburger, Fail Blog and Engrish Funny among them -- it might be expected that Ben Huh spends lavishly. But Huh recognizes the importance of frugal living; it allowed him and his wife to save enough money to quit their day jobs and take the plunge to become Internet startup moguls.

Huh talked to the crowds at BlogWorld Expo '09 about community, user-generated content and why it is that people love the LOLcat, but on the other hand, he talked to WalletPop about what you have to do to save enough money in order to be able to follow your dream and not be beholden to The Man.

Is 30 too old ... for a mortgage?

Charles Feldman Dec 15th 2009 @ 9:00AM EST Filed Under: Real Estate, Recession, Mortgages

It may be time to have a re-think! About what? About 30-year fixed rate mortgages.

I know, this is practically sacrosanct territory in this country and questioning it is like questioning, well, God or country.

But there are those who are, in fact, raising some questions about the wisdom of this American institution -- most countries offer only adjustable rate mortgages.

For one thing, the typical American picks up and moves every 5 to 10 years, says the Wall Street Journal (subscription required). That makes a 30-year fixed rate mortgage sort of silly on the face of it.

Continue reading Is 30 too old ... for a mortgage?

House greenlights creation of consumer credit watchdog agency

Martha C. White Dec 15th 2009 @ 8:00AM EST Filed Under: Banks, Borrowing, Credit cards

It's not law yet, but it's come a long way. On Friday, Dec. 11, the House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009, which includes a provision for creating a new agency aimed at protecting ordinary Americans from predatory lending practices. The new Consumer Financial Protection Agency would regulate credit cards, payday lenders, and home, auto and student loans and their underwriters. The Senate will create its own version of this bill, and a final draft would probably be signed into law by next year.

The bill is not without its detractors. Not one Republican lawmaker voting on the bill elected to approve the Act, and the banking industry has been vocal in its disapproval of what it depicts as a power grab by the government that interferes with its business model.

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Ho ho ... oh no: When a holiday party goes wrong, insurance could save you millions

Lita Epstein Dec 14th 2009 @ 5:00PM EST 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.

Continue reading Ho ho ... oh no: When a holiday party goes wrong, insurance could save you millions

Mortgage payoff pitch is no panacea

Martha C. White Dec 14th 2009 @ 4:30PM EST 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.

Continue reading Mortgage payoff pitch is no panacea

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