All posts by Cornelius Nunev

Finance

Abating Credit Card Rewards Sickness With Moderation

One of the benefits of having a rewards program tied to your credit card is all the stuff you can generate, from goodies and airline miles to money back. However, boosting your charge card spending to be able to gain these awards is a double-edged sword that can eviscerate your budget. Here’s how you can stay away from the perils of excessive credit card benefits spending.

Always know what is going on

Right off the bat, the most logical way to make sure that you are not letting your charge card spending run amok is to reign in the spending and pay attention to what’s going on your credit card bill. Waving the magic plastic doesn’t mean that you won’t be paying with interest in the end – or in full. Knowing how much you’re spending and just how much you owe are imperative.

Keep it all written down

Anyone who does not like online statements should either try and start using online centers or monitor all credit card spending.

Receipts are the key

How do you keep an accurate count of what you are spending? Keep the receipts! You’ll need them for those who have to return something, and pocketing purchase records makes it unnecessary to write things down on the spot – because nobody likes those people, honestly.

Use a website to help

You can link your charge card to Mint.com and keep track of all spending at it. The website offers money management tools and budgeting tools to help you keep track of spending.

A second account

If credit card spending is a serious problem that you’re working on, set up a second checking account – ideally, a free checking account – that is dedicated to paying down the card. Only do this with the second account and it will help.

Staying away from extreme charge card benefits spending step No. 6 – Pay weekly

The standard for paying a credit card bill is to pay once per month. However, to pay a card off more quickly and minimize interest, making weekly payments where you pay off whatever was charged that week is a good idea. You’ll accumulate rewards and avoid having to pay interest.

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Finance

401(K) Policies Starting To Earn Again

After years of stagnation, 401(k) policies are starting to earn money again, which is great news for many people. Those looking down the barrel of retirement and those just starting to save for it are sure to be relieved.

Avoid anxiety

When the economy tanked, so did most 401(k) accounts invested mostly in stock. That meant a lot of retirees and soon-to-be retirees were really struggling for a few years. Now, “Generation Y” is really negative about the possibility of retirement.

A lot of 401(k) plans and accounts are beginning to make more cash now, which is some good news for many people nearing retirement, according to USA Today.

Some balances up 25 percent

Reports vary, but a variety of studies and releases from numerous businesses indicate healthy gains during the last few years. Lipper, according to USA Today, reports the average stock mutual fund has appreciated 11.4 percent over the year. Since 401(k) plans are basically a tax-protected mutual fund with some elements of a trust or other maturing asset, many will have gained that much or possibly more.

Since 2009 when the industry hit rock bottom, the typical stock mutual fund really increase 124 percent, according to Lipper, which is great news. At the beginning of the year, the typical 401(k) account had $70,970, according to Aon Hewitt, which increased to $74,380.

Time magazine pointed out that the average employer-sponsored retirement plan valued 25 percent during the last three years, 401(k) plans increased 28 percent, as reported by investment firm Funds Advisor.

There was an 80 percent increase seen in Mississippi and 1 percent in Arkansas, so it definitely varied a lot by states. Blue states saw 25 percent increases while red states saw 28 percent increases.

Normal contributors liked biggest gains

People who contributed to their 401(k) plans regularly saw the most gains, which both Time and USA Today reported to be a common thing.

Just like a snowball, retirement accounts can make more cash and accumulate more with more cash added to it. Just a little more money should be contributed to the account monthly so that it can make more money each month.

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Finance

Marvel Over These Bad Celebrity Investments

Celebs are individuals, too. They make poor investments and lose cash like everyone else. Here are a few bad celebrity investments people remember.

How did Mark Twain invest?

One bad investment was made by the first modern celebrity in America, Mark Twain. During the last 19th century, he got a Paige Compositor that was supposed to be a typesetter faster than the standard Linotype. It wound up not working well because it had over 18,000 parts and needed to be cared for too much. Over 11 years, Twain spent $150,000 to $300,000 on the machine, which was a ton of cash back in his day.

Hotels by Jay-Z

Another example of a very poor investment was when Jay-Z decided to put up a 15,000-square-foot luxury hotel in the Chelsea neighborhood in 2007. He got a $52 million loan, and wound up not being able to pay it when the economy crashed in 2008. He defaulted on the loan, and the lender got the land back. The construction as never finished. It wasn’t until December 2010 that the whole ordeal was over with out-of-court settlements.

Bono not making an investment wisely

The media and entertainment firm Elevation Partners is really managed by Bono. The website 24/7 Wall Street said that Bono is “The worst investor in America” when he only got a $25 million return on investments in Palm ($460 million) and Forbes, Inc. ($300 million). He was very profitable when he invested in BioWare, Pandemic Studios, Yelp and Facebook.

Investment decision from Larry King

A massive life insurance scam was put on King when he invested into two policies worth $15 million. He wound up only getting $1.4 million out of the sale.

Every person associated with Madoff

More than 200 investors, such as celebs were taken in by Bernard Madoff’s $65 billion Ponzi scheme. Madoff is now in jail serving 150 years for 11 federal felonies, while celebrities and lower-profile investors are still looking for ways to make up for their sizable financial loss.

Bad investment from Burt Reynolds

PoFolks was a restaurant chain opened in California, Texas and Florida by film star Burt Reynolds. He is not the only film star who has tried to make this investment. He wound up going bankruptcy in 1996 after losing $15 million on the project and after getting divorced from Loni Anderson. Bankruptcy court let him keep all the property unclaimed by Anderson and his $2.5 million mansion regardless of the belief that he was over $10 million in debt.

Poor investment form Debbie Reynolds

In 1997, Debbie Reynolds would deal with her first bankruptcy due to a Vegas casino she decided to start in 1991. When she started the casino, called Debbie Reynolds Hotel & Casino, she did not realize it would never get business by being off the strip. She wound up handling the bankruptcy and selling the hotel off for $10 million in 1998 to the World Wrestling Federation. Last year, she would also end up selling all things from her film career as her memorabilia museum would also go bankrupt.

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Finance

Feds Seek To Limit Debt Collector Use Of Social Media

Some banking institutions and debt collection agencies are taking to the social media to track down those who owe or to lure brand new customers. Regulators in Washington are putting a microscope on the methods.

Ways to keep away from rules

The Fair Debt Collections Practices Act, established more than 30 years ago, protects consumers from many abusive collection practices. However, those laws were established long before there was such a thing as the Internet or social networking. Therefore, the laws have been spongy on the matter.

The Association of Credit and Collection Professionals is an international trade association that Mark Schiffman is part of. He explained that member businesses should not use social media as the rules are not clear.

Not everyone states no to social media

Not every collector listens to the advice.

Lawyer Billy Howard spoke with author Carl Dougherty about the methods of some debt collectors for a piece in Bloomberg.

“You get a friend request from some chick in a bikini,” Howard said. “You say yes, and then somebody says ‘by the way, I’m a debt collector.'”

Some say the practice at times borders on stalking or harassment.

Problem on a federal standard

This issue has been noted by the Federal Trade Commission and Consumer Financial Protection Bureau. The agencies will decide if collectors can use LinkedIn, Facebook and other social online websites to contact consumers.

The federal organizations have already laid down rules for debt collection businesses, regulating aggressive rhetoric, making sure consumers are kept updated on any legal actions, and also making it easier for consumers to register complaints.

Financial institutions also in trouble

Meanwhile, The U.S. Federal Banking institutions Examination Council is urging the public to weigh in on its proposed guidance, seeking to lay down limitations for how banking institutions can use social networking in attracting business. To view that guidance, go to:

Their website

The Consumer Financial Protection Bureau points out that 30 million Americans are being pursued by collectors, and about $12 billion in revenue is made in the Accounts Receivable Management industry annually. That a ton of cash and a ton of abuse.

Do not be afraid to speak up

Get a hold of the Consumer Financial Protection Bureau for FTC if you feel you have been harassed by debt collectors.

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Finance

American Express Settles Suit For $85 Million In Refunds

The Consumer Financial Protection Bureau isn’t really content to sit tight. The agency has passed new regulations and started waging suits against financial providers that run afoul of consumer protection laws, with charge card businesses being the very first in the firing line. After winning lawsuits against Discover and Capital One, American Express is the latest to settle with the Consumer Financial Protection Bureau, along with other agencies, and has agreed to refund $85 million to customers.

CFPB not happy with charge card corporations

The CFPB is not wasting much time getting stuck in and performing the job that it was created to do. Besides creating new regulations to better defend consumers and proposing reforms, it has also begun lodging lawsuits against financial service providers that have fallen afoul of regulations, in conjunction with other federal agencies.

Credit card corporations have thus far been first in the firing line. Suits involving the CFPB have been brought against Discover and Capital One, according to NBC News, both resulting in settlements in excess of $200 million, much of going to refunding customers.

Another lawsuit was just recently settled with American Express too, according to CBS. However, the lawsuit did not just consist of the CFPB. There were also complains from the Federal Reserve, regulators in Utah State, the Federal Deposit Insurance Company, and the Office of the Comptroller of Currency.

Cash handed back

American Express is in trouble for breaking multiple laws, including failing to report billing disputes and regulations about debt collection and reporting. It also charged late charges over legal limits and made false claims about rewards. Also, applicants over the age of 35 were discriminated against.

American Express decided to refund $85 million to consumers and pay $27.5 million in fines.

One issue was with subsidiary American Express Centurian Bank who never gave consumers the $300 reward promised for signing up for an American Express “Blue Sky” cad. CBS explained that the corporations were charging late fees based on a percentage too, according to CNN. The problem with that was that they were charging more than already established limits.

Though it is technically discrimination, one of the subsidiaries was using a credit scoring system that was depending on age.

Another issue with debt

At American Express and its subsidiaries, there were lies being told from 2003 until now, according to CBS. The lie was that customers could increase their credit ratings if they paid off debts older than 7 years. These debts do not even show up on a credit score after that time period.

In March 2013, about 250,000 people will get part of the $85 million concessions, according to NBC News.

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Finance

Fewer Inheritances As Cost Of Retirement Rises

According to a pair of recent surveys, more and more people nearing retirement age are ill-prepared for it. Many are not even conscious of the true costs that lay ahead of them. As a consequence, the tradition of leaving a financial legacy for you kids is quickly becoming a quaint custom of history.

Not as many mothers and fathers leaving cash

Anybody born between 1946 and 1964 is recognized as one of the baby boomers. About 14 percent of boomer’s parents say they will leave anything to their kids after they die, so seniors should not be expecting any kind of inheritance.

Hendrik Hartog, author of “Someday All This Will Be Yours,” wrote:

“Culturally, the idea of a legacy has disappeared for all but the very wealthy.”

Change to sustaining parents

Instead, many elderly mothers and fathers are using every cent they accumulate to live the remainder of their own lives. Often, it even becomes up to their children to give them a hand.

KLB Financials Kay Kramer said:

“There’s no question that 10 years ago people were expecting greater inheritances than they are now. With very few exceptions, people don’t want to count on anything. And we’ve got some people who are actively helping parents out because they don’t have enough.”

Increasing med expenses

Right now, the average American’s net worth is about $77,000, which was the same as it was 20 years ago. The value of homes and other assets are dropping too with the economic depression, according to the Star Tribune. Retirement is becoming much more costly with increasing expenses of medical care.

Not expecting it to cost so much

A second study from Allianz recently concluded that about a third of transition seniors — those between the ages of 55 and 65 — were not even sure of how much they will have to accrue for retirement.

President and CEO of Allianz Life, Walter White, explained:

“It’s alarming that so many boomers on the cusp of retirement are still unclear about the basic factors which determine their ability to fund their lifestyle once they stop working.”

About 10 percent of those in the survey even imagined about inflation when preparing for retirement. About 16 percent looked at taxes when it came to estimating for the future. People usually do not include taxes or inflation.

Beginning earlier

There were many people who did not prepare early. In fact, 16 percent said they would wait until they were a year away from leaving the job to start saving. Another 43 percent said that they did not consider retirement until they were five years away from leaving their job. Allianz suggests everyone get a head start.

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Finance

Big Banks Debut Clearxchange Mobile Payments Service

Bank of America, Chase bank and Wells Fargo have banded together to challenge PayPal for online payment service superiority, reports the Associated Press. Bank of America, JP Morgan Chase and Wells Fargo have introduced clearXchange, a mobile payments service that aims to simplify the person-to-person payment procedure. Three U.S. banking companies anticipate that clearXchange will at some point replace traditional money transfers altogether. Do not fret; you will still be able to get a payday loan.

PayPal and prepaid debit more costly

Bank of America, JPMorgan Chase and Wells Fargo are suggesting the Charlotte, N.C. clearXchange has fewer fees than prepaid debit cards and eBay’s PayPal, even though banks bring on the fees. Soon, the mobile payment program will be available for many people. For now, the person-to-person clearXchange will only go to the three banks’ customers.

The Associated Press states that Jack Stephenson believes the clearXchange is very simple. Stephenson is JPMorgan’s Director of Mobile, eCommerce and Payments.

“Customers will be able to send and receive money even more quickly and easily,” he said, “with full confidence their funds are in a bank account without worrying about cash, checks or higher-cost services.”

The money in PayPal

According to eBay, PayPal currently boasts about 100 million active users and processed $27.4 billion in payments in the first quarter of 2011, a 28 percent increase from a year ago. PayPal’s revenue hit $992.3 million, and eBay is confident PayPal’s revenue will soon eclipse that of its parent business on an annual basis. I wonder what they are using as evidence?

There’s ‘An innovative game-changer’

Wells Fargo Executive V.P. Mike Kennedy told Business Wire that clearXchange’s simplicity will change the mobile payments game. What will follow is anybody’s guess.

“This is an innovative game-changer in electronic payments,” he said. “We want our customers to be able to easily send money to anyone without having to establish a new account outside their primary bank. All our customers need to know is the email address or mobile number of a friend or family member and (clearXchange) takes care of the rest.” The outcome of this is anybody’s guess.

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Finance

Proclaiming Home Office Deduction Getting A Good Deal Easier

Working class individuals who work out of their homes have found it difficult in the past to determine their home office deduction for the Internal Revenue Service. In addition, the deduction is well-known for raising red-flags with the tax agency. However, the Internal Revenue Service states that process will be simplified and less cumbersome when filing taxes next season.

Looking at a deduction for your home

All entrepreneurs and small company owners who want to deduct rooms in their homes on their taxes will have it easier here soon. The IRS is simplifying the process.

In 2010, the most recent years statistics are accessible for, 3.4 million Americans claimed deductions for home offices, according to the IRS.

The tax code section 280A claims that a taxpayer can only count the room as a deduction if it is: “The principal place of business of a trade or business, as a place where you meet with patients, clients, or customers in the normal course of your business, or your work as a worker, but only if the use of the home office is for the benefit of your employer.”

Simplifying the procedure

It used to be that people would spend hours filling out Form 8829 in order to figure out how much of the home could possibly be deducted from taxes. It was a long process.

In 2014, it will be much less with $5 per square foot of room and up to 300 square feet.

The IRS feels accomplished and like it has saved working class individuals millions of hours of complicated paperwork with the change.

Every person happy over it

The National Association for the Self-Employed is pretty happy about the change, and so are others.

“This is terrific news for the 52 percent of all small business that work from home, who fight every day to meet their bottom lines while continuing to contribute to the economy,” said Kristie Arslan, who heads the group. “The previous calculation for the deduction was cumbersome and time consuming for America’s smallest business and year after year hard-earned dollars were left on the table.”

The first returns to include the change will be 2013 returns filed in 2014.

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Finance

Further Consumer Bureau Row Caused By Credit Card Hotline

The latest fight over the Consumer Financial Protection Bureau involves a credit card hotline. The bureau would be able to act on information that was garnered directly from people that would be compiled in a database and would be acted on if and when the bureau felt it would be fitting. However, that is the kind of in-formation is effortlessly misused, which is why banks and card issuers want some restraints placed on how it can be used. This would help keep all pay day loan data private.

Credit cards to get crowdsourcing penalties

The latest issue of contention concerning the beleaguered Consumer Financial Protection Bureau is a credit card hotline that would be used to gather grievances about charge card issuers from customers, according to Daily Finance. The Bureau would take the data customers call in with reporting a business and give it to the states. The basic idea is that the data would be crowdsourcing for complaints. Card issuers could easily get fines from government officials without even considering what the grievances are about. Most banks and card is-suers are hoping to keep the complaints private. That means the data would stay between the financial institution, the government agency and the person who complained instead of having a public database.

Keeping data hidden

The flow of data can hurt banks a lot, which is they are fighting for private data. When the Consumer Financial Protection Bureau begins on July 21, so will the complaint line. The line is set up so the information can be seen by everyone who wants to see it. That means complaint data can effortlessly be accessed. Though it may seem that banks and card issuers want to keep this data from the public to keep everybody from seeing the dishonest practices they engage in, there’s a fair point to consider; some people are apt to complain about fees regardless of whether those fees were fairly levied. A way to get infor-mation straight from the public is certainly admirable, but without restraint it can effortlessly be used inappropriately.

How the future is looking

The Consumer Financial Protection Bureau will have authority to regulate, to some extent, vir-tually all manners of consumer finance like credit cards, mortgages, payday loans, debit cards and so on. However, the existence of the organization has brought on a fight in Congress to break out. Reuters states that there were three bills introduced to limit the bureau recently including two on the director. One bill would keep the CFPB from taking on regulatory activity from other agencies until it has a ded-icated director and another would replace the current structure from having a single director to having a five member panel. The majority of the Republicans don’t like the idea of Warren directing the bureau. She has helped get it set up as an adviser to the White House. The bureau may not really start in July as anticipated.

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Finance

How To Buy A Home With Cash

Everyone who has ever considered purchasing a house with cash knows that you still have to do your research. For all the time and money you can save, you can still be taken for a ride if you don’t do your research before the deal is done.

Waiting around unnecessary

A cash buyer can get much better things in the home, such as a faster closing, home fixes and even a property warranty. The seller will cover closing costs as part of the cash deal too. As a cash buyer, you can close faster and there is no fear that the people will not get the loan.

Get a special broker

In order to stay away from potential legal problems in the future, it’s a great idea to use a real estate broker or lawyer who has cash home sale experience. You want a clear title on the property, and even in a cash deal, things can accidentally be overlooked.

Buying a home with cash tip No. 3 – Measure your cash spending budget

You need to not just take every little thing you have and put it into a house. In fact, you need to consider what a mortgage would cost you and if you are really going to make cash on the deal. On top of that, you need to make sure you have a lot of cash left over for emergencies.

Get it looked at first

Make sure you still have an escape if the property turns into a cash pit in the end. Sellers will occasionally pay for the inspection if the house has been on the industry for a really long time. Get a home inspection as quick as you can, so you know if there are any issues before moving in.

All costs accounted for

Sale and post-sale costs should be estimated ahead of time. Transaction costs, origination charges, property appraisal and mortgage interest could be saved with a cash sale, but in the end, purchasing without enough information can lead to you paying more due to a low-ball home valuation or higher taxes. Home improvement costs may be high, so looking into that before getting is wise.

Mortgage may be better

If you ever need any sort of credit in the future, it will help a ton to have a mortgage shown. You will not have that with a cash sale. A mortgage also has a ton of tax benefits.

Get an appraisal right away

It is totally worth the couple of hundred dollars to pay for an appraisal to get completed, even if it does cost a few hundred dollars to do.

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