Nov
28
Who Owns the United States?
November 28, 2008 | Leave a Comment
Would you guess the US Government owns huge chunks of the western United States? What does this have to do with wealth? Well, the number one secret of wealth is ownership, always have ownership.
Here's a map of the United States showing how much of each state the federal government owns. Would you believe the the [...]
Nov
26
SEC Shuts Down Prosper
November 26, 2008 | Leave a Comment
The SEC has issued a cease and desist letter to online lender Prosper.com. I lend money on Prosper so I have a vested interest in the outcome.
The problem is the SEC claims that loans Prosper facilitates are actually securities (stocks/bonds) not just loans. When you sell securities there are a whole host of byzantine rules [...]
Nov
26
Investing in Tax Free Municipal Bonds
November 26, 2008 | Leave a Comment
Now might be a good time to get into tax free municipal bonds. But how do I invest? What are municipal bonds and how do I know if they are right for me? Read on.
I'm sitting on a lot of cash right now. Most of it's either in savings accounts or certificates of deposit. I [...]
Nov
25
No Stimulus Checks Yet
November 25, 2008 | 5 Comments
Many people have asked about the status of another stimulus check. What is the status of another payment? Are we likely to see another stimulus package?
The short answer is probably not. The first stimulus check took a massive effort.
The stimulus check helped a lot of people catch up on bills, spend frivolously on toys and [...]
Nov
19
How Much Can I Contribute to My Roth IRA in 2008?
November 19, 2008 | 1 Comment
In 2008 you can contribute $5000 to a Roth IRA if you are Under 50 (49 or younger). If you are 50 or over you can contribute $6000. Of course you have to check your eligibility to contribute to a Roth IRA.
Remember you can contribute as late as April 15th, 2009 and still have the [...]
Nov
18
Switching to Vanguard
November 18, 2008 | 1 Comment
It's official. Vanguard now has my money and it's all in their Target Retirement 2040 fund. The best part is, the transition was smooth and painless.
If you've been hesitating to move those old 401(k)'s and Roth IRA's, stop procrastinating and just do it.
Why did I chose Vanguard?
Because the expenses are low and the fees are [...]
Nov
14
How to Visualize the Financial Crisis
November 14, 2008 | Leave a Comment
Mint.com has created a diagram of the financial sub-prime crisis. Head on over and take a look. As far as I can tell, it's accurate based on the sources I've read so far. I've been trying to explain this to friends, family and co-workers and this chart makes it much easier.
I think this recent round [...]
Nov
12
The End of Wall Street
November 12, 2008 | Leave a Comment
Not to beat a dead horse, or bull in this case, but Wall Street as we know it seems to be gone. As a child of the 80's, I watched my share of Charlie Sheen/Michael Douglas/Michael J Fox movies. Wall Street was the place where kids with big dreams went to make it.
Michael Lewis wrote Liar's [...]
Nov
11
Worry About Yourself First
November 11, 2008 | 1 Comment
When asked about their current economic condition, most people respond with something like "I'm fine but the guy down the street is really in trouble." I think it's time that to stop worrying about the people down the street and worry about your own problems.
If everyone in the country would just take care of their [...]
Nov
5
Credit Card Rates Going Up
November 5, 2008 | Leave a Comment
If you're like millions of Americans you may be getting a surprise. You're credit card company is probably raising your APR (interest rate). What should you do?
Don't Carry a Balance
I use a credit card but don't care about the APR. How can that be? Am I too rich to care? No, I just pay my [...]