“NYS Dems Target GOP Comptroller Hopeful Harry Wilson On Personal Finance » - New York Daily News” plus 3 more |
- NYS Dems Target GOP Comptroller Hopeful Harry Wilson On Personal Finance » - New York Daily News
- Personal Finance: Do they expect us to read the prospectus? - Burlington Free Press
- The Ric Edelman Show - 630 WMAL
- You Spend More Money On Driving Than Groceries - Wired News
| NYS Dems Target GOP Comptroller Hopeful Harry Wilson On Personal Finance » - New York Daily News Posted: 21 Jun 2010 12:43 PM PDT  The state Dems are after GOP comptroller hopeful Harry Wilson to disclose his personal finances and answer questions about his hedge fund career, via this letter from NYS Dems ED Charlie King: "Someone needs to tell Harry Wilson that, after Wall Street brought our economy to its knees, no New Yorker buys the idea that a flashy Wall Street résumé means you're a prudent, long-term investor. Hedge Fund Harry needs to abandon his run-and-hide approach to campaigning: running on his self-proclaimed financial abilities, while hiding the details of his Wall Street past and personal fortune," said King. "If he wants New Yorkers to trust him with their pensions, Hedge Fund Harry needs to come clean with New Yorkers about how he earned his fat paychecks, how he invests his own money, and how he performed when he was gambling with others people's money. Until then, New Yorkers have every right to ask, 'Exactly who is Hedge Fund Harry?'" "Don't hedge, Harry. Come clean," said King. Regardless of whether the party is posing legitimate questions, and I'd certainly like to know all the answers, there's no question in my mind that this attack is an indication the Dems consider incumbent Comptroller Tom DiNapoli to be something of a weak point on their slate this year. Wilson was in Albany today, spreading the message that the Dow would have to go through the roof and then some to meet DiNapoli's forecasts on returns under what Wilson snubs as a pension "borrowing scheme." From Wilson's news release: "Mr. Wilson, an accomplished investor and a nationally recognized restructuring expert, made his remarks at a news conference at the Legislative Office Building in Albany Monday, where he urged state lawmakers to reverse course on a plan to borrow money from the State Pension Fund in order to make required contributions into the very same fund - at an enormous cost to taxpayers. Mr. Wilson said that, "given the lack of transparency provided by the comptroller on key assumptions surrounding this pension borrowing plan, we are limited in our ability to exhaustively analyze this plan, but based on our best estimates and the best available information, we believe the Comptroller is walking New York State into a fiscal disaster." You can read the Dems' full letter to Wilson after the jump. Update from Glenn Blain at the State Capitol: Wilson was asked during his Q&A about the Democratic attacks on his background this morning, and he called them a "classic kind of politics -- you go after your opponent's strengths." Wilson said he left his previous job on "very friendly terms." "I left for exactly the reasons I've said, which is to spend more time with my family and pursue public service." Wilson also noted that proof of his credentials can be found in the fact that the Obama Administration selected him to serve on its auto industry task force: "It was good enough for President Obama and good enough for General Motors; it should be good enough for New York State." Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Personal Finance: Do they expect us to read the prospectus? - Burlington Free Press Posted: 21 Jun 2010 04:07 AM PDT You should always prioritize your to-do lists. For many people, the list looks like this. 1. Walk the dog. 2. Tidy up the viper pit. 3. Read a mutual fund prospectus. Unpleasant as it is, however, you really should read your prospectus, as well as the Statement of Additional Information. For investors in target-date funds, the prospectus might soon have new information that might help you make a decision about your retirement savings. Mutual fund prospectuses protect investors in two ways. First, they disclose the fund's investment objectives and risks, as well as its fees. Second, they limit what the fund may and may not do. A fund that says it will keep 85 percent or more of its assets in bonds, for example, can't legally put 50 percent in cattle futures. Why does no one read prospectuses? Because they're written in legalese and contain lines such as this, from the DWS LifeCompass Retirement fund: "Portfolio management regularly reviews the actual asset allocation and may adjust it based on current or expected market conditions or to manage risk. In making its asset allocation decisions, portfolio management uses a proprietary mix of quantitative and qualitative inputs, such as return forecasts for asset classes and investment guidelines." Translation: "We change the fund's asset allocation sometimes. We make those changes based on many factors, most of which we won't disclose." When you don't read a prospectus, you can get lulled into a false sense of security, which is what happened to some investors in target-date funds. These are all-in-one retirement funds that gear their investments toward your retirement date. If you plan to retire in 2040, for example, you'd invest in one of the 40-odd 2040 target retirement funds. For people who view mutual funds as less interesting than, say, counting bees, it may come as a shock to know that most target-date funds beyond 2030 are invested mainly in stocks. According to investment theory, the more time you have to invest, the more stocks you should have in your portfolio. Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| The Ric Edelman Show - 630 WMAL Posted: 21 Jun 2010 02:06 AM PDT The Ric Edelman ShowSaturday: 10:00 AM - 12:00 PM
Ric Edelman is the #1 Independent Financial Advisor in the nation, as ranked by Barrons. For over 20 years Ric has shared his personal finance advice and is heard by millions of radio listeners around the country. Ric is a #1 New York Times best-selling author of seven books on personal finance, including Rescue Your Money, The Lies About Money; Ordinary People, Extraordinary Wealth; and the personal finance classic The Truth About Money. He is also a frequent television guest, noted public speaker, publisher of Inside Personal Finance, a 16-page monthly newsletter, and founder and chairman of Edelman Financial Services LLC. For nine years, Ric taught personal finance at Georgetown University. His commitment to teaching consumers about personal finance, along with his wit and humor, has established him as one of the most informative and entertaining financial professionals in America. For more of Rics advice, visit RicEdelman.com Join Ric Edelman every Saturday from 10am-12n on 630 WMAL. PLEASE NOTE: The opinions expressed on the Ric Edelman Show are those of the host, and do not necessarily represent those of this station or its parent companies. Proper advice depends on a complete analysis of all facts and circumstances. The information given on this program is in the nature of general financial comment and cannot be relied upon as pertaining to your specific situation. Listeners should consult their own financial advisors or conduct their own due diligence before making any financial decisions. The content on Ric Edelman's website is written and provided by Ric Edelman and does not necessarily represent the views or opinions of this station. You are urged to consult your own financial advisor before acting on any of the information found on this web site. Ric Edelman is Chairman and CEO of Edelman Financial Services LLC. Ric is an Investment Advisor Representative and offers advisory services through EFS, an SEC-registered investment advisor. He is also a Registered Principal of and offers securities through Sanders Morris Harris, Inc., an affiliated broker/dealer, member FINRA/SIPC. Barrons ranking Top 100 Independent Financial Advisors (Aug. 31, 2009) based on assets under management, revenues the advisors generate for their firms, and the quality of their practices. Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| You Spend More Money On Driving Than Groceries - Wired News Posted: 21 Jun 2010 01:19 PM PDT
The average American household spent $5,477 on gasoline and other automotive expenses last year. That was 14.5 percent of our daily spending*, which was more than we spent on groceries or utilities. So say the statistics geeks at the personal finance website Bundle, which surveys government reports, credit transactions and other data to discover all kinds of interesting things about how we spend our money. They've turned their calculators and spreadsheets toward our cars and come up with some eye-opening figures. The average American household spent $2,208 on gasoline last year and $3,269 on other auto-related expenses. Those are average figures of course, so your figures may vary. If you live in Connecticut, for example, your household shelled out $7,652 for the privilege of driving — the highest in the nation. West Virginians, on the other hand, spent the least — $4,258. No surprise that those who drive to work solo spent the most, while carpoolers got off easiest. If you've got kids, you spent 21.5 percent more than those without 'em. Young adults — aged 18 to 25 — allocated 18 percent of their daily spending to driving, more than any other group. Almost $5,500 a year to drive. Is it worth it? Check out the Bundle report here and download a cool info-graphic here. * Bundle data does not include mortgage or rent. Five Filters featured article: Headshot - Propaganda, State Religion and the Attack On the Gaza Peace Flotilla. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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