“Personal Finance: Plumper paychecks - Washington Post” plus 1 more |
| Personal Finance: Plumper paychecks - Washington Post Posted: 20 Jan 2011 09:10 AM PST Did you notice your paycheck was a little bigger last week? I'm sure you just couldn't contain your giddiness at the 2 percent decrease in the payroll tax that is making your paycheck plumper. The Obama administration says that the cut will benefit more than 150 million families. On average, workers will see a take-home pay increase of about $700 a year, the Post reports. What are you going to do with your extra dough? That was last week's Color of Money Question. Here are some of your responses. "What plumper paycheck?" wrote Harley B. Rider of Dexter, Mich. "Our gross income has been reduced by almost one percent and, no thanks to an involuntary office relocation, my commuting expenses will cost $2,100 more this year - providing gas prices don't increase at all." Robert Tate of Indianapolis, Ind. is investing his money. "I am blessed with an employer that will match contributions dollar for dollar up to six percent. This will be over the matching threshold but I am not used to having it, so I will put it away and not spend it." Emily Butler of Orlando, Fla. said, "I will spend it, but most likely on necessities like food. On the other hand, it could mean I would not need to withdraw from my savings as much, so in that sense I would save more." "My daughter will be heading off to college this fall so I will have this extra money transferred to an account for her," says Dana Pace of Decatur, Ga. "If I start it now I will have a little stock pile when she needs it. By having it automatically transferred to an account when I get paid, I won't miss it or spend it." Like many others, C. Hood Francis of Elizabeth, N.J. says the little extra will go right into savings. "My ability to save has diminished due to a static salary, increases in the cost of everything - food, clothing, utilities, real estate taxes, and public transportation, and my husband being unemployed for 18 months. This will give me an opportunity to bolster my saving account." Big Banks Are Watching Banks are looking at what you buy with your debit card and using that information to tailor ads that you'll find on your online statement, reports the Post's writer Ylan Q. Mui. It works like this, Mui writes: "The charge for your breakfast at McDonald's might be followed with an offer for 10 percent cash back on your next meal at the Golden Arches. There's no need to print a coupon - just click the link, and the chain will recognize your debit card the next time it is swiped." The targeted advertising has stirred up much criticism from consumer groups. "It's definitely troubling," said Justin Brookman, head of consumer privacy issues for the Center for Democracy and Technology. "Most people don't notice them, understand them or opt out from them." The new marketing practice has also prompted federal action. Sen. John F. Kerry (D-Mass.) has introduced an online privacy bill. Controversies about the use of personal online data prompted the Federal Trade Commission to issue guidelines for it. Here's this week's Color of Money Question: Do you mind if your bank is using your debit card purchases to push products? Send your responses to colorofmoney@washpost.com and put "Big Banks are Watching" in the subject line. Be sure to include your full name, city and state. Banking Fees While I'm on the subject of banks, it seems that many of them, still steaming from the passage of sweeping credit card legislation, are introducing new fees, reports New York Times columnist Ron Lieber. Bank of America is planning to test some monthly fees that would be implemented depending on the customer's balance and relationship with the institution. JPMorgan Chase is adding monthly fees to accounts it inherited from the now-deceased Washington Mutual. A spokesperson for JPMorgan Chase told Lieber it's the law's fault. The poor bank doesn't want to raise fees but it must. And you know what? Many people will just take the fees they're slapped with and never search for another bank, writes Lieber. "There is risk for consumers who turn their backs on the banks and their new fees. But most people won't, and the banks know this. Changing checking accounts is a pain. Convenience matters, too, for people who need to deposit cash or have other reasons to lean heavily on a branch." Just think of what has happened to us with the airline industry. We let them impose fees with nary a complaint. You have to pay extra to book via the telephone. Passengers carry larger items on the plane because they don't want to pay to check another bag. And expect more fees to come, reports farecompare.com. New airline fees in 2011 could include charging more for heavier carry-on bags, soft drinks and water, and paying a fee to redeem a free ticket. The fees keep coming because we just take it, just like we're going take more fees and less service from the banks. Supermarket Jam Your local grocery store may be in a bit of a pickle. David K. Randall of Associated Press reports that high inflation and low profits have forced many grocers to take a financial hit since passing those charges on to recession-weary consumers might cause them to lose customers. Circling the blood in the water, big retailers such as Target, CVS and Walgreens are adding grocery-store type sections to their offerings, reports the New York Times. Is this a good thing for you, the consumer? It's convenient, but the retailers have correctly banked on the fact that you might go into the store to just buy milk or fresh vegetables but will wander into other aisles and end up spending much more than you intended. Tia Lewis contributed to this e-letter. You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| New Personal Finance Book: Money Smart Offers a New Approach to Personal Money Management - YAHOO! Posted: 20 Jan 2011 05:57 AM PST Ted Hunter believes the average American can manage their own money better than the financial experts and that it has become critical that they do. His new book, Money Smart and the accompanying http://www.MoneySmartOnline.com, briefly examine the failure of the predominant approach to personal money management, and empower readers to take full control of every aspect of their personal finances including spending, saving, eliminating debt, investing, and planning for the future. California (Vocus/PRWEB) January 20, 2011 Ted Hunter believes the average American can manage their own money better than the financial experts and that it has become critical that they do. His new book, Money Smart and the accompanying http://www.MoneySmartOnline.com, briefly examine the failure of the predominant approach to personal money management, and empower readers to take full control of every aspect of their personal finances including spending, saving, eliminating debt, investing, and planning for the future. Hunter's approach is demonstrated in his own financial life, as a successful investor and business man. Thirty years ago he built a booming real estate brokerage with over 100 agents, and then went bust in the real estate crash of the late '80s. Through this experience Hunter acquired insight into the cyclical nature of investment markets. Using this knowledge he then entered into the stockbrokerage industry, successfully helping his clients make money and ultimately advising his clients to get out of the stock market in early 2000 just before the stock market started to dive. In the fall of 2005 he did it again, warning all who would listen of the coming crash of the real estate market. "The markets will always move through cycles of overpricing and underpricing and there will always be an adjustment," says Hunter. "With a rare exception, however, the financial experts didn't warn their clients not to invest in overpriced houses, or advise them to stop buying badly overpriced stocks. They failed people, and my message is that people need to learn a better approach to personal money management and manage their own money from now on. I wrote Money Smart to show everyone that they can build a successful money management plan that will withstand market fluctuations. Everybody can become money smart with some basic knowledge about money and can manage their own money better than a so-called financial expert could." Money Smart is unique in that it offers a comprehensive personal money management education and toolset in one accessible volume, and provides access to many complementary resources such as worksheets, calculators and Hunter's up-to-date evaluations of the six major investment markets. Hunter's goal is to give valuable and essential financial guidance and tools to those who need them through the book as well as the accompanying website, http://www.MoneySmartOnline.com. Money Smart's understandable language and readable style instill in readers the confidence and knowledge essential to manage their money, both day-to-day as well as planning for the future. "Money isn't the most important thing in life," says Hunter, "Being Money Smart isn't just about being financially sound; it's also living the life you dreamed of–the life you deserve. I know that is achievable for everyone and is why I wrote this book." Money Smart can be purchased online at http://www.moneysmartonline.com and Amazon.com. About the Author Ted is a native of the New York City area and now resides in Davis, California, with his wife, Suchit, and their daughter, Kat. Ted is also the proud father of three adult sons: John, Dave, and Dan. MEDIA CONTACT: # # # Connie Mastrodonato This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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