“Your Money: Weekly personal finance review - BBC Business” plus 3 more |
- Your Money: Weekly personal finance review - BBC Business
- This week's top Personal Finance stories - Marketwatch
- Teaching kids financial skills now sets them up for a lifetime of ... - StarPhoenix
- The week's 10 best Personal Finance stories - Investors Business Daily
| Your Money: Weekly personal finance review - BBC Business Posted: 20 Feb 2010 06:35 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. It's Your Money looks at credit card charges, as one of the government's former financial advisors calls for an investigation into the profit margins of credit card companies. Expert Ros Altmann says current rates of around 18 per cent are excessive and that it may be time for a regulator to be brought in to oversee the figures. David Black of Defaqto Ltd also gives consumer advice on how to make savings work harder.
Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| This week's top Personal Finance stories - Marketwatch Posted: 20 Feb 2010 04:55 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it.
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By MarketWatch In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Feb. 15-19: Is it time to give up your low adjustable-rate mortgage for a fixed-rate loan?
Low mortgage rates over the past year have inspired many Americans to refinance their home loans, but some eligible borrowers haven't made the leap. Often that reluctance to refinance stems from the fact that interest rates on their adjustable-rate mortgages have fallen below 3% -- a better rate than they'd get by switching to a fixed-rate loan.
States grapple with health-insurer rate hikes
As health-insurance premiums rise beyond what many people can pay, some states are experimenting with more aggressive ways to protect consumers from skyrocketing premiums in the individual market.
New York ranks low in airport ranking
Pity the poor traveler who must fly in and out of New York City. Consumers gave some of the weakest scores to the area's three main airports -- John F. Kennedy International, Newark Liberty International and LaGuardia International -- for everything from baggage handling to security checkpoints in J.D. Power & Associates' North America Airport Satisfaction Study for 2010.
Commentary: New credit-card rules hurt the best borrowers
Credit-card holders: Your card issuers have been trying to tell you something with mailers and in actions that you need to know but have probably missed.
State pension plans face $1 trillion shortfall
A train wreck waiting to happen. That's the only way to describe the mess that state pension systems are in right now, according to a report published Thursday by the Pew Center on the States.
How well is your 401(k) plan serving you?
There are many reasons why your neighbor might have a much brighter retirement outlook than you, or vice versa. Maybe one of you sets aside more each month, started saving younger or chose investments that fared better in the downturn. But to what degree does your 401(k) plan itself make a difference?
Tax issues confront retirees
As you enter retirement, probably the largest and most daunting item of expense that you encounter will be taxes. And we're talking not just of a benign single item of expense, but quite possibly many different kinds of levies. Each one of our 50 states can enact and enforce state and local taxes by the dozen, as well as property taxes by the hundreds, and countless more.
Where to get health care if you face obstacles
Lack of insurance or timely access to your regular doctor doesn't have to mean going without needed health care. If you're uninsured and seeking stop-gap medical care before you find coverage again, you can triage your way to better health by understanding the trade-offs of several care options, experts say. A retail clinic, urgent-care or community health center may be a suitable fit, depending on the severity of your medical need and your personal preferences.
Bank customers want good service, not just prices
Banks, many of which are deluging consumers with new fees and changing services, held their own in keeping customers happy in the latest quarter thanks to the myriad of smaller banks, the American Consumer Satisfaction Index reported Tuesday.
Working parents face child-care dilemma
Taking care of children is tricky when both parents work, but when one parent falls sick, goes on a trip or is out commission for whatever reason, balancing work and child care can be downright daunting for the parent left in charge.
Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Teaching kids financial skills now sets them up for a lifetime of ... - StarPhoenix Posted: 20 Feb 2010 08:08 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. Most of us heard it from our parents: "money doesn't grow on trees," but was that where our financial education at home ended? All too often, that's the case, according to Stacy DeBroff, a parenting author from Boston who recently wrote A Parent's Guide to Raising Fiscally Responsible Children (Simon & Schuster, $12). Despite their good intentions, parents are setting their kids up for a life of financial failure by sheltering their children from hard financial realities. "We have felt enormous pressure to have our kids succeed and to do the best that they can academically, in sports and their outside pursuits. And as a result we have shielded them from discussions about family budgets, about larger issues when it comes to spending, credit and debt, mortgages," she says. In previous generations, children were expected to earn their spending money through part-time jobs. But in recent years, the bubble-wrap trend in parenting culture has pushed parents to give their children a leg up in an uber-competitive world by absorbing all of their children's costs, DeBroff says. She figures all of these changes have led young people to believe they're entitled to all the latest gadgets and fashions. "There's this immediate gratification: 'I really, really want this great pair of jeans,' not 'I can't afford this pair of jeans,'" she explains. This disconnect from the need to budget sets teens up for a shock when they leave home. Suddenly, they face the harsh reality of paying bills for rent, food and often tuition at a post-secondary school. At the same time, their introduction to the joys of magic money — credit cards that only require you to pay off a minimal amount of your debt — can turn minor cash flow problems into long-term debt that sometimes leads to personal bankruptcy. "They often find themselves digging themselves out of a personal finance hole in their 20s," DeBroff says. Parents may think that their children are learning personal finance skills at school, but Darren Weeks, a personal finance guru from Edmonton, didn't mince words when asked if schools are doing enough to educate teens. "Not even close," said the founder of the Fast Track To Cash Flow. "The schools are often seen as a catch-all for education, but parents are the primary educators of their kids when it comes to personal finance," says Janet Sutherland, a spokeswoman for the Calgary Catholic School District. "It's up to parents to reinforce what the kids learn at the schools." Weeks and DeBroff agree that parents are ultimately responsible — young people are much more likely to learn personal finance lessons when they are taught at home, they say. "Oftentimes what you do with money is deeply tied into values," DeBroff explains. So what can parents do to set their children up for a lifetime of good financial decision-making? Start teaching financial lessons as early as possible, say DeBroff and Weeks. DeBroff recommends easing a child into the world of personal finance at age five with an allowance, which can be connected to chores done, so the child learns how much work is valued. This introduces a child to budgeting, usually in the form of setting up a savings account and spending less on immediate wants (candy) in exchange for greater long-term happiness (a new bike). They also learn that bad behaviour or shoddy work (backtalk and clothes on their bedroom floor) can result in the loss of income. Weeks has his own children — Ava, 4, and Connor, 6 — split every dollar they earn from chores into three categories: one-third for long-term savings, one-third for spending and one-third for charity. He also recommends parents encourage their children to play games that revolve around money. These include the classic Monopoly, along with The Money Savvy Pig piggy bank, which has four chambers: Save, Spend, Donate and Invest (msgen.com, $16.99) and The Allowance Game (Lakeshore Learning, $21.99). It's around age 13, however, that finance education needs to ramp up, DeBroff says. How do teens manage money from their part-time job, for example, or those cheques they get every Christmas from Uncle Bob? At this age, it's important to impart a clear sense of what a child's spending habits require them to give up in terms of hours worked and future opportunities lost. More complex personal finance ideas, such as building a credit rating and investing, can also be better understood by teens. Options such as parent-supervised debit and credit cards, and secured or prepaid credit cards, can ease teens into the perilous world of plastic by helping them track and manage their spending. Some even allow parents to set daily, weekly and monthly limits. Even if your child makes some financial mistakes, such as losing all their savings in high-risk investment schemes, it's better they learn their hard lessons before they leave home. "Just like investing, an earlier start leads to a higher finish," Weeks says. Sure, money doesn't grow on trees. But it pays to start early if you want to grow a money tree with deep roots. Making your kid money-wise Here are a few ideas from parenting author Stacy DeBroff to help parents raise children that are financially responsible: - Use the news: Use newspaper headlines to jump-start dinner table conversations about how a lot of people are out of work now and what world leaders are doing to help people find new jobs. These conversations can grow more sophisticated when discussing the economy with tweens and teens. - Tie allowance to chores: This teaches the value of a dollar. Make clear what you expect from your child to earn allowance, what items you expect allowance to cover (movies, treats, online games), and what your child can do to earn extra allowance (special help needed around the house or garden). - Set a savings goal: No matter the amount, nothing speaks to kids more than their very own savings account. - Start young: Let kids know early on that a trip to the store doesn't always mean a treat for them. Explain that you go to the store together each week to buy food for the family, and you can't afford to buy a new toy each time you shop. - Separate necessities from luxuries: Help kids understand the difference between needs (think: food, water and shelter) and wants (think: new fashions and electronics). Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| The week's 10 best Personal Finance stories - Investors Business Daily Posted: 19 Feb 2010 08:56 PM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. The week's 10 best Personal Finance storiesIn case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Feb. 15-19: Is it time to give up your low adjustable-rate mortgage for a fixed-rate loan? Low mortgage rates over the past year have inspired many Americans to refinance their home loans, but some eligible borrowers haven't made the leap. Often that reluctance to refinance stems from the fact that interest rates on their adjustable-rate mortgages have fallen below 3% -- a better rate than they'd get by switching to a fixed-rate loan.See Real Estate. States grapple with health-insurer rate hikes As health-insurance premiums rise beyond what many people can pay, some states are experimenting with more aggressive ways to protect consumers from skyrocketing premiums in the individual market.See Vital Signs. New York ranks low in airport ranking Pity the poor traveler who must fly in and out of New York City. Consumers gave some of the weakest scores to the area's three main airports -- John F. Kennedy International, Newark Liberty International and LaGuardia International -- for everything from baggage handling to security checkpoints in J.D. Power & Associates' North America Airport Satisfaction Study for 2010. See Travel. Commentary: New credit-card rules hurt the best borrowers Credit-card holders: Your card issuers have been trying to tell you something with mailers and in actions that you need to know but have probably missed.See Chuck Jaffe. State pension plans face $1 trillion shortfall A train wreck waiting to happen. That's the only way to describe the mess that state pension systems are in right now, according to a report published Thursday by the Pew Center on the States.See Robert Powell. How well is your 401(k) plan serving you? There are many reasons why your neighbor might have a much brighter retirement outlook than you, or vice versa. Maybe one of you sets aside more each month, started saving younger or chose investments that fared better in the downturn. But to what degree does your 401(k) plan itself make a difference?See Andrea Coombes' Ways and Means. Tax issues confront retirees As you enter retirement, probably the largest and most daunting item of expense that you encounter will be taxes. And we're talking not just of a benign single item of expense, but quite possibly many different kinds of levies. Each one of our 50 states can enact and enforce state and local taxes by the dozen, as well as property taxes by the hundreds, and countless more.See Marshall Loeb. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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