Analysis Topic: Personal FinanceThe analysis published under this topic are as follows.
Thursday, August 21, 2014
For many a car lover, retiring rich requires the end of a lifelong love affair. I empathize with them all; I’ve had my own romance over the last 50-plus years.
Cars have a special resonance for people of my generation. George Lucas’ classic coming of age film American Graffiti is proof positive of that. As teens we flocked to auto dealers when new models came out and fantasized about actually being able to own our favorite. And let’s face it: cool cars were chick magnets. In our 20s and 30s, with the help of a friendly finance company, those dreams became reality, and every few years we’d get the new car itch again.Read full article... Read full article...
Tuesday, August 19, 2014
Inflation figures released today show that the Consumer Prices Index (CPI) fell from 1.9% to 1.6% during July.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 2% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 2.67%.Read full article... Read full article...
Thursday, August 14, 2014
Wall Street is “rigged.” That’s the word Michael Lewis, author of the bestseller Flash Boys, is spreading among the news networks, and it’s produced a vast outcry in the financial community.
Really? As Gordon Gekko, the unscrupulous corporate raider in the ‘87 classic Wall Street, says, “Come on, pal. Tell me something I don’t know.”
There’s a lot to learn from Gekko, who spends the bulk of the film demanding a young stockbroker named Bud Fox bring him information—information no one else can or will deliver. A few Gekko-isms should jolt your memory of the movie:Read full article... Read full article...
Tuesday, August 05, 2014
Your Insurance Company Lands in Rehab—Will Your Annuity Survive? / Personal_Finance / Pensions & Retirement
Your insurance company probably won’t go under; however, one might have said the same of AAA bonds in 2007. As many investors found out, sometimes the unlikely suddenly becomes your very own nightmare.
In 2012 the Financial Guaranty Insurance Company with $2.1 billion in assets failed. Also, in 2009 the Shenandoah Life Insurance Company with $1.7 billion in assets went under. In 2008, Standard Life Insurance Company of Indiana with $2 billion in assets collapsed as well. Although these failures weren’t all national front-page news like the AIG fiasco, anyone who owns an annuity or is thinking of buying one should take note.Read full article... Read full article...
Friday, August 01, 2014
UK Savers’ Still Paying the Cost of Funding for Lending Scheme / Personal_Finance / Savings Accounts
The ill-fated Government initiative to kick-start the housing market, (Funding for Lending Scheme) was withdrawn this January, but not before it had decimated the savings market.
Now the dust has settled, Moneyfacts has analysed what, if any, impact the withdrawal of FLS has had on the savings market.Read full article... Read full article...
Thursday, July 31, 2014
Need-to-Know Tips for Buying Annuities… And Knowing When They’re Not For You / Personal_Finance / Pensions & Retirement
You're probably something of an expert in your own field—and that field probably isn't insurance or annuities. How, then, can you work through the minefield of clauses, guarantees, and pages of small print? Here are nine ways to start.
While you may feel uncomfortable doing this, you're the one putting down thousands of dollars, and you have every right demand this. Remember: caveat emptor! It's the buyer who must beware; you must protect yourself. Ultimately, the language in the annuity contract is what matters, but it doesn’t hurt to memorialize your verbal agreement with the agent in writing.Read full article... Read full article...
Monday, July 28, 2014
Shah Gilani writes: This is amazing.
If you’re about to become a college student, if you’re already a college student, or if you’re simply in debt and need more credit and plan on becoming a student again, you’re in luck.
Financial services giants Discover Financial Services Inc. (NYSE: DFS), Capital One Financial Corp. (NYSE: COF), Bank of America Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), and U.S Bancorp (NYSE: USB), to name a few players in the student credit game, are bending over backward for you.Read full article... Read full article...
Wednesday, July 23, 2014
When All You Have Left Is the Cost of Breakfast at McDonald’s / Personal_Finance / Pensions & Retirement
When I was 20 years old, I sat through my first day of a business law course at Northwestern University. The professor began by writing two words on the blackboard (in the prehistoric days of blackboards and chalk): Caveat emptor. He raised his voice and said, “Let the buyer beware!” I’m here to echo his warning, but this time it’s about annuities.
Annuities are at the top of the list of complicated products that often profit insurance companies without adequately compensating the buyer in return. Put plainly, sometimes you don’t get what you thought you paid for.Read full article... Read full article...
Thursday, July 17, 2014
Most people learn by the age of 10 or so that making promises is easier than keeping them. That’s why really big promises like corporate pensions and national retirement/health care programs are so easy to screw up. Offering someone a cushy retirement or a lifetime of healthcare feels great and generates massive goodwill from the recipient. So elected officials and corporate executives tend to over-promise in the moment and leave the hard part — actually making good on those promises — for their successors.Read full article... Read full article...
Tuesday, July 15, 2014
Payday Loans Industry Crash as FCA 100% Cap on Interest Rate and Fees / Personal_Finance / Debt & Loans
The FCA successor to the inept FSA regulator is finally going to act to put a CAP on the pay day legal loan sharks industry a good five years later than they should have acted had the financial regulator the best interests of the general public in mind rather than Britains banking crime syndicate.Read full article... Read full article...
Thursday, June 26, 2014
Many savers will have delayed opening a cash ISA for the current tax year so as to best capitalise on the the new cash ISA allowance of near triple the existing amount of £5,490 to £15,000. However, It should not come as a much of a surprise that after more than 5 years of an artificial highly manipulated UK interest rates market for the primary purpose for funneling tax payer cash into the bankrupt banks (QE) that the already extremely low savings rates have have yet again been cut ahead of new ISA's going live on 1st of July.Read full article... Read full article...
Thursday, June 26, 2014
Wonga Pay Day Loans Outfit Gets a Slap on the Wrist Instead of Prison / Personal_Finance / Debt & Loans
Apparently 45,000 customers of the Wonga payday loans outfit are going to receive a flat £50 as compensation for being conned by fake threatening legal letters from law firms that did not even exist, which went on to include charges for bogus legal fees that is tantamount to fraud that caused huge distress for tens of thousands of Wonga customers, that instead of now facing the full weight of the law has instead been asked to compensate its victims for approx £2.6 million compared to Wonga's annual profits of £84 million which reeks of an FCA regulator that seems even more inept and toothless than the FSA it replaced.Read full article... Read full article...
Tuesday, June 24, 2014
My grandmother refused to share the heart-wrenching details until I was in the Marine Corps. I’d heard bits and pieces about my ne’er-do-well father but didn’t fully grasp the devastation he’d left behind until Grandmother spilled the story with tears in her eyes:
Your father never worked. After you were born he stole all the money in the house, vanished, and was never seen again. Fortunately your mother had gone back to work earning $8 per week.
However, one of the worst parts was: the store repossessed your baby carriage because your father stole the money your mother had saved to pay it off.Read full article... Read full article...
Thursday, June 19, 2014
What the Regulatory Shift from the OFT to the FCA and Means for Payday Lenders / Personal_Finance / Debt & Loans
Melly Abruzz writes: On April 1, 2014, the regulations governing payday lenders in the UK was transferred from the Office of Fair Trade (OFT) to the Financial Conduct Authority (FCA). The gist of the regulatory shift was that payday lenders are now obligated to conduct thorough affordability and credit checks. Other changes include a cap in loan rollover, and pointing borrowers in the direction of free debt advice.Read full article... Read full article...
Tuesday, June 17, 2014
Shah Gilani writes: This is a public service announcement. Really, you need to read this!
If you think your mobile banking app is safe, think again.
Right now, as in this very second, if you have a mobile banking app connected to USAA, Citigroup, American Express, Wells Fargo, Bank of America, TD Bank, JPMorgan Chase, BB&T or Regions Bank, you could be in deep Svpeng.Read full article... Read full article...