http://www.moneysmartz.com/weblog/ Personal finance insight and hand picked website and blog links to help individuals make smarter financial decisions. en Copyright 2012 personal+finance money Tue, 30 Mar 2010 09:31:10 -0600 http://www.movabletype.org/?v=4.25 http://blogs.law.harvard.edu/tech/rss 2010 is the year of the Roth IRA conversion. For the first time, income limits are being lifted allowing more individuals to convert their Traditional IRA to a Roth IRA. Under certain conditions (after 5 years and after age 59 1/2) Roth IRA withdrawals are tax-free. Before you make the conversion, know the facts, including a review of these helpful Roth IRA Conversion links:

• 7 steps to a 2010 Roth IRA conversation from Bankrate.com.
• Roth IRA Conversion Will Never Look Better from U.S. News and World Report Blog.
• 2010 Roth Conversion: Look Before You Leap from Schwab.
• 12 Traps to Avoid When Converting a Roth IRA from Robert Powell of Marketwatch.

]]> http://www.moneysmartz.com/weblog/archives/2010/03/help_with_roth_ira_conversions.php http://www.moneysmartz.com/weblog/archives/2010/03/help_with_roth_ira_conversions.php Retirement Planning The Moneysherpa Pages Tue, 30 Mar 2010 09:31:10 -0600
If the thought "I'm going to be smart about my holiday spending" has not translated into the act of spending less, then the following links offer hope for a more frugal holiday season:

• Acting like a Scrooge: Dr. Judith Rich of The Huffington Post offers ideas for going gift-free.
• Using a Budget: Ideas for staying within your holiday budget.
• Creating Frugal Traditions: How to create money-saving and meaningful holiday traditions.
• Thinking Before Spending: Three simple tips for smarter holiday spending.

]]> http://www.moneysmartz.com/weblog/archives/2009/12/holiday_money_saving_tips.php http://www.moneysmartz.com/weblog/archives/2009/12/holiday_money_saving_tips.php Money Management The Moneysherpa Pages Sat, 05 Dec 2009 08:30:37 -0600 Today, the Federal Trade Commission ("FTC") and 24 state agencies announced results from "Operation Clean Sweep," an effort to crackdown on false and misleading statements by "Credit Repair Operations." Lydia Parnes, Director of the FTC's Bureau of Consumer Protection said, "Companies that promise they are able to scrub your credit reports of accurate, negative information for a fee are lying - plain and simple." Visit the FTC site for the complete Clean Sweep press release. In addition, the FTC offers a wealth of credit resources including Credit Repair: How to Help Yourself and information on how to manage your credit and debt. ]]> http://www.moneysmartz.com/weblog/archives/2008/10/ftcs_credit_clean_sweep.php http://www.moneysmartz.com/weblog/archives/2008/10/ftcs_credit_clean_sweep.php Fraud The Moneysherpa Pages Thu, 23 Oct 2008 14:43:01 -0600 In an upside down stock market, panic selling occurs all too frequently. Today's market gyrations likely triggered even more selling. For some, the unintended consequence of panic selling is a larger tax bill. If you already sold stock or are contemplating selling, then The SmartMoney.com Capital-Gains Guide offers worksheets to help you calculate capital gains and a primer on rates for a variety of long-term sales, including investment securities, investment real estate, homes, and small business stock.

To learn more about the SmartMoney website, including tips for navigating the site, or to post your review and comments, visit the SmartMoney Moneysmartz Profile. ]]> http://www.moneysmartz.com/weblog/archives/2008/10/capital_gains_primer.php http://www.moneysmartz.com/weblog/archives/2008/10/capital_gains_primer.php Investing Taxes The Moneysherpa Pages Wed, 22 Oct 2008 19:39:44 -0600 Have you ever thought about how a low credit score could take money out of your pocket? The bad news is that there are many ways a low credit score can hurt your personal finances. According to myFICO, a low credit score will result in much higher mortgage payments. For a $300,000 30-year fixed rate mortgage, the difference between a very low and very high credit score is almost $900 a month in cold, hard cash. That's real money and real life if you are in the credit score doghouse.

The good news is that you can do a lot to improve your credit score. First, learn as much as possible about your credit score. myFico's credit education center offers tips, advice, and information. Next, get your credit report and FICO score. You can contact one of the credit reporting agencies for a free report (Equifax, Experian, TransUnion) or a service that monitors your credit for a fee. Be sure to correct errors on your credit report. myFico offers tips and advice to help to correct these errors. Finally, start paying bills on time and stop moving debt around. myFico offers a list of tips for improving your credit score.

By taking action and getting help, you can get out of the credit doghouse and look forward to lower payments on essentials like a home mortgage and less debt.]]> http://www.moneysmartz.com/weblog/archives/2008/10/the_real_world_and_your_credit_score.php http://www.moneysmartz.com/weblog/archives/2008/10/the_real_world_and_your_credit_score.php Money Management The Moneysherpa Pages Tue, 21 Oct 2008 18:05:17 -0600 It feels like we've averted the financial meltdown on Wall Street that many feared. Our attention is now shifting toward Main Street, employment, and consumer spending. With many experts saying that we are in or heading toward a recession, reviewing your day-to-day spending and evaluating the state of your personal finances is both well advised and smart.

To help you navigate the mass of personal finance resources on the web, Moneysmartz recommends visiting the personal finance pages of the leading financial portals, including Yahoo! Finance, Marketwatch, MSN Money, CNNMoney.com, Morningstar, Kiplinger.com, SmartMoney, Wikipedia, AOL Money and Finance, Fool.com, and USA.gov. These pages include money management, investing, insurance, estate planning, and college financing tips, advice, and resources. Moneysmartz recommends spending a few minutes with each site. Find the site that best meets your needs and visit it frequently to gain comfort and integrate into your decision making process.

If the recession is worse than expected, then you'll be better prepared to weather the storm and come out on top. If the recession turns out to be a mirage, then you'll just be a little smarter.]]> http://www.moneysmartz.com/weblog/archives/2008/10/popular_personal_finance_pages.php http://www.moneysmartz.com/weblog/archives/2008/10/popular_personal_finance_pages.php Personal Finance The Moneysherpa Pages Mon, 20 Oct 2008 19:19:45 -0600 Until recently, the release of key economic indicators was received by many investors with a yawn. Recent violent market movements in response to the release of economic statistics have resulted in renewed interest in the dismal science. If you ever wondered when the statistics are released and which ones are important, then look no further than the Yahoo! Finance Economic Calendar. The calendar lists current and future economic statistics, corresponding release dates and background information including a description of the importance of the statistic. To learn more about economic indicators and statistics visit the Moneysmartz Economic Indicators and Statistics Page.]]> http://www.moneysmartz.com/weblog/archives/2008/10/watching_economic_indicators.php http://www.moneysmartz.com/weblog/archives/2008/10/watching_economic_indicators.php Economics Investing The Moneysherpa Pages Sun, 19 Oct 2008 09:32:10 -0600 During this time of economic fear and uncertainty, many retirees have seen their hard-earned nest eggs shrink. A natural reaction to this decline is to look for ways to increase the value of one's nest egg. Marketwatch's Robert Powell warns retirees and pre-retirees to beware of scams. Potential scams include "free lunch" seminars where presenters use unscrupulous tactics to get attendees to sign-up for unneeded services. AARP has begun monitoring seminars to help distinguish between the good and the bad. In addition to scams, Powell notes that individuals should look out for sales tactics that don't provide all the details behind products like annuities with a guaranteed living withdrawal benefit. The old adage that if it sounds too good to be true, then it probably is too good to be true applies. Especially now, when it is easier to prey on unsettled investors desperately seeking ways to make up lost ground. ]]> http://www.moneysmartz.com/weblog/archives/2008/10/retirees_beware_of_scam_artists.php http://www.moneysmartz.com/weblog/archives/2008/10/retirees_beware_of_scam_artists.php Investing Retirement Planning The Moneysherpa Pages Sat, 18 Oct 2008 08:05:37 -0600 When the Oracle of Omaha talks, it pays to listen. Today, in an op-ed contribution to The New York Times, Warren Buffett said he is buying American stocks. In the midst of financial market turmoil, how could the world's richest man be thinking of jumping into the stock market? First, he has a long-term outlook and thinks stocks will increase in value over the next 10 to 20 years. Next, he has experience being greedy when others are fearful and fearful when others are greedy. Does anyone doubt that fear permeates our economy and markets? Finally, Buffett says cash loses value every day and history indicates that the market recovery will occur before the economic recovery. Before you jump into the market like Buffett, give some thought to your financial situation and your near-term and long-term financial needs. Also, heed Buffett's caution that he has no idea what the market will do in the near-term. To learn more about Warren Buffett, visit the Moneysmartz Warren Buffett page.]]> http://www.moneysmartz.com/weblog/archives/2008/10/buffett_says_buy_american.php http://www.moneysmartz.com/weblog/archives/2008/10/buffett_says_buy_american.php Investing The Moneysherpa Pages Fri, 17 Oct 2008 15:47:09 -0600 Do-it-yourself or get help? This question, a dilemma for many, will occur early and often during the course of your financial life. As your personal finances become more complex, you will inevitably need help from an investment professional. The following tips will help you make an informed selection:

• Determine your personal finance objectives and think about the services that will meet these objectives. For example, are you saving for retirement, protecting against risk, preparing your estate, or putting money aside for the education of your children? These are just a few of the potential questions that will help determine the financial services you are seeking. Financial services fit into an array of disciplines, including financial planning, estate planning, retirement planning and preparation, tax planning, investment management, college financing and planning, and insurance. Investment professionals may specialize in one discipline or offer services in several areas. Don't worry if you can't think of a complete list of financial services to meet your needs, because, after all, this one important reason for getting help.
• Ask trusted sources like friends and relatives for the names of investment professionals. Keep in mind that everyone's financial situation is unique, so what is good for your neighbor, may not be good for you.
• Don't use titles or generic terms to make your selection. According to the Financial Industry Regulatory Authority ("FINRA"), the largest non-governmental regulator for all securities firms doing business in the United States, titles like Financial Adviser or Financial Planner can be used by investment professionals that may not "hold any specific designation."
• Understand professional designations. The list of designations continues to grow, with each one representing something different. FINRA lists almost 100 designations. There are requirements for each designation, so when an adviser lists a credential, ask questions about the meaning of the designation and where to go to verify the designation. For example, to verify the credentials of a purported Certified Financial Planner, visit the Certified Financial Planner Board of Standard's search page and enter the name of the professional. To understand the meaning of a designation, do a Google keyword web search using the designation title. For example, Google keyword search "CFA" links to the CFA Institute, the organization offering the Chartered Financial Analyst designation.
• Conduct face-to-face interviews with prospective investment professionals. FINRA suggests the following questions: "areas of specialization, professional designations, registrations or licenses, education, work history, investment experience, products and services, and disciplinary history." Be sure to ask about compensation, which may be hourly, a flat annual fee, commission based, percentage of assets managed, or a combination of commissions and fees. Ask if the professional or their firm receives additional compensation for selling particular investment products. Finally, in the case of a professional offering investment products, ask if their firm is a member of the Securities Investor Protection Corporation ("SIPC"). According to FINRA, "the SIPC provides limited customer protection if a firm becomes insolvent."
• Verify state and federal regulatory registrations of the investment professional and their firm. Ask the prospective professional if they and their firm are registered at the state, federal, or at both the state and federal level and the actual name of these regulatory authorities. Once you have the name of the regulatory authorities, visit them online or call to verify registration. Many investment professionals and their firms are registered by FINRA, so a great place to start is FINRA's BrokerCheck, "a free online tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers." In addition, FINRA provides links to state regulatory authorities.
• Ask for references. Going the extra mile and checking references is worth the effort when considering that you may be entering into a lifelong relationship with the selected investment professional.
• Make sure the services being offered fit your unique needs and situation. Every investment professional should tailor a solution unique to you and your situation. Beware of professionals offering "one-size-fits-all" services.

Ultimately, selecting an investment professional is your responsibility, so whether you choose to do-it-yourself, or partner with one or many investment professionals, you control your financial destiny.

Suggested Sites: FINRA, Securities and Exchange Commission, CFP.net, Financial Planning Association

Guide Categories: Financial Planning, Insurance, Investing, Estate Planning, Retirement Planning, Tax Preparation and Planning, College Financing and Planning]]> http://www.moneysmartz.com/weblog/archives/2008/06/investment_professional_selection_tips.php http://www.moneysmartz.com/weblog/archives/2008/06/investment_professional_selection_tips.php Financial Planning Investing The Moneysherpa Pages Sun, 01 Jun 2008 12:33:10 -0600 2008 started with such promise. Sure, the danger signs were everywhere, but like every New Year, optimism prevailed. Well into 2008, many wish for another new year and an end to the stream of economic woe and confusion. Before throwing in the towel, Moneysmartz offers the following ideas to survive and thrive:

• Take stock of your current financial situation. Begin by calculating your net worth and determining if you have enough saved in an emergency fund. You might find that you are in better shape than you thought or that you need to act right away to shore up your financial situation.
• Prepare a budget. Sites like Mint.com make it easy and it won't take as much time as you think.
• Assess your protection against risk by inventorying your insurance coverage. In the event of a worst-case, you'll be happy you took the time.
• Avoid making investment decisions based on emotion. Understand your risk tolerance and investment time horizon to avoid selling low and buying high.
• Learn more about the big economic issues of the day so you can make smarter and more informed decisions.
• Try not to lose sleep over a loss in your home value if you don't intend to sell, refinance, or get a home equity loan. The market will eventually recover. This provides small comfort to those facing a reset on their mortgage interest rate or foreclosure, but for the majority of homeowners, a reset or foreclosure is not a concern.
• Reduce your daily spending through frugality. Go to sites like Valpak.com for money saving coupons.
• Focus on the areas where you have more control, including your job, your education, your health, and your family. If you are worried about losing your job, then prepare your resume, start calling your friends, and prepare for a change.

Like every economic cycle, this storm will pass and make way for a better day. Understanding this may be half the battle to begin enjoying the rest of 2008.

Suggested Sites: NetWorthIQ, Mint.com, A.M. Best, Insurance.com, CCH Financial Planning Toolkit, About.com Economics, FrontDoor, Federal Reserve Education: Foreclosures, About.com Frugal Living, Cool Savings, Vault.

Guide Categories: Assessing Your Financial Situation, Financial Calculators, Financial Goal Setting, Financial Planning, Insurance, Investing, Investment Time Horizon, Economics, The Federal Reserve Bank, Stagflation, Mortgages, Real Estate, Foreclosures, Frugality, Coupons, Compensation and Benefits.]]> http://www.moneysmartz.com/weblog/archives/2008/05/surviving_and_thriving_in_2008.php http://www.moneysmartz.com/weblog/archives/2008/05/surviving_and_thriving_in_2008.php Financial Planning The Moneysherpa Pages Sun, 25 May 2008 09:56:16 -0600 Chances are you don't have enough insurance coverage. In fact, according to the Insurance Information Institute, nearly 60% of American homes are inadequately covered. So if you think you fall into this group, here's a way to get motivated to get the insurance you really need. Visualize your worst-case scenarios. It's a difficult way to plan, but if a worst-case occurs, you will be thankful you took the time to think ahead. To learn the basics of insurance planning and start filling gaps, visit the MSN Money and Marketwatch guide "Making sure your insurance fits." The Moneysmartz Insurance Guide offers even more links to relevant and reliable sources of Insurance information and advice.]]> http://www.moneysmartz.com/weblog/archives/2008/05/worst_case_insurance_planning.php http://www.moneysmartz.com/weblog/archives/2008/05/worst_case_insurance_planning.php Financial Planning Insurance The Moneysherpa Pages Fri, 16 May 2008 20:30:40 -0600 Spring is finally here, your house is full of clutter, and you are looking for a few extra dollars to pay for the rising cost of gas. If you are willing to invest some sweat equity, then a garage sale is a great way to clean and get some green. Before getting started with your garage sale, visit the Yardsalequeen.com for common sense tips and more links. Wondering how to price your items? Visit Your Garage Sale Source for pricing ideas. Try Craigslist to find and advertise your garage sale. For example, if you live in Denver, visit Google, type keywords "craigslist Denver garage sale," and click "I'm feeling lucky" to view the Craigslist Denver garage sale classifieds page. In addition, many local newspapers host garage sale pages with maps and information, so try Google keyword search "your city garage sales." Finally, if you are pressed for time or feeling charitable, find a local Goodwill to donate your stuff.]]> http://www.moneysmartz.com/weblog/archives/2008/05/garage_sale_tips.php http://www.moneysmartz.com/weblog/archives/2008/05/garage_sale_tips.php Money Management The Moneysherpa Pages Sat, 10 May 2008 08:46:21 -0600 Money Magazine's 2008 Real Estate Survival Guide offers a tale of a world turned upside down with growth predicted for Syracuse, Buffalo, and Scranton, and dire times for the darlings of real estate, including Los Angeles, Miami, Phoenix, and Las Vegas. With projected eye-popping real estate price declines, what can we do to survive and for the select few, even prosper?

The Money Magazine Real Estate Survival Guide offers facts, tips, and insight. Here's how to make the most of the guide:

• Get the facts about your market including home price data for 381 markets.
• Learn the new rules of real estate including how homes will be financed in the future, what to ask your next mortgage broker, and a video on real estate trends.
• Try to stay positive, but if you must wallow in a little misery, take consolation in tales from the California bust.

Like the boom, bust, and boom of economic cycles, this correction will pass, leaving us with new opportunities and a greater understanding of the risks associated with real estate.]]> http://www.moneysmartz.com/weblog/archives/2008/05/money_real_estate_survival_guide_08.php http://www.moneysmartz.com/weblog/archives/2008/05/money_real_estate_survival_guide_08.php Real Estate The Moneysherpa Pages Fri, 09 May 2008 08:40:03 -0600 Wikipedia, an online encyclopedia open to editing by anyone, was the first of many collaborative web-based resources. Squidoo, a relatively new entrant into the space, with an emphasis on openness, declares, "Everyone's an expert on something!" This is bad news if you are looking to use Squidoo for definitive financial advice, but good news if you are looking for fresh perspectives on your personal finances.

To get the most from your visit to Squidoo, the following tips will help guide your way:

• Use the search bar at the top of the Squidoo home page and enter a financial keyword. Let's try personal finance.
• Note the terminology on the search results page. A Lens is a page created by someone. A LensRank™ "is the secret Squidoo algorithm for ranking lenses. A LensRank of #1 is best! (Ex: LensRank #14 beats out LensRank #39,999)."
• Sort search results by LensRank or Recently Updated.
• Buyer beware. Lenses come in a variety of shapes and sizes, including thinly veiled advertisements with links to more obvious advertisements. Like so many web 2.0 websites, the ranking system is not foolproof.
• Patience is a virtue. You'll have to do some digging to find gems. Here are two (we had to do a lot of searching to find these examples): The Best Personal Finance Websites and CFP.

With a fresh way to present the expertise of the masses, Squidoo offers a new, but not necessarily improved, view on your personal finances.]]> http://www.moneysmartz.com/weblog/archives/2008/05/squidoo_personal_finance.php http://www.moneysmartz.com/weblog/archives/2008/05/squidoo_personal_finance.php The Moneysherpa Pages Thu, 08 May 2008 19:55:22 -0600