If you own a Simplicity brand crib, you may want to take it down right away. According to the article from CNN Money, 3 infant deaths have been reported because of design flaws in the cribs. The instructions for building the crib may have allowed people to build the crib incorrectly, causing the crib to collapse and potentially entrap and suffocate infants.
By Erik Folgate
I would suggest staying away from these credit card booths no matter what, because it’s just another form of predatory lending. Blueprint talks about how these credit card booths might be stealing your identity while stealing your financial virginity. It’s sad that we have to be so paranoid about our identity these days, but that is the world we live in. We need to make sure that we don’t just flaunt our personal information to anyone.
Besides, is a free t-shirt or a free pizza worth having 29% credit card debt with no job? Just stay away from them altogether, and you won’t have any problems.
By Erik Folgate
Writing a business plan doesn’t have to be such a daunting task if you know what to include and what not to include in it. Some businesses don’t need a business plan. However, writing one out can be a good way to figure out if you really want to go through with the business. A business plan should include three major sections:
- The BUSINESS CONCEPT section
- The MARKTING PLAN section
- The FINANCIAL section
After reading a few of my posts, you’ll soon realize that I HATE BEING IN DEBT. I’m doing everything that I can to get out of it, and I can’t stand it when I hear people say, “Why bother paying off my debt, when I can invest it and make more on the interest than I owe”. Borrowing against my own money doesn’t sound like a plan to become wealthy. I’m a big believer in the psychology of money and how to handle it. You have to master the mental part of handling money before you can master the mathematical and logical part of it. And that means being sold out on getting out of debt. You can’t be on the fence, or else you’ll stay in debt the rest of your life.
When you are listening to the news and you hear that the Fed cut some of the national interest rates, it doesn’t mean much to you. The average American doesn’t care what the Fed does, but they should, because their decisions affect us in many ways. AZcentral.com has a good article about what the recent interest rate cuts mean to the average American and each financial category.
A cut will help many people who owe money. Interest on variable-rate credit cards could ease, and so might the bite on adjustable-rate mortgages. But anyone facing an ARM reset still should expect higher payments – just not quite as bad as they otherwise might be.
By Erik Folgate
The the Dow Jones has dipped about 70 points in the first half of the day. The Nasdaq index has fallen 25 ponits. Traders are weary about the upcoming Fed meeting where experts are predicting that they will raise the interest rate. Tuesday, the Fed will meet to discuss making adjustments to the federal fund rate. Many experts are expecting a quarter point increase. The decrease in jobs and the slumping retail sales market has caused some to believe that the Fed will make the adjustment and that we are approaching a recession.
A quote from the Yahoo Finance Article.
A Money Crasher reader and personal friend of mine asked me a question about how her and her husband should plan to start a family while trying to save for a house. She wants to be a full-time mom once they start having kids, and he’ll be making about $60k in the next 3 to 5 years. Here is her question:
USA Today has an article about homeowners who are paying more than 30% and more than 50% of their household income towards their mortgage. Here are the statistics from the Joint Center of Housing Studies at Harvard University.
Homeowners with mortgages spending at least 30% of income on housing:
- 2000: 27%
- 2005: 35%
- 2007: 37%
Homeowners with mortgages spending at least 50% of income on housing:
- 2000: 10%
- 2005: 13%
- 2007: 14%
Before I begin the topic of this post, I just want to recognize all of the men and women that lost their lives six years ago today, whether they were in one of the airplanes, in the twin towers, or trying to rescue survivors. Your lives were taken by a bunch of cowards, and for that reason, we’ll always remember you.
I am a strong believer that eliminating your debt is the first step to becoming wealthy. Once you are debt free, there is nothing holding you back from saving a higher percentage of your income. Think about how much of your household income goes to credit card payments, car payments, and other miscellaneous debts. I’ll venture to say that it’s at least 20% of your take home pay. Saving an extra 20% of your income over 30 to 40 years will ALWAYS make you a millionaire, even if you make $35K for the rest of your life. There are three popular ways of methodically paying off your debt. I don’t want to tell you which one that I think you should do, because I think it has much to do with what kind of person you are. Here are the three methods for eliminating your debt.
By Erik Folgate
This is not a political blog, but the issues that Ramsey talks about on this video are definitely political issues. My challenge is for you to research the presidential candidates before you vote in a year. Make sure that you choose a candidate that not only agrees with your foreign policy and selsocial views, but also your financial views. The idea of socialism, at its core, does not work and it only benefits the less hard working individuals in society. The idea of working hard to make something for yourself is why this country’s economy has thrived over the past 200 plus years. That’s not to say that the mentally ill and physically disabled should be left to fend for themselves, but there are plenty of other socialized systems in place that drain the congressional budget every year.
By Erik Folgate
Here is a question submitted to me from one of our readers. He is having trouble with being upside down on a car loan. He makes $42,000 a year household income. I will post the question answer it based on what I would do if I were in his shoes.
As you all know, entertainment can be a very rough on your bank account if you aren’t budgeting out money specifically for it. We’ve become a very lazy culture, and we’ll pay quite a bit of money to be entertained. The fact is that you can have a great amount of fun with your family or friends without spending much money. Here are four things you can do that will not kill your wallet:
Adjusting to your first “real” job can be a daunting task. First of all, you have to get into the routine of getting up early every day and being ON TIME every day. Then, you have the task of relating to your co-workers and boss. Then, you have the human resources meeting about your benefits package. If your brain isn’t scrambled after all of that information, then you are a much better person than me when it comes to processing information.
If you’re currently running a small business or a home-based business, but you are not writing or managing a blog for your business, there is a problem. Blogs are probably the easiest self-publishing tool to create on the internet. If you already have a website for your smalll business, then you’re already paying for a domain name and a web hosting package to house the domain and its content.
How to Set it Up: