Is It Time To Pull Your Money Out of Bank Of America?
February 5, 2009 by Erik Folgate
Filed under Banking, Economy
I just read this article on CNN Money, and it made me a little worried.
We have our primary checking account with Bank of America, but I am about ready to close the account and switch to a credit union. I have kept our checking account with Bank of America for two reasons. We have a lot of bills that automatically draft from that account and our paychecks are set up with direct deposit into that account. I know that I can change all of that, but it would take a lot of time to get done. The other reason is that Bank of America can be found almost anywhere in the Southeast. The convenience of finding an ATM wherever we are has been nice. But, I think the time has come.
Don’t Miss Out On the 2008 Stimulus Plan Tax Credit
February 2, 2009 by Erik Folgate
Filed under Economic Policy, Economy
For those of you who did not qualify last year for the stimulus refund money or you did not receive it in 2008, you still have a chance to receive the money in the form of a tax credit for your 2008 tax return.
How can I still get the last stimulus plan’s money?
The House Passes Obama’s Massive Economic Stimulus Recovery Plan
January 28, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Politics
To read the whole story about the house of representatives passing the stimulus bill, CLICK HERE.
This bill is chalked full of spending that has nothing to do with stimulating the economy. Philosophically, I disagree with spending and building infrastructure to stimulate an economy. I think cutting taxes stimulates an economy better, because it puts more money into the hands of businesses and individuals. When businesses have more money, they have more room to expand and create jobs.
The Financial Advice From Robert Kiyosaki During Economic Recession
January 14, 2009 by Erik Folgate
Filed under Economy, Financial Advice
Maybe you can figure out what Kiyosaki is trying to say in this article about bad financial advice
Basically, he bashes traditional financial advice, which tells us to ride out the waves of the stock market and continue investing in tax-deferred retirement accounts and mutual funds with strong track records. He starts talking about how investing in real estate made him wealthy, and he depends on his businesses and investments to live. But, then he goes on to say that his advice isn’t for everyone and it’s not for those who work for commission and a paycheck. And he says that he’s not recommending gold, silve, and real estate as good investments right now.
Obama Tries To Scare Us Into Another Stimulus Plan
January 8, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Politics
Obama spoke of doom and gloom today after giving his strongest charge for nearly a $1 trillion dollar spending bill.
When you listen to him, it’s obvious that he’s trying to gain support from the American people by scaring us into believing that we need to spend more money to fix a problem. As a money crasher reader, do not take after the government when it comes to your personal finances. If you are going through financial problems, do not try to spend your way out of it. The smart thing to do is cut spending, save money, and do anything and everything you can to increase your monthly income.
Obama Gives A Speech About His Proposed Economic Stimulus Plan for 2009
January 3, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Politics
Obama is labeling the proposed plan as an “American Recovery and Reinvestment Plan”, and he wants it passed as soon as possible. The price tag could be $775 billion, and once again, politicians think the only way to get out of this economic slump is to spend more money. This philosophy was practiced by Bush and now Obama. Here is the speech he gave and released on radio and on YouTube.
What are your thoughts?
Information About A Possible 2009 Economic Stimulus Plan
December 9, 2008 by Erik Folgate
Filed under Economic Policy, Economy, Politics
During the presidential election, Barack Obama spoke about proposing an economic stimulus plan for 2009. Originally, Obama and Congress wanted to get a stimulus plan passed during his lame duck period, but Congress is no longer in session until the beginning of the new year, so it looks like that isn’t happening. The Democrats wanted to get two stimulus packages passed, one by the end of this year, and then another one in the beginning of 2009. Now, it looks like they will push for one comprehensive stimulus plan in January or February of 2009.
How To Protect You and Your Family From Financial Ruin In A Recession
December 5, 2008 by Erik Folgate
Filed under Economy, Insurance, Planning
The media is saying we’re in a recession, because they love to strike fears in the hearts of Americans. We tune into news programs more when bad news has struck. Think about how many news programs, newspapers, and magazines you consumed during the 9/11 attacks. We love bad news. This is why the media was calling the economic downturn a recession from the beginning. Recession sounds so much darker and desolate than a “down economy” sounds. Call it what you want, but you still need to wake up every day, put your clothes on the same way, and make a living. There are three phases that all families should go through with their finances, and they are:
Wardrobing On The Rise In Tough Economic Times
December 3, 2008 by Erik Folgate
Filed under Economy, Shopping
The Problem
Good Morning America ran a piece this morning about the age-old trick known as “wardrobing” becoming more popular ever since the economy has slowed down. Wardrobing is a trick where a consumer buys a piece of clothing with the intention of only wearing it once, then he or she returns it at the full price. Someone might do this if he or she needs a formal dress or suit to wear once. It’s like renting a piece of clothing for free. Many large retailers have a liberal return policy, because it shows good customer service. We all know how frustrating it is when we try to honestly return an item and the retailer gives you a hard time about it. The problem is that the retailer is getting back a used piece of clothing, and you’re getting all of your money back. Even if you return it in good condition, you may have missed a hidden stain or left a certain body odor that cannot be removed. The retailer is then forced to either sell the item at a heavily discounted price or destroy it, and they lose money.
Charles Schwab’s 8 Step Savings Fundamentals Plan
November 21, 2008 by Erik Folgate
Filed under Credit and Debt, Economy, Spending and Saving
I ran across this eight step plan rolled out by Charles Schwab to help others prioritize what to do with their money. Here is the list:
1. Contribute to your company’s retirement plan at least up to the amount of any match offered.
2. Pay off non-deductible, high-interest debt, such as credit cards.
3. Create an emergency fund with three months’ worth of living expenses (keep in a savings account).
4. Max out the rest of your 401(k) contributions.
5. Save for a child’s education (in a 529 savings plan or Coverdell account).
