When you examine the numbers, it’s difficult to deny that payday loans are detrimental to your finances. A new study from Insight Center for Community Economic Development found that $774 million in economic activity was lost in 2011 along with 14,000 jobs. There were 56,230 personal bankruptcies related to payday loans that stripped the economy of an extra $169 million.
In a $15 trillion economy, $943 million is barely worth mentioning
Continue reading Eight Smart Alternatives to Payday Loans
Let’s get one thing straight; no matter how you slice it, when you’re short on money, looking for a quick cash advance is the Hail Mary pass of personal finance. As such it should always be the option of last resort.
In an ideal world, during a financial emergency, everyone would simply tap their rainy day savings account that they have set aside for unexpected expenses. Of course, the reality is
Continue reading The Pros and Cons of 5 Legal (and Illegal) Cash Advance Options
I recently met with Joe Saul-Sehy to talk about his new money podcast, Stacking Benjamins, which debuts this week. We had just finished recording his final Two Guys and Your Money show, and I figured it would be clever to conduct the interview via Skype instant messaging — that way I could reduce my workload by cutting and pasting our conversation directly onto my blog. Bad idea. Unfortunately for Joe,
Continue reading A Fun Interview with Stacking Benjamins’ Host, Joe Saul-Sehy
Being in debt is largely a matter of second grade arithmetic — if we spend more than we earn then we’ll get in debt; if we continue spending more than we earn then we’re likely to stay in debt.
The solution is to reverse the equation: Instead of spending more than you earn, start earning more than you spend. Put the difference against your debt regularly and soon it will be
Continue reading Four Basic Habits That Will Keep You Mired in Debt
Readers: Today’s post was written by my daughter, Nina. — Len
I’m only 13 and I’m worrying about my future. Not in an academic kind of way, but in a financial one. That’s because there are certain things that terrify me about growing up and living on my own.
Here is a list of the top five things that make me nervous for the future:
The thought of paying taxes absolutely terrifies
Continue reading My 13-Year-Old Daughter Shares Her Financial Fears
There are a handful of questions out there that simply defy explanation. For example, who built Stonehenge and what was it for? Why isn’t phonetic spelled the way that it sounds? And why can’t women put mascara on with their mouths closed?
Here’s another perplexing question: Why do otherwise intelligent people with triple-digit IQs still manage to dig themselves so deeply into debt that they’re often forced into bankruptcy?
Actually, I have
Continue reading How to Raise Your Kids to Be Personal Finance Losers (in 6 Easy Steps)
Congratulations if you can figure out the connection between this picture and the story.
There are those who steadfastly insist that credit cards are evil, and that credit card companies are greedy heartless scallywags that care only about one thing: making a profit.
I’ve got news for them: Credit card companies aren’t evil.
Neither are profits. Besides, when it comes to profits, credit card companies are no more heartless or greedy than,
Continue reading A Simple Trick for Getting Credit Card Interest Charges Waived
Most of us have been bullied at one time or another as a kid. Perhaps you were called a name or harassed or even hit.
This near-universal experience may be one reason why the movie, “The Karate Kid” resonated with both adults and teens. The underdog story of Daniel, the new kid in town being bullied by local boys, is one everyone can relate to.
As an adult, you probably think those
Continue reading 4 Kick-Ass Debt Lessons from the Karate Kid
Singer Dionne Warwick and the Bag Lady: Guess who currently has a higher net worth. (Hint: If you're torn, reread the title of this post.)
Grammy Award winner Dionne Warwick, who found fame in the 1960s singing “Do You Know the Way to San Jose?” filed for bankruptcy yesterday.
Younger folks may recognize Warwick from the 1990s, when she was the celebrity spokesperson for the Psychic Friends Network, or as a
Continue reading Why Bag Ladies are Financially Savvier Than Many Celebrities
Internationally-known daredevil Karl Wallenda earned his fame by performing acrobatic acts high above the ground — without a safety net.
For years, Wallenda had performed his dangerous stunts countless times without incident, but on March 22, 1978, his luck finally ran out. While walking 121 feet above the pavement on a high-wire stretched between two towers of a Puerto Rico hotel, an unfortunate combination of improper rigging and strong wind gusts
Continue reading 9 Important Tips for Managing Financial Risk