The Fed's recent decision to raise interest rates could eventually lead to higher interest rates for federally subsidized student loans in the United States.
It doesn't take a degree in rocket science to know that this isn't a reality that most ...
Continue reading Another Option to Help You Shrink Your Student Loan Debt
How to Jump Start Your College Savings by Using a Credit Card
(The following is a sponsored post from Upromise. All opinions expressed below are the author's, based upon personal experience with Upromise.)
College may not be for everyone -- but for many people, college will turn out to be an important and ...
Continue reading How to Jump Start Your College Savings by Using a Credit Card
5 Financial Lessons From the Past That Everyone Should Learn
Those who don't pay much attention to the past are doomed to repeat it. There are so many sayings in this vein, but they all revolve around the fact that you must learn from your past errors. So let's look at some key financial lessons we should all ...
Continue reading 5 Financial Lessons From the Past That Everyone Should Learn
Poll: The 5 Biggest Money Regrets of 2015 — and How to Conquer Them
I'm confident that this time last year, scrawled on your list of New Year resolutions, was a sentence relevant to at least one of these four phrases:
'save money'
'stop spending'
'get out of debt'
'stick to a budget'
According to a ...
Continue reading Poll: The 5 Biggest Money Regrets of 2015 — and How to Conquer Them
Unlike Gen X, the Millennials Think College Is Still Worth It
Millennials may be paying out a lot more for college and racking up record student debt -- but they don't seen to mind, if the latest market research of 500 university graduate students by Credit Sesame is any indication.
Even though the cost of ...
Continue reading Unlike Gen X, the Millennials Think College Is Still Worth It
Infographic: Diagnosing the Causes of Medical Debt in the U.S.
Over the last few years, medical debt has quickly become the number one reason why people file for bankruptcy in the United States. In fact, 1.7 million people will be forced to file bankruptcy because of their medical debt.
Regardless of whether ...
Continue reading Infographic: Diagnosing the Causes of Medical Debt in the U.S.
Credit or Debit? How the Wrong Choice Hurts Small Businesses (and You)
Hello all! My name is Mike. I'm a big time fan of Len Penzo, and it's a privilege to share some of my thoughts on his blog. I read Len's article on why choosing debit or credit is like picking salad dressing; in that post he mentioned that he always ...
Continue reading Credit or Debit? How the Wrong Choice Hurts Small Businesses (and You)
The Average Owner Credit Score and Loan Payment for 10 Popular Cars
In case you missed it, the other day ZeroHedge published a story on the soaring car repossession rate that included some interesting data from Experian comparing the average credit scores and loan payments for owners of ten popular car models. I ...
Continue reading The Average Owner Credit Score and Loan Payment for 10 Popular Cars
Are You a Responsible Gambler?
Are you a responsible gambler? That sounds like an oxymoron, doesn't it?
The knee-jerk assumption is to peg all gamblers as irresponsible and careless with their money, but that's not necessarily the case.
Think about your hobbies. If you like ...
Continue reading Are You a Responsible Gambler?
A Fun Interview with Stacking Benjamins’ Host, Joe Saul-Sehy
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, I have really poor typing skills. Thankfully, he's a patient guy. -- Len
Len Penzo: How ya been, Joe?
Joe Saul-Sehy: Fantastic, Len! How you been? This is weird sitting here talking with each other and typing stuff back and forth at the same time.
LP: Say ... How did you type that so fast?
JS: I took a typing class in high school. Sixty words a minute, baby. Eat it, Mr. Morris! (Mr. Morris was my typing teacher.)
LP: That's great, Joe. You know, I learned how to type from two boobs named Hunt and Peck.
JS: I can see that. Don't give away all your trade secrets, dude.
LP: Right. So we had another fun Two Guys and Your Money podcast today. You're going to spend a lot of time editing my, um, contributions this week.
JS: I'm a little sad it was our last one! At least we'll have a competent new contributor to save our sorry butts on the new show; Kathryn from Makin' Sense Babe agreed to join. I'm really not sure why. When someone says "Sure, I'll join!" I don't ask too many questions.
LP: I think everybody wants to be a part of your show. As you mentioned, you're putting the kibosh on Two Guys. It's being replaced by a brand new podcast that debuts later this week called Stacking Benjamins. Care to tell all six of my loyal readers about it?
JS: You're too funny. The Stacking Benjamins podcast is a magazine-style show. That means that although it runs about 60-70 minutes long, every segment is only about 10-15 minutes, so the time flies. This isn't a hard-hitting financial show. Think more along the lines "Car Talk"; if you don't really like cars but like to laugh, you listen to the hosts, Click and Klack. In the same manner, if you like finance but would rather be entertained as we discuss trends, interesting financial stats and interview fun guests, I think our show is for you.
LP: Unlike me, you're not some two-bit hack masquerading as a personal finance expert. You've got real credentials.
JS: I'm not sure about the "two-bit hack" thing. You're more savvy than most pros I worked with over my career! I was a financial advisor for 16 years working with about 150 families to reach their goals. I helped people manage about $60 million dollars in-house and then another $120 million-ish that were in 401k plans and elsewhere. I know that makes me sound like some kind of money savant, but I was a lot like our listeners. I knew very little about money before I entered the field. I had huge credit card debt and solved it. I spent one year without much income at all -- my family of four lived on about $8000. So, I know the strain people feel who are just starting out and need good firm advice.
LP: What do you think sets your podacst apart from other personal finance shows?
JS: We're the only show that broadcasts from my mom's basement! I love comedy podcasts, and while we aren't comedians, I think that influenced me to keep it light. We have quick segments; during the hour, if you don't like one segment, you might like the next. Each episode starts with an interesting statistic. (On our second Stacking Benjamins episode we discuss a Bank of America stat that says 91% of people aren't worried about the stock market this summer, and think there isn't a risk of interest rates going up quickly). Then we talk to a cool guest. In the past we've chatted with Pat Flynn, Jean Chatzky, Adam Baker and Luke Landes, just to name a few.
LP: So far so good. Of course, there's more.
JS: It only gets better from there! Yes, PK from DQYDJ and Kathryn (Makin' Sense Babe) both have segments, and finally our roundtable of finance bloggers, including you, Dominique Brown from Your Finances Simplified, and different guest bloggers each week discuss a topic, like "Is All Debt Bad?"
LP: Well, I'm glad to see you saved the best for last! But seriously, your podcast format is extremely easy to digest and I think the pace of the show is terrific.
JS: Thanks! The longer we talk the more conceited I sound! Seriously, though, it's a blast. More than anything we want a listenable podcast. I want to make a show I'd listen to. Although there's definitely an audience for hard-hitting financial shows, that's just not me.
LP: Do you have an old Two Guys podcast you're particularly fond of?
JS: I thought we all did our best work on the Pat Flynn episode.
LP: Interesting. Of course, I wasn't on that show, Joe. I'm sure that's not a coincidence. Ahem. You know, one thing I really like about your podcast is that you've got a real gift for money talk. You make complex topics easy to understand.
JS: Don't you hate talking head jargon? I do. I don't want to talk about "large caps and QE2" ever! Let's just stick with big company stocks and how interest rates work. I'm not a car fix-it guy. My mechanic is awesome because he can tell me in my terms how it all works without boring me to tears. I want a money podcast that talks the same way.
LP: I know. When listening to the show, your past experience working in broadcast media is readily apparent too.
JS: For nine years I was on television as the Detroit WXYZ "Money Man," appearing twice weekly on the news. (Note from Len: Here's a thrilling clip of Joe from back in the day.)
LP: And you're no stranger to print media either.
JS: I hate doing the laundry list of "Joe's media resume."
LP: I know you do, Joe, but just play along with me. There's a method to my madness.
JS: OK. My advice has appeared in magazines like Bride, Child, and Best Life, in newspapers like the Los Angeles Times, Chicago Sun-Times, and Baltimore Sun. I've been on WSJ.com too. So, I'm used to working with the media on financial topics.
LP: Ah, yes, the Los Angeles Times. I started blogging because I got tired of the LA Times continually rejecting my op-ed submittals. Hey, do you ever worry about one of your podcasts being a real train wreck?
JS: I’m neurotic about it. Here's the way it works: Every week as we're putting together the next week's podcast I think it's just a horrible pile of trash. That's confirmed when I edit the show and send it to iTunes and Stitcher. There's a huge knot in my gut. I think I should just throw it away instead of sending it out. Then the reviews pour in and they're generally really good. I think that's confirmed by the numbers because our audience has grown quickly. The following week? I think that last week's show is a brilliant piece of art that we'll never, ever achieve again -- so you learn to ignore your feelings and just put it out there.
LP: Speaking of neurotic, let me just say that I consider myself fortunate to be a part of your show. But you've got to level with me: Do you ever get tired of having to heavily edit my contributions to your podcast?
JS: I thought it was awesome that you agreed to be on our show! I'll ignore your question and tell everyone the story of "How We Suckered Len To Be On The Podcast." I'd asked a mutual friend of ours, Dr. Dean Burke (now Georgia State Senator Burke -- we both rub elbows with influential people) -- and he replied, "Did you ask Penzo if he'd be on?" I thought, Why the hell would Len "effing" Penzo want to be on my little podcast? Then Dr. Dean said, "Tell Len that I said that he can't be on the podcast if I'm on it. He'll get the humor and agree to come on. So I wrote you an email that said, "I have this podcast and Dr. Dean said that he would only appear if you promised NOT to be on it." And you immediately fired back this reply: "Well then, I'm on it!" The rest is history. It's been a fun ride through 53 episodes so far.
LP: That's funny.
JS: That is a funny story.
LP: No, not the story, Joe. I'm talking about the fact that you typed that big ol' paragraph in just 26 seconds. Amazing. Anyway, so does this mean you're still going to let me take part in your live Stacking Benjamins podcast at FINCON13 in St. Louis this October?
JS: Won't that be awesome? I'm very happy that Philip Taylor (PT from PT Money, who is the conference organizer) is allowing me to help organize the entire podcast area. We'll have live broadcasts during the conference breaks so everyone can hear shows in progress. So it'll be you, Dom, OG & me onstage, along with appearances by Makin' Sense Babe and PK. That could get ugly.
LP: Ugly? I see you're a glass-half-full kind of guy -- I think you're being way too kind. So if there isn't really a big change in the format, why change the podcast name to Stacking Benjamins?
JS: Three reasons. First: Two Guys & Your Money is a decent name but doesn't speak to the fact that we're SO laid back. PT said that if he'd known how fun it was going to be, he'd have had two beers before coming on the show! So, Stacking Benjamins is a much more relaxed name that better fits the show. Second, we never had a real "launch" and although we get wonderful reviews from our listeners, this will give us the chance to reach the iTunes "New and Notable" section. Finally, we keep lying to ourselves, saying that we have all the kinks worked out and the show is finally ready for prime time.
LP: That's easy for you to type.
Stacking Benjamins debuts this week with three shows! Shannon Ryan from The Heavy Purse will be on the first show, PK from DQYDJ and Makin’ Sense Babe debuts on May 22nd, and the roundtable panel (including yours truly) makes its curtain call May 24th. You can subscribe to Stacking Benjamins on iTunes now and it should be available on the Stitcher, Blackberry and Windows Phone apps in the next few days. ...
Continue reading A Fun Interview with Stacking Benjamins’ Host, Joe Saul-Sehy
Why Bag Ladies are Financially Savvier Than Many Celebrities
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 ...
Continue reading Why Bag Ladies are Financially Savvier Than Many Celebrities
The Best Credit Cards of 2013
This is a guest post by Logan Abbott. Logan is the editor of MyRatePlan.com, a leading comparison site for credit cards, mobile phones, phone service, insurance, and more.
The New Year is upon us, and that means you probably made some New Year's ...
Continue reading The Best Credit Cards of 2013
100 Words On: A Grim Warning to Those Who Think Money Grows On Trees
A democracy can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the treasury, with the result ...
Continue reading 100 Words On: A Grim Warning to Those Who Think Money Grows On Trees
100 Words On: Saving Your Lame Excuses for Somebody Who Cares
A wise man once said that excuses are tools of incompetence, only useful for building monuments of nothingness and bridges to nowhere. When it comes to personal finance, there are a countless number of excuses that people often use to explain why the ...
Continue reading 100 Words On: Saving Your Lame Excuses for Somebody Who Cares
Southwest Airlines: Website Horror Stories, Part II
You're traveling through another dimension, a dimension not only of sight and sound, but of mind. A journey into a wondrous land whose boundaries are that of imagination. That's the sign post up ahead, your next stop:Â The Personal Finance Twilight ...
Continue reading Southwest Airlines: Website Horror Stories, Part II
What Goes Around Comes Around: Rising Interest Rates Are Inevitable
Last summer my 12-year-old daughter, Nina, was extolling the fashion virtues of her hot pink Converse Chuck Taylor All-Star high-top sneakers, better known to many as simply, "Chucks."
What I found amusing was while Nina really thought she was on ...
Continue reading What Goes Around Comes Around: Rising Interest Rates Are Inevitable
The Apocalypse Can Wait: My State of the Household Report for 2012
As the old saying goes, knowledge is power.
When it comes to tracking personal finances, one of the most important pieces of information in you can have in your knowledge database is a detailed summary that highlights where your household income ...
Continue reading The Apocalypse Can Wait: My State of the Household Report for 2012
The Latest Credit Card Gimmick: Two Different Cards, One Statement
I have a love/hate relationship with my credit card company. Last week I got a little taste of both after they sent me another mailbox surprise.
You see, although my current Citi Dividends Mastercard didn't expire until 2014, they went ahead and ...
Continue reading The Latest Credit Card Gimmick: Two Different Cards, One Statement
The Scapegoat: GE Money Takes Your Cash and Stores Take the Fall
by Angie Picardo
“If you apply for a [store name] credit card today you can get [arbitrary number]% off your purchase.” I can’t remember the last time I was able to go to a mall without being bombarded with pitches for store credit cards. I always manage to escape with a subtle “maybe next time,” but it would be nice to leave a store in a little less awkward fashion.
With the end of HSBC’s credit card business in sight, there doesn’t seem to be much competition in the store credit card market. Big names like Gap, Banana Republic, Amazon.com, and Chevron, to name a few, are backed by GE Money, a financial subdivision of General Electric that issues credit cards and handles all the financing for their consumer products.
GE Money is a holding company, meaning it can issue and manage credit cards under another company’s name, but is able to dodge some important regulations since it isn’t an actual bank. If you suddenly find your credit limit has been reduced or there are some mysterious charges on your statement -- common complaints among dissatisfied customers -- don’t expect Old Navy or Walmart to be on the other end of the line when you ring customer service.
GE Money has the power to raise interest rates, close accounts, and a million other things that can ruin consumers’ credit scores, and they rarely get any heat for it. They hide behind companies, letting them take the fall, sometimes severely affecting their consumer base.
Customer (Dis)satisfaction Guaranteed
GE Money is notorious for allegedly “losing” customers’ payments right before zero interest promos expire, and they are rumored to have stacks of identity fraud lawsuits to their name. Many of these issues supposedly arise due to miscommunication between GE Money, the store itself, and the consumer; sales associates will disclose information about their store credit card, but give some incorrect or insufficient information. Angry customers then come barging into the store, but come to find the stores are just as surprised and appalled.
If you’re looking for a way to shop, save and earn rewards, you’re better off with a regular bank credit card. Store credit cards usually have higher interest rates that are often subject to change (in their favor, not yours). A lot of the time, they offer better deals at a store than their own credit card.
Stick to the Basics
For example, the Citi Forward card gives 5% back on all purchases made on Amazon.com, while you’ll only get 3% back with GE Money’s Amazon.com card. If you frequent Gap, Old Navy or Banana Republic, you’ll benefit more from an American Express Blue Cash Preferred card since its APR varies from 17.24%-21.24%, lower than the Gap credit card’s across-the-board APR of 23.99% (variable, current as of June 2011).
So the next time someone tries to lure you into one of their “15% off the first purchase” traps, you now have a very good reason to avoid it.
Angie Picardo is a staff writer for NerdWallet, a credit card website dedicated to helping consumers find the best credit card.
Photo Credit: stevendepolo ...
Continue reading The Scapegoat: GE Money Takes Your Cash and Stores Take the Fall
Pick Your Plastic: How to Choose the Right Credit Card
by Joy Paley
Joy Paley is a guest blogger for Pounding the Pavement and a writer on the subject of becoming a nail technician for the Guide to Career Education.
There are lots of good uses for the seemingly dozens of credit card offers most ...
Continue reading Pick Your Plastic: How to Choose the Right Credit Card
- « Previous Page
- 1
- …
- 19
- 20
- 21
- 22
- Next Page »