When I was in college, one of my roommates’ parents had a timeshare.
They weren’t going to use it one of the weekends it was their “turn,” so we decided, as roommates, to take a mini-vacation and stay in the timeshare.
It was a lot of fun, and it got me thinking that maybe, when I grew up, I’d like to rent or buy timeshare.
I’ve changed my mind since then, however. I don’t think a timeshare is right for me — and certainly not the type of timeshare that locks you in to one specific location. What happens if you don’t want to vacation in the same place year after year? There are other timeshare options available out there now, and some might even be a good deal, if you are a certain sort of person. [.....]
I‘m a sucker for an uplifting personal finance story.
We’ve all gone through a situation in our life where it feels like you got punched in the gut. The key element about those situations is that you learn from it. If you don’t, then whole event was a wasted experience.
I emailed my newsletter subscribers and had them share with me what was the number one story or event that made the most dramatic impact on your life financially. I received some amazing stories.
Krissy, a GFC reader, was gracious enough to share her story. Enter Krissy…
Air conditioners break, kids need braces, and dogs need heart worm medication.
When the unexpected occurs and you suddenly find yourself in a cash needy situation, one place that investors are tempted to raid is their Individual Retirement Accounts (IRA’s).
If you don’t have a 401k that you can borrow out of, your credit cards are tapped, and your emergency fund is in need of just that -an emergency, then tapping your IRA might be the only option.
This is a last resort, especially if you haven’t reached the age of 59 1/2. Did you know, however, that there are ways that you can withdrawal your IRA without penalty?
Yes, that’s right. Uncle Sam was generous to allow you touch your IRA under special circumstances. If you need the money for one of these reasons, then you might must be in luck. [.....]
This is the 2nd installment from my buddy Eric Moorman, who I consider to be a real estate investing genius. Be sure to check out his first post “How I make $250,000 a year investing in real estate“, in case you missed it.Also, if you want to learn more about real estate investing, be sure to subscribe to our free newsletter below.
Buying a Foreclosure
I t is no surprise; there are a LOT of Foreclosures in the Real Estate market right now.
It is also no surprise these houses can be bought at steep discounts.
In fact, Foreclosures, in my opinion, are the hottest thing going in Real Estate investing.
The market is full of them, and the banks are holding thousands back, so as not to flood the market even more. As most of you know, banks are not in the business of Real Estate. They are in the business of loaning money. When a bank gets a Foreclosure, it is a toxic asset on the banks books. Now, more than any other time in history, banks are dumping these toxic assets for pennies on the dollar. [.....]
You loan your money to a Government or a Corporation and they promise to repay you the money you lent to them at a certain date in the future.
To make it worth your while, they also pay you interest every 6 months. From the get go, you know when you’re supposed to receive your interest and how much it’s going to be.
If the Corporation or Government fails to pay you the interest on the dates that were set out, they are in “default”. You can then take legal steps against them because they had a legal obligation to pay you. [.....]
In the last few years credit unions have seen a steady increase in customers and deposits.
A local credit union that I was affiliated with saw their total deposits more than double in the past 3 years. That’s amazing growth!
A lot of this increase has to do with “big banks” being harshly criticized in the news. Bank of America was hit the hardest when they announced a $5 a month debit card fee back in September.
Most recently was November 5, deemed “Bank Transfer Day”, a coordinated effort by consumer groups to stray away from “big banks” and their monthly charges. Since September, credit unions across the nation have pulled in 650,000 new customers and over $4.5 billion in deposits..
Whats the big deal with Credit Unions
Banks and credit unions render some of the same basic services, and each offers different types of benefits for customers. If you don’t belong to a credit union, you might not know how they differ from banks. [.....]
Your broker might not have your best interest in mind when they make recommendations to you.
In fact, brokers can legally put their interests ahead of yours.
Did you catch that?
Translated that means that your broker can get a speeding ticket for going 75 mph on the interstate, but won’t get punished for selling you a crap investment that makes them a bunch of money.
This is because most brokers operate under what’s called the suitability standard, which simply means the securities they recommend must be appropriate for you given your financial profile; however, many of the securities that can be considered suitable may be far from the best investment options available at a particular time.
Today many consumers are faced with a tough choice when it comes to who will manage their money.
This choice is made harder with the plethora of financial advisors out there. Some of these people, posing as financial advisors, give you an overload of information as well as a sales pitch for a product that may not be for your benefit. These “self-serving” advisors that are out for their own interest is why NAPFA was created.
NAPFA, which stands for National Association of Personal Financial Advisors, is a professional association for fee-only financial advisors. Founded in 1983, NAPFA has sought to help consumers seek conflict-free financial advice.
Of all the stratagems, to know when to quit is the best. – Chinese Proverb
Quit to Win?
I am not proud of it, but I am a quitter.
I have always put my all into everything I do, and it’s a characteristic that I am really proud of. If I have committed to something, I do everything in my power to stick it out until the end.
This is the message that I share with people as encouragement when they’re struggling with an issue. I encourage them to stop thinking about how to quit and focus on how NOT to quit – to push through it and finish whatever it is.
The only thing that haunts me when I’m telling people not to be a quitter is that it’s not entirely true! I know that there are things in life that I have quit; while most of them were minor, the one that lingers with me is my attempt at getting an MBA.
I enrolled in the MBA program at my university and after taking only one class I dropped out. It’s almost embarrassing to admit that, being that I consider myself to be successful! [.....]
Best Personal Financial Planning and Personal Investment Articles this Week from Personal Finance Blogs
Never Forget
Welcome to the November 11, 2011 Edition #210 of the Carnival of Financial Planning.
The Carnival of Financial Planning takes a long-term view of personal financial planning for individuals and families. We focus on efficient and sustainable personal financial planning practices that can lead to lifetime financial security.
This edition is arranged by subject heading, so that you can browse efficiently.
A GFC reader sent me the following message about investing for the first time with his new financial advisor. Here’s what he asked:
Now I left work and was told I needed to roll over my 401k. Not knowing what to do I asked my CPA, he told me to get a financial planer/adviser like Edward Jones or something on that line. Now it looks like and I am reminded it was a bad mistake. It cost me to get in and for the 3 months they have invested my money, it has lost money. Did I make a BIG mistake?
As a Veteran, I’m always appreciative when local businesses find ways to show their support and love for our military members. There are many merchants who will be celebrating Veterans Day by offering great sales which consumers can take advantage of to stock up on holiday gifts at a great low price. If you are looking to take advantage of some of these great sales, the following list can help you get started.
Where to find Veterans Day Deals and Discounts
Holiday shopping has become much easier with the help of the Internet. Not only can you locate sales in one easy place, you can also make your purchases from the convenience of your home. Visit the following websites for more information on Veterans Day sales.
What is a Bond?
by Jeff Rose
Abond is a loan. That’s it.
You loan your money to a Government or a Corporation and they promise to repay you the money you lent to them at a certain date in the future.
To make it worth your while, they also pay you interest every 6 months. From the get go, you know when you’re supposed to receive your interest and how much it’s going to be.
If the Corporation or Government fails to pay you the interest on the dates that were set out, they are in “default”. You can then take legal steps against them because they had a legal obligation to pay you.
Read this article →[.....]