8 Reasons Why You Should Sell Your Home Before Buying a New One

Written by 20 Comments

When it comes to buying a home, buyers try to engineer the ultimate balancing act of buying the new one first, THEN putting the current one up on the market before the ink is even dry on the purchase contract.

The object—and expectation—is to find that perfect home, then to put the old one on the market in the hope of selling it in the treasured but increasingly mythical simultaneous closing.

Just playing it out in your mind is exhausting, but making it actually happen is a truly massive undertaking.  What would make anyone think that such an effort is worth trying?

Fear! Fear that you might not be able to find the right home after selling your current home.  Fear of being homeless.  Fear of temporary housing.  Fear of the dreaded “double move” (moving from the old home to temporary housing, then again to the new home).

Those fears may be legitimate at some level, but there are even greater causes for concern if you plan to buy before selling.  Here are eight of them…Continue Reading

The Cost of Clutter on Your Finances and Life

Written by 5 Comments

We are a nation of junk collectors.  Look around your house.  Do you see any clutter?  Are there things you own that you know you shouldn’t have purchased?  Are there items you purchased but have never used?  Look in the closet.  Are there any clothes with the price tag still on them?  Any non-perishable food you bought that you decided you just don’t want to eat?  Any expired food?

I thought so.

The Cost of Clutter

Continue Reading

Debt Doesn’t Mean You’re a Bad Person

Written by 6 Comments

How often have you heard of people covering up their debts? Or even worse, going into more debt buying things they don’t need to prove to people that they’re “not in debt.”  Too often, this shame someone feels drives them into further debt and causes havoc in other areas of their life.  I’m here to tell you there is another way!

Being in debt does not make you a bad or irresponsible person! I mean, if it did, then anyone who is making payments on a car or house is deemed a “bad person.”  More specifically though, I’m referring to serious consumer debt.  I feel that often times, people who have spending problems cover up their debt or feel ashamed about what they’ve done.  If you keep following a pattern of consumer debt and doing nothing about it, then yes, you are irresponsible!  But, it’s all about how you deal with your debt.  If you realize the damage you’re doing to your finances and do something about it, you learn a tough lesson and move on with life.
Continue Reading

Are Banks Ratcheting Up Their Profiling Efforts?

Written by 6 Comments

You know that your consumer profile is used by financial services providers to make a number of decisions about you. Before I could get satellite TV service, I had to submit to a credit check.  Employers increasingly want a peek at your credit report, and insurers often use your credit as one of the criteria in determining your premiums.  But your credit history isn’t the only thing that others are interested in.  Consumer behavior — and how to protect against risks — is becoming a major concern of many financial services companies. Which is why banks are increasing their efforts to learn more about you.Continue Reading

Should You Use Your Credit Card to Buy Gold or Silver?

Written by 5 Comments
Gold and Silver Coins

Gold and silver prices have been on the increase for many months and this is no surprise to Gerald Celente, the CEO of Trends Research Institute, business consultant and publisher of the Trends Journal.

This “Trends Expert” stated that gold and silver prices would continuously increase almost two years ago.  As CNN Headline News stated, “When CNN wants to know about the Top Trends, we ask Gerald Celente.”  As per usual, Gerald Celente called it right.

Many financial experts are stating that gold and silver demands will continue to be high for quite some time to come.  According to the vice president of the RBC Capital Markets Global Futures George Gero, he stated at Forbes.com that worries about the US debt and tensions in the Middle East are a couple of reasons why investors like to turn to gold.

As of the posting of this blog, gold was $1548 per ounce and silver was $36.21 per ounce.  Compare that to one year ago, gold was about $1200 per ounce and silver was $18.50 per ounce.

So investing in gold and silver is still proving to be profitable.
Continue Reading

Try a No Spend Month: Your Wallet Will Thank You

Written by 15 Comments

Do you find your expenses creeping up month after month? Do you use cash but don’t know where all of the money goes at the end of the week?  Do you feel you have gotten a bit lax with personal finance?  If so, you may want to try to have a no spend month.

During a no spend month, you limit yourself to only a certain amount you can spend on variable expenses.  My family has had two no spend months, and each time we allowed ourselves to spend no more than $500 on variable expenses including groceries, dining out, gas, entertainment, and miscellaneous.  Both no spend months made us more aware of our spending weaknesses and taught us some valuable lessons.Continue Reading

Investing VS Speculating: The Difference Between Building Wealth and Gambling

Written by 11 Comments

How do we know when we’re investing—or speculating but thinking we’re investing? It’s not always obvious.

One of the factors that can make it difficult to know the difference between investing and speculating is that both produce gains and losses.   Some sound investment strategies can turn losses for a few years, while speculating rakes in high returns just long enough to earn some credibility.

Since the lines between investing and speculating can often be blurry how do you spot the difference between the two?Continue Reading

Save Money on Vacation Plans with Frugal Staycation Ideas

Written by 8 Comments
Lego Indy On Vacation

I like to travel, but sometimes a vacation just isn’t practical. After all, a vacation can require quite a bit of planning — and expense.  You have to plan airfare (or pay for gas when you take a road trip), pay for hotel stays, and arrange for food.  All of this can become overwhelming as well as costly.  If you want to go on a trip, but know that a full-on vacation isn’t practical, you can plan a staycation.

Here are some ideas for frugal staycations:Continue Reading

Happy Father’s Day and Links

Written by 2 Comments

It’s a day in celebration of Dad. Maybe he taught you how to build things with your own two hands. Maybe he taught you how to mow. Or maybe he taught you how to balance your checkbook. Whatever your Father’s specialty was, he likely imparted part of it on you as you were growing up.

We can all agree we wouldn’t be here without good ole Dad, so take time today to reach out and let him know how much your appreciate him.

While you are kicking back with Dad this weekend, don’t miss these great personal finance articles:

Continue Reading

What’s in Your Pocket? ING Direct! Capital One to Buy ING Direct USA Online Banking Division

Written by 58 Comments

ING Groep NV (NYSE:ING), the Dutch parent company of ING Direct USA, has agreed to sell its online bank to Capital One Financial Corp. (NYSE:COF)

The sale will be for $9 billion in cash and stock.  This move helps Capital One move up from the 8th largest bank in the U.S., based on deposits, to the 5th largest depository bank.  Capital One also becomes the largest direct bank with the acquisition.

Why sell ING Direct?

ING Direct is a successful division and a pioneer in online banking – why sell it? Back in 2008 ING Groep NV received a 10 billion Euro bailout from the Dutch government.  As part of that loan, ING Groep NV is required to restructure and divest itself of ING Direct USA.
Continue Reading