Bankruptcy – What it is, When it’s Used, and How it Works – Adapted from Debt Free for Life

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Debt Free for Life

I had the pleasure of receiving a publisher’s copy if David Bach’s latest book Debt Free for Life – The Finish Rich Plan for Financial Freedom. Rather than give a general overview of the book, I’m going to talk about chapter 14 – How Bankruptcy Works, When to Use it, How Long it Will Take to you to Recover.

Bankruptcy is pretty much a last ditch effort to help save your financial situation (and perhaps your overall health and life).  The hope is that no one will ever need to know about bankruptcy but the truth is over a million and a half people in 2010 will file for personal bankruptcy.
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Brokers Should be Legally Liable to Act in the Best Interest of Their Customers

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A little while back the S.E.C. recommended that stock brokers be required to act as fiduciaries. This would mean they would have to act in the best interest of their customers.  The New York Times reviewed the salient issues on their Bucks Blog.

We think this is a no-brainer: OF COURSE brokers should act in the best interest of their customers – and they should be legally liable if they do not.
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Extension to File Taxes vs. Amended Tax Return

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taxes

This year, you have until April 17 to file your tax return.

But those extra few days don’t necessarily mean that you are ready.

You might want a little more time to get things together, or you might need to make changes to an already-filed return.  It is important to understand the difference between a tax extension and an amended return.

Tax Filing Extension

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What is Renter’s Insurance and Why You Need It

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While most people know how important it is to have homeowner’s insurance, many never stop to consider whether renters also need to protect themselves. 

Renter’s insurance is a type of insurance that protects the renter, as well as their property.

Just like other forms of insurance, customers will choose their amount of coverage and deductible, and be then required to pay a monthly premium based on these, as well as a few other, factors.

The amount of coverage that a renter chooses should account for the value of their belongings and offer enough coverage that they are adequately protected in case of an emergency.

What is Renter’s Insurance?

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Planning on Buying a House? Put in the Legwork First!

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buying a house

So you want to buy a house?  That’s awesome!  Congratulations.  But are you ready to buy a house? Have you done your research and legwork to find out the best house in the best neighborhood for you?  I’m talking about all the other little things that influence your buying decision and the neighborhood you pick.  Read on to see what I’m talking about.

Here are steps you need to take to put in the legwork of buying a house (in no particular order):

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Choice Privileges Hotel Reward Program – A Review

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We are all familiar with travel rewards credit cards, but there are also reward programs offered by hotels themselves. If you are going to have to stay in a hotel, why not earn rewards for doing so?  Recently I joined Choice Privileges.

Where Points Are Earned

Choice Privileges rewards are accrued at 10 points per dollar spent at Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Ascend Collection and Cambria Suites hotel.  Choice Privileges are accrued at 5 points per dollar spent at MainStay Suites, Suburban Extended Stay, Econo Lodge and Rodeway Inn hotels.

Qualifying hotels are found in the U.S. including Hawaii, Canada, Caribbean/Mexico, Central/South America, Europe, Asia & Pacific.

Signing up for Choice Privileges can be done in less than five minutes.  You are required to give basic information such as your name, address, and e-mail address.  You can optionally give more information such as your birthday, phone number and credit card information.
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What is Income Investing?

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One of the ways you can improve your financial stability and freedom is by cultivating income diversity. Income diversity means that, rather than relying on a single source of income, you actually develop different income streams. One way that you can increase your income streams is through income investing.

Income Investing: The Basics

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How To Prosper With Peer to Peer Lending – A review of Prosper.com

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Get started on a loan at Prosper

Prosper.com is a personal loan and investing site with over one million members and over two hundred fifteen million dollars in personal loans funded since 2006. Using a unique person to person lending model, prosper.com connects borrowers and lenders and allows them to establish a mutually beneficial financial relationship.   Prosper offers borrowers rates as low as 5.9% and lender returns as high as 10.1% (this varies, of course based on your borrowing and lending situation).

What is Person to Person or Peer Lending?

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Ways a Bigger House is More Expensive (Besides the Mortgage)

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There’s been a movement the past couple of years to move to a smaller home in order to save money.  It’s understandable with the economy the way it is and all.  Still, many people look to the time when they can get a bigger home.  Sometimes you just need more space.  Some just want the bigger place.  I still see homes being torn down and re-built into much larger houses.  Thing is, when you buy a bigger house you aren’t just paying a bigger mortgage.  With a bigger house comes some other expenses and costs that increase.

Some Ways You Will Pay More With a Bigger House:

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Tax Year 2010: Time to Begin Repaying the 2008 First-Time Homebuyer Tax Credit

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Here in America, we view the housing market as one of the main pillars of the economy.  As a result, when the real estate market moves slowly, our leaders are concerned about what could happen to the economy.  This was a big concern in late 2007 and early 2008 as signs of a housing meltdown really began manifesting.  Even before the financial crisis, leaders were trying to prevent a real estate market collapse, and they began offering a first-time homebuyer tax credit to encourage citizens to buy homes.

Homebuyer Tax Credit 2008: Not a True Tax Credit

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