FDIC Announces Top 10 List of Online Resources for Consumers

Consumers of all ages are increasingly turning to the Internet for help with managing their finances, but knowing where to go online for reliable, practical money tips can be challenging. That’s why the Federal Deposit Insurance Corporation has compiled a “Top 10″ list of FDIC online resources for consumers on subjects ranging from deposit insurance to shopping for a bank account and avoiding financial fraud.

Here are the 10 FDIC online resources the agency is encouraging consumers to use:

• “EDIE,” the FDIC’s Electronic Deposit Insurance Estimator: An online calculator that assists consumers and businesses in determining their deposit insurance coverage for each FDIC-insured bank where they have deposit accounts. EDIE also provides a printable report showing whether those deposits are fully protected or if some exceed the federal limits.
• FDIC Consumer News: The FDIC’s quarterly publication for consumers offers information and tips on credit cards, bank accounts, loans, scams, money management, and much more. Consumers can also listen to articles anywhere, anytime online or by downloading to an MP3 player.
• Bank Find: Our online directory that consumers can use to locate an FDIC-insured institution, learn what happened to a bank that changed names or no longer exists, and more.
• Customer Assistance Form: An easy-to-use form to submit a question to the FDIC or a complaint regarding a financial institution. Of course, consumers with questions or concerns can also call the FDIC toll-free at 1-877-ASK-FDIC, which is 1-877-275-3342.
• Consumer Alerts: Warnings about financial frauds and scams.
• Small Business Web Page: Useful information for small businesses, especially regarding access to loans, plus an online form to ask the FDIC a question or register a concern.
• The FDIC YouTube Channel: Videos on topics such as deposit insurance and Internet fraud and messages from FDIC Chairman Bair.
• Money Smart: A financial education curriculum concentrating on the development of consumers’ financial skills and positive banking relationships.
• Foreclosure Prevention Toolkit: A Web page that provides easy access to helpful information for homeowners on avoiding foreclosure and foreclosure “rescue” scams.
• E-mail updates: Sign up to receive e-mail notices of each new issue of FDIC Consumer News, Consumer Alerts, and other announcements and publications from the FDIC. Consumers can also follow the FDIC on Twitter and Facebook.

 

Where Can You See Your Credit Score … FREE?

Free look at your credit score: credit.com and creditkarma.com and quizzle.com

Uncle Sam Will Pay For Your Caulk!

Find out how Uncle Sam will pay for your caulking, duct sealing, and much more…http://www.energystar.gov/index.cfm?c=tax_credits.tx_index Kindest Regards,
Robert Mohon

Cardholders Get a Rude Surprise At the Register

August 12, 2009 – You may start seeing many more declines at the checkout window.

The Wall Street Journal reports that credit card issuers, who are reassessing customer risk, have begun quietly cancelling customer accounts – without prior notice – and it is perfectly legal.

An issuer can cancel an account without notice when:

- a customer hasn’t use the card in over a year

- a customer has defaulted or is delinquent on the account

- a reassessment deems the cardholder too risky (a letter will follow within 30 days when this one occurs)

Search at www.wsj.com for the full story.

Kindest Regards,
Robert Mohon

How Can I Make My Bill Payment / Donation Website Better?

Here’s a summary from one of today’s best web marketers that will help you get more use (and cash flow) from your bill payment or donation-capturing website:

- In the top right corner of your home page, put a button or link to the main thing you want the visitor to do…

“Pay Your Bill Now”, or simply “Pay Your Bill”

“Donate Now”, “Donate”, or “Join Us Now”

- Put your primary message on your home page so it appears on the first screen when your visitor arrives.  Don’t make visitor scroll down to see this main message, or you will likely lose their interest.

More people are using small, handheld devices (like iPhones and BlackBerries) to look at websites.  They won’t scroll through a bunch of pages.  Put it right out there on the first page.

Visitors who use laptops or regular computer screens are so busy and distracted today that they won’t take time to visit more than one or two of your website pages.  So, put what you want them to do right on the home page.

If they want more information about you, they will find your links to your other pages.  If they don’t, give them a quick way to pay their bill to you or donate to your cause.

How Do You Select an Advisor for Your Team?

ADVISOR CHECKLIST

For each advisor you add to your team, ask the following questions. You might want to complete a form for each member of the team. When you complete the checklist you are making a conscious decision about each member. The more you are conscious and focused on what you want, the more easily and quickly you will get what you want.

(1) What role will this advisor perform as part of your team?

EXPERIENCE

(2) How much experience do they have in delivering the specific results you are seeking?

(3) What experience do they have with the specific issues you will have?

(4) What is the average income and business experience of their clientele? (Is this where you want to be?)

PERSONAL VIEWPOINT

(5) Do they personally have experience in your proposed outcome?

(6) Are they at an income/wealth level that is similar to where you want to be?

EDUCATION

(7) Do they have the educational requirements for the role?

(8) Do they have the necessary professional credentials for this role? COMPENSATION

(9) How are they compensated? (flat fee, product sale, hourly)

(10) Do they have a vested interest in helping you achieve your desired outcome?

RESPONSIBILITY

(11) Do they assume any responsibility? (The highest degree of responsibility will come from the person who signs the income tax return or gives you an opinion letter regarding a plan. These people put their credentials on the line.)

CLIENT CONTACT

(12) How do they keep in contact with their clients? (proactive, reactive)

(13) Is their response time comfortable for you?

(14) Is this someone you can trust and be honest with?

YOUR NEEDS

(15) What can this advisor do to help you meet your goals?

(16) Are you looking for someone you can model?

(17) Do you expect to be educated by this advisor?

(18) If yes to #16 or #17, how would this advisor do this?

ADVISOR ORGANIZATION

(19) Does the advisor have an organization that supports achieving your goals or are they working by themselves?

This post is intended to be educational and not render legal, accounting, or other professional advice.

What’s Easier – Managing Your Money? Or Yourself?

Adapted from The Rules of Money – by Richard Templar

Rule 18: It’s Harder to Manage Yourself Than It Is to Manage Your Money

How well to you really know yourself?  Pretty well, you think?  Just a little?  We think we know ourselves very well until we try to give up smoking, lose weight, or get rich.  It is then that we realize we are lazier, have less willpower and determination, make less effort, get too easily distracted, and fall by the wayside too easily.

A good mentor would ask you, “Do you have what it takes to be wealthy?  Are you determined enough?  Will you work hard enough?  Will you stick to it?  Do you have the guts?  Focus?  Dream?”  If you don’t, you will fail.  Don’t be put off by this question.  Try to see that making money is a skill that can be taught – if people are ready and willing to learn and apply themselves diligently.

If you decided to be a professional concent pianist, you would have started playing at age 4.  It’s the same with money.  You can’t expect a lazy, middle-aged person to suddenly perform a concert at the Ryman.

What I have noticed is that the wealthy – when they are starting out anyway – have enormous drive and are prepared to make enormous sacrifices.  They manage themselves and forego instant rewards for bigger payback in the longer term.  Self-control and delayed gratification are useful skills to learn!

When will the economy get better?

With all the news about the economy, I wonder what’s ahead – so I can be prepared. An article in The Wall Street Journal about past economic trends and what the near term may hold for us was most interesting.*  Here are the high points:

The good news: negative growth episodes typically subside in just under 2 years.

Housing prices: In the typical severe financial crisis, the real (inflation-adjusted) price of housing tends to decline 36%, with the duration of peak to trough lasting 5 to 6 years. Given that US housing prices peaked at the end of 2005, this means that the bottom won’t come before the end of 2010, with real housing prices falling perhaps another 8-10% from current levels

Unemployment: Pain seems likely to worsen for a minimum of 2 more years. Over past crises, the duration of the period of rising unemployment averaged nearly 5 years, with a mean increase in the unemployment rate of 7 percentage points, which would bring the US to double digits.

Bailouts: Perhaps the most stunning message from crisis history is the simply staggering rise in government debt most countries experience. Central government debt tends to rise over 85% in real terms during the first 3 years after a banking crisis. This would mean another $8 or $9 trillion in the case of the US. The main reason why debt explodes is NOT the cost of bailing out the financial system, painful as that may be. Instead, the real culprit is the inevitable collapse of tax revenues that comes as countries sink into deep and prolonged recession.

Top 5 Money Mistakes Parents Can Make

This was just a great article.

http://www.cnbc.com/id/27307361

There’s a video online, but here’s the text of it:

Top 5 Money Mistakes Parents Can Make
By:Carmen Wong Ulrich

All of you parents out there know that there are several talks that are always difficult have with your children, and trust me – a serious talk about money is no different.

Deciding how and when to talk about money with your children can be very tricky – but I have some great advice for you. Below are the top five mistakes that parents make when addressing financial matters with their kids. These are the things I want you to avoid:

Mistake #1: Not talking about money at all! Trying to shield your kids from money-talk—whether it’s because you want to spare them the drama, think that they can’t understand it, or will gossip about your finances—will only deprive them of a vital part of growing up. Get them into the conversation. Use the news as a launch point and pay close attention to their questions about what’s going on in the news and in your own family. If you don’t know the answer, research it together. Communication is key – get them to realize that they play a part in your family’s finances.

Mistake #2: Sending the message that saving money and cutting back is shameful. If you and your family have to cut back in times like these, how you handle this adjustment communicates worlds to your children. You should take pride in taking control of your money, not feel depressed and ashamed. Go at it as a temporary challenge for your family and a chance to take on better money-habits. Make it a family contest—whoever has the best cost-cutting ideas wins! Work together as a team toward a solid, proud goal.

Mistake #3: Not practicing what you preach. Kids are smart. They know when you’re saying something that you don’t practice yourself. If you say that debt is bad, but your kids hear and see you arguing or stressing about paying credit card bills while you continue to use plastic, they get a different message. Your actions when it comes to money speak louder than your words. Be cognizant of what you do with your money in front of your kids, especially the power of teaching lessons in practice.

Mistake #4: Bypassing opportunities to teach. Every time you shop together, whether it’s groceries or clothes for school, or pay the bills, you have an opportunity to teach them about money. Show them how price per ounce works; how percentage discounts work (20% off of 60 is…); how to shop within a budget (put something back if you’re over budget); and review the demands on your family budget when you’re paying the bills. The best, deepest, learning experiences for me when I was a kid were when my mom or dad illustrated money-lessons day-to-day, in practice. And don’t forget TV time. Especially now, there are many lessons about money and values with shows like “Gossip Girl.”

Mistake #5: Not pointing out marketing. Let kids know when they’re being marketed to or advertised to—this helps them make sound financial decisions and teaches them the difference between needs and wants. My dad always made a point of pointing out what was an ad, and what was a service. Ads make other people money and present mostly ‘wants’, services that you choose satisfy your ‘needs’. Again, TV is a great tool in teaching about marketing. Nothing like bringing up a savvy consumer!

15 Ways to Survive a Job Loss

Unemployment is on the rise.  Good advice is out there.  Some of it is just good horse sense.  Some of it is hot news on how to handle it in 2009.  Have a look at this article at bankrate.com on the 15 Ways to Survive a Job Loss:

http://www.bankrate.com/brm/news/pf/20090218-tips-survive-job-loss-a1.asp