by Silicon Valley Blogger on March 17, 2010
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You know I love maps — economic maps, in particular. The last few ones I’ve featured here illustrated the U.S. unemployment rates and California’s unemployment rate history. I’ve also covered business cycles and historical financial charts in the past, so I thought it would be a good time to revisit the bigger picture on our economy in terms of the job situation, foreclosure rates and unemployment figures. Plus, let’s check out how all these numbers fit against what the government has done for our economy over the last few years via the effects of the stimulus bill. Has the massive stimulus package had any impact on our economy?
It’s easy to see how things are going, care of CNN.com’s Economy Tracker. Following are some of the visual guides or maps I’ve seen, illustrating the health of our economy from January 2007 all the way to the present. The maps are interactive (just the way I like it), so by using the sliders that are available in these trackers, you’ll see just how things have evolved over the last two years. Here are a few of the charts that track the economy, showing data as of February 2010 (click on the images below to expand them):
Unemployment Rates
The redder it is, the higher the unemployment rate.
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by Silicon Valley Blogger on March 16, 2010
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A look at the new Ally Bank Interest Checking account and the Raise Your Rate 2 Year CD.
There are a lot of banking products to keep track of lately. Within the last few months, we’ve extolled the virtues of:
And these are just the latest in a line of high yield savings accounts and other savings options that we’ve covered here. And there are a few more I’d like to introduce this week. I’d like to take note of the latest products from Ally Bank, which now includes an interest bearing checking account and a replacement to their popular high yielding 2 year certificate of deposit. Following are the details:
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by Silicon Valley Blogger on March 15, 2010
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You can achieve a great wardrobe makeover even if you’re on a budget. Here are some ideas on where to get cheap clothes online and anywhere else.
My clothing budget is one of the lowest you’ll see around. I simply do not spend much money on clothes. I figure — if it’s functional, I’ll use it. Brand name or not, generic items or clever copies, I don’t really care just as long as I don’t pay much for it. As a true geek from Silicon Valley, I feel that trade shows are just as likely to be a source of new attire as anywhere else 
. It’s one budget category that can easily yield savings, if you know what to do. Surprisingly, you only need to be resourceful to make sure you continue to look your best despite not spending a fortune in the process. To illustrate this concept, check out these wardrobe makeovers, which don’t seem to take that much work or money to achieve (images are from ABCNews.com).
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by Millie Kay G. on March 14, 2010
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If you’ve decided to get your first credit card, there are a few things to keep in mind. I believe that credit cards are a great financial tool when used responsibly. So whether you’re a college student just starting to receive credit card offers in the mail or you’re seeking to build your credit history, you might find the following tips and reminders helpful as you seek your first credit card.
Things To Consider Before You Get Your First Credit Card
Here are a few things to consider before you sign up for a card:
1. Know your reasons for owning a card.
Rather than fill out applications at random, stop to consider why you need a new credit card and determine what sort of card will fill your needs. Many credit card users like to make online purchases. Others use their cards for automatically paying for their utilities and other bills. Others enjoy the benefits of a credit card rewards program.
2. Make sure you can afford to own a card.
Before you sign up for one, make sure you can actually afford to carry a card around. You should also figure out where the credit card will fit into your financial life. Be honest with yourself and ask yourself if you can afford to pay off your balance each month. How much interest are you willing to pay? Can you make the minimum payment each month?
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by Silicon Valley Blogger on March 12, 2010
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If you’re a first time investor, it’s best to start investing with mutual funds. Mutual funds offer a simple way to garner near instantaneous diversification, the liquidity to buy and sell whenever you want (within limits), along with professional management. In particular, you should consider index funds for their low-cost and tax efficient approach. I do think though that along with index funds, there’s room in a portfolio for Exchange Traded Funds (ETFs). ETFs, when used appropriately, are really an extension of the index mutual fund, but offer investors a myriad of opportunities otherwise not available to a regular old mutual fund.
Image from emagazine.com
Interested in ETF investing? Well here’s a brief primer on this investment vehicle: an ETF tracks an index or a basket of assets like an index fund, but trades like a stock on an exchange. These securities share the diversification and performance of an index fund, but their pricing, tax efficiency, and investment flexibility make them a lot more alluring for many investors. In fact, I know several financial planners who recommend nothing but ETF portfolios for their clients (even though many won’t because they don’t get paid through such recommendations).
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by Silicon Valley Blogger on March 11, 2010
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Imagine that you’re in a financial bind: would you be able to resist those ubiquitous ads around the web that entice you to “get a fast cash loan”? You may be one of those wondering how to get a personal loan in these tough economic times. These days, many people with little to no money are turning to high interest payday loans to assist them when financial emergencies arise or even to pay monthly bills. However, many do not realize the danger of cash advance payday loans until they are deep in debt with no way out.
Image from StopPaydayPredators.org
What exactly is a payday loan?
To put it simply, a payday loan is a short-term loan. An individual goes to a payday lender, writes a check for the amount they want to borrow plus a fee. The payday lender then holds the check for a short period, typically two weeks, and cashes it at the end of that period. The borrower may also have the option of extending the loan at the end of a two-week period if they don’t have the sufficient funds to pay. Now this is where people get into a lot of trouble because when loans are extended, these loans accumulate more fees. This is precisely why payday loans are dangerous — they’re extremely expensive because they charge an enormous amount of interest and fees, typically with an over 100% annual percentage rate. They are in no way, shape or form, a good way to manage money or borrow money.
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by Silicon Valley Blogger on March 10, 2010
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For us residents in California, we’re used to seeing budget cuts applied to a lot of things. The financial crisis in California is particularly apparent when you see its effects on the public school system. Well, this article from my local paper just made me wince, because as you can see, the story describes just another example of how our government (this time, at the state level) has been handling its finances.
Well, here’s the latest expose and more fodder on the California budget crisis — apparently, government employees have made off with pretty huge paychecks here in California, simply by NOT taking vacation time. Their unused vacation time translates into big six figure payouts, with the top 25 checks reportedly ranging from $203,921 all the way to a dazzling $815,736. Wow. Imagine this — those state government positions can be a gold mine, with overtime paying off for a whole lot of people. Here is an image that portrays this predicament (Click this link or the image below for a larger picture.):
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by Silicon Valley Blogger on March 10, 2010
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This is a Sponsored Post I’ve written on behalf of eSmart Tax. All opinions are 100% mine.
As our financial lives get more complicated, it’s taken a little more work to do our taxes. In my case, I went from the EZ form around 20 years ago to something that involves quite a number of tax forms, and a lot more tax organization and record tracking. And of course, my budget for dealing with my household’s taxes has risen steadily over the years too. This is one of those expenses in your annual budget that can shrink quite a bit if you decide to make a few adjustments — say by foregoing your tax preparer and doing the tax work yourself.
These days, there’s a proliferation of available online tax services that promise to make it easy for you to file. I wrote about this in a couple of articles on H&R Block Tax Services and Free Online Tax Filing. And while on this subject, I thought to bring up another online tax preparation service called eSmart Tax, that is offering an interesting promotion for those of you who are just getting your tax lives organized at the moment.
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