It is an unfortunately common occurrence—when people are already reeling from a natural disaster, another blow strikes—the scam artist. After many natural disasters, including the most recent Hurricane Sandy, there is a sharp increase in fraudulent activities. This article explains what people should be weary of at this time of crisis—from price gouging to false… Read More
The zip code’s influence on credit scores (as reported by Minda Zetlin via creditcards.com)
The region of the country that you live in could be affecting your credit score. That is according to Experian, one of the three leading credit bureaus. A recent report Experian released details the average credit scores for cities around the U.S., showing that local economic conditions, including unemployment levels, education levels, public perception of… Read More
U.S. taxes, a global comparison (as reported by Roberton Williams via taxpolicycenter.org)
Do Americans pay too much in taxes or too little? According to the Organization for Economic Cooperation and Development (OECD), U.S. taxes are low in comparison to other developed countries. In 2008, U.S. taxes were 26% of Gross Domestic Product (GDP), while the average for the 33 member countries was 35%. The highest percentage went… Read More
Credit default rates dropping (as reported by Anthony Mason via cbsnews.com)
Like many Americans, Sherry Maffia is working hard to pay off her debts. It was a slow and steady process but by December she will be debt free. A recent financial study showed that more and more people are managing to get rid of their debts. The study showed that the default rate for mortgages… Read More
The case for financial literacy as a school subject (as reported by Chris Kissell via bankrate.com)
Annamaria Lusardi. Ph. D., points out that financial literacy should be a main subject in school, such as math, science or history. She emphasizes that schools should offer financial literacy to their students, instead of leaving this subject to their parents. It’s proven that even many parents aren’t financial literate and hence they are unable… Read More
Investing for beginners! (as reported by kiplinger.com)
Despite the dismal performance of the stock market in recent years, over the long term investing, on average, does produce a return of 7-9%. Many people are intimidated about where to start when it comes to investing. In this article, Kiplinger outlines the three first steps to investing—setting goals and adopting a strategy, making investing… Read More
The Global Financial Crisis (via Share the World’s Resources stwr.org)
If you’re teaching economics along with personal finance, you’ll find this website to be very useful. It outlines some basic facts about the global financial crisis of 2008, and goes in-depth on the recurring problems of the world economy including debt-based consumer culture, unbalanced international trade, among other issues. Here you’ll find news updates, overviews,… Read More
Thirst for immediate gratification prevents adequate saving for retirement (as reported by Carla Fried via bloomberg.com)
This article from Bloomberg explains how Americans are wired against long term planning, and most importantly saving for retirement. Not only do people underestimate how much they need to save for retirement but they also start saving too late in life. Several strategies are outlined to help train yourself for productive retirement planning, to read… Read More
Tips for preventing credit card fraud (as reported by the Federal Trade Commission ftc.gov)
The Federal Trade Commission helps to prevent fraudulent business practices in the marketplace in part by educating consumers. In this short article, the FTC outlines some do’s and don’ts of owning credit cards. Credit card fraud costs consumers hundreds of millions of dollars every year! Read these quick tips to help avoid becoming a victim–click here! Read More
10 most common personal finance mistakes (as reported by Jennifer Leigh Parker via cnbc.com)
In this informative slideshow, you can learn what financial advisers have identified as the ten most common mistakes that people make with their money, many of which could be easily prevented! From paying too much for insurance to not checking your credit report often enough, learn what you can do to avoid these common errors. Click here to watch… Read More