"9 Dumbest Moves To Ruin Retirement"
These are the headings of the 9 'dumb moves' found in that article:
I have a feeling most of us 'baby boomers' relate to some, if not most of them.
Discuss your plan with your significant other to make sure you are both on the same page.
Good luck
Alex Weiss
Co-Founder, www.WealthBuilderUniversity.com
PS Have you used the WealthDollars Detector at www.WealthBuilderUniversity.com
One of my business associates sent me a great calculator.
It calculates you Real Age (sometimes called Health Age) which is different from your current physical age.
Check it out. http://www.peterrussell.dreamhosters.com/Odds/RealAge.php
It was an 'eye opener' for me.
Alex Weiss, co-founder
www.WealthBuilderUniversity.com
The Center for Retirement Research at Boston College has released a new Issue in Brief:
"Promoting Work: Implications of Raising Social Security's Early Retirement Age"
The bottom line is that the thinking at the ivory towers might be the sign of the direction our government in Washington is thinking about.
Retiring at 62 may soon be a thing of the past - as if it's not already.
Check out the full report at http://clicks.581z.com/v/?u=b33cb9e91571e6c859599334b84ca154&g=417&c=711&p=0f9fe2a8a5ea9d2087ae3b42afa57aa2&t=1
Good luck to us all.
Alex Weiss, co-founder
www.WealthBuilderUniversity.com
Bernanke provided additional context and information surrounding the Fed’s decision on August 17 to lower the discount rate, broaden the terms on discount window borrowing and issue a revised economic statement. In particular, the deterioration of financial market conditions combined with the tightening of credit in the first two weeks of August had appreciably increased the downside risks to growth. More specifically, the further tightening of credit conditions increased the risk that the weakness in the housing sector would be deeper and more prolonged than expected, with possible adverse affects on consumer spending and housing more generally.
|
“This whole thing, I have to say, is tremendously unfair, that it hit. But it did hit, and what do you do now? You make the best of it.”
|
The world is sooo small if you have access to the internet.
I came across an intriguing question on the bank rate website.
Your Boss Can Pull Your Credit. Who Else?
By Steve Bucci • Bankrate.com
|
Carol |
See the continuation below for Steve Bucci's answer.
Alex Weiss, co-founder
www.WealthBuilderUniversity.com
Dear Carol,
The boss needs written permission to access your credit report. From your letter it is
hard to tell whether your husband has given his permission. Chances are it was a part of his
employment application or the terms of his employment. You should be aware that many
other employers do the same thing. If your husband isn't sure he has given his permission, he
can check with human resources to see what company policy is.
Why is an employee's credit of interest to a boss, you ask? In the case of prospective
employers, how you handle your finances may reflect how you handle other aspects of your
life. Always being late paying your bills might indicate a penchant for being late for work. A
bankruptcy or other public record may indicate a lack of sound judgment or the possibility of
work-distracting financial problems.
For a current employer, it might make a difference if two candidates were up for a promotion
and there was only one opening. It is a red flag. Dr. Tom Garman did some research a few
years back when he was at Virginia Tech that clearly showed bad credit is a distraction from
the job. Wage garnishment and creditor calls at work are just two ways that bad credit can
have an impact on an employee's productivity.
This is all part of the trend to use credit history outside of traditional lending. Insurers and
employers have found that credit behavior does not exist in a vacuum and can be predictive of
future behavior in other areas. I even know some love-smitten couples who would not say "I
do" without a gander at their sweetie's credit profile.
So, you can see the consequences of bad credit are becoming more far-reaching every day.
Recently, some troops were denied deployment due to bad credit, and many can't get a
job-required security clearance because they can't seem to manage to pay their bills when
they are due.
Of course, this is in addition to the usual pain and suffering caused by high interest rates,
excessive fees and the unpleasantness of having to deal with progressively hungrier lenders
as your credit history deteriorates.
So, what can you do if you are one of those conservative Americans who prefer the
government and employers not have access to your private life and records?
In some states, a credit freeze can keep your employer out of your records. However, this is
not the case in all states that allow a credit freeze. Go to the Federal Trade Commission Web
site for details on your state. If you don't like what you see there, I suggest you write your
state senator and representative to change the local law.
My guess is that the boss is simply trying to be prepared. My advice to you is that you check
your reports yourself so that you know what the boss is seeing. You can get a free copy of
your credit reports annually at www.annualcreditreport.com.
If you find mistakes, correct them. If you have had some financial challenges, take charge
right now. Set some financial goals, create a budget, start saving regularly and pay your bills
on time, every time. If the boss is going to raise the ante on your credit, you might as well be
holding all the aces you can!
Good luck!
The Debt Adviser, Steve Bucci, is the president of Money Management International Financial
Education Foundation and the author of Credit Repair Kit for Dummies. Visit MMI for additional
debt advice or to ask a question of the Debt Adviser go to the "Ask the Experts" page.
Posted: Aug. 24, 2007
I am looking out of my hotel room window with a view of sunrise coming over the Tower of David in the Old city of Jerusalem.
It's awe inspiring thinking of the great people of history that have seen the exact same sight.
All of this while reading an email from a friend who is in the business of helping people improve their financial position, Dave Ireland of InvestInYourDebt.com . His goal is to "eliminate all debt on the planet".
There is so much danger facing people who want to make the right decisions but just do not have 'Trusted Advisors' that know what they are doing and have the client's best interest as their prime objective.
Dave's client asked him if he should use the extra money he has to pay off his mortgage or put it someplace where he has-
" an investment which will get me a min. of 5% per month".
NOTE: A good idea without good implementation is not really a good idea.
Regards from across the ocean.
Alex Weiss, co-founder
www.WealthBuilderUniversity.com
PS Click on the continuation for the question and Dave's answer.
Hi Dave,
My name is brian I have your book and its very good. I have a question though. I am in a position to pay off all my credit card debt using the snowball effect that you teach in your book.
Now, by the
time i get to my mortgage i should have and additional $1500.00 or a little
more to start on paying additional on my mortgage. Now heres my dilema ...
i can take that extra 1500 and send it to the mortgage company to go to the
principal or i can take that same 1500 and put it in an investment which
will get me a min. of 5% per month.....then by putting that money into my
investment over a period of time i will have enough to COMPLETELY pay off
my mortgage and when i get that amount i can just withdraw it and pay my
mortgage off.
The only bad thing is i dont know how much i will be taxed by the feds on that money. Then on the flip side i just dont trust my mortgage company because they always seem to have ways of not applying your money the way you ask them to so i just dont know if its beneficial to just send the mortgage company this extra money without "REALLY" knowing what they are doing with it or would it be a better idea to make the investment and get 5% per month and save that money until i get enough to pay the house off.... i know i am talking in circles .. i hope you can understand my question...please get back to me.
Brian,
Below is part of a recent post to his BLOG which speaks for itself.
What will the standards of financial literacy look like for the next generation?
Good luck to us all.
Alex Weiss, co-founder
www.WealthBuilderUniversity.com
Last
week, I purchased a combo meal at a Burger King NC. The cost was $4.57.
I handed a $5 bill to a young man at the counter, and reached into my
pocket to see what spare change I could liberate from the dark and
noisy front left pocket. He had rung up the 'out of $5.00' when I
handed him $.07 in lose change. Expecting him to hand me back $.50, he
paused - and calmly called for his manager.
This reminded me of an email I got some time ago about the shifting evolution of math education. Our continued orientation and focus relates to using arithmetic and their own goals to help the consumer navigate through their decisions related to borrowing. Borrowing from an industry that lowered eligibility requirements over the last several years while continuing to the ignore suitability requirements of that borrowing - hence the subprime hangover.
I learned math (basic arithmetic) in the 70's, and really related to a math teacher's recent perspective on how math was being taught in some schools ...
Teaching Math In 1960:
A logger sells a truckload of lumber for $100. His cost of production is 4/5 of the price. What is his profit?
Teaching Math In 1970:
A logger sells a truckload of lumber for $100. His cost of production is 4/5 of the price, or $80. What is his profit?
Teaching Math In 1980:
A logger sells a truckload of lumber for $100. His cost of production is $80. Did he make a profit?
Teaching Math In 1990:
A logger sells a truckload of lumber for $100. His cost of production is $80 and his profit is $20. Your assignment: Underline the number 20.
Teaching Math In 2000:
A logger cuts down a beautiful forest because he is selfish and inconsiderate and cares nothing for the habitat of animals or the preservation of our woodlands. He does this so he can make a profit of $20. What do you think of this way of making a living?
As a Certified Mortgage Planning Specialist, I am a proud member of the CMPS Institute.
I received the attached article , "Saga of the US Mortgage Industry", today from the CMPS chairman and CEO, Gibran Nicholas.
Read the article and you will agree, the sky is not falling. As a matter of fact, it is still up there and "very secure".
Alex Weiss, co-founder
www.wealthbuilderuniversity.com
