Expert: Don't Save Too Much for Retirement
Sunday June 26, 8:09 pm ET
Expert Suggests That Some People May Be Overestimating What They Need for Retirement
NEW YORK (AP) -- If you're tired of all the talk that you're not saving enough for retirement, you'll be happy to hear the latest: People may be overestimating what they need in their Golden Years.
People generally spend less in retirement as they age, regardless of income, according to a recently published research paper. It's one of those things that "everyone kind of knows" but that isn't reflected in traditional retirement-planning strategies, says Ty Bernicke, a financial planner with Bernicke & Associates in Eau Claire, Wis., who supports his theory with data from the Bureau of Labor Statistics.
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I am going to continue to save. I am not saving millions. We will be lucky if we have 1/2 million by the time we are in our 60s. I refuse to eat Alpo.
Tuesday, June 28, 2005
Tuesday, June 21, 2005
Your ZIP code matters more than your 401(k)
Where you buy and own a house can mean the difference between retiring rich and just getting by. Here's how homeownership -- in the right states -- is trumping 401(k) savings.
The biggest influence on our financial health isn't how much we save. Nor is it the funds we choose in our 401(k) plans. It is our ZIP code -- where we buy and own a house. Pick the right area, and your future is golden. Pick the wrong area, and you'll always be behind the folks who happened to buy in the right place. As you will soon see, no matter where you live, it is likely to be more important than your 401(k) plan.I've suspected this for years simply because the most valuable asset most of us own is our home. Check the net worth of different households, and you quickly learn that homeownership is more than important for most Americans. It's the whole ball game – 70%, 80%, 90% or 100% of net worth.One odd side effect is that people in some parts of the country are becoming much richer than people in other parts of the country not because of the work they do, the income they earn or the investments they make -- but because of where they live. As one Boston economist remarked to me several years ago, "You know, I've made more money on my houses than I have ever made as an economist." (The economist had owned homes in Wellesley, a Boston suburb, Beacon Hill and Washington, D.C.)"
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The biggest influence on our financial health isn't how much we save. Nor is it the funds we choose in our 401(k) plans. It is our ZIP code -- where we buy and own a house. Pick the right area, and your future is golden. Pick the wrong area, and you'll always be behind the folks who happened to buy in the right place. As you will soon see, no matter where you live, it is likely to be more important than your 401(k) plan.I've suspected this for years simply because the most valuable asset most of us own is our home. Check the net worth of different households, and you quickly learn that homeownership is more than important for most Americans. It's the whole ball game – 70%, 80%, 90% or 100% of net worth.One odd side effect is that people in some parts of the country are becoming much richer than people in other parts of the country not because of the work they do, the income they earn or the investments they make -- but because of where they live. As one Boston economist remarked to me several years ago, "You know, I've made more money on my houses than I have ever made as an economist." (The economist had owned homes in Wellesley, a Boston suburb, Beacon Hill and Washington, D.C.)"
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Monday, June 20, 2005
Menu planning for week of June 20th
Monday Cookout leftovers...
Tuesday Mexican Lagsnana
Simply layer, cooked chicken tortillas, beans, salsa, diced tomatos, and cheese in a 9 x 13 pan and baked until cheese is melted. This is even better as leftovers. :)
Wed Spaghetti and sauce
Thurs Lefover Mexican Lagsnana
Fri Chicken, potatos and veggies
Sat Homemade pizza
Sun On the grill
Breakfast is usually waffles, pancakes for the kids. Lunch is usually grill cheese sandwichs, peanut butter sandwiches or mac and cheese. Hubby and I usually work on leftovers for lunch or it is salad.
Tuesday Mexican Lagsnana
Simply layer, cooked chicken tortillas, beans, salsa, diced tomatos, and cheese in a 9 x 13 pan and baked until cheese is melted. This is even better as leftovers. :)
Wed Spaghetti and sauce
Thurs Lefover Mexican Lagsnana
Fri Chicken, potatos and veggies
Sat Homemade pizza
Sun On the grill
Breakfast is usually waffles, pancakes for the kids. Lunch is usually grill cheese sandwichs, peanut butter sandwiches or mac and cheese. Hubby and I usually work on leftovers for lunch or it is salad.
Thursday, June 16, 2005
Free Summer Movies for the kids
Many movie theatre chains offer free movies during the summer for kids during the movie! Not first one and many are already out on DVD but hey it is a free movie and the kids will probably enjoy sitting the movie theatre.
www.regalcinemas.com/family_film/
http://www.enjoytheshow.com/promotions/kidsfilmseries/
http://www.enjoytheshow.com/promotions/kidsfilmseries/
http://www.moviewatcher.com/promos/summercamp/
For 2006
summer movies for the kids
www.regalcinemas.com/family_film/
http://www.enjoytheshow.com/promotions/kidsfilmseries/
http://www.enjoytheshow.com/promotions/kidsfilmseries/
http://www.moviewatcher.com/promos/summercamp/
For 2006
summer movies for the kids
Wednesday, June 15, 2005
Frugal Decorating ideas for summer
Hello and Welcome!
In this week's issue Living on a Budget in a Non Budget World
Newsletter
Featured Article 15 Summer Decorating Ideas
Frugal Kid Fun
Top Conversations on the Money Saving Forums
Freebie, Contest, Coupon Exchange Alerts
The Frugal Five
Frugal Food Discount Grocery Stores
Read this issue at:
http://www.budgetdial.com/news-Jun1505.htm
Enjoy your savings!
Theresa
In this week's issue Living on a Budget in a Non Budget World
Newsletter
Featured Article 15 Summer Decorating Ideas
Frugal Kid Fun
Top Conversations on the Money Saving Forums
Freebie, Contest, Coupon Exchange Alerts
The Frugal Five
Frugal Food Discount Grocery Stores
Read this issue at:
http://www.budgetdial.com/news-Jun1505.htm
Enjoy your savings!
Theresa
Tuesday, June 14, 2005
Woo hoo craigslist!
I have been looking to get toddler beds for my twin boys. I wanted to get the little tikes toddler bed. Brand new they are $140. I have been watching craigslist and ebay. Most of them used are selling between $50-$70. Someone listed it on craigslist Sunday in the next town over for $25. Hubby picked it up last night! It is was in great condition... just some cleaning need.
Glad we waited a few week to get one! Now to find my second one!!
Glad we waited a few week to get one! Now to find my second one!!
Monday, June 06, 2005
Credit Card Crisis! Watch those rates
Credit Crisis
Your credit card interest rates may have gone up, and you might not know it. It's a practice that several credit card companies are using, leaving many consumers with large debts and nowhere to turn. Byron Barnett looks into what's causing this credit crisis.
Paul Mason of Wilmington thought he had a great interest rate on his credit card.
"It was 9.9 fixed, that was in December," Mason said.
But come January…
"They raised the rate. It was 9.9 and went all the way up to 25 percent," Mason said.
The reason: one late payment. Not on his credit card, but on his truck loan.
"They saw that one discrepancy, and they raised my percentage over 14 percent over the next month. I was shocked," Mason said.
It's happening more than ever before, credit card holders hit with higher interest rates when they've paid other bills late such as a mortgage, phone bill, or even a water bill.
It's called ‘universal default,' and consumer groups are outraged.
"It's a tremendous frustration for consumers and it's one they can't necessarily protect themselves against," Dierdre Cummings said.
The universal default clause is usually written on the back of credit card applications.
One states "all APR's, (or interest rates), may increase if you... fail to make a payment to us, or any other creditor…"
Many applications now come with a blanket statement, such as "we reserve the right to change your APR at any time, for any reason... "
"It's just an unfair practice," Cummings said.
Look how it can change the amount you pay. Say you charge $2,000 on your card. At 9.9 percent, if you pay $50 each month, it will take 49 months, or about 4 years, to pay off. Total paid with interest: $2,450.
Now that same $2000, at 25.9 percent. If you pay $50 each month, it will take 7 and 1/2 years to pay off. Total amount paid with interest: $4,550 -- $2,000 dollars more than the 9.9 percent rate.
"Credit cards are the riskiest types of loans that banks make," American Bankers Association Senior Federal Counsel Nessa Feddis said.
The banking industry says credit cards are open-ended loans, with no collateral attached. So credit issuers boost interest rates on customers who seem to have trouble paying creditors back.
"Somebody who does not manage their finances well is going to pay more for credit," Feddis said.
Now, Congress is threatening to crackdown on credit companies.
"You should be notified and be given an opportunity to explain and to be told it's going to happen after a certain date, instead of waking up one day and, boom, it's happened, all of a sudden your paying exuberant rates," Congressman Mike Capuano (D) of Somerville said.
Consumer experts say you should pay all bills ten days in advance, and if you must use overnight mail, make sure they deliver to a P.O. box.
Source : www.whdh.com
Your credit card interest rates may have gone up, and you might not know it. It's a practice that several credit card companies are using, leaving many consumers with large debts and nowhere to turn. Byron Barnett looks into what's causing this credit crisis.
Paul Mason of Wilmington thought he had a great interest rate on his credit card.
"It was 9.9 fixed, that was in December," Mason said.
But come January…
"They raised the rate. It was 9.9 and went all the way up to 25 percent," Mason said.
The reason: one late payment. Not on his credit card, but on his truck loan.
"They saw that one discrepancy, and they raised my percentage over 14 percent over the next month. I was shocked," Mason said.
It's happening more than ever before, credit card holders hit with higher interest rates when they've paid other bills late such as a mortgage, phone bill, or even a water bill.
It's called ‘universal default,' and consumer groups are outraged.
"It's a tremendous frustration for consumers and it's one they can't necessarily protect themselves against," Dierdre Cummings said.
The universal default clause is usually written on the back of credit card applications.
One states "all APR's, (or interest rates), may increase if you... fail to make a payment to us, or any other creditor…"
Many applications now come with a blanket statement, such as "we reserve the right to change your APR at any time, for any reason... "
"It's just an unfair practice," Cummings said.
Look how it can change the amount you pay. Say you charge $2,000 on your card. At 9.9 percent, if you pay $50 each month, it will take 49 months, or about 4 years, to pay off. Total paid with interest: $2,450.
Now that same $2000, at 25.9 percent. If you pay $50 each month, it will take 7 and 1/2 years to pay off. Total amount paid with interest: $4,550 -- $2,000 dollars more than the 9.9 percent rate.
"Credit cards are the riskiest types of loans that banks make," American Bankers Association Senior Federal Counsel Nessa Feddis said.
The banking industry says credit cards are open-ended loans, with no collateral attached. So credit issuers boost interest rates on customers who seem to have trouble paying creditors back.
"Somebody who does not manage their finances well is going to pay more for credit," Feddis said.
Now, Congress is threatening to crackdown on credit companies.
"You should be notified and be given an opportunity to explain and to be told it's going to happen after a certain date, instead of waking up one day and, boom, it's happened, all of a sudden your paying exuberant rates," Congressman Mike Capuano (D) of Somerville said.
Consumer experts say you should pay all bills ten days in advance, and if you must use overnight mail, make sure they deliver to a P.O. box.
Source : www.whdh.com
Saturday, June 04, 2005
Free blockbuster online movie rentals for 6 months
Wednesday, June 01, 2005
Frugal Summertime Fun
Hello and Welcome!
In this week's issue Living on a Budget in a Non Budget World
Newsletter
Money Saving Tips
Featured Article Frugal Summertime fun
Top Conversations on the Money Saving Forums
Freebie, Contest, Coupon Exchange Alerts
The Frugal Five
Frugal Food Feeding Hungry Kids during the summer
Read this issue at:
http://www.budgetdial.com/news-Jun0105.htm
Enjoy! Best of luck in your savings
Theresa
In this week's issue Living on a Budget in a Non Budget World
Newsletter
Money Saving Tips
Featured Article Frugal Summertime fun
Top Conversations on the Money Saving Forums
Freebie, Contest, Coupon Exchange Alerts
The Frugal Five
Frugal Food Feeding Hungry Kids during the summer
Read this issue at:
http://www.budgetdial.com/news-Jun0105.htm
Enjoy! Best of luck in your savings
Theresa
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