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Is your family at risk of foreclosure?  These days, it seems like no one is immune.  If a $19.5 million home in the posh Hamptons is under foreclosure, chances are, your own property isn't any safer.

Not only can foreclosure leave you homeless, it can also impact your credit report for years to come.  Naturally, the best way to prevent foreclosure is to be very, very careful about the sort of mortgage you take on.  Think realistically about what you can afford, and be cautious about variable rate mortgages that can start out low and quickly escalate into the danger zone. 

Foreclosure prevention isn't impossible, and finally, state attorney generals are taking action to help individuals secure stable housing in an unstable market.  Read about their efforts here. 

While home ownership still beats renting as a better option for those concerned with having a secure financial future, people with inconsistent incomes and small budgets may benefit from continuing to rent rather than taking on a mortgage.  There will always be time to buy in the future, but once you end up with a foreclosure on your record, you're sunk.
  

Emily @ 12:18 | comments(0) | Permanent link

My partner and I get sucked in by her television show.  It's educational, sure, but it's also entertaining and relevent.  Don't make me sit through the history channel or most of the news, but turn on Suze, and I'm transfixed. 

Recently, Money Magazine interviewed the fabulous Ms. Orman, shedding insight into personal finance as usual but including some topics she doesn't address as frequently on her show.  Some of the most interesting advice from the interview includes Suze's top tip for finding a trustworthy financial advisor.  She suggests starting your meeting with a potential financial planner by telling him that you have $25k in credit card debt.  How s/he proceeds -- whether s/he sets you up with a plan to get out of your financial hole or instead asks immediately how much you can invest -- will help you judge his or her credibility and character. 

Another key bit of information from the interview -- be involved in your financial life!  Because of our flucuating, somewhat floundering market, now it is more important than ever for individuals to maintain control and influence over their financial decisions.    

Liz @ 11:37 | comments(0) | Permanent link

I've noticed recently that among my married or co-habitating friends and family. one person typically handles all the financial stuff.  Usually, they claim that it's because one person is just better at money management, or that one partner is too lazy to get involved, or that a big money mistake was made in the past and the offending partner is too scared of repeating it to touch anything.  Unfortunately, by leaving financial matters in one person's hands alone, these couples are making a critical error in their financial lives.

Aside from the importance of equity and openness in a healthy relationship, couples should also consider what would happen if the relationship's financial guru were to perish, or if the relationship were to end.  It's always best for both people to be aware off credit card bills, mortgage payments, and other shared expenses so that they can plan their spending together.  Even if one person is going to be in charge of the check book, he or she should always check in with his or her partner so that no one is in the dark about financial matters.      

Carrie @ 12:22 | comments(0) | Permanent link

I'm sure you've seen them -- cars fully covered in advertising for businesses like realtors, banking services, sports teams, and corporate ventures.  If you think like I do, you assume that these vehicles are being driven by employees or franchise owners in the hopes of promoting their products and services.  Think again!

A relatively new marketing scheme that businesses have taken to with a vengeance is auto advertising.   Advertisers pay for a vehicle "wrap" containing a colorful, eye-catching advertisement for their company, and then they pay you to have it installed on your car or truck.  Sometimes, they even offer drivers free cars and free merchandise, so all you have to do is drive.

Of course, not everyone is eligible.  A clean driving record is a must, and since this phenomenon is growing in popularity, not every driver who signs up is going to be chosen.   Motorists must also watch out for the numerous websites that charge for access to a database of pay-you-to-drive sites.  However, getting paid to drive is a real possibility in this, the age of advertising. 

Can you improve your financial health while making your daily commute?  It certainly can't hurt to try!

Harriet @ 11:37 | comments(0) | Permanent link