The Savage Truth on Money from Creators Syndicate

The Savage Truth on Money, January 26 for 02/26/2008

Tue, 26 Feb 2008 00:00:00 -0800

Will you have to work an extra three years before retiring in order to overcome the drag of excessive fees in your 401(k) account?

Will your annual retirement income be reduced by $3,100 a year because your company's 401(k) plan contains funds that charge high annual expenses?

Are you willing to save an extra $800 a year to make up for the fact that your company has a retirement p ...

Updated: Tue Feb 26, 2008

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Hedging Bets on a Hedge Fund for 03/04/2008

Tue, 04 Mar 2008 00:00:00 -0800

How do the rich get richer? They hedge their investment bets using hedge funds!

You don't hear too much about hedge funds if you're not an "accredited" investor or "qualified purchaser" with millions in investment assets. But there certainly are a lot of investors who fall into that category and are willing to pay significant fees to get into a hedge fund.

The ...

Updated: Tue Mar 04, 2008

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Pizza a Player in Curbing ID Theft for 03/11/2008

Tue, 11 Mar 2008 00:00:00 -0700

What's your favorite pizza topping? That's not an idle question when it comes to protecting your identity. In fact, it's one of many security questions now being used by banks to verify your online banking transactions.

Identity theft is a growing problem, with more than 217 million people affected by data breaches since 2005, according to the non-profit PrivacyRights.org. Most of these ...

Updated: Tue Mar 11, 2008

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Consumer Mortgage, Credit Woes for 03/18/2008

Tue, 18 Mar 2008 00:00:00 -0700

There's no end in sight to the woes of consumers — and very little help on the way. The statistics are shocking, and they grow worse by the month:

— 900,000 American homes are in now being foreclosed — up 71 percent from a year ago.

— Home prices declined 8.9 percent on average in 2007 — but some markets recorded declines of 35 percent or more.

Updated: Tue Mar 18, 2008

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The Rex Agreement for 03/25/2008

Tue, 25 Mar 2008 00:00:00 -0700

Americans are learning a bitter lesson about the importance of building equity in their homes instead of withdrawing it for current expenses. Now, along comes another scheme to give Americans access to their home equity — the Rex Agreement.

Advertised as an "alternative to debt," this plan focuses on your willingness to share the upside growth in the value of your home wi ...

Updated: Tue Mar 25, 2008

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Wall Street Bears Tell Three Scary Tales for 04/01/2008

Tue, 01 Apr 2008 00:00:00 -0700

They are three big bears! And to their credit, they've been telling us for years that our economic policy would lead the Fed to "bail out" the system with massive doses of liquidity and lower interest rates.

Now the issue is whether the Fed will succeed in preventing a deflationary collapse, and whether today's medicine will lead to tomorrow's inflation. The three bears are not ...

Updated: Tue Apr 01, 2008

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Who'll Look After You? for 04/08/2008

Tue, 08 Apr 2008 00:00:00 -0700

Don't say you weren't warned. The long-term care crisis is upon us. The rumblings have already started in small towns around the country. The government is already having trouble paying the cost of long-term care for the indigent elderly.

Recently, the Wall Street Journal wrote a front-page article, slamming states for joining in a partnership to encourage the purchase of long-term care ...

Updated: Tue Apr 08, 2008

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The Savage Truth on Money -- Bonus Column for 04/08/2008

Tue, 08 Apr 2008 00:00:00 -0700

Some holders of CNA long-term care insurance policies have received a package detailing the terms of a settlement of a class-action suit that revolved around rate increases on CNA policies. The owners of those policies have been given four very confusing choices of how they can participate in the settlement. Since my own parents have those policies, I made a careful examination of the choices.< ...

Updated: Tue Apr 08, 2008

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The Big Tax Picture for 04/15/2008

Tue, 15 Apr 2008 00:00:00 -0700

As you race to the deadline for filing your income tax return, it's easy to get buried in last-minute tax tips. But don't get so pre-occupied with the task in front of you that you forget to look at the big picture. And that big picture is likely to be higher tax rates in the years ahead.

It doesn't matter which political candidate you support. War is expensive. So is peace.

This ...

Updated: Tue Apr 15, 2008

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How You Can Survive The Credit Card Crunch for 04/22/2008

Tue, 22 Apr 2008 00:00:00 -0700

The next big financial issue for America is credit card debt. Coming on top of the sub-prime mortgage mess, credit-card defaults will be the next blow to both consumers and our financial institutions.

Americans now have nearly $1 trillion outstanding on credit cards. That's the amount "riding" as balances carried forward every month, on which interest is charged. Nearly half of ...

Updated: Tue Apr 22, 2008

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Choosing a Financial Planner Is a Complicated Process. for 04/29/2008

Tue, 29 Apr 2008 00:00:00 -0700

There's a huge amount of financial advice out there — ranging from free to extraordinarily expensive. And it becomes quite a task to evaluate and compare the services, costs (some hidden) and performance of all of the people who are advertising that they're ready to help you manage your money.

The labels don't help much. The term "financial planner" can be used by almost ...

Updated: Tue Apr 29, 2008

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Is College Worth It? for 05/06/2008

Tue, 06 May 2008 00:00:00 -0700

Imagine being a 24-year-old girl, graduating from college, with more than $65,000 in debt. Now you're looking for an entry-level job that — if you can find it — might pay $40,000 a year. And you're stuck with monthly payments of nearly $600 on your consolidated loans. Those payments will consume more than a quarter of her after-tax paycheck, every paycheck, for 20 years.

Susa ...

Updated: Tue May 06, 2008

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Who's To Answer For the Mortgage Mess? for 05/13/2008

Tue, 13 May 2008 00:00:00 -0700

As the housing crisis and mortgage mess move off the front pages, some nagging questions remain. Many of those questions revolve around how so many smart people — not the homebuyers, but Wall Streeters — could have been so dumb or blinded by greed to the eventual results of what they were doing. I wonder how they can complain now that they're losing money.

Here are a few of m ...

Updated: Tue May 13, 2008

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Beware of 'Personal Bankers' for 05/20/2008

Tue, 20 May 2008 00:00:00 -0700

You walk into your bank seeking safety. You trust your bank to provide only secure, FDIC-insured deposits. But you want higher yields than the bank certificates of deposit. Those six-month CDs are currently paying less than 2 percent at most local institutions.

Now you're in the danger zone. It's happening mostly to seniors, desperate to squeeze every last drop of interest from their cas ...

Updated: Tue May 20, 2008

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Live Advice from the Money Show for 05/27/2008

Tue, 27 May 2008 00:00:00 -0700

LAS VEGAS: The Money Show in Las Vegas is billed as the "No. 1 Marketplace for Investor Education and Expert Advice." Several thousand investors swarm the booths and pack the lecture and seminar rooms. Each year the show has a distinct personality, which is reflected in the attendees, the speakers, and the products and services being offered in the exhibit hall.

Past years emph ...

Updated: Tue May 27, 2008

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Memorial Day -- America's Future for 06/03/2008

Tue, 03 Jun 2008 00:00:00 -0700

While the Memorial Day holiday is a reflection on our history, it's also a perfect time to assess our future in a very competitive global economy. That was the thinking behind the National Summit on American Competitiveness, held this past week in Chicago.

Organized by Commerce Secretary Carlos Gutierrez, the meeting brought together panelists including current and former corporate chair ...

Updated: Tue Jun 03, 2008

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Student Loans Good News Bad News for 06/10/2008

Tue, 10 Jun 2008 00:00:00 -0700

The world of student loans just became more complicated, unfair and expensive for some borrowers, while others are about to get a great deal! It all depends on whether you're borrowing now — or dealing with loans from the past.

Interest rates on older, variable-rate Stafford loans are about to be cut in half — to 3.61 percent from the current 6.62 percent — sta ...

Updated: Tue Jun 10, 2008

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Bankruptcies Not a Cure-all for 06/17/2008

Tue, 17 Jun 2008 00:00:00 -0700

It's an epidemic. An astounding 91,214 Americans declared bankruptcy in May — up 31 percent from a year ago. More than 1 million Americans are expected to declare bankruptcy this year — up nearly 50 percent from last year, according to the American Bankruptcy Institute. That means at least one in every 100 families will be affected by a bankruptcy!

It's a sign of the times &m ...

Updated: Tue Jun 17, 2008

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Quick, Convenient Kindle Could Be the Future of Books for 06/23/2008

Mon, 23 Jun 2008 00:00:00 -0700

The perfect gift for high school or college grads this year is also a perfect gift for the environment — and may create the most lasting change in books since Johannes Gutenberg invented moveable type in 1439.

I'm talking, of course, about the Kindle — the amazing device that lets you download books, newspapers and other reading material instantly.

I've never been a tr ...

Updated: Mon Jun 23, 2008

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Bit By Bit, Inflation Takes a Crushing Toll for 07/01/2008

Tue, 01 Jul 2008 00:00:00 -0700

Why worry about a little inflation? Because even a little bit adds up over the years and can make a real dent in your wealth — if you haven't prepared with investments that will not only match, but outpace, the ravages of inflation.

Our average historical inflation rate, going back to 1913, is an innocuous looking 3.42 percent a year. But that "tolerable" rate adds up to ...

Updated: Tue Jul 01, 2008

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