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Election 2008: the day after

The day after Election 2008: So now what?
That’s what a lot of people are asking themselves this morning, now that the uncertainties of the election is out of the way, Obama is the Preseident Elect, and the Obama’s and Bush’s transition teams are working together to assure a smooth transition, and the Obama-Biden team are recruiting additional team members to lead and manage this wonderful country.
What about you and your situation? You surely cannot ask for help directly to either G.W. Bush, or to Barack Obama. They actually need your help, they need your help keeping the morale up, trust the political and financial institutions that once again prosperity will return to the US soil. If there something that most people have learned is that things are back to basic, wise use of credit, well thought out plans for important decisions like buying a home, a car, or a major appliance; carefully screening of financial advisors and more realistic investment strategies and expected returns.

If you have consumer debt: have a plan to pay it off as soon as possible.
If you have a house with a mortgage: have a plan to pay the mortgage off, sooner or later. If you need to refinance, do so, a home is a long term asset, and a necessary one if you can afford it. Make a plan to eventually pay off the mortgage.
If your financial situation is challenged, take matters into your own hands with a two-prong strategy:

Cut your expenses.
Increase your revenue: get a second job if you have to, or a third one. Clean up your attic and basement and sell all the stuff that you have and no longer use. If you don’t have time, and if eBay or Craigslist is not for you, consider donating your items to charity, and take the tax write off. Consult your tax advisor on that, and remember to get a receipt from the charity for your non-cash donation.

Start or continue saving: no matter how little you think you make, someone else down the street makes do with less than you have: simplify your life, eliminate expenses, cut down on your spending. There’s no alchemy math: living within your means is the new luxury.
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Photo Credits: Maria Leisa (cc)

November 5, 2008 | Filed Under Debt Management, Elections 2008, Financial Crisis, Financial Planning | 1 Comment

Credit Card surveys reveals the need for better finance planning

According to a national survey in the United States 35% adults said that their credit cards are maxed out, or close to being maxed out. Looking into the details, women are a more likely than men to have their credit cards maxed out (37.3% for women vs 33% for men). When analyzed by age group, the highest level of 43.1% occurs in the 25 to 34 years age group, speculating that in this age group, incomes are lowest and wishes are highest. As expected, the age group of 55 and older is the most conservative with a credit usage of less than 50% of their credit limit, or 47.5% to be exact.
Enjoying life through credit cards is risky business for the ones who don’t have a sound management of credit and spending.
Planning and budgeting is the best way to gain control of one’s finances, and the best way to avoid having finances take control of your life. And it’s not that difficult. Take a good look at your incoming cash flow, from all sources, from work income to royalties and investment income; then take a look at your necessary expenses like rent or mortgage, debt payments (credit cards, auto loans, student loans, personal loans), insurance, job related expenses like commuting expenses, groceries, dry cleaning etc. Account for savings for both long term savings and to build a cushion for unexpected expenses like car repairs or home maintenance; what’ left is your true disposable income that you can use to enjoy your life. What happens if there’s nothing left for your true disposable income, of if it’s not enough?

You have three choices:

Increase your income: either by finding a better-paying job, or get a second job, or both;
Decrease your expenses: simplify and eliminate how you spend your money;
Both 1 & 2 above.

Make a yearly budget, which includes your vacation budget, and your holiday budget. You can use a spreadsheet, or one of the financial softwares, or just an old-fashioned pen and paper, it doesn’t have to come more complicated than you can handle. Break down your yearly budget into a monthly budget, and then further more into a weekly budget. When you’ll be facing an expense which is not into your budget, don’t do it! Just say NO! If you think this new expense is still necessary to you and your life that you MUST do it, go back to the drafting table and re-work your budget, add the new expense, and cut off some other in order to have a ‘balanced budget’: there’s no free lunch, something’s got to give.
This way each week you’ll know exactly what expenses you’ll expect to pay, including enjoying your life in terms of going out to dinner, trips, movies, hobbies, and whatever else you like to do. And having to give up little things here and there, assures you that the big things like vacations, savings and investments are taken care of. That’s the difference between being in control of your finances and your life, and having your finances control you by having to manage collection calls, late notices, shut-off letters, bad credit, and not having the means to take care of the unforeseen expenses, those curve balls that life throws at you every so often.

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Photo Credits: m o d e (cc)

October 22, 2008 | Filed Under Budget, Credit Cards, Debt Management, Financial Planning, Vacation | Leave a Comment

Why is the Stock Market and the US Economy in this state? Whose explanation can we trust?

We are receiving a good deal of inquiries asking us to cover the happenings in the Stock Markets and the economy at large. It’s not easy to address those questions, and in reality, nobody really knows. The “experts” are divided on what caused these events, and what measures should be taken to correct these events in the short term, and how to set up the course for the long term.

Something that we look at when reading press releases or listening to interviews, is “Do these people have a conflict of interest in what they are saying?”. And most time the answer is YES.

When it comes to the stock market, one of the major components of a healthy market is “confidence”, and everyone agrees that the average investor’s confidence is at a low point. Wall Street insiders have a self interest in saying that everything is fine, and people should remain invested and buy buy buy some more stocks, bonds, ETF, Mutual Funds, and any and all financial instruments.
There are a handful of people that we like to listen to, one of then is George Soros (see: Financial crisis: how to make sense of how we got here, and what’s ahead? ), another one is Carl Icahn, the 46th richest man in the world with a net worth of $14 billion (source: Forbes.com), and he got so rich by buying and selling companies that were undervalued or underperforming and turning them around: he knows his stuff.

He is starting to appear in the financial circles, so you can catch him on CNBC and other channels, and you can also read his very insightful blog: The Icahn Report.
If you can get a hold on his interview on CNBC with Larry Kudlow on October 15 (yesterday), watch it and take note.
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Photo Credits: Clinton Steeds (cc)

October 16, 2008 | Filed Under Financial Crisis, Financial Planning | Leave a Comment

It’s truly a global economy: USA, Europe, Asia and beyond

The old adage “the high tide raises all boats” it’s also true when it’s low tide. The ebb and flow of the financial market is taking a toll on the global economies.
The experts agree that the cause of the present crisis is a slow-down of the credit markets which provide liquidity to business and financial transactions. That’s the finite cause. Additionally we have the psychological component that while it was the fuel powering the economic growth that the we’ve experienced in the past 5-10-20 years, now has turned negative with a few ripple effects: large finance players have cashed out from their various investment positions, and are now sitting on their cash without making any investments, waiting for some sign that we have reached the bottom and things are starting to change. Individual consumers are cutting down on their spending, buying less, trading down to less expensive goods and services, and procrastinating large purchases.

What does that mean for the average individual? It depends. This might be a great time to take inventory of one’s financial habits, turning them around for the best:

Stop spending wastefully, and abide to a sound budget.
Getting serious about paying down personal debt.
Start a saving program.
Finding ways to augment incoming cash like getting a part-time job, or starting a business on the side, following your dream and doing what you truly love.
Taking a more proactive approach to your investments and personal finances.

We are here to help! For those of you who have been following us for a while, we have listened to you and expanded the scope of the articles we publish, while the name and address remains the same (CreditcardsMojo.com) going forward we’ll be talking about Personal Finances at large, helping you navigate by taking control of your money, so that money doesn’t control you, and you can live a happy and prosperous life.

As usual your feedback and tips are always welcome, you can always email us at our tipline (*):

MojoTipLine (at) gmail (dot) com.

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Photo Credits: icelight (cc)

October 10, 2008 | Filed Under Financial Planning, News | Leave a Comment

What Are Your Credit Cards Really Costing You?

Credit card interest can be a financial killer if you are not handling your credit cards correctly. If you are only paying the minimum amount of money on your cards each month, you are setting yourself up for a large financial downfall. Imagine you carry a balance of $5,000 in credit card debt with an average interest rate of 16%, it would take you at least 12 years to pay off the balance. The balance would increase about $2,500 with interest fees, leaving you with a total bill of $7,500.

$2,500 could afford you many other things in life. That amount of money would pay for home repairs, a nice vacation, or an excellent deposit into a savings or retirement account. Paying that amount of money as an interest payment on credit cards is like using your cash for firewood.

There are steps you can take to help getting your credit card debt under control. Here are a few tips to keep you paying down your balances and not wasting your hard-earned money.

Stop Making Unnecessary Purchases.
Get Control and Understanding of What You Owe.
Pay Your Cards with the Highest Interest First.
Keep Away From Penalties and Fees.
Keep Away From Penalties and Fees (YES this is so important that’s worth repeating).

By implementing these tips your credit cards will stop costing you the high price many are paying.

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August 29, 2008 | Filed Under Credit Cards, Financial Planning | Leave a Comment

Some much needed help in staying on top of things

Online banking is a wonderful thing, you can check your bank account, your 3 credit cards, your money market, your brokerage account, your phone bill, your cell phone bill . . . and then some.
We know what happens then, life happens, and after a while you only check your bank account, and maybe your main credit card, which can be dangerous since last month’s family emergency brought your cell phone bill above the flat fee, and your credit card company moved the payment date from the 15th to the 13th and you get paid on the 14th . . . and who wants to deal with the double whammy late fee and higher interest from your credit card?
You get the picture.
What if you could get the entire picture of what’s going on with your bank account, your credit card accounts, all of your online accounts for that matter, AND the upcoming bills all in one simple, succinct, daily email?
Rudder.com to the rescue. Their tagline says it all: Finance in your inbox, delivered to you for free.
Sounds too good to be true? Call them on it, and give them a try, and then share with us your experience on our tipline.

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Did we miss something that you know? A credit card that you are using and you are extremely happy with, or a credit card or a news release or an advertisement for a credit card offer that is irresistibly good, new, different, unusual, something mojo-worthy?

Email us at our tipline (*): MojoTipLine (at) gmail (dot) com.

August 22, 2008 | Filed Under Financial Planning, News | Leave a Comment

Are you ready for life’s challenges? PaymentAid Plus by Citibank might be for you.

Financial Planning: love it, hate it? It’s a necessity, and it is a way for you to stay in the driver’s seat and be in control no matter what life will deal you in the future.

Citi has put together an interesting package, the PaymentAid Plus that gives people financial relief during tough times in life.

Death, Disability and Income Loss Benefits
When faced with some of life’s biggest challenges, the last thing you and your family should have to worry about is your credit card account. PaymentAid Plus gives you help when you need it most.

In the event of a job loss or short-term disability
Your account will be credited your minimum monthly payment (excluding past due amounts, over credit limit or credit line amounts and fees) for up to 12 months.
Note: You may continue charging purchases, but not cash advances, on your account while these benefits are activated.
In the event of long-term disability or death
Citi will cancel up to $10,000 of your New Balance.

Life and Family Benefits
Changes at home or in your health can have a big impact on your financial situation. PaymentAid Plus can help you with your expenses so you can focus on what’s important.

If you get married or divorced, buy a home, move, welcome a child into your family or enter college for the first time
Citi will credit 1 minimum monthly payment to your account (excluding past due amounts, over credit limit or credit line amounts and fees) once a calendar year.
If you’re a victim of a national disaster
Citi will credit 6 minimum monthly payments to your account (excluding past due amounts, over credit limit or credit line amounts and fees).
If you need to take leave to care for an ill family member
Citi will credit up to 9 minimum monthly payments to your account (excluding past due amounts, over credit limit or credit line amounts and fees).
Receive up to a $500 credit
For a deductible paid on Auto, Homeowners or Renters insurance per calendar year.

What’s more, PaymentAid Plus helps support you in your time of need:

Citi will credit 1 monthly minimum payment (excluding past due amounts, over credit limit or credit line amounts and fees) if you or any member of your household spends at least one night in a hospital.
Citi will credit 1 monthly minimum payment (excluding past due amounts, over credit limit or credit line amounts and fees) if you or any member of your household receive medical treatment in the Emergency Room of a hospital.

Payment Credit Benefit
PaymentAid Plus also provides valuable extra benefits for you to use as needed.
Once a year, if you incur expenses of at least $25 (for education, medical, household, transportation or IRS taxes), PaymentAid Plus will allow you to credit one minimum monthly payment. Or, you can request a credit of one minimum monthly payment for one of three federal holidays-New Year’s Day, Memorial Day or Labor Day (The account credit does not include past due amounts, over credit limit or credit line amounts and fees).

Your membership also includes these valuable Add-on benefits:

Personal/Professional Resources through LifeWorks®
Starting a new career? Trying to get on track financially? LifeWorks can help.
You spend every day trying to make time for the things that are important to you—your work, your family, your personal life. With so much to balance, let LifeWorks help. Just call or go online to obtain the advice of trained consultants on a wide range of relevant issues, including:

Budgeting and money management
Planning for retirement
Estate planning
Furthering your education
Parenting and child care
Setting up a will or living will
Updating your work skills/computer skills
Getting assistance for older family members

Daily Credit Monitoring at the 3 National Credit Repositories & More
Identity theft can destroy the credit history you’ve spent years building.
It can happen when new accounts are opened in your name or your existing credit accounts are somehow taken over. Cases of identity theft can take months, sometimes years, to resolve. You can help protect yourself from identity theft through the daily monitoring of your credit files.

With PaymentAid Plus you have the automatic benefit of:

Daily Monitoring of your credit files at the 3 national credit repositories
E-mail Alerts to notify you of certain changes to your credit bureau files (So, be sure to provide your email address when you enroll)
Dispute Resolution Assistance should you find changes to your credit files that you do not recognize.