Believe it or not, the long-awaited (and debated) Cash for Clunkers program (a.k.a. CAR Allowance Rebate System [CARS]) is here—while the money lasts. Under the cash for clunkers program, the government will give you a voucher for up to $4,500 for qualifying used vehicles that can be used to purchase a new car. It’s a great deal if you can get it. First, your car must qualify. Second, you’ll have to get your act together before November 1, 2009 or the $1 billion allotted for the program runs out, which some analysts forecast could be by the end of August! [...]

It’s been the mantra of entrepreneurs for generations: “You can’t get rich on a salary.” Is it true? With scant exceptions, even top-paid execs, doctors, and lawyers make less than $1 million a year. And you can certainly grow rich earning six figures a year if you play your cards right. But what about the rest of us? If we aren’t interested in following one of a handful of professional tracks that lead to big paychecks, there are two options: Accept our income level and spend and invest wisely to protect the little money we earn or become an entrepreneur. The way I see it, we can become financially comfortable on a salary, but not rich. [...]

This year’s credit card reform laws will deliver consumers long-overdue protections from dubious industry practices. But don’t breathe a sigh of relief just yet. The credit card companies, already reeling from a year of record losses, will find new ways to make credit card users pay. Here’s what you need to know to take advantage of the upcoming credit card industry changes and how to avoid letting the industry take advantage of you! [...]

Mortgages are complicated. Looking to swap one mortgage for another by refinancing? They get even trickier. So it pays to understand how the mortgage refinance process works and when refinancing is a good idea (and when it’s not) early in life. That is, even before you buy your first home. [...]

Sometimes, “better late than never” does not apply. That old line probably won’t work if you forget your wedding anniversary, arrive late to an important job interview, or fail to repay a loan shark on time. I hope, however, that it does apply to this week’s Carnival of Twenty Something Finances. (I was supposed to have it up yesterday and I admit it completely slipped my mind). [...]

Finding affordable health insurance is one of the most important financial decisions you can make in your twenties. Using that health insurance is another. [...]

For regular readers, my love of the following five financial products won’t come as a surprise, but I realized that I have never written a single post about the handful of financial products that I love… and why I love them. The fact is, the following five products are not only highly valuable, four out of five of them are free, and all (I believe) are especially useful to us twentysomethings. [...]

Where do you want to be in five years? Debt free? Living in your own home? Enjoying a “mini-retirement” volunteering or traveling around the world? I’ve written a lot about making spending plans (i.e., monthly budgets) and debt reduction plans, but these are only part of the key to building financial security. You also need to set long-term financial goals. [...]

Professional poker players often quip: “Don’t throw good money after bad”. At the poker table, you have to know when to stop betting a hand and admit that an opponent has you beat. The same holds true in your financial life. Whatever financial mistakes you made in the past are over. What matters is how you play going forward. [...]