Personal Finance for the Young and Ambitious

Susan raised an important point in her comment last week: Credit unions are a great alternative to banks, and I have neglected them in my writing here (despite the fact I am a satisfied credit union customer). And, in today’s economic situation, credit unions are looking even more attractive. Read more

That’s $700 billion divided by approximately 138 million U.S. taxpayers. That would sure put the year’s previous stimulus tax rebate to shame. (Remember that? Guess it didn’t work.) Just sayin’.

Jessica writes: I’m a 23-year old undergraduate student with tons of debt that is all in collections. I only make $50 a month plus room and board as a residential assistant. I feel overwhelmed because I just can’t do anything about it right now. Do I have any options? Read more

So Washington Mutual, once the nation’s largest savings and loan, yesterday became the nation’s latest bank failure. If you have money deposited with WaMu—or use the bank for any other financial products like loans, credit cards, or your mortgage—you don’t have to panic. In this case, Chase has acquired WaMu’s assets (and deposits). Here’s what this means for you. Read more

What’s a credit or debit card without bumpy account numbers? We’ll soon find out. Visa has announced that unembossed cards are now available in the U.S. following successful testing. The raised account name and numbers on existing credit and debit cards are only necessary for old-school machines that take an imprint of the credit card rather than read the card’s magnetic strip. And when is the last time you saw one of those?

Banks are failing, the economy is lifeless, and taxpayers are getting the bill. Were this 1929, we’d have our money under our mattresses, and we’d be sitting on them. Assuming, of course, we still owned homes with mattresses! Now, the question everybody wants to know is: Who can we blame? Read more

I recently joined Qvisory as an occasional contributing blogger. You can find two of my recent articles reposted at the Tools for Life Blog, or read my contributor profile. Qvisory is a new nonprofit organization that supports the health, financial well-being, and career goals of young adults from 18 to 34 years old. Read more

Billionaire investor Wilbur Ross expects thousands of banks to fail in the coming months, he told CNBC this week. How can you tell if your bank will be one of them? Read more

It’s so easy, I can’t believe I didn’t know about it sooner. Scratch that, I have read it a million times. I can’t believe that I didn’t do it sooner! Because this motivational technique really works. Whether you are trying to save money, pay down debt, or even lose weight, stick to this one tip, and I think you’ll be amazed at the results. So, what the heck is it? Read more

My twenty something friends sometimes ask me whether they should hire a financial advisor. Usually, they have just read an article or heard a high-pressure marketing spiel. The fact is, unless you have over $100,000 in investments, you don’t need a financial advisor or planner. Here are five financial services you probably won’t need before turning 30, and why. Read more