To stimulate growth central bank in Japan, Denmark, Sweden and Switzerland lower interest rate to subzero. As a result, Hans Peter Christensen in Denmark got an unusual news when he opened his most recent mortgage statement. Instead of paying interest on the loan he got a decade ago to buy a house, his bank paid him the equivalent of $38 in interest since the mortgage rate stood at negative 0.0562%. “My parents said I should frame it, to prove to coming generations that this ever happened,” said Mr. Christensen, a 35-year-old financial consultant, about his bank statement. When rates drop below zero, there’s an undesirable side effect as saving accounts pay no interest. It’s just not good for savers. (wsj.com)
“ROBOCOP Act” Would Force Phone Companies To Do Something About Robocalls
Chris Morran writes on Consumerist: “A new piece of legislation introduced today hopes to compel the telecom providers to finally make it easier for customers to just say no to robocalls. Congresswoman Jackie Speier of California is introducing the ‘Repeated Objectionable Bothering Of Consumers On Phones’ — or ROBOCOP Act, which would require that telephone service providers offer their customers free, optional robocall-blocking technology.” The proposed law also seeks to hold the telecoms accountable if they fail to take action. (consumerist.com)
How to Break the Living Paycheck-to-Paycheck Cycle
Miranda Marquit writes on Money Ning: “When my then-husband and I first married, we lived paycheck to paycheck, creatively looking for ways to make ends meet…Later, as we learned more about money management and as we began making more money, we stopped living paycheck to paycheck.” She explains the process to break the living paycheck-to-paycheck cycle. Here are three key points:
- Confront the realities of your situation
- What are your priorities?
- Boost your earning power
Feds Will Notify Disabled Borrowers Eligible For Student Loan Discharge
Ashlee Kieler writes on Consumerist: “Under the law, borrowers who are permanently disabled are eligible to have their federal student loans discharged. While the government has taken steps in the past to make the process more streamlined for consumers, the Department of Education will now proactively seek out eligible borrowers. The Department of Education announced Wednesday that it will work to identify eligible borrowers and guide them through the steps to discharge their loans.” (consumerist.com)
Don’t freak if you haven’t filed your taxes yet
About 1 in 5 taxpayers wait until the last week before the deadline to file their return, according to data from the IRS and tax-preparation TurboTax. Don’t freak if you haven’t filed your taxes yet. “All taxpayers can get an extra six months to file their taxes simply by asking for an extension using Form 4868. You can even file your extension request online using free software tools provided through IRS Free File,” said Jeff Reeves at USA Today. Just keep in mind that you need to pay the estimated tax bill even if you file an extension, or you will be charged a failure-to-pay penalty. (usatoday.com)
6 Ways to Live a Longer Life
According to an eight-decade study, a few simple alterations in lifestyle can lead to longer, healthier lives. The study first started by the late Stanford University psychologist Louis Terman in 1921 before psychology professors Howard Friedman and Leslie Martin took over the project in 1990, and published a booked called The Longevity Project in 2011. Here are 6 ways to live a longer life:
- Be conscientious as defined by being prudent, responsible, persistent
- Connect socially with friends and family members
- Worry a little. A moderate amount appears to be optimal for a long life
- Get good genes since a third of longevity is attributable to genes
- Get married if you’re a man due to the fact that marriage can lengthen your lifespan, if you’re male
- Eat less
Americans Spend 6.1 Billion Hours to Do Their Taxes Each Year or 16 Hours Per Person
According to personal finance website WalletHub, Americans spend 6.1 billion hours to do their taxes each year at a cost of $233.8 billion. It averages out to be 16 hours per person at $270. Due to a lot of waste hours and loss of productivity, the IRS also offer $10,000 prize by launching a crowdsourcing challenge to help improving the tax filing process. You can find other interest highlights below:
- 30.5 Minutes: Wait time for calls to the IRS in 2015
- 62%: Of calls went unanswered in 2015
- 6.1 Billion Hours: Time it takes Americans to do their taxes each year (16 hours per person)
- 35%: Of taxpayers would rather discuss sex with their kids than do their taxes
- 27%: Of Americans would get an IRS tattoo to avoid taxes for life
- 700%+: Increase in tax-related identity theft cases since 2010
- 23%: Decrease in IRS enforcement staff since 2010
Life Expectancy Study: It’s Not Just What You Make, It’s Where You Live
Jim Zarroli writes on NPR: “Poor people who reside in expensive, well-educated cities such as San Francisco tend to live longer than low-income people in less affluent places, according to a study of more than a billion Social Security and tax records. The study, published in JAMA, the Journal of the American Medical Association, bolsters what was already well known — the poor tend to have shorter lifespans than those with more money. But it also says that among low-income people, big disparities exist in life expectancy from place to place, said Raj Chetty, professor of economics at Stanford University. ‘There are some places where the poor are doing quite well, gaining just as much in terms of life span as the rich, but there are other places where they’re actually going in the other direction, where the poor are living shorter lives today than they did in the past,’ Chetty said, in an interview with NPR.” (npr.org)
5 Biggest Revelations From the Panama Papers
The Panama Papers are a leaked set of 11.5 million confidential documents that provide detailed information about more than 214,000 offshore companies. According to the International Consortium of Investigative Journalists, the historic data leak tied “140 politicians from more than 50 countries, connected to offshore companies in 21 different tax havens.” The leak is so big that China’s government is suppressing mentions of the Panama Papers on social media and in search engines results. It also told news organizations to delete all content related to the Panama Papers leak. Here are 5 biggest revelations from the Panama Papers as detailed on Vox:
- The Panama Papers caught Iceland’s prime minister in an incredible conflict of interest
- The $2 billion trail in the Panama Papers that leads to Vladimir Putin
- Brazil is on the brink of political collapse, and the Panama Papers added fuel to the fire
- China wishes the Panama Papers never happened
- Argentina’s president ran on a campaign of transparency. Now he has been named in the Panama Papers.
Win $10,000 From the IRS by Submitting Idea to Improve Tax Filing Process
As reported on Wall Street Journal, the Internal Revenue Service is launching a crowdsourcing challenge to “design the taxpayer experience of the future.” The contest, which comes with a $10,000 grand prize, begins April 17 with judging scheduled for May and June. The $10,000 grand prize will go to the best overall submission, but the IRS will issue smaller cash prizes in categories such as “Best Taxpayer Usefulness” and “Best Financial Capability.” (wsj.com)
US Faces Disastrous $3.4tn Pension Funding Hole
Individuals can run into money problem if they don’t take care of their personal finance. It seems that many cities and states are not immune to bad money management after years of underfunding the pension and hiding the problems. Attracta Mooney writes on Financial Times: “The US public pension system has developed a $3.4tn funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies.” Just like individuals, cities will have to face bankruptcy if they keep on spending and can’t deal with the funding shortfall. “I do believe that US cities and towns will continue to suffer, and there will be additional bankruptcies following the examples of Detroit,” said Olivia Mitchell, a professor at the Wharton School at the University of Pennsylvania. (ft.com)
USPS to Cut Postage Rates to 47 Cents
Reversing the price hiking trend, the U.S. Postal Service will reduce the price of first-class stamps by 2¢ down to 47¢ this weekend. As reported on Consumerist, “The price cut came from the government entity that regulates the postal service, the logically named Postal Regulatory Commission. The original price hike for letters back in 2014 was actually a surcharge enacted to help the postal service’s cash flow, and the PRC ordered that the postal service roll back that surcharge. The Postmaster General estimates that the price cuts for domestic and international letters will cost the USPS $2 billion per year.” (consumerist.com)
What to Do When You Forget to Pay a Bill
If you don’t pay your bill, your utility service might be shut off or you will be charged with late fees and interest on your credit cards. So it’s best to deal with the problem immediately. Kiplinger has some advice on what to do when you forget to pay a bill. If you have an excellent credit history you can ask for the late fee to be waived, said credit expert John Ulzheimer. Make sure you know some rights when collectors call you per Fair Debt Collection Practices Act. For instance, you can report the violations if debt collectors use obscene language or threaten you. Also they can’t contact you before 8 a.m. or after 9 p.m. (richmond.com)
7 Personal Finance Advice from Some Old and Wise People
Wisdom really does come with age. Derodave collected some good advice from some old people. We can learn a few things from their advice:
- Stuff is just stuff. Don’t hold onto material objects, hold onto time and experiences instead.
- Pay your bills and stay the hell out of debt. If I could have paid myself all the money I’ve paid out in interest over the years, I’d be retired already.
- The most important person in your life is the person who agreed to share their life with you. Treat them as such.
- People always say, ’’Make sure you get a job doing what you love!’’ But that isn’t the best advice. The right job is the job you love some days, can tolerate most days, and still pays the bills. Almost nobody has a job they love every day.
- Nobody ever dies wishing they had worked more. Work hard, but don’t prioritize work over family, friends, or even yourself.
- Don’t take anyone else’s advice as gospel. You can ask for advice from someone you respect, then take your situation into consideration and make your own decision.
- If you have a dream of being or doing something that seems impossible, try for it anyway. It will only become more impossible as you age and become responsible for other people.
Americans Spend More on Taxes Than Food, Clothing, Housing Combined
According to the Tax Foundation’s annual report, Americans spend more on taxes than their whole budget for food, clothing and housing. “Tax Freedom Day gives us a vivid representation of how much federal, state, and local tax revenue is collected each year to pay for government goods and services,” said Tax Foundation Analyst Scott Greenberg. “Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand the cost of government. Tax Freedom Day helps people relate to that cost.” (washingtonexaminer.com)
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