Erik Carter, a Forbes contributor, says you can save up to $286 per month by 6 easy ways. “If saving is so important, why do so many people neglect to save enough? I suspect one of the main reasons is that we tend to view saving the same way we see dieting: as a form of deprivation. Another reason is that we think that small savings just won’t make much of a difference. Fortunately, there are relatively painless ways to save more that could make a huge difference.” He goes into details how you can save money on insurance, cell phone, fitness, cable TV, checking accounts and other bills. (forbes.com)
Computerized Investing editors list and review the best investment and financial websites. Here are the top 11 sites that they recommended.
A recent Standard & Poor’s study found that two out of three adults worldwide don’t have a clue about personal finance. While the U.S. ranks 14th worldwide in financial literacy, there’s more catching up to do. Here’s some of the best ways to save money. Check on CardHub.com for over 1,000 offerings in many different credit cards. For resource on auto financing, check WalletHub.com. Use Mint to track your money and help you establish a household budget, and define reasonable savings goals. For investing, make use of microinvesting service Acorns and Betterment.com. For deeper-pocketed, online investors, securities sites like Marketriders.com, Wealthfront.com, and PersonalCapital.com can help.
Worldwide the cost of corruption equals more than 5% of global GDP. In Nigeria, Africa’s largest economy where easy access to oil revenues opens the door to corruption, a respected former central-bank governor lost his job after claiming that $20 billion had been stolen. Most Nigerians live in poverty, and millions would be spared if officials stopped pilfering from the public purse. In fact, Nigeria ranks 32nd from the bottom of 168 countries surveyed by Transparency International. According to an analysis by PricewaterhouseCoopers, corruption in Nigeria could cost up to 37% of GDP by 2030 if it’s not dealt with immediately. This cost is equated to around $1,000 per person in 2014 and nearly $2,000 per person by 2030. (economist.com)
Forbes contributor Nick Clements delves into the issue of financial education to help the public: “The financial situation of the average American is grim. In a recent survey, 56.3% of people admitted to having less than $1,000 combined in their checking and savings account. The average household has $15,355 of credit card debt at an interest rate of 13.70%. More than half the country is living paycheck to paycheck. One common response from policymakers is to increase financial literacy training. According to the standard hypothesis, if people were armed with better information, they would have never taken out mortgages they couldn’t afford. But does it work? Unfortunately, recent data shows the limitations of financial literacy education. Getting people motivated to live financially healthier lives depends as much upon psychology and community as it does on classroom education. Getting people to focus on generating wealth, rather than surviving the month, is the ultimate goal of financial literacy training.” (forbes.com)
An anonymous reader writes: “Soon you will be able to use your smartphones at bank machines as dozens of US banks are installing new ATMs or updating existing ones to allow customers to order cash on a mobile application and then scan a code to get their money without having to insert a bank card. The new smartphone technology allows for speedier and more secure transactions. For instance, authenticating on the handset reduces the time spent at the ATM to around 10 seconds instead of the typical 30 to 40 seconds. Wells Fargo, Bank of America and Chase already start deploying the new ATMs. Over the next 18 months, 80,000 machines in North America will be in operation.” (globalpost.com)
Samantha Cooney writes on Mashable: “Writer Paulette Perhach had just broken up with her boyfriend, and she wasn’t exactly the picture of financial security. ‘I had a little over $100 to my name, I owed my mom $1200, I owed my boyfriend $2000,’ she tells Mashable. ‘It’s a terrible feeling to have to rely on someone else.’ But Perhach landed back on her feet, and turned her all-too-cautionary tale into an essay on Medium titled ‘A Story of a Fuck Off Fund,’ which advised people to have a secret stash of cash should your relationship go south, you get into an uncomfortable situation at work, or you just need to make a clean break. ‘If any man ever hit you, if anyone ever sexually harassed you, you’d tell him to fuck right off. You want to be, no, you will be the kind of woman who can tell anyone to fuck off if a fuck off is deserved, so naturally you start a Fuck Off Fund,’ she wrote.” (mashable.com)
If you are looking to save money this year, then Everything Finance has some advice: “While it can be difficult to save money, it can also be easy. Provided that you take some simple steps, you can save a lot of money in a short amount of time. With that in mind, here are four things that you might not have considered when it comes to saving money.” From using budget app and growing your own food to investing in alternatives and avoiding the debt spiral, Everything Finance discusses in-depth to show how you can save money with these four unique ways. (everythingfinanceblog.com)
Chris Isidore writes on CNN Money: “2015 was a tough year for oil driller Schlumberger. Unless you were the CEO. CEO Paal Kibsgaard received total compensation worth $18.3 million in 2015, the company reported, down only slightly from $18.5 million the year before. The rest of Schlumberger didn’t fare so well. The company cut 25,000 jobs during the year, or 20% of its workforce. Schlumberger is the first major company in the oil industry to report executive pay for 2016.” (cnn.com)
You probably heard about these personal finance superstars: Dave Ramsey, Mary Hunt and Suze Orman. They publish books, send out famous checklists and trademark baby steps, but is it really a smart idea to follow the advice of a budgeting superstar? The answer is yes and no. During the “accumulation” phase of life, it’s a good idea to follow the advice from these personal finance superstars since the basic concepts of eliminating debt, saving for an emergency fund and investing for retirement are universally accepted as sound financial practices. Those with significant income or unusual financial situations are best to follow personalized advice, rather than the generic financial advice. “Celebrity financial advice might motivate some people to get out of debt and start investing, but it certainly won’t work for every situation. The key is to find the method that has you taking action for a financially secure future.” (usnews.com)
One Cent at a Time writes: “When it comes to car insurance, you have a lot of choices and Car Liability Insurance Coverage is one of them. Since you have many choices, you should know as much as possible to decide on the coverage. You should know the facts and myths so that you can make informed decision.” Both property damage liability and bodily injury liability are discussed. As usual, the level of coverage and the amount of deductibles depends on your circumstances. By understanding these helpful facts on car liability insurance coverage you can make the best choice in your situation. Once you decide on your insurance coverage, here are 5 car insurance companies to consider. (onecentatatime.com)
There are several types of coverage that you should have with your policy. Some of them such as liability are not optional while collision and rental are. Here are the top five car insurance companies that you should consider: All State, Geico, Liberty Mutual, State Farm and USAA. While choosing a car insurance, make sure to pick a top-rated insurer and take advantage of all the available discounts.
Too much spoiling can lead a young person to suffer from affluenza. That’s the case for an American teenager Ethan Couch, who killed four people on June 15, 2013 while recklessly driving drunk . His lawyer argued that he’s unable to understand the consequences of his actions because of his financial privilege. Instead of prison, Couch got 10 years of probation and rehabilitation to treat his affluenza. After violating the term of his probation, he fled to Mexico then he got caught. Currently, Couch remains in jail in solitary confinement. Soon Couch will be transferred to the adult court to face the consequences, and he could get more jail time. (reuters.com)
Economic Policy Institute writes: “Social Security is the nation’s most successful anti-poverty program and it remains a fundamental pillar of the American economy—one that is critical to the long-term economic security of today’s young people. The National Academy of Social Insurance (NASI) and EPI just released an updated and revised version of A Young Person’s Guide to Social Security, a comprehensive 60-page guide written by young authors for students and young workers.” If you wonder if Social Security is broke or it’s a giant Ponzi scheme, fear not. “The program’s financial status can be summed up in one sentence: Social Security’s projected shortfall is 2.68% of taxable earnings over the next 75 years.” So eventually you will receive some amount when the time come. (epi.org)
Some industries are easier to get hired than others such as health care and finance industries. On average there’re 14 workers looking for work for every 10 job openings according to the Economic Policy Institute. However, people in 5 industries may have a harder time securing work should they quit or get laid off from their jobs. For instance, there are 4.3 unemployed workers for each job opening in the construction industry, and 2.8 unemployed workers for each job opening in the entertainment industry. Real estate and education services are also hard to get hired. The worst job prospect of all is the mining and logging industry. (marketwatch.com)