I found this interesting video that tries to explain how this financial crisis started in the first place. Although I’m not so sure if this video could actually help children understand the background, it is a very clear explanation. Check it out:
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Most people avoid talking about household budget let alone creating it. Somehow they don’t want to be bothered by the hassle of planning their household spending when impulsive shopping seems so much more fun and easy. They do not realize that by not having a household budget, they are actually prone to suffer from financial bleeding, until they find that their financial goals and retirement plan are non-existent. It is usually only after the financial panic attacks their lives that they start making a household budget. It is true that it’s better late than never. But if they had started planning their budget earlier, they could have saved so much money lost in their financial bleeding.
A lot of people just do not know how to start a budget. They tend to over complicate the definition of household budgeting and therefore avoid looking into it at all. Sadly only few people realize that creating a household budget is actually very simple.
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The “giving season” is nearly upon us! Not only are the malls full of Christmas decorations, and the advertisements full of toys and perfume, our mailboxes are full of year-end charity fundraising requests too. While most charities operate and have expenses year-round, they have learned that the largest chunk of their donations come in November and December, partly because of tax laws. When it comes to tax exemptions, charitable donations are tied to the calendar year, and this is your “last chance” to make a difference for 2008.
But hold on a second… if the primary reason you make a donation is for tax planning purposes, you have made one of the biggest money mistakes you can. Giving has nothing to do with tax planning, and likewise, if all your giving plans are put off until your death and your estate is settled… you have missed the whole benefit of giving all together.
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Some lucky people don’t need to learn to budget money in the traditional way. They simply and naturally spend less than they make, and invest the difference for the future. There is no need to allocate “x” amount each month for this or that category if your “outgo” is always less than your income. This is accomplished by way of habitual frugality or a constantly accelerating growth in income. Not sure you’re up to either of these challenges? Then you may need to make a budget.
People usually want to learn to budget money only once they’re in financial trouble. Their debts have piled up, their income doesn’t seem to cover their bills and habits, and they are stressed out as a result. Does this sound familiar? If so, you probably need to learn the usual budgeting techniques – but don’t skip the second part of this article.
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The Federal Reserve and the Treasury announced $800 billion in new lending programs on Tuesday, sending a message that they would print as much money as needed to revive the nation’s crippled banking system.
The gargantuan efforts — one to finance loans for consumers, and a bigger one to push down home mortgage rates — were the latest but probably not the last of the federal government’s initiatives to absorb the shocks that began with losses on subprime mortgages and have spread to every corner of the economy.
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Being in debt is almost like having an addiction. Once you are in it is hard to stop borrowing and it is very hard to get out of it completely. But just as any other addiction, if you keep the things you are addicted to out of sight the withdrawal symptoms will subside eventually. Here are 10 easy steps you can take to get out of debt.
1.) Stop collecting more debt. Sit down and write down all your debt balance to see and realize how deep in debt you are. Write it down and put it somewhere you can see easily, for example on your credit card in your wallet. Or you could remember this total amount every time you are tempted to borrow more money and collect yourself more debt.
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It is particularly hard for someone to pa a debt with out outside help. Other would put their debts together or consolidate them while others would opt to get a separate loan in order to pay for the student loan they have amassed for their whole life as a college student. This is what is commonly referred to as student debt consolidation.
You need to be careful with getting into this kind of situation especially if you have a high student debt or interest rate to deal with. You need to make sure you are not backing yourself in a corner because when desperation kicks in, lesser sound judgment are made and there is an increase chance to be scammed into loosing your collateral to lending companies. These companies don’t care if you end actually making you pay more than you can afford to begin with. They would entice you with the chances and benefits they would provide. Before you know it, you are blind-sided, homeless and in deeper debt.
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If it is about retirement fund, no amount of money is too big.
But due to the global economic crisis eating up the life of 401(k)s, IRA and pensions, many people wonder whether they could still make it to retire early or at all.
People can set their goal as they wish but the question now is whether they could ever get to it.
Recouping 8-9% every year from retirement accounts was very common for investors in the past years but these are now off the table.
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The Federal government has extended benefits for out of work Americans. Here are 5 things every worker should know about their unemployment check.
President Bush signed The Unemployment Extension Act of 2008 into law Friday, lengthening the period of government assistance to Americans struggling in the shrinking job market.
The measure helps people whose benefits have recently expired, extending benefits by seven weeks in all states, and extending them for another 13 weeks on top of that in states with unemployment rates that have averaged 6% or higher over the most recent three months.(See state unemployment rates.)
So those who live in a high unemployment states will receive a total of 20 more weeks and nearly half of the states fit that criteria as of October, according to the Bureau of Labor Statistics.
Workers typically get 26 weeks of unemployment benefits, and it’s not uncommon for the government to extend that during economic slowdowns.
Worried about how to make ends meet without a paycheck? Here’s what you should know to take advantage of the new law.
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