Lee Davidson reports in The Salt Lake Tribune that Utah payday lenders charged an average 459% annual interest on tens of thousands of loans issued in 2015, according to the Utah Department of Financial Institutions. Some Utah payday lenders charged annual interest as high as 1,408% — or $27 a week on a $100 loan.http://www.sltrib.com/news/4785118-155/utah-payday-lenders-average-interest-rate…
Take account of how spending varies throughout retirement
“Spending during retirement tends to vary as retirees age, rather than being a matter of steadily drawing down funds, writes Michael Kitces of Pinnacle Advisory Group. A projection of spending based on age banding can show that ‘retirees may not actually need to save as much or accumulate as large of a nest egg to…
Older Veterans Often Miss Out on Long-Term-Care Benefits
“Many older war-era veterans and surviving spouses over the age of 65 across America are missing out on a major element in securing their retirements: the Aid and Attendance benefit for long-term care.” “The Aid and Attendance benefit is available to veterans and their spouses to help offset recurring medical costs and some of the…
New Year, Fresh Start by Jonathan Clements
“WANT TO GET YOUR FINANCES headed in the right direction? Below are nine steps to take in 2017. With each step, I’ve included links to the relevant sections of HumbleDollar’s money guide.” http://www.humbledollar.com/money-guide/main-menu/Here is a summary of Jonathan Clements‘ “New Year-Fresh Start.” Read the details at: http://www.humbledollar.com/2017/01/new-year-fresh-start/1. Ask why.2. Size up your opportunities.3. Get started…
One of the best personal financial websites: Humble Dollar
Some of my former students will recall the name “Jonathan Clements” as i used his weekly Wall Street Journal articles in class for many years. Since moving one from the WSJ Mr. Clements wrote a yearly updated book: The Jonathan Clements Money Guide. Now all his content has moved to the excellent website: Clements writes…
Medicare Part D
“Delaying enrollment in Medicare Part D can be costly, even for people with negligible drug costs and incomes high enough to trigger a surcharge, writes Philip Moeller in this Medicare and Social Security advice column.” Read: My meds are cheap. Do I really need a Medicare Part D drug plan? http://www.pbs.org/newshour/making-sense/meds-cheap-really-need-medicare-part-d-drug-plan/ Source: Financial Planning for…
The wisdom of frugality: Why less is more– more or less
The book The wisdom of frugality: Why less is more– more or less by Emrys Westacott. Michelle Singletary, personal finance writer for the Washington Post writes in her review of this book: “Given the number of multimillionaires tapped for Cabinet positions under President-elect Donald Trump, I wonder if frugality will soon be considered un-American.” Singletary…
Investment Knowledge and Behavior: Ask Yourself These Questions
While the results of the recent FINRA Foundation study Investors in the United States 2016 are interesting, “what’s really valuable is to ask some blunt questions about your own investment knowledge and behavior.” Read five key findings, and some questions you should ask yourself. 1. Ask Yourself: Do you know what you own? You can…
App Traps to Watch for when Online Shopping
“A surge in bogus apps recently began flooding Apple and Android app stores mimicking well-known retailers and products — from Dollar Tree and Foot Locker to luxury brands including Jimmy Choo and Christian Dior. Some contain malware that can steal personal information or trigger ransomware to hijack mobile devices until a ransom is paid, notes…
Fake news and financial misinformation
Our political process is suffering from an abundance of fake “news” stories designed to sway public opinion and votes. Fake news is proliferating and being absorbed without question by people who have failed to learn critical thinking skills. By sticking only to news sources that agree with one’s political beliefs, too many Americana are believing…