Money Market Rates 5/12

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

0.84% Ally Bank Online Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.75% American Express High Yield Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.35% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.

Rates are believed to be accurate as of 5/13/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.

The current favorite, Ally Bank Online Savings, has stayed at the at the top of the list. This is mainly because banks like Discover Bank and American Express have lowered their interest rates in recent months, while Ally has remained the same since my last update. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I've questioned the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned.

While it seems that interest rates are still continuing to trend downward, all of the these interest rates have stayed the same since last month. I think that it is a good time for people to consider moving their money around if they are not happy with their current banking institution. But, based on this analysis, I won't be transferring my funds to a credit union.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

DC

Comparing Brokerages

I haven't written about online brokerages in a while now. The landscape for online brokers is constantly changing. Nevertheless, I wanted to present to my readers a comparison of some of the major online brokers out there.

Since I am mostly interested in stock trades (as opposed to options, mutual funds, or bonds), I have compiled a list of brokers sorted by the commission that they charge for stock trades. Using this handy table, readers can see the comparison, as well as any bonus offers that are currently being offered for new accounts:

Brokerage	Stock Trade Commission	Special Offers and Bonuses
Options House	$3.95	Free Dell Monitor, Free Morningstar Investing Newsletters, free one-year subscription to FT.com
Zecco	$4.95	Zecco
Scottrade	$7.00	Scottrade.com
tradeMonster	$7.50	tradeMONSTER
Options Xpress	$8.95	get $100 when you open an optionsXpress account
E*TRADE	$9.99
TD Ameritrade	$9.99

I have confirmed the commissions with each brokerage (as of 4/23/12). Personally, I have accounts with TD Ameritrade, E*TRADE, and OptionsHouse. A while back, I got a free Dell Monitor by opening an OptionsHouse account. The OptionsHouse Free Kindle Fire offer also looks good to me, but is no longer available.

I also requested information from Scottrade, but never opened an account at Scottrade.com. If anybody has their opinions on these brokers, please share them here.

DC

Allurez Jewelry Review

How familiar are you with the idea of online jewelry shopping? Comparison shopping and bargain price blowouts are only some of the perks associated with shopping online for jewelry. Let's not forget that when you buy online, you never have to deal with pushy salesmen. You can even design your own fine jewelry items from the comfort of your own home. But there are a few things that you must consider before shopping online for things like diamond jewelry.

The most important thing to consider is the reputation of the company. A company that has created a good name for itself will usually have people who have good things to say about it. This is why it's important to check out online forums and see what people are saying about the online jewelry stores at which you want to shop. In regards to this, I was always surprised to find that Allurez Jewelers had such great reviews. Whenever I search through Allurez jewelry reviews that I find online, people always report that the customer service was friendly and the entire process of buying a fine jewelry item is smooth. Allurez even has reps that will help you place an order online.

But here are some more reasons why buying jewelry online can be a very rewarding experience. Allurez has a jewelry education section. This is very important. I find that I need to be as informed as I can about anything that I purchase. This is especially true when it comes to buying diamond jewelry or precious metal items. Any reputable online jeweler must offer a jewelry education section. In one way, it suggests that you are getting quality items, since you are already informed about the item you want to purchase.



Some sites offer free shipping, easy returns, and secure online shopping. This is something that Allurez offers as well. Free shipping is altogether convenient, but the easy returns and secure online shopping are a must. This is because you need to be able to return an item if you order the wrong size. I've done this a few times, hassle free. Also, secure online shopping ensures that your credit card number and other personal information are safely processed.

There's one more thing I like about Allurez jewelers. They offer conflict-free diamonds. This is important to me. I don't want to wear a diamond around my finger knowing that it was obtained by harming someone.

Overall, Allurez is a great place to shop online. Their website is easy to navigate. Plus, their diamonds are of exceptional quality and come at unbelievable prices. So with a wide selection of items to choose from, high customer satisfaction and BBB accreditation, don’t wait another moment. Go to Allurez.com today.

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Disclaimer:
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Money Market Rates 4/12

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

0.84% Ally Bank Online Savings
0.80% Discover Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.75% American Express High Yield Savings
0.70% Urban Partnership Bank Online Savings
0.65% FNBO Direct Online Savings
0.35% Western FCU Money Market
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account
0.05% E*TRADE Complete Savings

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.

Rates are believed to be accurate as of 4/10/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.

A one-time favorite, Ally Bank Online Savings, has regained its position at the top of the list. This is mainly because banks like Discover Bank and American Express have lowered their interest rates, while Ally has remained the same since my last update. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I've questioned the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned. But at least Citibank will offer you up to a $400 bonus for opening a Citi Checking account.

It seems that interest rates are still continuing to trend downward. While the majority of these interest rates have stayed the same since last month, none of them has increased. I think that it is a good time for people to consider moving their money around if they are not happy with their current banking institution. But, based on this analysis, I won't be transferring my funds to a credit union.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

DC

The Benefits and Disadvantages of Credit Unions vs. Big Banks

As the economy continues to struggle during these harsh times, big name banks have been losing credibility and customers. More and more people are leaving large corporate banks for the appeal of a more personal experience and more individualized handling of their finances. Big name banks have been under the spotlight off and on for many years now with charges of unscrupulous business ethics. Choosing the right bank for your financial needs is extremely important in today's society. Before putting your money and trust into any old banking system, you should carefully examine and research your choices so that you can make the most appropriate selection for your lifestyle. With credit unions steadily on the rise among the general public, it is important to know both the pros and the cons of these banking organizations.

The Pros of Credit Unions
1. Member Owned: This is one of the major ploys that smaller credit unions have. Every member that has an account with a credit union is a partial owner of the organization. This means that you are better able to have some say in the business proceedings of a credit union. As a member of the credit union, you get to vote on who you want to serve on the Board of Directors for the union. This means that you have some control of over the way in which your bank runs.

2. Nonprofit: Big name banks are businesses. They are run on the principle of making a profit. In this way, there are times that "big banks" may consider their need to make a profit before they consider their customers best interests. Credit unions are nonprofit organizations that are community oriented. Because they are not in search of making a profit, credit unions can often offer services at lower costs.

3. Better Interest Rates and Loans: For the most part, credit unions are able to offer higher interest rates on savings accounts, lower interest rates on loans and mortgages, and better loan services overall. These better rates are available to members because the credit union is nonprofit. The profits that the bank does make are applied back to the member through better interest rates and loan services.

Cons of Credit Unions
1. Accessibility: The biggest drawback to using a credit union over a small bank can be accessibility. In general, there are fewer branches, ATMs, and online options for credit union users compared to corporate banks. This is not always the case where many smaller credit unions offer ATM access at numerous non-affiliated credit union ATMs. Because credit unions are community owned and operated, they are not as easily accessed nationwide. Also, due to their smaller size, 24 hour service is not often available and the online accessibility of these credit unions can be of lower quality that with big banks.

2. Less Horsepower: Another drawback to small credit unions has to do with needing the "horsepower" of the big name banks for your portfolio. So, if you have a high-powered portfolio that may require some of the ploy that big banks have in the financial world, you should keep that in mind. Small credit unions are great choices for the average person looking to open a checking and savings account, make a few money market investments, and take out a simple loan or two. However, if you have a portfolio that requires a high-yield savings and money market account, the big name corporate banks may be your best option.

About the Guest Author:
This is a guest post by Nadia Jones who blogs at accredited online colleges about education, college, student, teacher, money saving, movie related topics. You can reach her at nadia.jones5 @ gmail.com. The opinion expressed is that of the guest author. If you are interested in writing a guest post, please contact PF Stock at the Email address listed in the sidebar.

Money Market Rates 2/12

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

0.90% Discover Bank Online Savings
0.90% American Express High Yield Savings
0.85% Urban Partnership Bank Online Savings
0.84% Ally Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.70% FNBO Direct Online Savings
0.35% Western FCU Money Market
0.15% E*TRADE Complete Savings
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.

Rates are believed to be accurate as of 2/10/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.

Discover Bank and American Express are currently tied for the highest interest rate of 0.90% among the banks that I'm tracking. A one-time favorite, Ally Bank Online Savings has dropped a few positions in my list. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I question the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day last month. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned.

It seems that interest rates are still continuing to trend downward. The majority of these interest rates have stayed the same since last month, but none of them has increased. I think that it is a good time for people to consider moving their money around if they are not happy with their current banking institution. But, based on this analysis, I won't be transferring my funds to a credit union.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

DC

Money Market Rates 1/12

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

0.90% Discover Bank Online Savings
0.90% American Express High Yield Savings
0.85% Urban Partnership Bank Online Savings
0.84% Ally Bank Online Savings
0.80% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.70% FNBO Direct Online Savings
0.40% Western FCU Money Market
0.15% E*TRADE Complete Savings
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.

Rates are believed to be accurate as of 1/16/12. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included a few credit unions in the list so that readers have a comparison point with banks.

Discover Bank and American Express are currently tied for the highest interest rate of 0.90% among the banks that I'm tracking. A one-time favorite, Ally Bank Online Savings has dropped a few positions in my list. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I question the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day last month. The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned.

It seems that the general interest rate trend is down. I was especially disappointed that the interest rates for Citibank and Chase were so low. Since I still have significant funds in these institutions, I think that it is time for me to consider moving some money around to other institutions, but I won't be transferring the funds to a credit union.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

Money Market Rates 12/11

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

1.00% Discover Bank Online Savings
0.90% American Express High Yield Savings
0.90% Urban Partnership Bank Online Savings
0.89% Ally Bank Online Savings
0.85% ING Direct Orange Savings
0.80% HSBC Advance Online Savings
0.70% FNBO Direct Online Savings
0.40% Western FCU Money Market
0.15% E*TRADE Complete Savings
0.15% Chase Plus Savings
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.

Rates are believed to be accurate as of 12/8/11. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. This month, I am adding two additional credit unions to the list so that readers have a comparison point to banks.

Discover Bank currently has the highest interest rate of 1.00% among the banks that I'm tracking. A one-time favorite, Ally Bank Online Savings has dropped a few positions in my list. Rounding out the bottom of this list are two credit unions, Travis CU, and Patelco CU. I question the motives of those who have encouraged others to transfer their money from banks to credit unions during Bank Transfer Day last month.

The credit unions on my list are on par with Citibank, which is really the bottom of the heap, as far as banks are concerned. However, Citibank does have a special promotion going on where you can get either $200 or $400 for opening a new Citi Checking Account. Of course, there are a few catches to this offer. First of all, you are required to set up direct deposit, and need to make electronic bill payments for at least two months. The Citibank account offers a $200 bonus, and the Citigold account offers a $400 bonus. While not a requirement to receive the bonus, you need to keep $6,000 ($15,000 after December 9, 2011) in the Citibank account to avoid a $20 monthly fee. And $50,000 is required to avoid a $30 monthly fee for the Citigold account. In spite of these potential fees, this bonus offer might be worthwhile for some depositors.

It seems that the general interest rate trend is down. I was especially disappointed that the interest rates for Citibank and Chase were so low. Since I still have significant funds in these institutions, I think that it is time for me to consider moving some money around to other institutions, but I won't be transferring the funds to a credit union.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

DC

TurboTax Offers Free Tax Advice

I just received a note from the PR folks at Intuit (TurboTax) letting me know that they are offering free tax advice to their customers. I guess it is time to start thinking about 2011 taxes. I have been using computer tax software to prepare my taxes since 1996, and I plan to do so again this year. Once again, the two main contenders are TurboTax and H&R Block. I have not yet decided which of these software products I will use.

Anyway, the point of this post is that TurboTax is offering this free tax advice service to registered TurboTax users from 12/1/2011 to 4/1/2012. Of course, the first question that comes to my mind is what constitutes a "registered TurboTax user"? On the TurboTax website, you can register and start your tax return for free. You are not charged until you decide to use their product for filing. In fact, TurboTax offers 1040EZ and simple tax return preparation for free. So, I would guess that anybody could be entitled to this free tax advice.

This is a departure from the service that they offered last year which allowed you to submit a tax question through their website: www.freetaxquestion.com. (Note that this website appears now to be disabled.) Any questions about the free tax advice offer should be directed to TurboTax Support.

The main thing that I like about their new offer is that it is valid until the beginning of April, when most people will need the advice. Previously, TurboTax limited their free advice service until the end of January. Few people are organized enough to know what tax question you want to ask before then. After January 2011, the price of their free advice increased to $39.95.

Getting back to tax preparation software, I have used both TurboTax and H&R Block to prepare my taxes. Without going into a lot of detail, the end result of using both programs was 100% identical. So, my recommendation is if you have used TurboTax in the past and were happy with the end result, you should probably stick with that choice. On the other hand, if you used H&R Block At Home (or other tax software) and found that to be satisfactory, you probably won't gain much in switching to TurboTax. I have found that TurboTax usually ends up costing a little bit more than the equivalent competitive tax software.

Note to Commenters: If you represent a company such as Intuit, H&R Block, Microsoft, etc., please leave your contact information or send me an Email (my Email address is listed in the sidebar) to let me know that you left a comment. If I cannot determine that your comment is authentic, it will be deleted.

DC

Gold IRAs: A Potentially Sound Investment in an Uncertain Time

Remember the first time you heard the term "IRA"?

Long before the responsibilities of adulthood loomed, you probably overheard your parents using the acronym and dismissed it as yet another boring topic that only old fogies had to worry about. Alas, you finally grew up and realized that your parents were, well ... not that old when they used that foreign-sounding term. The truth is, planning for retirement as early as possible gives you the best possible chance of meeting your goals. A Gold IRA is an option that is often overlooked, but has the potential to be one of the soundest investments you can make in an economic climate fraught with uncertainty.

These days, a trip to your local amusement park is likely to offer fewer ups and downs than the economy. With the stock market fluctuating wildly, many investors have been left scratching their heads at the prospect of finding a reliable long-term investment. Even the purchase of land, once heralded as the best possible investment you could make, has proven to be a tenuous proposition due to the all-around instability.

How did we get here? The worldwide recession we're currently embroiled in (as a result of the sub-prime mortgage crisis) led to heavy borrowing, which in turn left smaller countries (like Greece) unable to repay their debts. The U.S. has had its share of debt-related difficulty as well, as was on stark display when its credit rating was downgraded for the first time in the nation's history. Consequently, the value of currency worldwide is dropping and stocks are plummeting while gold, often referred to as a "crisis commodity," has seen its value soar.

Planning for retirement amid such chaos can be overwhelming. If you're considering options, than you most likely know that an IRA (or Individual Retirement Account) is a form of long-term investment that was created to provide financial stability for you when you reach your golden years. In the past, investors generally thought of IRAs as being restricted to cash and cash equivalents, but in 1997, the Taxpayer Relief Act made adding precious metals like gold, silver and platinum possible.

The Relief Act provided investors an excellent opportunity to reduce portfolio volatility. Gold's remarkable ability throughout the ages not only to weather troubled times but to appreciate in value makes it a particularly dependable investment when compared to mutual funds, stocks or bonds. A rather striking statistic is that if you had invested $25,000 in gold coins 30 years ago, you'd have a net worth of $500,000 today. Since an IRA represents an entire lifetime of work, it makes sense to contemplate making gold a significant role-player on your journey to a successful retirement.

The most priceless commodity of all is peace of mind. A gold IRA is worth considering seriously when planning for a bright future, while living in an all-too-bleak present.

Are Credit Unions Really Any Better Than Banks?

I've had a credit union account for over 21 years. With Bank Transfer Day upon us, many people will be moving their money out of big banks and into smaller credit unions. I am certainly no defender of banks. In fact, I have a saying that "There are no good banks, just some that are less bad." But I am not willing to give credit unions a free pass just because they are not-for-profit. I am simply not convinced that credit unions are any better than banks.

I regularly publish the money market interest rates of several financial institutions. There is one credit union on my list: Western Federal Credit Union. I have maintained an account at Western FCU (and at it predecessor credit union) since 1993. Regrettably, in my updates going back to 2008, Western has consistently scored in the lower half of the financial institutions that I track. This is certainly not a convincing argument for Western FCU.

In order to provide some additional points of comparison, I added a couple of credit unions that advertise quite heavily in my local area: Travis CU, and Patelco Credit Union. A bit of history: Patelco is the credit union for the company currently called AT&T (formerly SBC (formerly Pacific Bell (formerly Pacific Telesis Group (formerly Pacific Telephone Company)))). Thus, the name Pa-Tel-Co Credit Union. Anyway, I've digressed. So, I compiled an interest rate list for these credit unions, and a few selected banks.

0.89% Ally Bank Online Savings
0.76% EverBank Yield Plus Money Market
0.45% Western FCU Money Market
0.10% Citibank Savings Plus
0.10% Travis CU Flexible Money Market
0.06% Patelco CU Money Market Account

The two new credit unions are approximately on par with Citibank! And Citibank is pretty much at the bottom of the heap as far as banks are concerned. I realize that interest rates alone are not the only comparison point. There are, of course, customer service issues and fees. Thankfully, I am very careful about the types of accounts that I open, and have been able to avoid bank fees.

As far as Western FCU is concerned, I still have a sizable balance with them. However, they did close the one branch near my home (the next closest branch being a 30 mile drive away). And, they can be just as inflexible as the big banks on some matters.

But to sum things up, I am not particularly loyal to any bank. I will transfer my bank funds to a credit union if somebody can show me a credit union that I'm qualified to join, and has savings rates as high as Ally Bank, or branches that are as convenient as Citibank. In the end, I guess that I won't be transferring my money today after all.

DC

Get a $60 Cash Reward from EverBank

EverBank just sent me an Email offering a $60 cash reward bonus for opening a new checking account. Of course, like every bank offer out there, they have a few terms and conditions that you must satisfy to receive your money. On the positive side, EverBank doesn't charge monthly account fees, or debit card fees. And, they have a decent interest rate for a checking account of 0.46% APY or higher. (My current checking account pays me 0.01%.)

Here is the fine print:

Bonus Offer: When you open your first Yield Pledge Checking Account ("Checking Account") before November 30, 2011, you may be eligible to receive a $60 cash reward. To qualify for the $60 reward, you must: a) apply for your first Checking Account and title the account for individual or joint ownership; b) your Checking Account must be opened, approved and funded with a minimum deposit of $1500 USD transferred to EverBank by November 30, 2011; c) you must establish and receive at least one direct deposit of at least $500 into your Checking Account before January 31, 2012; d) you must maintain an average daily balance of at least $1500 for the statement periods ending December 31, 2011, and January 31, 2012; and e) you must keep the account open until February 29, 2012. The $60 reward will be directly deposited into your Checking Account not later than February 29, 2012. Limit 1 reward per household. This offer expires on November 30, 2011.

DC

How Does Your Income Rank?

The IRS has recently released percentile ranks for adjusted gross income (AGI) reported on 2009 tax returns. Currently, these are the latest statistics that the Internal Revenue Service has made available. Using this handy table, you can quickly figure out where your income ranks:

2009 AGI (Adjusted Gross Income)	Percentile Rank
less than $32,396	Bottom 50%
more than $32,396	Top 50%
more than $66,193	Top 25%
more than $112,124	Top 10%
more than $154,643	Top 5%
more than $343,927	Top 1%

This data comes directly from the Internal Revenue Service. A link to all of the Statistics of Income (SOI) data can be found on the IRS website.

I have also come across an interesting article on Kiplinger.com that further analyzes the IRS data. From this information, they conclude such facts as those making over $343,927 (the top 1%) account for 37% of all the taxes paid. Does anybody have some further insight on this statement?

So, now you have the data. Where do you rank?

DC

4 Tips for Saving Money in Times of Economic Transition

While it is never easy to know when to spend, when to save, and when to invest, the current economic state is somewhat ambiguous, frustratingly so for some people, who'd much rather just get over being cautious. It's true that the economy is recovering, but before you go out and spend like it's 1999, know that we are in more of a transitional period than full-tilt prosperity, and you should spend accordingly. What does this mean exactly? The long and short of it is that you should still commit to saving, and at the same time monitor your spending to get an idea of where your spending. To give you an idea of some good financial strategies, here are some tips for surviving a transitional period:

• Balance your regular expenses with days that you don't spend any money at all. This means sacrificing designer coffee, fast food, movie theaters, random shopping sprees, at least once or twice a week. You can just as easily prepare a lunch and dinner at home—and, yes, brew your own coffee. As scary as this sounds, you might be surprised at how limiting your spending in this way can improve your relationships and your life: making dinner at home can be a romantic change from eating out, and will also improve your culinary prowess.
  
• Think about "the best things in life." The old saying tells us that the best things in life are free, but we all know that isn't really true. Houses, engagement rings, and cars (which are not themselves the best things in life, but do add to life considerably) are not free. If you are dreaming about a big purchase that will add to your collection of "best things," use that dream to help you control your spending.
  
• Take a good, hard look at your expenses. It's really easy to get into a pattern of spending without even knowing it. This isn't always a bad thing, but these patterns can be very expensive over a long period of time. Buying a pack of gum every time you're at the grocery, for example, or continuing to pay for that gym membership even after you've stopped going to the gym. Track your expenses for a month to see where you can trim a little fat and save yourself a little green. With as many money monitoring apps and sites as there are today, this should be easy.
  
• Make a focused effort at paying off debts. If you're still paying off school or credit card debts, consider consolidating them and paying a higher balance every month, instead of the minimum payment. The economy has more or less leveled out, and now would be a great time to attack your debt, so that when the economy recovers you can spend less guiltily (or if it does not improve, you won't have anything to worry about.
  

Following these four tips can really help you get a hold your finances in this strange economic time, and prepare yourself for the depression or prosperity that could follow. Either way, you want to be prepared—and these steps will put you on the path to preparedness.

About the Guest Author
Mariana Ashley is a freelance writer who particularly enjoys writing about online colleges. She loves receiving reader feedback, which can be directed to mariana.ashley031@gmail.com. If you are interested in writing a guest post, please contact PF Stock at the Email address listed in the sidebar.

The Importance of Public Liability Insurance

The nature of the beast unfortunately means that cheap public liability insurance is not always the best public liability insurance. Of course, it helps to do your research, so you should always read every detail of the terms and conditions in every policy that is available to you before you go ahead and pay for one.

Image courtesy of Frosted Peppercorn

Policies that have similar or even identical prices quite often will not have identical terms and conditions. Indeed, the cheapest policies are cheap for a reason: because they are far less inclusive than all other policies. Every kind of business will need a different kind of public liability insurance to cover its specific requirements.

Public liability insurance is not a legal requirement for businesses, which means that the common trap that people fall into is thinking or, indeed, hoping that nothing will happen to customers or members of the public on their premises. In this case, as in many cases to do with insurance, it is far better and cheaper to be safe than sorry.

The potential costs of having to pay out of your own pocket for a claim that is not covered under an insurance policy are huge. Granted, insurance can be expensive on a monthly or yearly basis, but it will save you hundreds and possibly thousands in the event of a claim being made against your business.

Basically, public liability insurance covers you and your business against any kind of injury or illness that might be sustained on your premises by somebody not involved with your business. Such insurance is essential for a place like a pub, in which people can easily trip, slip or fall over a barstool or a spilt drink. Damage to a person’s property is also covered under most policies. A building firm, for example, would need public liability insurance to cover any potential damage that might accidentally occur to somebody’s house during a job.

It is worth reiterating here that some policies will not include certain cover for your particular type of business. Referring back to the previous example, a builder might regularly work at a height of above 5 or 10 metres, so he or she would need to specify such a requirement for cover in their insurance policy.

Depending on the seriousness of any possible claims, the potential ramifications of not having public liability insurance on your business can be devastating. In particular, if you run a SME, you could be at risk of bankruptcy if somebody files a serious claim against you, so it is not worth the risk. Bite the bullet and get insured.

Money Market Rates 10/11

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

1.00% Discover Bank Online Savings
1.00% American Express High Yield Savings
1.00% Urban Partnership Bank
1.00% ING Direct Orange Savings
0.99% Ally Bank Online Savings
0.80% HSBC Advance Online Savings
0.70% FNBO Direct Online Savings
0.45% Western FCU Money Market
0.25% E*TRADE Complete Savings
0.15% Chase Plus Savings
0.10% Citibank Savings Plus

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.

Rates are believed to be accurate as of 10/5/11. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. At the request of readers, I added American Express and FNBO Direct to the list of institutions. Discover Bank, American Express, Urban Partnership Bank, and ING Direct currently have the highest interest rate of 1.00% among the banks that I'm tracking. By the slimmest of margins, Ally Bank Online Savings has dropped 3 positions in my list. This is because they have dropped their rate to only 0.99%.

At the very bottom of the list is Citibank. However, they do have a special promotion going on until the end of October where you can get either $200 or $400 for opening a new Citi Checking Account. Of course, there are a few catches to this offer. First of all, you are required to set up direct deposit, and need to make electronic bill payments for at least two months. The Citibank account offers a $200 bonus, and the Citigold account offers a $400 bonus. While not a requirement to receive the bonus, you need to keep $6,000 ($15,000 after December 9, 2011) in the Citibank account to avoid a $20 monthly fee. And $50,000 is required to avoid a $30 monthly fee for the Citigold account. In spite of these potential fees, this bonus offer might be worthwhile for some depositors.

It seems that the general interest rate trend is down. I was especially disappointed that the interest rates for Citibank and Chase were so low. Since I still have significant funds in these institutions, I think that it is time for me to consider moving some money around to other institutions.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

DC

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Ally Bank's Raise Your Rate CDs

I recently opened a "Raise Your Rate CD" at Ally bank. The difference between this and a regular Certificate of Deposit is that if rates go up during the CD term, you are allowed to have Ally adjust the interest rate to the current rate. They have 2- and 4-year Ally Bank Raise Your Rate CD available. The 2-year Raise Your Rate CD allows 1 such increase during its term, and the 4-year CD allows 2 increases during its term.

The biggest risk of any long-term CD is the chance that interest rates will rise and that you've already committed to a lower rate until the CD matures. The "Raise Your Rate" feature is a way for savvy depositors to mitigate this risk. I have previously written about opening a 5-year CD at Ally Bank in my "Pay the Early Withdrawal Penalty" post. This Raise Your Rate CD is the second CD that I've opened at Ally Bank.

All CDs from Ally Bank carry an early withdrawal penalty equal to 60-days of interest, except for the Ally Bank No Penalty 11 Month CD. I believe that it is not a good idea to open a CD with a term of 9 months or less at Ally Bank. The reason for this is based on simple math, and explained in my post: Don't Open a Short-Term CD at Ally Bank.

Interest rates are pretty low these days. But, my current plan is to ask Ally Bank for a rate adjustment if the rate goes up by a percent or so above the current rate.

DC

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Innovative Way to Accept Credit Cards

Sure it is easy to set up and accept credit card payments if your business is a bricks and mortar business. But what about those who aren't? These businesses could consist of landscaping companies which are often ran out of the home of the owner, small start up businesses like antique dealers or sales professionals, vendors who take their business to a location like food carts, or even freelance workers who sell their stuff at expos or other types of flea markets. Sure they can just as easily accept credit cards from their homes but that will be a tedious project with no payment guarantees. It would involve recording each customer’s contact information along with their credit card numbers, the date it expires, and the CVS security code and manually entering this all into the credit card terminal when you arrive home. It is a long and tedious process and the risk of a declined card or fraud are extremely high since you are processing the card without the customer or their card physically there. A common trait between these types of business is the lack of a fixed point of sale location.

Accepting credit cards does not have to be a stationary thing. The big boys in the merchant account industry offer wireless terminals. These terminals are big, bulky, and often slow. They also usually have the traditional fees associated with them causing many business owners to cringe at the idea of signing up for a contract. However, like every other technology out there, the merchant service industry is turning innovative. Developers for all the big companies are coming out with mobile credit card processing options. These options are often at lower cost and fit the life of those who do not have a fixed POS.

With mobile credit card processing services like Pay Anywhere out there, there is no reason for a business not to accept credit cards. Own a landscaping business? How convenient is it to allow your customers to pay at their doorsteps with a credit card rather than receive a check that you have to take to the bank? Customers will even want to see this process in action. It is a savvy feature that is also energy efficient. The reader which comes free plugs into the phone and runs off of the phones battery. It is paperless as receipts are e-mailed to the customer rather than printed off, and secure as no data is stored during any process of the transaction. The best part about this service, from an entrepreneur stance, is the low fees. Traditional merchant accounts will fee a user for processing the card, batching the machine at the end of the business day, a monthly rental fee, and even a monthly minimum fee. These fees factor in to a business’s decision on accepting credit cards as it can become costly.

The fees with mobile credit card processing are different. For example Pay Anywhere only charges users a processing fee. The fee is 2.69% plus an additional 19 cents for every card swiped. This is huge for someone who knows they will not be using the device daily. It is a manageable fee that is relatively similar to what processing fees are for standard credit card terminals.

Funny Message from Scottrade

I recently requested some information from Scottrade about opening a new brokerage account. They asked for a telephone number, but rather than giving them my home or work phone, I instead supplied them with my Google Voice phone number. For those who are not familiar, that is a free telephone number that you can access through Gmail.

I had not gotten around to funding the new account, so one of their representatives with a thick foreign accent called me up to see if he could answer any questions. The way that Google Voice works, if I'm not available to answer the phone (the usual case), it sends the caller to voice mail and will try to transcribe the message to Email for me. Here is what my Email said:

Hi, this message for the rich and I just can't calling from Scott Chen moving. Com that you regarding a new account opening to send a I try to find out see if the but i mean, i think you're so opening up. I was call today Give me a call if you have any questions, our number 408 So I was, 370 800 cents of a good day. Bye.

OK. Now, I'm not so sure if it was Scottrade calling or if it was actually Scott Chen calling me. I later listened to the recording, and to be honest, the voice mail was not particularly intelligible either. I think that the man's name was Justin, but he spoke so quickly that I couldn't get the return phone number straight!

So I think that the moral of the story here is that if one is working in customer service, they ought to practice speaking clearly.

DC

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Money Market Rates 8/11

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

1.10% Discover Bank Online Savings
1.04% Ally Bank Online Savings
1.00% American Express High Yield Savings
1.00% Urban Partnership Bank
1.00% ING Direct Orange Savings
0.85% FNBO Direct Online Savings
0.80% HSBC Advance Online Savings
0.55% Western FCU Money Market
0.25% E*TRADE Complete Savings
0.15% Citibank Ultimate Savings
0.15% Chase Plus Savings
0.07% PayPal Money Market* (closed)

NOTES: *The PayPal Money Market fund is NOT FDIC insured. PayPal closed the Money Market fund as of 7/29/11. This result is not surprising since the PayPal money market fund has been at or near the bottom of these rankings since 2009. It is also not FDIC insured, so clearly there are better choices available. The PayPal Money Market fund will be removed from the list in the future.

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates.

Rates are believed to be accurate as of 8/2/11. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. At the request of readers, I added American Express and FNBO Direct to the list of institutions. Discover Bank currently has the highest interest rate of the banks that I'm tracking.

It seems that the general interest rate trend is down. I was especially disappointed that the interest rates for Citibank and Chase were so low. Since I still have significant funds in these institutions, I think that it is time for me to consider moving some money around to other institutions.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

DC

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