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Lying To Your Spouse About Money

Even though people know it can ruin relationships, couples still lie about money.

The American Institute of Certified Public Accountants surveyed 1,000 adults and found three in 10 who are married or living with a partner admit to financial infidelity, from hiding purchases to buying big-ticket items without discussing it first. Some 7% of respondents have kept a work bonus or lottery winnings secret and 4% have hidden savings or retirement accounts.

Of all the reasons couples fight, 27% said they fight about money more than any other issue, including children and work. Most of those arguments stemmed from unexpected expenses, insufficient savings and differing opinions of “needs” versus “wants,” the survey said.

To keep financial peace, Ernest Almonte, chair-elect of the American Institute of CPAs financial literacy commission, recommends a date night once a month to talk about money matters.
In its report, the American Institute of CPAs suggests several other tips to avoid financial fights. It advises couples to fully disclose their financial skeletons to one another, including their credit card statements, credit reports and bank accounts.
Splitting the financial responsibilities could help keep a sense of balance, the report added.

Are you guilty of financial infidelity?
Is it worth putting your marriage at stake?

Six Best Ways To Beat Credit Card Debt

1. If you ever hope to pay off your credit card debt, pay more than the minimum payment each month.
If you only pay the minimum payment each month, your bill could continue to INCREASE, even if you completely stop using your card. This is called “negative amortization”–where you think you are paying on your debt but the additional fees and finance charges are more than the minimum payment. The bottom line is: Pay more than your minimum or you will eventually be in debt over your head.

2. Implement a regular *system* for credit card debt reduction.
With online banking and automatic payment options, there are GREAT tools for ensuring you don’t mess up because of administrative chaos. If you feel you can’t manage all your bills by pen and paper, there are several good software programs available for keeping track of your financial records.

In fact, I recommend that you automate a payment ABOVE the minimum monthly payment, just to be certain that you start getting ahead of the game. Those minimum payments are rigged against you, and the only way to get ahead is to … get ahead. I have some more thoughts on automation in a moment.

3. You can negotiate with your credit card company.
No, you do not need to be an attorney or other professional to negotiate with your credit card company (you will need patience and persistence though). The rising amount of consumer debt in this country has made creditors realize that they need to be more understanding of their customers — if they hope to get any money back. If you file bankruptcy they are only going to get pennies on the dollar, so they are willing to make deals.

4. Write letters to each of your creditors about when you can begin repayment
Open communication always helps. Writing to your creditors and acknowledging your debt and the situation is one of the important steps on your way out of credit card debt.
Usually credit card companies get ignored and end up sending delinquent files to a collections agency. So they’ll actually appreciate your openness in contacting them and may be more understanding of your situation. Proactively dealing with your debt problem rather than hiding will not only help your financial problem but make you feel better about yourself.

5. Keep track of what you are able to pay each creditor every month.
If you are not able to pay the full amount of your credit each month, you still should still pay something to stay on top of it. You should work off a written budget so you know exactly where you stand. Some experts suggest that you divide your monthly debt budget by the percentage each bill makes of the total and pay that amount.

Here’s an example: If you owe a total of $1,000, and one credit card is $800 and the other is $200, and you only have $100 available to pay for that month… You should pay $80 on the $800 balance, and $20 on the $200 balance. This way you are reducing each debt by the same percentage.

6. Don’t fall prey to intimidation tactics
No matter how forthcoming and honest you are, some creditors have been taught to be mean and downright nasty. Hang in there and don’t let this tactic intimidate you.

Tags: credit debt, lower credit card debt, reduce credit card debt

How Can You Apply Pintrest To Business

Have you heard the hype about Pinterest?

If not, this hot, new social-media phenomenon’s 73 million users make it worth checking out. Employing virtual bulletin boards, Pinterest allows users to keep track of their favorite things—recipes, home décor, motivational blog posts, songs, fashion blogs, etc. And while the platform may seem aimed at crafty soccer moms, Pinterest could be a new way to not only promote your brand in a creative way but also target the female demographic.

One way to capture the essence of Pinterest is to say that where YouTube is in the business of videos and Facebook is in the business of friends and fans, Pinterest is in the business of lifestyles. For example, if you’re interested in jewelry, you can create boards to post your favorite jewelry sites, glam beauty brands as well as pictures of modern diamond rings, necklaces, trendy bracelets, classic engagement rings and more. Use it to collect items (like unique engagement rings or wedding bands) for your own reference or to share with others (maybe your significant-other-to-be?). With Pinterest, you can create boards for virtually any type of content.

So, how can you apply Pintrest to business?
First, develop an understanding of the lifestyles of your target audience. Perhaps your clients enjoy golf, tennis, fine dining, wine, vacations or sports. Next, create boards for each of those areas of interest to attract prospects.
Or, highlight your unique area of expertise by creating a board with tips and articles related to your specialty. (The goal of such a board should be establishing your credibility as opposed to selling your products. But, by doing so, you can position yourself as a trustworthy expert resource.)

As a secondary goal, a board emphasizing your expertise can drive clients to your business website. Once you create a board that captures all of the amazing services you can provide, simply include a link to your site. Because Pinterest is so new in the social-media world, very few financial professionals are making use of the platform. You could be the first to take advantage of this huge audience.

Get to that female demographic. According to Google AdPlanner, 82 percent of Pinterest users are female. If you are interested in accessing the middle-class female demographic, Pinterest can be a gold mine.

Pinterest has a ton of potential for financial advisors. It’s simplicity, addictive nature and utility is unlike any other social-media platform. Not only can you build a relationship with existing and potential clients, you can establish your brand as a valuable informational resource and promote your business to millions quickly and easily.

Tags: Pintrest, social media for business, social media marketing

How To Get Free Annual Credit Report

Unfortunately along with the holiday season usually comes an increase in credit card fraud and identity theft, so right after the holidays is a great time to check your credit report. The following article will show you why, when and how to check your credit report…

Why you should check your credit report

* to check for errors
* to check for fraud and identity theft
* to get the best interest rates
* more and more people are relying on credit scores – car insurance, employers, etc.

When to check your credit report:

* Once a year if you have good credit and don’t anticipate any large purchases in the near future
* Before a major purchase, such as a new home, new car, etc. – should request your credit report 6 months ahead of a big purchase so you have time to correct any errors
* If you’ve been denied a credit card, loan or other product or service because of your credit (you are entitled to a free credit report if you have been denied credit based on information found in your report)
* If you suspect that your identity has been stolen
* If you are starting a plan to get out of debt or repair your credit.

How to check your credit:

There are three credit reporting agencies (Equifax, Experian and TransUnion), and they are required to provide you with one free credit report each year. The three agencies do not always share the same information, so it’s important to check all three.

You can order all three credit reports at one time, but it may be a better idea to check one company one month, wait a few months, then check another company, then the third company a few months later. This way you are getting three free credit reports a year, and you are checking several times a year, so you are more likely to catch errors and/or fraud.

Go to www.annualcreditreport.com to request your free credit report online. This is the only authorized source for consumers to check their credit report online for free. There are commercials and websites for other companies who claim to offer your credit report online for free, but they are generally selling a service or they are a scam.

In addition, you can call 1-877-322-8228, or you can write for your free credit report at: Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348-5281.

Finally, you can purchase a 3-in-1 report, which is basically getting all three reports from each of the credit bureaus. This is a good idea if you have never requested your credit report before, or if you suspect fraud. You can purchase your 3-in-1 credit report at www.myfico.com.

Regardless of what time of year it is, it’s important to check credit report periodically to make sure there are no errors and that you have not become a victim of identity theft or fraud.

But it’s even more important to check credit report right after the holidays to make sure that you didn’t become a victim of fraud during the busiest shopping days of the year.

Tags: check credit report, free credit report

Take Long Term Perspective on International Markets

The year of 2011 has been marked by several surprising and devastating occurrences overseas. Leaders were toppled in the Middle East and North Africa and the earthquake and tsunami in japan resulted in tragic losses of life and a crises at a nuclear power plant. Greece and other European nations such as Spain, Portugal, Italy and Ireland are grappling with serious debt problems. Workers have carried out strikes and protests over salary cuts and pension limits. Global issues such as these have been a significant factor in roiling US markets as well.

For some investors, it might seem like it is time to retreat from investing outside the United States. But generally investment professionals, financial advisors and economists agree that having a portion of your assets in diversified international investments remains a sound long-term approach.

“Concerns over Europe’s sovereign debt troubles are certainly justified”, say portfolio counselors and financial advisors, “but they are not new. How to handle the debt that hangs over Europe hasn’t changed. In fact, European monetary authorities seem more determined than ever to avoid a default.”

Four decades of investment experience have led me to the conclusion that “surprise and change and the unexpected are the norm, not the unusual,” making diversification more compelling, not less. Therefore I believe a diversified portfolio is the best prescription for individual investors, and it should explicitly address the realities of a much more global world.

The growth of developing nations is another reason to keep mutual funds with significant amounts of overseas investments in your diversified portfolio. Developing markets are rapidly increasing their size and purchasing power.
In aggregate, countries in the developing world now account for a larger share of global consumption than the U.S. While the US continues to be the largest single-country driver of global demand, developing economies such as Brazil, China and India are likely to take a greater role in driving global consumption in the years ahead, economists say.

Why?
Over the last30 years US consumers have built up a large amount of debt. Now they must reduce their debts and cut back on spending. In developing nations, the demographics are more positive than those of the United States and other developed nations. The number of workers per retiree is expanding because the populations are so young, and there’s a growing middle class interested in buying houses, automobiles and consumer goods. Instead of saving, they are expanding their consumption – the exact opposite of what is happening in the United States.

Mutual funds can also invest in overseas companies as a good source of regular dividends. A focus on dividends offer the opportunity for income with the added possibility of gains in the underlying stocks. This approach can help reduce volatility in your portfolio because, unlike stock prices, dividend payouts typically aren’t based on market perceptions.

In fact, in the recent years dividend yields have often been higher in non-US markets. European businesses also offered a significantly higher yield than US companies with an average of 3.7%.

It is important to remember, too, that investing outside of the US, particularly in developing markets, involves risks such as currency fluctuations, political instability, differing securities regulations and periods of illiquidity. Before making changes to financial portfolio in 2012, as well as making adjustments in your financial planning, talk with your financial advisor. Investment decisions should be based on your own goals, time horizon and tolerance for risk.

Tags: currency fluctuation, diversified portfolio, financial advisor, non US markets