(CNN) -- What will be the biggest question asked at Davos this year? The environment, economic development and energy security will all be hot topics discussed by the rich and powerful who will gather in Davos, Switzerland for the World Economic Forum from January 23 to 27.
"The Davos Question"
The question being posed is:
"What one thing do you think that countries, companies or individuals must do to make the world a better place in 2009?"
Showing posts with label recession. Show all posts
Showing posts with label recession. Show all posts
Saturday, January 31, 2009
Friday, January 23, 2009
Blackonomics part 2
It's your financial future. Take charge.
Stock downturns. Declining house market. These are things you don't have control over. But on the home front, it's another story. Here's a list that can help you get the year started off right:
Keep a record of where your money goes. Look at your spending over the past three months. Leave nothing out. And then, cut expenses where you can.
Change your energy consumption habits (turn your thermostat down five degrees and save 10% in fuel costs).
Watch what you spend for food (avoid frozen dinners - you'll be paying $300 a pound for those veggies on the side).
Try to establish an emergency savings fund that will cover three to six months of expenses.
Make sure your savings and checking accounts are FDIC-insured.
If you're facing a mortgage foreclosure, look into Hope for Homeowners (a federal program that can help refinance mortgages for borrowers who are having difficulty making their payments).
If you didn't qualify for the 2008 financial stimulus and your income has fallen dramatically, you could qualify for a "recovery rebate credit" on your 2008 tax return.
If you're a first-time homebuyer, look into the new tax credit from the IRS that can equal up to 10% of your home's purchase price, up to $7,500.
Amp up your 401(k) contributions if retirement is more than 10 years out (you should be putting away 10% to 15% of your income).
Clean up your own credit (get a free copy of your credit report and look carefully for incorrect, misreported or out-of-date information).
Stock downturns. Declining house market. These are things you don't have control over. But on the home front, it's another story. Here's a list that can help you get the year started off right:
Keep a record of where your money goes. Look at your spending over the past three months. Leave nothing out. And then, cut expenses where you can.
Change your energy consumption habits (turn your thermostat down five degrees and save 10% in fuel costs).
Watch what you spend for food (avoid frozen dinners - you'll be paying $300 a pound for those veggies on the side).
Try to establish an emergency savings fund that will cover three to six months of expenses.
Make sure your savings and checking accounts are FDIC-insured.
If you're facing a mortgage foreclosure, look into Hope for Homeowners (a federal program that can help refinance mortgages for borrowers who are having difficulty making their payments).
If you didn't qualify for the 2008 financial stimulus and your income has fallen dramatically, you could qualify for a "recovery rebate credit" on your 2008 tax return.
If you're a first-time homebuyer, look into the new tax credit from the IRS that can equal up to 10% of your home's purchase price, up to $7,500.
Amp up your 401(k) contributions if retirement is more than 10 years out (you should be putting away 10% to 15% of your income).
Clean up your own credit (get a free copy of your credit report and look carefully for incorrect, misreported or out-of-date information).
If anyone is interested in opening an ING savings account, they offer a $25 credit if you open it with $250 or more. There are no account minimums and unlimited withdrawals and transactions.. with a very competitive APY ...check it out..
Sunday, January 11, 2009
Blackonomics part 1
Here's what's real and what's relevant, and in the wake of all this economic crisis talk, I thought it was important to take a step back and put some things into perspective.. The economy is really shitty right now and I think all of us as minorities/ lower income individuals.... should evaluate our money situation and think about the future. Yes! That's right the future! Are you saving money RIGHT NOW?...
Do you have an investment vehicle in place that can help the money you have sitting there actually grow, and not just accumulate dust?..
Were you aware that you can lend your money to banks for a small fee or percentage rate? I always bring up this subject to people I know because we all have to save up for a rainy day or those days where we decide we aren't going to work anymore. At the beginning of the year what I usually do is write down all my major outstanding debt(college loans, car, motorcycle....etc..), then I map out a plan to decrease that debt by a certain amount in a certain period of time. I also write down my monthly bills and expenses. Then, with whatever I have left I decide how much to put into savings versus frivolous spending money.
I think we all need to do a better job of not spending money we don't have. This epidemic of credit tries to infect us all.. Now I'm not saying don't ever buy anything on credit, I'm just saying it should be a carefully calculated action. Taking into account how much you'll really end up paying when you actually pay off your purchase, and the time period you plan on paying it off in.. Do you have a 401k, life insurance plan, or an IRA in place?
If you do.... Do you track its progress?... How much are you contributing to it?.. Did you know that you can decrease your tax liability by the actual amount you contribute to your IRA and 401K?... There are max contributions you can make, but it is definitely worth it so you can keep more of your money....
A lot of people don't see how much of an impact this has because it's money they won't see until they get to retirement age.. Hey, in my eyes a dollar now is definitely worth a dollar later.. Lets evaluate where we stand financially before it’s too late!
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