US Finance World

We all know the ads that promise to save you 60%-80% on your debts or to get you debt-free in a few years. When we hear things like that, it takes us back to our childhood when our mothers used to say, “Honey, anything that sounds too good to be true probably is!”

Now that we’re adults, it’s time to deal with reality, and here are the facts:

• Consumer debt has dropped for each of the last 10 months, down 9.3% over the past year to a low of $874 billion. However, it is difficult to say whether the decline is due to responsible consumers paying down their debts or the economy forcing banks to write off debts combined with bankruptcies and loan-workouts.
• Overall credit card debt grew by 315% from 1989 to 2006.
• The average household in the U.S. owes more than $8,000 on credit cards.

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Do you ever wonder how in the world you spend so much on groceries? If so, you are not alone. Each day millions of people just like you are scouring the internet for tips and tricks to lowering the monthly grocery bill. Groceries are astronomical and there is one sure fire way to achieve this that is almost too simple to be true! But it is!

The trick is to NEED LESS. When you grocery shop you are actually being subjected to so many subliminal sales messages and marketing pressures that you spend more actually believing you saved money some how. Buy one get one free, bulk loads of food that are cheaper and sales or coupons, end cap impulse buys and new or special deals are everywhere. They are hard to resist because they are capitalizing on your desire to save money but in the long run you are actually spending more. If you go to the grocery store, armed with a list of items that you actually need and commit to it, you can easily feed a family of 4 for much less than you spend now.

The other thing that costs tons of money is the convenience factor.

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Yesterday’s $9 per share bid from Simon Property Group (SPG), even if it does not materialize, is very good for General Growth Properties’ (GGWPQ.PK) shareholders and for GGP to remain as a standalone independent entity.

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1. “When I say this is a good policy, I mean it’s good for me.”

Although agents can help you navigate auto?policies, some may not have your best interests at heart. Often, large auto and home insurers use “contingent commissions” to compensate agents who sold their policies. These fees come in two types: “steering” commissions, for signing customers with a particular carrier, and profit-based commissions, when clients don’t file a lot of costly claims. The concern with the former is that unscrupulous agents push certain policies to reap larger commissions; with the latter, they might delay or discourage claims.

How can you protect yourself? Ask about commissions, and have prospective agents explain their recommendations.

• Compare car insurance quotes

2. “Young drivers can’t catch a break.”

Statistics show that drivers under age 25, especially males, are in a high-risk group and have difficulty getting insured.

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If a person with little or no money wins a lottery for several million dollars, their first instinct would be to go on a shopping spree for stuff they could never afford. Statistics has proven that winners of large jackpots face both a pile of money and lots of problematic decisions.

We have all heard horror stories about people winning the lottery and a few years later they are totally broke. Most likely there will be family, friends and even strangers seeking ways to relieve you of your money. A prime example of that is a man in Florida who won the lottery a few years ago, it was reported that he was paying for funerals, lending money to friends, starting flawed businesses, and even giving out as much as a million dollars to an acquaintance. Needless to say his money want be around for very long at that rate. This individual did indicate that he wanted to start a foundation for the poor although he never did.

I have never been fortunate enough to win a large sum of money; however, I did consult with an accountant to determine what proactive steps an individual may take if they suddenly come into a large sum of money.

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