Monthly Archives: May 2018

In a recent article  in Travel an Leisure by Andrea Romano, there is a way to get a bigger room for free. One way is to ask for a corner room, which is usually larger than the rooms in the middle of the hallway. This suggestion works best when the hotel in not overbooked. It is a polite way to make the request without paying more for your room. Free upgrades are not always available and you cannot rely on lunch to get the best deal on your hotel stay.  This is why lots of travelers find ways to maximize their hard-earned cash.

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Lending clubs are financial services often used to pay down debt or to acquire personal loans. Lending Clubs are becoming more popular due to easy access online in the privacy of your home or office. You don’t have to face a bank employee that may ask you several personal financial questions that may you uncomfortable. Most important, lending clubs often have fewer requirements than your local commercial bank. Be Aware! There are hidden fees and costs that make this service unreliable. The Federal Trade Commission (FTC) has received complaints regarding hidden fees when they were promised there would be ” no hidden fees”. The “hidden fee leaves consumers paying interest on principal that they never received,” the FTC noted. When individuals are short on cash these companies are appealing to them and one must read the fine print to protect themselves from unscrupulous lenders.

https://amp.freep.com/amp569856002

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Yes robocalls are annoying and there are ways to stop them from soliciting you. Some robocalls are scams and others are legitimate businesses trying to increase their customer base. As many as 3.4 billion calls were made in April. Your personal bank, mortgage and credit companies may reserve to right to contact you in limited ways. You can stop robocalls by doing these things:

1. Keep your number to yourself
2. Tell companies you use to stop calling
3. Don’t answer calls from unfamiliar numbers
4. Watch out for spoofing
5. Get on the DO NOT CALL Registry
6. File a complaint
7. Use software that blocks robocalls

https://www.moneytalksnews.com/7-tips-stop-annoying-robocalls/

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There are ways to save money as we enter the hot summer season. You can do these (9) things:

1. Change the filters
2. Clean the condensation lines
3. install a programmable thermostat
4. Clean the coils on the outside of unit
5. Clean the fins
6. Check the concrete slab
7. Remove debris from the outside of unit
8. Check the duckwork for leaks
9. Clean the evaporator; and if you cannot do this yourself –
10. Call a reliable heat and air conditioning repair company for bi-annual maintenance

https://www.moneytalksnews.com/how-to-get-your-ac-summer-ready/

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In a recent article by Quentin Fottrell of Market Watch found that many Americans are warehousing their money in checking accounts. Economists consider this as a sign that consumers are less confident about the economy. Consumer prices are rising while wages are stagnant and this paradigm makes it more difficult to save or to feel comfortable about saving. To make matters worse, in January, Bank of America announced it would eliminate free checking for customers with low balances. The banked population moves to the unbanked population when they are in economically fragile households that live from paycheck to paycheck without a buffer to sustain them.

https://www.marketwatch.com/story/markets-are-behaving-strangely-and-this-new-data-suggest-bank-customers-are-too-2018-04-25?mod=ampfoot_mostpop

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Nearly everyone has a mobile phone but not everyone has a bank… But this is changing in dramatic ways around the world with the increase in mobile phones to conduct financial transactions. There is still a gap between men and women as well as rich and poor. One of the most dramatic changes is for women who have digital deposits made with their government checks. Women begin to have decision making power in their homes. However, there continues to be challenges for workers who receive their pay in cash. This includes more than 200 million agricultural workers and others in the private sector. In Africa and Asia there are also changes being made with similarities between men and women and the rich versus poor.

https://wwwworldbank.org/en/news/press-release/2018/04/19/financial-inclusion-on-the-rise-but-gaps-remian-global-findex-database-shows

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Minimize your debt by limit taking on new debt. When you pay off a debt then you can consider taking on new debt under special circumstances. If you must finance a new car for transportation to and from work, borrow the smallest amount you can and avoid going overboard with getting the most expensive car and loan to match. Refrain from or limit consumer purchases of clothing, shoes, jewelry etc. Be strategic about purchasing clothes etc. Avoid the full fledged shopping spree. When you spend buy the least you can to avoid overspending. Look for real sales that you recognize are truly a reduced price and not a counterfeit sale. Save what you can… $10, $20, or $40 per paycheck or more if you can. Pay your debts regularly no matter what. If you send your creditor a payment no matter what size it is you cannot default on a creditor or be considered late.

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Computer science meets banking as we begin to use Artificial Intelligence (AI). JP Morgan Chase will promote (AI) and will impact the financial services industry in the years to come. Bank of America and Capital One will also add (AI) in their budgets. JP Morgan Chase will budget $10. 8 billion this year. AI has a variety of uses to improve fraud detection, loan approval, while making internal operation more efficient. Voice recognition will be the trend to verify a customers’ identity. It may be more difficult to speak to a human as we begin to rely on the expertise of (AI). As a consumer whatever services we interact with we must be diligent in keeping our banking institutions accountable to us for the services we receive and the accuracy of these services. Humans are not perfect and (AI) will not be perfect either, but it is the wave of the future as we increasing rely on technology in our everyday lives.

http://money.cnn.com/2018/05/03/investing/jpmorgan-artificial-intelligence-chief/index.html

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Did you know most people spend 70% of their money on transportation, housing, and food. This means these 3 areas are likely the best areas to begins to cut expenses to give you and edge on paying down debt and saving money. If we can live below our means and contemplate what we spend out money on it would be an eye-opener. Forget the social comparisons and what others think. Try to absorb all you can on learning more about personal finance to get an edge on the trends that aid you in saving money and paying down debt.

https://www.yahoo.com/amphtml/finance/news/most-people-blow-70-money-123700500.html

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The reverse mortgage, financial product is not for everyone. This product reminds us about the old adage, “Buyer Beware”. The reverse mortgage is a way for seniors citizens with equity in their homes to draw either a lump sum or monthly income in the event personal finances are strained and all options have been exhausted. In theory, the reverse mortgage works if you want to sell you home at the time of death and have no interest in passing your home to your heirs. Once you begin to draw down from the equity of your home you will begin to loose your largest financial nest egg. Remember homeownership is the best way to pass wealth from one generation to the next. The reverse mortgage disrupts this process and can be financially devastating if you do not understand the ramifications of this important decision. It is always beneficial to get the advice of an attorney to understand in plain language what you or you family members may want to consider before signing on the bottom line.

http://www.businessinsider.com/reverse-mortgage-what-it-is-and-why-its-a-bad-idea-2018-4

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