Scams That Always Work

How about this scam?

You need a couple of last-minute tickets to the ball game, and luckily you found some on Craigslist.  You meet in person and pay cash for them.  You also get the seller’s personal details including phone number or email address.  You get to the gate and the tickets don’t scan.  You are stopped at the gate.  You have lost $100.   You call up the seller, but the number has been disconnected.  You send an email and the email cannot be delivered.

 

scams that won't die

 

As much of a joke as those Nigerian-prince-email scams have become, people sadly fall for them. That “pay me now, you’ll get millions later” operation has been around for decades (the Boston Globe says it’s 200 years old) and has found ways to work from paper letters, emails and texts, and given that longevity, it’s probably never going to disappear.

Some scams are more cleverly designed than this one (at least, they’re less well-known and, therefore, more effective), but even the seemingly most obvious tricks find victims. When scammers succeed, they’re likely to keep searching for prey, or at …read more

From:: Credit

 

No Excitement after the U.S. August Non Farm Payroll

The United States economy only added 142,000 jobs in August.  That’s 100K short of the average forecasts.  However, it is interesting to see that there has not been any relief rally in Euro, Swiss Franc, or Pound.  Euro only went up 20 pips after the news.  It’s probably hindered by the bigger picture – the ECB easing.

 

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How Will FICO 9 Affect Me?

Residential rental history will be added to FICO 9.  This addition will help consumers who have little to no credit history, but pay their apartment rent on time.   Zero balance collections will be ignored.   Before F iCO 9, any collections, paid or unpaid, can lower your credit score big time.  FICO 9 will ignore all collections as long as they have a zero balance.   The collection agencies will love this because it is an incentive to pay or settle your collections.

 

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via What You Don’t Know About FICO 9 But Really Should.

 

How Much Do You Need to Retire

The big unknown expenditure is healthcare.  Some stay relatively healthy and the expense is low, while others may not be the case.  On top of your savings, you might want to look into long term care insurance.

 

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Retirement planners generally recommend that you have enough savings at the end of your working life to replace 70% to 85% of preretirement income. The targets take into account that you’ll no longer be saving for retirement, getting dinged for payroll taxes or covering work-related expenses, such as commuting costs. To get you to an 85% replacement ratio, Fidelity recommends that you save eight times your final salary, minus Social Security and any pensions.

via How Much You Need to Retire-Kiplinger.

 

How to Pay Off Your Mortgage Faster

By paying a little extra per payment on the principle, even just $50, you can cut down a number of years of payments over the loan life.  You can also reschedule your payment to bi-weekly so the principle gets reduced sooner.

 

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Buying a house is a costly financial commitment with longstanding effects on your finances. Deciding how much mortgage you can afford and how you want to structure your payment schedule can make a big difference in your future.

Depending on your arrangement, you could be making payments on your property for 10, 20 or even 30 years. In that time you end up paying the principal back to the mortgage lender, what you borrowed, as well as interest. You may have realized that paying off your home faster than planned will save you money – but how do you make …read more

From:: Credit