Farnoosh Torabi's Blog, page 12

Today Show: Black Friday Trends

Stopped by the NBC TODAY Show this morning with an overview of Black Friday deals and what’s trending this year. Hopefully you were still asleep and enjoying the holiday festivities – at home!

You can watch the segment below.

Black Friday 2015

THERE’S AN ONLINE SHOPPING SURGE: Traditionally when you think of Black Friday you imagine massive crowds waiting to get into the stores in the wee hours of the morning. While stores are still advertising crazy deals and people have been lining up since the middle of the night, many major retailers are offering the same deals online and via mobile apps with free shipping. According to the National Retail Federation, online sales are expected to jump six to eight percent and average american consumers say that 46% of their browsing and buying will happen online this holiday season.

MORE SPENDING. According to a NerdWallet study, three out of four American adults plan to brave the crowds, either in-person or online, for Black Friday deals. Americans plan to spend about 20% more this year on holiday gifts compared with last year ($529 in 2015 vs. $440 in 2014). That’s because the economy is in better shape – lower unemployment rate and low gas prices.

RETAILERS ARE STRETCHING BLACK FRIDAY EVENT. Some of the deals have already started days ago. Black Friday is no longer a one or two day event. Retailers are capitalizing on Black Friday this year by running week-long promotions or deals throughout the entire weekend and month. And they want you to come back for MORE. Take Target for example: If you spend $75 or more on Black Friday, you’ll receive 20% off a future purchase made between Dec 4. through Dec 13.

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Steps to Heal Holiday Debt

While we might be planning to spend more this holiday shopping season, many of us say we hope to pay off our credit card balances faster, too. My team at Nerdwallet discovered that Americans who earn $50,000 to $74,999 say it will take 1.3 months to pay off their holiday credit card debt, compared with 2.6 months in 2014.

You can’t say we aren’t well-intentioned!

But in the event you wake up on January 1, 2016 with a greater-than-expected credit card bill and worry about paying it down on a timely basis, check out my advice in Money Magazine.  It’s an oldie but a goodie. The piece provides couples specific tips for dealing with debt as pleasantly as possible (read: no fighting or finger-pointing) but the pointers can apply to all.

In addition to trimming your budget and raising cash from side jobs (think: pet-sitting, copywriting, tutoring, running errands for neighbors), refinancing your debt may be a way to give yourself some financial breathing room.  A couple ways to accomplish this:

Transfer your balance to a 0% APR credit card. Chase Slate is one great example. It offers a 0% interest rate for the first 15 months, plus a $0 intro balance transfer fee when you transfer a balance during the first 60 days your account is open. (Disclosure: I’m working with Chase Slate as a financial education partner). Just be sure that you can pay off the balance in full during that introductory rate period. Otherwise you’re back to paying interest!

Consider a low-interest personal loan. If you can’t qualify for a zero-interest credit card, expand your refi strategy to include applying for a personal loan at your local bank, credit union or even online . At SoFi.com, for example, you can apply for personal loans to refinance student loans, credit card debt and even your mortgage. (The site’s created a cool infographic here detailing how much money you can save by refinancing your debt to a low-interest personal loan.) I interviewed the co-founder Dan Macklin on my podcast earlier this year. You must take a listen. My favorite quote from our conversation, “Don’t stick your head in the sand and just hope that things will fix themselves because they won’t.” – Click To Tweet

 

 

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CBS: Millennials and the Student Loan Crisis

Due to rising rents and increasing student loan debt, the retirement age has been pushed to 75 for college graduates, according to a study out from NerdWallet. Compared to the current average retirement age of 62, today’s college graduates will work 13 years longer. And, with an average life expectancy of 84, they’ll spend only 9 years in retirement. Facing increased loans and high rents, millennials are having problems saving for their future.

Watch the full segment below and hear my advice to millennials facing the student loan crisis:

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WABC: Haggling Ahead of the Holidays

I went “undercover” with WABC’s Nina Pineda to give viewers a crash course in haggling and scoring discounts at major retailers from Best Buy to Bloomingdale’s. Check out the clip below!

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Fox & Friends: Gender Wage Gap “Debate”

Jennifer Lawrence blames herself for earning less than her fellow male actors. It’s a fact that women are not as comfortable negotiating and asking for more money than men.

So was she right to blame herself and not The Patriarchy? Yes.

Does this mean that gender biases and the gender wage gap do not exist? Hell no.

I joined Fox and Friends this morning for a lively debate over this very topic.

Watch the latest video at video.foxnews.com

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My 9 Best Pieces of Financial Advice

The editors at  Business Insider  gave me one of the toughest assignments to date: boil down your best financial advice into 9 tips.

Hmmm. I wasn’t sure if anyone would really care to read this piece, frankly.

With so much financial advice out there, what would make my piece any different or special?

But I was honored they wanted me to share my personal insights. I agreed and spent about two weeks thinking – on the subway, in the shower, up and down elevator rides, during the 3 hour drive to Pennsylvania to visit family, everywhere.

I wanted to make sure my piece wasn’t just the same old advice you hear all the time, but also still integral to living a richer, happier life.

Well, the article went live 24 hours ago…and so far over 200,000 people have taken notice!

Some of the advice I share ….

Ask questions. Even the dumb ones.

I learned from life and business strategist Tony Robbins a vital key to success: staying curious. Embrace the fact that you don’t know everything and always seek answers, he told me. Even as I surround myself with talented, smarter individuals who help me with decisions related to my investments, taxes and real estate, I never trust they have all the right answers. In fact, their ability to give me sound advice depends on me constantly asking “Why is this like that?” “How come we can’t do this?” and “Can we save more money somehow?”

You don’t need to be wealthy to invest, but you need to invest to be wealthy. 

Compound interest is mathematical magic. Albert Einstein called it the 8th wonder of the world for good reason. Use it or lose it. Investing is something my guests on So Money often tell me they wish they’d known more about growing up. They wish they’d started investing sooner and didn’t buy into the mentality that you need lots of money to invest. You can start small. Even with the volatile swings in the market, investing when you’re young and for the long haul is more fruitful than letting it sit in a plan vanilla savings account.

There’s no such thing as job security.

…says the girl who got laid off in 2009. The best job security is working for yourself. But it’s not to say that it’s easier to succeed as an entrepreneur than an employee. Because you’re only accountable to yourself, it’s easy to get complacent. You need to remain curious and motivated as your own boss. That’s how I somehow wrote multiple books, hosted TV shows, started a podcast and most recently launched a private coaching business. I’m always looking for ways to grow. And when things start to get too easy, that’s when I know you need to start experimenting again, get uncomfortable and take new risks. It’s the best way to ensure you stay gainfully employed.

In total, I offer 9 truth bombs about how I run my financial life in the article. 

Would love for you to check out the whole piece and let me know what you think!

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New EMV Chip Card Changes

October 1st marks a big day for credit card companies and merchants as they adapt to chip technology. You’ve seen it on the news and probably received an updated credit or debit card from your bank with an embedded chip.

These new “chip cards” or “EMV cards” (EMV stands for Europay, MasterCard and Visa, the three groups that developed the chip payment protocol) are designed to better prevent counterfeit card fraud.

But what happens if the store doesn’t have their chip card payment devices up and running? What exactly does this mean for credit card fraud? Here are some frequently asked questions – and answers.

Q: What happens if you haven’t received a chip credit or debit card from your bank yet? Or if you head to the store but they don’t accept chip technology yet?

A: The liability for any fraud shifts to whichever party (issuer or merchant) that isn’t EMV compatible. [[In 2017, the same liability shift will take place for card readers on gas pumps.] qShifts for ATMs take place in 2016 and 2017.Many banks are pushing to have their cards be compatible as soon as possible. For example, Chase says it plans to convert more than 70% of its credit and debit cards to chip technology by the end of 2015. The bank is also upgrading its ATMs to accept chip cards. (Disclosure: I’ve teamed up with Chase Slate as a financial education partner.)

Q: Does the chip card protect me from online shopping or counterfeit fraud?

A: Unfortunately, the chip card doesn’t protect you from online or counterfeit fraud because it only works for in-person purchases like at stores and gas stations. Likely with the adaptation of chip technology, we’ll see online and counterfeit fraud surge so make sure you’re not storing your credit information online. In fact, at Nerdwallet where I’m a contributor we suspect that when EMV rolls out in the US we’ll see trends similar to what the UK experienced with its EMV adoption. There, online shopping and other types of card-not-present fraud increased by 120% between 2004 and 2014. So while this makes a great attempt to prevent in-store fraud, it doesn’t protect you from every type of fraud.

Q: Does it really matter if I swipe instead of dip?

A: Yes, it actually does. Swipe-only terminals will bear an increasingly high risk for fraudulent transactions so always remember to dip. And, remember to take your card out of the machine before you leave!

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Today Show: Buying the iPhone 6s and Getting the Most Out of No Contract Plans

Since 2013, major cell phone carriers have been abandoning the industry-standard two-year contract and offering contract-free plans, decoupling phone purchases from data plans. It started with T-Mobile and, most recently, Verizon announced it is discontinuing the contract and instead, marketing a monthly plan with data-based pricing.

Not being locked into a contract is, in many ways, a welcome shift as it puts more control into the hands of the consumer. No more expensive early termination fees. No more feeling stuck.

It also allows for a more transparent marketplace. You now know exactly what you’re paying for. This may also create more competition in the marketplace, which ultimately yields better deals for consumers.

For now, prepare for sticker shock, as the price of the phone is now being decoupled from the price of the plan (in the past the cost of the phone was subsidized by the monthly fee). The list price of a new iPhone 6s, for example, is $650.

What are the options for buying a new iPhone?

You can buy in full, pay overtime or lease. Taking a look at the four major carriers:

At Verizon & AT&T, you can pay for the phone upfront or pay for it in installments and your monthly bill will include your data plan fee and an installment towards the cost of the phone. Once you’re done paying for the phone, the installment stops and going forward you only pay for the service. If you leave before the phone’s paid up, the remaining cost is due in full right away.

Sprint and T-Mobile will let you lease the phone and after the terms are complete you can trade it in for a newer model.

And at Apple, you can buy the new iPhone 6s for about $32 a month with the option to upgrade every 12 months for no additional cost. The phone comes unlocked so you can choose your own carrier to supply the data plan. Plus, you get AppleCare for free, a $129 value.

Should I buy the phone outright?

Going on a two-year payment plan or leasing a phone may be better if you’re on a budget and don’t want to fork over $650 for a new iPhone.

But if you can afford it, it may be best to pay for the phone in full. This gives you the flexibility to leave the carrier if you’re not satisfied at any time. And even if you’re someone who’s going to lust after the next new phone in a year, because you own the phone you can often sell it online and earn some of your money back. At Gazelle.com, where you can sell pre-owned devices and gadgets, you could earn up to $350 for a used 16GB iPhone 6, and that could be more affordable than leasing the phone or going on a payment plan.

Other user-friendly trade-in sites include iCracked.com and NextWorth. With all three sites, shipping is free and you have 30 days to send in your used phone.

Should you drop your current contract and buy one of the new plans?

I’m in this camp. My cell plan is up for renewal this fall. There’s no harm in shopping around. And in some cases, I may be able to trade in my phone and earn the new iPhone 6 for a fraction of the cost.

Even if you’re in the beginning or middle of a two-year plan, some carriers are offering to pay your early termination fee for jumping ship. So, it’s a smart time for all to stop and review their options.

 

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A Big Deal for My #SoMoney Podcast

Today, my baby podcast is about to make a grand debut in front of the country’s top advertisers and media buyers.

Faint.

I sort of mentioned this last week, but now can officially announce that I’ve partnered with AdLarge Media, the fastest-growing independent audio ad sales rep in the country for network radio, digital, and mobile content providers.

They want to help take So Money to new heights and find the show some interesting and relevant sponsors.

And for starters, they’re throwing me on stage at the IAB Podcast Upfront Showcase today…in front of what looks like over 1,000+ people to share what So Money is all about.

This is a special one-day marketplace to preview the latest in innovative podcast programming.

And geez. All the really cool kids are here.

There’s Alix Spiegel & Lulu Miller, Hosts of “Invisibilia.”

Oh and there’s Jad Abumrad & Robert Krulwich, Hosts of “Radiolab.”

And Scott Aukerman, Host of “Comedy Bang Bang.”

Is this for real?

I don’t have time to figure that out.

My presentation is going live in 3, 2, 1…

Make sure to join me on Twitter and Periscope for the live updates!

Then you'll love my newsletter. Join my private online community and receive exclusive content, updates and freebies. Plus, get instant access to my new mini e-book, So Money Secrets, a compilation of expert financial habits shared on my new podcast, So Money.

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Today Show: Best Things to Buy Now

With Labor Day around the corner shoppers can expect deeply discounted prices on many goods from cars to plane tickets, and in many cases the sales will continue the entire month. Today I stopped by the TODAY Show to share the best things to buy in September.

What’s On Sale: An iPhone 6

A new model is arriving. On September 8th Apple will be announcing the latest iteration of the iPhone, the 6s. Price cuts are expected to happen on the iPhone 6/6 Plus models (with a 2 year contract) in order to make room for the latest inventory.

Where’s The Deal: You may see deals from your phone carrier and major retailers like Best Buy, Target, etc. (with a 2-year plan)

How Much Will I Save: According to researchers at DealNews, they expect Apple to take 50% off the contracted price of an iPhone 6 once the new version is revealed. According to DealNews: On the day of the keynote, Apple will shave $100 off the subsidized cost of an iPhone 6. In the weeks that follow, you can expect retailers to offer iPhone 6 Deals with prices cut ever further…by another $50 (with a 2-year contract).

What’s On Sale: Summer Clothes

Stores are making room for fall inventory and cleaning out summer stock with major clearance sales. Take this as an opportunity to save big on swimsuits, shorts and other warm weather clothes for next season.

According data from fashion deals website ShopItToMe:

• For her: Average discounts in September are 48%

• For him: Average discounts in September are 45%

Where’s The Deal:

• Athleta – Up to 50% Off Swimwear – Ongoing

• Roxy – Up to 50% Off Swimsuits and Cover Ups

• BCBG – Save 50% Off Select Sportswear Styles

And if the deals this year are anything like 2014, the savings could be significant. My team at Nerdwallet found markdowns at stores like Aeropostale and Old Navy boasted savings of 50% or more during this month last year.

Additionally, you can try a new app while you shop called Raise to save a little more. This free mobile app lets you buy and redeem discounted gift cards while shopping to save an average 16% from major stores and retailers.

And if you shop online, a new website called Paribus.co gets you an automatic refund if items bought online go on sale later. How it works: You shop at your favorite stores via Paribus’ website and if anything you buy goes on sale shortly after, Paribus looks into it and If the price drop happens within the store’s price adjustment window (usually 7 to 14 days), Paribus puts the savings on your credit card.

According to Paribus co-founder and CEO Eric Glyman, members have saved $100 in the past couple of months and some families have pocketed over $500.

What’s On Sale: A New Mattress

September is generally a popular time for people to move or get married, a relevant time to shop for a new mattress. Historically, Labor Day has been a popular day for consumers to shop, so many retailers offer sales and discounts to further entice shoppers. It’s a wise time to during the holiday since you can make the time commitment to search and test mattresses.

Where’s The Deal: At Serta.com, buy any Serta iComfort or iSeries mattress through September 14th and you receive either a free standard box spring or up to $1,000 off a qualified Serta adjustable foundation.

Sears will also have sales starting September 3rd throughout September 12th. With the purchase of certain mattress sets, customers will receive free gifts on the same day such as a $300 Sears award card, specialty pillows, a 32” LED HDTV, compact fridge, etc.

Sears is also advertising up to 60% off Serta Coralee Queen Mattresses (sale price $178, regularly priced at $449.99) and up to 60% off Sealy Talworth Queen Set Mattresses (sale price $387, regularly priced at $999.99).

What’s On Sale: Plane Tickets for Holiday Travel

September is wise time to book holiday flights – especially for Thanksgiving. Travelocity data shows that the best prices for air tickets are about 60 days out from the date of travel – so booking in mid to late September for the Thanksgiving holiday would be the ‘optimal’ window, the company says. That said, Thanksgiving (and the entire holiday season) is a busy travel time, so best to begin booking travel for popular destinations (and destinations with limited flight options) sooner rather than later.

Where’s The Deal: Check travel sites like Travelocity, Expedia, Kayak etc. to find the best deals. According to ARC data from Travelocity, the price of a ticket sold 50-100 days before the departure date saw an average savings of $85 off the overall ticket price.

What’s On Sale: A 2015 Car

August and September are the hottest months to buy a current model year car, according to researchers at Edmunds.com. This is because dealerships want to make way for the upcoming model year. The average discount in September (based on last year’s levels) is 9%. It’s slightly better in December at 10%, but by then you may be left with slim pickings.

“What makes August and September such a ripe opportunity for shoppers is that it combines strong incentives with availability of vehicles. While it may be possible to find great deals at the end of the year, the types of deals (especially leases) and the variety of models will have diminished dramatically,” says Jeannine Fallon of Edmunds.com.

Where’s The Deal: You can find a number of sales events including:

• The VW Model Year End Sales Event. This offers a variety of lease deals and 0% APR deals that also include cash back in the form of a reward card.

• Ford’s Free Ride Sales event that has 0% financing for 72 months (longer than Edmunds usually sees) and $1000 cash back.

Average savings is 9% but remember you should always look to negotiate the price. A great time to mention other offers you’re seeing elsewhere as you negotiate prices with various dealers.

“There are so many deals out there on such a wide variety of models that as long as the shopper is interested in outgoing model year vehicles, there should be attractive lease, finance, and cash offers,” says Fallon. You can find a list of current auto incentives and rebates at Edmunds.com/car-incentives.

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