Farnoosh Torabi's Blog, page 85
July 28, 2010
My First Week at Credit.com!
I'm very excited to announce my partnership with Credit.com, where I'll be blogging often. My inaugural post was about how young college students can begin establishing a credit history, despite the CARD Act which prohibits banks from extending credit to those under the age of 21 (unless they have qualifying income to back up the debt.) Some of my tips include:
Get a Job. The bill says a young adult's application must indicate "an independent means of repaying any obligation arising from the p...
July 27, 2010
Dating 101: Breaking the Financial Ice
This article originally appeared on Moneywatch
A young friend of mine just revealed to me that – although her husband earned well over six figures when they first met, and twice as much as she earned - shehad a far better credit score and more in savings. "His credit score was in the 500s and he had about $7,000 to his name," she told me.
"We had to buy our first house with just my name on the mortgage. His credit just wasn't good enough."
Even though they've "worked things out," she...
July 23, 2010
Credit Card Issuers Go After "Good" Customers
On MSNBC this morning we discussed an article from The Washington Post that exposes some of the new ways credit card issuers are scrambling to make money. This, in the wake of the Credit CARD Act of 2009, which is clamping down on lenders' abilities to haphazardly raise interest rates and fees. Altogether, banks stand to lose $12 billion because of the new regulations, which are meant to protect consumers and create more transparency in the credit card industry.
So now, what's a card issuer...
July 22, 2010
How to Maximize Your 401k
A recent survey suggests young workers are pretty interested in retirement planning, despite being the "I want it now" generation. TD Ameritrade surveyed more than 1,000 young professionals aged 18 to 34, and found 60% plan to contribute more regularly to a retirement or long-term savings account this year.
Financial planners agree you can have a huge head start if you begin saving while in your 20s, and with many companies offering automatic enrollment to new hires, it's never been so easy...
July 21, 2010
Summer Vacation: 5 Tips for Trips with Friends & Family
This post originally appeared on Moneywatch.com
Vacationing with another family or a group of friends can earn you sweet savings – from group discounts to shared costs. But before committing to a week together on the beach, it's important to cover some important bases to make sure everyone's on the same financial page. Otherwise, things could get ugly.
Here are 5 strategies for keeping things clear ahead of time.
Set a budget: Before booking any hotels or vacation homes, openly discuss what y...
Summer Vacation: 5 Tips for Trips with Friends and Family
This post originally appeared on Moneywatch.com
Vacationing with another family or a group of friends can earn you sweet savings – from group discounts to shared costs. But before committing to a week together on the beach, it's important to cover some important bases to make sure everyone's on the same financial page. Otherwise, things could get ugly.
Here are 5 strategies for keeping things clear ahead of time.
Set a budget: Before booking any hotels or vacation homes, openly discuss what y...
July 19, 2010
Best Ways to Ditch Your Cell Plan
Post originally appeared on Moneywatch.com
I had it all mapped out in my head: I would confidently walk into the Verizon store, show that my BlackBerry had completely melted down (twice now in the last seven months) and coolly let the sales rep know that I wished to discontinue my service, even though I had a year left on the contract. And no, I will not pay the $200 cancellation fee!
But on the way there, my plan to cancel (and, OK, transition to Apple'siPhone 4) failed. A block away from the ...
Savings Tips: Groupon, LivingSocial & More
This post first appeared on Moneywatch.com
More and more, getting the best deal in town is thanks to the power of community. With the lightning-speed growth of social buying Web sites like Groupon, LivingSocial, SocialBuy and BuyWithMe, shoppers across the country are using online coupons to nab steep discounts of 50 to 90% on dining, hotel rooms, spa treatments and recreation. The social aspect: Each of these deals is good only if "enough" people join in on the offer before it expires.
How...
July 16, 2010
Money & Marriage: Town Hall Discussion on CBS Early Show
Your search is finally over. You've discovered your soul mate, with more in common than either of you ever thought possible. Together, you hope for three children (two boys, one girl), share a religion, enjoy gardening on Saturday afternoons, cheer for the Lakers and prefer vanilla to chocolate.
Then one day, you get in the car and head to the mall. While you make a beeline to the sales section, your mate considers opening up a store credit card to finance a brand new plasma TV. You roll...
July 12, 2010
Renters' Insurance: A No Brainer
Post originally appeared on Moneywatch.com
If you're reading this blog post and you're in your 20s, chances are you're writing a rent check each month. And like most renters, you probably don't have any insurance to protect your valuables in case of a fire or robbery. In fact, nearly two-thirds of college-age renters don't have renters insurance, according to Allstate Insurance. Beyond college, more than half of renters fail to have any property protection.
Why? Most think renters insurance...
