Recently in Finances Category

Capitol Hill addresses oil: Big oil execs testify before the Senate Judiciary Committee, with Sen. Ben Cardin, D-MD, commitee member and CNBC's Michelle Caruso Cabrera. Some say supply and demand has failed, and other dispute that argument. Do Americans really have an addiction to oil?

We are a wasteful society, and when I see someone like a Tiger Woods who has been reported to have recently purchased a $65 million dollar home in New York State, I think of the waste. That huge home has to be heated in the winter, and I am quite certain it is not solar powered. All of those rooms have to be heated, and other mini McMansions really help to drain oil resources. Everyone is trying to compete with each other from having the biggest lawnmower to the fanciest automobile.

I have changed my driving habits to try to do my part. Do you drive as much as you used to? I know people won't admit it, but have you ever purchased a bigger vehicle or home, because it had to look better or more expensive than so and so's? WATCH VIDEO

It has been reported that ex-NBA star Charles Barkley has unpaid casino gambling debt of $400,000, which he acknowledges and says he intends to pay. These are apparently old debts, and with the career earnings he has made, that amount is probably synonymous to about $4000 for the majority of us, and even $400 for many other people, and $40 for the poorest of people, and $4 for a broke homeless person. I have read reports of impending criminal charges he faces, if the sum isn't paid. How could you let $400,000 slide?

I remember reading maybe last year where he won $700,000, I think, then he said something to the effect, that he has lost maybe $2 million, so he we winning his money back. The figures may be off, but the point is he is a gambler. And I don't care how many millions you make, when you can lose that kind of money at a casino, something is wrong.

The San Diego Union-Tribune quotes him as saying, "My mistake...I'm not broke, and I'm going to take care of it.” Sounds like the issue is a bit deeper than whether or not he is broke. Continued habitual gambling, no matter how much money you have--- eventually leads to BROKE. I wonder how much rice he could have bought with that money? READ MORE...

Is this hilarious or what? Barkley says the casino didn't call him. LOL

According to ESPN Barkley says he has been gambling for 20 years. If you have been gambling for 20 years, that sounds like a potential problem exists. Chucky, seek help--if you need it.

ESPN notes:

"Barkley could be granted up to six months to pay if he agrees to the standard district attorney's office restitution program, bad check unit chief Bernie Zadrowski said. He would be responsible for the $400,000 plus a 10 percent program fee totaling $40,000.

Roger said that if the case remains unresolved, as many as four felony theft or four felony bad check charges could be filed. The possible penalty for each theft conviction is one to 10 years in state prison. A conviction on a felony bad check charge could carry a one- to four-year term." READ MORE...

prices keep goin' up. I go to Connnecticut often, and their prices are always 20-25 cents more than Massachusetts. So now our regular is now $3.35 and their cheapest gas is $3.55-$3.60.

I wonder how poor people are making it, especially home health aides who have to drive from one client to the next, and if their employers reimburse them, it's often not enough to cover the fuel expenses. Here are the average gas prices in the U.S. I posted this chart once last year.

Reference:
Consumer Reports

U.S. prosecutors recommended Snipes should serve a maximum three-year prison term and pay a $5 million fine for failing to file his income taxes.

According to Reuters:

""Making an example of Snipes, after years of "brazen defiance" of U.S. tax laws aimed at cheating the government of $41 million, would help deter other tax avoiders, U.S. Attorney Robert O'Neill of Florida wrote in a court document." READ MORE...

Trash hauler with no savings was given four no-money-down mortgages worth $800,000

28-year-old white-collar renter from Arlington acquired mortgages worth $1.3 million with no collateral or money down

According to Boston Herald, Jenkins through networking, would meet young inexperienced local investors who had excellent credit ratings. He’d sell them the promise of a business relationship where they would not have to do anything, except lend their credit, name, and perhaps down payments on loans for cheap investment property. He would take care of the business side including financing, paperwork, collecting rents, maintenance, renovations, etc., and after one year the homes would be sold for a quick profit.

The investors say they were often promised $20,000 at the time of closing in exchange for their good name and credit rating for these real estate transactions. They would receive half of the money at closing and half at resale. Jenkins is reported to have collected some rent, but reneged on many promises.

The Boston Herald has been doing a special report for the past few days, dedicating two to three full pages on this story, I had barely scratched the surface with details. Jenkins maintains he did nothing wrong, all parties were fully aware of the risks. In many cases the investors did not receive copies of any agreements, and Jenkins liked to meet them in Dunkin Donuts.

He also claims he learned his methods from Get Rich Quick Real Estate Infomercial Guru John Alexander. If you aren’t familiar with this specific program, you are familiar with the pitch. Investors will give testimonials on how they made x-amount of thousands of dollars in one month.

I guess it is really true, because Jenkins appeared in his testimonials as a million dollar money maker. Alexander runs a program called : John Alexander’s Real Estate Riches In 14 Days, and appears in the ad below. I often wondered how these people made that kind of money, just read up on this series by the Boston Herald, and your eyes will be opened. Follow the jump to read the series.

If it smells like a duck, quacks like a duck, looks like a duck, then...

Mining magnate Motsepe is South Africa's first black billionaire



Nigeria's new Billionaire makes the list:

Nigeria’s Aliko Dangote fortune is estimated at $3.3 billion and he started from a loan from his uncle. And according to BBC “built an empire that includes the number one sugar production company in the country, a cement factory and a virtual monopoly on the production of pasta in Nigeria.” New African billionaires arrive

• American Dream Credit
• New Millennium
• First Premier
• Total Visa
• Marathon Platinum Reward Card

Check out the annual fees if you watch the slideshow. Some have annual fees which amount to more than 90% of the total credit limit. You may want to tear up those pre-approved offers. Don’t fall in love with the credit limit. Study the hidden charges. Just something to think about.

For example, here is the breakdown of the First Premier Master Card:

“This gold Mastercard is unsecured and certainly appeals to those with poor credit who want the cachet of a gold card with a low 9.9% rate. But check out the fees: $29 for account setup, $95 for a "program fee," $48 for the annual fee, $84 annual for the monthly servicing fee, and $20 for each additional card. That adds up to $256 annually. And get this: The typical maximum credit line on the account is $300.” --Forbes.com READ MORE...

$75,000 is not rich. We pay more taxes and when will file our taxes, we almost never qualify for any of those special tax credits. To someone who makes $10,000 a year, they may consider this as being wealthy, but if you live in Massachusetts and other states, on a salary of $75,000, you go through a wide spectrum of feelings after paying a fee for this, a surcharge for that, and a tax for this…and feelings of being rich is not one of them.

Additionally, single people continue to get treated as third class citizens. If someone opts not to marry or have children or their children may be adults, they receive similar treatment. With this “stimulus” package, specifically the taxpayer rebate portion, this bias needs to stop. Taxpayers in this $75k-$120k income bracket are not outraged? Single people are you mad as h*ll? My gripe.