WalletPop Blog http://www.walletpop.com/blog WalletPop Blog http://www.walletpop.com/blog/media/feedlogo.gif WalletPop Blog http://www.walletpop.com/blog en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Buying gifts? Beware the Orgy of Value Destruction!http://www.walletpop.com/blog/2009/11/28/buying-gifts-beware-the-orgy-of-value-destruction/http://www.walletpop.com/blog/2009/11/28/buying-gifts-beware-the-orgy-of-value-destruction/http://www.walletpop.com/blog/2009/11/28/buying-gifts-beware-the-orgy-of-value-destruction/#commentsFiled under: ,

For most people, the holidays are a time of gifts, fun, and family.

But to Wharton economist Joel Waldfogel, the holidays are celebrated with an "orgy of value destruction."

In his new book Scroogenomics: Why You Shouldn't Buy Presents for the Holidays, Dr. Waldfogel explains why gift giving is so prone to value destruction -- and how we can make it less of a waste and still enjoy the holidays and gifting.

WalletPop editor-at-large Jason Cochran and I recently spoke with Dr. Waldfogel in a podcast, touching on a wide variety of topics: from crying babies to candy corn to giving cash to drug addicts to regifting.

Buying gifts? Beware the Orgy of Value Destruction! originally appeared on WalletPop Blog on Sat, 28 Nov 2009 07:00:00 EST. Please see our terms for use of feeds.

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]]>holiday givingHolidayGivingJoel WaldfogelJoelWaldfogelpodcastregiftingScroogenomicsZac BissonnetteSat, 28 Nov 2009 07:00:00 ESTHe'll be back: Arnold Schwarzenegger owes the IRShttp://www.walletpop.com/blog/2009/11/27/hell-be-back-arnold-schwarzenegger-owes-the-irs/http://www.walletpop.com/blog/2009/11/27/hell-be-back-arnold-schwarzenegger-owes-the-irs/http://www.walletpop.com/blog/2009/11/27/hell-be-back-arnold-schwarzenegger-owes-the-irs/#commentsFiled under: ,

California Governor Arnold Schwarzenegger owes $79,064.00 in back taxes, according to a federal tax lien filed by the IRS in LA County Superior Court.

This seems more likely to be a fluke/oversight than anything more dire. $79,000 is not a lot of money for some like Schwarzenegger and even if he somehow didn't have it, his wife Maria Shriver certainly would.

In another recent case of California's first family embarrassing itself, Maria Shriver has been caught running afoul of the state's traffic laws a few times: not feeding parking meters, talking on a cell phone while driving, driving without a seat belt, and Arnold himself was recently caught parking in a no-parking zone.

Still, I suppose there's an outside chance that Schwarzenegger really does have financial woes, and really can't afford to pay $79k in taxes. If that's the case, Schwarzenegger himself may have to make a return for the next installment of the Terminator franchise.

He'll be back: Arnold Schwarzenegger owes the IRS originally appeared on WalletPop Blog on Fri, 27 Nov 2009 18:30:00 EST. Please see our terms for use of feeds.

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]]>arnold schwarzeneggerArnoldSchwarzeneggerIRStaxesZac BissonnetteFri, 27 Nov 2009 18:30:00 ESTWill sending my kid to a party school make him a degenerate alcoholic?http://www.walletpop.com/blog/2009/11/25/will-sending-my-kid-to-a-party-school-make-him-a-degenerate-alco/http://www.walletpop.com/blog/2009/11/25/will-sending-my-kid-to-a-party-school-make-him-a-degenerate-alco/http://www.walletpop.com/blog/2009/11/25/will-sending-my-kid-to-a-party-school-make-him-a-degenerate-alco/#commentsFiled under: ,

toga partyIt seems like there is data (or at least numbers) on every factor that any family could ever dream of considering when selecting a college. Which colleges have the highest graduation rates? Which college produce the most Nobel Prize winners?

But let's be honest. There's one thing we really want to know. Which schools are most likely to turn kids into drunken train wrecks? Happily, the National Institute on Alcohol Abuse and Alcoholism has put together some data on the topic:

Continue reading Will sending my kid to a party school make him a degenerate alcoholic?

Will sending my kid to a party school make him a degenerate alcoholic? originally appeared on WalletPop Blog on Wed, 25 Nov 2009 19:00:00 EST. Please see our terms for use of feeds.

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]]>AlcoholCollegeDrinkingZac BissonnetteWed, 25 Nov 2009 19:00:00 ESTWhat to look for if selling your home with seller financinghttp://www.walletpop.com/blog/2009/11/24/selling-your-home-with-seller-financing-heres-what-to-look-out/http://www.walletpop.com/blog/2009/11/24/selling-your-home-with-seller-financing-heres-what-to-look-out/http://www.walletpop.com/blog/2009/11/24/selling-your-home-with-seller-financing-heres-what-to-look-out/#commentsFiled under: ,

Think rich people pay cash for 8-digit trophy homes? Think again.

According to the Malibu Real Estate Blog, there are 18 homes in the Malibu market where sellers have specifically noted in the MLS listing that they are willing to provide financing to the buyer: "Homes range from $1.1m for a mo-bi-yal home in Paradise Cove to a $10m hillside mansion with jetliner views. There is even a newly remodeled home on Point Dume with tennis court, pool, and beach rights whose owner will carry."

The increase in seller-financing on high-end homes is a direct result of the tightening in the jumbo mortgage market. Without alternative sources of financing, buyers can't buy and sellers can't sell, and that's driving an increasing in seller financing.

Continue reading What to look for if selling your home with seller financing

What to look for if selling your home with seller financing originally appeared on WalletPop Blog on Tue, 24 Nov 2009 16:00:00 EST. Please see our terms for use of feeds.

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]]>homemalibureal estateRealEstateZac BissonnetteTue, 24 Nov 2009 16:00:00 ESTIf you can't afford mortgage, don't borrow to send kid to collegehttp://www.walletpop.com/blog/2009/11/23/if-you-cant-afford-mortgage-dont-borrow-to-send-kid-to-colleg/http://www.walletpop.com/blog/2009/11/23/if-you-cant-afford-mortgage-dont-borrow-to-send-kid-to-colleg/http://www.walletpop.com/blog/2009/11/23/if-you-cant-afford-mortgage-dont-borrow-to-send-kid-to-colleg/#commentsFiled under: , ,

When I can't think of anything else to write about, I sometimes like to pick up a copy of US News & World Report's America's Best Colleges, and spend about 30 seconds flipping through to find one piece of really, really, really horrible advice.

And so here it is, from an article by Kim Clark:

The federally backed parent PLUS loan can cover the student's entire cost of college (less any other financial aid). But PLUS loans can cost as much as 8.5 percent a year plus a fee of 4 percent of the loan amount, for a total annual percentage rate of as much as 9.4 percent. Shoppers can find discounts, however. Those who borrow directly from the federal government and make automatic electronic payments are charged just 7.65 percent in interest. (After fees, the APR totals 8.55 percent.) And the eligibility criteria are comparatively forgiving, even for parents who are a little behind on their mortgages.

Continue reading If you can't afford mortgage, don't borrow to send kid to college

If you can't afford mortgage, don't borrow to send kid to college originally appeared on WalletPop Blog on Mon, 23 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>collegemortgagemortgagesstudentstudent loanStudent LoansStudentLoanStudentLoansstudentsZac BissonnetteMon, 23 Nov 2009 16:30:00 ESTDonald Trump enters the world of multi-level marketinghttp://www.walletpop.com/blog/2009/11/23/donald-trump-enters-the-world-of-multi-level-marketing/http://www.walletpop.com/blog/2009/11/23/donald-trump-enters-the-world-of-multi-level-marketing/http://www.walletpop.com/blog/2009/11/23/donald-trump-enters-the-world-of-multi-level-marketing/#commentsFiled under:

What happens when you combine one of the world's most ridiculed business personalities with one of the world's most ridiculed business models?

The Trump Network, the new Donald Trump-branded multi-level marketing business that is "designed to make people healthier with customized vitamins and nutritional supplements, and to encourage individuals to become entrepreneurs and to take control of their financial well-being."

In an e-mail, Trump told The Associated Press that The Trump Network is his "rescue and recovery program" for people who have been hit hard by the recession.

Continue reading Donald Trump enters the world of multi-level marketing

Donald Trump enters the world of multi-level marketing originally appeared on WalletPop Blog on Mon, 23 Nov 2009 14:45:00 EST. Please see our terms for use of feeds.

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]]>Donald TrumpDonaldTrumpMulti-Level MarketingMulti-levelMarketingNetwork MarketingNetworkMarketingZac BissonnetteMon, 23 Nov 2009 14:45:00 ESTCollege pays fired witch $40,000 to settle discrimination chargehttp://www.walletpop.com/blog/2009/11/23/college-pays-fired-witch-40-000-to-settle-discrimination-charge/http://www.walletpop.com/blog/2009/11/23/college-pays-fired-witch-40-000-to-settle-discrimination-charge/http://www.walletpop.com/blog/2009/11/23/college-pays-fired-witch-40-000-to-settle-discrimination-charge/#commentsFiled under: ,

A former University of Nebraska employee who claimed she was fired for being a witch has agreed to settle her case for $40,000.

According to a letter from the unidentified woman's attorney reviewed by the Lincoln Journal Star, the plaintiff took a job in 2007 directing a youth program. But according to her complaint, an associate dean fired her after learning that she was a witch and that her religion was "Reclaiming Tradition of Witchcraft". She filed a complaint with the Nebraska Equal Opportunity Commission, which found reasonable cause to suggest that religious discrimination was a factor.

In a letter, the university said that the settlement was made "solely to compromise the claim ... without admitting the validity of plaintiff's contention or any allegations of wrongdoing by the defendants."

Continue reading College pays fired witch $40,000 to settle discrimination charge

College pays fired witch $40,000 to settle discrimination charge originally appeared on WalletPop Blog on Mon, 23 Nov 2009 14:30:00 EST. Please see our terms for use of feeds.

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]]>CollegeWitchesZac BissonnetteMon, 23 Nov 2009 14:30:00 ESTStudents may not be allowed to graduate because they're obesehttp://www.walletpop.com/blog/2009/11/23/students-may-not-be-allowed-to-graduate-because-theyre-obese/http://www.walletpop.com/blog/2009/11/23/students-may-not-be-allowed-to-graduate-because-theyre-obese/http://www.walletpop.com/blog/2009/11/23/students-may-not-be-allowed-to-graduate-because-theyre-obese/#commentsFiled under: ,

Blue tigerInside Higher Ed reports that "More than two dozen seniors at Lincoln University, in Oxford, Pa., are in danger of not being able to graduate this spring -- not because they're under disciplinary probation or haven't fulfilled the requirements of their majors, but because they were obese as freshmen."

That's right: the historically Black College has a new requirement for graduation. Students must either have a BMI below 30 (a BMI of 30 or higher is considered obese) or complete a one-semester "Fitness For Life" class.

Some 19% of 2006's freshman class had BMIs over 30, but most of those students either lost some weight or took the class. However there are still about 25 students left -- out of a class of 484 -- who have neither lost weight nor taken the class.

Continue reading Students may not be allowed to graduate because they're obese

Students may not be allowed to graduate because they're obese originally appeared on WalletPop Blog on Mon, 23 Nov 2009 13:15:00 EST. Please see our terms for use of feeds.

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]]>CollegeObesityWeightZac BissonnetteMon, 23 Nov 2009 13:15:00 ESTWill working a low wage job kill your career? No!http://www.walletpop.com/blog/2009/11/20/will-working-a-low-wage-job-kill-your-career-no/http://www.walletpop.com/blog/2009/11/20/will-working-a-low-wage-job-kill-your-career-no/http://www.walletpop.com/blog/2009/11/20/will-working-a-low-wage-job-kill-your-career-no/#commentsFiled under:

In a fairly idiotic bit of tabloid-style hysteria, CNNMoney asks the question "Are you committing career suicide?" by taking a low-paying job because you can't find anything better.

According to staff writer Jessica Dickler, many laid-off workers are taking steep paycuts to make ends meet, often working at entry-level or menial jobs to put food on the table: "But a smaller paycheck could push you back a rung in the in salary ladder, and make it that much harder to get back to where you were."

Continue reading Will working a low wage job kill your career? No!

Will working a low wage job kill your career? No! originally appeared on WalletPop Blog on Fri, 20 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>CareersJobsZac BissonnetteFri, 20 Nov 2009 16:30:00 ESTIRS still not done with Girls Gone Wild founder Joe Francishttp://www.walletpop.com/blog/2009/11/20/irs-still-not-done-with-girls-gone-wild-founder-joe-francis/http://www.walletpop.com/blog/2009/11/20/irs-still-not-done-with-girls-gone-wild-founder-joe-francis/http://www.walletpop.com/blog/2009/11/20/irs-still-not-done-with-girls-gone-wild-founder-joe-francis/#commentsFiled under: , ,

Joe FrancisEarlier this month, Girls Gone Wild promoter Joe Francis plea-bargained his way out of a possible prison sentence for charges related to filing false tax returns. By pleading guilty to filing false tax returns and bribing Nevada jail workers, Mr. Francis was sentenced to time served and one year of probation, according to the Los Angeles Times.

Initially accused of taking $20 million in fraudulent tax deductions, Francis ended up pleading guilty to a misdemeanor, the newspaper reported.

"It took us seven months, but in the end we demonstrated that the felony tax charges never should have been brought in the first place," Brad Brian, Francis' lead trial attorney, said in a statement.

But now the IRS is back for more.

Continue reading IRS still not done with Girls Gone Wild founder Joe Francis

IRS still not done with Girls Gone Wild founder Joe Francis originally appeared on WalletPop Blog on Fri, 20 Nov 2009 14:00:00 EST. Please see our terms for use of feeds.

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]]>back taxesBackTaxesGirls Gone WildGirlsGoneWildirsJoe FrancisJoeFrancisTax evasiontaxesTaxEvasionZac BissonnetteFri, 20 Nov 2009 14:00:00 ESTThinking about co-signing on a loan? Listen to this first!http://www.walletpop.com/blog/2009/11/19/thinking-about-co-signing-on-a-loan-listen-to-this-first/http://www.walletpop.com/blog/2009/11/19/thinking-about-co-signing-on-a-loan-listen-to-this-first/http://www.walletpop.com/blog/2009/11/19/thinking-about-co-signing-on-a-loan-listen-to-this-first/#commentsFiled under:

I listen to Dave Ramsey pretty regularly and I'm here to tell you: the rant that you're about to listen to is the best. thing. I. have. ever. heard. in. my. whole. life.

A nice lady e-mails Dave to ask whether it's OK to let her husband co-sign on a car loan for his parents. Dave explains why that's a bad idea and then goes. . . completely nuts.

Click here to listen to the call in its entirety -- and forward to anyone you know who might ever considering co-signing for anything ever for anyone.

Thinking about co-signing on a loan? Listen to this first! originally appeared on WalletPop Blog on Thu, 19 Nov 2009 13:30:00 EST. Please see our terms for use of feeds.

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]]>loanloansZac BissonnetteThu, 19 Nov 2009 13:30:00 ESTSurvey says 2010 grads will face horrible job prospectshttp://www.walletpop.com/blog/2009/11/18/survey-says-2010-grads-will-face-horrible-job-prospects/http://www.walletpop.com/blog/2009/11/18/survey-says-2010-grads-will-face-horrible-job-prospects/http://www.walletpop.com/blog/2009/11/18/survey-says-2010-grads-will-face-horrible-job-prospects/#commentsFiled under: ,

Michigan State University's College Employment Research Institute's latest graduate job outlook is pretty bleak.

This year's college graduates have a mind-boggling 40% fewer job prospects, and jobs for candidates with bachelor's degrees are expected to drop by 1% in 2010.

Eighty percent of employers won't be offering higher starting salaries, and 8% will lower starting pay by an average of 5%. Twelve percent will increase starting pay by an average of just 3%.

Signing bonuses and performance bonuses are also on the decline -- understandable given that there is so little competition to woo recent grads.

Adding to employment woes for recent college graduates is the 10.2% national unemployment rate -- which means that young people will have to compete with older candidates with years of experience and families to feed. As the rising number of unemployed workers cycle through the unemployment system, they'll become increasingly desperate for income, making the situation even worse for recent grads.

So what's a grad to do? One short-term solution may be to pour energy into finding freelance and temp opportunities. Independent contractors often lament the lack of benefits but for young single people, it's just not that important.

You can buy your own health insurance for a few hundred dollars a month. Indeed, young single people who work at full-time jobs with benefits are, in effect, subsidizing their co-workers who have large families and consequently large health insurance costs.

Another idea for recent grads: recognize that the job you work in the crappiest job market in a long, long time might not have a lot to do with your long-term career. If all you can get is an unpaid internship in the field of your choice and find yourself working six nights a week at WalMart to make ends meet, that won't kill you.

Survey says 2010 grads will face horrible job prospects originally appeared on WalletPop Blog on Wed, 18 Nov 2009 17:00:00 EST. Please see our terms for use of feeds.

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]]>CareersCollegeZac BissonnetteWed, 18 Nov 2009 17:00:00 ESTZsa Zsa Gabor owes IRS $118,321http://www.walletpop.com/blog/2009/11/17/zsa-zsa-gabor-owes-irs-118-321/http://www.walletpop.com/blog/2009/11/17/zsa-zsa-gabor-owes-irs-118-321/http://www.walletpop.com/blog/2009/11/17/zsa-zsa-gabor-owes-irs-118-321/#commentsFiled under:

After losing about $7 million in Bernie Madoff's Ponzi scheme, 92-year old Zsa Zsa Gabor now has the IRS to deal with.

On Oct. 5, the IRS filed a lien for $118,321 for the years 2001 and 2002 with the Los Angeles County Recorder of Deeds.

According to The Associated Press, "Gabor lawyer Chris Fields estimates that Gabor lost about $7 million in Madoff's Ponzi scheme and the tax bill is part of the fallout. Fields says third-party money managers invested Gabor's money with Madoff."

How losing money in 2008 would lead to additional taxes being owed for 2001 and 2002 is a bit of a mystery to me. It's possible that she was trying to work out her tax issues with the IRS but with the losses to Madoff, no longer has the money to pay her back taxes.

When the Madoff fraud was first revealed, Gabor's husband, the 64-year old Frederic Prinz von Anhalt, lamented that the couple "might be forced to sell our Bel Air home."

Hopefully the IRS will be lenient with the couple in light of the massive losses they sustained at the hands of Bernie Madoff.

Zsa Zsa Gabor owes IRS $118,321 originally appeared on WalletPop Blog on Tue, 17 Nov 2009 17:15:00 EST. Please see our terms for use of feeds.

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]]>zsa zsa gaborZsaZsaGaborZac BissonnetteTue, 17 Nov 2009 17:15:00 ESTReally want to save the world? Quit having kidshttp://www.walletpop.com/blog/2009/11/16/really-want-to-save-the-world-quit-having-kids/http://www.walletpop.com/blog/2009/11/16/really-want-to-save-the-world-quit-having-kids/http://www.walletpop.com/blog/2009/11/16/really-want-to-save-the-world-quit-having-kids/#commentsFiled under:

The IRS recently updated consumers on all the tax savings you can get from making your home more green-friendly. Installing energy efficient windows and doors, insulation, roofing, HVAC, water heaters, and biomass stoves can save you a boatload of money on your taxes.

But will doing all those things really help the environment? Yes. But ya know what will help mother nature a hell of a lot more?

Not breeding.


Continue reading Really want to save the world? Quit having kids

Really want to save the world? Quit having kids originally appeared on WalletPop Blog on Mon, 16 Nov 2009 11:30:00 EST. Please see our terms for use of feeds.

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]]>carbon footprintCarbonFootprintoverpopulationprocreationserilizationtube tyingTubeTyingvasectomyZac BissonnetteMon, 16 Nov 2009 11:30:00 ESTNational Association of Realtors predicts 4% gain for housing in 2010http://www.walletpop.com/blog/2009/11/16/national-association-of-realtors-predicts-4-gain-for-housing-in/http://www.walletpop.com/blog/2009/11/16/national-association-of-realtors-predicts-4-gain-for-housing-in/http://www.walletpop.com/blog/2009/11/16/national-association-of-realtors-predicts-4-gain-for-housing-in/#commentsFiled under:

The good news: National Association of Realtors chief economist Lawrence Yun is predicting that home prices will rise 4% in 2010.

The bad news: Lawrence Yun has never been right about anything in his entire life, ever.

Yun predicted that sales volume will also rise about 14%. I'm definitely not smart enough to try to make short-term predictions about what will happen with home prices or sales volume. But the track record suggests that Lawrence Yun isn't smart enough either.

In July of 2008, Yun opined that "I think we are very near to the end of the housing downturn. In June of 2008, Newsweek guru Daniel Gross wrote that "Yun is the Little Orphan Annie of forecasters. He's always sure the sun will come out tomorrow." Lawerence Yun Watch is an entire blog devoted to exposing Yun's track record of poor predictions.

And as much as it pains me to link to a video of Glenn Beck, he actually has a pretty good exploration of the disastrous predictions of the National Association of Realtors' economists. (see below)

So what will happen with housing in 2010? I have no idea. But don't get your hopes up based on Little Orphan Annie's mumblings about price increases.

National Association of Realtors predicts 4% gain for housing in 2010 originally appeared on WalletPop Blog on Mon, 16 Nov 2009 08:00:00 EST. Please see our terms for use of feeds.

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]]>HousingLawrence YunLawrenceYunNARReal Estatereal estate bottomRealEstateRealEstateBottomRealtorsZac BissonnetteMon, 16 Nov 2009 08:00:00 ESTSchool tries to sell grades for cash -- administrators halt programhttp://www.walletpop.com/blog/2009/11/13/school-tries-to-sell-grades-for-cash-administrators-halt-prog/http://www.walletpop.com/blog/2009/11/13/school-tries-to-sell-grades-for-cash-administrators-halt-prog/http://www.walletpop.com/blog/2009/11/13/school-tries-to-sell-grades-for-cash-administrators-halt-prog/#commentsFiled under:

From the "You ain't gonna believe this" file comes this gem: Rosewood Middle School in Goldsboro, N.C. unveiled a plan to raise much-needed funds by selling middle schoolers better grades.

A $20 "donation" would get you (or your poor kid, who really has grounds for a lawsuit if you would pony up cash for something like this) 20 test points that could be used to boost grades on the test of that student's choosing.

Principal Susie Shepherd's explanation? "Last year they did chocolates, and it didn't generate anything," she told the News Observer.

Continue reading School tries to sell grades for cash -- administrators halt program

School tries to sell grades for cash -- administrators halt program originally appeared on WalletPop Blog on Fri, 13 Nov 2009 14:30:00 EST. Please see our terms for use of feeds.

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]]>fundraiserFundraisersgradesGradeSchoolZac BissonnetteFri, 13 Nov 2009 14:30:00 ESTWorried about the national debt? Donate money to pay it down!http://www.walletpop.com/blog/2009/11/12/worried-about-the-national-debt-donate-money-to-pay-it-down/http://www.walletpop.com/blog/2009/11/12/worried-about-the-national-debt-donate-money-to-pay-it-down/http://www.walletpop.com/blog/2009/11/12/worried-about-the-national-debt-donate-money-to-pay-it-down/#commentsFiled under:

With the national debt growing at a frantic pace, a lot of Americans are terrified about what it will mean for our economic futures.

Luckily, you can help. CNNMoney senior writer Jeanne Sahadi reports that under an obscure 1961 law, you can make tax deductible contributions to help pay down the national debt. On average, about five donations are made per week and so in 2009, there have been just over $3 million in donations -- whose impact was quickly reversed by government spending on just 666 clunkers under the Cash For Clunkers program (funny how that math works out, just sayin').

Continue reading Worried about the national debt? Donate money to pay it down!

Worried about the national debt? Donate money to pay it down! originally appeared on WalletPop Blog on Thu, 12 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

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]]>debtNational DebtNationalDebttaxesZac BissonnetteThu, 12 Nov 2009 15:00:00 ESTHow to lend to a flakey friend? Don't do ithttp://www.walletpop.com/blog/2009/11/12/how-to-lend-to-a-flakey-friend-dont-do-it/http://www.walletpop.com/blog/2009/11/12/how-to-lend-to-a-flakey-friend-dont-do-it/http://www.walletpop.com/blog/2009/11/12/how-to-lend-to-a-flakey-friend-dont-do-it/#commentsFiled under:

A Money magazine reader asks ethicists Jeanne Fleming and Leonard Schwarz "Is there anything wrong with asking a good friend to secure the loan I'm giving him with the title to his car? Tom really needs the money, but he can be pretty irresponsible, and I don't want my $2,500 to become a gift."

The ethicists get the first part right (Answer: In a word, No. And in two words, Absolutely Not.") but then offer some really bad follow-up advice: "Consider asking Tom to give you some collateral to hold until he repays you: a fine watch, say, or his prized Stratocaster -- something of sufficient value to give him a real incentive to pay off the loan. Because you're right: You don't want to bet $2,500 on the good intentions of an irresponsible friend."

Here's why you shouldn't do that:
  • If Tom is so hard up for cash that he's trying to borrow $2,500 from a friend (most people borrowing cash from friends are borrowing it to stay afloat and make payments on other debt) and he has a watch worth anything close to $2,500, he should sell the freakin' watch. If he's so brain dead that he'd rather go into debt to a friend rather than sell a watch, you really don't want to lend money to him.
  • If his watch is so important to him that he'd rather hit up a friend for cash than sell it, are you really going to be prepared to sell it to make good on the debt?

Continue reading How to lend to a flakey friend? Don't do it

How to lend to a flakey friend? Don't do it originally appeared on WalletPop Blog on Thu, 12 Nov 2009 11:30:00 EST. Please see our terms for use of feeds.

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]]>friendshipfriendshipsloanloanspersonal loanpersonal loansPersonalLoanPersonalLoansZac BissonnetteThu, 12 Nov 2009 11:30:00 ESTFootball coaches continue to rake it in as college finances sufferhttp://www.walletpop.com/blog/2009/11/12/football-coaches-continue-to-rake-it-in-as-college-finances-suff/http://www.walletpop.com/blog/2009/11/12/football-coaches-continue-to-rake-it-in-as-college-finances-suff/http://www.walletpop.com/blog/2009/11/12/football-coaches-continue-to-rake-it-in-as-college-finances-suff/#commentsFiled under: ,

With endowments in the toilet, state aid on the decline, and families scrounging for cash to cover tuition increases, it's nice to know that one group of college constituents aren't suffering: top flight, 7-figure football coaches.

An extensive study conducted by USA Today found that at least 25 college football coaches are making more than $2 million this season -- up 100% from two years ago. The average pay for a head coach in the 120-school Football Bowl Subdivision is up 28% in two years and 46% in three years. The average coach in that elite conference earns $1.36 million.

A survey of bowl-division college presidents conducted by Knight Commission on Intercollegiate Athletics found that 85% of respondents considered the pay packages football and basketball coaches are taking to be "excessive."

Continue reading Football coaches continue to rake it in as college finances suffer

Football coaches continue to rake it in as college finances suffer originally appeared on WalletPop Blog on Thu, 12 Nov 2009 10:00:00 EST. Please see our terms for use of feeds.

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]]>Collegecollege coachesCollegeCoachesfeaturedFootball CoachesFootballCoacheskids and moneyKidsAndMoneyZac BissonnetteThu, 12 Nov 2009 10:00:00 ESTJoel Osteen serves up recession-themed positive thinkinghttp://www.walletpop.com/blog/2009/11/11/joel-osteen-serves-up-recession-themed-positive-thinking/http://www.walletpop.com/blog/2009/11/11/joel-osteen-serves-up-recession-themed-positive-thinking/http://www.walletpop.com/blog/2009/11/11/joel-osteen-serves-up-recession-themed-positive-thinking/#commentsFiled under:

Pastor Joel Osteen's 2004 book "Your Best Life Now" has sold more than 4 million copies -- buoyed in part by one uplifting and irresistible message: Positive thinking and faith will lead to material success and happiness. Now he's back with a new book and a new message for a new era: patience.

Back in 2005, he told BusinessWeek that "God's dream is that we be successful in our careers, and that we be able to send our kids to college. I don't mean that everyone is going to be rich, and I preach a lot on blooming where you're planted. But I don't have the mindset that money is a bad thing. . . I think we should have a mindset that God wants us to prosper in our relationships, our health, and our finances. God's desire is that we excel."

But there's just been just one problem: for all the talk of the prosperity gospel and God's tendency to impart material gain on those who have faith in him, no evidence has emerged that suggests that people who believe in God were less likely to lose their jobs, their homes or their retirement funds to the financial meltdown.

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Joel Osteen serves up recession-themed positive thinking originally appeared on WalletPop Blog on Wed, 11 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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