Accounts – Joint Checkbook App
Joint Checkbook Register Woes?
Hate sharing your checkbook because your spouse never writes their transactions in your register? Or does your spouse hound you about writing things in and you just can’t seem to make it easy enough to remember?
Amber hates Read the rest of this entry »
Is My Old Apartment On My Credit?
Question:
Lucy writes in: “I have questions about a credit check. I had to give my SSN for a credit check on an apartment. Will the person seeing the check be able to see old leases from 2007 from a different state?
Answer:
Lucy, if they were negative they will show up. Your addresses that you lived will also show up.
I recommend you get a free copy of your credit report twice a year. Most states allow twice, but federal law allows one per year.
Go to Experian.com Equifax.com or Transunion.com and request your report.
The free one will jot have your score. You will have to pay for that, but I do recommend it.
If you paid the leases as agreed the management company usually do not report to the credit bureaus. It’s when you leave the place a mess, leave without proper notice, or just simply get evicted that you find claims against your credit report.
For more about what affects your credit see my post on Your Credit Score.
3 Reasons to Always Turn A Store Credit Card Down
3 Reasons to Always Turn A Store Credit Card Down
You’ve heard it. “Would you like to save and additional 15% on your purchase today by applying for a store credit card?”
Who wouldn’t want to get 15% off of their purchase with today’s rising prices? ME. That’s who.
Many reasons exist to steer clear of Store Credit Cards. My favorite 3 reasons to be a “Negative Nelly” are:
Reason 1: The Math Is Bad
The math is not in your favor with a Store Credit Card. So how bad could 15% off actually be?
Take this scenario for example:
You spend $100 at the Store. You say yes to the 15% discount, they hit your credit for applying, and they pop you with a 24.99% interest rate. You’re smart though. You are going to pay off the card before the interest is added and save yourself $15 bucks today!
Something happened though. You meant to pay off the card as soon as you got the bill because you had the money in your checking account. However, instead of getting JUST your Old Navy bill, you got a bill from the A/C repair man for your broken air conditioner you weren’t expecting AND Old Navy on the same day. Old Navy says you’re minimum payment is $15 and the A/C repair man charged you $100 bucks.
You pay the A/C guy with the money you had set aside to pay Old Navy (and then some) and you pay $15 dollars to Old Navy.
See a pattern developing here? You won’t pay off the card. You’ll find something else you can justify as an emergency and pay that instead. In fact, if you’re like many Americans, you’ll actually buy more from Old Navy and put the purchase on the card. After all, it’s only $15-$20 bucks a month, right?
Look at these numbers to see the actual amount of your purchase.
$100.00 – Purchase
$ 15.00 – Discount
——————————
$85.00 – Balance on the card.
$23.85 – Interest with no payments on 12 months
———-
$108.85 Total Owed
If you were allowed to make no payments and the interest rate is 24.99% you will actually owe $108.85 at the end of 12 months. That’s almost $24 bucks in interest for an $85.00 account to get a $15.00 discount on day one. I know you could make 1,2,3, or even 4 easy payments and pay it off before 12 months, but you won’t.
The problem is you will make payments… and use the card… and make payments… and use the card…etc. You’ll find yourself in a vicious cycle that is too hard to break and too easy to repeat at other stores.
Every financial decision you make has an impact on your life, regardless of the amount in question.
Say “NO!” when the clerk asks and move on. If they persist, ask them if they have one and ask how long since they had it paid off. If that doesn’t shut them up, just leave.
Reason 2: Too Many Open Accounts Can Hurt Your Credit Score
Wondering how your credit score is calculated? You are not alone. Most of the questions I answer as a loan officer are about how credit is calculated. You’d be surprised at how many myths are out there and being presented as truths by “professionals” in the financial industry.
If you really want an education on now credit scores are calculated, get Your Credit Score
One major ingredient to your score is the number of open accounts you have. You may be asking “Why does it matter if a lot of people want to give me credit? Doesn’t that say I’m worthy of lending to?”
Well, it did at the time they extended it to you. But too many open accounts could mean that there is the potential that you could become over-extended very quickly which does make you more risky as a borrower. For example, you might go use up all of your available credit in one dahatTiehat would put you and your creditors (or potential creditors) in a bind.
One more store account isn’t worth the discount you’ll get even if you get the discount, pay the card off, and close it. Liz Weston addresses that too in her book, Your Credit Score
This type of activity is reflected negatively on your credit bureau and should be avoided.
The more cards you have the more of a risk you are!
Reason 3: When Its Easy To Spend, You Spend More Often
Just a simple fact. When we don’t have to think about the things we eat, we eat more. When we don’t think about not exercising, we don’t exercise, and when we don’t have to think about how much to spend until the bill comes, it’s too late.
Use cash or your debit card for purchases from department stores and other places. It will help you to budget more efficiently and stay in control of your money. If you don’t control money, it will control you. Tell your money what to do by using a budget and live a happier life.
Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 3rd Edition
How do I get something off of my credit history?
When does something bad come off my credit history?
Why did the apartment building I applied to turn me down?
Can an employer turn me down because of credit?
Why is the loan officer saying I need a co-signer?
What does FICO Score mean?
If you have ever asked one of these questions, you NEED this book. If you are planning to buy a house, get a car, get an apartment, apply for a job, or buy car insurance…. you NEED this book.
Liz Weston wrote Your Credit Score
Liz’s depth of knowledge around the inner workings of your credit history is amazing. Not only does she provide step-by-step instructions on how to improve and protect your credit score, but she also debunks 10 Credit Score Myths (this is my favorite part because I have people recite these to me daily with the wrong answers).
- true/false | You have to pay interest to have a good credit score
- true/false | You can hurt your credit score by checking your credit
- true/false | Credit Counseling is worse that bankruptcy
- true/false | Your closed accounts should read “Closed by Consumer” or they will hurt your score
- true/false | You can hurt your score by shopping around for the best rates
If you think you know the answers to ALL of these and the other 5 important myths she debunks then you don’t need this book. If you are like 99.9% of people out there you will get 8 out of 10 of these wrong.
The 3 digit number that affects your mortgage rates, borrowing ability, insurance rates, whether you get a job, or get an apartment is TOO important to not study up on.
You definitely need this book in your library, because reading it once can save you thousands of dollars!
Give it your best shot on the quiz above and post your answers in the comments.
There is also a Kindle Version
No time to read?
Will I Still Build Credit?
Will I Still Build Credit?
Ryan’s Answer:
There IS a difference between a Co-Borrower and a Co-Signer. In many states they can be the same, but usually not.
As a Co-Borrower you are both responsible for making monthly payments and it is reflected as such on your credit bureau (where you are building your credit profile).
A Co-Signer or sometimes called a Guarantor is responsible, but usually not reported on unless the loan goes into default.
These terms can depend on the lender you use as well.
The best thing to do is work with a Banker that can help you accomplish your true goal(s). In this case it sounds like you are not only buying a car, but also want to build credit and get a good rate on your car insurance. Be sure to tell your Banker that. They should submit your application in a way that truly reflects your personal financial goals outlined above.
With both of you as borrowers on the loan you will both be developing a credit profile. Be careful though. You are both tied together by this particular loan and that can have some back-firing moments.
I have seen cases where:
1.) Signer 1 files bankruptcy. Signer 2 does not. The bankruptcy (mistakenly) ends up on Signer 2′s Credit History. It can be fixed, but it can be a hassle too.
2.) Signer 1 is the true owner. Signer 2 is there to help with getting approved (in this case your dad). Signer 2 wants to apply for a refinance of his home loan because rates are low. He no longer qualifies because his debt to income has become too high with the added car payment.
I don’t think you should worry. Just ask your Banker like I said before. Their expertise will make the difference in getting to all three of your financial goals.
What’s The Best Account to Open to Save Money for Traveling
What’s The Best Account to Open to Save Money for Traveling
Cindy’s Question:
I want to start saving money. But I don’t know what sort of account would be best. I want to start travelling when I’m 22. I currently have a full time job, so I’m earning a living
Ryan’s Answer:
You need to answer these first:
1.) Roughly, how much will you need at 22 when you begin traveling
2.) Does where you work offer direct deposit?
I suggest you open a checking (free if you can find it) for your operating expenses and a savings account. Savings accounts do not earn a lot of interest, but right now there isn’t much that does. The reason I asked about direct deposit is because you can have a portion of your savings directly deposited into the savings. Out of sight, out of mind.
Be careful. Some savings accounts have a minimum deposit amount our you will have to pay a fee. Make sure to ask the Banker you work with to fully explain the Schedule of Fees when you open your account.
Making saving automatic is the key to having it stack up faster. It keeps your hands off for an “emergency” too.
Once you determine how much you will need, work the math backwards to determine how much per check you will need to hit your goal.
NOTE: You ABSOLUTELY NEED an emergency fund of roughly $1000 that you do not touch. When you are working your math backward from the amount you will need to take on your trip, make sure you add the $1000 to it.
Try these for additional resources.
The Total Money Makeover: A Proven Plan for Financial Fitness (3rd Edition Revised and Updated)
The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich
How To Build Credit As A Recent Graduate
How To Build Credit As A Recent Graduate
The following question was taken from Yahoo Answers and Answered by Ryan McKinney.
So I’ve just recently graduated from university, have checking and savings accounts with a large national bank, and have a student loan which I’ve been on-time with all payments. Now as a means of building credit, I’m attempting to apply for my first credit card.
A few questions I have:
1. Can I still claim to be a student as occupation, or do I really have to say that I’m unemployed just because I haven’t found a job within two weeks of graduating?
2. If I have to say I’m unemployed, will that pretty much destroy my chances at an unsecured Visa card?
3. Would having a cosigner change the above question’s answer?
4. I pretty much know the answer to this one, but is there any way I could use the student employee position I just left as my application occupation?
Ryan’s Answer:
If you are not a student, don’t say you are.
It’s best to wait until you have a job to apply for any type of credit.
Building credit is very important in today’s world, however finding a job is more important.
Remember, the definition of Fraud is:
lying for personal financial gain. You don’t want that on your conscience.
These are great questions you’ve asked. It shows your maturity and willingness to build a good name (credit).
Being a student doesn’t qualify you for a card either so it probably won’t help anyway. A cosigner may help, depending on the bank that issues the card. Also, look into a secured credit card with your local community bank. Community Bankers typically are willing to issue a card to someone based on a cosigner. Usually after 6 months to a year of good history you can switch to unsecured.
A secured card would be based on your savings or a CD (certificate of deposit). Say the CD is $500. So is the line of credit on your card. You don’t pay, they take your CD. It cuts the risk of default for the bank and makes your a better candidate for the card.
What Are Good Summer Jobs?
What Are Good Summer Jobs?
Whether you’re a teenager needing to make some money fast for a concert or you’re helping your child learn the value of a buck, here are a few summer jobs that don’t require a start-up cost and teach kids how to provide for themselves.
Think Services. What services can you provide? Can you mow grass and borrow a lawn mower? Can you wait tables and collect tips? Can you help people organize their kitchens, bathrooms, offices? Can you assist elderly people with errands?
In any of these applications (and any not mentioned for that matter) think of ways that you and your personal abilities and experiences will add value to those you will serve.
Other ideas
1.) write resumes
2.) type term papers
3.) grocery shop for a busy family, elderly person, or shut-in
4.) personal shop for wealthy people
5.) baby sit
Can bank keep my funds if I have been rejected?
Can bank keep my funds if I have been rejected to open an account?
This question was taken from Yahoo Answers by an anonymous person?
QUESTION:
I have a bad record in Chexsystems and I attempted to open account with a new bank (I submitted funds from my current bank to fund the “new”account)…They rejected me and havent returned my money. Can they do that? please help!
ANSWER:
Yes they can. You need to contact Chexsystems and follow through with the process of paying them in full. If you don’t you could be prohibited from opening an account anywhere until your name is cleared up.
When you were denied to open an account you should have received a notice with the phone number to Chexsystems. Use it.
By calling Chexsystems you will be able to:
1.) verify that the money you attempted to deposit did indeed go to them
2.) verify the amount they say you owe is correct
3.) begin the process of financial healing
If unattended to this could show up on your credit report and prohibit you from getting insurance, a home, or a job.
If you contact them they should be willing to work out a payment plan. However, they are not required to so be nice!
What Percentage of My Monthly Income Should I Spend On A Car Payment?
What Percentage of My Monthly Income Should I Spend On A Car Payment?
The short answer is none. The best way to pay for a car is with cash. Now that we have that out of the way, the 2nd best way is to finance as little as possible.
I get asked this question all the time and the answer will vary based on the amount of income you have.
For example, if you make $200,000 annually you should NOT spend 10% of your income monthly. You might however spend 10% of your income on a car payment if you bring home $2,000/month.
So, how do you know what to do? Here are a couple of “rules of thumb” that may help. Ultimately, it will come down to common sense.
- Keep the Term Short
Finance the car for no more than 36 – 48 months. If you cannot pay it off in 36 – 48 months it could cause problems. Cars depreciate or go down in value and you could end up “upside down” or owing more than the car is worth. That can create its own set of problems. Particularly if you get in an accident, total the thing, and have to pay out of pocket to pay off your loan. Yikes! - Budget Wisely
Realize that to budget for what your car will truly cost you you should double your car payment amount. WHAT? That’s right. Match the car payment amount in order to budget for what you will average monthly for gas and maintenance like oil changes, tire rotation, and things like that. For example: If your car payment = $250 then your monthly gas will probably = $200. Now also add $50/month for maintenance for the car. You will not change the oil or rotate the tires monthly, but when something comes up (and it will) you will be prepared for it. - Percentages Can Be Misleading
If your income is $3000 – $5000 monthly, 10% – 5% respectively is probably a good mark to shoot for.
For example:
(1.) you bring home $3,000 use 10%
(2.) you bring home $5,000 use 5%.
It may sound strange, but think about it. If you bring home more you should save more for a down payment and thus finance less leaving you with a lower payment. If that is too much for you, just use 5% and some COMMON SENSE and move on. - Use An Online Financial Calculator
Figure out what your payment would be by using an Online Payment Calculator and plugging in the numbers for the car you are going to buy. You can change the one I’ve linked to, to let you plug in the payment and calculate for the amount financed. That will let you know how much you can shop for. Make sure to change the Payment Option to “fixed loan term”.
$11,629 — Price including tax, tag, title.
-$3,000 — Down Payment
$8,629 — Amount Financed
2.75% — Rate
36 — Months
————————————-
$250.00 — Payment - Pay Yourself First, Automatically.
Once you have calculated that payment amount, start making monthly payments to your savings account long before you buy your car. Target 10 months if you can. Set this up as an Auto Transfer from checking or a direct deposit. It’s a fact. Making saving automatic not only helps you get to your goal, but also most banks will give you a rate discount to Auto-Draft your loan payments from a checking account. This “automatic savings payment” will get you used to the auto-drafting of payments too.While you are at it, load the “maintenance” amount you have to budget in there too. I would say put the gas portion in savings, but you will probably be using that to buy gas with for your current auto.After 10 months of saving a $250 payment plus $50 for monthly maintenance budget you will have accomplished 2 things.
One, you will have a real feel for what that payment is going to cost you.
Two, you will have $3,000 to put down on the vehicle. You will also have had time to think through the right car for you and shop around for the best financing.
Of course you know where I think the best financing is. If you get tired of using the online calculators or just want a real person to do the work besides you, call me. That’s what good Bankers are for.
Hello Mr. Banker! | Gabby’s Class Goes To The Bank
Field Trips were an amazing time when I was a kid. I hope that didn’t change for Gabby’s Pre-K class last week. Her class, all 19 kids, came to visit my Bank last week.
You can imagine the amount of pressure on a well-to-do dad like myself to impress my daughter in front of her friends. After all, she talked about the Papa John’s guy for months after he taught them how to make pizza on their other field trip.
All I do is run a Bank. How fun, right? How could I make their visit to a bank interesting?
It began a week before they arrived. I visited Gabby’s class and explained to the kids what banks do.
“Ok kids. Banks help people borrow money, save money, and use money. Pretty simple, huh?”
Then I explained to them that when they came to visit me, I’d show them all of the places and people in a bank that help people borrow, save and use money. I also explained that if they had time I’d like to get them to help me find something. A key… to a special box called a safe deposit box that’s kept in a special safe called a vault.
Of course, I explained that a safe deposit box is where people keep valuables like diamonds and jewelry (even though my safe deposit box only has birth certificates and titles in it!). The kids eyes lighted up with excitement.
When they arrived at the bank I asked them if they remembered the three things that banks do. Imagine, 19 four and five year olds screaming in unison “borrow, save, use”. That’s what I imagined too. Too bad that’s not what they said. If you were there, you would have heard “buy Barbies.. go to the movies…” etc.
Finally, I got them to remember all three things after some careful questioning.
We began in the lobby and I gave an overview of what we’d see during their visit.
“First let’s get a look at that box with the missing key” I said. So we did. The kids could hardly concentrate on the rest of the tour they were so excited.
“Now let’s go to the teller line. Which of the three things that banks help us with do you think Mrs. Barbara does?” They watched as she cashed a check for a customer and with a resounding “use!” they cheered out. We were on to something!
We then went to the personal bankers desk and asked the same thing. As Teresa, our Personal Banker, began to explain that she helped people borrow and save the kids became anxious and couldn’t help but to ask, “Have you seen a key?”
“No.” she said. “Maybe you should check outside by the ATM. I saw some people out there earlier.”
The line of kids shuffled outside to see the ATM. Pretty UNimpressive… unless you are a five-year old looking for treasure! I explained what the ATM does for people and they yelled out “use!”.
Then I suggested we take a look at the vacuum tubes in the drive through.
As we sent the tubes back and forth the kids noticed something shiny in the tube. It was a key. A key was stuck in the tube. All of as sudden I had 19 very ecstatic 5 year-olds on my hands.
There was no stopping them. We hurried in to see what was in that box. Before we opened it, I agreed to share whatever we found in the box since it was abandoned. I called Gabby to the front and handed her the key. The Safe Deposit Boxes are dual control meaning it requires a guard key and the box key which the kids found. I had Gabby turn the box key as I turned the guard key. The box clicked and the door swung open.
The kids were on pins and needles! I opened the box and they all shouted “Gold!” and they were right. Well, gold dollar coins anyway. I bought them and put them in there before the kids got there.
They were so excited! The kids had come to the bank, learned what banks do, and got to take home some money!
The treasure was all mine though. The look of pride on Gabby’s face as she beamed and said, “That’s MY daddy!”
10 Tips to Get The Most From Your Banker
10 Tips to Get The Most From Your Banker
Before you can use 10 tips to get the most from your Banker, you need to have a banker. Most of you don’t have a Banker even though we all have a bank. Whether you want a loan, to know what to do with your money, or simply how you can keep more of your money a Banker is where you should start.
Your probably wondering why I’m qualified to put these 10 tips together to start with. These actually came from clients I’ve had over the years. I simply put them in a list.
- Give your Banker a fresh Personal Financial Statement at least once a year.
What does your financial health-o-meter look like? Your doctor sees you at least once a year to help prevent any catastrophic health events from happening and to treat any illnesses that you have. Why don’t you do the same thing for your finances? Meeting at a minimum once a year is great, but what do you talk about? Start with a PFS or Personal Financial Statement. For the best PFS I’ve found and to get “Banking Bits” go here and register. - Establish how you’d like to be followed up with UP FRONT.
You don’t want to be called at dinner. You don’t want to be called at work. You don’t want to be called on vacation. Got it!
Then something happens to your account at the bank and you call and say, “Why didn’t anyone call me?”
Here’s the TIP: Establish up front how you’d like to be contacted. I suggest multiple choice.
(a) Once every 6 months
(b) Once every year
(c) When the Banker sees something truly beneficial and specific to me and my needs
(d) Don’t call me ever (this will NOT help you build a relationship in a church, a bar, OR a bank) - Take Your Banks Temperature?
Superman: “I’ve got you, Lois”
[Lois Lane falls from a million story skyscraper]
Lois Lane: “If you’ve got me, who’s got you?!”
Regardless of how good your banker is, you need to know how healthy his company is. Check the FDIC’s website for the health of the institution you are banking with and those you are considering banking with. Here you can find statistical information and company reports. You can also find FDIC coverage amounts for your money. - Test the Phones
“Mr. Watson – Come here – I want to see you.” ~ Alexander Graham Bell
Make a special note of how easy/difficult it is to get a REAL PERSON when you call. Take it a step further. Make a note of how easy/difficult it is to get a REAL PERSON THAT IS KNOWLEDGEABLE. This is very important and also very high on the list with the clients I’ve spoken with. Many of my clients ARE my clients because I picked up the phone AND I know what I’m talking about. In most cases, I was NOT the first person they called. I simply picked up the phone and helped them see their situation through to the end.
If you get a phone tree or you are asked to “Marque numero dos” then hang up and call another bank. Want an example? Gather your money questions and call my bank. - Get Personal – Why your banker SHOULD be nosy.
Did your banker ask you ton of questions about you? About your money? About your retirement? About your home? Your Mortgage? Your balances?
Answer: GOOD. That’s your Banker’s job. For them to be able to help you they have to know all of those things. The rub is when Bankers do this to qualify you for a specific product that they want to sell. These are product pushers and NOT Bankers. That doesn’t mean that good Banker will not offer you some financial product. The difference is VALUE. WHAT DOES IT DO FOR YOU? If it is not a specific fit for a situation you have and it seems wrong for you, it is. However, if the suggestion makes sense to solve a situation or prevent something bad from happening to your finances then head the Banker’s advice. - “You Can’t Handle The Truth!”
I see this all the time. People fill out a PFS and lie about their income or their debt. This is like telling your doctor you don’t smoke when he’s treating you for emphysema. Tell the truth and the truth will set you free. Not only that, but your Banker can help you get out of a mess or prevent one. If you do lie just remember: That will not build a relationship in a church, a bar, or a bank. - Get References or Testimonials
“Whatchu Talkin’ ‘Bout Willis?”
The best way to find someone good is to ask your friends, relatives, and neighbors about who they use. The next best way is to ask the Banker for References or Testimonials. If they don’t have any use caution. Because good Bankers are hard to find, the good Bankers usually have Ringing Endorsements from clients and colleagues. Can you find the example? - Find a Bank with Special Offers for YOU
This sounds simple, but there’s more to this one. I’m talking about special benefits for Where You Work Programs. These types of programs offer discounts for you simply by being associated with the company or organization you work for. There are some really good discounts and freebies that come from these programs. - Bring Your Statements to the First Meeting
Here’s a list of the types of statements that are helpful:- Bank Statements
- Retirement Statements
- Personal Financial Statements
- Mortgage Statements
- Credit Statements
Now you don’t have to bring all of these at your first meeting. You don’t have to know how to swim to jump in the water, but it helps to stay alive.
- ANSWER THIS HONESTLY: Do You See Yourself Taking Advice From This Person and Acting On It?
This one is on you. After you’ve interviewed the Banker, honestly answer this question. If they told you to refinance your home would you consider it? If you can’t see yourself acting on the advice of the person you are sitting in front of, thank them for their time, wish them well, then RUN!
I hope these tips for building a rock solid relationship with a Banker have helped you. If you’d like more “Banking Bits” register for our free weekly Banking Bits eZine by clicking here.
What’s a PFS?
5 Reasons to have a PFS Personal Financial Statement Ready to go and How to Get One
What Is A PFS?
A PFS or Personal Financial Statement is a snapshot of your finances including your Debts, Liabilities, Assets, and Net-worth at any given moment in time. Think of it as a Balance Sheet for People.
You know what a balance sheet is, right? Balance Sheets are those things we’ve all graded banks on over the last year (2009). That’s right. We’ve all graded banks pretty harshly, but I’ll bet that most people reading this haven’t filled out a Personal Financial Statement in the last 2 years. In fact, 95% have never filled one out.
Why Do You Need one?
There are TONS of good reasons to have one. I’ve managed to single out 5 that mean the most to me.
1. Filling out a PFS will force you to collect & review documents you should be collecting and reviewing on a regular basis. Things like: Tax Returns, Credit Card Statements, Liabilities, Assets, and Bank Statements.
2. If you are ever going to apply for credit it will show you how your lender will view you BEFORE you apply. Wouldn’t that be helpful to know?
3. IF you apply for business credit in today’s loan environment, post Financial Chernobyl, your lender will require it along with the documents you used to fill it out.
4. Having a PFS is not only good, but necessary for solid financial goal setting.
5. They are too easy to fill out not to have one.
Where to get a Blank Personal Financial Statement or PFS
This is one of the best I’ve found online. Go here —> Best PFS.pdf. The Small Business Administration has a standard business related, or you can contact your banker for a Bank Specific PFS.
What is a Credit Default Swap?
For over 2 years, the world (or at least the people in my world) have been asking for answers to why the economic system melted down. One of the best explanations of the systematic failure is in this radio story, “The Giant Pool of Money”, found on ThisAmericanLife.org.
For those of you NOT in the know, ThisAmericanLife.org is a Radio show that airs on NPR.org. It also comes as a free podcast and can be found easily at iTunes (it was number one as a podcast forever and may still be now as you read this). On this show, they do a fantastic job of explaining issues in our society through the recorded stories of our societies members most affected by the issue. For a very revealing, not always what you wanted to hear, but always painfully honest look at what’s going on in America, this is it.
Links:
- ThisAmericanLife.org (website)
- This American Life (To Subscribe on iTunes)
- “The Giant Pool of Money” (Audio Version – To hear the Meltdown Story)
After listening, leave a comment.
How Interest Rates Are Used to Control Inflation
Many of us know that inflation is bad, but most of us don’t realize how it works. Paddy Hirsch gives a simple, but brilliant explanation. Watch this video and let me know what you think by leaving a comment.
Interest rates from Marketplace on Vimeo.
Recent Comment
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April Maas:
Said on 2012/05/15
My nephew is out of control!
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Said on 2012/05/14
Omg thanks a lot Ryan for making me cry! Punkie Brewster your Auntie and Uncle...
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Ryan McKinney:
Said on 2012/05/08
Forgot to mention Bible Study is tonight. Andria Corral officiating!
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Said on 2012/05/04
Gabby is a good motivator.
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Said on 2012/04/29
YOU WIN! You are the proud winner of a chicken dinner ;)