Celebrity, Inc.

What can four drunk airplane passengers, first time parents, and a delightful new book called Celebrity, Inc. do for your wallet?
Plenty.
Let me start with the drunks and new parents. Monday night I boarded a very delayed flight from Houston to Los Angeles. Behind me were four 20/30-somethings boisterously swigging from "coffee" cups. (Our gate was across from a Cantina and you could practically smell the tequila in their paper cups.)
As the boarding continued they grew increasingly animated. Their frenetic energy seemed to wind up not just each other but everyone around them. Fellow passengers were visibly agitated.
Just before the plane doors closed, a young couple came on with a sleeping baby. The last two open seats were amongst this motley crew.
Suddenly, everything changed.
The presence of the earnest and exhausted parents had an immediate calming effect on both the inebriated passengers and those around them. It was as if a mirror had been placed in the center of the plane to remind us all of our humanity.
Enter, Jo Piazza's delicious new book, Celebrity, Inc: how famous people make money.
To me, this book is the figurative version of the newborn's parents getting on the plane. It serves as a mirror reflecting back the reality what's in the "coffee" cups of the celebrity scene.
That got me wondering what other financial lessons the author of Celebrity, Inc. might have stumbled across while writing this fascinating book. Thankfully, Jo Piazza was willing to share with us...
Q: Of the celebrities you profile in Celebrity, Inc. whose money attitude were you most impressed with and why?
Jo: Despite current controversy I was completely impressed with the Kardashian's money attitude and their work ethic. I have never met a celebrity crew who works so hard to maintain their brand. I don't necessarily agree with the massive amounts they are paid to do what they do, but unlike a lot of celebs they truly do work for it. And beyond that they manage their money well. They budget, they funnel funds back into new projects, they try not to spend excessively and they do donate a portion of their income to charity each year.
(2) What surprised you the most about the money habits you observed during your Celebrity, Inc. research?
Jo:  So many of the people I talked to over-spent their budgets on a consistent basis even though they were making crazy amounts of money. Spencer Pratt told me he and Heidi Montag pulled in about $10 million in 4 years but because they thought it would keep coming at the same rate they blew through it all. That's a common thread I found with a lot of celebs. They're making so much but they're spending just as quickly. They buy $5 million houses and spend half a million on a security detail and they rarely save a dime. I just don't think they realize the shelf life of fame is shorter than ever and they may not be famous tomorrow.
(3) What personal finance lessons do you think the rest of us can take away from the way famous people live their lives?
Jo: Budgeting for a rainy day is the best thing we can learn from celebrities in terms of personal finance. I saw so many cases of celebs who thought it would last forever and then forever came up really... quick.
I was inspired by the extent to which celebs expand their personal brands. Tim McGraw went from country singer to fragrance king. When Valerie Bertinelli's career as an actress seemed like it was over she reinvented herself through a weight loss campaign. I don't think we see these instances of celeb entrepreneurship as inspiring enough and I truly think they should be a lesson in taking chances, building a new business and making lemonade out of lemons.
In many ways our celebrity culture is like a group of chaotic drunk people. It lurches rapidly from one topic and fad to the next. In the heat of the excitement money can feel like no object. But the financial hangover of being, or trying to emulate, that lifestyle can result in a serious financial crash.

Read More..

Pension Red Alert: 70% Of Pensions Are Never Audited

Chances are that your pension or 401k plan has never been audited. No one's checking annually to see if the money's really there. Worried yet? It should freak you out, in my opinion. According to regulators, seventy percent of the nation's pensions have never been audited.
Lest you think I'm an alarmist, the Inspector General of the U.S. Department of Labor earlier this year in his Semiannual Report to Congress wrote that plans lacking full audits "provide no substantive assurance of asset integrity to plan participants." That's a pretty dire assessment. In layman's terms it means that if your money is invested in a pension that has never been audited, no one knows for certain the money is actually there. That, I would submit, should be of concern to every investor in an unaudited retirement plan. You need to find out if your pension is unaudited and, if so, demand a true audit before it's too late.
Is this the familiar tale of an agency of the federal government being asleep at the wheel while an outrageous compromise to the integrity of the nation's pensions came to pass? A regulator who woke up far too late to abuses?
Not exactly. In fact, nothing could be farther from the truth.
Would you believe that every year since 1989, the Inspector General of the DOL has sounded the alarm about the risks to pension participants related to failures to audit? For over twenty years, the Inspector General has recommended that Congress close the loop-hole in the federal law applicable to pensions, ERISA, that allows this state of affairs to persist.
Counsel to the Inspector General recently stated to me “we have long believed that this is an important issue. A lot of pension dollars have not been properly audited.”
I am told that this year, for the first time in over two decades, the Inspector General is considering dropping the recommendation to Congress to address this issue of critical importance to retirement savers. Why? Because the recommendation has been rejected so many times. I can't blame the Inspector General's office from being discouraged but, in my opinion, it would be a collosal mistake to give up at this point in time because we are only now on the cusp of determining the harm related to unaudited plans.
What's going on here? Under ERISA,  a pension sponsor may instruct the auditor to a pension not to perform any auditing procedures with respect to investment information prepared and certified by a bank or similar institution. That's right-- no auditing procedures. The bank simply certifies the accuracy and the completeness of the information submitted to the auditor and the auditor includes it in his financial report with the following gargantuan caveat: Because of the significance of the information that we did not audit, we are unable to, and do not, express an opinion on the accompanying financial statements and schedule taken as a whole (emphasis added). In the words of the Inspector General, these so-called "limited scope audits" are "no opinion audits." They're worthless. The auditor is saying to you, "because I have been instructed not to look at certain pieces, I cannot tell you what the whole is worth."
But it's not just a sliver of plan assets that the auditors are not examining  -- it's often all or virtually all of the assets in plans. To make matters worse, plans are increasing their high risk bets by loading up on hard-to-value assets, such as private equity and hedge funds, in a desperate attempt to close their funding gaps. What are these hard-to-value assets worth? Who knows? Nobody's checking, or even concerned. The custodian banks have provisions in their contracts which specify that they may conclusively rely upon values that these lightly-regulated managers provide to them. Of course, since these managers are paid a fee based upon the value of the assets they manage, they have every incentive to inflate valuations. Let's hope they're committed to telling the truth-- even if it means their rich fees dwindle. The net result is that the auditors rely upon unverified statements provided by custodian banks and the banks, in turn, rely upon unverified valuations provided by hedge fund managers handling plan assets. Nobody is required under the law to check that the money is there. Sounds Madoff-ish to me.
Here's some background on this impending train wreck. In November 1989, the Office of the Inspector General for the U.S. Department of Labor issued a report titled “Changes Are Needed in the ERISA Audit Process to Increase Protections for Employee Benefit Plan Participants.” According to the Inspector General, the most critical recommendation made in that report was to amend ERISA to require full scope audits-- real audits, not bogus no opinion audits.  In September 1996, the Inspector General issued a report entitled “Full Scope Audits of Employee Benefit Plans Still Needed” which stated that “the need for full scope audits of employee benefit plans is as important today as it was 7 years ago.” This review confirmed that, at that time, almost half of the plans reviewed received limited scope audits and disclaimers of opinions. The Office of the Chief Auditor “concluded that this is a disservice to plan participants in terms of protection and in terms of useful information the participants need to monitor their plans’ ability to pay benefits.”
In 1990, 1992 and 1998, the GAO recommended that the limited scope audit exemption should be repealed. According to the GAO:
“Under this limited scope audit, the auditor is required to obtain financial statements from the company holding the investments and a certification from that company that the statements are accurate and are a part of the company’s annual report. However, the auditor would not perform the normal procedures designed to provide certain basic assurances about the existence, ownership, and value of a plan’s assets held in trust. The resulting lack of audit work can result in an auditor disclaiming an opinion on the financial statements."
No normal procedures performed to establish basic facts like the assets ...  exist? That's a pretty basic fact that, in my book, somebody ought to know -- with absolute certainty.
But the GAO had more to say:
"The disclaimer can cause two problems. First, it can diminish the value of an audit by leaving a significant gap in the information intended to help participants evaluate their plan. For example, plan participants would have no basis for judging whether excluded investments are vulnerable to mismanagement, fraud, or abuse. Second, the disclaimer language could confuse the participant. It says that the auditor does not express an opinion on the financial statements and supplemental schedules, but that the auditor does provide some assurance that the form and content of information included in statements and schedules comply with the Department of Labor rules and regulations. As a result of this potentially confusing wording, users of limited scope audit reports could be uncertain about what, if any, assurance these reports provide.”
For those of you participating in an unaudited plan where signifcant assets are invested in hedge funds and other hard-to-value investments, I can assure such investments, if excluded, are "vulnerable to mismanagement, fraud, or abuse,"  and you should be very concerned.
The GAO is right that users of limited scope audit reports should be uncertain about what, if any, assurances these reports provide. I can assure you that, when and if sued, auditors who issue such opinions will claim that the opinions plainly warned that no assurances were provided.
As mentioned earlier, this year the Inspector General in his Semiannual Report to Congress recommended repeal of ERISA’s limited-scope audit exemption. According to the Inspector General, “This provision excludes pension plan assets invested in financial institutions such as banks and savings and loans from audits of employee benefit plans. The limited audit scope prevents independent public accountants who are auditing pension plans from rendering an opinion on the plans’ financial statements in accordance with professional auditing standards. These “no opinion” audits provide no substantive assurance of asset integrity to plan participants or the Department (emphasis added).”
You should be concerned if your retirement savings are held in a retirement plan that has never been audited. Don't let anyone tell you otherwise. Call me crazy, but it does matter whether procedures designed to verify the existence, ownership, and value of a plan’s assets have been performed. I predict that we are on the verge of learning just how worthless no opinion audits of pensions really are.  I am confident that in the future it  will become apparent that lack of scrutiny has resulted in widespread misrepresentation of pension asset values. Take action now to protect your retirement security.

Read More..

Rate on 30-year mortgage ticks up to 4 pct.

WASHINGTON (AP) — The average rate on the 30-year mortgage stayed hovered above the record low for a third straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac said Thursday that the rate on the 30-year loan ticked up to 4 percent from 3.99 percent. Six weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage rose to 3.31 percent from 3.30 percent. Six weeks ago, it hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.
Mortgage applications fell 10 percent this week from the previous week, according to the Mortgage Bankers Association.
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don't want to sink money into a home that could lose value over the next three to four years. And most homeowners who can afford to refinance already have.
The low rates have caused a modest boom in refinancing, but that benefit might be wearing off. Most people who can afford to refinance have already locked in rates below 5 percent. Refinancing fell 12.2 percent last week, according to the mortgage bankers group.
The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fees for the 30-year and 15-year fixed mortgages were unchanged at 0.7.
The average rate on the five-year adjustable loan fell to 2.97 percent from 2.98 percent. The average rate on the one-year adjustable loan increased to 2.98 percent from 2.95 percent.
The average fees on the five-year and one-year adjustable loans were both unchanged at 0.6.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

Read More..

End-of-the-Year Checklist for Divorcing Women

Most women wait until after the holidays to move forward with their divorces --and that’s completely understandable. Many don’t want to disrupt family traditions for their children. Some welcome the distraction offered by the hustle and bustle of the season. And, of course, others want to avoid the discussions that inevitably seem to arise whenever and wherever relatives gather.
Interestingly, though, January is the month when most divorces are filed. Obviously, turning the page towards a New Year inspires a fresh start –and that’s completely understandable, too. If you’re headed in that direction, it makes sense to spend a little time this month planning ahead. You can do so discreetly, and then know that you’ll truly be ready to start the New Year on the right foot.
To help get you begin, here are a few things you can do now to help make the divorce process smoother in 2012:
1. Start collecting financial documents. Watch the mail for year-end statements from banks, credit card companies, etc.  As we outline in our Divorce Financial Checklist, preparing for divorce requires gathering all the relevant documents related to your bank and brokerage accounts, credit cards, mortgages, etc. Once you have collected them, make copies, and take them to a trusted friend/family member, or use a safe deposit box that your husband can’t access.
2. Check your credit report. While you’re gathering your financial records, keep a careful eye on your credit card statements, and if you haven’t already done so, request a copy of your credit report. Once you have the report, monitor your score carefully so you’ll be the first to know if any unusual activity occurs.  (For example, is your husband using your joint credit cards to buy his girlfriend gifts this holiday season?)  See my post, How To Protect Your Credit Score During Your Divorce, for more tips
3. Research divorce professionals in your area. If you want to ensure the best possible outcome for your divorce, take the time to build a qualified divorce team. I recommend you start with these three players: a matrimonial/family law attorney, a divorce financial planner and a therapist/counselor. Spend some time this month researching divorce professionals and create a short list of candidates for each position. Schedule interviews with each top contender in January, and rest easy knowing that by February 2012, you’ll be benefiting from the expert guidance of a top-notch divorce team.
4. Open new accounts in your name. Moving forward as a single woman in 2012 will require that you have a bank account and credit cards in your name. Lay the groundwork now.  Don’t use the bank where you currently have your joint accounts. Go to a different bank and open both a savings and a checking account in your name. You’ll need your own credit card, too, so you should start that process now, as well. New federal regulations are making it harder than ever for women with little or no income to establish credit on their own. You can do it. But, plan accordingly and know that securing credit is going to be more complicated than just filling out an application or making a single phone call.
5. Remain vigilant. Is your husband using the good cheer of the holidays as cover while he dissipates family assets? Be attentive, and if you are concerned at all about financial shenanigans by your husband, you may want to think twice about filing a joint return with him for 2011.
Some women who are considering divorce let the holidays get them down. Don’t be one of them. Use this opportunity to start planning ahead, and you’ll be able to start the New Year confident that you are on the way to a more stable and secure financial future.
--------------------------------------------------------------------------------------- Jeffrey A. Landers, CDFA™ is a Divorce Financial Strategist™ and the founder of Bedrock Divorce Advisors, LLC (http://www.BedrockDivorce.com), a divorce financial strategy firm that exclusively works with women, who are going through, or might be going through, a financially complicated divorce. He also advises women business owners on what steps they can take now to “divorce-proof” their business in the event of a future divorce. He can be reached at Landers@BedrockDivorce.com.
All articles/blog posts are for informational purposes only, and do not constitute legal advice. If you require legal advice, retain a lawyer licensed in your jurisdiction. The opinions expressed are solely those of the author, who is not an attorney.

Read More..

It's Not Too Late: Year-End Tax Moves

Once you’ve reached the last month of the tax year, your options are limited to minimize your income taxes. But there are a few things that could still be done, so don’t give up hope.
For example, you could double up your real estate taxes by prepaying next year’s tax during December. Doing this with, for example, a $3,000 per year real estate tax bill could result in a reduction of tax for the year of $750 if you’re in the 25% bracket. Keep in mind though, that you’ll have forked out this money long before it is actually due in most cases, and for the next year you won’t have this deduction available if you used it in this year.
The same could be done with your charitable contributions - there’s no reason that you can’t make additional contributions to your favorite charities at the end of this year instead of waiting until next year.
You could also send your final estimated state income tax payment due in January of next year during December and claim that payment on this year’s itemized deductions as well.
Prepaying your January mortgage payment will credit that mortgage interest to this year as well, further increasing your itemized deductions.
Other itemized deductions could be “stacked” in one year, such as medical expenses (subject to the 7.5% floor) and miscellaneous deductions (subject to the 2% floor).
It’s important to keep in mind that the moves that you make this year might reduce your tax now - but you might have an adverse impact on next year’s income tax by doing so. It will pay to run the calculations based on what you know about this year’s tax and next year’s tax to make sure that it is in your best interest to do this.
Here’s how it might play out: if you prepaid your next year’s real estate tax during this year, it might reduce your deductions below the Standard Deduction - which could be a good thing. In doing this, you would get to use the Standard Deduction to increase your tax deductions on next year’s return when you specifically reduced your deductions for that year by prepaying the deductible real estate tax in during this year. In this fashion you might be making the most of the standard deduction and your itemized deductions year after year - one year using the “stacked” deductions, the next using the standard deduction.
These prepayment options could have a negative affect if you are subject to the Alternative Minimum Tax (AMT). Prepaying your state tax, mortgage interest and some medical expenses might trigger or cause an increase in AMT. One tactic that you might consider is selling a taxable investment that has an inherent loss; this is especially useful if you’ve sold another investment at some point in the tax year that has resulted in a taxable gain. Losses can be used to offset those capital gains dollar for dollar, and an additional $3,000 in capital losses can be used to reduce your ordinary income as well.
You can also make up for underpayment of estimated tax by taking a withdrawal from an IRA (especially if you’re over age 59½) and having tax withheld from the withdrawal. This can also be accomplished by having more tax withheld from your paycheck if you’re still working, by filing a new W4. Another significant move you can make includes the Qualified Charitable Distribution from your IRA, 401(k) or 403(b) - allowing you to bypass recognizing that income, including your RMD. This can only be done if you’re at least age 70½ and subject to Required Minimum Distributions. The charity receives a contribution, and you get to lower your year-end balance in your account, therefore reducing your RMD for next year.  For more details on this, you should check out the IRA Owner's Manual.
You can also delay your first RMD (if you reached age 70½ this year) until as late as April 1 of next year, although that will mean you have to take two RMDs next year. But in some circumstances that may be the better option.
You can also make a deductible contribution to your IRA, if you qualify - but you don’t have to do that before the end of the year, you have until April 15 to do that.
This isn’t an exhaustive list of year-end tax moves, just several of the more prominent ones. Hopefully you’ll find what you need here to help with your year-end tax plans.

Read More..

New Website Takes Social Approach To Personal Finance

The Internet is a great source of information on personal finance, but often this information lacks the personal touch. The new website MyMoneyCircles.com aims to provide that personalized element by taking an interactive, social media-style approach.
Though it focuses on the human element, MyMoneyCircles is anything but soft and fuzzy. The website refers to its approach as a "boot camp" for personal finance. But what exactly does a personal finance boot camp entail?
Getting financially fit
The boot camp method at MyMoneyCircles involves pushing participants to get their personal finances in the best shape possible. And the boot camp analogy is apt, because it highlights the simple fact that financial responsibility often isn't easy, and building robust savings accounts is often an act of sacrifice.
MyMoneyCircles will conduct a series of boot camps to address a variety of financial goals, including:
Saving money
Managing credit and debt
Protecting family and assets
Planning for the future
The personalized support system at MyMoneyCircles is designed to help users make the changes necessary to meet these goals. By engaging participants throughout the process, and providing advice tailored to their needs, the site aims to lead them each step of the way toward financial improvement.
Here are some of the methods MyMoneyCircles will use to engage, encourage, and energize those who want to improve their personal finances:
Personal assessment. A 10-question quiz will kick off each boot camp, to provide users with a clearer picture of their needs on each topic.
Customized advice and education. Participants will receive emails related to their areas of interest and access to online materials. Online resources will allow users to submit questions to financial experts through MyMoneyCircles.
A defined action plan. MyMoneyCircles will present participants with specific steps designed to get them to stop procrastinating and to start meeting their goals.
Community support. MyMoneyCircles is designed for users to share their personal experiences with other members of the community, especially those with similar needs and goals. In this way, users can help each other make progress.
Continued growth opportunties. MyMoneyCircles aims to provide multiple levels of informative material, allowing users to build on what they've learned.
Access to expertise
Central to the program is the expertise of Lynnette Khalfani-Cox. Khalfani-Cox, also known as "The Money Coach," is a best-selling author and frequently-quoted expert in the national media. Khalfani-Cox's input drives both the design and content of MyMoneyCircles, and she will answer individual participant questions too. A variety of financial specialists--full disclosure, this author will be one of them--will also be available to provide advice.

Read More..

US rate on 30-year mortgage rises to 3.71 pct.

WASHINGTON (AP) — Average rates on fixed mortgages rose this week, the first increase in seven weeks. But mortgage rates remain near historic lows, boosting prospects for home sales this year.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 3.71 percent. That's up from 3.67 percent last week, the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, rose to 2.98 percent. That's up from 2.94 percent last week, also a record low.
The rate on the 30-year loan has been below 4 percent since early December. Low rates are a key reason the housing industry is showing modest signs of a recovery this year.
In April, sales of both previously occupied homes and new homes rose near two-year highs. Builders are gaining more confidence in the market, breaking ground on more homes and requesting more permits to build single-family homes later this year.
Low rates could also provide some help to the economy if more people refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend.
Still, the pace of home sales remains well below healthy levels. Economists say it could be years before the market is fully healed.
Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks. Some would-be home buyers are holding off because they fear that home prices could keep falling.
The economy is growing only modestly and job creation slowed sharply in April and May. U.S. employers created only 69,000 jobs in May, the fewest in a year.
Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. Uncertainty about how Europe will resolve its debt crisis has led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.7 point, unchanged from last week. The fee for 15-year loans also was unchanged at 0.7 point.
The average rate on one-year adjustable rate mortgages slipped to 2.78 percent from 2.79 percent last week. The fee for one-year adjustable rate loans was 0.5, up from 0.4.

Read More..

US fixed mortgage rates fall to new record lows

 Fixed U.S. mortgage rates fell again to new record lows, providing prospective buyers with more incentive to brave a modestly recovering housing market.
Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan dropped to 3.62 percent. That's down from 3.66 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, slipped to 2.89 percent, below last week's previous record of 2.94 percent.
The rate on the 30-year loan has fallen to or matched record low levels in 10 of the past 11 weeks. And it's been below 4 percent since December.
Cheap mortgages have provided a lift to the long-suffering housing market. Sales of new and previously occupied homes are up from the same time last year. Home prices are rising in most markets. And homebuilders are starting more projects and spending at a faster pace.
The number of people who signed contracts to buy previously occupied homes rose in May, matching the fastest pace in two years, the National Association of Realtors reported last week. That suggests Americans are growing more confident in the market.
Low rates could also provide some help to the economy if more people refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend. Many homeowners use the savings on renovations, furniture, appliances and other improvements, which help drive growth.
Still, the pace of home sales remains well below healthy levels. Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.
And the sluggish job market could deter some would-be buyers from making a purchase this year. The U.S. economy created only 69,000 jobs in May, the fewest in a year. The unemployment rate rose to 8.2 percent last month, up from 8.1 percent in April.
The government reports Friday on June employment.
Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.8 point, up from 0.7 percent last week. The fee for 15-year loans also was 0.7 point, unchanged from the previous week.
The average rate on one-year adjustable rate mortgages fell to 2.68 percent, down from 2.74 percent last week. The fee for one-year adjustable rate loans rose to 0.5 point, up from 0.4 point.
The average rate on five-year adjustable rate mortgages was unchanged at 2.79 percent. The fee stayed at 0.6 point.

Read More..

W.Va. teachers to attend 'Finance University'

CHARLESTON, W.Va. (AP) — West Virginia University's business school is teaming up with the state auditor's office and a nonprofit economic literacy group called the West Virginia Jump$start Coalition to present a conference for educators to learn personal finance — and how to teach it to their students.
This year's Finance University is the 10th annual event for middle- and high-school teachers. It will be held Monday through Friday at the Charleston Conference Center.
Conference organizers say that participants will take a course to prepare for teaching their students personal-finance topics, including credit-card use, saving and investing, insurance, retirement plans, and more. Fifteen financial experts also are expected to give presentations.

Read More..

Average on 30-year US mortgage stays at 3.55 pct.

The average rate on the 30-year fixed mortgage held steady this week, staying slightly above the lowest level on record. Low mortgage rates have aided a modest housing recovery.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan was unchanged at 3.55 percent. In July, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.
The average on the 15-year fixed mortgage, a popular refinancing option, slipped to 2.85 percent, down from 2.86 percent last week. That's above the record low of 2.80 percent.
Cheap mortgages have helped lift the housing market. Sales of new and previously occupied homes are well above last year's levels. Low rates have also allowed people to refinance, which lowers monthly mortgage payments and helps boosts consumer spending.
Home prices are increasing more consistently this year, largely because the supply of homes has shrunk while sales have risen. And the number of Americans who owe more on their mortgages than their homes are worth declined in the second quarter.
Still, the housing market has a long way back. Home sales are below healthy levels. And many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.
Mortgage rates are low because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.6 point, down from 0.7 point last week. The fee for 15-year loans was changed at 0.6.
The average rate on one-year adjustable rate mortgages was steady at 2.61 percent. The fee for one-year adjustable rate loans also was unchanged, at 0.4 point.
The average rate on five-year adjustable rate mortgages fell to 2.72 percent from 2.75 percent. The fee declined to 0.6 point from 0.7.

Read More..

Ahead of the Bell: Weekly mortgage rates

WASHINGTON (AP) — Loan buyer Freddie Mac reports Thursday on whether mortgage rates are continuing to hold near recent low rates.
Last week the average rate on the 30-year fixed mortgage held steady at 3.55 percent, slightly above the record low of 3.49 percent that was reached in July. Meanwhile, the average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.85 percent from 2.86 percent.
Cheap mortgages have helped the housing market recover this year. Sales of new and previously occupied homes are well above last year's levels.
Home prices are increasing more consistently this year, largely because the supply of homes has shrunk while sales have risen. And the number of Americans who owe more on their mortgages than their homes are worth declined in the second quarter.
Still, the housing market has a long way back. Home sales are below healthy levels. And many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.

Read More..

David Benowitz Comments On Use Of High-Capacity Magazine By David Gregory On Meet The Press

The Sunday morning talk show host was attempting to make a point about gun control by using a type of ammunition magazine that is not legal in the District of Columbia, where the show is filmed

(PRWEB) December 26, 2012
According to the Washington Post, David Gregory, who hosts the NBC Sunday morning show "Meet The Press," is facing a potential criminal investigation after he used a large-capacity ammunition magazine during a segment about gun control in which he interviewed Wayne LaPierre, Executive Vice President of the National Rifle Association (NRA). It is illegal in the District of Columbia to possess a magazine that can hold more than ten cartridges, whether or not it is attached to a gun at the time.
Washington, D.C. criminal defense attorney David Benowitz commented on the case in an article posted on the New York Times, saying that if someone were to be found with that type of magazine on the street, “You would be arrested; you would most likely be charged with possession of an illegal magazine. . . depending on what time you were arrested, you would most likely be held overnight.” If convicted, Mr. Gregory could be facing up to a year in prison and/or a $1,000 fine.
An investigation of this case may be ongoing, and it remains to be seen who, if anyone, at NBC may eventually be charged. Even if there were no bullets in the magazine during the time of the taping, it is still illegal to possess that type of magazine in the District of Columbia.
In an interesting twist, NBC reportedly asked local police if they could use the magazine on their broadcast, and were told that they could not, according to the New York times article. If this is in fact the case, and Mr. Gregory knew it, Mr. Benowitz says that it will not help his situation. Meanwhile, according to an article posted on Yahoo News, an official from the Metropolitan Police Department (MPD) told a member of the ATF that Mr. Gregory could in fact display the magazine on his show. Howver, a statement released by MPD today indicates that it was contacted by NBC regarding the use of the high-capacity magazine and informed the station that its use was not permitted.
In that same Washington Post article, Mr. Benowitz calls into question how NBC came to possess the magazine, explaining that if an NBC staffer went out of the District and brought the magazine back in to use on the show, that too could be a criminal violation.
The segment in question aired this past Sunday. Mr. Gregory was interviewing Mr. LaPierre and confronted him about whether that type of magazine should be outlawed in response to the massacre at Sandy Hook Elementary School in Newtown, CT on December 14th.
David Benowitz is a founding partner of Price Benowitz LLP, a criminal defense and personal injury firm with offices in Washington, D.C., Maryland, and Virginia. For more information about relevant gun laws in those states, please visit our Maryland gun lawyer and Virginia gun lawyer pages.

Read More..

Hermann Ford Partners with Carsforsale.com for Dealer Marketing Solutions

Hermann Ford has selected Carsforsale.com to launch their new custom dealer website, mobile site,dealer inventory listings, with additional access to a plethora of dealer marketing tools.

Sioux Falls, SD (PRWEB) December 26, 2012

Hermann Ford, located in Hermann, MO, has a crisp online image and great brand visibility with their new site. Carsforsale.com offers dealers technology savvy web design, graphic design, web development, social media tools and search engine optimization in their site development suite.

Powerful inventory listing solutions are also offered through Carsforsale.com, with great lead potential for Hermann Ford from the millions of visits to Carsforsale.com's inventory portal each month. This visibility paired with the exclusive automotive listing partnership withFreeClassifieds.com, one of the industry’s most up and coming classified listing services, offers dealerships a great consumer reach.

Carsforsale.com also offers a collection of automotive sales tools, services, wholesale networking, data reporting and advertising templates for dealerships to fill in any gaps in their advertising.

Aaron Oestreich, Director of Dealer Development with Carsforsale.com states, "We are very excited to join forces with Hermann Ford. We look forward to enhancing their brand.”

About Hermann Ford:

Hermann Ford is a Ford dealership in Hermann, MO. The new website and vehicle inventory can be found at http://www.hermannford.com/.

About Carsforsale.com:

Carsforsale.com created in 1999 and headquartered in Sioux Falls, SD, is one of the fastest growing and most popular auto classified websites. Carsforsale.com offers a fast and effective way to connect buyers with sellers of used cars. Carsforsale.com reaches millions of unique visitors each month and is a privately held company.

Read More..

Superbreak Unveils New Theatre & Event Breaks for 2013

Short Breaks Specialist, Superbreak, Reveal Top West End & Concert Breaks for 2013, including The Book of Mormon and Charlie And The Chocolate Factory, Bruce Springsteen and Robbie Williams, and Chelsea Flower Show 100th Birthday

(PRWEB UK) 27 December 2012
Short breaks specialist, Superbreak, has unveiled its range of brand new theatre, concert and event packaged breaks for 2013, offering customers a wealth of short break ideas for the coming New Year, including The Book Of Mormon, from the creators of South Park, Charlie & the Chocolate Factory the new Musical, The Audience, starring Helen Mirren as Queen Elizabeth II, A Chorus Line at The London Palladium, Bruce Springsteen and Robbie Williams at Wembley Arena and the Chelsea Flower Show 100th birthday.
Over the past year, the Yorkshire based tour operator has reported a +20% revenue increase for customers travelling on a packaged break, saving time and money by combining their entertainment tickets and hotel accommodation, optional rail travel from any UK mainland station and attraction tickets. The strong partnerships established with leading theatre and event venues throughout the UK has enabled Superbreak to offer customers tickets to world class events such as Robbie Williams, Pink! and the Rolling Stones in 2012, along with an unrivalled selection of London theatre breaks for top shows such as The Lion King, Jersey Boys, Les Miserables and The Bodyguard to a huge variety of world class regional productions such as The Lion King, Oliver! The Phantom of the Opera and Dirty Dancing for key destination cities such as Manchester, Edinburgh, Dublin, Birmingham and Cardiff.
Top new cultural events for 2013, include the prestigious RHS Chelsea Flower Show, which will celebrate its 100th birthday in May and the awe-inspiring Edinburgh Military Tattoo at Edinburgh Castle – an annual favourite amongst Superbreak customers in 2012. Furthermore, after a successful summer of sport in 2012, the tour operator has also extended its range of sporting events to include the likes of the Derby, the Grand National, McCoy’s Premier League Darts and the Power Gold Cup Cheltenham.
Head of Theatre & Events at Superbreak, David Thomas, commented: “The sound of corks popping on the 31st of December will fanfare 2013 in as a truly ‘Champagne Year’ for Theatre and Event Breaks. Whether it is the stars of the West End, Wembley or Wimbledon, that whet your appetite, or world class entertainment in buzzing cities such Manchester, Edinburgh or Dublin, Superbreak is committed to providing packages that fit every pocket. In 2012 we staged The Games, but in 2013 the stage is the name of the game”.
About Superbreak:

Superbreak is the internet division of Superbreak Mini Holidays Limited, the market leader for cheap weekend breaks and hotels throughout the UK and beyond, including Edinburgh and London to Paris and even Dubai. Superbreak is part of Holiday Break plc. Based in York, England, Superbreak specialises in booking city breaks in 2-5 star hotel accommodation throughout Britain for the leisure traveller. Superbreak also work with various travel providers offering a range of rail breaks, P&O mini cruise breaks, New Year Breaks, flights & more.
With 5000 plus hotel partners in worldwide including hotels in London and Manchester to New York and Paris and with great availability and rates for theatre breaks, events at the O2 Arena, various popular attractions and national and international rail partners, Superbreak can offer an outstanding depth and breadth of UK and Overseas short break products.

Read More..

Powder Metallurgy Industry Top 10 Companies Analysis in New Market Research Report at ReportsnReports.com

ReportsnReports.com adds “Top Ten Companies in Powder Metallurgy” new market research report to its store.

Dallas, Texas (PRWEB) December 27, 2012
The scope of this report is focused on a select 10 companies in the powder metals industry. This is in many ways a selected due diligence of the key companies and drivers in the PM marketplace. An attempt has been made to include top companies in metal powder manufacturing as well as those companies that use powder metal to fabricate components. Also included are descriptions of several up-and-coming global players—companies that appear to have the potential to become major contributors in the PM market.
This report on identifies:

     The top 10 major manufacturers of powder metal and other related materials, such as ceramics and nanopowders, special alloys and metal matrix composites, and companies that make parts and components for automotive products, industrial and tolling equipment, recreation and hobby items, appliances, business machines and other products.
     It is written with the intent of covering two major segments of the powder metallurgy industry: (1) those companies that manufacture metal powders, and (2) those who use the metal powders to fabricate components.
     Also included are descriptions of several up-and-coming global players—companies that appear to have the potential to become major contributors in the PM market.
Powder metallurgy is sometimes referred to as the chipless process, meaning there is nearly zero waste of material. This is due to the absence of machining operations compared to conventional metallurgical methods mentioned earlier. Statistics show that 97% or higher of the input material is retained in the final part. This alone saves the industry huge amounts of money as all conventional metal processing methods result in double-digit waste of material between incoming material and final product.
This focused report profiles the top 10 companies of this industry globally, and provides comments on several transformative changes that are happening in the powder metallurgy industry. The industry as such has a wide range of companies as players—including metal powder manufacturers, part manufacturers, equipment manufacturers, end users and several unique supporting suppliers.
The industry is well developed and mature, and has several global communities, groups, associations and similar organizations that support, campaign for, lobby and market the needs and services of the industry. These range from local clusters to international organizations of various sizes and membership counts. Overall, the industry is estimated to have more than 5,000 companies, not to mention the several thousands of less-established upcoming players.
The powder metallurgy industry caters to a wide range of industries including automotive, aerospace, medical and dental. In the recent years there have also been several new applications for powdered metals such as conductive inks, paints and electronics. This report will explore these application areas in detail.
That report provides a global review of the industry with trends, regulatory aspects and other macro-level factors. In that report, numerous companies are listed in brief along with their region of operation and products. The goal of this document is to provide a more in-depth look at the top-tier companies in the industry and to take a closer look at how the products from these companies are addressed in the market, thus providing an explorative financial and technical review to the readers.
The objectives include identifying companies that are considered the leaders and what technologies or management contributions make them leaders. There are certain market drivers and some constraints to both the companies and to the evolving technology they seek to dominate. There is a desire to ascertain whether these companies will be able to meet the continuing demand for their products by proprietary technology, strategy alliances, superior marketing or other sought-after advantages.
Most of the information presented in this report is based on that available from annual reports, various regulatory filings, company website, U.S. Patent and Trademark Office (USPTO) and other public sources, and the author hereby acknowledges the same. Additional information was sourced from industry experts and people with a close understanding of the industry dynamics.

Read More..

ListedBy and Revestor Enter Marketing Agreement

NAPA Calif. (PRWEB) December 26, 2012
ListedBy (http://www.ListedBy.com), the first free online real estate marketplace and social network with live bidding public real estate auctions and ‘Best Offer’ functionality, and Revestor (http://www.revestor.com), a real estate platform that enables home buyers and investors to instantly evaluate a property’s likely returns, today announced a co-marketing agreement that builds on a number of synergies between the two organizations, including strengths and appeal within the real estate investment market segment.
The partnership incorporates a revenue share component and covers multiple cross-platform exposure and promotion programs.
"We are very pleased to partner with Bill Lyons and the Revestor team,” said Stephan Piscano, CEO and Co-Founder, ListedBy. “Buyers on ListedBy.com are looking for the type of analysis that Revestor provides, and Revestor users will benefit greatly from the free exposure ListedBy.com offers to help investors market assets to our highly targeted buyer community.”
"We are excited to offer to ListedBy members an additional tool for success, as we are about bringing to Revestor users the ability to research and buy investment properties including off-market assets on ListedBy,” said Bill Lyons, CEO and Member, Revestor.
Consumers and real estate investors across the United States can use Revestor's technology in their home buying process to estimate the risks involved with a home purchase and expectations for future potential performance of specific properties.
ListedBy members use the platform to research MLS listings nationwide and to view, bid on, or purchase homes and investment properties instantly online. Users can submit a ‘Best Offer’ on a desired property, or purchase the asset outright through the Buy-It-Now function. Buyers can also bid on listings through on-going commercial and residential real estate auction events on the site, including real estate foreclosure auctions, completely free of charge.
About Revestor
Revestor is a new real estate marketplace for consumers and investors to search homes for sale. With their patent pending technology, anyone buying real estate can search the unique application to find homes estimated to offer the best return. Users apply the information to make buying decisions that will benefit them in the long run, whether as a place to rent, live or invest in. For more information, visit http://www.revestor.com.
About ListedBy
ListedBy is the first free online real estate marketplace and social network with live bidding auction and ‘Best Offer’ functionality. Buyers, sellers, real estate professionals and service providers join ListedBy to network and to list, research, buy and sell real assets in a collaborative, transparent environment. ListedBy is headquartered in Napa, and is privately funded. For ongoing news, please visit http://www.listedby.com/about.
# # #
ListedBy, LB Social and the ListedBy logo are trademarks or registered trademarks of ListedBy, LLC and / or its affiliates in the U.S. and other countries. Third party trademarks and brands mentioned are the property of their respective owners.

Read More..

Existing home sales rise to fastest pace in three years

WASHINGTON (Reuters) - Home resales rose sharply in November to their fastest pace in three years, a sign the recovery in the housing market is gaining steam.

The National Association of Realtors said on Thursday that existing home sales climbed 5.9 percent last month to a seasonally adjusted annual rate of 5.04 million units.

That was the fastest since November 2009, when a federal tax credit for home buyers was due to expire. Sales were well above the median forecast of a 4.87 million-unit rate in a Reuters poll.

The U.S. housing market tanked on the eve of the 2007-09 recession and has yet to fully recover, but steady job creation has helped the housing sector this year, when it is expected to add to economic growth for the first time since 2005.

NAR economist Lawrence Yun said superstorm Sandy, which slammed in the U.S. East Coast in late October and disrupted the regional economy for weeks, had only a slight negative impact on home resales.

The NAR expects some purchases delayed by the storm to add a slight boost to resales over the next few months, Yun said.

Nationwide, the median price for a home resale was $180,600 in November, up 10.1 percent from a year earlier as fewer people sold their homes under distressed conditions compared to the same period in 2011. Distressed sales include foreclosures.

The nation's inventory of existing homes for sale fell 3.8 percent during the month to 2.03 million, the lowest level since December 2001.

At the current pace of sales, inventories would be exhausted in 4.8 months, the lowest rate since September 2005.

Distressed sales fell to 22 percent of total sales from 29 percent a year ago.

The share of distressed sales, which also include those where the sales price was below the amount owed on the home, was also down from 24 percent in October.

Read More..

New York City should hike taxes on big business-comptroller

(Reuters) - New York City's top financial officer and possible contender for mayor in 2013, John Liu, proposed on Thursday tax hikes for big businesses and an end to Madison Square Garden's $15 million annual property tax exemption.
The proposals by New York City Comptroller John Liu include tax hikes on private equity firms, which would help offset his plan for $500 million in tax breaks and lowered fines for 90 percent of the city's small businesses.
Liu is expected to vie for the Democratic mayoral nomination for the election in November 2013.
The city could end tax breaks for big companies - more than $250 million of which were handed out last year, Liu said.
The city could also eliminate its $15 million annual property tax exemption for Madison Square Garden, the indoor arena in midtown Manhattan that's home to the New York Knicks basketball team. Madison Square Garden has been exempt from paying taxes on real property since 1982 under New York state law.
The arena is owned by The Madison Square Garden Co, which also owns the Knicks and other professional sports teams. The company also owns Radio City Music Hall, the Beacon Theatre and others venues, as well as television networks.
Liu also proposed examining tax breaks for special interests. Insurance companies, for instance, have not paid the general corporation tax since 1974, at a cost of $300 million annually to the city, he said.
Private equity firms could also start paying the unincorporated business tax for carried interest or gains from assets being held for investment. The exemption costs New York City about $200 million a year, Liu said.
Liu's package would use the revenue generated by those measures to offset his plan to ease the tax burden for small businesses.
He proposed ending the city's general corporation tax for all businesses with liabilities under $5,000 -- about 240,000 business in the city, or 85 percent of those that currently pay the tax.
His plan would also reduce some fines, as well as exempt businesses that make less than $250,000 in annual income from the city's unincorporated business tax.
The proposals would have to be approved by the governor and state legislature after a request by the city council.
The city is facing a possible $2.7 billion gap in fiscal 2014 that could grow to $3.8 billion the following year, Liu said.

Read More..

Republicans push own "fiscal cliff" plan; talks frozen

WASHINGTON (Reuters) - Republicans in the Congress pushed ahead on Thursday with a "fiscal cliff" plan that stands no chance of becoming law as time runs short to reach a deal with President Barack Obama to avert a Washington-induced economic recession.
House of Representatives Speaker John Boehner's "Plan B" to limit income-tax increases to the wealthiest sliver of the population appeared likely to pass the House on Thursday evening after it narrowly cleared a procedural hurdle in the afternoon.
However, Obama has vowed to veto the plan, and Senate Majority Leader Harry Reid said he will not bring it up for a vote in the Democratic-controlled chamber. White House spokesman Jay Carney called it a "multi-day exercise in futility."
Still, passage of Plan B could give Boehner the political cover he needs to strike a deal that would break with decades of Republican anti-tax orthodoxy.
"Time's running short. I'm going to do everything I can to protect as many Americans from an increase in taxes as I can," Boehner told a news conference.
Though it does not raise taxes on as many affluent Americans as Obama wants, the bill would put Republicans on record as supporting a tax increase on those who earn more than $1 million per year - a position the party opposed only weeks ago.
That could make it easier eventually to split the difference with Obama, who wants to lower the threshold to households that earn more than $400,000 annually. Obama also faces resistance on his left flank from liberals who oppose cuts to popular benefit programs, which Republicans say must be part of any deal.
Obama and Boehner will need to engage in more political theater to get lawmakers in both parties to sign on to the painful concessions that will have to be part of any deal to avert the cliff and rein in the national debt, analysts say.
"They are now in the mode where they have to demonstrate how hard they're trying to get everything they can," said Joe Minarik, a former Democratic budget official now with the Committee For Economic Development, a centrist think tank.
Even as he pressured Obama and the Democratic Senate to approve his plan, Boehner indicated that he was not willing to walk away from the bargaining table.
"The country faces challenges, and the president and I, in our respective roles, have a responsibility to work together to get them a result," Boehner said.
TIME RUNNING OUT
Obama and Boehner aim to reach a deal before the end of the year, when taxes will automatically rise for nearly all Americans and the government will have to scale back spending on domestic and military programs. The $600 billion hit to the economy could push the U.S. economy into recession, economists say.
Investors so far have assumed the two sides will reach a deal, but concerns over the fiscal cliff have weighed on markets in recent weeks. The S&P 500 index of U.S. stocks was up 0.4 percent in Thursday trading, despite a round of strong data on economic growth and housing.
"The closer we get to the end of the year without a deal, the more optimism is going to evaporate," said Todd Schoenberger, managing partner at LandColt Capital in New York.
Shares crept up after Boehner said he was prepared to work with Obama to prevent the fiscal cliff from kicking in.
Lawmakers are eager to wrap up their work and return home for the Christmas holiday, but congressional leaders kept the door open for last-minute action.
The Senate was expected to leave town on Thursday or Friday, but Reid said it could return next week to vote on any deal.
Boehner indicated the House would stay in session after Thursday's vote, scheduled for 7:45 p.m. EST (0045 GMT on Friday).
Several influential conservative groups have condemned Plan B, and some Republicans are expected to vote against it. But passage appeared likely after the House narrowly voted by 219 to 197 to bring the bill to the floor for debate.
The U.S. Chamber of Commerce, an influential business group that has often tangled with the Obama administration, offered grudging support.
"We are not comfortable allowing tax increases on anyone in this environment. However, we understand that, at times, politics requires compromise," the Chamber's top lobbyist, Bruce Josten, wrote in a letter to lawmakers.
To placate conservatives, Boehner also scheduled a vote on legislation that would shift $55 billion in scheduled defense cuts to cuts in food and health benefits for the poor and other domestic programs.
That measure also would roll back some of the Dodd-Frank financial regulation reforms of 2010. It is not expected to become law.

Read More..

Canada's seven-month budget gap narrows to C$10.6 billion

OTTAWA (Reuters) - Canada's federal budget deficit narrowed in the first seven months of the fiscal year to C$10.57 billion ($10.68 billion) from C$13.90 billion in the same period last year as personal and corporate income tax revenues rose and debt charges were lower.
The monthly shortfall in October was C$1.68 billion, compared with a gap of C$2.13 billion a year earlier, the Department of Finance said in a report on Friday.
The Conservative government in October pushed back by one year, to 2016-17, the date it expects to eliminate the deficit. Most economists believe that if the economy continues to grow, the books could be balanced sooner.
Ottawa has estimated a 2012-13 deficit of C$26 billion, including a C$1 billion cushion for risk.
In the April-October period, revenues increased by 3.6 percent, or C$4.9 billion, from the same period in 2011, pushed up by personal income tax and corporate income tax. Program expenses rose by 2 percent, or C$2.7 billion, on increases in elderly benefits and direct program expenses.
Public debt charges decreased 6.1 percent, or C$1.1 billion, on a lower effective interest rate.

Read More..