Wisdom of Rich Dad

If you’ve stumbled across this site, then you’re probably interested in how to be financially successful. However, it is worth bearing in mind that being successful within this field does not simply involve ‘getting rich’. Often, it is more a case of ‘staying rich’ – something which can occasionally prove to be a more difficult prospect. Here are a few top tips for how to help you manage your money, once you’ve made it.

Think carefully about the areas in which you are happy to spend your hard earned cash. Even if you do not feel the need to worry about the money which you are spending, it can still be a good idea to work out a budget. This will mean that you will need to consider where you are currently spending your money, like on credit cards found on lovemoney.com and may cause you to re-evaluate your spending. This can be a great way to keep track of where your money is going.

You may also want to think about making investments. This is a great way to make sure than you see a return on any financial savings which you may have. These days, you can buy and sell stocks and shares via the internet, whilst checking your emails or playing games online. Alternatively, you could think about purchasing bonds, or putting your savings into a high-interest ISA.

Lastly, it is important to remain pro-active if you want to carry on earning at your current rate. Think about how you can make your money go further in terms of your business. If you’ve had a taste of success, then it’s important not to simply sit back and become complacent. Remain focused and dedicated if you want to continue to enjoy financial rewards in the long run

As debit cards become less appealing, banks are rolling out some of their best credit card offers.

For customers angry about rising debit card fees, banks are promoting an alternative that, they say, is just as convenient, but with lower fees and better rewards. They call it a “credit card.”

Until recently, debit cards have been popular among consumers, offering convenience without the risk of going into debt and, often, generous rewards programs. But as banks have cut back on debit card rewards and, recently, started imposing fees, credit cards have begun to look attractive by comparison. Several banks have actually sweetened their credit card rewards programs; Discover will eliminate charges for cardholders traveling abroad as of Nov. 6. And interest rates are low: The average fell to 12.28% in August, the lowest it’s been since February, 2009, according to the most recent data from the Federal Reserve.

At least one bank seems to be encouraging its customers to make the switch from debit to credit. Last month, Bank of America announced that it was discontinuing the rewards program on its Merrill Lynch debit card, which is used by its brokerage clients. Those cardholders have until May to redeem their rewards — or they can transfer their rewards to the Merrill Visa Signature credit card. A Bank of America spokeswoman says the bank isn’t steering clients to credit cards but only offering them the alternative.

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Bank of America is considering softening its controversial policy of charging some customers for making purchases with their debit cards, according to a person familiar with the bank’s plans.

In September, the bank announced that it would begin charging most customers $5 a month if they used their debit cards to make purchases.

The fee, which would begin in January, set off a barrage of public outrage at the bank.

Now, under proposals being considered by the bank, Bank of America would offer customers new ways to avoid having to pay the fee.

Currently, only customers with certain premium accounts would be exempt from the fee.

Under the new plan, customers would be able to exempt themselves by having their paychecks deposited directly with Bank of America, maintaining minimum balances or by using Bank of America credit cards.

Bank of America’s retrenchment comes the same day that JPMorgan Chase decided not to impose similar fees. Chase’s decision follows a test of the fee it began in two states in February.

Wells Fargo also announced late Friday that it is canceling the debit card fee tests it was planning to introduce in five states. Customers in Georgia, Nevada, New Mexico, Washington and Oregon will no longer see a $3 debit card fee that was scheduled for statements beginning on Nov. 15.

Bank of America is not alone in announcing a charge for debit card purchases. Sun Trust and Regions Banks have all imposed similar monthly charges.

The banks’ decision to impose debit card fees is widely viewed as a response to the Durbin Amendment to the 2010 Dodd-Frank financial reform bill. Enacted in July, the provision reduces the fees banks can charge merchants for debit card purchases to 21 cents from 44 cents.

This past weekend I was dillegently reviewing the week’s transactions on Quicken, when I noticed two charges made to Newegg.com on my Chase Freedom Card. I’m a huge fan of Newegg and have purchased items from there before, but I was pretty sure that I didn’t buy anything from them last week.

Coincidentally, I was reseraching computer parts and wondered if I accidentally added stuff to my cart and then went through with the purchase. I checked my account on Newegg and confirmed that I hadn’t bought anything from them, at least not since February 2009.

I called Chase to talk to a customer service representative, and was transferred to their Disputes department. They asked if I called Newegg to ask why I was being charged. I told them that I hadn’t, but I should maybe do that. The person transferred me again to another guy, who offered to call Newegg on my behalf. He did and conferenced me into the call since Newegg needed my permission to get more information. I confirmed that I did not buy the items in question, and also learned that the fraudsters were able to input my home address to actually use the card but have the items shipped somewhere else.

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More than 2 million people have used credit cards to pay their mortgage or rent, an increase of almost 50% in a year, according to the housing and homelessness charity Shelter.

Research for Shelter conducted in August found that 6% of the 2,200 questioned had used credit cards to meet their housing costs in the previous 12 months. This compares to 4% in November 2009, and suggests a national figure of more than 2 million people who are making desperate last attempts to keep a roof over their heads.

With an increased threat of unemployment and rising interest rates, the charity warns that many people will be starting the new year with the threat of homelessness hanging over them once they have exhausted the limited and expensive credit available to them through cards.

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We’ve all heard warnings about getting too deeply into debt. It seems that lately every other commercial is about credit counseling or debt reduction. Telemarketers call and ask us if we’d like to eliminate high paying bills and before we answer, they’re extolling the virtues of second mortgages and refinancing our house.
 
This column would like to share the benefits as well as the methods of eliminating debt without risk. Without disguising what you owe as a single payment stretched over 30 years. What you’ll find here are some easy to follow tips regarding credit, debt, and the elimination of monthly payments from your life.
 
For example, how long would it take to pay for a set of furniture costing $2,000 if you charged it using a store credit card making just the minimum payments? Some of you would be shocked to learn that it would take over 30 years. Others would shrug it off as the cost of getting what you want. However, let me share what you probably wouldn’t know.
 
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