Recently I came across an article in the New York Times blogs section by Andrew Ross Sorkin that once again underscores the scary situation that many consumers of financial services face. As I have mentioned here on several occasions, it’s important to know the source of any “advice” you might receive.
This particular article includes comments [...]
Posts under ‘rant’
Advisor or Salesman?
Coming Soon: No Change For the Financial Services Consumer If FatCats Get Their Way
We talked about this issue of the accountability standards for financial professionals some time ago (click here to get the background). Unfortunately, it seems that the big money and best interests of the large brokerages, banks, and insurance companies is turning the tide against the proposed fiduciary standard for all financial professionals.
The fiduciary standard has [...]
Where to Get Your Annual Credit Report
As a smart consumer, you have likely heard that it’s a good idea to get your credit report every year from all three services: Experian, Equifax, and TransUnion. You’ve probably also seen the ever-present “Free Credit Report” commercials on the television (unless you TiVo everything and skip past the commercials!) – so you may be [...]
401(k) – Good For Many, But Not Necessarily the Employee
Okay, the title might be a little misleading in regards to how I really feel about 401(k) plans… I do think that these plans are (or can be) good for a lot of folks, as long as they use them correctly and follow sound investing principles. But that’s not what this post is all about.
I [...]
The Bright Side of H1N1
All around us are some pretty ominous signs: this has been a wetter than normal year (at least here in the Midwest), flu seems to have started earlier than normal (seasonal influenza, that is), and last Spring we saw a lot of signs pointing to the influx of H1N1 influenza – globally. If this [...]
401(kids)? A Rehash of the Coverdell
With much fanfare, Illinois congressman and US Senate candidate Mark Kirk (R-Illinois) has pushed his plan, adorably referred to as 401(kids) (see news story here). But what is this plan he’s referring to? Unless I’m missing something, this is the Coverdell ESA (Education Savings Account) that has been in existence for quite some time now.
Kirk’s primary [...]
ARRA Projects – More Waste?
In my travels last week, I came across the inevitable road construction that one finds every year at this time. One thing that stood out for me was the effort that was made to ensure that you knew the project at hand was funded by the American Recovery and Reinvestment Act of 2009 (ARRA). Something [...]
Random Thoughts and Links
Here’s an excellent blog post over on the Keener Financial blog from a colleague, Jean Keener, who is a fellow Garrett Planning Network member. This post is about 10 Tools to Build an Emergency Fund – and contains some very good tips on this important subject.
Also, my friend Helen Maynard over at Affine Financial Services [...]
Is the US a Banana Republic?
In last month’s Atlantic Monthly there was an article by Simon Johnson entitled The Quiet Coup. What I found especially intriguing about this article is the strong case that Johnson, a former chief economist at the International Monetary Fund, makes in comparing the US, with our recent economic difficulties, to emerging economies. Johnson should know [...]
Credit Card Industry Reform
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By now you’ve likely heard about the reforms planned for the credit card industry. Mr. Obama has come in and saved the day for us poor, disheveled credit card users. Why, we’re all going to benefit from these changes… right?
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Wrong (or at least that’s how I’m reading it).
So here are the major tenets of this [...]
