[youtube=http://www.youtube.com/watch?v=qUyxNrAuo1A]
Really? The publisher of a magazine that provides financial advice to athletes, who also says he is 110-0 on his stock market picks, files for bankruptcy? Wow!
Feeling Overweight? Try Losing Some Debt For a Change.
Feeling Overweight?
Try Losing Some Debt For a Change.
Have you ever wanted to throw a brick at your TV? No, not the one with the rabbit ears that won’t work in a few days anyway, I mean your shiny new 42” flat panel LCD HDTV that you swiped from Circuit City just before they went bankrupt. No? Well, I have. I’ve actually heard some people on TV say that Americans should “go out and spend for the good of the country!” Every time I hear such nonsense I get the urge hurl a large blunt object right through the center of the screen. If I wasn’t anxiously waiting for the new season of Eastbound and Down I might actually do it. Where is the Kenny Powers voice of reason when you need it?
How Soon We Forget
What these idiots seem to have forgotten is that a major reason that we landed in this recession is that we spent more than we earned and borrowed more than we could afford. Let’s put this in context.
- In the 70s and 80s the savings rate in the U.S. averaged about 10%, meaning folks saved 10% of their after tax income.
- In 2005, the savings rate dipped into NEGATIVE territory for the first time since the Great Depression
- The savings rate was a paltry 1.8% by the end of 2008.
- The rate has since gone up to about 4%, but that still means that 96% of your income is flying out of the window!
Come on people! Are we silly enough to think that spending more money is the way to get out of a problem that started by spending too much money? That’s kind of like suggesting that the cure to your terrible hangover is to down a few more shots of Patron first thing in the morning…right after you hurl. Absurd, right? [Read more...]
Former Browns QB Kosar Files for Bankruptcy
Seriously, I really hate these stories. Unfortunately, this reinforces my choice to work with athletes and entertainers and why I work so hard to protect them from circumstances like this.
In May, Kosar and his Boardwalk LLC lost a $2.9 million foreclosure judgment on a 36-unit apartment building to Florida Bank in Pinellas County Circuit Court. In April, Kosar and his Oakmont LLC lost a $3.3 million foreclosure judgment to Florida Bank in Hillsborough County Circuit County over a Tampa apartment building. The bank also had a foreclosure lawsuit pending in Pinellas County against Kosar and his PCV LLC.
Among Kosar’s other major unsecured creditors:
A $3.1 million personal guaranty to Key Bank National Association of Cleveland
- $3.04 million to his ex-wife Babette J. Kosar
- $725,000 in a disputed loan involving attorney Jim Ferraro of Coral Gables $1.4 million total on three claims involving the Browns
- $231,094 to the IRS
Read the full story here.
Wish You Had a Mansion? Win One for $10
Come on Chase, Really?
http://www.youtube.com/watch?v=NwW9rGgvlXs
I just had to comment on this commercial. Everyone that has heard me talk about money management and investing has heard me mention the GHN complex….Gotta Have it Now! The song in this commercial says it all. We don’t save and invest because we’ve gotta have things now.
So, to make it even easier for you to do that, Chase will allow you to increase your impulse buying tenfold by allowing you to send them a text to get your balance. No more sitting down with your checkbook to figure out what you can actually afford, all you need to know is how much more you can run up on your credit card.
Act now and they will also include a real time ticker for the iPhone that will show your FICO score plummeting with each purchase!
Great job guys!