Mickey On Money

Posted on January 5, 2012 by Mickey Smith

New bank fees in 2012

As they struggle to regain the robust profits they enjoyed a few years ago, many banks will be looking for ways to tack on extra fees in 2012.

According to Consumer Reports, bank customers should watch out for several different fees the banks are likely to introduce in the next 12 months.

The magazine warned that the banks will look to increase fees via the following:

Higher overdraft fees: Consumer Reports notes that it costs the bank pennies for a normal transaction but the cost rises to $13 when you overdraft. Naturally, you should avoid overdrafts in general but this should give you extra incentive not to spend more than what you have in your account. (more…)

Posted on April 1, 2011 by Mickey Smith

Four money questions to ask before you get married

Dating can be hard enough without bringing up the touchy subject of money.

But, if you’re serious about someone, it can be an important topic to broach before you decide to take the next step.

Here are four important questions to ask your sweetie before you take that magical walk down the aisle:

How did you learn about money?

What we’re really after here is a discussion about how the other person learned about money from their parents. Did their parents fight over money? Did mom keep cash hidden from dad? Did they experience a significant trauma such as bankruptcy? (more…)

Posted on December 28, 2010 by Mickey Smith

Best new personal finance books

Here are some of the best new personal finance books coming out between now and the first of March.

Several already have some very interesting reviews on Amazon. Enjoy!

1. Debt Free For Life: The Finish Rich Plan for Financial Freedom by David Bach

2. Cash in a Flash: Real Money in No Time by Robert G. Allen and Mark Victor Hansen

3. The Wall Street Journal Guide to the New Rules of Personal Finance: Essential Strategies for Saving, Investing, and Building a Portfolio in a World Turned Upside Down by Dave Kansas

(more…)

Posted on December 27, 2010 by Mickey Smith

Actual cash value policy vs. replacement-cost policy

When it comes to homeowner’s insurance, there is an important distinction between an actual cash value policy and a replacement-cost policy.

The actual cash value policy will pay you for the value of the item at the time it needs to be replaced.

In other words, if you bought a entertainment center for $1,000 a few years ago, the cash value policy will take into account depreciation on that furniture. If the entertainment center depreciated in value by 20 percent, the cash value policy would only pay you $800. (more…)

Posted on December 23, 2010 by Mickey Smith

Prequalified vs. preapproved for a loan

There is an important difference between being prequalified for a mortgage and being preapproved for one.

Even so, a lot of lay people don’t know there’s a difference.

When you prequalify for a loan, it is an informal process where a lender says what you might be able to borrow.

Oftentimes, you simply speak with a lender on the phone for about a half an hour.

The lender will ask you some questions about your income, your expenses and your other debts. You should try to give the lender accurate amounts because it’s the best way to find out quickly what you can actually borrow.

After doing a few calculations, the lender will tell you how much you can borrow.

But, because it’s an informal process, you don’t have any real advantage in negotiations with a seller. (more…)