2012-05-20 00:02:00
MICHELLE SINGLETARY, The Color of Money
Every year I like to provide advice to college graduates. By the time I graduated, I had in place some pretty good money habits thanks to my grandmother, Big Mama. Because of her, I've made it my mission to pass on the financial wisdom she taught me. For college graduates......
2012-05-13 00:02:00
MICHELLE SINGLETARY, The Color of Money
On my first day as a full-time journalist, I called my grandmother Big Mama to tell her what it was like. My grandmother, who was determined to raise me to be a good money manager, didn't want to hear about the fire I was sent to cover — not yet anyway. Instead, she cut me off by as......
2012-05-06 00:02:00
MICHELLE SINGLETARY, The Color of Money
My brother Ross recently died of complications from lung cancer. He was 40. Ross left a wonderful personal legacy. He was a good father, friend and coach. He was a dedicated educator who devoted his career to working with children with emotional, developmental and physical dis......
2012-04-29 00:02:00
MICHELLE SINGLETARY, The Color of Money
We know that most people get their health insurance coverage through their jobs or through a family member's employer. But a report just released by the nonpartisan Employee Benefit Research Institute found that the percentage of the population with employment-based health benefits has been decli......
2012-04-22 00:02:00
MICHELLE SINGLETARY, The Color of Money
We know from numerous reports that the housing crisis hit minority families pretty hard. Minority homebuyers by the tens of thousands were trapped in predatory mortgage loans and, as a result, their communities disproportionately felt the impact of foreclosures. Now fair housi......
2012-04-15 00:02:00
MICHELLE SINGLETARY, The Color of Money
I finally did it. I cleaned out my closet. It felt so good to get rid of clothes I haven't worn in years or that no longer fit. It took much longer than I expected, mostly because I just couldn't let go of so many things. And isn't this much the way many of us handle our perso......
2012-04-08 00:02:00
MICHELLE SINGLETARY, The Color of Money
Time is running out to get help figuring out and then filing your federal tax return. The deadline to file and pay your taxes this year is April 17. The Internal Revenue Service's Free File program, conducted in partnership with private-sector tax-preparation companies, offers......
2012-04-01 00:02:00
MICHELLE SINGLETARY, The Color of Money
I typically make selections for the Color of Money Book Club on topics such as investing, retirement saving, getting a mortgage or buying long-term care insurance. You know, important but not very sexy stuff. I'm venturing out of the box this month, recommending "Bond Girl" by......
2012-03-25 00:02:00
MICHELLE SINGLETARY, The Color of Money
I met a woman who was having trouble making her car payments. When I saw how much she was paying —more than $1,000 a month — I could understand why. The woman, who earns about $40,000 a year, ended up with that eye-popping payment because when trading in her old ca......
2012-03-18 00:02:00
MICHELLE SINGLETARY, The Color of Money
I never have been one to take risks on my taxes, but there are some folks who boldly go where most of us would never even try to go. For the second year, the Minnesota Society of Certified Public Accountants has surveyed its members to come up with a list of the most outrageou......
2012-03-11 00:02:00
MICHELLE SINGLETARY, The Color of Money
David Wolman can envision a time when we won't need to use cash. In his cashless society, people can text money. But I'm not buying it. Didn't we learn something from the Great Recession, when an over-reliance on all things not cash nearly took down our economy? Nonethele......
2012-03-04 00:02:00
MICHELLE SINGLETARY, The Color of Money
We've become a society that shares too much of our personal information —and all that voluntary transparency makes us vulnerable to crooks. When companies fail to protect our privacy, we are rightfully upset. Javelin Strategy & Research, in its latest report about id......
2012-02-26 00:02:00
MICHELLE SINGLETARY, The Color of Money
During a recent online discussion, one reader titled his post "Big, big problem." It was not hyperbole. And his problem is one being faced by many adults. They are finding that their parents' finances are a hot mess. Equally frustrating is the realization by these adult childr......
2012-02-19 00:02:00
MICHELLE SINGLETARY, The Color of Money
I've taken away my 16-year-old daughter's laptop. I've confiscated her cellphone. However, I've never considered destroying these items to further punish her for not doing her chores, for being disrespectful or for being ungrateful. But that's what one father did. Tommy J......
2012-02-12 00:02:00
MICHELLE SINGLETARY, The Color of Money
There are many reasons why I agreed to marry my husband, but one thing that clinched it for me was his answer to a question I asked early in our courtship. "Where do you see yourself when you retire?" I wondered. "I see myself in a rocking chair on a porch in a warm locat......
2012-02-05 00:02:00
MICHELLE SINGLETARY, The Color of Money
In the world of civil penalties, getting a major company to pay a $2.5 million settlement doesn't seem like much, maybe the equivalent of a $100 parking ticket. This is an ouch factor, but not financially devastating. But look past the money that Asset Acceptance Capital Corp.......
2012-01-29 00:02:00
MICHELLE SINGLETARY, The Color of Money
During a recent financial workshop I conducted at my church, I met a single mother who couldn't afford her mortgage. She and I talked about her options, which included selling her two-bedroom townhouse and moving into an affordable apartment or getting a roommate. But while sp......
2012-01-22 00:02:00
MICHELLE SINGLETARY, The Color of Money
If you look carefully — and you probably haven't — at the fine print in your credit card agreement or in many of the consumer contracts you sign, you'll likely find a provision that says if you have a dispute and want your day in court, you're out of luck. Instead, you are forced t......
2012-01-15 00:02:00
MICHELLE SINGLETARY, The Color of Money
I got into just one fight while in elementary school. A bully was hitting my younger brother, Mitchell, who suffered from epilepsy. The attacker was considerably larger than my brother, who was cowering on the ground trying to block the punches with his arms. I was skinny......
2012-01-08 00:02:00
MICHELLE SINGLETARY, The Color of Money
Most of us have made promises to do something better. My home office is still cluttered after I promised — as one of my 2011 New Year's resolutions — to keep it tidy. It was clean for a while. Now it's a hot mess again. But this is the year, right? This year, I'm g......
2011-12-31 19:00:00
MICHELLE SINGLETARY, The Color of Money
As 2011 ends, let's look back and reflect on the good, the bad and the ugly when it comes to personal finance. One of the good things was the opening of the Consumer Financial Protection Bureau, which will promote financial education and write federal rules to combat unfair, d......
2011-12-24 16:02:00
MICHELLE SINGLETARY, The Color of Money
My daughter participated in a Christmas gift exchange in her young adult usher ministry. Every teen but my daughter brought gift cards. She arrived with a movie to exchange. Her gift was not so popular. My, how times have changed. Forget the crazy colored scarves or the overly......
2011-12-18 00:02:00
MICHELLE SINGLETARY, The Color of Money
As you are thinking about what to get the people on your holiday shopping list, consider giving something special to those caring for an elderly relative or friend. A lot of them are making enormous sacrifices. About one in six people who have a full-time or part-time job say ......
2011-12-11 00:02:00
MICHELLE SINGLETARY, The Color of Money
Partisan politics aside, former Republican presidential candidate Herman Cain did something no spouse should ever do. No, I'm not talking about the alleged 13-year extramarital affair with Ginger White. Cain has denied her claim. But we do know that Cain had what could be call......
2011-12-04 00:02:00
MICHELLE SINGLETARY, The Color of Money
We don't talk about money enough. There are lots of discussions about consumer spending habits, especially this time of year, but the therapeutic conversations that will keep people from making major financial blunders often never take place. So Syble Solomon, who gives lectur......
2011-11-27 00:02:00
MICHELLE SINGLETARY, The Color of Money
If you have a private student loan —and you are upset about what you've gotten yourself into — there's a government agency that wants to hear your story. The Consumer Financial Protection Bureau, created specifically to look out for the interest of consumers, has u......
2011-11-20 00:02:00
MICHELLE SINGLETARY, The Color of Money
If you're like me, at midnight on Thanksgiving night you're either in bed or getting ready for bed after enjoying a day with your family. But several major retailers have said they will open for business at that hour to sell to shoppers wanting to get a jump on the bargains. I......
2011-11-20 00:02:00
MICHELLE SINGLETARY, The Color of Money
If you're like me, at midnight on Thanksgiving night you're either in bed or getting ready for bed after enjoying a day with your family. But several major retailers have said they will open for business at that hour to sell to shoppers wanting to get a jump on the bargains. I......
2011-11-13 00:02:00
MICHELLE SINGLETARY, The Color of Money
Raising five grandchildren on a salary that never reached more than $13,000 a year, my grandmother, Big Mama, understood the economics of energy conservation. We never had a clothes dryer. Big Mama didn't want to increase her electric bill. In the winter, we hung our wash in t......
2011-11-06 00:02:00
MICHELLE SINGLETARY, The Color of Money
My pastor recently made a statement that pretty much sums up the financial difficulty many people find themselves in. "Most people don't have a money problem," he said. "They have a management problem." Every month, Discover Financial Services takes the pulse of consumer ......
2011-10-30 00:02:00
MICHELLE SINGLETARY, The Color of Money
If I had a dollar for every college student who didn't know what their student loan payments would be after they graduated, I wouldn't have to spend a single penny of the money I've saved to send my children to college. I've long been disturbed by the number of students and fa......
2011-10-23 00:02:00
MICHELLE SINGLETARY, The Color of Money
Con artists and business owners utilizing shady practices know that desperate people will use up all their resources and even go into debt if they think it will help them out of a financial jam. So the scammers devise plans that promise jobs, access to government grants, debt ......
2011-10-16 00:02:00
MICHELLE SINGLETARY, The Color of Money
I don't blame investors for thinking there must be a way to get in on something big. People are trying to make money any way they can in a stock market where constant turbulence is the new norm. But because investors can be so gullible, it's still necessary to issue warnings t......
2011-10-09 00:02:00
MICHELLE SINGLETARY, The Color of Money
For most people, spending an extra $60 a year wouldn't bankrupt them. Heck, a family of five can drop that much money to see a bad 3-D movie and not really complain. So why all the fuss about Bank of America's announcement that it would start charging some customers $5 a month......
2011-10-02 00:02:00
MICHELLE SINGLETARY, The Color of Money
For the longest time I've felt blessed to earn a living doing something I love —helping people navigate their personal finance issues. But it's because of my work that I meet a lot of people who don't like what they do. They complain and yet do little to change their sit......
2011-09-25 00:02:00
MICHELLE SINGLETARY, The Color of Money
Time is limited for homeowners who want to ensure they aren't hit with a big tax bill because they had to walk away from a mortgage obligation. At the height of the housing crisis, when foreclosures across the country began a troubling increase, Congress passed the Mortgage Fo......
2011-09-18 00:02:00
MICHELLE SINGLETARY, The Color of Money
Maryland has joined a growing number of states in which judges must demand greater proof from debt buyers before allowing them to sue consumers to recover alleged obligations. Rule changes by the Maryland Court of Appeals, the state's highest court, is being hailed as a signif......
2011-09-11 00:02:00
MICHELLE SINGLETARY, The Color of Money
My oldest child, Olivia, will be heading to college in two years. So it already has become college-saving crunch time in our household. As we've been putting money away, I've become even more passionate about helping other people find ways to cut college expenses. So I'm intri......
2011-09-04 00:02:00
MICHELLE SINGLETARY, The Color of Money
One of my favorite movies is "Failure to Launch." Not because it's great cinema, I just like the premise. It's about a 35-year-old, played by Matthew McConaughey, who lives at home and has no intentions of leaving. So his parents hire a woman who specializes in getting grown m......
2011-08-28 00:02:00
MICHELLE SINGLETARY, The Color of Money
Hear that pop? It's the price of gold bursting. Oh, gold prices may go up again, but investment advisers and regulators are warning investors to be careful about putting too much of their money in gold. As the stock market has vaulted up and down day after day, inves......
2011-08-21 00:02:00
MICHELLE SINGLETARY, The Color of Money
During one of my recent online discussions, a lot of people had thoughts about retirement. One had me laughing out loud. "I think my wife and I have found the answer to having enough money at retirement," a reader wrote. I bet you're intrigued. I was. The gentleman w......
2011-08-14 00:01:00
MICHELLE SINGLETARY, The Color of Money
At the beginning of the summer, at 65, a friend was laid off from her job at a major corporation. She wisely sought the advice of a financial planner, but she's still worried about making the wrong choices. She wanted help in reviewing her options. If she makes the wrong decis......
2011-08-07 00:02:00
MICHELLE SINGLETARY, The Color of Money
Imagine a world where the U.S. government is nearly bankrupt because most of the revenue coming in is used to pay its debts. What if a natural disaster hits somewhere in the country and is so costly — worse than anything ever seen — that it further devastates the e......
2011-07-31 00:02:00
MICHELLE SINGLETARY, The Color of Money
The Internal Revenue Service made a policy change recently that shows an agency many people fear and loathe also can make common-sense decisions. Effective immediately, the IRS will eliminate a ridiculous two-year limit that applied to a certain type of "innocent spouse" relie......
2011-07-24 00:02:00
MICHELLE SINGLETARY, The Color of Money
Millions of consumers purchase their credit scores so they can know where they stand creditwise. But the scores that are sold to consumers may vary, in some cases wildly, from those sold to and used by lenders. That difference could give consumers a false sense of credit brava......
2011-07-17 00:02:00
MICHELLE SINGLETARY, The Color of Money
There's one thing about the federal debt-ceiling talks that makes me hotter than the heat wave rolling through the East Coast. "Everything has to be on the table" has become the mantra that is dictating the deficit-reduction discussions. But "everything" has a name and sh......
2011-07-10 00:02:00
MICHELLE SINGLETARY, The Color of Money
I've been looking forward to retirement since I worked for that first manager who got on my nerves decades ago. But lately I've been wondering if all of us have done ourselves an injustice by dreaming of idyllic retirements that require much more money than we could possibly e......
2011-07-03 00:02:00
MICHELLE SINGLETARY, The Color of Money
We are often told in various workplace situations to watch our emotions. But how's that possible when so much of our time is spent at work? Well, we can't simply check our emotions at the security desk, says Anne Kreamer, author of "It's Always Personal: Emotion in the Ne......
2011-06-26 00:02:00
MICHELLE SINGLETARY, The Color of Money
During my online discussions, questions about the best way to handle credit card debt and the repercussions from it still dominate. Here is the advice I gave some readers still digging their way out of debt.
Q: I hate debt, but I've found myself with $10......
2011-06-19 00:02:00
MICHELLE SINGLETARY, The Color of Money
After a disaster, people often want to figure out how to avoid the debacle again. As we continue to deal with fallout from the housing crisis, regulators working under the Dodd-Frank Wall Street Reform Act are proposing rules to prevent folks from getting into homes they can't......
2011-06-12 00:02:00
MICHELLE SINGLETARY, The Color of Money
For the first time, the Federal Trade Commission has charged a consumer for providing a false testimonial to help promote what it says is a get-rich-quick business program. The case against Marsha Kellogg of Ohio is significant because the FTC moved aggressively not just again......
2011-06-05 00:02:00
MICHELLE SINGLETARY, The Color of Money
Once April 15 has come and gone, most people put away their tax files and breathe a sigh of relief that they don't have to think about their taxes for another year. But for many others, the tax filing date is a reminder either that they are still tax scofflaws or that they are......
2011-05-29 00:02:00
MICHELLE SINGLETARY, The Color of Money
While conducting a workshop this spring, I asked how many of the participants had lost a job or knew someone who was unemployed. Just about everyone raised a hand. So many families have to figure out how to deal with much less. And in a recent online discussion, several r......
2011-05-22 00:01:00
MICHELLE SINGLETARY, The Color of Money
For many families, the cost of higher education is out of reach, while others can manage it only if they take on debt that could take decades to pay off. President Obama, meanwhile, has lofty goals for higher education. In his first joint address to Congress, in 2009, the pres......
2011-05-15 00:02:00
MICHELLE SINGLETARY, The Color of Money
We the people — the people who don't have the money to hire lobbyists —need a strong Consumer Financial Protection Bureau. But if we the people don't take action, the watchdog agency, which hasn't had a chance to really fight for us, will be stripped of much of its......
2011-05-15 00:02:00
MICHELLE SINGLETARY, The Color of Money
We the people — the people who don't have the money to hire lobbyists —need a strong Consumer Financial Protection Bureau. But if we the people don't take action, the watchdog agency, which hasn't had a chance to really fight for us, will be stripped of much of its......
2011-05-08 00:02:00
MICHELLE SINGLETARY, The Color of Money
As with any budget, there is always room to cut. But should everything be on the chopping block? Our federal budget deficit demands that we make cuts, and many of them will be deep and painful. However, just as with your personal budget, some things shouldn't be chopped. ......
2011-05-01 00:02:00
MICHELLE SINGLETARY, The Color of Money
I've gotten to the point where I just ignore responding to the class-action settlement offers that arrive in the mail like the many dandelions now popping up in my front yard. I find myself looking at what's being offered in these coupon settlements and conclude: Why bother?...
2011-04-24 00:02:00
MICHELLE SINGLETARY, The Color of Money
You're a Luddite.
"What did you call me?" I asked my husband, ready to fuss him out. "You're a Luddite," he said again. But before I could offer a comeback, I had to look up the word. The Merriam-Webster online dictionary defines a Luddite first as a......
2011-04-17 00:04:00
MICHELLE SINGLETARY, The Color of Money
I'm scared. That's the two-word response I hear when someone tells me they owe the Internal Revenue Service and haven't taken steps to pay their overdue tax bill. That fear is not without historical (and some taxpayers say current) merit. In the late 1990s, we got a distu......
2011-04-17 00:02:00
MICHELLE SINGLETARY, The Color of Money
IRS Commissioner Doug Shulman sees a major technological change in the agency's future that could make it easier to deter tax cheats and immediately reject tax returns that don't match information in the agency's database. Shulman laid out his vision for a more real-time tax s......
2011-04-10 00:04:00
MICHELLE SINGLETARY, The Color of Money
I've cried on the job. Many times. But I cried the most while working as an intern at a newspaper during my college years. An editor made it clear by the cold way she talked to me and the reporting assignments she gave me that she didn't like me. I felt her actions were racial......
2011-04-10 00:02:00
MICHELLE SINGLETARY, The Color of Money
If you took advantage of the $7,500 first-time homebuyer credit two years ago, you had better remember to include your first repayment of that loan on your 2010 tax return due April 18. Under the Housing and Economic Recovery Act, certain homeowners were eligible for a tax cre......
2011-04-03 00:02:00
MICHELLE SINGLETARY, The Color of Money
James Brown was right when he sang, "This is a man's world." Well, he was right at least when it comes to the world of tax cheats. Turns out the overwhelming majority of people who admit they would cheat on their income taxes are men, according to a fascinating study by D......
2011-03-27 00:02:00
MICHELLE SINGLETARY, The Color of Money
We've entered an age when financial experts are declaring there's a new American dream. Your house should be your home, not an investment, they now say. Reject the old truths that a student loan is always a good investment, they now warn. Never mind that these are some of the ......
2011-03-20 00:02:00
MICHELLE SINGLETARY, The Color of Money
Two just-released surveys find that a record number of workers have lost faith in their ability to afford retirement. The 2011 Retirement Confidence Survey conducted by the nonpartisan Employee Benefit Research Institute, the American Savings Education Council, and Mathew Gree......
2011-03-13 00:02:00
MICHELLE SINGLETARY, The Color of Money
When it comes to the fight over the fees that merchants pay to allow customers to use debit cards, consumers lose if the Federal Reserve does what it has proposed to do and they lose if it doesn't. I know it's very likely you have never even thought of this. And why would you?......
2011-03-06 00:04:00
MICHELLE SINGLETARY, The Color of Money
A new report from the Government Accountability Office warns employees to watch out for biased investment guidance from the financial companies paid to set up and run their 401(k) plans. Although not a shocker, the GAO report nonetheless stings. People already skittish about t......
2011-03-06 00:02:00
MICHELLE SINGLETARY, The Color of Money
In fiscal 2010, the Internal Revenue Service filed liens against 1.1 million taxpayers. That can have a lasting impact, even if the lien is eventually removed. Lien filings are picked up by the three credit rating agencies and remain in your files for seven years from the date......
2011-02-27 00:04:00
MICHELLE SINGLETARY, The Color of Money
For the last few years, I've been working with a single mother who has had to move four times, renting rooms in other people's homes so she wouldn't have to spend more than 50 percent of her monthly income on housing. Sadly, this college graduate, who earns a decent salary, is......
2011-02-27 00:02:00
MICHELLE SINGLETARY, The Color of Money
TransUnion, one of the major credit bureaus, issued what on the surface should have been welcome news about the delinquency rate of credit users. The ratio of bank card borrowers 90 days or more late paying their bills fell by more than 32 percent in the fourth quarter of 2010......
2011-02-20 00:02:00
MICHELLE SINGLETARY, The Color of Money
WASHINGTON — When asked recently how they feel about their future, 85 percent of blacks said they are optimistic, with 65 percent indicating they specifically feel secure about their financial situation, according to a new poll conducted by The Washington Post, the Kaiser Fam......
2011-02-20 00:02:00
MICHELLE SINGLETARY, The Color of Money
It's a good thing in this economy to have some extra money on hand. But what do you do with it? That's what many people wanted to know during a recent online discussion. Here's what I suggested:
Q: My husband has received a small work bonus and we are ......
2011-02-13 00:04:00
MICHELLE SINGLETARY, The Color of Money
Finding a good book about love and money reminds me of what Forrest Gump's mama told him about that box of chocolates. You never know what you're going to get. It might be trite. It might rescue your relationship. For this month's Color of Money Book Club, I've selected three ......
2011-02-13 00:02:00
MICHELLE SINGLETARY, The Color of Money
There's some good news about identity theft. Last year the number of people victimized decreased 28 percent to 8.1 million, according to a report by Javelin Strategy & Research. Although that's still a huge number, it's 3 million fewer victims than in 2009. The overall dol......
2011-02-06 00:04:00
MICHELLE SINGLETARY, The Color of Money
We may be going through a tough economy, but many guys know they had better buy something for their sweetie come Valentine's Day. Yes, I know that sounds sexist. But let's keep it real. Men spend the most and have to endure the guilt trips if they neglect to purchase chocolate......
2011-02-06 00:02:00
MICHELLE SINGLETARY, The Color of Money
To hear congressional Republicans tell it, the Obama administration is much like the harried white rabbit that mutters, "Oh dear! Oh dear! I shall be too late!" in Lewis Carroll's "Alice's Adventures in Wonderland." It is true that the administration will be late in delivering......
2011-01-30 00:02:00
MICHELLE SINGLETARY, The Color of Money
WASHINGTON — When the Government Accountability Office and the Securities and Exchange Commission issued reports on the professionals who help investors make sound financial choices, I couldn't help but think of the battle cry of the civil rights movement. How long?...
2011-01-23 00:04:00
MICHELLE SINGLETARY, The Color of Money
One would think that in an economy where unemployment is high, applicants for the precious few job openings would be on their best behavior. But many people just can't help but show their true selves, even when so much is at stake, according to a new nationwide CareerBuilder s......
2011-01-23 00:02:00
MICHELLE SINGLETARY, The Color of Money
Railing against the tax code has become an American tradition. But the question always remains: What are you willing to give up to get a simpler tax code? In her 10th annual report to Congress, National Taxpayer Advocate Nina E. Olson says that over the next decade the most se......
2011-01-16 00:04:00
MICHELLE SINGLETARY, The Color of Money
I wasn't naive enough to think that major credit card legislation passed in 2009 would stop lenders from going after young customers. No, I just assumed that card issuers would find a way to target and sign up college-age adults, leading them into a lifetime reliance on plasti......
2011-01-16 00:02:00
MICHELLE SINGLETARY, The Color of Money
How many times have you dreamed of being your own boss? I've certainly been to my share of finance conferences where business owners make the audience of wannabe entrepreneurs long for the time when they can set their own hours or answer to no one but themselves. They glorify ......
2011-01-09 00:02:00
MICHELLE SINGLETARY, The Color of Money
My grandmother, Big Mama, was a stickler for order. From Big Mama I learned to look at a financial situation and come up with a plan. I try to pass on that wisdom to readers, particularly those who join me regularly for my live chats at ...
2010-12-26 00:04:00
MICHELLE SINGLETARY, The Color of Money
One of my favorite movie quotes comes from "A Few Good Men" when Jack Nicholson, playing a Marine colonel, shouts, "You can't handle the truth." And when it comes to money, people often fail at keeping their New Year's resolutions because they don't honestly assess their finan......
2010-12-26 00:02:00
MICHELLE SINGLETARY, The Color of Money
For the new year, I'd like to propose that those who give advice on how to budget should drop the expression "pay yourself first." The principle behind the saying is that you will be setting aside money in an emergency or rainy-day account. I just want to tweak this notion a b......
2010-12-19 00:04:00
MICHELLE SINGLETARY, The Color of Money
Right about now, many people begin to look back on the year that was and measure the triumphs and tragedies. Some of the biggest news stories in 2010 centered on pocketbook issues, with most of them involving great losses as many people across the country continued to struggle......
2010-12-19 00:02:00
MICHELLE SINGLETARY, The Color of Money
Sometimes it helps to see the data that prove the uneven financial ground you're standing on is occupied by a lot of other people as well. So while the results of a study released this week by the Rockefeller Foundation aren't surprising, the conclusions are nonetheless soberi......
2010-12-12 00:04:00
MICHELLE SINGLETARY, The Color of Money
When Yahoo put out its top 10 searches in the financial category for 2010, there was no surprise to find, among the leaders, unemployment, foreclosures and the Dow Jones flash crash, the term coined for when the Dow dropped more than 600 points in one day last May. At No. 7 on......
2010-12-12 00:02:00
MICHELLE SINGLETARY, The Color of Money
Federal and state officials are patting themselves on the back for Operation Broken Trust, a nationwide effort to target investment fraud schemes. The operation resulted in the filing of 231 criminal cases and 60 civil enforcement actions. Many people got jail time, some as lo......
2010-12-05 00:04:00
MICHELLE SINGLETARY, The Color of Money
What's in a name? That's what Juliet asks Romeo in William Shakespeare's classic love story. Juliet knew that what matters is not what you're called, but what you are at your core. "A rose by any other name would smell as sweet," she says. Take the case of a debit ca......
2010-12-05 00:02:00
MICHELLE SINGLETARY, The Color of Money
Information is power. When I ask people if they believe that statement, the answer is most often a resounding yes. I've always thought so too. But while I was taking a financial management class at my church, the instructor challenged us to think about the statement....
2010-11-28 02:00:00
MICHELLE SINGLETARY, The Color of Money
Velma Hart, who burst onto the media scene after telling President Obama she was scared about her financial future, has been laid off as the chief financial officer for Am Vets, a nonprofit Maryland-based veteran services organization.
Hart has become another casualty of the tough economy......
2010-11-28 00:07:00
MICHELLE SINGLETARY, The Color of Money
Another national holiday shopping extravaganza officially kicked off with Black Friday. But what if searching for and giving to a good local charity also became part of this annual ritual?
I'm not suggesting people stop their holiday shopping madness. That would be simply un-American. The......
2010-11-21 00:04:00
MICHELLE SINGLETARY, The Color of Money
If indeed it is better to give than to receive, then there should not be much criticism from givers if the charitable tax deduction is reduced as the government tackles the budget deficit. But maybe the not-so-altruistic truth is that many people do give to charity because the......
2010-11-21 00:02:00
MICHELLE SINGLETARY, The Color of Money
General Motors will be issuing new stock, a signal that the company is emerging from the ashes like the mythical phoenix. There is much to celebrate with this public offering. The corporate giant and employer of 209,000 people worldwide successfully emerged from bankruptcy in ......
2010-11-14 00:04:00
MICHELLE SINGLETARY, The Color of Money
Shawn Dunning has been getting his hair cut every three weeks at a Hair Cuttery salon in the District of Columbia for years. He loves his stylist, typically giving her a $5 tip after paying $18 for his cut. But Dunning — like so many other people who reached out to me &m......
2010-11-14 00:02:00
MICHELLE SINGLETARY, The Color of Money
Tick tock. Tick tock. That's the sound recent college graduates are hearing as they near the day of reckoning. The typical six-month grace period on student loans is about to end. Then wham! — as they face the reality of what it costs to get an education. For y......
2010-11-07 00:04:00
MICHELLE SINGLETARY, The Color of Money
Kelly D. Brown left prison with one overriding mission — to never again let her hot temper lead to another stint behind bars. "I was so reckless when I was young," says Brown, 32. The last time she let her anger explode, she shot at some girls who were trying to ent......
2010-11-07 00:02:00
MICHELLE SINGLETARY, The Color of Money
In an economy that is still as rocky as the Grand Canyon, many people remain perplexed about what they should do if they find themselves without a job or expect to lose one soon. While the politicians verbally tear each other apart arguing over the best way to fix the economy,......
2010-10-31 00:04:00
MICHELLE SINGLETARY, The Color of Money
Let's see, there was the tech bubble in the mid- to late-1990s that eventually busted a lot of people financially. We're suffering right now because the housing bubble burst. And what's the next bubble? Let's call it College at Any Cost. Bubbles happen when asse......
2010-10-31 00:02:00
MICHELLE SINGLETARY, The Color of Money
When will we stop pushing plastic on our young adults? For years, institutions of higher learning and affiliated groups have struck deals with credit card issuers to market their cards to students, many of whom don't have any significant source of income. Selling this acc......
2010-10-24 00:04:00
MICHELLE SINGLETARY, The Color of Money
Job applicants have to painstakingly pore over their resumes and cover letters because studies show that hiring managers have little tolerance for any mistakes. And now, there's something else for an applicant to worry about — his or her credit profile. At the same time ......
2010-10-24 00:02:00
MICHELLE SINGLETARY, The Color of Money
Brett Radosta is not a deadbeat. And yet to hear many people tell it, Radosta — whose home in metro Atlanta is scheduled for foreclosure by Bank of America — is making out like a bandit because there's a possibility he might get a loan modification. The critic......
2010-10-17 00:04:00
MICHELLE SINGLETARY, The Color of Money
Really, should any of us be surprised at the recent events surrounding home foreclosures? Bank of America has said it will halt foreclosure sales nationwide after reports that mortgage loan servicers signed thousands of foreclosure documents without verifying the information....
2010-10-17 00:02:00
MICHELLE SINGLETARY, The Color of Money
Whenever I'm traveling and I see uniformed military personnel, I can't help but become a little teary-eyed. I worry if the service person is shipping out to Afghanistan or Iraq. I appreciate the sacrifice those in the military make, especially the many who are in combat zones.......
2010-10-10 00:04:00
MICHELLE SINGLETARY, The Color of Money
When I'm in a hurry and all the supermarket checkout lines are long, I head for the self-service terminals to ring up and bag my own groceries. But occasionally, I have trouble scanning an item or I can't find the code for something on sale. My frustration doesn't last long be......
2010-10-10 00:02:00
MICHELLE SINGLETARY, The Color of Money
It's been a long time since a retail clerk has asked me whether I was paying with cash or credit. But soon that question may return with a nice surprise for folks who have held on to the belief that cash is still king. The Justice Department has proposed a settlement with......
2010-10-03 00:04:00
MICHELLE SINGLETARY, The Color of Money
So what are we to do about an economy that is so badly broken? We have to look at where we've been, figure out what went wrong and be open to new ways of doing things. That's what Robert B. Reich does in "Aftershock: The Next Economy and America's Future" (Knopf, $25), wh......
2010-10-03 00:02:00
MICHELLE SINGLETARY, The Color of Money
Got debt? Well, if you do, the federal government has made it more difficult for unscrupulous or sham debt-settlement companies to make false claims that much of your debt can be easily erased. Debt-settlement or debt-relief services promise to renegotiate or in some way ......
2010-09-26 00:04:00
MICHELLE SINGLETARY, The Color of Money
By the time I called her, Velma Hart was surprised at how her words had been dissected and analyzed. Hart is the middle-aged, middle-class Maryland woman who asked President Obama to reassure her that he remained the crusader for change she had voted for. "The financial recess......
2010-09-26 00:02:00
MICHELLE SINGLETARY, The Color of Money
So officially it's over. Technically, the recession that began in December 2007 ended in June 2009, according to the National Bureau of Economic Research (NBER). It was the longest of any downturn since World War II. We need another yardstick to measure how bad off we are......
2010-09-19 00:04:00
MICHELLE SINGLETARY, The Color of Money
I keep wondering if consumers will learn their lesson from this recession — to rely less on credit cards and more on the cash they have. If you look at recent reports, it does appear that people are pulling back from plastic and becoming more frugal. Just last month......
2010-09-19 00:02:00
MICHELLE SINGLETARY, The Color of Money
I've read so many surveys about people neglecting to save for retirement that my eyes hurt. Although the research highlights a simple truth — you have to save for your retirement — how are you supposed to do right when the tax rules are so darn complicated? Fo......
2010-09-12 00:02:00
MICHELLE SINGLETARY, The Color of Money
As we continue to assign blame for this county's economic mess, perhaps it would do us well to look in the mirror. Then ask yourself if you helped push this country into the recession. This exercise isn't intended to have you flog yourself for not understanding the differ......
2010-09-12 00:02:00
MICHELLE SINGLETARY, The Color of Money
If you have a high income, you've probably been particularly frustrated that your earnings level meant you couldn't put money in a Roth IRA, which has some fabulous perks. Go to any retirement savings seminar and you'll find a Roth individual retirement account is all the rage......
2010-09-05 00:04:00
MICHELLE SINGLETARY, The Color of Money
The financial fear in this country is palatable. I know I feel it. When someone asks me, "How are you doing?" my answer is typically, "I have a job." I'm not without hope for a long-overdue economic recovery. But can I level with you? Some days it gets downright depressing. It......
2010-09-05 00:02:00
MICHELLE SINGLETARY, The Color of Money
In midtown Manhattan two years ago, the billboard-size clock that keeps track of the U.S. national debt ran out of digits when the figure ballooned to $10 trillion. It wasn't long before a solution was found to again tick, tick away how much the country is in the red. Now......
2010-08-29 00:04:00
MICHELLE SINGLETARY, The Color of Money
Perhaps nothing gets some people madder than if you trash their mama or dare to talk about Social Security. I frequently get mail from folks who think Social Security is just a government-sanctioned Ponzi scheme, a con game in which money from new investors is used to pay earlier investors. ......
2010-08-29 00:02:00
MICHELLE SINGLETARY, The Color of Money
I have my own spin to put on the news that sales of existing homes plunged 27 percent in July: Stop thinking of your home as your cash cow. In the last several decades, borrowers have heavily leveraged themselves using their houses to buy the things they've wanted — cars, vacations......
2010-08-22 00:04:00
MICHELLE SINGLETARY, The Color of Money
Entering freshmen at colleges across the country will be the first class of regular semester students to face credit card restrictions under the Credit Card Accountability, Responsibility and Disclosure Act of 2009. If you are under 21, to open a credit card account you will need to either s......
2010-08-22 00:02:00
MICHELLE SINGLETARY, The Color of Money
The Obama administration wants for-profit career colleges to better prepare students for gainful employment and to improve debt repayment rates. The government is threatening to pull access to federal student aid for colleges that fail to show progress. Under the administration's propose......
2010-08-15 00:04:00
MICHELLE SINGLETARY, The Color of Money
There are a lot of bank fees that deserve the "Slater Slide." Steven Slater is the JetBlue flight attendant who allegedly cursed an uncooperative and rude passenger and then opened an emergency exit and jumped down the aircraft's slide. He slid into infamy or history — de......
2010-08-15 00:02:00
MICHELLE SINGLETARY, The Color of Money
The Internal Revenue Service has dealt a hard blow to a tax product that has long needed to be knocked out. The IRS announced recently that starting with next year's tax filing season it will not provide tax preparers and financial institutions with important debt information on taxpayer......
2010-08-08 00:04:00
MICHELLE SINGLETARY, The Color of Money
In the real estate world, there was one word — repeated three times — that used to be the cardinal rule: location, location, location. Just about anybody — the informed and uninformed — could buy a house in a good location and easily make money by flipping, selling or......
2010-08-08 00:02:00
MICHELLE SINGLETARY, The Color of Money
Within the 800-plus-page financial reform package is a requirement for no less than seven studies intended to help protect individual investors. All this falls under a subsection of the act devoted to investor protections and improving the regulation of securities. I'll be writing about ......
2010-08-01 00:04:00
MICHELLE SINGLETARY, The Color of Money
State and local consumer protection agencies around the country should pool their limited resources and start an advertising campaign called "Gotcha." It could be much like the popular "Got Milk?" campaign. Only instead of milk-mustachioed celebrities pushing the benefits......
2010-08-01 00:02:00
MICHELLE SINGLETARY, The Color of Money
Over the years, I've met too many people who were stuck in a hellish payday loan cycle, rolling one loan into another until the fees and outstanding balance crushed them. So I completely agree with the National Consumer Law Center, which recently launched a campaign to get the Treasury D......
2010-07-25 00:04:00
MICHELLE SINGLETARY, The Color of Money
Instead of focusing on the politics behind the firing and subsequent redemption of Agriculture Department employee Shirley Sherrod, we should consider what she was trying to tell us when she addressed the NAACP. Sherrod became the latest hot-topic story after a conservative blogger posted a ......
2010-07-25 00:02:00
MICHELLE SINGLETARY, The Color of Money
Barack Obama promised enormous change in how our government was run when he was elected president. He should live up to his word and nominate Elizabeth Warren, one of this country's most passionate and committed consumer advocates, to head up the new Consumer Financial Protection Bureau,......
2010-07-18 00:04:00
MICHELLE SINGLETARY, The Color of Money
My husband and I are hoping to retire — or at least reduce our work schedules — when our youngest child, who is now 9, graduates from college. We decided to wait until that benchmark is met to make sure we're still in our peak earning years to pay for all the children's e......
2010-07-18 00:02:00
MICHELLE SINGLETARY, The Color of Money
The nonpartisan Employee Benefit Research Institute regularly delivers the dreadful news of how unprepared so many Americans are for retirement. The findings give you a chill, much like seeing a photo of the iconic black-robed, scythe-carrying personification of death. But that chill is need......
2010-07-11 00:04:00
MICHELLE SINGLETARY, The Color of Money
The ladies like him. He's got jokes, so the staff likes him too. Despite his reservations, my 81-year-old father-in-law is doing well at the assisted living facility he moved into while my family took a vacation. I was hoping he would want to stay. But with a week left in his respite car......
2010-07-11 00:02:00
MICHELLE SINGLETARY, The Color of Money
Target-date mutual funds — investment vehicles that automatically change your mix of assets as you near retirement — have been suffering some of the same gyrations as the stock market. But some investors are surprised to discover that these funds have performed less than they anticipa......
2010-07-04 00:02:00
MICHELLE SINGLETARY, The Color of Money
In my online discussions, I frequently get questions from couples facing financial issues.
Q: I'm getting married next summer and my fiance and I are in a lot of debt. We live together and have two kids. There is a breakdown in communication when it comes to our fi......
2010-06-27 00:02:00
MICHELLE SINGLETARY, The Color of Money
While I'm away for a short vacation, I'd like to pass along some interesting questions — and answers — about debt that came up in a recent online discussion.
Q: I'd like to pay off a couple of credit cards. If I pay them off and carry a zero bal......
2010-06-20 00:04:00
MICHELLE SINGLETARY, The Color of Money
When we talk about the aging population in the United States, the conversation is often focused on who will take care of the physical needs of millions of seniors. But there's a growing threat we also need to make our concern — financial fraud of the elderly. One out of every ......
2010-06-20 00:02:00
MICHELLE SINGLETARY, The Color of Money
When someone you love is laid off, the news can feel debilitating to you too. I grieve every time I get such news because I know how tough it will be. So I'd like to address the question of how to help a family member or good friend who is unemployed, as well as a few other questions lef......
2010-06-13 00:04:00
MICHELLE SINGLETARY, The Color of Money
It's an all-too-familiar Washington story. Officials call a news conference to pat themselves on the back for righting a wrong they shouldn't have let occur in the first place. Meanwhile, the hapless victims are left to ponder what might have been had those officials been more vigila......
2010-06-13 00:02:00
MICHELLE SINGLETARY, The Color of Money
The magnitude of the BP spill really hit me once I starting seeing front-page photos of oil-soaked birds. One poor thing looked like a Hollywood-inspired alien or prehistoric creature. How can you not wonder, what will it take to clean up the mess? BP Chairman Carl-Henric Svanberg told ......
2010-06-06 00:04:00
MICHELLE SINGLETARY, The Color of Money
Soon the sounds of "Pomp and Circumstance" will fade and thousands of college graduates will have to really start facing the music — their education loans. For them I have a new tune: Know what you owe. That should be the mantra for every student loan borrower because an......
2010-06-06 00:02:00
MICHELLE SINGLETARY, The Color of Money
Before my grandfather died of cancer, I helped my grandmother care for him in their home. For more than a decade, I managed health care and other financial issues for my disabled brother until his death. I also assisted with some of my grandmother's financial affairs in the years leading up to h...
2010-05-30 00:02:00
MICHELLE SINGLETARY, The Color of Money
Why in the world would Congress provide some consumers free access to credit scores, but not others? This could happen under an amendment that allows free access to people whose credit scores were used to deny them credit or a job. As significant as this is, what about the rest of us? T......
2010-05-23 00:02:00
MICHELLE SINGLETARY, The Color of Money
People often ask me what's the best financial advice I've ever received.I've interviewed a long list of impressive financial giants. I particularly admire John Bogle, who founded the investment company Vanguard in 1974. His advice is simple and yet sophisticated. And yes, the t......
2010-05-16 00:04:00
MICHELLE SINGLETARY, The Color of Money
The time has come. As the nation ages, millions of adults will find they are thrust into caring for an aging parent or relative. My husband and I have just joined this group of caregivers. We recently began taking care of my father-in-law, a fiercely independent, 81-year-old ex-military......
2010-05-16 00:02:00
MICHELLE SINGLETARY, The Color of Money
I've played out in my head many times what I would do if I were abducted and forced to withdraw money from an ATM. Well, first, if the low-life took me to an automatic teller machine not owned by my bank, I'm sure an alarm would go off because I never use other bank ATMs to withdraw ......
2010-05-09 00:04:00
MICHELLE SINGLETARY, The Color of Money
The financial teaching grade is in for teachers — and it's not good. Researchers at the University of Wisconsin-Madison surveyed K-12 educators and not surprisingly — or at least it wasn't a shocker for me — most instructors don't think they are suitably trained......
2010-05-09 00:02:00
MICHELLE SINGLETARY, The Color of Money
Every now and then I answer questions culled from my e-mail or left over from my regular online discussions. I do this to let you know I'm concerned about your financial issues even if I can't reply to all inquiries personally. It also gives me an idea of the day-to-day financial iss......
2010-05-02 00:06:00
MICHELLE SINGLETARY, The Color of Money
Burglars hate alarm systems and they hate big, barking dogs. This is what we need in the financial industry — a better alarm system in the form of a big, bad, barking dog solely dedicated to protecting consumers. With health care reform in place, such as it is, Congress is now fig......
2010-05-02 00:04:00
MICHELLE SINGLETARY, The Color of Money
Valisha Cooks assumed the college education she financed with debt — about half of it in expensive private student loans — would pay off handsomely. Cooks, like so many others, assumed wrong. "When I took out private student loans, I had no idea that I was condemning my......
2010-05-02 00:02:00
MICHELLE SINGLETARY, The Color of Money
She was late, but I was willing to give the 20-something job applicant some leeway, given the horrendous Washington traffic. Maybe something happened to her. As time passed, I finally called her. She answered with a text message and then left a rambling voice mail for why she didn't show......
2010-04-25 00:02:00
MICHELLE SINGLETARY, The Color of Money
The Treasury Department is making a hard push to go green — and save a lot of green — by switching millions of people who receive Social Security and other federal benefits from paper checks to electronic payments. The announcement came just days before the 40th anniversary of Ea......
2010-04-18 00:02:00
MICHELLE SINGLETARY, The Color of Money
"MADtv" wasn't so mad after all. Who knew when the writers on the comedy show penned a 2008 skit about a no-frills airline that charges multiple fees that it would be predicting the future? The airline industry now has more add-on fees than the number of peanuts in the miniatur......
2010-04-11 00:04:00
MICHELLE SINGLETARY, The Color of Money
Throughout my childhood, my grandmother Big Mama extolled the virtues of owning a home. When I dared to move out of her house and get a one-bedroom apartment a year after graduating from college, Big Mama harassed me about renting. She declared when my lease was coming to an end that I had t......
2010-04-11 00:02:00
MICHELLE SINGLETARY, The Color of Money
The Internal Revenue Service has issued proposed guidelines in an effort to keep track of the estimated 1.2 million paid tax return preparers. Given the complexity of the tax code and the many missteps that can be made in filing a return, this is long overdue. Under current law, any individu......
2010-04-04 00:04:00
MICHELLE SINGLETARY, The Color of Money
Tucked inside the health care reform law is significant financial relief for the millions of students who borrow to obtain a higher education. No longer will private lenders play the middleman in federal student loan transactions. As of July, all new federal loans will come directly from the......
2010-04-04 00:02:00
MICHELLE SINGLETARY, The Color of Money
Spring, with its rebirth and warm days, is as a good a time as any to get busy throwing out the stuff clogging your home, office, mind and spirit. I'm going to do it. I'm going to throw out 50 things. That's the seemingly simple advice in Gail Blanke's new book. Blanke, ......
2010-03-28 00:04:00
MICHELLE SINGLETARY, The Color of Money
The tax code is complicated enough, but some people who tried to find information about a recent Internal Revenue Service initiative to help those in economic distress learned anew why Americans get so frustrated with the agency charged with collecting our tax dollars. I recently reported on......
2010-03-28 00:02:00
MICHELLE SINGLETARY, The Color of Money
With the most significant changes to the nation's health care policy in decades having finally come to fruition, the question I have, as I'm sure so many others do as well, is how the new law will affect me. It's unlikely that most people will read through the 906 pages of the Pa......
2010-03-21 00:04:00
MICHELLE SINGLETARY, The Color of Money
When my eyesight began to give me trouble, I tried to ignore it. "Nope, not getting glasses," I told myself even after the headaches had started, a result of my straining to read. Finally, I got my eyes checked and, as a result, I bought reading glasses. Now I can see clearly.......
2010-03-21 00:02:00
MICHELLE SINGLETARY, The Color of Money
In what feels like never-ending regulatory fiddling with the Credit Card Accountability Responsibility and Disclosure Act of 2009, the Federal Reserve now wants to know what consumers think about certain fees lenders charge as penalties for late payments or other issues. To be fair, the Fed ......
2010-03-14 00:04:00
MICHELLE SINGLETARY, The Color of Money
For the second straight year, the Internal Revenue Service is reaching out to folks in financial trouble. The agency plans to hold 1,000 open houses on Saturdays where taxpayers can work out their payment problems with IRS officials. This special treatment is part of Commissioner Dougla......
2010-03-14 00:02:00
MICHELLE SINGLETARY, The Color of Money
I've been noticing a lot of notice fatigue. By now you may have become a bit overwhelmed with correspondence from your bank or credit union about mandated changes to your credit card account. Well, I'm sorry to tell you this, but you've got to stay alert to a lot of changes conce......
2010-03-07 00:02:00
MICHELLE SINGLETARY, The Color of Money
Stephanie Harris' management and sales skills helped her earn $3,000 for just six or seven hours of work on a "good" day. Over 10 years, Harris says, she earned about half a million dollars. But her job took away her freedom. Harris was sentenced in 2007 to eight years in ......
2010-02-28 00:04:00
MICHELLE SINGLETARY, The Color of Money
"Credit card debt, does it ever end?" That's a haunting line delivered by comedian Amy Poehler in a 2006 "Saturday Night Live" skit also featuring Steve Martin and Chris Parnell. The sketch was brilliantly and simply titled "Don't Buy Stuff You Cannot Afford.......
2010-02-28 00:02:00
MICHELLE SINGLETARY, The Color of Money
Except for the occasional special coin or the Martha Washington $1 silver certificate, I always wondered why the face of a woman isn't part of U.S. currency. Then I saw this quote from Ivy Baker Priest, a former U.S. treasurer: "Why should we mind if men have their faces on the mone......
2010-02-21 00:04:00
MICHELLE SINGLETARY, The Color of Money
People are always looking for signs that things are going to get better, or at least a reliable indicator that any misery they're experiencing will eventually end. In winter, we turn to Punxsutawney Phil. It wasn't good news this year. Soon after the groundhog saw his shadow, much of......
2010-02-21 00:02:00
MICHELLE SINGLETARY, The Color of Money
Beginning Monday, some of the more outrageous practices of credit card issuers will be outlawed. But just like a bully on a playground who doesn't punch when the teacher is watching, lenders will find ways to continue pummeling consumers. The Credit Card Accountability, Responsibility an......
2010-02-14 00:04:00
MICHELLE SINGLETARY, The Color of Money
I'm increasingly getting questions from homeowners who can afford their monthly mortgage payment, have no reason or plans to move, and yet they wonder if they should walk away from their home because the value has dropped. During a recent online discussion, one reader who identified hers......
2010-02-14 00:02:00
MICHELLE SINGLETARY, The Color of Money
The recession has unearthed another economic truism: Having a sound financial marriage is as romantic as roses and chocolate. Money definitely matters for contemporary American marriages, according to findings in an annual survey on "The State of Our Unions" by the University of Vi......
2010-02-07 00:04:00
MICHELLE SINGLETARY, The Color of Money
My grandmother, Big Mama, had a key financial rule that I've followed throughout my life. You can manage without a telephone, she would say. You can take the bus and get by without a car. But you can't live comfortably if don't have a roof over your head. Big Mama always made sur......
2010-02-07 00:02:00
MICHELLE SINGLETARY, The Color of Money
For millions of Americans filing their 2009 tax returns, things could be vastly different this time around. The recession and the high unemployment rate may have changed your tax situation. As such, this year it's important that you research the tax deductions or credits you now may b......
2010-01-31 00:04:00
MICHELLE SINGLETARY, The Color of Money
In reaching out to the middle class in advance of his State of the Union address, President Obama issued what looks to me like some fairly modest proposals. He's seeking a hike in the child care tax credit, changes in a new student repayment loan program, some funding to help families ta......
2010-01-31 00:02:00
MICHELLE SINGLETARY, The Color of Money
There are many words to describe how so many people end up in financial trouble, but one stands out.Pretenders.Sure, sometimes bad things happen and it's not your fault. But many of you — and you know who you are — are experiencing economic problems becau......
2010-01-24 00:04:00
MICHELLE SINGLETARY, The Color of Money
I thought it was a simple challenge, albeit a hard one. Could you spend 21 days — three weeks — without shopping for things you don't need? Could you put your credit cards away for 21 days and would you be able to stop swiping your debit card? It is a challenge — a......
2010-01-24 00:02:00
MICHELLE SINGLETARY, The Color of Money
If you want a better chance of creating household wealth, earn a college degree — and get married. "Americans who already have the largest incomes and who have had the largest gains in earnings since 1970 — college graduates — have fortified their financial advantage o......
2010-01-17 00:03:00
MICHELLE SINGLETARY, The Color of Money
The Federal Trade Commission has just wrapped up a case that should send shivers down the spines of managers working in the debt-collection industry. You know, the same shivers that many consumers get when they receive calls from intimidating bill collectors. In 2008, a Pennsylvania-bas......
2010-01-17 00:02:00
MICHELLE SINGLETARY, The Color of Money
After a disaster, another tragedy is sure to follow. Once the news broke about the devastating earthquake in Haiti, the U.S. government and other organizations quickly started warning of scam artists trying to dupe people into sending them money intended for the victims. Such low-life huckst......
2010-01-10 00:04:00
MICHELLE SINGLETARY, The Color of Money
Most of us don't do our own tax returns. My husband did ours for years. He finally surrendered, too frustrated with the never-ending task of keeping up with the many changes to the tax code. We now pay a professional, and it is money well spent to pass on the aggravation to someone else.......
2010-01-10 00:02:00
MICHELLE SINGLETARY, The Color of Money
Maybe it's me, but when I see the word "all," I assume it means all-inclusive. Recently, the Internal Revenue Service announced a major initiative to bring greater scrutiny to the tax preparation industry. IRS Commissioner Doug Shulman wants paid tax preparers to be tested for ......
2010-01-03 00:02:00
MICHELLE SINGLETARY, The Color of Money
I'm happy to see the end of 2009. It was a tough year of unbelievably high unemployment and rising foreclosures and debt levels. It was hard to see so many people I care about lose so much. But I'm excited about what 2010 will bring. Already things are turning around. We are not......
2010-01-02 00:02:00
MICHELLE SINGLETARY, The Color of Money
As one year ends and another begins, people begin to assess how deep in debt they are. Of particular concern is tackling credit card debt. The following is a transcript of some of the credit card questions I received during my online chats in 2010:
Q:...
2009-12-27 00:06:00
MICHELLE SINGLETARY, The Color of Money
Despite a still funky economy, many people are doing well. Yes, the unemployment rate is too high. People continue to lose their homes. And credit card debt is smothering many consumers. But as the year comes to a close, I wanted to address questions from readers who are fine financiall......
2009-12-27 00:04:00
MICHELLE SINGLETARY, The Color of Money
Santa couldn't have done better. Millions of Americans got a great gift when Congress passed and President Obama signed a defense spending bill that included a provision to extend a subsidy helping those out of work continue their health insurance coverage. Last February, Congress e......
2009-12-20 00:04:00
MICHELLE SINGLETARY, The Color of Money
Finances or bad food? Which will you promise to get right or give up in the new year? People say services for fiscal fitness rate above services for physical fitness when making their New Year's resolutions, according to a survey by Allianz Life Insurance. But when asked what r......
2009-12-20 00:02:00
MICHELLE SINGLETARY, The Color of Money
Throughout the year, I receive hundreds of e-mails and questions by way of my regular online discussion from people hoping for an answer to their most pressing personal finance issues. I can't possibly answer every one. But over the next few weeks as 2009 comes to a close, I'll try t......
2009-12-13 00:02:00
MICHELLE SINGLETARY, The Color of Money
Let me ask you: When should parents turn off the financial spigot for adult children? Usually during the holiday season, I get a lot of questions about what to give someone for Christmas or how much to spend. This year, the questions center mostly on how and when to help someone out. Th......
2009-12-06 00:04:00
MICHELLE SINGLETARY, The Color of Money
There are millions of Americans — 60 million, in fact — conducting their day-to-day personal business outside the banking system, leaving many to be preyed upon by payday loan companies, rent-to-own establishments and other nonbanking financial institutions. Banks have largely ig......
2009-12-06 00:02:00
MICHELLE SINGLETARY, The Color of Money
Here's a government gift that should keep on giving. Unless Congress and the president act soon to extend coverage, many unemployed workers and their dependents may lose their health insurance. The economic stimulus package passed in February established an employer-provided subsidy......
2009-11-29 00:04:00
MICHELLE SINGLETARY, The Color of Money
Given the state of the economy and your bank account, purchasing gifts for certain friends and family may not be possible this holiday season. But no need to worry if that is your situation. Surely you have nice but unused gifts stashed around your home. If so, pull them out to do what in th......
2009-11-29 00:02:00
MICHELLE SINGLETARY, The Color of Money
Given the stakes involved, I would encourage retailers to pay attention to a holiday shopping survey recently released by Consumer Reports. In its latest public-education campaign, the magazine is highlighting holiday retail practices that drive consumers bonkers. "Shoppers are fed......
2009-11-22 00:02:00
MICHELLE SINGLETARY, The Color of Money
There's no surprise that charitable giving is down this year. A recession can make even the most altruistic person pull back. Fifty-one percent of charitable organizations responding to a poll by the Association of Fundraising Professionals reported lower fundraising totals so far in 200......
2009-11-15 00:04:00
MICHELLE SINGLETARY, The Color of Money
It's official, we have a new tax break for people who don't need it, with money our government doesn't have. In an effort to stimulate the economy, the people who wouldn't know a balanced budget even if you smacked them in the head with it have extended the excessive first-ti......
2009-11-15 00:02:00
MICHELLE SINGLETARY, The Color of Money
New rules by the Federal Reserve Board should help curb those expensive overdraft fees that have become an annoyance for many consumers. By next summer, financial institutions will be prohibited from charging new and existing customers overdraft fees on transactions at automated teller machi......
2009-11-08 00:04:00
MICHELLE SINGLETARY, The Color of Money
In one of the largest consumer payouts of its type, MoneyGram International Inc. has agreed to fork over $18 million to the Federal Trade Commission to settle charges that it knowingly allowed its operation to be used by con artists to swindle U.S. consumers out of millions of dollars. "......
2009-11-08 00:02:00
MICHELLE SINGLETARY, The Color of Money
I'll be the first to admit, I'm a hovering parent, especially when it comes to the money my children get and spend. Of course, my offspring are still young. My oldest is 14. But I am constantly giving her advice about the right way to handle her money. Once after a lengthy discussion......
2009-11-01 00:02:00
MICHELLE SINGLETARY, The Color of Money
People dread getting calls from bill collectors. And it's not always because they can't pay. It can be a degrading experience, especially with third-party collectors who are overly aggressive, even threatening. A new report from the Government Accountability Office calls for major re......
2009-11-01 00:02:00
MICHELLE SINGLETARY, The Color of Money
No es facil hablar de dinero.In English this means, it's not easy to talk about money. For many people, the language of money is like trying to learn a foreign language. It can be frustrating. There are many books that seek to help you learn the language. And every m......
2009-10-25 00:04:00
MICHELLE SINGLETARY, The Color of Money
The College Board recently issued its annual report on the pricing trends for getting a college education. For as long as I can recall, the trend has been troubling. The cost to attend college keeps going up — often faster than inflation. And the amount of loans taken out to pay for tu......
2009-10-25 00:02:00
MICHELLE SINGLETARY, The Color of Money
I can't stand debt. One of my missions in life is to help keep people out of debt. So I take it as good news that private student loans are declining fast. According to a new report from the College Board, the amount of nonfederal education loans in 2008-09 dropped by almost 50 percent f......
2009-10-18 00:04:00
MICHELLE SINGLETARY, The Color of Money
It's that time of year — open enrollment for your employment benefits package. It's time to determine if you want to stick with your current health insurance plan or switch. You may have to decide about your employer-provided life insurance or disability insurance or whether to......
