Fair Isaac Corp. is changing the FICO score calculation, and many consumers will have higher credit scores as a result. The FICO score is still the most widely used measure of a consumer’s creditworthiness. The current calculation is called “FICO 08″ and the new calculation to be rolled out soon is called “FICO Score 9.”
Banks rely on credit scores like the FICO score to determine whether to lend money to consumers and how much to charge borrowers for that privilege. Overall, the higher credit score you have, the lower loan interest rate you may qualify for. FICO isn’t the only game in town. Lately, it’s been seeing some competition from products like VantageScore. VantageScore recently updated their own scoring algorithm to better reflect risk, and because this score is backed by the three credit reporting bureaus, Experian, Equifax, and TransUnion, it has been gaining traction among banks and lenders.
A garden can be an amazing investment for the home cook, foodie, or family provider. Most plants can be grown and harvested for a small fraction of what it would cost to buy even a couple meals' worth of produce in the store. (See also: The Only Fruits and Vegetables Worth Growing Yourself)
There are other types of plants, however, that offer a weak return on your investment. Here are the vegetables I tend to shy away from, and why you may not want them occupying your precious garden space, either.
Cauliflower
What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to five word summaries. Click on the number to jump straight down to the question.
1. Excel for tracking spending
2. Looking at old receipts
3. Setting up life without cable
4. Is a food processor necessary?
5. Divorce and life sabbatical
6. Planned obsolescence
7. How to carry a wallet
8. Investing down payment
9. L.L. Bean return policy
Whether it's because your doctor recommends that you shed a few pounds, or you're just feeling a bit pudgy, there are many benefits of losing weight. The health benefits of weight loss are oft-discussed, including everything from reducing the risk of conditions like diabetes and heart disease, to increasing energy. (See also: 7 Killer Ways to Really, Actually Lose Weight)
But what about about the financial benefits?
It's often been said that one simple and effective investment strategy is to invest in companies you know and like.
This is a good approach to getting a solid return on your portfolio, but it's worth noting that investors can also make money taking an opposite approach. (See also: Here's How Investing in Companies You Love Can Make You Rich)
Strange as it may sound, "buy what you hate" may also be an effective investment philosophy when you examine the long-term investment gains on companies with negative reputations.
Quick fact: Velcro was not invented by NASA, and the government agency does not hold the patent for it. A lot of people still think it is NASA's baby, but it was in fact invented in 1948 by a Swiss engineer named George de Mestral. He didn't actually patent the idea until 1955, and it of course became very popular after it was included in the space program. (See also: 15 Uses for Nail Polish)
Now, the hook-and-loop fastening system is everywhere. You probably have something close by that uses Velcro in some way. You can buy it in long strips, in small patches, with and without adhesive, and in a variety of different colors. But what can you use it for beyond the obvious?
This article is by staff writer Lisa Aberle.
The school year comes around every year, so it shouldn’t surprise parents of school-aged kids when August (or September) hits and the brilliant white tennis shoes hit the newly-waxed school floors. Since I’ve had my eye on the start of school for a few weeks, I am not surprised either. But I was surprised to learn that families of school-aged children spent over $630 in back-to-school expenses.
This number from the National Retail Federation includes clothing, shoes, school supplies, and electronics. While clothing is the largest expense on average, the other categories are significant too.
We've discussed back and forth through the years about whether or not it's wise to delay Social Security payments (or, said another way, not take them early). Ultimately, it most depends on how long you'll live -- a question that no one knows the answer to. Ugh.
But the book The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions offers us a short list of when it's wise to delay payments. Their thoughts (based on an economic study) find that gains from delaying are greatest:
According to the National Retail Foundation’s 2014 Back-to-School Survey, the average family with children in grades K-12 will spend $669.28 on apparel, shoes, supplies and electronics. It is even higher for college students. It is about this time that parents start eyeing ads for back-to-school shopping. Here are some tips to help you save this year.
Good news for U.S. vets: starting next year, you’ll qualify for in-state tuition at any public school, no matter where you live. This perk was part of the $16.3 billion Veterans Administration reform bill that President Obama signed into law last Thursday. Thirty states already offer in-state tuition to all veterans. But this will extend [...]
New law mandates in-state tuition for vets studying at all public colleges starting next year from personal finance blog Bargaineering.com.
This blog was posted by Jen A. Miller
This reader story comes from long-time reader and commenter Bill McFadin, aka Cybergeezer, who commented that he had submitted a story months ago that never ran. We asked if he would resubmit the article, which he kindly did. Some reader stories contain general advice; others are examples of how a GRS reader achieved financial success or failure. These stories feature folks with all levels of financial maturity and income. Want to submit your own reader story? Here’s how.
I have been retired three and a half years, and my current income is more than I was earning on the job before I retired. How? Well …
I tend to have a surprising amount of luck simply finding money on the ground. I’ve found quarters, dollar bills, fives, and even twenties on a surprisingly regular basis, just sticking out of gutters or half-buried under leaves.
Part of the reason is that, thanks to a lot of time spent hunting for morel mushrooms and geodes in the past, I’m pretty good at observing the ground for things out of place. Another part of the reason is that I genuinely enjoy walking and exploring and examining things when I walk – it’s just a natural hobby of mine.
On top of that, I like finding $20 bills in my own life. If I can find a way to save $20 on my grocery store visit, for example, I view it as a pretty nice victory, one that I feel good about for the rest of the day.
The end result of all of this is a sequence of small windfalls in my life.
It used to be that Labor Day marked the start of the school year. Not these days. For many districts across North America, late August is when class is in session, and that means the back-to-school season starts a little earlier than usual, too.
This week's collection of Wise Bread classic articles takes us back to back-to-school once again, with tips and tricks on saving on school supplies, saving time, and saving the environment.
How to Save on School Supplies Without Going Crazy — Carrie Kirby shares how she saves time and money on back-to-school by seeking supplies from unexpected sources, maximizing rewards points, and taking advantage of loss leaders.
Of all the things you might need for a successful job search, a good resume has historically been the most essential.
The problem is, most resumes look pretty much the same and that can make it hard to get noticed by potential employers. In fact, as someone who's spent time reviewing job applicants, I can tell you that it doesn't take long for all those resumes to start blurring together. (See also: 12 Words You Need to Delete From Your Resume Right Now)
Welcome to Wise Bread's Best Money Tips Roundup! Today we found some fantastic articles on dining hacks from restaurant insiders, reconsidering the college investment, and tools to help you find the cheapest textbooks.
Top 5 Articles
12 Drinking and Dining Hacks From Restaurant Insiders — When drinking or dining out, save money by skipping the pricey liquor and only ordering an appetizer. [PopSugar Smart Living]
This post comes from Anthony Fontana at our partner site Zing!
It may not feel like it outside yet, but summer is just around the corner. That means it’s time to start planning vacations. Whether you’re flying somewhere or taking a long road trip, one thing’s for certain: You’re going to need a car at some point. If you’ve never rented a car, it may seem like a somewhat daunting task. Between determining what company to go through, what kind of car to get and many other factors, it can be complex. It doesn’t have to be though. Just follow the below steps and you’ll be in the front seat of your rental car in no time!
Avoid the Airport
The events that happened throughout my life, the paths that got me to where I am today, present an interesting story. I refer back to pieces of this story once in a while here on Consumerism Commentary but I never focus on it, nor do I ever really provide a complete narrative. When I write, I prefer to focus on things external to me. Although this blog started more like a personal journal interspersed with my financial details and interesting bits of information about personal finance, like many other long-lasting websites, it’s evolved over time.
My grandparents grew up in a time and place when they knew exactly where their food came from: their own backyard. That kind of transparency seems almost unimaginable to me.
The carton of milk I buy might have been sourced from hundreds — or even thousands — of animals. The apples I carefully select tell me only the country or state in which they were grown. Even the fresh bread from my favorite local bakery is suspect; I know nothing about the flour, the seeds, or the hands that bring it to life. And I haven't even gotten to processed food. (See also: I'm Eating What? 12 Gross Things in Your Food)
Four years ago, I wrote a very brief article on the idea of scarcity and abundance mindsets.
At the time, it was an idea that was pretty fresh in my head, and so I didn’t yet have the opportunity to really cover it with any depth. Instead, it became an idea that I regularly referred back to over the years in considering my own life and the choices I was making.
Today, I see the abundance minset at work in my own life and in Sarah’s life. It’s a wonderful expression of how my perspective on finances has changed over the past several years, and it provides some great for further cultivating choices that are life-affirming while also pointing us toward personal finance success in the future.
Pinpointing the exact moment you got over your head in debt may be tricky. But if you suspect you're never going to pay off your loans without a drastic change in circumstances, then you are likely stuck in a bad spot.
You may need to seek outside help, and that means being careful to avoid shady companies that promise to make you debt-free quickly and painlessly. Consider tapping the capabilities of these organizations to do a financial turnaround.
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