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DailyFinance.comhttp://www.dailyfinance.comDailyFinance.comhttp://o.aolcdn.com/os/df/2013/img/2-dailyfinance_logo_m.pngDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/The 20 Most Valuable Brands In The Worldhttp://www.dailyfinance.com/2013/05/22/20-most-valuable-global-brands/http://www.dailyfinance.com/2013/05/22/20-most-valuable-global-brands/http://www.dailyfinance.com/2013/05/22/20-most-valuable-global-brands/#commentsFiled under: Company News, Advertising & Marketing

YouTube.com

By Laura Stampler

In spite of struggling stock prices and loud public uncertainty over Tim Cook's innovative capabilities, Apple (AAPL) is once again the most valuable brand in the world, for the year 2013.

Every year, BrandZ and Millward Brown Optimor calculate and rank brands based on their global value. And even though Apple's growth rate decreased by 95%, the tech giant's brand value still increased by 1% from 2012 to a a whopping $185 billion.

Millward Brown VP Oscar Yuan told Business Insider that this is because the company ranks brands based not only on publicly available financial information, but "the second half, which is the unique part, is that we take in the consumer sentiment." Millward Brown polls more than 200 million consumers from 43 countries annually. In spite of everything, "Apple, in the eyes of consumers, is the gold standard."

The brands that really won this year were those tied to emerging mobile capabilities - be it AT&T for servicing tablets and smartphones, Visa for dominating online payment methods, Amazon for simplifying mobile shopping, or UPS for physically delivering said online purchases.

Gallery: The 20 Most Valuable Brands In The World

20. MasterCard

19. SAP

18. Walmart

17. Vodafone

16. ICBC

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]]>AmazonAppleBrandZBusiness InsiderBusiness-to-businessCaliforniaChinaChina MobileCoca Cola CoFacebookFinanceGoodreadsGoogleIBMImperial Bank of ChinaiPhoneKraftMarlboroMasterCardMcDonaldsMicrosoftMillward BrownOreoProject GlassSAPSciTechSubwayT-MobileVerizonVisaVodafoneWalmartWells FargoBusiness InsiderWed, 22 May 2013 10:30:00 ESTGroupon Co-CEO Ted Leonsis: We Can Be a $100 Billion Companyhttp://www.dailyfinance.com/2013/05/16/groupon-ceo-ted-leonsis-100-billion-dollar-company/http://www.dailyfinance.com/2013/05/16/groupon-ceo-ted-leonsis-100-billion-dollar-company/http://www.dailyfinance.com/2013/05/16/groupon-ceo-ted-leonsis-100-billion-dollar-company/#commentsFiled under: Company News, CEOs, Deals, Coupons, Shopping Trends

Theodore — Matthew Staver/Bloomberg via Getty Images

By HENRY BLODGET

The co-CEOs of Groupon, Eric Lefkofsky and Ted Leonsis (pictured above), stopped by our offices this afternoon, along with CFO Jason Child and other senior Groupon executives.

They had some interesting things to say.

Groupon (GRPN), you may recall, is a four year-old digital commerce company based in Chicago. Groupon invented the "daily-deal" industry, grew faster than just about any other company in history, rejected a $6 billion cash buyout offer from Google (GOOG), and then went public in late 2011 at $20 a share.

Then the company blew its numbers.

And the growth of the U.S. business screeched to a halt.

And the international business imploded.

And the stock collapsed to around $2.50 a share.

And the young, charismatic CEO, Andrew Mason, got canned.

Now, Groupon's business appears to be stabilizing, and the stock has recovered to about $7 a share. The co-CEOs, Lefkofsky and Leonsis, have run the company for several months, and they will continue to run it for at least another couple of months until a new CEO is hired.

Leonsis, who also owns the Washington Capitals, was still mourning the team's shocking loss to the New York Rangers in the first round of NHL Stanley Cup Playoffs. But he put the nightmare Game 7 behind him and focused on Groupon.

Here's what we learned:

The Vision

Groupon's vision is to become a gigantic mobile local commerce company -- the Amazon (AMZN) or eBay (EBAY) of local. Instead of just pumping out "daily deals" via email offers, Groupon wants to become the place you go (via your mobile device) to find everyday deals and discounts on a full range of products and services wherever you happen to be. The company will eventually offer deals and discounts with merchant clients in many more categories of products and services than it does today.

Groupon generated about $2.5 billion of revenue last year. Leonsis believes the company can eventually generate $100 billion of revenue per year.For context, Amazon generated $61 billion of revenue last year. Walmart generated $470 billion.

The Search for a New CEO

Groupon has actually not yet retained a search firm to hire a new CEO. It will do so in June, after the next board meeting.

Lefkofsky and Leonsis said they haven't hired a new CEO yet because they wanted to run the company for a while to be sure they knew what kind of CEO they wanted to hire.

The new CEO will not bring the "vision" for Groupon. The vision is already there. The new CEO will either buy into the existing vision, or he or she will presumably have a short stay at the company.

Eric Lefkofsky

I had never met Eric Lefkofsky before. Based on some of what I had read about him, I had a vision of a cold, calculating puppet-master who dispatched orders (and CEO pink slips) from a dark room somewhere. I was surprised to discover that Lefkofsky is affable and charming, in addition to smart. He should put himself in front of TV cameras more. He puts a good face on the company.

Lefkofsky, Groupon's original investor, took a lot of heat for selling $300 million of stock a year before Groupon went public, in a deal in which nearly $1 billion of new investor cash went to existing investors instead of to Groupon. But he hasn't sold a share since.

The International Business Isn't Hopeless

The growth of Groupon's U.S. business has flattened, but it's still doing okay. The international business, meanwhile, has imploded. Lefkofsky and Leonsis don't think the international business is hopeless, however. Eventually, they think, it will stabilize and then begin to grow again.

Groupon is still, by one measure, growing

Given some of the rhetoric around the company in the 18 months since the IPO, you might think it was on death's door.

It isn't.

Despite all the trouble it has experienced, Groupon is still modestly growing its revenue (+8% year over year in Q1) and still generating positive operating income ($21 million in Q1).

The bad news is that the company's gross margin has dropped, so gross profit is shrinking, and the growth of the "goods" business has hurt the company's once-impressive cash flow, which has now gone negative.

But Groupon has plenty of liquidity -- north of $1.1 billion of cash. And the business does appear to be stabilizing.

The Bottom Line

If Groupon can eventually grow to $10 billion of revenue, let alone the $100 billion that Co-CEO Leonsis mentioned, Groupon's shareholders should be amply rewarded. (The company's market value is currently about $5 billion).

The capabilities of the new CEO will be important, as will the staunching of the bleeding of the international business. And the company will have to demonstrate that it can become a destination for consumer-driven commerce, rather than a "push" driven email deals company.

But the massive local opportunity outlined by Lefkofsky is real. And Groupon is in an excellent position to make this vision a reality.

More from Business Insider:

Groupon Co-CEO: My Wife Won't Let Me Forget That I Rejected Google's $5.75 Billion
Elon Musk is Borrowing Another $150 Million From Goldman Sachs to Buy More Tesla Stock
Everything You Missed From Google's Big Event

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]]>Andrew Masonbusiness growthBusiness InsiderDaily DealsEric LefkofskyFinancegrouponHenry BlodgetJason ChildTed LeonsisBusiness InsiderThu, 16 May 2013 16:40:00 EST15 Corporate Logos That Contain Subliminal Messageshttp://www.dailyfinance.com/2013/05/14/corporate-logos-subliminal-messages/http://www.dailyfinance.com/2013/05/14/corporate-logos-subliminal-messages/http://www.dailyfinance.com/2013/05/14/corporate-logos-subliminal-messages/#commentsFiled under: Company News, Coca-Cola Company, Amazon.com, Advertising & Marketing

Tostitos — Tostitos

Whether you realize it or not, a brand's logo speaks to its viewer on many levels.

There's the recognizability factor-if a logo is too complex or unrelated to its brand, it risks being glanced over without communicating its brand's message. And companies risk annoying their consumers when they make drastic changes to logos people love.

But a closer look at some logos reveals subtle, barely there marketing tactics.

You may have noticed the subliminal features of some of these designs in the past. But have you looked hard enough to see them all?

Gallery: 15 Corporate Logos That Contain Subliminal Messaging

Amazon

FedEx

Vaio

Baskin Robbins

Tour de France

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]]>AmazonBaskin-RobbinsbrandsCoca Cola CoDenmarkFedExLGlogosmarketingMilwaukee BrewersNBCNBC logosOraclePresbyterianismsubliminal logossubliminallogosSun MicrosystemsTour de FranceVAIOBusiness InsiderTue, 14 May 2013 11:30:00 EST17 Things You Should Always Buy Newhttp://www.dailyfinance.com/2013/05/11/17-things-always-buy-new/http://www.dailyfinance.com/2013/05/11/17-things-always-buy-new/http://www.dailyfinance.com/2013/05/11/17-things-always-buy-new/#commentsFiled under: Savings Experiment, Gift Guides, Products, Stores, Saving

Two shoppers try out the beds in the showroom at the Ikea store in Brooklyn, NY, Wednesday, September 26, 2012. Photograph: Victor J. Blue

By Megan Durisin

In the day and age of online swap meets and the ubiquity of reseller sites like Craigslist, eBay, and Etsy, there's hardly anything you can't get secondhand anymore. But should you?

For some items, saving a few bucks by buying them secondhand isn't worth the potential safety or health risks involved.

We've put together a list of 17 products that you should always buy new.

Gallery: 17 Things You Should Always Buy New

Bike helmets

Cribs

Laptops

Footwear

Cookware

Bike helmets

When it comes to your safety, you should never shop secondhand. Minor scratches or dings in helmets that you might be unable to spot right away can cause their safety rating to fall.

Buying tip: According to Bicycling Magazine, some of the best bike helmets include the Giro Atmos, Louis Garneau Quartz and Bontrager Oracle.

Cribs

Cribs can stand a lot of abuse from cranky toddlers, but you want to make sure your children aren't put in danger by a potentially damaged bed. According to The New York Times, issues with unsafe cribs led to 150 deaths between 2007 and 2010.

Buying tip: Squidoo recently put together a list of the top ten baby cribs for 2013.

Laptops

Any small defect in a secondhand laptop will only get exacerbated over time. You also don't have the luxury of a warranty or customer service guarantee if you don't buy it new yourself.

Buying tip: If you are looking to buy something on the cheaper side, most retailers offer refurbished products that are still covered by warranties. And major electronics stores like Best Buy offer steep discounts on display models. Call around to ask beforehand.

Footwear

Many websites advise against buying shoes used because they've probably already been formed to the foot of the person who wore them before you. Especially with running shoes, this could lead to discomfort or injuries.

Buying tip: Duke Health recommends taking a good look at the sole and arch of your next pair of athletic shoes to make sure you get the best fit.

Cookware

Non-stick cookware especially is something you want to invest in on your own. The coatings break down over time, making them more difficult to clean and potentially releasing harmful chemicals.

Buying tip: No matter what brand you buy, take extra care of your non-stick cookware to make sure it lasts. But be prepared to replace them every three to four years, on average.

Hats

Hats can be difficult to clean, and that means the previous owner's lice and hair could still be lurking inside. Purchase your next baseball cap somewhere other than a garage sale.

Buying tip: As with any product, Amazon has a list of the best-selling caps and hats.

Blenders

Blenders require their blades to be super sharp to be functioning at their best. If you buy one secondhand, it might take longer for the duller parts to puree the berries and bananas going into your smoothie.

Buying tip: Good Housekeeping touts blender brands like these as some of the best.

Upholstered furniture

Bed bug risk aside, odors in upholstered furniture can be difficult to get out, no matter how much Febreze you use. If you buy furniture used, it might be best to reupholster it yourself.

Buying tip: If you do buy used upholstery, make sure you hire an expert to do the cleaning. It's likely it will be worth the money.

Camera lenses

A tiny scratch on a used lens could wreck your next photo shoot. Lenses are a big investment, so it's probably wise to spend the money to ensure you're buying a quality product.

Buying tip: Salon has a list of the best camera lenses for your buck.

Mattresses and pillows

Never buy these -- or bedding or pillowcases -- secondhand. It's not worth it when you consider the risk of bedbugs and other molds or critters that could be lurking inside.

Buying tip: Spine-Health.com recommends buying a mattress that has at least a 10-year warranty. And be sure to give it a test nap in the store for at least 10 minutes before buying.

Swimsuits

Besides the hygiene issues that come with a secondhand swimsuit, these garments tend to wear out very quickly. Your bikini won't do a good job covering you up if it starts to get saggy the first time it's hit by a wave.

Buying tip: If you're looking to invest in a bathing suit that won't go out of style in one season, look at style guides like these to help you make a wise purchase.

Wet suits

Wet suits need to fit well and they often wear out over time, making them less likely to keep you warm underwater. The suits aren't cheap, but don't risk getting chilly on your next scuba trip with a used one.

Buying tip: SportDiver.com has a list of 36 good wetsuit brands to help you find one that's best for your next aquatic adventure.

Vacuum cleaners

Vacuums are one of the most-used appliances and they don't last forever. If you need something that still has the suction power to clean the dust around your whole house, it might be best to buy a new one yourself.

Buying tip: If you do want to save money by buying used, make sure you test it beforehand and follow these other tips, too.

Child car seats

Safety is a major player here, too. In the event of a crash, you don't want a potentially damaged car seat to put your child in danger.

Buying tip: Consumer Reports has a great list of highly-rated car seats, depending on what style you're looking to buy.

Automobile tires

Buying tires used is never a good idea, since the tread could be worn and it may put your safety in danger. Tires wear out as they age, and it's best to buy them straight from the store.

Buying tip: Popular Mechanics has a helpful article about what to look for the next time you're hunting for new tires.

Computer software

Software usually only has codes to be used on a limited number of computers, and there's a chance you could get ripped off if you buy a used copy. It's best to buy straight from the manufacturer to make sure you get a working version.

Buying tip: If you're buying a piece of software for your whole family, you can often find a software subscription with enough codes to load it on everyone's laptop.

Digital cameras

This also applies to video cameras. Since you'll be using this to capture important life moments, you want to make sure you're not getting a faulty product.

Buying tip: February is usually a good time to buy a new camera, since they often go on sale before new models come out around President's Day.

More from Business Insider:
5 Reasons Retirees Should Be Flocking To Tennessee
9 Things That Will Trash Your Home's Value
13 Money Secrets From The Amish

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]]>buying second handcraigslisteBayEtsySavings Experimentsavingsexperimentthings to never buy usedBusiness InsiderSat, 11 May 2013 05:00:00 ESTHere's How Much It Would Cost to Replace Your Momhttp://www.dailyfinance.com/2013/05/10/cost-to-replace-mom/http://www.dailyfinance.com/2013/05/10/cost-to-replace-mom/http://www.dailyfinance.com/2013/05/10/cost-to-replace-mom/#commentsFiled under: Careers, Family Money

Replacing mom — Alamy

By MANDI WOODRUFF

It's hard to argue with the fact that stay-at-home parenting is one of the most undervalued careers in the U.S. Moms (and yes, some dads, too) do double duty as chauffeurs, cooks, psychologists, money managers and more, on average clocking a 94-hour work week, according to Salary.com.

Based on the 10 most time consuming tasks listed by more than 6,000 mothers, Salary.com estimated it would cost $113,586 a year to replace them. That's a paltry $624 (0.5%) raise since the same study in 2012.

To put that in perspective, a physician earns about $153,000 for 56 hours of work per week.

Salary.com also estimated the value of working mothers' household duties, finding they deserve an extra $67,436 per year for the 58 hours of work they take on outside of their 9-to-5 jobs. That's a meager $457 raise (0.07%) over 2012.

But here's the sad part -- most mothers don't even give themself that much credit.

A similar study by Insure.com found that 11% of women valued moms' household work at under $10,000 a year. Just 7% said it was worth a six-figure salary.

Insure.com was far less generous with its salary estimate, pinning the 2013 market value of a mom at $59,862, down for the second year in a row.

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"Just because someone doesn't earn a salary doesn't mean that they don't make significant contributions to the family that could be costly to replace," Marvin Feldman, president and CEO of the LIFE Foundation, said. "You must think about whether your spouse could afford to pay someone else to provide these services in your absence."

It seems the recession was just as damaging to the stay-at-home parent business as other jobs. This year's salary for moms is well below the $138,000 payday Salary.com estimated just six years ago.

At the same time, salaries for various jobs moms perform for their families -- laundry service, household cleaning, financial management, etc. -- declined as well, which explains why studies like these fluctuate with the economy.

When the economy tanked, so did the number of stay-at-home moms. In 2010, there were 5 million stay-at-home mothers (and 154,000 dads) in the U.S., down from 5.6 million in 2007, according to the Fiscal Times. A new survey by CouponCabin found more than half of working mothers consider themselves the primary breadwinners in their household.

Here's the breakdown of Insure.com's Mother's Day Index:

More from Business Insider:
5 Reasons Retirees Should be Flocking to Tennessee
13 Money Lies You Should Stop Telling Yourself By Age 40
13 Money Secrets from the Amish

Gallery: The $849,000 Penalty for Being Born Female

Life expectancy: $200,000.

Time off work: $80,000.

Higher insurance costs: $44,000.

Lower pay: $400,000.

Pricier long-term care coverage: $125,000.

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]]>familymothersmothers dayMothers Day IndexSalary.comstay at home momsworking momsBusiness InsiderFri, 10 May 2013 05:00:00 EST13 Colleges That Aren't Worth the Moneyhttp://www.dailyfinance.com/2013/05/06/colleges-tuition-bad-investment-roi/http://www.dailyfinance.com/2013/05/06/colleges-tuition-bad-investment-roi/http://www.dailyfinance.com/2013/05/06/colleges-tuition-bad-investment-roi/#commentsFiled under: College, College Savings Plans

Valley Forge Christian College Facebook — Valley Forge Christian College Facebook

By Vivian Giang

Is getting a bachelor's degree still worth the cost?

Payscale, a salary data provider, answered this question by comparing the average cost of education to predicted income over 30 years for graduates at 1,060 schools in the United States.

It turns out that most schools are good investments -- though Payscale economist Katie Bardaro warns that students should consider individually whether college is worth it for their intended career.

At around 3 percent of the schools, however, the return on investment over 30 years is negative, due to some combination of high tuition and low graduate pay.

We've highlighted the worst of those schools here:

Gallery: 13 Colleges That Aren't Worth The Money

13. Lakeland College

Location: Plymouth Wis.
School type: private
Cost (2012): $132,400
30-year net ROI: -$51,300

12. Shaw University

Location: Raleigh, N.C.
School type: private
Cost (2012): $110,700
30-year net ROI: -$56,500

11. Medaille College

Location: Buffalo, N.Y.
School type: private
Cost (2012): $139,700
30-year net ROI: -$60,400

10. Meredith College

Location: Raleigh, N.C.
School type: private
Cost (2012): $150,400
30-year net ROI: -$66,200

9. Ozark Christian College

Location: Joplin, Mo.
School type: private
Cost (2012): $78,530
30-year net ROI: -$76,200

8. Fayetteville State University

Location: Fayetteville, N.C.
School type: state
Cost (2012): $113,400
30-year net ROI: -$82,600

7. Hilbert College

Location: Buffalo, N.Y.
School type: private
Cost (2012): $116,000
30-year net ROI: -$89,100

6. Springfield College

Location: Springfield, Mass.
School type: private
Cost (2012): $174,700
30-year net ROI: -$114,000

5. Florida Memorial University

Location: Miami Gardens, Fla.
School type: private
Cost (2012): $116,100
30-year net ROI: -$114,000

4. University of Maine at Presque Isle

Location: Presque Isle, Maine
School type: state
Cost (2012): $79,330
30-year net ROI: -$124,000

3. Miles College

Location: Fairfield, Ala.
School type: private
Cost (2012): $92,280
30-year net ROI: -$136,000

2. Valley Forge Christian College

Location: Phoenixville, Pa.
School type: private
Cost (2012): $114,100
30-year net ROI: -$178,000

1. The Art Institute of Pittsburgh

Location: Pittsburgh
School type: private
Cost (2012): $155,000
30-year net ROI: -$228,000

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]]>bestcollegecollege debteducationis college a good investmentPayScalereturn on investmentsavingsexperimentStudent LoanstuitionuniversitiesUniversity of Maine at Presque Isleworst collegesBusiness InsiderMon, 06 May 2013 16:07:00 ESTBank Online or the Old-Fashioned Way? Here's How to Choosehttp://www.dailyfinance.com/2013/05/06/traditional-versus-online-bank/http://www.dailyfinance.com/2013/05/06/traditional-versus-online-bank/http://www.dailyfinance.com/2013/05/06/traditional-versus-online-bank/#commentsFiled under: Banking, Checking Accounts, Savings Accounts, Saving

By MEGAN DURISIN

It's news we've heard before - online banking is the way of the future.They seem to have it all: relatively high interest rates, stellar customer service, low fees, and the added bonus of 24/7 access to your finances with the click of a button.

Still, online banking isn't for everyone, and the line between the two is becoming blurred as more banks ramp up their web presence to compete.

To help you decide, we tapped Richard Barrington, a senior financial analyst at MoneyRates.com, to break down the pros and cons of keeping your cash in a traditional versus online bank.

Security: This is one issue that scares many people away from taking their banking online, but Barrington said it shouldn't. Even traditional banks have all your financial information stored in a big data center that could be vulnerable to hackers. "Data theft is a very real risk these days, but, unfortunately, as a consumer, it doesn't come down to whether you choose to bank online," he said.

If you choose an online bank backed by the FDIC, you'll be covered for losses up to $250,000 just like any other bank customer (use the FDIC's Bank Find tool to be sure). And, of course, remember to avoid doing any online banking on a public or shared WiFi connection, since that's when your information can be most easily intercepted.

Fees: Online banks are friendlier to smaller depositors because they typically require lower monthly balances. Barrington said traditional banks require an average of about $4,700 to be kept in your savings account without charging you a nominal monthly maintenance fee. For online banks, that number is much lower at $350. In addition, online banks are about twice as likely to offer free checking, he said.

"I think (online banking) is a really good option for younger customers - the fees as a whole are lower, the balance requirements are also lower, and young people as a rule are more comfortable with technology," Barrington said.

ATMs: Banking is all about getting cash when you need it, and Barrington said people should look at the locations of a bank's ATMs before they open an account. "You want to make sure you choose a bank where the geographic footprint of their ATM network is similar to your regular movements," Barrington said.

Traditional banks, like Chase and Bank of America, have ATMs all over in many major cities. Online banks, like Simple, often have agreements with ATM networks like Allpoint for surcharge-free withdrawals. And most others offer to reimburse customers up to a certain sum for using out-of-network ATMs.

Deposits: Web-based banks offer a few different options to deposit physical checks. You can always mail them in, but most online banks also offer "eDeposits" in which you can take a picture of the front and back of each check and upload it to your account for deposit. A lot of people still would rather deposit a check with a teller than a text message, but the option's out there. "People are for the most part checking their balances online, getting information online, but when it comes to depositing a check, they'd much rather hand it to a teller," Barrington said.

Interest rates: Online banks typically have better interest rates than traditional banks because they don't need to take any funds to operate brick-and-mortar buildings. In a recent MoneyRates.com study, online banks were found to have about six times higher interest rates than the nationwide average. Some of the best were found at Ally Bank, American Express Bank and Sallie Mae Bank.

Customer service: If you like to deal with the people managing your money via email or over the phone, go digital. If you'd rather have someone to talk things through with face-to-face, stick with a regular bank. Nearly all banks also have call centers and online message centers as well. Online banks are rarely, if ever, "closed." But if you'd rather use a traditional bank to complete your transactions or get questions answered in person, you'll need to visit your bank during normal business hours and make sure it's not a bank holiday.

Personal preference: Having a personal relationship with a banker can be a big benefit for people, especially those who like getting new products or services pitched to them or getting in-person financial advice. But keep in mind that banks have been closing physical branches left and right to cut costs, even installing ATMs that allow tellers to answer questions via web cam. "As time goes on, the comfort level will grow more and more," Barrington said. "If the technology can prove itself, people will use the technology."

The bottom line: If you're comfortable with technology and don't feel like you need face time with the people handling your cash, keeping your savings in an online bank is a great option. You'll see your money grow faster than with a big bank, and you'll pay less in fees. As far as checking accounts go, online and traditional banks are pretty much neck in neck.

"I think the common denominator is that online banking is cheaper for banks to provide because they're not supporting a physical branch and people to staff that branch," Barrington said. "Even banks that offer both are likely to offer you higher rates and lower fees if choose online options."

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]]>atmsbankingcustomer servicedepositsfeesinterest ratesonline bankingpersonal financesecurityBusiness InsiderMon, 06 May 2013 05:00:00 ESTNYU Student Wants to Change How Young People Manage Moneyhttp://www.dailyfinance.com/2013/05/02/personal-finance-advice-more-money-please-book-scott-gamm/http://www.dailyfinance.com/2013/05/02/personal-finance-advice-more-money-please-book-scott-gamm/http://www.dailyfinance.com/2013/05/02/personal-finance-advice-more-money-please-book-scott-gamm/#commentsFiled under: Books, Personal Finance, Credit Cards, How to Save Money

Scott Gramm Facebook — Scott Gamm FacebookScott Gamm is the author of "More Money, Please."

By Mandi Woodruff

At 21 years old, NYU undergrad Scott Gamm is not your typical co-ed. Since the ripe age of 17, Gamm has been an avid student of all things finance.

He launched a blog, HelpSaveMyDollars.com, soon after the recession took hold as a way to help people his age grow into conscious, responsible spenders and savers.

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"You know, my parents' finances were one of the main causes of their divorce, and right after that [happened], there was the recession," Gamm told Business Insider. "Those were two reminders within a few years of each other that finance is a serious topic and it's not something I want to leave up to trial and error."

Gamm released his debut personal finance book, "More Money, Please: The Financial Secrets You Never Learned in School," last week. We asked him to share a few tips that every 20-something should learn to master their finances early:

Gallery: 7 Top Money Tips from Scott Gamm

1. Ignore the minimum payments on credit cards.

2. Use credit cards for one or two small expenses.

3. Prepaid cards are stupid. Don't you forget it.

4. Stop paying bank fees.

5. Do yourself a favor and unsubscribe from store emails.

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]]>401kbookscredit cardscredit historyDaily DealsFinancefinancial advicepersonal financeScott GammshoppingBusiness InsiderThu, 02 May 2013 11:53:00 ESTMiddle Class America: More Anxious Than Aspirationalhttp://www.dailyfinance.com/2013/04/30/middle-class-america-fears-job-loss-poverty/http://www.dailyfinance.com/2013/04/30/middle-class-america-fears-job-loss-poverty/http://www.dailyfinance.com/2013/04/30/middle-class-america-fears-job-loss-poverty/#commentsFiled under: Family Money, Personal Finance, Economy

Middle class family — Getty Images

The core of the middle class belief system is that anything is attainable through hard work, whether it's a good education, home ownership or a healthy retirement fund. But that mentality has changed, especially since the recession.

Fifty-nine percent of Americans are afraid of "falling out" of their class in the next few years, according to a Heartland Monitor poll released last week, and middle class Americans are now feeling more anxious than aspirational.

A majority "believe that being middle class today means keeping up with expenses and holding a steady job while not falling behind or taking on too much debt," according to the survey. "Just 43 percent think that middle class means having the opportunity for financial and professional growth, buying a home, and saving and investing for the future."

Here are a few more highlights from the survey of 1,000 US adults:

Almost all Americans (85 percent) consider themselves a part of an expanded definition of being middle class that includes upper middle class (12 percent), and lower middle class (26 percent)
Americans believe a typical middle-class family makes between $60,000 and $65,000 per year - actual estimates indicate the median income for an average family of four is $68,274.
More than half (52 percent) of Americans say the biggest risk factor for falling out of their economic status is losing a job or income source
50 percent of all Americans and 51 percent of the middle class consider higher education to be the most effective way to protect and earn middle-class standing
At least 40 percent of middle class Americans believe paying for a child's college education, retiring comfortably, and having enough money to weather a health or income emergency. only realistic for the upper class.

While overall Americans are in a better place than they were during the recession, most actually got poorer during the early part of the recovery, with the unemployment rate still at 7.7 percent. The skyrocketing cost of college tuition also makes achieving the "middle class ideal" more difficult than ever before.

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]]>Business InsiderTue, 30 Apr 2013 15:19:00 EST13 Money Lies You Should Stop Telling Yourself By Age 40http://www.dailyfinance.com/2013/04/29/13-money-lies-you-should-stop-telling-yourself-by-age-40/http://www.dailyfinance.com/2013/04/29/13-money-lies-you-should-stop-telling-yourself-by-age-40/http://www.dailyfinance.com/2013/04/29/13-money-lies-you-should-stop-telling-yourself-by-age-40/#commentsFiled under: Retirement, Family Money, Personal Finance, Retirement Plans

Lies - Adult 40s woman — Alamy

By Mandi Woodruff

Though most of today's workers have already accepted the fact that they'll work well past the age of 65, there's just something about that number -- 65 -- that still feels like an unofficial finish line. And by 40, the pressure really starts to hit home.

Half of workers said they aren't prepared for retirement in a 2013 Employee Benefit Research Institute report. Less than 20 years ago, that figure was only 27%.

Who can blame them? We're barely over the recession and many Americans are in more debt and earning less than ever, while fixed costs like health care, housing, and college education only get higher.

To make matters worse, our own mindsets about growing old could be sabotaging our efforts to live well later in life. With the help of several experts, we've rounded up some of the most damaging money lies people tell themselves on the road to retirement.

Gallery: 13 Money Lies You Should Stop Telling Yourself By Age 40

1. Debt collectors will stop chasing me once I'm in retirement, so why worry about it?

2. I can definitely get by in retirement with less income than I'm making now.

3. I can always save more by postponing retirement until my late 60s or early 70s.

4. I can always rely on Medicare for my long-term health care needs.

5. My nest egg will be safe in a bank account.

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]]>debt collectioninflationLast Will and Testamentmedicarepostponing retirementretirementretirement planningRoth 401kroth IRABusiness InsiderMon, 29 Apr 2013 14:06:00 ESTWhat's Really Behind the Stock Market Rallyhttp://www.dailyfinance.com/2013/04/25/stock-market-rally-Reinhart-Rogoff-austerity-rebuttal-herndon/http://www.dailyfinance.com/2013/04/25/stock-market-rally-Reinhart-Rogoff-austerity-rebuttal-herndon/http://www.dailyfinance.com/2013/04/25/stock-market-rally-Reinhart-Rogoff-austerity-rebuttal-herndon/#commentsFiled under: GDP, Government Spending, World Markets, Economy

The Colbert Report UMass grad student Thomas Herndon found the spreadsheet error responsible for a critical -0.3 percentage-point error in Carmen Reinhart and Kenneth Rogoff's published average of real GDP growth in the highest public-debt/GDP category.

By Sam Ro

So far, the stock market has avoided the spring slump it has experienced during the past three years. This has happened even despite the deterioration in much of the global economic data.

Art Cashin, UBS Financial Services Director of Floor Operations asked around to see what traders thought was behind this (emphasis added):

Is This The Reinhart/Rogoff Rebuttal Rally? -- Two weeks ago, the financial world seemed to be a much different place.

Stock markets on three continents were sputtering and appeared to be on the verge of a Spring swoon. Gold, oil, copper, and a variety of other commodities appeared to be in virtual freefall. Economic data around the globe seemed to weaken noticeably and universally. Deflation was a key topic.

Now markets around the globe are displaying a new buoyancy. Yields on government bonds have fallen to stunning lows as bidders outdo each other at auctions of what was recently looked upon as sovereign debt with near-junk status.

What has changed things in the last two weeks?

Some point to growing optimism that Italy might finally be able to form a government. Others cite the fact that the G20 appeared to give the BOJ a hall pass on their re-inflation efforts.

A few even point to Merkel slipping in the polls, possible decreasing the power of the "austerity first" crowd.

Some traders, however, think that the new rally really kicked in when news that a graduate student had found flaws in the Reinhart/Rogoff paper on the limiting power of public debt on the economy -- thus casting doubt on that thesis.

As the rebuttal made headlines, markets rallied -- especially in Europe -- as cries that austerity had seen its day came from leader after leader.

Was it really the rebuttal that moved markets? We may never be able to prove it conclusively but the timing seems like a perfect fit. Maybe we should ask a graduate student to look into this.

Cashin is talking about UMass grad student Thomas Herndon, who has basically turned the global austerity movement into a joke.

(Read about Herndon's discovery here.)

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]]>austerityCarmen ReinhartEconomic dataFinanceItalyKenneth RogoffNational DebtThomas HerndonBusiness InsiderThu, 25 Apr 2013 16:51:00 ESTWhat Happens When You Don't File Your Taxeshttp://www.dailyfinance.com/2013/04/17/what-happens-when-you-dont-file-your-taxes/http://www.dailyfinance.com/2013/04/17/what-happens-when-you-dont-file-your-taxes/http://www.dailyfinance.com/2013/04/17/what-happens-when-you-dont-file-your-taxes/#commentsFiled under: Taxes, Family Money, Income Tax, Tax Changes, Tax Laws

Forgot to pay taxes — Alamy

By Mandi Woodruff

What actually happens to Americans who either forget or flat out refuse to file their taxes?

The simple answer is that it's nothing good. In fact, after doing some digging, we're pretty sure you'd be better off filling out your tax forms in crayon than sitting on your hands and letting the IRS have at you.

"There's simply no hiding from the IRS," says Odysseas Papadimitriou, CEO of Cardhub.com. "Level with yourself as well as the IRS about your ability to pay, pick a payment option that makes the most sense, and make sure to honor the terms of your agreement."

Just in case you were curious, here's what happens if you don't:

You haven't filed your taxes at all. Skip filing all together and you're already looking at paying a 5 percent monthly fee on however much you owe. It maxes out at 25 percent. If you wait more than 60 days to file, then you'll get hit with a $135 fine, or 100 percent of the taxes you owe (whichever is less).

You've gotten a filing extension but haven't paid your taxes. Even if you've gotten an extension to file your taxes by Oct. 15, that doesn't mean you get six extra months to pay. The IRS levies a 0.5 percent fee on your unpaid taxes every month until the balance is paid, PLUS at least 3 percent in interest that is compounded daily. Ouch.

If you have filed an extension to file AND have paid at least 90 percent of your tax bill by April 15, however, this penalty doesn't apply. But it doubles if the IRS issues a letter demanding immediate payment.

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You haven't filed your taxes OR paid your tax bill. In this case, you have two strikes against you. The IRS will calculate penalties for both and then subtract the late payment fee from your late filing fee. The $135 late charge for filing after 60 days still applies.

You've filed your taxes by April 15 but still haven't paid. First of all, hats off to you for at least filing. The IRS looks kindly on taxpayers who file, even if they can't pay straightaway. On-time filers get a discounted penalty rate of 0.25 percent per month so long as they have a payment agreement in place.

You've filed your taxes and you want to pay your bill in increments. The IRS does have monthly payment plans for taxpayers who can't fork over funds for their entire bill straightaway. But there are some caveats to consider: An application fee that ranges from $52 to $105, and the late payment and interest charges of 0.05 percent and 3 percent, respectively. You can set up a payment plan online here.

Another option would be to consider paying your bill on a 0 percent interest credit card -- but only if you plan on paying your bill before the promotional period ends. One-time credit/debt card fees apply.

Your only way out: If you want a free pass on paying or filing your taxes on time, you're going to have to come up with a better excuse than a sick day. Per the IRS, you'll need proof of a "reasonable cause" rather than forgetfulness. And don't kid yourself into thinking you're off the hook if a month goes by and no IRS lackeys come calling. It can take anywhere from six months to a year for the agency to catch up to late payers.

And if you've decided to ignore Uncle Sam because you think you won't be able to afford your payment, you're better off at least knowing what you're up against. There are plenty of tax estimate tools available which will give you an idea of what you'll owe or be owed.

See IRS.gov for more details on late fees.

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3. Forgiven Debt.

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5. Jury Duty Pay.

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]]>credit cardsfeesFiling taxesincome taxinterestirspenaltiestaxestaxpayersBusiness InsiderWed, 17 Apr 2013 10:30:00 ESTSuze Orman: U.S. Tax Code a 'Travesty' for Gay Coupleshttp://www.dailyfinance.com/2013/04/16/suze-orman-taxes-gay-marriage/http://www.dailyfinance.com/2013/04/16/suze-orman-taxes-gay-marriage/http://www.dailyfinance.com/2013/04/16/suze-orman-taxes-gay-marriage/#commentsFiled under: Taxes, Income Tax, Tax Laws

Suze Orman — John Amis, AP

By Mandi Woodruff

Personal finance expert Suze Orman took a break from her soap box at CNBC on Monday to speak candidly about her experience as a gay taxpayer in America. "There is such discrimination [in our tax code], from insurance benefits to Social Security benefits ... anything you can possibly think of," Orman said during a conference call coordinated by the Respect for Marriage Coalition.

"It's a travesty to say the least," she said.

The crux of the gay marriage tax debate is this: So long as states continue to legally recognize same-sex marriage while the federal government does not, couples essentially have double the amount of work on their plate when filing their tax returns each year.

For instance, a same-sex married couple living in New York state would need three tax returns -- one joint state return and two separate federal tax forms for each of them.

"We can't just go down to H&R Block and have them plug in our numbers," family law attorney David Pisarra, who is also in a same-sex relationship, told Business Insider. "You're probably going to at least double, if not triple, the accountant's time, because you're adding one state return and two federal."

Further complicating matters, same-sex couples aren't able to access some tax breaks that traditional married couples can. A gay stay-at-home parent, for example, can't currently enroll in a Roth IRA or traditional IRA because they can't claim their spouse's source of income.

And if that spouse chooses to enroll in his or her partner's health insurance plan, they would have to pay taxes on those benefits. Similarly, if one spouse dies, the other would have to pay federal estate taxes on assets left in their name.

Orman herself has been married to her long-time partner, Kathy Travis (KT), for three years. They wed, not in the U.S., but in South Africa, which recognizes same-sex marriage at the national level.

"Overturning [the Defense of Marriage Act] is essential for us to have true equality," she said. "Financial discrimination just really adds insult to injury."

As for the fate of DOMA, the Supreme Court is expected to issue an opinion this summer.

For same-sex couples looking for resources on filing their taxes, Gay & Lesbian Advocates & Defenders has a host of great resources. You can access their guide on Navigating Income Taxes for Married Same-Sex Couples publication here.

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]]>gay marriageincome taxestax codetax lawsBusiness InsiderTue, 16 Apr 2013 17:00:00 ESTThere's a New Way to Cut Energy Bills (and Get Rewards, Too)http://www.dailyfinance.com/2013/04/05/cut-energy-spending-get-rewards-MyEnergy/http://www.dailyfinance.com/2013/04/05/cut-energy-spending-get-rewards-MyEnergy/http://www.dailyfinance.com/2013/04/05/cut-energy-spending-get-rewards-MyEnergy/#commentsFiled under: Energy, Green

Compare your home energy use with your neighbors — Alamy

By MEGAN DURISIN

Americans waste $146 billion on energy each year, but several groups are aiming to help people rein in their utility costs - and get rewards in the process. One example is MyEnergy, a free website that lures users with incentives from free snacks to restaurant coupons for cutting down on their energy bills.

The MyEnergy website allows users to track their energy spending against neighbors, family and friends and offers rewards to those who reduce their monthly bills. "It shows you how you compare with all the other homes like you in your area," said Ben Bixby, CEO of MyEnergy.

Users have averaged annual savings of $250 -- adding up to an annual reduction of 14 percent off normal utility bill costs.

"It allows you as a household to get this big source of spending out there in front of many people in the home," Bixby said, since spouses, roommates and children could all be added on a single MyEnergy account. "When four people see it, it's that much more likely whether someone does something about it."

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Several businesses are taking similar initiatives. In California, three of the state's biggest utility companies helped to launch "The Green Button," an online energy tracking site where users can download their utility data with aims to trim their spending. Consumers Energy, a Michigan utility company, provides businesses with an online energy tracking tool. And Energy Star offers clients a portfolio manager to track their energy usage over time.

MyEnergy uses information directly from utility companies as well and offers its service to residents across the U.S. People can log on to the site using a Facebook (FB) or Google (GOOG) account, or create a new username and password. Then, they are required to give their utility account numbers and passwords to MyEnergy so they can sync user's information from their providers. Bixby assures that the process is secure and doesn't require any other personal information, such as Social Security numbers.

"It will automatically retrieve all of your utility data and put you right on the map to show you how you compare with all the other homes like you in your area," Bixby said.

Users can track their utility usage against neighbors or other people in the same area code.

Each person can track their own goals and cash in on reward points for items ranging from a free month's supply of Popchips to $50 local restaurant coupons. Users can also get discounts on gourmet gift baskets, water bottles and Karma WiFi hotspots, Bixby said.

Utility bills take out a big chunk of disposable income in many households and usually only one person sees the bill, he added.

Here are a few tips to cut your utility bills:

Wash your laundry in cold water. It saves 90 percent of energy compared to a hot water spin cycle.
Use smart power strips to plug in your cable box and DVD player. Program them to turn off when you power down your TV.
Throw in dryer balls before drying your clothes to help your laundry get dry in half the time.
Use a programmable thermostat to ensure your heater isn't on full power when no one's home. Bixby said this can save a household up to 20 percent on heating and cooling costs.
Consult a Home Energy Advisor from Energy Star to find home improvement tips that could help you trim energy usage.

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]]>energy efficiencyenergy savingenvironmentally friendlygreen livingmoney saving tipssaving moneyBusiness InsiderFri, 05 Apr 2013 11:26:00 ESTGalling Tax Loopholes that Cost the U.S. Government Billionshttp://www.dailyfinance.com/2013/04/05/tax-loopholes-cost-government-billions/http://www.dailyfinance.com/2013/04/05/tax-loopholes-cost-government-billions/http://www.dailyfinance.com/2013/04/05/tax-loopholes-cost-government-billions/#commentsFiled under: Taxes, Scandals and Lawsuits, Tax Credits, Tax Deductions, Tax Laws

Google's European headquarters are on Barrow Street, Dublin, Ireland. Photographer: Paul McErlane/Bloomberg — Paul McErlane, Bloomberg via Getty ImagesGoogle's European headquarters are on Barrow Street, Dublin, Ireland. Google utilizes the "Double Irish" arrangement to minimize its U.S. taxes.

By Walter Hickey

It's tax time, and most Americans are trying to figure how much they owe the IRS. Still, many corporations and wealthy individuals have already prepared for the big day by assiduously spending money in deliberate ways to minimize their tax liability.

The result is billions in lost revenue for the government every year.

These are just some of the most galling tax deductions that are perfectly legal.

Gallery: Galling Tax Loopholes Costing The US Government Billions

Corporations can avoid paying taxes on US profits with the

They can also avoid taxes on international profits by expanding the

The carried interest loophole allows people who work in investing to skirt federal income tax rates.

People who own private jets have a special line in the tax code that costs the government $300 million annually.

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]]>Cablevision Systems CorpCaribbeanCarl LevinCarried interestCendantDublinFacebookFinanceGoogleIrelandIRSMacy's IncNetherlandsSteve Jobstax deadlinetax loopholestaxesUnited States fiscal cliffWells Fargo & CoBusiness InsiderFri, 05 Apr 2013 05:00:00 ESTThe 10 Best U.S. Cities for Retireeshttp://www.dailyfinance.com/2013/04/04/best-cities-for-retirees/http://www.dailyfinance.com/2013/04/04/best-cities-for-retirees/http://www.dailyfinance.com/2013/04/04/best-cities-for-retirees/#commentsFiled under: Retirement Homes, Home Buying, Retirement Living

Retire in a city — Alex Proimos, Flickr.com

By Megan Durisin

Sunny. Walkable. And a low cost of living.

Nerdwallet recently came out with its rankings of the top 10 best cities to retire.

Ranking cities by factors like medical care, climate and cost of living*, they sought to find the kind of places where retirees can kick back and relax but still engage in a bustling city culture when they want it.

Gallery: These Are The Best Urban Cities To Retire

10. Nashville, Tenn.

9. Tucson, Ariz.

8. Louisville, Ky.

7. San Antonio, Texas

6. Oklahoma City, Okla.

*Cost of living used was based on the ACCRA cost of living index. The nationwide ACCRA average is 100. The numbers noted on each slide are percentages of that average.

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]]>ACCRA Cost of Living Indexbest places to liveCost of LivingEl Paso, TexasFloridaJacksonville, FloridaLouisville, KentuckyMemphis, TennesseeMiamiNashville, TennesseeNerdWalletOklahomaOrlando, FloridaretirementSan AntonioTampa, FloridaTucson, ArizonaBusiness InsiderThu, 04 Apr 2013 12:25:00 ESTHow to Stop Wasting Thousands of Dollars a Year at the Grocery Storehttp://www.dailyfinance.com/2013/04/03/how-to-stop-wasting-money-grocery-store/http://www.dailyfinance.com/2013/04/03/how-to-stop-wasting-money-grocery-store/http://www.dailyfinance.com/2013/04/03/how-to-stop-wasting-money-grocery-store/#commentsFiled under: Shopping, Shopping Trends, Saving, Food

A family shops for grocery food at Target — Getty Images

By MEGAN DURISIN

One in three Americans could be wasting $2,600 a year at the grocery store, a new survey by recipe kit company HelloFresh found.That's $50 per week thrown away on items that are either tossed out or never used.

Married couples are more likely to walk away with unnecessary items in their cart, the survey found. But even most singles do: 12 percent of them said they never overspend, compared to 7 percent of married couples.

Although the numbers are striking, Americans still spend a lower percentage of their annual income on food than any other country. A recent Bloomberg Businessweek chart shows the average consumer's food expenses fell from 16.8 percent of annual income in 1984 to 11.2 percent in 2011.

Even so, $2,600 isn't something most people can afford to throw away.

Here are a few ways to shave down some of your excess spending at the grocery store:

1. Shy away from brand names. The products with the grocery store's own label are often just as good and usually come for a cheaper price.

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2. Buy ingredients, rather than prepared products. If you have time to make your own pasta salad at home, you can save money compared to buying the finished product at the store.

3. Purchase produce when it's in season. Apples cost the least during fall harvest season and berries are more of a bargain in the summer than the winter.

4. Don't shop on an empty stomach. You're more likely to overfill your cart in response to your stomach's rumblings.

5. Skip the bottled water. At a dollar per bottle, the costs add up fast, and you can always buy a filter for your tap water, which flows for a tiny fraction of the cost.

6. Make a list. It takes a few minutes of advance preparation, but it will save you from wandering aimlessly down the pasta aisle, debating possibilities for your Sunday night meal.

7. Learn to love bulk. Buying larger boxes of cereals and crackers can typically save you a few cents on per unit cost, and your snacks will stick around your cupboards for longer.

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]]>FinancefoodgroceriesHealthhousehold expensessavingsaving money on groceriesshoppingBusiness InsiderWed, 03 Apr 2013 10:27:00 EST16 Big Bubbles That Are Getting Ready to Pophttp://www.dailyfinance.com/2013/04/03/asset-bubbles-getting-ready-to-pop/http://www.dailyfinance.com/2013/04/03/asset-bubbles-getting-ready-to-pop/http://www.dailyfinance.com/2013/04/03/asset-bubbles-getting-ready-to-pop/#commentsFiled under: Real Estate, Alternative Investment, Commodities & Futures, Stocks, Stock Markets

Pop bubbles — Alamy

With stocks hovering around all-time highs, many are wondering if equities are the next great bubble getting ready to burst. But stocks aren't the only things that look frothy: There are a lot of other asset classes that sure look like bubbles.

We've compiled a list of the assets that analysts now believe are flashing the warning signs of over-inflation.

If you think we reached the peak of bubble-calls last spring when Robert Shiller diagnosed a "bubble on bubbles," think again.

Gallery: 16 Big Bubbles That Are Getting Ready To Burst

Textbooks

Chinese Housing

Bitcoin

U.S. Treasury Securities

Guns and Ammo

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]]>Ben BernankebitcoinsCase–Shiller indexChinaCitigroupEuropeFinanceGeorge Sorosgold bubbleGunshousing bubbleLumberMario DraghiMartin FeldsteinRobert ShillerSteve Cohentextbook pricestreasuriesTuition paymentsBusiness InsiderWed, 03 Apr 2013 05:00:00 ESTUnited States Ranks as 19th Best Country for Retireeshttp://www.dailyfinance.com/2013/04/01/united-states-ranks-as-19th-best-country-for-retirees/http://www.dailyfinance.com/2013/04/01/united-states-ranks-as-19th-best-country-for-retirees/http://www.dailyfinance.com/2013/04/01/united-states-ranks-as-19th-best-country-for-retirees/#commentsFiled under: Retirement, Health Care, Retirement Living, Retirement Plans

Retirement in the United States — (Alamy)

By MANDI WOODRUFF

For retirees hoping to live long and prosper in their golden years, the U.S. is only the 19th best place to be, according to a new index by the NGAM Durable Portfolio Research Center.

The humbling report, called the Natixis Global Retirement Index, places Western European countries far ahead of the U.S. in areas like health, finances, quality of life, and material well-being.

"The message is clear: You will be called on to finance more of your retirement," John Hailer, NGAM's president and chief executive officer, said in a statement.

"Citizens of other industrialized nations can rely on strong social safety nets in old age, at least for now. In the U.S., we encourage workers to plan, save and invest, and promote policies that help them meet their future needs."

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Norway ranked the best out of 150 nations studied, followed by Switzerland, Luxembourg, Sweden and Austria.

The U.S. was also overshadowed by its neighbor to the North, Canada (No. 13), Japan (No. 15), and came in just one spot ahead of the United Kingdom (No. 20).

Here's where the U.S. falls behind:

A costly health care system. Although the U.S. spends more on health care per capita than any other country in the world, consumers are still left to cover a big portion of those costs on their own. For retirees, those costs only increase with age. On average, a 65-year-old couple will shell out more than $250,000 for out-of-pocket health care spending needs, according to U.S. News and World Report. Nearly all the high-ranking countries in the NGAM index have universal health care systems in place.

Aging boomers. Americans are living longer than ever, but federally sponsored social programs that so many older consumers rely on today may not be able to sustain future retirees. According to NGAM, the number of people aged 65 or older is on track to triple by 2050. There's no telling how long Social Security will last as a viable income option, and as it stands, more than half of married couples and 74 percent of unmarried persons receive 50 percent or more of their income from Social Security. It's more vital than ever for consumers to re-estimate how much they'll need to support themselves in retirement.

Retirement savings deficit. It should come as no surprise that more consumers are relying on social programs to supplement their income in old age. The Great Recession played its roll in pummeling nest eggs for millions of workers, but U.S. workers aren't exactly known for their savvy savings strategy to begin with. More than 53 percent of American workers 30 and older are on a path that will leave them unprepared for retirement, according to a recent U.S. Senate Report. And as it stands, only one-third of eligible workers bother to take advantage of retirement savings plans through their employer.

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]]>age boomersAustriaBusiness InsiderFinanceHealthhealth careLuxembourgNorwayretirementretirement livingretirement planningSocial SecuritySwedenSwitzerlandU.S. News & World ReportUnited KingdomBusiness InsiderMon, 01 Apr 2013 05:00:00 EST1 in 4 Teens Plans to Rely Financially on Parents Until Age 27http://www.dailyfinance.com/2013/03/31/teens-financial-literacy-parents/http://www.dailyfinance.com/2013/03/31/teens-financial-literacy-parents/http://www.dailyfinance.com/2013/03/31/teens-financial-literacy-parents/#commentsFiled under: Family Money, Personal Finance, Budgeting

Teen talking about his future with father — Alamy

By Mandi Woodruff

April is Financial Literacy month, which is the personal finance industry's cue to ramp up its message that high school -- and the home -- is ground zero for the movement. After all, if we can teach teens to handle money responsibly, we can ensure that the next generation of adults won't make a mess of things. Right?

Unfortunately, teens don't have quite as much faith in their own financial futures as most people, according to a new survey by Junior Achievement USA/Allstate Foundation.

Nearly 60 percent of teens said they don't expect to be ready to financially support themselves by age 24 -- a far cry from the same survey two years ago, when 75 percent of teens felt the same. Only 25 percent of teens said they'd be prepared by age 27.

That's a more than double the number in the same survey two years ago, when just 12 percent of teens felt the same.

To be fair, they have reasons to be wary of flying the coop. The job market, though slowly improving, isn't exactly stellar, the cost of college tuition is perpetually rising, and student loans rates have tripled in the last decade.

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"Parents continue to be the No.1 influence on teens when it comes to money, so helping their teens set financial goals and take steps to meet them should pay off financially for both teens and their parents," said Don Civgin, president and chief executive officer of Allstate Financial.

Therein lies the central issue of financial literacy: Whose job is it to teach kids how to manage money -- their teachers or their parents?

Mom and Dad may know which snacks to pack, how to fix a flat and when to lecture about college and safe sex, but it's not like they have to pass a financial literacy test before bringing children into the world.

In a T. Rowe Price survey, more than half of parents said they only feel 'fairly' prepared to discuss finances with their children. Another 18 percent said they aren't prepared at all.

On the other hand, financial literacy is part of the curriculum in roughly half the country in the U.S. There are free financial literacy services for teens, but convincing them to learn about budgeting in lieu of playing after school sports is likely a tall order.

There's a solid case for either side of the debate. The reality is that it will likely take both.

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Snip, Snip

The seeds of nourishment

She had legs

Freezing accounts

Door-to-door massager

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