NY Money Minute: Solutions for Main St.

The stock market mystifies many, but basically it is where business with ideas go to get funding to transform their ideas into reality. Like Apple Computer, working in the garage with a simple idea, they got investors to believe in their ideas and Apple transformed their ideas into the devices we all use every day.   Get you copy of the award-winning guide, How Money Works, by visiting our Web site, bitly.com/yourmoneyny.

ARe you earning a guaranteed loss with a CD? Listen in as we explain how. Become an owner, not a loaner. CDs give you a guarantee, but a guaranteed loss. Listen to us and send for your guide to money, How Money Works. Go to bitly.com/yourmoneyny.

How would you feel if your family were a pawn in another’s plan to get rich? Banks changed the tone of their advertising in the late 1990s. The subliminal message of the new slogans: Spend beyond your means! • “Live Richly” — said Citibank • “What’s in your wallet?” — said Capital One • “Is your mortgage squeezing your wallet?  Squeeze back.” — said Bank of America • Banks have an inherent incentive to give borrowers more credit than they are able to afford. • This results in: – Interest charges – Late payment penalties – Overdraft fees – Missed payments — resulting in higher APR% Consumers want to get out of debt, but they need a plan.  Let's stop the cycle and build Americans a sound financial house. Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works,  that's bitly.com/yourmoneyny  Also, This Thursday, August 7 is our next Money Workshop Securing Your Financial House, at the Point Cafe in Schenectady. 964 Heldeberg Ave. RSVP to dbalog99@gmail.com See you next time.

What's in your wallet? Make it cash, not plastic. To be fair, plastic is much sexier than a piece of colored paper with a president staring vaguely into the distance.  And yet, from a personal finance view, cash is almost always the better choice for making a purchase. Here's why: 1. Overpaying  One of the drawbacks of credit and debit cards is that they encourage you to spend more than you intend to by giving you easy access to more capital.  2. Over-Shopping   According to Soundmoneytips.com, people will spend more with a credit card compared to cash. In fact, a study found that people spend 12-18% more when using credit cards than when using cash.  And McDonald's found that the average transaction rose from $4.50 to $7 when customers used plastic instead of cash. For most people it becomes a matter of $2 here, $6 there, another $4 over here and so on until they give up keeping track of how much has been spent in a day - let alone a month. Then it's a shock when the monthly statement comes in.  Get your guide to financial health: How Money Works. This essential guide will explain the life insurance traps, the debt traps, the mortgage traps, the tax traps so that you can build a secure financial house. And sleep better.  Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works, that's bitly.com/yourmoneyny  Also, This Thursday, August 7 is our next Money Workshop Securing Your Financial House, at the Point Cafe in Schenectady. 964 Heldeberg Ave. RSVP to dbalog99@gmail.com

Play lotto for fun, but not for retirement. The way you think about money is everything. Your mindset is a powerful thing – especially when it comes to money.  That explains why so many of the people who win the lottery … end up losing it all.  Lotto is a regressive tax...people who can least afford it pay the most for it.  So if you play lotto, play it for fun, not as a regular plan for wealth. The odds are way against you. Take the money and invest it, instead. $50 a week of lotto money is all you need to boost your savings, for today, for the future. If you “upgrade” your thinking and believe you deserve the freedom and peace of mind that financial security provides, you’ll have a better chance at doing what needs to be done to obtain wealth beyond your dreams. Get your guide to financial health: How Money Works. This essential guide will explain the life insurance traps, the debt traps, the mortgage traps, the tax traps so that you can build a secure financial house.  Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works, that's bitly.com/yourmoneyny  Also, This Thursday, August 7 is our next Money Workshop--Securing Your Financial House, at the Point Cafe in Schenectady. 964 Heldeberg Ave. RSVP to dbalog99@gmail.com See you next time.

By taking into account the interest rate and amount of debt, debt stacking identifies an ideal order for you to pay off your debts. You begin by making consistent payments on all of your debts.  The debt that debt stacking suggests that you pay off first is called your target account.  There are programs you can enroll in that will automatically select your target account for you using a variety of criteria to help you get out of debt faster.  When you pay off the target account, you roll that payment into the payment that you were making on the next target account. This helps help you reduce the effect of compound interest working against you.  Debt stacking allows you to make the same total monthly payment each month toward all of your debt.You continue this process until you have paid off all of your debts. When you finish paying off your debts, you can apply the amount you were paying towards your debt toward creating wealth and financial independence! Get your guide to financial health: How Money Works. This essential guide will show you the life insurance traps, the debt traps, the mortgage traps, the tax traps so that you can build a secure financial house.  Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works, that's bitly.com/yourmoneyny   See you next time.

Many people now diversify their savings/investments, through mutual funds (owning a small share of many stocks or bonds). Others diversify with time-tested commodities like gold and silver. Many do both. Why Buy Gold? According to goldsilver.com, Gold is the only money that has never failed in the 5,000 year history of its use by humans. In times of crisis, gold is the safest investment that also has the greatest potential to increase your wealth, according to goldsilver.com Gold is a completely private and anonymous investment that is also extremely portable, according to the site. Why Buy Silver? goldsilver.com says  Silver is a 'miracle metal'. It is second only to oil as the world's most useful commodity. Check our Web site for information on gold and silver. bitly.com/yourmoneyny Let's get financially well: Get your guide to financial health: How Money Works. This essential guide will show you the life insurance traps, the debt traps, the mortgage traps, the tax traps so that you can build a secure financial house.  Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works,  that's bitly.com/yourmoneyny   See you next time.

A professor of mine once said, "Why do I feel better when I have $20 in my pocket than nothing?"  92% of workers report high stress over money matters according to Corporate Wellness Magazine. This stress results in migraines, insomnia, asthma, ulcers, and worse.  The New York State Social Work Conference has asked me to speak on just this topic in August. They're worried about their workers. The stress hormone, cortisol, is designed only for short bursts of energy, like the zebra on the plains of Africa running furiously to get away from a lion. Once the chase is over, and the zebra survives (if), the body returns to normal. With chronic, long-term stress, as from money worries, long-term cortisol can damage almost every part of the body. So getting money solutions to debt, taxes, saving for the kids' education, building an emergency account, and saving for sound retirement is good for your health. Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works, the must-have guide. Go to bitly.com/yourmoneyny   See you next time.

We're trying to get through this maze called life and what crucial information are we lacking? Please join us and if you can't, contact us for a free informational meeting. There's a lot of needless fear and bad feelings about money. We go to school. We get English, Math, Science, History. What course don't we get? Anybody ever take My Money, Money 101, Building Wealth? We use money every day, all day. And no course? What's up with that? Tomorrow night we'll get the essentials --and solutions for: – Reducing taxes (and give yourself a pay raise)  – Reducing credit card debt, student loans  – Saving up to $150/month on Auto/Home and Life Insurance  – then using that money to maximize your Roth IRA, 401 (k), your NYS pension plan, Start a 529 College Savings plan for your kids   Let's get financially well: In the Capital Region, come to the Family Money Fair at the Rotterdam Library Wednesday night July 30, 1100 N. Westcott Road, from 6-7:30, drop in. Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works, the must-have guide.  bitly.com/yourmoneyny   See you Wednesday.

Who says you can't build wealth?  Working Americans have the power to build savings and investments.. And it doesn't mean winning lotto. By freeing up $500 or more each month--by not overpaying taxes, by reducing debt, by rescuing cash in life insurance--individuals and families can get ahead of the game. It's a necessity. Here's where your money should go. 1. Emergency Fund: This is your reserve fund in the event of an unforeseen emergency, job loss or an unexpected expense.            2. Short-Term Savings: This account is for money that you set aside for expenses like a new computer or perhaps a vacation.            3. Long-Term Savings/Investments: This is where your retirement savings, college fund and other long-range savings will go. Because these savings have more of a long-term time horizon, you can use investment vehicles with potential for a higher rate of return, such as equity mutual funds. Let's get financially well:   In the NY Capital Region, come to our Money Health Fair, this Wednesday night, July 30 at the Rotterdam Town Library, 6:00--7:30 pm. 1100 N. Westcott Rd. Call 952-1257 for more information.  See you next time.

When it comes to life insurance, you have two basic choices: Some form of cash value life insurance (including universal life) and term life insurance.  Cash value, or whole life, as a “bundled” policy, requires you to buy both your death benefit and a cash value feature.  For the cash savings, the money is controlled by the insurance company and reverts to the life insurance company, not the estate of policy holder. It's in the contract. A little "s" is inserted between the CV in the contract = cash surrender value. It's your money...and while you may borrow it--at up to 8% interest--why not claim it yourself. But never cancel any policy until you have a new one in place. Let's get financially well: Get your free copy of the essential book, How Money Works: A Common Sense Guide to Financial Success. You'll fall in love with this it and never have a major money question again. In clear language, it shows how to avoid insurance traps, tackle debt, grow your money, find out what a Roth IRA can do for your family, and much more.  Go to bitly.com/yourmoneyny and sign up for your copy right now.  bitly.com/yourmoneyny   See you next time.

It pays to Start Investing Early Time can be the best friend of growth. But most people don’t have $1,000 to deposit all at once. They must depend on smaller amounts, invested on a schedule, to build wealth. If that’s your situation, consistency can be the fuel that makes your investment grow exponentially. That’s why time is so critical. When you’re young, you can save small amounts and still end up with thousands of dollars. If you wait to begin saving, you must save much more. If you want to be financially independent, you have no choice – you must start now, or later you must save more. One thing is certain: you can’t afford the high cost of waiting. Let’s get started: Get your e-copy of How Money Works: The Common Sense Guide to Financial Success. You’ll fall in love with this book and never have a major money question again. Get your copy at www.bitly.com/yourmoneyny that’s bitly.com/yourmoneyny . Thanks for listening...share this with a friend.

Most investment choices don't earn great curiosity, but if any are deserving of that kind of attention, it would be the Roth IRA. Financial planners routinely say that younger people should invest in a Roth because they would most benefit from its many wonderful qualities. But the truth is, Roth IRA accounts make a good choice for people of all ages. With Roth IRAs, savers get a tax-free stream of income in retirement. And it's not just the contributions that come out tax-free. Uncle Sam doesn't lay a finger on any of the earnings. It can be a pretty sweet deal when you're talking about decades of compounding. The only catch is that you pay income tax on your contributions upfront (post-tax dollars). Unlike the traditional IRA, which gives investors a tax deduction for the year the contribution is made, the Roth version lets savers contribute after-tax money today and withdraw principal and earnings tax-free at retirement. The Roth can also be used for educational purposes, major medical expenses, and first home buys...with qualifications. For individuals looking for tax diversification in retirement, the Roth IRA is one of the few tools they can create that ensures that they have a stream of tax-free income in retirement. Let's get financially well: Get your free copy of the essential book, How Money Works: A Common Sense Guide to Financial Success. You'll fall in love with this it and never have a major money question again.  Go to bitly.com/yourmoneyny and sign up for your copy right now.  bitly.com/yourmoneyny  See you next time.

In a report by a US Senate committe, the life insurance industry was called out for overpricing, misleading, and deceiving the public. I know firsthand because I used to work for one of these companies and they're now out of business.  We'll look at the top three scams in this show and tell you what the right life insurance is...according to Suze Orman, Dave Ramsey, and every consumer expert. Join us and get your free copy of the essential book, How Money Works: A Common Sense Guide to Financial Success. Listen in and well tell you how to get your copy. Click here for that information.

You can't change the tax system, but you can find ways to lower your taxes. It's pretty simple: Don't get a tax refund, to start. Most people think getting a tax refund is like winning lotto. It's not we'll tell you why and what you could be doing with your money, rather than giving it to the government. Listen in and send for your free copy of How Money Works: The Common Sense Guide to Financial Success. Click here and get your FREE e-copy.

There's no faster way to clear a room than to talk about life insurance. How can something so necessary for families be so scorned and avoided? Without proper income protection--and that is what life insurance is--families can face financial devastation.  Just ask the many widows and widowers left to raise a family after the loss of a loved one...with 50 per cent of the household income gone and the bills still there. Getting life insurance is proof of your vows to honor and protect your spouse and your family. Get your free e-copy of How Money Works: A Common Sense Guide to Financial Successby clicking here;

Welcome to the first of our episodes on your money. There's a lot of fear about money and some of it is real, some not. Franklin D. Roosevelt said that the only thing to fear in the depths of the Great Depression, is fear itself. Oprah calls fear, false evidence appearing real. Join us in these brief podcasts for great information to help you and your family. Get your free e-copy of How Money Works: A Common Sense Guide to Financial Success by clicking here;

What's the three-legged stool of retirement and why do we have to forget about it and become investors instead of savers. Tonight we look at mutual funds, investing with a purpose to minimize risk, maximize growth and get ahead of the game. And what's the picture window story? Sponsored by the Point Cafe, Schenectady Computer Repair, and Arthur's Market.

Rotterdam resident Shele Hamill lost track of her Aunt Sue 30 years ago. After a severe stroke, her widowed, childless aunt died quietly and anonymously in a Florida nursing home. Like many Capital Region residents, Shele is entitled to money her relative left behind at a New York address. That money--and Shele thinks it could be considerable--is being held in a trust by New York State, waiting for the closest relative to claim it. Shele has begun the process to claim her aunt's investment account. She won't know the amount until the process is complete. The office of the New York State comptroller is trying to get the message out to New York residents. State senators have begun publicizing theses unclaimed funds to their constituents. That's how Shele learned of the possible funds entitled to her. Sponsored by the Point Cafe, Bill Klee, Tax Professional, Arthur's Market.

Many types of life insurance policies are called "whole life," or "cash value." Who controls this money? Who ultimately gets this savings?  Not you, dear consumer. Not you. Listen in as we dissect the terrible traps of cash value life insurance and why most consumer experts now recommend another type to protect your family. Learn what it is as you learn how to rescue your money. This isn't fiction, but rather a sad fleecing of New Yorkers. (Hint...why do most cities have large insurance buildings? They have nothing else to do with your money). Sponsored by The Point Cafe, Arthur's Market, and Bill Klee, Tax Advisor.