Money Hackers Network

The New Money Hackers Affiliate Network

DK — Fri, 06 Nov 2009 19:49:54 +0000

I’m very excited to announce the launch of the “Money Hackers Affiliate Network” or MHAN for short.

The whole Money Hackers team (DK, Blake, Netanya, Lydia) has been working very hard getting ready for the launch and we are very excited about bringing the best financial offers to the top financial bloggers around.

Our initial launch is invite only, we will have a public launch by the end of the year, but for know you need to be invited in by a Money Hackers Affiliate Network staff member. Watch your e-mail!

Also, you can follow the MHAN for updates at:

http://www.twitter.com/mhnet

Art of Barter – The Vintage Way of Payment

Lydia — Wed, 04 Nov 2009 21:22:55 +0000

The art of barter may seem like a native idea for some, but it has come back in this economic recession as a means to acquire objects without cash. Far more things are being traded on Craigslist now, and bartering can always be a good tool. Cash and credit cards have been over used in our economy, so much so that people are realizing cash and credit aren’t the only methods of payment. Bartering is the idea of using tangible goods that one owns in exchange for something else. People find this useful with Christmas gifts, for vacations, baby clothes, or in your profession, people often trade their job talents or skills for a four or five day vacation or something else that has equal value the other other bartering party. There is no end to what can be bartered between different people, as long as both people agree to make the exchange. So why is the art of barter important?

The Art of Barter

There are a few ways you can barter with people and get a better deal. I am not talking about arguing with the guy at the thrift shop so you can get that plaid sweater 50% off, we are talking about exchanging a good for a good. A sweater for a hat. most people think if someone is selling something they want cash. They’re going to go out and buy something probably worse than what they sold you. The art of barter solves this problem. Here are some tips.
1. Give them something they’ll want – Dont go to the bartering table with a wooden spoon. To win the bartering game, you have to have something worthwhile
2. Go Big First – Many people start at their maximum price, or with their best item. This is the biggest mistake in the art of barter. Take your least “worthy” item vs. their best item. It may not be fair to them, but you are not playing fair. You are bartering. Go for the gut.
3. Don’t give up – Some people are persistent. Be persistent back. Its almost like a game of chicken when bartering gets ugly. The deal needs to happen, but it also needs to happen on your terms. Don’t get bullied.
4. Remorse – When bartering, or trading a good for a good, many people regret what they got in return. You made the trade, take out the blade. The best part of bartering is that you get to do it all over again with the item you just got.

Online Bartering Sites

There are many different online sites that contain bartering, Craigslist is one that has recently become popular in this area nearly doubling their online bartering exchange. On Craigslist people either place items they want to trade, or they tell exactly what they would like to receive for their trade, or other people merely say what they want and let the person who has that object determine what to exchange. BizXchange is also a popular site for bartering as well as U-Exchange.

Saving Change – Why it Matters

Lydia — Wed, 04 Nov 2009 21:05:22 +0000

Loose change sometimes becomes a thing to be forgotten, more of a hindrance rather than something to be used. However change, like quarters can be essential to those who don’t own a washing machine. That makes saving change important; clean socks. Most American Laundromats only take quarters; this makes quarters more intrinsically valuable. Change can still be used in so many areas that cash can’t, thus making change more desirable and more valuable than most people think.

Saving Change

Saving loose change is something that may seem tedious at times, but in the long run the value of the change increases with each tinkling of the jar. Saving change is another outlet to saving because change is inconvenient. This makes it easier to save and harder to spend. Instead of spending your change, designate four jars for pennies, nickels, dimes, and quarters. If that is ambitious; if it’s a long term goal you are saving for, place a picture of your goal near your change jars to motivate you to save. The current picture is a new car.

Uses for Loose Change:

Here is a list (in case you forgot) of all the great places and objects that take loose change and make saving change important.

The Laundromat
Toll booths
Parking meters
Savings
Purchases - use change rather than a dollar
Donations
Saving goals that are short term or long term

Dollars Worth – Rise and Fall of the Dollar

Lydia — Mon, 02 Nov 2009 21:59:54 +0000

The dollar has made it’s ups and downs in history, but today it’s currently at one of the lowest its ever been. Which surprisingly presents encouraging views for companies who export products overseas. With the dollar at such a low rate, many countries are more interested in buying products from the United States. Since American companies are able to sell more than before through exportation, many are finding that hiring back their employees is a plus in this economy. As the recession progresses President Obama, has made a point that he is not going to focus on the strength of the dollar. Though a weak dollar is a sign of a weak United States, a slow declining of the American dollar isn’t necessarily bad. As long as a sudden decline isn’t the case, the US dollar will always go up and down. A weak dollar balances out the high forty percent incline of the dollar during 1995- 2002, and is healthy for the economy as seen with exportation.

Overseas Vacationing, a Black hole for U.S. Currency

However vacationing to other countries is a disadvantage for American citizens today; many who ventured out to Europe found the exchange rate shockingly different than before. The dollar doesn’t get you as far anymore. The dollar is declining fast next to the euro, which sky rockets prices for American tourists, and leaves us twiddling our thumbs . Not many people realize the significance of a weak dollar until they purchase food from a restaurant, or buy something at a souvenir shop and find it significantly higher than in the U.S.

Budgeting for Those Bereft in Budget Sense:

Lydia — Sun, 01 Nov 2009 20:45:13 +0000

Have an income and wonder how it disappears? If you have a problem with spending all your income, it is a problem, but can help you better relate to the budget realm. The purpose of a budget is to spend your income, but with designated purpose. A budget is essentially a mapped out plan marking the key areas of expenses such as: mortgage bills, gas, and groceries. Ok, lets throw in a little fun too.

Here are some steps to writing up a balanced budget:

Keep Tabs on Spending Habits for a Week – write down everything you buy from morning coffee at Starbucks to movie rentals, just to get an idea of where your priorities in spending are and give an awareness of how much is spent during a week.
Retrieve any Financial Statements You Have - mortgage bills, repair bills, anything having to do with income or expense to help find an average in monthly spending. This is spending that is a necessity. You need to make sure you have the funds for these when the time comes.
Calculate any Income – calculate your income before and after taxes. If you are paid hourly, know how much your check will be before your boss hands it to you. If you are self-employed, a consultant, or freelancer, budgeting your income is even more important.
Make a List of Monthly Spending – i.e. bills, mortgage, rentals, groceries, schooling, college loans, etc. (refer to list in #1). Monthly budgeting can be astonishing. Once you see how much money you frivolously spend, you will be able to hunker down and fix the problem.
Split Monthly Spending into Two Categories: Established Expenses and Unestablished Expenses – established expenses need to be paid off each month and include: credit cards, bills, mortgage, etc. Unestablished expenses would vary each month and would include: gas, groceries, shopping, vacations, etc.
Calculate Total Income and Total Expenses – ideally, you want to have your income outweigh your expenses and have some left over for savings. If expenses outweigh your income, the unestablished expenses will have to be altered to fit your budgeting needs.
Check if Adjustments Need to Be Made – Is everything on your budgeting list necessary? Could some things be simplified or taken out from your schedule? Cutting back, is the only way to get out of the red.
Check Your Budget Monthly- it is imperative to check up on your budget monthly to know where your money is going and if you are staying on track. Monthly budgets will change, the heater needs to be turned on in winter, an addition to the family, and sometimes you “need” to purchase that new television. Keep tabs on your budget, punching him in the side if he gets out of line.

Having a plan when it comes to money is the best way to be proactive about spending it. When income is distributed among designated expenses and things get paid off, goals are achieved, and spending is curbed in all the right places. Curb your appetite for spending and enjoy life more.

Are CD Rates Rising?

Lydia — Fri, 23 Oct 2009 20:57:37 +0000

Cd rates have been declining this year, this is unfortunate for many who are looking to invest in Cds. Many people wish the Federal Reserve would step in and raise the Cd rates. The three month Cd has fallen from .57% to 55% since last week, the six month Cd has dropped from .85% to .84%, the one year Cd has fallen from 1.08% to 1.10%, and the rest have declined accordingly. This part of the recession is starting to affect everyone, not just the banks. The Federal Reserve hasn’t hinted at any way to raise Cd rates.

The economy is struggling to remain stable during this time. The Fed will only continue to lower the rates on Cds in an effort to pull banks out of recession more quickly. When stabilization becomes more apparent the Fed will raise Cd rates to keep the economy from reaching inflation. Since the economy remains in recession the rates and interest will only remains low for now.

Roth 401K, Roth IRA, 401K Retirement Plans: Which is Best?

Lydia — Thu, 22 Oct 2009 23:50:37 +0000

The Roth 401 (k) plan is a new form of retirement account combining the Roth IRA (k) plan and the regular 401 (k) plan. It has bits of both plans which allows the employee to have more flexibility when planning out his retirement as long as his employer agrees with the the switch.

There is no limit to how much income an individual or a couple receives in the Roth 401 (k) plan, but tax is taken off after received income, rather than the 401 (k) plan. However when the employee turns 59 1/2 he is not subject to taxation on his withdraws from the Roth 401 (k) plan. Taxing on income is the main difference between all three plans; whether one wants to be taxed after income through the Roth 401 (k) plan or when he withdraws from the plan after he is 59 1/2 years old in hopes of a better tax rate through the 401 (k) plan.

Below are listed the key differences and similarities between the three plans:

Roth 401 (k) plan	Roth IRA	Traditional 401 (k) plan
Employee contribution paid with after tax dollars	Same as Roth 401 (k) plan	Employee contribution paid with before tax dollars
Invested dollars grow without any tax deduction	Same as Roth 401 (k) plan	Invested dollars are not subject to State or Federal tax deduction until withdrawn
No limitation on income to participate in plan	Income limits: married couples, $160,000, singles, $110,000 adjusted gross income.	Same as Roth 401(k) plan
Contribution limited to $15,000 in 2006 ($20,000 for employees 50 or over)	Contribution limited to $4,000 in 2006 ($5,000 for employees 50 or over)	Same as Roth 401 (k) plan
Withdrawals of contributions and investment growth are not taxed provided recipient is at least age 59½ and the account is held for at least five years	Same as Roth 401 (k) plan	Withdrawals of contributions and investment growth are subject to Federal and most State income taxes
Distributions must begin no later than age 70½	No requirement to start taking distributions	Same as Roth 401 (k) plan

Top Ten Ways to Help Prevent Credit Fraud

Lydia — Mon, 19 Oct 2009 21:37:17 +0000

Credit card fraud is has become common whether on the internet, through the phone, or the mail; but taking the following precautions can prevent these unwanted fraudulent bills.

Dispose old credit cards or billing receipts containing confidential information
Watch for falsified commercials on the television or internet
Keep credit and debit cards in a separate compartment or a different sleeve other than your wallet
Don’t give out your social security number, but when you do check up on the company’s background
When purchasing online it is more convenient to purchase in the United States in case of potential fraud (the laws are the same in the U.S.)
Read up on the company’s policy for credit fraud; if you have concerns, paying insurance is not a bad idea
Don’t give out your credit card number, hackers can access your credit without the card
If someone needs to use your credit card, go with them and you use it with them
Beware of credit hackers who say they are from the bank- your bank has your information they would never call you about it
Call your bank immediately if you lost your credit card

30 Year Mortgage Rates Near All Time Lows

Lydia — Thu, 15 Oct 2009 00:58:09 +0000

Yes, 30 year mortgage rates are near lows, but the all time low was in April. Yet 5.06 percent isn’t too far off the scale. 30 year mortgage rates fell at an all time low last April when they hit 4.81 and in May at 4.86, but now rates are sitting tight at 5.06 percent. The Federal Reserve is mainly responsible for the low mortgage rates. The Fed bought mortgage-backed securities this year which lowered the rates. Their plan is to slowly let up on buying these securities by next spring to bring rates back up. But a year ago before the government got involved with house buying, the mortgage rate was set at 6.32. The Federal Reserve has gotten more involved with buying homes through Freddie Mac and Fannie May to lower interest rates.

Low mortgage rates have encouraged and balanced the sales on housing this year. For current homeowners refinancing is also a desirable option on the market. Several people are turning to refinancing during these hard times as a draw to save money and lower monthly payments. However refinancing does not apply for everyone, one must make sure their listed house price isn’t dropping, their credit allows this to be possible, and their income is high enough to pay for refinancing. Lenders have become stricter in their standards, allowing for only a twenty percent down payment and a concrete credit score.

Getting an affordable loan with peer to peer lending

Lydia — Wed, 14 Oct 2009 23:54:46 +0000

Today many people find themselves rejected at banks when trying to attain a loan due to their credit score, and other factors. But now there is a new way to get a loan, Peer to Peer Lending. Borrowers receive loans through websites such as Lendingclub.com. These lending sites allow two persons: the lender and borrower to connect to each other. It’s been stated that Peer to Peer Lending is literally an ebay for money. People post how much they need to borrow and Lenders fund loans they want to invest in. The borrower then is able to have the option of who and what interest to choose, rather than going through the bank with just a limited option. Lending Club, the leader in this space, sets the interest rates based on the borrowers credit score and other factors vs. using an auction model for setting rates.

Aspects of Peer to Peer Lending

Peer to Peer Lending Loan Rates Are Typically Lower than most traditional banking systems. Online lending is all done through the internet, cutting out the extra costs to maintain a physical structure. Ordinary people can lend out money and receive interest back on the money they loan out. Lending Club allows a max of $25,000 to be loaned out with interest rates from 7.05% to 21.21%.
Peer to Peer Lending is a chance for real people to lend money out to help others in real situations. Peer to Peer lending offers a friendly and communicative atmosphere that is sometimes lost within the banking system. Different lenders come together to offer their loan contributions to the borrower, but it’s personal in that lenders may fund only loans in their state, and have an interest in how the borrower will use the money.
Both parties win. Those who need to acquire money for a loan, receive that money with a low interest rate. Lenders who have money available and would rather invest that money without having a middle man, can acquire desirable interest rates by lending their money to those in need.

Tax Extension Deadline for 2008

DK — Wed, 14 Oct 2009 21:43:01 +0000

The tax extension deadline for filing your 2008 federal tax return is coming up tomorrow, October 15th, 2009.

To avoid any further penalties on your return you must file before Friday, Oct. 15th, 2009.

I got my taxes in on time for 2008, but in the past have had to file an extension. One important thing to remember is that with a tax extension, any taxes due start to accrue interest right away. Filing an extension only gives you extra time to file the return, not to pay any taxes that are do.

Being self-employed, I now have to file quarterly tax returns.

If you still haven’t filed, I would recommend an online tax service like turbo tax or taxcut to complete your return quickly. Depending on your income and job situation, you may even be able to file for free using those services (usually if you make less than a certain amount).

Happy filing!

The New Money Hackers Blog Network

DK — Thu, 08 Oct 2009 18:56:21 +0000

As many of you may know, Pinyo from Moolanomy has taken a sweet new job. The new job entails giving up running the Money Hackers Network.

Well, good news. The Money Hackers Network has some new blood…specifically. Me.

I started blogging back in January of 2007, when I had hit rock bottom with my debt and needed a place to vent. I’ve been tracking my progress ever since at DebtKid.com

New Name, Logo

The blog network also has a new name, the “Money Hackers Blog Network”. Yeah, I know it’s a small change, but as you’ll see in the next few months, it is significant. I promise.

The Money Hackers carnival will continue as it has. We’ve got some great hosts lined up for the next few months, and if you are interested in hosting, please contact me.

If you’ve e-mailed Pinyo in the past few weeks regarding Money Hackers details, I’ll be getting back to you soon!

New Badges

Along with the new logo we also have new Network Badges! I think they are a little fresher, and I’ll be contacting all the members in the next week to see if they want to install the newer badges. You can see all of the new badges here.

Bringing back “Member Highlights”

We are going to be bringing back the “Member Highlights” interview series, so be on the lookout for interview requests in your inbox in the coming months. I’m looking forward to getting to know all the 200+ Money Hackers!

Money Hacks Carnival #80 at Automatic Finances

Pinyo — Fri, 04 Sep 2009 00:04:56 +0000

Money Hacks Carnival #80 was hosted at Automatic Finances. This week Editor’s picks include:

Avoid Lifestyle Inflation: Create an Artificial Sense of Scarcity posted at Fivecentnickel.com.
Trying A ‘No Spending’ Weekend. posted at My Two Dollars.
The Beauty of Supply and Demand posted at Money Ning.
Stop Being an Investing Chicken posted at Fiscal Fizzle.

Thank you Jason for hosting the carnival and everyone for participating. Next week carnival will be hosted at ABCs of Investing on the other side of the border.

Money Hacks Carnival #79 at Modern Tightwad

Pinyo — Fri, 04 Sep 2009 00:01:46 +0000

Money Hacks Carnival #79 was hosted at Modern Tightwad. This week is the Hack The Planet edition and the Editor’s picks include:

Remake Your Life For $22.45 posted at SectorMatic Money Journal.
How Much is that Puppy? The Most Detailed Dog Cost Analysis You’ve Ever Seen posted at Darwin’s Finance.
7 Ways to Save Money on Back to School Shopping posted at Money Smart Life.
25 Essentials That Are Better and Cheaper to Make at Home posted at Man Vs. Debt.
Be Funemployed – Could You Do It? posted at My Findependence Day.

Thank you Mrs. Modern Tightwad for putting this edition together, and thank you everyone for participating.

Money Hacks Carnival #78 at Studenomics

Pinyo — Mon, 24 Aug 2009 03:26:16 +0000

Money Hacks Carnival #78 was hosted at Studenomics with the Looking Back At Summer theme. All I can say is that I wish I am a student again so that I can do all the things that he did. Studenomist didnt’ specify editor’s picks, so I’ll do the honor this week.

Should You Hate Debt… Should You Hate Anything? posted at Man Vs. Debt
Find Out Where Your Spending Leaks Are, and Fix Them. posted at Budgets are Sexy
Thoughtless Spending posted at KCLau’s Money Tips
Dollar Cost Averaging ? Practical Lessons From Recent Experience posted at The Personal Financier
The Keys to Financial Success posted at Free Money Finance

Thank you Studenomist for hosting the carnival and everyone for participating. Next week carnival will be hosted at Modern Tightwad

Money Hacks Carnival #77 at Personal Finance By The Book

Pinyo — Thu, 13 Aug 2009 18:57:35 +0000

Money Hacks Carnival #77 was hosted at Personal Finance By The Book. This week editor’s picks include:

Wojciech Kulicki presents Should I Buy a New Car? posted at Fiscal Fizzle. If you are contemplating this same decision, head on over to this blog to help with your dilemma.
Jeff Rose presents Changing Careers? How To Become a Certified Financial Planner posted at Good Financial Cents, saying, “Interested in a career as a Certified Financial Planner? Here’s what you to need to know with commentary from other CFP’s and their experiences.”
Silicon Valley Blogger presents How To Improve Your Credit Score: A 6 Step Plan posted at The Digerati Life. We all could use a little improvement on our credit score.
Matt Jabs presents Grocery Hacks – How To Save Money on Groceries posted at Debt Free Adventure!, saying, “This is the story of how we reduced our grocery budget from $400/month down to less than $250/month! The other night we sat down — together — and compiled this list of 20 ways we have successfully reduced our grocery bill over the last 7 months.
PT presents Clean Finances, Clean Mind posted at Prime Time Money.

Thank you Joe for hosting the carnival and everyone for participating. Next week carnival will be hosted at Studenomics.

Money Hacks Carnival #76 at Moolanomy Personal Finance

Pinyo — Thu, 13 Aug 2009 18:53:27 +0000

Money Hacks Carnival #76 was hosted at Moolanomy Personal Finance. Beside all the interesting facts about money, you can find a lot of great articles. Here are Pinyo’s picks:

Career Goals: Examples of Career Goals and Objectives posted at Job Interview Guide
100 Best Blogs for Your Job Search posted at Job Profiles
Debt: Upside Down and Backwards posted at Money Help For Christians
Is FreeCreditReport.com A Scam? posted at Bargaineering
Will the ‘Real’ FICO Credit Score Please Stand Up posted at The Dough Roller
Debt Reduction – Emergency Fund Savings – The Balanced 75/25 Method posted at Debt Free Adventure!
To Upgrade Or Wait – Frugality Tested posted at Domestic Cents
How to Get the Book Inexpensive Family Vacations posted at Trees Full of Money
Young Broke People – A Fundamental Difference in Thought posted at Suburban Dollar
Market Timing vs. Buy And Hold posted at Dividends Value
Reading Stock Charts Using Technical Analysis posted at The Smarter Wallet
Can an S corporation save me money? posted at Affine Financial Services
What If There Was No Tomorrow posted at Lazy Man and Money

Money Hacks Carnival #75 at My Life ROI

Pinyo — Wed, 29 Jul 2009 22:01:00 +0000

Money Hacks Carnival #75 was hosted at My Life ROI. MLR’s Get a Job edition is very timely considering the current high unemployment rate we are facing. This week editor’s picks include:

Use credit cards to establish credit history posted at Cash Money Life
401k Plans and My Contribution posted at Money Ning
5 Ways To Dramatically Improve Your Business Profitability posted at Moolanomy Personal Finance
How to Build Up Your “Emergency Fund” in a Dismal Economy posted at Trees Full of Money
Control Lifestyle Inflation Before it Controls You posted at Budgets are Sexy

Thank you MLR for hosting the carnival and everyone for participating. Next week carnival will be hosted at Moolanomy Personal Finance.

Money Hacks Carnival #74 at Suburban Dollar

Pinyo — Thu, 23 Jul 2009 11:23:18 +0000

Money Hacks Carnival #74 was hosted at Suburban Dollar. Kyle brought back some old memories with the Saturday Morning Cartoons Edition. Here are Kyle’s picks:

Teaching Kids about Money I posted at Improve The Quality.
How To Make Your Own Vermicompost Bin posted at The Greenest Dollar.
Just Buy It Already! Fighting Indecision On Big Purchases posted at The Happy Rock.
Saving More vs. Insuring More posted at Fiscal Fizzle.

Thank you Kyle for hosting the carnival and everyone for participating. Next week carnival will be hosted at My Life ROI.

Money Hacks Carnival #73 at Money Beagle

Pinyo — Thu, 16 Jul 2009 13:00:11 +0000

Money Hacks Carnival #73 was hosted at Money Beagle. This one is called Working for the Weekend to remind us all why we work so hard — so don’t forget to enjoy your time off work! Here are the editor’s picks:

Billeater presents Dorm Life – Cheap College Living Tips posted at Billeater. There are some great tips and a lot of them. I didn’t do too bad in college, but this list would have helped me out. Print this out for any college bound person you know, as the time is coming soon.
Anne Simone presents 100 Motivational Blog Posts for the Unemployed posted at Psychology Degrees. Everybody knows that unemployment is the highest it’s been in decades. These are a group of blog posts that can help you through if you find yourself in that unfortunate situation.
ChristianPF presents 10 Minutes, 10 Months, 10 Years | Review posted at Money in the Bible | Christian Personal Finance Blog. I loved this post, it really gave a new perspective on how to prioritize things, and it can apply to things personal finance and beyond.
MoneyNing presents What to Do When Money Conflicts with Ethics posted at Money Ning. Ning always posts some great articles and this is no exception. Don’t miss this read!

Thank you Money Beagle for hosting and everyone for your participation. Next week carnival will be hosted at Suburban Dollar.