Q. My friend told me how she goes on a "fiscal fast" one week out of the month and that it’s really helped her save money and curb her urge to shop. The idea sounds interesting and strange at the same time. Have you ever heard of "fiscal fasting" and what is it all about? – Tina, Sioux Falls, SD
A. Jeff Yeager, author of The Ultimate Cheapskate is credited with coining the phrase "fiscal fast," he's also the winner of a newspaper contest in which the person who proved to be the thriftiest would win.
The foundation of a fiscal fast isn't about not spending money as much as it is about being more conscious about when and how much you spend. For example, as consumers we tend to buy into the "pantry mentality" which basically suggests that you should always have an ample supply of basic foods in your pantry or cabinets...
Read the rest of this September 29, 2008 post and get answers you need to make smart money moves: Money Monday's
I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!
Got a pressing money question? Ask it now Money Monday's
And be sure to check back each Monday for answers to your money questions.
Monday, September 29, 2008
You've Got Questions...I've Got Answers On: Fiscal Fasting, Financial Planners & Credit Monitoring Services
Thursday, September 25, 2008
Would you like to be on National TV with me this MONDAY?
You may have seen me on The Morning Show
with Mike & Juliet (FOX) coaching financially
frustrated couples, working with individuals
who've had their credit ruined by their exes,
and even working with a single mom who was
"held hostage" by holiday debt.
Well, I'm at it again (I just LOVE helping
people overcome their frustrations with money)
and with the uncertainty of the economy I'd
like to invite you to join me on Monday,
September 29th on FOX.
The producers of the show are looking for:
WHO:
A family with several kids who can speak about
how they are being effected by the current economy,
especially with the price of gas being raised, the
costs of basic living expenses continuing to
increase, job loss and pay cuts.
WHEN:
The show would be live on FOX networks Monday,
September 29th (9AM to 10AM EST) and they are
willing to cover travel arrangements (i.e. air,
hotel, car service) if you (or the family you're
referring for the show) are not local to New York.
WHAT:
You would need to be willing to speak openly about:
* Your current and specific financial situation
* Discuss how you and your family are being
effected by the economy and give specific situations
* Address any emotions or anxiety you have about
managing money, weathering a financial storm
* Be open to getting information and advice on how
your current financial situation.
ARE YOU THE ONE?:
If you are that family or know of a family that
fit's the profile, let me know ASAP by sending
me an email with
"Help Me Recession Proof My Family"
in the subject line, to:
==> Media @ Sanyika.com
(ONLY serious inquiries please)
Be sure to include:
NAME
EMAIL ADDRESS
TWO CONTACT NUMBERS (if possible - but at least one
where the producers can reach you immediately)
CITY/STATE in which you live
BRIEF DESCRIPTION OF SITUATION
The turn around on this is pretty tight since
the producer would need to do a pre-show
interview to qualify the guest before making
travel arrangements.
WHY DO IT?:
It's a great way to:
1. Get answers to your financial questions and
have your story help others
2. Come to New York - all expenses paid!
3. Be on national TV
I'm looking forward to hearing from you or
someone you know soon.
Sanyika, The Financial Fitness Coach
Web: www.Sanyika.tv
Email: Media @ Sanyika.com
P.S. Please feel free to pass this along to
anyone who might fit the profile.
with Mike & Juliet (FOX) coaching financially
frustrated couples, working with individuals
who've had their credit ruined by their exes,
and even working with a single mom who was
"held hostage" by holiday debt.
Well, I'm at it again (I just LOVE helping
people overcome their frustrations with money)
and with the uncertainty of the economy I'd
like to invite you to join me on Monday,
September 29th on FOX.
The producers of the show are looking for:
WHO:
A family with several kids who can speak about
how they are being effected by the current economy,
especially with the price of gas being raised, the
costs of basic living expenses continuing to
increase, job loss and pay cuts.
WHEN:
The show would be live on FOX networks Monday,
September 29th (9AM to 10AM EST) and they are
willing to cover travel arrangements (i.e. air,
hotel, car service) if you (or the family you're
referring for the show) are not local to New York.
WHAT:
You would need to be willing to speak openly about:
* Your current and specific financial situation
* Discuss how you and your family are being
effected by the economy and give specific situations
* Address any emotions or anxiety you have about
managing money, weathering a financial storm
* Be open to getting information and advice on how
your current financial situation.
ARE YOU THE ONE?:
If you are that family or know of a family that
fit's the profile, let me know ASAP by sending
me an email with
"Help Me Recession Proof My Family"
in the subject line, to:
==> Media @ Sanyika.com
(ONLY serious inquiries please)
Be sure to include:
NAME
EMAIL ADDRESS
TWO CONTACT NUMBERS (if possible - but at least one
where the producers can reach you immediately)
CITY/STATE in which you live
BRIEF DESCRIPTION OF SITUATION
The turn around on this is pretty tight since
the producer would need to do a pre-show
interview to qualify the guest before making
travel arrangements.
WHY DO IT?:
It's a great way to:
1. Get answers to your financial questions and
have your story help others
2. Come to New York - all expenses paid!
3. Be on national TV
I'm looking forward to hearing from you or
someone you know soon.
Sanyika, The Financial Fitness Coach
Web: www.Sanyika.tv
Email: Media @ Sanyika.com
P.S. Please feel free to pass this along to
anyone who might fit the profile.
Tuesday, September 23, 2008
Are CEO Salaries to Blame for the Billion Dollar Bailout?
Left to Right: Comcast CN8 Emmy Award Winning news anchor Connie Colla, Financial Fitness Coach Sanyika Calloway Boyce & Emmy Award Nominated news veteran Gwen Owens
Amid all of the speculation, uncertainty and anger surrounding the largest economic intervention by the government since the Great Depression, are high CEO salaries to blame for the financial mess?
I discussed this pressing issue and more this morning on CN8's new and talk show "Your Morning," here are just a few of the questions asked by host Gwen Owens:
Q. In 2007, Richard Fuld Chairman, CEO of Lehman Brothers earned $34.3 million and Edward Liddy, CEO & Chairman of AIG earned $20.2 million dollars. How is it that we were seeing executive compensation reach such high figures?
A. Essentially when private companies make huge profits they reward the leaders of those companies with hefty salaries, bonuses and other perks. The problem isn't being rewarded for a job well done, it's the executive boards creating compensation packages that outright encourage corporate elites make a short-term profits by any means necessary.
Q. Usually, how much of that is paid to them in stock? And when the company goes under, do they still walk away allowed to live the same way when the company was thriving?
A. Generally they do walk away with a lifestyle that is unchanged. Case in point, Countrywide's Angelo Mozilo, cashed out $400 million in stock options in the four years prior to leaving the company, but not before getting another $120 million prior to its collapse under the weight of sub-prime loans last year.
Q. How much of a role do the salaries of CEO's and other senior level executives play in the down fall of these companies?
A. It's arguable. A big question that comes up in the cases of struggling companies is how the business is structured, and how much CEO salaries contribute to the bottom line. What we're seeing in the current crisis is executive bonuses and stock incentives were largely tied to earnings targets and not much regard was given to the long-term consequence of now-money-now. So execs created as many mortgage loans as possible -- to heck with the consequences down the road.
Q. What will the regulation be and how will that change things for the future?
A. It’s still too early to tell, but the cost of this massive $700 billion "solution" has both parties fighting to get an equity stake in the companies involved in the bailout with hopes that the taxpayers won’t be caught in a situation of getting temporary economic relief in exchange for being strapped with insurmountable generational debt.
Q. Is the government really trying to help the situation?
A. This bailout represents the largest economic intervention be the government since the Great Depression so I sincerely believe their looking for a solution that everyone can be satisfied with given the complexity of the issue. And more importantly, one that can keep our economy from suffering any more financial hits.
What are your thoughts on the bailout?
What are your concerns about the economy?
Monday, September 22, 2008
You've Got Questions...I've Got Answers On: Repaymening Student Loans, Getting Comfortable with Changes at the ATM & Careers Ripe for Growth
Q. How do I manage my unpaid school loan that I cannot afford to pay right now? I've completed school and my monthly school loan payment doubled.
I cannot afford to pay the new monthly amount and when I asked the collector for a revised payment plan I was told that they cannot work with me until I pay the past due amount.
So, my situation gets worse with each month as my past due amount continues to grow. What can I do? Is there some sort of agency that could possibly help?
I received a letter in the mail from a service that offered to put a hold on my payments for 12 months and I could pay them (instead of the school loan collectors) any amount that I could afford on a monthly basis during the "12 month hold" period.
It sounds like the perfect solution, but the letter looked very unprofessional, so I'm leery about responding. What do you think? – Terri, Albuquerque, NM
A. You may want to look into one of these two options. The first would be to refinance the loan and get more agreeable payment plan and interest rate. However if you have federal student and private loans, you will want to refinance them separately.
Because of the way federal loans are structured, you may be able to get a much lower interest rate on them than you can on private loans.
Private student loans are basically personal loans made with the assumption that your income will increase with more education. If you mix the two together when you refinance, you will end up paying a higher interest rate on the combined principal than you would if you financed the two loans separately.
The second option is to ask your current loan provider about a forbearance agreement...
Read the rest of this September 22, 2008 post and get answers you need to make smart money moves: Money Monday's
I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!
Got a pressing money question? Ask it now Money Monday's
And be sure to check back each Monday for answers to your money questions.
I cannot afford to pay the new monthly amount and when I asked the collector for a revised payment plan I was told that they cannot work with me until I pay the past due amount.
So, my situation gets worse with each month as my past due amount continues to grow. What can I do? Is there some sort of agency that could possibly help?
I received a letter in the mail from a service that offered to put a hold on my payments for 12 months and I could pay them (instead of the school loan collectors) any amount that I could afford on a monthly basis during the "12 month hold" period.
It sounds like the perfect solution, but the letter looked very unprofessional, so I'm leery about responding. What do you think? – Terri, Albuquerque, NM
A. You may want to look into one of these two options. The first would be to refinance the loan and get more agreeable payment plan and interest rate. However if you have federal student and private loans, you will want to refinance them separately.
Because of the way federal loans are structured, you may be able to get a much lower interest rate on them than you can on private loans.
Private student loans are basically personal loans made with the assumption that your income will increase with more education. If you mix the two together when you refinance, you will end up paying a higher interest rate on the combined principal than you would if you financed the two loans separately.
The second option is to ask your current loan provider about a forbearance agreement...
Read the rest of this September 22, 2008 post and get answers you need to make smart money moves: Money Monday's
I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!
Got a pressing money question? Ask it now Money Monday's
And be sure to check back each Monday for answers to your money questions.
Monday, September 15, 2008
You've Got Questions...I've Got Answers On: Dividing Up Debt Post-Divorce, Purchasing Insurance with Your Partner & Being A Push Over Parent
Q. I’m going through a ugly divorce and my soon to be ex-husband wants me to pay for two of his credit cards that I used from time to time. They total almost $20,000 and I know that I didn’t charge that much the three years we were married. I just want this nightmare to be over as quick as possible. Should I agree to pay the bills to get rid of them and him? – Yvette, San Francisco, CA
A. With more than 50 percent of first marriages and more than 60 percent of second marriages ending in divorce the phrase, “until death do us part,” has been replaced with, "until debt do us part."
I am sorry to hear that your marriage is ending, I know that it’s a very stressful time and you just want the process to end as soon as possible, but by making a hasty financial decision you could actually be prolonging the pain.
Read the rest of this September 15, 2008 post and get answers you need to make smart money moves: Money Monday's
I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!
Got a pressing money question? Ask it now Money Monday's
And be sure to check back each Monday for answers to your money questions.
A. With more than 50 percent of first marriages and more than 60 percent of second marriages ending in divorce the phrase, “until death do us part,” has been replaced with, "until debt do us part."
I am sorry to hear that your marriage is ending, I know that it’s a very stressful time and you just want the process to end as soon as possible, but by making a hasty financial decision you could actually be prolonging the pain.
Read the rest of this September 15, 2008 post and get answers you need to make smart money moves: Money Monday's
I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!
Got a pressing money question? Ask it now Money Monday's
And be sure to check back each Monday for answers to your money questions.
Monday, September 8, 2008
You've Got Questions...I've Got Answers On: HELOCs, Credit Score Scams & Paying Taxes
Q. Last week I went to purchase a laptop and cell phone for my daughter who is headed off to college and my charge was declined. I knew that I had the credit available because my husband and I planned to use our home equity line of credit account that we’d barely touched over the last few years to pay for her school necessities.
When I called to find out why the charge was declined I was informed by my mortgage company that they have closed my account. I was furious because we have never missed a payment!
I tried to get them to explain to me to me why they would do this and they mentioned something about mortgage default rates and high risk loans. I have no idea what they are talking about and why I should have my account closed. Can you help me understand how this is possible and what we can do about it? – Glenda, Tucson, AZ
A. Unfortunately there is very little you can do about this very frustrating situation. Like so many others, you are essentially being made to pay for the sub-prime mortgage mess that the entire country is feeling the negative effects of.
A home equity line of credit (also known as a HELOC) is tied to the value of your home and with so many home values declining at alarming rates so goes the equity that the loan was once secured against. In fact, Washington Mutual Bank recently suspended more than $6 billion dollars in credit lines and notified thousands of its consumers by mail that their lines of credit would be closed or significantly reduced.
Read the rest of this September 8, 2008 post and get answers you need to make smart money moves: Money Monday's
I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!
Got a pressing money question? Ask it now Money Monday's
And be sure to check back each Monday for answers to your money questions.
When I called to find out why the charge was declined I was informed by my mortgage company that they have closed my account. I was furious because we have never missed a payment!
I tried to get them to explain to me to me why they would do this and they mentioned something about mortgage default rates and high risk loans. I have no idea what they are talking about and why I should have my account closed. Can you help me understand how this is possible and what we can do about it? – Glenda, Tucson, AZ
A. Unfortunately there is very little you can do about this very frustrating situation. Like so many others, you are essentially being made to pay for the sub-prime mortgage mess that the entire country is feeling the negative effects of.
A home equity line of credit (also known as a HELOC) is tied to the value of your home and with so many home values declining at alarming rates so goes the equity that the loan was once secured against. In fact, Washington Mutual Bank recently suspended more than $6 billion dollars in credit lines and notified thousands of its consumers by mail that their lines of credit would be closed or significantly reduced.
Read the rest of this September 8, 2008 post and get answers you need to make smart money moves: Money Monday's
I really appreciate you taking the time to send me your money questions. I personally read each email so keep them coming!
Got a pressing money question? Ask it now Money Monday's
And be sure to check back each Monday for answers to your money questions.
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