The Collapse of An Online Bank
NetBank, one of the first online-only banks in the 1990s, finally made to the Wall Street Journal headlines again. Unfortunately, this time, the news is NetBank is closed by federal regulators after suffering significant loss in the aftermath of housing bubble. According to the notice shown on the NetBank homepage:
On September 28, 2007, NetBank, Alpharetta, GA was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All insured depositors are now customers of ING Direct Bank, member FDIC. No advance notice is given to the public when a financial institution is closed.READ FULL POST ...
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a business checking account, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled information which should answer many of your questions.
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15 Crucial Money Moves for Seniors
2008 Projected Tax Brackets
The renowned tax consulting firm CCH has released its projection of federal income tax brackets for 2008. Here are the major changes that will affect our family (when we file joint returns):
Tax Brackets
Joint returns. For married taxpayers filing jointly and surviving spouses, the maximum taxable income subject to the 10-percent bracket will rise from $15,600 in 2007 to $16,050 in 2008; the top of the 15-percent tax bracket will increase from $63,700 to $65,100. The bracket amounts for the remaining tax rates show similarly proportionate increases: $131,450 as the maximum for the 25-percent bracket (up $2,950 from 2007); $200,300 for the 28-percent bracket (up $4,450 from 2007); and $357,700 for the 33-percent bracket (up $8,000 from 2007). Amounts above the $357,700 level will be taxed at the 35 percent rate.
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The Case For an Economic Depression
In 35 Years: The Future of Financial Services
Managing finance is all about planning. Recently, I was contemplating on how I should spend the next 50 years if I opt for early retirement before the end of the decade. Then, an interesting collection of articles from Money Magazine caught my eyes. series from Money Magazine, caught my eyes.
This series of 8 Forecasts for Your Financial Future, which appears on Money Magazine's 35-year anniversary issue, includes eight predictions made by eight subject matter experts, and covers their forecast of what will happen in areas like financial services, real estate, work, shopping, personal technology, health care, social security, and ultimately, old age.
I found it to be an interesting intellectual exercise to peruse what these professionals are suggesting and put my thoughts around each of these important topics. Bear in mind that most likely, these forecasters will not live to see 2042, but I hope my blog will still be around then and if I can still think and write in my mid-60s, I will be posting a review.
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Helicopter Ben Shocks the Markets and Proves Me Wrong
25 Most Influential Personal Finance Bloggers (By the Numbers)
What’s Next After Five Years Of Gains?
If there were a longevity award for personal new worth tracking, I probably could get an honorable mention at least. By the end of last month, I have been tallying my net worth religiously at every month end for more than five years, including four full years at this blog.
It is quite a ride by itself. As shown in the bar chart below, our saver's mentality did most of the tricks in the first three years, consistently adding about $5,000 a month. Then, we booked a six-figure gain in the fall of 2005 during when we sold our house and relocated to Asia. Thereafter, we started to have a more balanced portfolio of income streams. Our three income pillars, namely day job income, business income and investment income, are collectively delivering $20,000 a month on average since 2006.
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The Class Warfare Between The Rich and The Super-Rich
A great humorous video production from The Onion. Enjoy!
In The Know: Are America's Rich Falling Behind The Super-Rich?
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Wake Up! The Fed Is Not Going to Cut Rates
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