WalletPop Wire

How to lend to a flakey friend? Don't do it

Zac Bissonnette Nov 12th 2009 @ 11:30AM EST Filed Under: Personal loans

A Money magazine reader asks ethicists Jeanne Fleming and Leonard Schwarz "Is there anything wrong with asking a good friend to secure the loan I'm giving him with the title to his car? Tom really needs the money, but he can be pretty irresponsible, and I don't want my $2,500 to become a gift."

The ethicists get the first part right (Answer: In a word, No. And in two words, Absolutely Not.") but then offer some really bad follow-up advice: "Consider asking Tom to give you some collateral to hold until he repays you: a fine watch, say, or his prized Stratocaster -- something of sufficient value to give him a real incentive to pay off the loan. Because you're right: You don't want to bet $2,500 on the good intentions of an irresponsible friend."

Here's why you shouldn't do that:

If Tom is so hard up for cash that he's trying to borrow $2,500 from a friend (most people borrowing cash from friends are borrowing it to stay afloat and make payments on other debt) and he has a watch worth anything close to $2,500, he should sell the freakin' watch. If he's so brain dead that he'd rather go into debt to a friend rather than sell a watch, you really don't want to lend money to him.
If his watch is so important to him that he'd rather hit up a friend for cash than sell it, are you really going to be prepared to sell it to make good on the debt?

Continue reading How to lend to a flakey friend? Don't do it

Home buyer tax credit extended & improved!

Ryan Minick Nov 12th 2009 @ 11:00AM EST Filed Under: Borrowing, Real Estate, Tax, Video, The2MortgageGuys, Mortgages, Taxes-advice, Taxes-tax credits

The first time home buyer tax credit has officially been extended. If you're an existing home owner you may also qualify for the tax credit if you're planning on buying a new house! Check out this week's episode of Show & Tell with The 2 Mortgage Guys and we'll fill you in with the "nuts & bolts" of this new program. You can also get the complete details by visiting federalhousingtaxcredit.com.

Ryan Minick and Steve DeLon are The 2 Mortgage Guys. Subscribe to their newsletter or visit them at www.The2MortgageGuys.com.

Football coaches continue to rake it in as college finances suffer

Zac Bissonnette Nov 12th 2009 @ 10:00AM EST Filed Under: College, Kids and Money

With endowments in the toilet, state aid on the decline, and families scrounging for cash to cover tuition increases, it's nice to know that one group of college constituents aren't suffering: top flight, 7-figure football coaches.

An extensive study conducted by USA Today found that at least 25 college football coaches are making more than $2 million this season -- up 100% from two years ago. The average pay for a head coach in the 120-school Football Bowl Subdivision is up 28% in two years and 46% in three years. The average coach in that elite conference earns $1.36 million.

A survey of bowl-division college presidents conducted by Knight Commission on Intercollegiate Athletics found that 85% of respondents considered the pay packages football and basketball coaches are taking to be "excessive."

Continue reading Football coaches continue to rake it in as college finances suffer

Coupon for 25% off at Cost Plus World Market and free shipping

Julia Scott Nov 12th 2009 @ 9:30AM EST Filed Under: Saving Money, Shopping, Bargain Babe

Woah! Cost Plus World Market is having a huge online furniture sale. Get 25% off furniture with coupon code NOVFURNAF. If you click on the above link the coupon code should automagically appear when you put an item into your shopping cart.

You can also get free shipping on purchases over $50, which is not bad at all, though it does not include furniture. It's unclear when the free shipping deal expires.

The sale also includes up to 60% on bedroom furniture, up to 50% off on dinnerware and lamps, up to 40% off on dining furniture, and up to 30% off on leather furniture. I like this brown leather chair, pictured at right. All you need is a blanket and a book to curl up with.

Caveats: Online only. Not valid on food, wine, gift certificates or previous purchases. Cannot be combined with other offers or promotions.

Black Friday: Target offers $3 appliances and gift card bonuses

Josh Smith Nov 12th 2009 @ 9:00AM EST Filed Under: Bargains, Shopping, Black Friday

Target's Black Friday ad has leaked, and there's definitely a reason that its ad is one of the most anticipated each year. This year there are several great door-buster deals, including $3 kitchen appliances and some of the closest prices to our Black Friday predictions we've seen so far.

Even though HDTV's, toys and computers are some of the biggest Black Friday draws, Target is making a bid to take over the kitchens of frugal shoppers with a selection of $3 kitchen appliances from Chefmate. The rumored $3 appliances include a 12-cup coffeemaker, sandwich maker, toaster and slow cooker.

Continue reading Black Friday: Target offers $3 appliances and gift card bonuses

Men only buy underwear to impress women

Martha C. White Nov 12th 2009 @ 8:00AM EST Filed Under: Shopping

Finally, a survey confirms what women may have suspected all along: Dudes only drop dough on drawers when they're searching for a mate. A British retailer conducted a study which found that male shoppers don't buy their own underwear until they reach the ripe old age of 19. Who keeps them stocked in skivvies before that? Mom.

Seriously, guys? Doesn't that get a little embarrassing, oh, roughly around the time you outgrow cartoon-emblazoned Underoos? Teen girls begin buying their own undergarments at around 13 years old, the study found. (Anyone who wants another bit of "girls mature faster" ammo, there you go.)

At 19, young men go on a boxer-and-brief buying binge, buying up to 31 pairs a year for the next four years of their life. What's behind this sudden urge for unmentionables? According to the survey's authors, they're stocking up on skivvies to lure a potential mate. Whether or not designer underpants lead to Ms. Right may be up for debate, but it's interesting to note that underwear purchases by men start tapering off at around the age of 23 and continue that downward trajectory for the next decade. This indicates, the researchers say, that men are settling down into partnerships and turning over the task of underwear-buying to the women in their lives once again.

The study also picked up on midlife-crisis impulses. Between the ages of 38 and 40, the rate at which men buy underpants picks up; the researchers say this is due to men who have been through a divorce getting back in the dating game. The flirtation with underwear this time around is more -- ahem --brief; it begins to taper off when men are around 40 and drops off almost entirely shortly thereafter. By the time men are 44, most of them abandon underwear-shopping entirely.

Readers, who buys the boxers in your house? Is it a woman's job, or are American men are more in touch with their underwear purchases than their British counterparts?

Consumers could win big if Dodd's financial reform package becomes law

Lita Epstein Nov 11th 2009 @ 7:15PM EST Filed Under: Banks, Credit, Debt, Recession, Credit cards

Senate Banking Committee Chairman Chris Dodd unveiled his financial reform package on Tuesday and consumers could win big if the bill becomes law. Dodd proposes a strong Consumer Financial Protection Agency whose sole job will be to protect American consumers from fraud and abuse. He wants to be sure people get the clear information they need on loans and other financial products from credit card companies, mortgage brokers, banks and others.

Dodd introduced the bill along with fellow committee members Jack Reed, Charles Schumer, Robert Menendez, Daniel Akaka, Jon Tester, Mark Warner, Jeff Merkley and Michael Bennet -- all Democrats, so at least it looks as though this may be a partisan effort, but the issue is so important I hope it can become a bipartisan bill.

Continue reading Consumers could win big if Dodd's financial reform package becomes law

Running away from the president is a recipe for Democratic failure

Bob Cesca Nov 11th 2009 @ 6:30PM EST Filed Under: Recession

The biggest problem with the Democratic Party and its prospects in next year's midterms might not be the economy or jobs or health care after all. The problem might be rank stupidity.

A new poll from Research 2000 indicates that Democratic turnout on Election Day was low because, quite simply, Democrats didn't run as Obama Democrats. Creigh Deeds, for example, ran for governor and was completely destroyed on election day by Republican Bob McDonnell -- a disciple of evangelist and leg-press titan Pat Robertson. It's also worth noting that McDonnell once wrote that a woman's place is in the kitchen, and he opposes contraception. This guy beat the Democratic candidate in an increasingly progressive state that went for President Obama in 2008.

How did this happen? No, it wasn't the economy, as we previously thought.

Continue reading Running away from the president is a recipe for Democratic failure

The crush stops here: Walmart to keep stores open 24-hours on Black Friday

Laura Heller Nov 11th 2009 @ 6:00PM EST Filed Under: Shopping, Black Friday

News crews everywhere must be very disappointed. In an effort to avoid the stampeding crowds on Black Friday, Walmart will keep most stores open for 24 hours, beginning Thanksgiving through the end of the following day.

Sales begin at 5 a.m. on Black Friday, but lining up and rushing the doors won't be part of this year's festivities.

Walmart is busily implementing safety precautions after last year, when a store employee was trampled to death in Valley Stream, N.Y. Walletpop has been providing some fun tips on how to handle Black Friday, but not getting killed is certainly top of that list. With bargain hunting at a fevered pitch, Black Friday safety is more important than ever.

Walmart hasn't yet identified which stores will be open for those Black Friday hours, but those normally open for 24 hours will not have any changes. The retailer announced it is developing a plan with safety experts in the sports and entertainment fields to develop better ways for shoppers to get into, and navigate the store, including around promotional displays.

Maybe this Black Friday will more closely resemble a shopping event than the running of the bulls.

The elusive Zhu Zhu Pets faux hamsters showed up at major retailers on Sunday and disappeared from most shelves before the morning ended. Such is the life of the hot toy of the year -- following the likes of Furby and Tickle Me Elmo in the annals of toys whose scarcity was part of their allure. Read all about it here.

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