A Class-Action Settlement for Nearly Every Consumer

I read Michelle Singletary's column today and found out some interesting information:

In a class-action settlement, the credit bureau TransUnion has agreed to provide free credit-monitoring services to millions of consumers to settle claims that it illegally passed along private information for marketing purposes. Although TransUnion denied any wrongdoing, the settlement requires the company to sign up consumers for either six months or nine months of monitoring. Unless you've been a conscientious objector to all forms of borrowing in the last 21 years, you're probably eligible for the monitoring service. But the deadline to sign up is fast approaching. You have until Sept. 24 to register for benefits under the settlement. Any consumer who had an open credit account or an open line of credit from a credit grantor is eligible. The types of credit might include a car loan, bank credit card, retail store credit card, finance company loan, mortgage or student loan. The credit account had to be opened between Jan. 1, 1987, and May 28, 2008.

For more information on details of the settlement or to register visit the website: http://www.ListClassAction.com or call 866-416-3470.

Goals for September

1. Exercise on a weekly basis. I do walk everywhere I go because of my lack of a car, but I wouldn’t really count that as exercise. My school has a gym that is equipped with machines and a pool, so I want to check it out. It’s free for students! At a minimum, I have exercise DVD’s I can do at home, but the hardest part is actually getting started.
2. Write down/track spending on a weekly basis. I want to revise my budget, but I think I should track my spending for a month first to see where exactly my money is going and where I need to cut back. I sort of know where I spend too much money (trips to Philly, Starbucks iced coffee, random items Target), but I need the exact numbers to really hold myself accountable.
3. Wake up an hour early at least twice a week to do reading. I am most productive during the morning hours. So, it makes more sense to get reading done for school at that time when my mind is fresh. This also requires going to bed earlier since my bedtime has been getting later and later, which translates into staying in bed the next morning until the last possible moment. Staying up to watch the Olympics and then the DNC coverage hasn’t helped me to adhere to a bedtime.
4. Purchase a file cabinet. Perhaps like this one from Ikea. I need to get organized and make files for bills, financial aid for school, tax returns, school work, etc. I am a fairly organized person, but I think it’s about time for me to upgrade my filing system, especially for financial records.
5. Attend the next ‘Girls Just Wanna Have Funds’ Meet Up event. Ginger over at GJWHF has been having great events all summer and I haven’t made a single one yet…I hope to change that this month.
6. Sign up for Zipcar to run my weekend errands and start using my driver's license for more than just photo ID. I have to check the pricing first, but I don't think it's that expensive.
7. Make comments or ask a question during every class meeting for my grad school course. It’s a good habit to develop in my graduate courses and participation is apart of my grade anyway.
   
   So how did I do on my goals for August? Not all that good…
   
8. Stick to an exercise schedule (crunches everyday, exercise dvd's three times a week, dance class at least twice this month) –FAIL, maybe I’ll do better in September…
9. Modify monthly budget –FAIL, I want to monitor my spending for the month of September first
10. Transfer my phone to my name from Dad's and start paying my own bill :- ( —PASS, now I have another bill to worry about…oh the joys of being an adult and paying ALL your own bills
11. Get EF over $1,000—FAIL, I forgot how expensive textbooks were and didn’t budget for them
12. Start a Roth IRA lump sum fund (sub ING account).—FAIL, this will have to wait a while longer, I revisit this goal in October
13. Finish one short story—FAIL, this will have to be tabled for now, keeping up with the blog will have to count as my continued effort to improve my writing
14. Complete one graduate school application—PASS, I did apply to a school and ended up getting accepted to one I applied to earlier
15. Attend at least one (career or business) networking event—FAIL, I honestly didn’t look for an event to attend
16. Attend the next Meet-up that Ginger at Girls Just Wanna Have Funds has because I have missed all of them so far due to schedule conflicts—FAIL, yet another scheduling conflict, but I plan to attend the next event taking place in September

I’m feeling pretty good about my goals for September, we’ll see how I do at the end of the month.

Young workers show poor commitment to save

This recent MSNBC article stated:

“It could be a major problem. Workers in their 20s and 30s using their retirement funds to pay credit card debt and home mortgages instead of leaving it alone to accumulate. Fidelity Investments released a survey Thursday that said large numbers of young workers cash out their 401(k) accounts when they switch jobs, leaving them without an accumulation of cash for retirement.

“The typical Gen X or Gen Y will work for seven different employers across their career,” said Scott David, president of retirement services for Boston-based Fidelity Investments. “If you consider the combination of the withdrawal behavior with that propensity for multiple employers, I do think we are facing a savings challenge and crisis with this generation.”

When I left my last employer, I rolled my 401k over into an IRA. I have not added any further money to it, but I did open a 403b with my current employer when I started earlier this year. I knew that if I cashed the 401k out, it would evaporate into random purchases I would have a hard time accounting for later. I may only set aside a small amount every month in my 403b, but at least it's something. I plan to start contributing to the Roth IRA (or opening a new one) in early 2009. I hope that as my income increases, so will my contributions. I know a lot of 20/ 30 somethings out there are taking retirement investing seriously because I read their blogs! I hope that one day, saving will be the trendy "in" thing to do, like having the latest gadget or designer outfit; then I'll be able to post more positive financial stories from the news about Generation X and Y.

Fall Is Coming...Is Your Wardrobe Ready?

When you are just starting to purchase clothing for work, quality is more important that quantity. You can wear items several ways for different looks and accessories like scarves and jewelry really make an outfit pop. Here are a few items I would suggest you add to your wardrobe if you are a young professional or just in need of updates:

~3 piece suit in a dark color ~Trench coat/Wool Coat ~Cardigan set ~White button down shirt ~1 all purpose dress (for work and play) ~Cotton long sleeve shirts ~Pants/Skirts (black, brown, tan) ~Understated jewelry ~Trouser Jeans ~black heels and flats

In my opinion, accessories make (or break an outfit), but I advise people with budget limits to purchase classic items and stay away from the trendy stuff that will be in the back of your closet next year. For example, I love the short boots that are now in style but have been hesitent to buy any for fear that it's a trend that won't stick around for me to get my money's worth out of them.

Here is a list of items I plan to add to my wardrobe this fall as long as they fit in the budget:

• Coat. I only plan to purchase a coat if I can find one that fits in either yellow or purple. I can't see myself spending as much as the one costs above, but I'm sure I can find a cheaper version elsewhere. Since your coat is what people see you in the most in your daily travels once the weather hits a certain level, I think you should have a nice one that will look just as nice under a suit as it would under jeans and a t-shirt.


• Boots. Every year, I wait around until the end of the season to try to catch boots on sale and can never find my size because it's sold out! Good boots should last several seasons, so this year, I might start boot shopping sooner before the pickings are slim and get some boots that look similar to these.


• All-purpose dress. I love dresses because I don’t have to think about a whole outfit which makes the process of getting ready in the morning much faster. A dress like this one can be made work-appropriate with a cardigan and after work appropriate by just taking off the cardigan and adding more dramatic jewelry and a clutch bag.


• Cardigan (in a bright color). A light weight cardigan be worn under neutral colored shirts because I like to wear layers as the fall weather sets in.


• Shirts in bright colors (purple, blue, mustard yellow, prints). I normally find reasonably priced shirts at H&M, so I will most likely look for my shirts there. I will also look for accessories like tights and inexpensive jewelry at this store.
  

I don't anticipate getting everything off my list, but I'll get some boots at a minimum. What fall clothing purchases do you plan to make?

10 Things Millionaires Won't Tell You

"1. 'You may think I'm rich, but I don't.'
A million dollars may sound like a fortune to most people, and folks with that much cash can't complain — they're richer than 90 percent of U.S. households and earn $366,000 a year, on average, putting them in the top 1 percent of taxpayers. But the club isn't so exclusive anymore. Some 10 million households have a net worth above $1 million, excluding home equity, almost double the number in 2002. Moreover, a recent survey by Fidelity found just 8 percent of millionaires think they're "very" or "extremely" wealthy, while 19 percent don't feel rich at all. "They're worried about health care, retirement and how they'll sustain their lifestyle," says Gail Graham, a wealth-management executive at Fidelity.
2.'I shop at Wal-Mart..'
They may not buy the 99-cent paper towels, but millionaires know what it is to be frugal. About 80 percent say they spend with a middle-class mind-set, according to a 2007 survey of high-net-worth individuals, published by American Express and the Harrison Group. That means buying luxury items on sale, hunting for bargains — even clipping coupons.
3. '...but I didn't get rich by skimping on lattes.'
So how do you join the millionaires' club? You could buy stocks or real
estate, play the slots in Vegas — or take the most common path: running your own business. That's how half of all millionaires made their money, according to the AmEx/Harrison survey. About a third had a professional practice or worked in the corporate world; only 3 percent inherited their wealth."

Click here to read the whole article.