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Here we have 40(!) great  articles on everything Finance. Welcome to the Blog Carnival of Twentysomething Finances! Thanks to everybody who participated!

Steve Faber presents - How to Avoid Foreclosure posted at DebtBlog.

ChristianPF presents How to budget with ING direct posted at Money in the Bible | Christian Personal Finance Blog, saying, “ING Direct is my secret budgeting tool. Here are a few steps to start budgeting using ING Direct.”

Silicon Valley Blogger presents Stop Overspending Now! 14 Ways To Conquer Binge Buying posted at The Digerati Life.

Sara Goldstein presents How to choose better-quality clothes posted at The Bargain Queen on Fashion and Beauty, saying, “On limited collage finances, it’s essential to stretch your clothing budget as far as possible — and that means buying things that won’t fall apart after the first wear. Here’s how to pick better-quality clothes.”

Michael Cohen presents Why You Shouldn?t Buy Classmates Stock posted at Classmates.com Sucks.

KCLau presents Should you focus on Increasing income or reducing expenses? posted at KCLau’s Money Tips, saying, “Cash flow chart involves simple mathematic calculation: Saving = Income - Expenses. Savings is the priority since it appears first in the equation. To increase saving, we can either increase income, reduce expenses, or doing both at the same time. Which option requires your most attention?”

Frugal Panda presents Fly or Drive: Which is Cheaper? (A Definitive Answer, Once and For All) posted at Frugal Panda.

Ryan Russell presents Is Debt Consolidation A Good Idea? posted at Care on Credit, saying, “Debt consolidation comes in several forms, including credit counseling, balance transfers, and debt consolidation loans, so review your options carefully before making a decision.”

Joy Miller presents 10 Online colleges offering credit for life experience posted at Online College Blog, saying, “Several reputable, regionally-accredited colleges and universities allow you to earn credit for life experience.”

Sagar Satapathy presents The Amero: An Introduction, A Short History, and What it Would Mean for Our Economy | Currency Trading.net posted at Currency Trading.net.

Roshawn Watson presents Do Your Friends Keep You Broke? posted at Watson Inc, saying, “I was shocked to learn that your income will often mirror that of your five closest friends. I had to ask myself who is in my inner circle. Learn from billionaire J Paul Getty. He said that if he were down to his last five dollars, you wouldn’t find him in some cheap restaurant trying to eat all he could. He would rather be in a nice hotel lobby drinking coffee with visionaries and leaders. His rationale was that the people he wanted to be a part of his future were at the hotel not the restaurant. Believe him.”

Matthew Paulson presents Be on the Lookout: Con Artists Stealing Guardianship of Senior Parents posted at Getting Green.

Larry Russell presents Understand the confusing securities market motion picture posted at THE SKILLED INVESTOR Blog, saying, “Securities markets are usually very quick to adjust prices to reflect new information. However, this price adjustment process may take longer and be more volatile, if the new information is ambiguous.”

Juan Millon (1mil) presents Creating My Own Website: Step 3 Registering A Domain Name posted at Millionster.com.

Sam presents How to Save on a Home Mortgage Loan, Mortgage Refinancing, Second Mortgage Loan. posted at Surfer Sam and Friends, saying, “How to Save Money on a Home Mortgage Loan All Interest Rate Quotes Are Not Alike Don’t Let Closing Costs Scalp You”

Roshawn Watson presents Two Financial Questions You SHOULD Ask Your Friends posted at Watson Inc, saying, “Strife over money has severed many good relationships. When it comes to discussing finances, avoidance is understandably our medicine of choice, especially when friends are involved. However, perhaps avoidance is not the best strategy”

Mike Lazear presents The Great Office Escape posted at The Great Office Escape, saying, “A great way to save in your 20s is to resist the temptation of car ownership! Reap the benefits by seeing your savings rise and experience some other bonuses along the way to being car-free.”

John Crenshaw presents Pay Off Mortgage, Lose Tax Deduction? posted at Truthful Lending dot Com, saying, “The home ownership tax deduction is one of the most commonly misunderstood aspects of home ownership. Find out why it’s ok to lose that deduction when you pay off your home.”

The Free Geek presents Broke? Alcoholic? How to Drink on a Dime: 10 Surefire Tips posted at Free Geekery.

Dax Desai presents 4 China Stock Picks posted at Dax Desai, saying, “4 Great Chinese Stock Picks & 1 Day Trading Pick”

the baglady presents Early Retirement May Not be Optional for Twentysomethings posted at xynny.

FIRE Getters presents Live Rent Free and Earn as a Caretaker posted at FIRE Finance.

Logan Flatt, CFA presents How to Get Ahead In America (2nd of a 12-Part Series) posted at PowerWealth.com, saying, “If there is one refusal that has been central to my financial success in America, I would say this is it.”

ChristianPF presents Do I need an Emergency Fund? posted at Money in the Bible | Christian Personal Finance Blog, saying, “How an emergency fund can make or break you financially.”

Super Saver presents Time To Plan for 2007 IRA Contributions posted at My Wealth Builder.

Dianne M. Buxton presents Global Impact Charity Engages With a Broader Vision posted at manifestingsuccess, saying, “How early do you want to start? Now? Get wealthy, help others and join the system that is going to do it. No cost to you or anyone you refer.”

Shawn Edwards presents Video — 5 Simple Steps to Get Your Finances Under Control | Desty Online — Online and Offline Businesses posted at Desty Online.

KCLau presents Build your Financial Dream House with a Financial Consultant posted at KCLau’s Money Tips, saying, “Architects design and build real houses. Similarly, financial planners design and build your financial house.”

Mr Credit Card presents Overstock.com Credit Card | Overstock Credit Card Review posted at Ask Mr Credit Card’s Blog.

Jason Elder presents Personal Loans With Bankruptcy posted at A Bankruptcy Lawyer’s Blog, saying, “Here I discuss a few things you may not know when dismissing personal loans in your bankruptcy”

James presents Payday Loan Tips and Tricks posted at Payday Loan Cheapskate.

Shelby Crutchley presents Appliance Insurance - Security, or a Rip Off? posted at Island Girl’s Money, saying, “This entry is about the benefits vs. cost of over-insuring yourself for certain things, like appliances.”

Jimmy Atkinson presents 25 Ways to Earn More and Work Less posted at Ask the Advisor.

Michael@TSM presents Fall TSM Travel Writing Contest: Win $125! posted at Traveling Stories Magazine.

Aaron Wakling presents Credit Checks - What They Are And What You Need To Know posted at The Credit & Credit Card Blog, saying, “Credit checks involve sensitive personal data. Therefore, many people are concerned about precisely who they’ve entrusted with their records. Fortunately, the Fair Credit Reporting Act has established unambiguous rules governing credit checks.”

Millionster presents How Rich Dad Changed My Thoughts About Money posted at Millionster.com, saying, “I was first introduced to Robert Kiyosaki’s books by a good friend of mine — a CEO from Las Vegas. His parents were both business owners so he pretty much had a good head start in his financial education — suffice it to say I took his recommendations in full confidence.”

poetloverrebelspy presents Comparing Foreign Websites for Deals posted at Less Than a Shoestring, saying, “Wasn’t sure if the above post or this one http://nobudgettravel.wordpress.com/2007/10/11/baring-my-budget-london/ would be more your speed. I write about thrifty travel options.”

Michael Bass presents Escaping credit card debt without filing bankruptcy. posted at Debt Prison, saying, “Escape credit card debt without filing bankruptcy or debt settlement.”

Wenchypoo presents Holiday Dinner Rip-offs posted at Wisdom From Wenchypoo’s Mental Wastebasket.

Silicon Valley Blogger presents How Much Credit Have You Turned Down? Maybe Half A Million Dollars Worth posted at The Digerati Life, saying, “Thanks!”

That concludes this edition. Submit your blog article to the next edition of twenty something finances using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Tags: credit | debt | insurance | investment | retirement | savings | blog carnival

The word ‘outsourcing’ is usually associated with computers and India. Not so anymore.  Ukraine, Russia, Ireland and The Philippines are also getting a big piece of the outsourcing pie. Outsourcing is everywhere: it’s in what we eat, in what we drink, when we call our bank, airline, hosting company and so on. The demand for cost-effective labor is naturally always high. It has turned outsourcing into a great, cheap solution for processing multiple functions such as human resources, procurement, finance & accounting, customer care, logistics, engineering/R&D, sales & marketing, facilities operations & management, training and many more. Since the 1970s, when many US IT companies have started outsourcing,  this trend is rising continuously. How is this ‘exporting of jobs’ affecting us?

First of all, a clarification on the difference between ‘outsourcing’ and ‘offshoring.’ Outsourcing involves the transfer of the management and/or day-to-day execution of an entire business function to an external service provider. Offshoring is the transfer of an organizational function to another country, regardless of whether the work is outsourced or stays within the same corporation.

Why companies outsource? Because it costs much less,  they get access to a broader range of knowledge, higher quality of work, project timeframe is reduced and et cetera. The time difference is also a positive - it gives the opportunity for work to be done during non-business US hours. Outsourcing also enables ‘providers’ to pick from a much increased opportunity market, where strong competition brings perfection. Improved staffing flexibility is also a huge benefit. Tax breaks are also in effect for companies that outsource.

If there are so many positive sides to Outsourcing, what is all the fuss about? According to a 2005 report by US BPO (Business Process Outsourcing),  the global outsourcing market in the US is expected to grow from $382.5 billion in 2004 to $641.2 billion in 2009, a 10.9% increase in demand. That means that another 10.9%  or $641.2 billion dollars of what was paid to US workers will be sent to offshore companies and their employees. Goldman Sachs projects 6 million jobs to be ‘exported’ by 2014.

Tags: outsourcing | india | bpo | offshoring | russia | ukraine | the philippines | ireland | it | unisys

“We have seen severe investor pull-back and origination has all but dried up” said Credit Suisse Group Chief Executive Officer Brady Dougan today, supporting the layoff announcement. 170 more employees will be laid-off, following last week’s reductions in New York and London, bringing the number of terminated workers to 320. Dougan noted the he does not expect any positive movement in the global mortgage market at least for the next eighteen months, since this “problematic” sector is currently showing a rising number of loan defaults.

Tags: credit suisse | new york | london | mortgage | foreclosure

Just a shortie on Blueprint for Financial Property about the new Zecco fee schedule, effective 01Jan2008.

Zecco to Limit Free Trades in 2008 on Blueprint for Financial Property

  Tags: zecco | investments | zecco 2008 fee schedule

Silicon Valley Blogger posted a nice article on the million-dollar question “Should I rent or buy?”. Side-to-side comparison of your options and some good tips.

Rent vs Buy A House: How To Evaluate Your Options on The Digerati Life

Tags: rent | mortgage | digerati | homeowner

Probably everybody have heard that there is something called 401(k), but a lot of you don’t know what it is. Well, 401(k) is a voluntary retirement investment plan, and in simple words that is money you save for retirement.

There are two types of 401 plans. There is a 401(k) and also a 401(k) SIMPLE (Savings Incentive Match Plan for Employees). What makes them different is their allowances:

The SIMPLE plan is generally for companies that have 100 or less employees. Employees with SIMPLE can contribute maximum of $10000 per calendar year, or 12000 for individuals of age 50 and up. Employers are also required to contribute 2 to 3% employee contributions if SIMPLE 401(k) is offered.

Regular 401(k) plans (for companies with 100+ employees) allow workers to contribute up to $15500 per year, or 20500 for employees of age 50 and older. Employer matching is not required but most companies do match certain percentage.

Read the rest of this entry »

Introduced just recently (September 18th) Mint is the new “must have” in your Favorites. “Refreshing Money Management” is the company slogan behind this free finance management system.

My first good impression is the design and the usability of Mint’s interface. Light, very intuitive and easy to use. Everything is well-organized and in the right place. Mint offers a whole set of helpful money-management tools. Checking the balance on all your credit cards and bank accounts at the same time is done in a snap. The system can automatically retrieve your financial information from more than 3000 US banks and credit card companies. Email and text alerts can also be set-up to give you an early warning if something goes wrong with your account(s).

Mint categorizes and tracks all your transactions, and displays neat colorful charts that give you better view of your spending. It also has a built-in feature that tracks your spending habits and suggests ways to save funds by finding better credit card deals. You can easily compare and pick what suits your case.

In short, Mint is something to definitely take a look at. With its intuitive interface, helpful tools, accessibility and zero cost to the user, Mint has a great potential to grow further.

Mint

Tags: money management | mint | bank accounts | finance management | balance

Newsday has published some disturbing numbers: just for the period of one year, foreclosures nationwide have jumped with the whopping 115%. Exactly 243,947 were the filings in August, hitting the highest point in a single month since foreclosure statistics were tracked by RealtyTrac starting back in 2005.

 ”The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now,” said James J. Saccacio, RealtyTrac’s chief executive.

Foreclosures in US rise 115% since last year on Newsday

Tags: foreclosure | filings | realtytrac | mortgage