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41% are helping support young adult offspring, but they still expect their kids to do as well or better than they did, survey finds.

By Teresa Mears Apr 28, 2010 4:04PM

Even though more than 40% of “sandwich generation” parents are providing financial help to young adult children, they still expect those children to do better financially than they did.

 

Is there some disconnect there?

 

According to the Charles Schwab 2010 Families & Money Survey, which polled 1,000 parents of children ages 23 to 28, a total of 41% are still providing financial help to their offspring -- though 86% say they were financially independent by 25.

 

Dad's bank is open for business, kids, so let's talk money. What do you know?

By Karen Datko Apr 28, 2010 1:53PM

This guest post comes from Len Penzo at Len Penzo dot Com.

 

When it comes to money matters, my two kids manage their personal finances in completely opposite ways. In fact, it is utterly amazing to me that my children are even related.

 

My daughter, Lenina, likes to set goals and save her money. On the other hand, Matthew, who’s two years older, can’t spend his money quickly enough. If the only item left at the local Quickie-Mart happens to be a 50-cent box of broken toothpicks and my son walks in with a shiny Sacagawea dollar in his pocket, you can rest assured that he will happily buy the toothpicks and tell Apu to keep the change.

 

My son’s habits are especially frightening to me. If his habits don’t change, as an adult he will quickly sacrifice his future for short-term gratification.

 

Kids are not born with an innate sense of how to manage money. More importantly, they have no real concept of the value of money (and truth be told, that can be said of many adults). For proof, just ask any 5-year-old how much the house he lives in costs.

 

I have been slowly trying to teach my kids, and Matthew especially, about the value of money and the benefits of properly managing it, but it is a tough row to hoe.

 

Last year I decided to gauge just how good a handle my kids had on the value of money, when Lenina was 9 and Matthew was 11. And what better way to do so then by inviting them to apply for a loan at the good old Bank of Dad?

 

Insiders -- loan originators, appraisers, accountants, attorneys, real-estate and mortgage brokers -- are behind a growing wave of crime.

By Karen Datko Apr 28, 2010 11:57AM

This post comes from Marilyn Lewis of MSN Money.

 

These are hard times for a lot of us, but there’s at least one growth industry: mortgage fraud. For mortgage scammers, life is good and getting better, according to a report by the LexisNexis Mortgage Asset Research Institute.

 

Fraud and misrepresentation in the mortgage industry rose 7% in 2009, the report says. (LexisNexis sells products to lenders that analyze databases -- credit histories, records of assets and residential profiles, for example -- to spot and prevent fraud.)

That’s on top of a 26% increase the year before. The FBI says there were 822 indictments and 494 convictions in 2009. It sounds like a lot but that’s supposedly only the tip of the iceberg:

 

Budget Your Trip shows how much you're likely to spend in a given location.

By Karen Datko Apr 28, 2010 8:55AM

This post comes from Nora Dunn at partner blog Wise Bread.

 

I recently discovered a neat -- and free -- online tool that will help you estimate, budget and track your expenses for your next vacation. It’s aptly named Budget Your Trip.

 

Travel is one of those luxuries that, even on a budget, can be costly. It’s difficult to estimate what you’ll spend before you get there, tricky to monitor your expenditures midstream, and excruciating to curb your spending if you realize the budget is going off the rails. “I’m on vacation,” you justify, as you order that extra beer with dinner, figuring it will all come out in the wash (or at least you’ll be too drunk by the end of the night to care).

 

Instead of leaving your next vacation up to chance (and coming back broke and bitter about it), you can add some science to the exercise with the help of Budget Your Trip.

 

Keeping your lawn green doesn't require spending a lot of green.

By Stacy Johnson Apr 27, 2010 5:35PM

This post comes from partner site Money Talks News.

 

When I was a kid, my first job was cutting grass. At the age of 10, I was doing quarter-acre lawns all over the neighborhood for $5 to $7 each.

 

Fast-forward 40 years, and suddenly I’m paying some guy 40 bucks a week to mow a yard so small I could cut it in half an hour with a pair of scissors.

 

Bloggers add doughnuts, peanut butter and fish. We decided to do a healthier version.

By Teresa Mears Apr 27, 2010 3:17PM

It was bound to happen: People have created their own versions of KFC’s new Double Down sandwich.

 

The latest we found was at Top Cultured, which suggests using a Krispy Kreme doughnut as the bread. This raises the calorie count to more than 900 with extra sauce. Heesa Phadie wrote:

What you end up with is over 900 calories of tongue-flipping delight. This thing will not only supply you with enough calories, sodium, sugar and fat for a good part of your day, it will keep you up and running for a bit. The inevitable afternoon crash was not the best, though … as there is now a brick in the belly. I do highly recommend you give this a shot, though. I know it sounds far-fetched but it’s actually quite delicious.

We don’t plan to try it. It seems a terrible waste of a perfectly good doughnut. Top Cultured also came up with an Elvis version, adding toast, peanut butter and banana to the Double Down. Heesa liked that, too. Crystal at Snackin’ in the City did a “pescatarian” version with fish and fake bacon.

 

“Mamacita” at Midtown Lunch thought the Double Down was delicious on KFC buttermilk biscuits.

 

It’s amazing how much attention KFC has received for, basically, taking the bread off a sandwich. Where was the Double Down during the Atkins diet craze?

 

People are being inundated with robocalls from scammers who claim they can get you a lower interest rate.

By Karen Datko Apr 27, 2010 12:03PM

This post comes from partner site ConsumerAffairs.com.

 

You pick up the phone on the second ring and wait for what seems like several seconds before someone responds to your greeting. But you find you aren't talking to a human, but a recorded sales pitch promising to lower your credit card interest rate.

 

The best advice, says the Federal Trade Commission, is to just hang up because most of these offers are scams. And consumers are being inundated with them. 

 

Some people believe that online banks are inherently less safe and less accessible.

By Karen Datko Apr 27, 2010 10:09AM

This post comes from Jim Wang at partner blog Bargaineering.

 

In the last few years, I’ve reviewed several online banks, from the gray beard ING Direct to the more recent Ally Bank and Sallie Mae. With each review, there invariably are commenters who are totally against online banks and bring up reasons why it’s a mistake to put your money with an online bank.

 

They cite reason after reason that brick-and-mortar is better, failing to recognize that the last online bank to fail was NetBank in 2007 (hundreds of brick-and-mortar banks have failed since) and that despite all their concerns, online banks are FDIC-insured. Well, today I’m going to tackle many of these myths head on and show why they are either wrong or grossly exaggerated.

 

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