Personal Finance 

Roundup: Financial Reform & Financial Tips

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The big financial news of this week, besides the correction in the markets, has to be the Senate passing the financial reform bill – Restoring American Financial Stability Act of 2010 (S. 3217). As they work to reconcile this bill with the one passed by the House in December, we’ll discuss some of the more significant amendments that affect us directly. There are a lot of new banking regulations, new regulatory bodies, and the like but we’ll start taking a look at things that affect people directly (banking regulations affect us indirectly).

  • The United States was founded by some ridiculously wealthy gentlemen, The Atlantic estimated the net worths of every President of the United States and extrapolated it to 2010 dollars. It’s not surprising that the first ten presidents were pretty loaded… revolution ain’t cheap folks!
  • If you know a new graduate who hasn’t gotten enough advice after this week’s Graduate Guide, Jeremy at GenXFinance has 9 financial tips for new graduates. One crucial tip – borrow only what you need using student loans.
  • With the heavy lifting for the financial reform bill behind them, Congress now has to take a crack at spending and tax measures. Unemployment benefits, COBRA subsidies, and tax breaks are set to expire and need to be addressed.
  • The value of your time is an idea I’m always keeping in the back of my mind, but have you done the reverse? Calculated the cost of an item in terms of your time? Calculating minutes per dollar, an idea I saw on Worth Wild, is a natural corollary.
  • Traveling abroad? Don’t get stuck overtipping, or worse insulting someone, so check out this guide on how much to tip at a restaurant?
  • Jason at Frugal Dad shares some fun free summer activities for kids, many of which anyone can do – with or without kids.

Finally, Flexo asks whether we should discourage some students from attending college. It’s an interesting question and after watching the Frontline story about for-profit education, I’ve been wondering that myself.

{ 6 comments, please add your thoughts now! }

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6 Responses to “Roundup: Financial Reform & Financial Tips”

  1. eric says:

    I read Flexo’s article earlier and it got me thinking too. The cost of higher education is simply ridiculous.

    • cdiver says:

      Although, entrance standards are becoming higher and higher for 4 year schools, this is not reducing the number of students entering each year. So not only do families strugle to finds ways to finance such an endeavor, many children may simply not qualify anymore.

  2. zapeta says:

    I definitely think we should discourage people from attending for-profit schools…those places are way too expensive for what you get, its practically a scam.

  3. Fred says:

    Great link on presidential wealth. In HBO’s documentary on John Adams (which I highly recommend – great historical drama), Adam’s wife comments that Adam’s salary as the Vice President was a pittance compared to their normal standard of living – I believe he received $6,000 / year – a very healthy sum back in the late 1700s, but apparently nothing close to what they were used to.

  4. dmeanea says:

    On the presidential wealth issue, doesn’t that make them all the more impressive, because they had so much to lose by rocking the boat?

    Regarding the “fun free summer activities for kids”, it might read a little better if you put a comma after “fun”; otherwise it looks like “fun-free summer activities”, and nobody likes those. 🙂

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