The King of Bling Bling, rapper LL Cool J is urging fans to be financially responsible.

The platinum-selling rap star spoke Saturday at the Hip Hop Summit on Financial Empowerment. It mixed stars with financial experts to offer advice on home ownership and personal finance.

"The biggest misconception probably comes from the hip-hop community that the money lasts forever," LL Cool J said. "You have to do the right thing with it."

Fellow chart-topping rapper Nas said it was important to teach young fans about financial responsibility. "We've got to think about growing old in this game."

Reposted from Rappers recommend being frugal

Posted by Stuart at 10:28 AM | Permalink | Comments (2)

I just completed this online personal finance test and am currently in the throes of celebrating after my 6 correct answers - from a possible 12 (you do the math). So, while I passed I'm a little disappointed with the results.

I understand that the judge's decision is final but I'm sure this little test is rigged. Heck...they ask these questions knowing full well that people from all the world are going to have a go and yet they've geared the questions to residents of the US. Typical! It's another shot at the credibility of those who don't reside in America. It's like the "You're-not-good-enough" attitude taken against foreigners while US claims their citizens are better with money.

Well... I'm not impressed and as an advocate for those who don't have a voice I feel I need to fight this one. USA personal finance gurus - I'll see you in court - in Geneva!

Posted by Stuart at 9:28 AM | Permalink

I was traversing my way through cyberspace yesterday researching some information on insurance when I inadvertently typed "Unsurance" into Google instead of "Insurance". Expecting to merely be redirected by Google's "Did you mean" question I was flabbergasted at the sites that were available for this misspelt word.

Not only that but heading the list was none other than unsurance.com which begs the question what does unsurance.com offer? I thought perhaps they prescribed insurance for those that were a little less sure as to which policy they were after. Or perhaps, it was for those frustrated consumers who've religiously paid their premiums year after year and were rejected on the first claim they made.

Alas, unsurance.com is just another insurance peddler trying to make some money on the unsuspecting public who make mistakes from time to time. It seems to be the same strategy that opportunists use when they target eBay auctions hoping that a misspelt word will lay below the radar of most bidders.

So it seems that unsurance.com obviously gives no assurance which is what many of us have come to expect from insurance companies anyway.

Posted by Stuart at 8:23 AM | Permalink

In fact, in this case, it was the result of a pizza purchase that caused the consumer to become a victim of identity theft. The story is about a couple that purchased a pizza from a store and had their card unknowingly swiped twice. The first swipe pays for the pizza while the second swipe retrieves the data from the magnetic strip making the information available to would-be criminals.

With the digital age progressing faster than someone breaking their diet, opportunities for identity theft are becoming more and more prevalent. At one point in our electronic history it seemed the only way you could lose your identity was through online credit card transactions and many scared consumers would steer clear of these purchases. In today's marketplace you can be scammed through so many channels that keeping vigilant is like trying to kill cockroaches - as soon as you kill one another super-cockroach comes back bigger and stronger and far more resilient.

The Justice Dept in the US recently released a study from 2004, which painted a fairly gruesome picture of the rise of identity theft. The study showed that more than 3% of US households had become a victim of identity theft in some form within a six-month period. That would make the average about 6% annually.

Who were the victims?

Households headed by young people (18-24 years old), those in urban or suburban areas and those with incomes of $75,000 or more were the most likely to experience identity theft. Victimization did not differ by race or ethnicity.

How did these consumers find out they were victims of identity theft? It was usually from missing money (the average was $1,290) or altered details on banking or social security accounts. The concerning factor is this theft is usually only ever found out after the event. So while victims get their money back or the details are usually insured, it is costing society, as insurance premiums will eventually accelerate to keep up with costs.

Posted by Stuart at 10:56 AM | Permalink

Norwich Union is offering consumers who buy cars on Ebay 7 days worth of car insurance. Considering that a car is sold on Ebay every 2 minutes (yep...another one just sold) that's a huge undertaking. This is what they offer; full comprehensive coverage, unlimited legal liability for death or injury to any person, Up to £5m legal liability cover for damage to other people's property, Medical expenses, personal injury and legal protection.

Ok. So what' the catch. Obviously Norwich Union provide you with an obligation free quote for a further 12 months coverage but that's it. Regardless of whether you accept Norwich's quote or decide to take your car insurance needs elsewhere, the 7 days car insurance cover is free.

What a great deal and an excellent idea. The only limiting factor is that it is only available to UK Ebay subscribers. Hopefully other car insurers will take the lead on this and make it available the world over.

Source: Free insurance on Ebay-bought cars

Posted by Stuart at 10:22 AM | Permalink

Every year the ball (prom) rolls around and thousands of teenagers try to outdo each other on the one night that seems to make more sense than cramming for end of year exams. Some will hire the expensive tuxedo's and spend a small fortune on a gown (destined to spend years kept in moth balls) and they'll arrive in a standard stretch limousine.

Then there are the funky new generation prom-goers who are stepping out in inexpensive style. And they've got money left in the bank. These frugal hipsters are finding alternative ways to shine on the night of nights without racking up loans or robbing their piggy banks.

Saving money and still going to the ball as a standout is not a hard exercise. Teenagers are now willing to have friends sew up a funky new dress for a fraction of the cost. The guys are happy to shop at recycled clothing stores searching for an inexpensive "Napoleon Dynamite" suit and are saving a ton of moolah as well. Even accessorising has become more fun and frugal and dressing them up cheaply.

What's more, these teenagers are bypassing the traditional limo by arriving in friends hotted up cars, custom designed trailers sporting blaring stereos and smoke machines, and even the odd restored fire engine. In fact, teens are putting more effort into their entrance than they do with their clothing.

If only they would save their money rather than spending it on alcohol for the after parties, it would end up as a very inexpensive event.

Check out this article that inspired the post.

Posted by Stuart at 8:12 AM | Permalink

If shopping around for the best car insurance quote excites you as much as visiting the dentist, new Australian financial services company, ARTOG.com.au, have launched an Australian first service that will be music to your ears. The company allows you to easily compare car insurance quotes from up to ten major insurers. Not only will this service save you tedious hours on the phone and internet, it could potentially save you thousands of dollars each time you insure by identifying affordable insurance for your circumstances.

“Everyone knows if you shop around and compare quotes, you will always get a better price,” states ARTOG General Manager, Kevin Sherman. “Understandably, people are time poor and would rather spend their free time doing pretty much anything else other than shopping around for car insurance!”

ARTOG’s ‘Compare My Rates’ (http://www.artog.com.au/ArtogPersonalQuote/ApplyStep1.aspx) feature is quick, simple and personalised. You simply enter your personal details once, and within two days receive an emailed price listing for the major insurers. This enables you to make a side-by-side comparison of the policy costs. In most instances ARTOG provides a quote number so you don’t need to re-enter your details when purchasing cover from your preferred insurer. The entire process is at no cost and totally obligation-free.

The savings on offer can be shown in the following example…

A 2004 Hyundai Accent (5Door Auto valued at $14,000) driven by a 20 year old female with no claims to her name would cost $4,411 to insure with one company or as little as $1,581 with another – that’s an incredible saving of $2830 (a 64% reduction). And ARTOG offers this service completely free.

Source: eMediaWire

Posted by Stuart at 9:45 AM | Permalink

If Jew's are considered the most financially savvy race and pork is not kosher why do we have piggy banks? Do Jews have piggy banks?

It's one of those "When in Rome do as the Roman's do" type scenarios. If you want to learn from the best you need to mimic their behaviours. It seems this could be a key on how Jews teach their children about saving and budgeting. Maybe there's a lesson for us all here?

Maybe they just have a little jar or tin to stash the coins that accumulate in their pockets and wallets? It could be a simple as that. Perhaps, they don't need to save. Maybe they're just so financially savvy that they don't actually have time to put their loose change into anything at all? Who knows? Who cares?

If you've ever wondered where the piggy bank idea came from take a moment to read this article.

Posted by Stuart at 10:08 AM | Permalink

We tread the internet in tip-toe fashion, trying not to clumsily step on anything hazardous to our online health or alerting the attention of unwanted hacker publicity. Why? Because we know that lurking in the not too distant background is the possibility that our identity could be stolen and used innappropriately or credit card details could be used to transact a criminal's spending spree.

We're just trying to download the latest offering from iTunes or pay for a successful auction win on Ebay unaware that the threat is real or that it may be greater than we first assumed. Most internet users, myself included, assume that e-crime is something that happens to other people and optimistically prescribe to the notion that companies are getting better at dealing with these security risks. They're not!

In fact, most online companies while employing a 128bit SSL for their transactions fail to secure the backend of their data, inadvertently creating a back-door for would-be hackers. Now imagine for a second that your data, address, full name, date of birth and credit card details are sitting insitu on some (unfortunately not-so) secure server with the backdoor left wide open. It's like a red-rag to a bull teasing hackers to try their luck.

And who's to blame for the increase in e-crime? Well, while we're pointing the finger it must be directed toward the door of the reigning governments initially. Are they fair dinkum (an Australian colloquialism translated as "genuine") about resolving this type of crime that will inevitably cost the community? There seems to be little that is being legislated in this arena and the resourcing for crime prevention compared to the resourcing of criminals borders on obscure.

My life, like many others, is becoming increasingly dependent on the web. Unfortunately though, it can be that life can be rubbed out quicker on the internet that it can in real life.

Read this article.

Posted by Stuart at 8:43 AM | Permalink

If you've ever found yourself scratching your head, and it's not dandruff or nits, wondering what you could do as a way of making some extra money you'll be pleasantly surprised to find that it may only take you 60 seconds.

60 second ideas is a blog created to inspire those who are searching to start their own home based business. It showcases some great start up businesses and how you can get involved with the projects. Each post features a distinct business idea and then allows you to download a 60 second video to see how the business works in under a minute.

Posted by Stuart at 8:00 AM | Permalink

Have you checked out what the newspapers have been saying about 'credit cards' lately? If you have and you're not sure whether the world can recognise the difference between Arthur and Martha anymore, you may be right.

Here's the first turn-up of the day; India fastest growing market for Visa credit card while the very next article implores that Someone Needs To Put A Leash On Credit Card Issuers. Are they inferring that Indian's should be treated as slaves, or worse still - as dogs?

While in another paper the headline screams No-fee credit card takes off as another (obviously with conspiracy issues) argues that RPT-EU warns credit card companies about overcharging. I actually think at that rate they could probably have an increase of 2-300% and not notice a change.

And if you thought credit card fraud was not being dealt with fast enough it seems the tables are turning. In one breath this article Banks urged to get tough with card fraud followed by No clues yet in credit card racket and then in a blind, sweeping move Shenzhen cracks biggest credit card forgery case. The Chinese authorities are obviously more effective than an episode of Cold Case and Miami CSI working together.

Just goes to show that you can never quite be sure that the world is telling you the truth.

Posted by Stuart at 7:51 AM | Permalink

Being frugal is all about saving your resources. Not just money, but time and also the use (and abuse) of your own equipment and resources. Is it not?

I was bumbling my way through a few random feeds looking for something I could maliciously devour where possibly common sense may have flown south for the winter. When I'm in one those moods, it seems that nothing is sacred and everything lends itself to a satirical slaughter. Not to disappoint, I find myself tempted by the headline Frugal Sunburn Remedies.

Now what's a guy who's looking for a quick laugh to do with a heading like that?

I've always found that salt rubbed in with a little vinegar has been a great remedy for sunburn - unless of course the person with sunburn is me. Then I try more comforting ways of reducing the pain and obvious self-affliction. Solutions like; sitting in front of the rear-projection large screen TV on a bed of sliced cucumbers wearing only the thong you received as a joke from your last staff Christmas party, works well.

If your mother's visiting for the week you might consider something a little more tasteful. Try swapping the cucumber for cold roasted eggplant.

Okay. Enough already. I don't have any real frugal ideas for sunburn apart form this one. DONT' GET SUNBURNT!!!

Posted by Stuart at 11:14 PM | Permalink

It makes you stop and wonder what women actually keep in those things that make them so tempting for thieves. Traditionally, men have chastised women for carrying everything bar the kitchen sink (and if the handbag was big enough this would also be a ready inclusion) and perhaps it's in the lucky dip mentality of these criminals that they continue to pursue them.

This article Churchill Home Insurance warns of handbag theft cites 1 in 3 women have lost their handbag at least once, either through carelessness or theft. The average cost of this loss is reported to be £228 (US$400) so it begs querying what on earth they could be after.

We know that most women don't carry cash - they have multiple store cards and the husbands Visa (all of which are maxed out). Any jewellery would usually be attached to their person in some form. Their keys would certainly reside in there along with a mid-morning K-Time health bar, tissues (both used and scrunched), and possibly some coupon cards and 2 for 1 offers. So what is it that theieves are after.

The big ticket item - cosmetics. There is obviously a black market operating for pre-owned cosmetics, maybe even through the cosmetic laundering cartel, Ebay. Don't be surprised if you end up bidding for a no-reserve blueberry lipstick that graced the face of someone living in downtown SOHO.

So women, the moral of the story is leave the pepper spray at home with all the additional cosmetics that make your handbag such a temptation. Carry only what you need for the day and don't buy cosmetics off Ebay.

Posted by Stuart at 7:40 AM | Permalink

Have you got what it takes to be a quality investor? Have all those decisions gone wrong because you're missing the one key character trait that could have made you millions?

This article goes on to talk not only about the personal characteristics of money managers but also lists another 8 approaches that quality investors take. How would you compare against these?

I've revamped their list with my own lean on some ideas.

1. You need to understand business. If you're investing in stocks and shares and you don't understand the effect that management has over the value of the company - keep your money in the bank! Business-minded people understand the effectiveness of other business managers because they know and understand the pressures of running a business. They understand that things can be overlooked when they should be dealt with.
2. You need to have an intellectual mind. We're not talking Einstein here but savvy enough to comprehend trends, figures, ratios and financial data and to interpret them in a way that allows you to compare apples with apples.
3. You need to be humble - yet confident. An investor without a sense of fear and trepidation is a dangerous investor. Yet, an investor who gives more weight to his fears than his gut feelings when all checks out well is a foolish investor.
4. You need to be able to stand out from the crowd If the crowd was always right then we would all make the same average investments. In order to progress an investor needs to find stocks that others have ignored.
5. You need to be patient. "If only I could have patience - NOW!" Most overnight successes take years to mature.
6. You need to be objective not emotional. It's easy to get swept up with the extremes. When things are booming we think we can't fail. When things are failing we struggle to see how we'll succeed. Set yourself goals and work towards them not how it's all feeling at the time.
7. You need to love what you do. Anything completed out of obligation is a strain on your life. Your enjoyment of investing will shrivel quicker than an apple core on a desert highway if you lose interest in what you're doing or you're investing purely to make money.

Posted by Stuart at 3:51 PM | Permalink

How annoying is it when you're about to pay for a transaction on your credt card only to find out that there's a minimum spend limit? Or, standing in the express line at the supermarket behind a line of fellow shoppers all wanting to use their credit cards?

Well, good news! If the trials of this new credit card are successful the jingling of coin in your pocket could become a nostalgic memory. Credit cards may no longer have to be signed for and a PIN would never again need to be entered.

The new card also has less chance of being used fraudulently because it never leaves your hand in transactions. We'll wait and see!

Posted by Stuart at 7:45 AM | Permalink

Can business and home life actually work? If you're dreaming of one day working from home, in either your own business or contracting to another, the freedoms that entice you may actually become your "Achilles' Heel."

Freedom is the main reason people strive to operate their own home based businesses or work from home. We think that if we don't have a boss to report to at 9am every Monday morning our lives were be more meaningful and free from stress and pressure. In some ways this is very true. However, the most important element of actually keeping you at home is performance. If that suffers then you won't be able to enjoy the freedoms you had hoped for initially.

Many home based businesses start because the Mum and Dad entrepreneurs of this world dream of being able to wake up unaided by an electronic rooster. They can get out of bed when they choose to, fit in a round of golf before lunch, 'be there' for the kids and generally take life a little more casually. There is nothing inherently wrong with these dreams but they can only be afforded by some cost on the entrepreneurs part.

What are these costs?

The main cost is results. Results are what keeps you at home! In order to achieve results deadlines need to be set and met. Goals need to be actioned and structures need to be put in place to give those goals legs. What I'm trying to say is that while you may be released from some pressures which you didn't like, ie. commuting an hour each way through congested traffic, sitting all day in a cubicle lost in a sea of seemingly thousands and having to run your life predominantly the way someone else dictates, other pressures will be placed upon you.

I tried studying externally for my BA 8 years ago when my eldest son was 2. My wife had gone back to teaching part-time to supplement the family income - to buy bread for dinner if the truth be told. Initially I was in heaven. I set my own work schedule which consisted of starting when I ran out of anything else I wanted to do. My son had his own view on reality as well and wanted Dad to very much be a part of that reality. In the end, it all got a little too hard as I failed 2 out of the 4 units I was studying. I ended up enrolling internally for the next semester.

Home based businesses are exactly the same. You no longer have a boss to tell you what to do and to enforce schedules and deadlines upon you. You're now the boss and self-discipline and time management are imperative for your success.

If you want to make it work from home read this article Is Life Getting In the Way of Your Home-Based Business? 5 Steps to Take Today to Keep You on Track and apply the 5 steps. It can only improve what you're already trying to achieve.

Posted by Stuart at 6:56 AM | Permalink

So you have a spare couple of million laying around that you're just not sure what to do with. Do I buy another boat? Take another holiday? Buy more stock options? Why not invest in some art? And we're not just talking about prints here.

In this article
Experts Advise Considering Handmade Oil Paintings for Offices we're reminded that investing in art is a worthwhile project. However, while investing in blue chip stock paintings such as a Dali, Renoir or Van Gogh is lucrative, the average Joe doesn't have that cash available.

So, like any investor you're wanting to find ground floor opportunities. Enter stage left - Art Cigiema. Art cigiema is a consortium of artists amalgamated to peddle their wares. Painters, musicians, sculptors - you name it, they're available. They're all very talented and who knows, you may even find a budding Picasso.

The catch - there's always a catch. The site is all in French. But as we all know, Europe is where the bulk of the renowned artists came from initially.

Posted by Stuart at 7:57 AM | Permalink

I don't think so, Tim! This is not a new concept for entrepreneurs to head off into the hills exploring the graces of investing in social, environmental and humanitarian betterment. Infact, this is probably the most idealistic theory to expand from someone's unlimited knowledge of human understanding.

In Muhammad Yunus' article Social business entrepreneurs are the solution the author hypothesises that there will be a new world business order consisting of;

-- Well-known and well-established profit maximizing kind, which are devoted to making private gains. (Let us call them profit maximizing enterprises or PME.)

-- Social benefit maximizing kind, which are created to do good to people, not paying any attention to making private gains. I am calling them social business enterprises (SBE).

Shame Muhammad. You forgot that greed makes up the most part of human existence. While PME's are the opposite end of the spectrum SBE's idealise humans as one of complete unselfishness.

If Muhammad's idea were even worth contemplating it would have to sit somewhere in the middle of these two theories. And, if it did, then it's not new. There are many companies who have now incorporated into their charter that profit maximising is not the main goal although it is still very much a part of how the company works. It's no longer the mentality for many companies to pursue profit "at-all-costs."

Many companies are now realising their obligations to society and some have accepted them and operate in ways that support and nurture these kinds of ideals. In my humble opinion, this is the best business model.

Posted by Stuart at 8:11 AM | Permalink