Scientists have discovered that Bluefin Tuna, who travel more than 6,000 miles from the Japanese coast to waters of the Pacific off the coast of California to school, have brought back a rather unseemly souvenir.  Initial testing indicates these the Tuna, who have spawned and lived in the ocean waters most deeply affected by the meltdown of the Fukushima Dai-ichi nuclear reactors in the wake of Japan’s 2011 earthquake and resulting tsunami. At a rate 10 times higher than normal, Scientists documented Bluefin that have dragged these radionuclides around the globe. No need to fret, the contamination level, if you can even call it that, is still well below safe-to-eat limits set by both the Japanese and U.S. Governments.

With your Sushi plans for this weekend still intact, there is a personal finance lesson that can be gleaned from these now glowing (I kid) tuna. Damage to your credit, have a half-life much like forever decaying radionuclides. In small doses they may not cripple or kill you, but they will follow you around for, well, the rest of time. This is why it is not just critical to know your credit score, like dubious sites such as Credit Karma and Credit Sesame might suggest, you need to be able to see your credit report. Without boring you too much, a credit score is like an opinion poll – a moment in time where an algorithm factors in a thousand different variables and calculates the likelihood of your ability to fund or default on debt. The credit report is where your bread is buttered. 20 percent of all credit reports have errors, errors that drag down your score and boost interest rates on loans and mortgages. Furthermore, missed payments, tiny defaults on unpaid bills that you may have forgotten and what not, these things follow you around on your credit report for quite a while. And like the Bluefin, you may not even know it.

Don’t be the unwilling host for slowly decaying nuclear credit dings and mistakes that will haunt your credit report and score for years to come. Take it from us, check your credit today at Quizzle, the only place where we give you a free score and a free report, every six months.

What Radioactive Tuna Teaches Us About Credit was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Here are a few inspirational ideas and insights from Betsy’s true story of how she made her way to India. If Betsy can find time to earn and save enough money to make her dream a reality, then maybe all of us can find additional motivation and inspiration to save more money and reach our financial goals.

• Make more money: Saving money is great, but if want to make big progress on your financial goals, you need to find ways to make more money too. Betsy runs her own business as a private chef and caterer, and so she worked hard to serve more customers and take on more catering gigs. “I picked up every spare job that I could find,” said Betsy. “Every other weekend my boys are with their father, so I spent those weekends working at extra catering shifts, and I put aside those paychecks in a special savings fund. I had to keep the extra money separate so it wouldn’t get caught up in our regular monthly expenses.”
• Cultivate a sense of mission: Betsy was working harder than she ever had before – raising two kids full time, while also running a business and taking on extra work at night and on weekends. How did she maintain the stamina to keep working that hard? “I felt like I had this constant voice in my mind saying, ‘I am on a MISSION,’” said Betsy. “The financial goal was so important to me that everything else seemed less important, and I could stay focused on getting to that goal.”
• Make sacrifices: Part of reaching for a financial goal means that you have to let go of other goals and interests in your life – or at least shift them lower on the priority list. “I found myself not taking care of myself in ways that I used to,” said Betsy. “I was working so many extra hours that I had to skip my yoga classes. I used to lounge around and watch TV on weekends, but that all went away for awhile because I was so focused on my goal.” It’s not easy, but you have to make sacrifices and decide which things are most important to you.
• No excuses: If a single parent on one income with two small kids can save enough money to take a two-week dream vacation to India, then who knows what you could accomplish? Many people would like to dramatically improve their financial situation, but they allow excuses to hold them back, saying, “I can’t do this, it’s too hard, I don’t make enough money, I don’t have enough time…” Betsy says that her own story is an example of what is possible with enough focus and enough hard work. “Here’s the thing,” said Betsy, “You can do almost anything you put your mind to, but you have to sacrifice and focus on your goal. Too many people would rather not make those sacrifices. It’s too easy to just get lost in the shuffle of the daily routine.”

One aspect of saving money for her financial goal that surprised Betsy is that when she was working longer hours, she was also spending less money. “When you’re working all the time, you’re not spending money, because you’re not spending as much time going to stores and restaurants,” said Betsy. “You live more cheaply. You’re making more money and your spending habits change because your patterns change.”

Do you want to save money for a dream vacation, pay off debt, build up an emergency savings fund, or achieve some other financial goal? Dig deep within yourself and make sacrifices. Chances are you can achieve your goals. If my friend can do it, so can you!

How to Save Money for a Big Goal was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

But how does one decide on the right kind of financial aid? As with any personal finance matter, the most important thing is to know your options—because you have quite a few. Prospective college students would do well to familiarize themselves with the following federal aid programs:

Federal Pell Grants are a popular means of offsetting undergraduate costs. As the name implies, unlike other federal student aid programs, these are not traditional loans but grants that needn’t be paid back. Any time “free” money is on the table, it’s not tough to find potential takers and, as such, this program is need-based.

A number of factors are worked into Pell Grant awards, centering principally on individuals’ Expected Family Contribution, (EFC). This number is generated using the income and assets of both students and their parents. As an EFC goes up, Pell Grant awards go down. Other factors in determining Pell Grant awards include Cost of Attendance figures (COA) and student status. The greater the COA for a given school, the higher the potential award. The same goes for student status—full-time students are eligible for greater grant amounts than part-timers. Federal Pell Grants are primarily used by undergraduates; to be considered, complete a Free Application for Federal Student Aid (FAFSA) form.

Federal Stafford Loans—another valuable component in the financial aid toolbox. Students obtaining these loans are enabled to borrow regardless of specific financial need. Interest rates on these loans vary depending on whether the loan is of the subsidized or unsubsidized variety. If it’s a subsidized Stafford Loan, no interest is owed while the student is attending school. Loan amounts are based on whether or not the student is still dependent upon his or her parents and what stage of college the student is currently enrolled. Dependent students receive less than independent students and loan amounts increase as the student advances from freshman status onward.

Repayment of a Stafford Loan begins six months after the student graduates, drops out, or drops below half-time student status. Interest rates during this six month window accrue for unsubsidized loans but not for subsidized loans. To obtain a Federal Stafford Loan, a filled-out FAFSA form is also required.

Federal Perkins Loans offer some of the most generous terms in student aid. This loan program is targeted to students with “exceptional financial need”. While Perkins Loans have lower caps than other federal aid programs they’re also more forgiving in terms of interest rates, fees, and repayment plans. Loan amounts are broken down along undergraduate and graduate lines—increasing with advancement. Perkins Loan interest rates are historically the cheapest among all the federal aid programs and since all Perkins Loans are subsidized, the government picks up the tab on interest for students until they graduate or as long as they are attending at or above half-time. There are also no origination fees for a Perkins Loan.

Upon graduating, students have a nine month grace period before payments are expected. The loan must be repaid within 10 years with a minimum monthly payment of $40. There are also certain ways to have a Perkins Loan forgiven, wholly or partially. These include service in the U.S. military or other public service commitments, such as teaching at a qualifying public school. To be considered for a Perkins Loan, complete a FAFSA form, on which one must demonstrate a particular financial need.

Federal PLUS Loans help defray costs after other forms of aid have been used. Parent Loan for Undergraduate Students (PLUS Loans) can significantly reduce the bite of immediate out-of-pocket college costs. They are designed to supplement existent student aid packages and can often drive down the college price-tag for students and their parents to virtually nothing up-front. PLUS Loans are paid to parents for undergraduate studies and then to students upon reaching the graduate level. The amount of a PLUS Loan is determined by subtracting a student’s total financial aid awards from the overall cost of attending school.

Repayment begins 60 days after the loan is disbursed, which means while the student is still in school. No grace period applies for PLUS Loans, though payment plans with favorable terms are often available. There’s also an origination fee for Federal PLUS Loans which is deducted from each disbursement check issued. While a FAFSA form isn’t technically required, since most colleges and universities will process the rest of your financial aid through FAFSA, it behooves borrowers to fill one out annually anyway. Qualification for PLUS Loans hinges on an enrollment of half-time student status (or more) and that the person applying—likely a parent to start—passes a credit check.

So, as you can see, paying for college—at least up front—doesn’t have to leave high school grads’ mortarboards spinning. Finding a good paying job that enables them to pay those loans back, of course, might be a more tricky proposition. But first things first. Figure out which loans or grants work best for you, then walk across that stage with pride—you made it! Now, who’s ready for some more school?

Student Loan Options Aplenty for Soon-to-be Graduates was originally featured on Quizzle Wire

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With many of those seniors becoming college freshman in the fall, and with all those attendant expenses, a first credit card is likely in the offing. But what are the rules of the road one should observe upon entering the Wonderful World of Plastic? And once you’re there, what does it take to successfully stay? Should you carry one card, or two? Is three too many?

This week, we took a look at the best ways to acquire, manage and maintain credit cards while putting them to work with the overall goal of improving your score over time. Here are some related articles from the Quizzle blog.

• How Many Credit Cards Should I Have?
• Five Things to Know if You Miss a Credit Card Payment
• How to Build Credit from No Credit in 6 Easy Steps
• Why Is Your Credit Score Stuck?
• Does Canceling My Credit Cards Boost My Credit Score?
• Secrets of the 800+ Credit Score Club

Quizzle Weekly Money Tips: More Credit Cards was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

But how many are too many? How few are too few? There’s no According-to-Hoyle “right” number to carry, but there are guidelines that can aid in improving your credit score through the judicious use of plastic. Naturally, it’s important to know your credit score, but as an abstract number, your credit score alone provides an incomplete picture; a snapshot in time. Quizzle not only provides your free credit score, but also your free credit report. With that information, you’ll see the big picture as well as the details. Then you can determine the “magic number” that’s right for you, right now.

That magic number could be zero, especially if you’re a young adult. It’s not altogether unheard-of that a person obtains a healthy credit score with one card or no cards at all. It’s not exactly typical, but also not impossible.

What’s impossible is to maintain a good credit score if you don’t pay bills on time. On-time payment history is the overarching factor in building credit, whether it’s a credit card bill you owe or otherwise. If you’re particularly gun-shy about credit cards, there are other ways to improve your score. But let’s stipulate that you already have a credit card or two.

Keep outstanding balances owed on those cards as low as possible. Not only will you reduce the amount owed through monthly interest, it will demonstrate that the credit debt you hold is manageable for your means. In other words, the lower the balance owed, the more it shows you’re not “in over your head” on one card or another.

Don’t suddenly open (or close, for that matter), numerous credit lines at once. If you currently have, say, one card and an insufficient credit history for a prospective home loan, don’t overcompensate for a dearth of credit by taking on a glut of new cards or by making big purchases on existent ones. You may not realize it but your credit score takes a momentary hit when you apply for new credit. Open lines of credit strategically and with prudence, rather than tactically or as a “quick fix” to boost a sagging credit score.

Another important factor in determining your credit score is credit utilization. Credit utilization is the total amount of debt you owe divided by the total amount of credit you have. For best results, keep your debts to 30 percent of your available credit or less—which, incidentally, is the same percentage of your credit score for which credit utilization accounts.

How Many Credit Cards Should I Have? was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Eurozone challenges deepen: As the EU grapples with its political and economic identity, a contraction in its manufacturing sector is further complicating matters.

Buying a home just got even cheaper: 30-year fixed mortgage rates have hit a new low, sinking to 3.78 percent, that’s down considerably from last year’s 4.60 percent average.

Questions surrounding Facebook persist: After a bumpy ride for the on-line behemoth’s initial public offering, the real stock price is now being hotly debated.

Fragile US recovery threatened by potential Greek euro exit: While Europe ponders Greece’s continued participation in the common currency, American economic prospects hang in the balance.

Quizzle Links of the Week:

American students racking up loan debt: Unpaid student loans are pushing the one trillion dollar mark, but there are ways for you to avoid becoming an educated statistic.

Commercial interests invade NASA’s “private space”: SpaceX boldly goes where no private company has gone before, with its third successful rocket launch. Is the future written in the stars for private sector space exploration?  

Real unemployment may be closer to 14 percent: Mark Twain said there are three types of lies: “lies, damn lies, and statistics”—so what’s the truth behind the Bureau of Labor Statistics figures?

Jack Kerouac as financial planner? What people can learn about personal finance from a pioneering beatnik writer—there’s a movie, too, if you’re not into the whole sprawling, existentialist poetry thing.

Quizzle Weekly Must Reads: May 28, 2012 was originally featured on Quizzle Wire

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Personal Finance Blog of the Week – The Daily Muse was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

The weekly jobs numbers released by the U.S. Department of Labor have captured our attention more keenly than ever before and this week’s numbers are, again, as mixed as our emotions about the struggling economy. Jobless aid applications dropped to 370,000, an almost statistically insignificant decrease.  The good news… Historically, when jobless aid apps dip below 375,000 it indicates job growth is becoming strong enough to lower the unemployment rate.

The bad news… The Federal Government, both Republican and Democratic administrations, calculates unemployment in a rather peculiar way. What if I were to tell you that today’s real unemployment number is 14.5 percent. See, there are a number of different “jobs numbers” calculated and distributed by the Bureau of Labor Statistics.  The number you see, or the number they want you to see is the U3 statistic. The U3 number excludes people who have stopped looking for work and those marginally attached to the work force. For a full explanation and a good snore if you’re not a policy enthusiast or somewhat wonky, read this. The real jobs number is classified as U6, when the U6 number drops we are in good shape.

Perception is a funny thing when it comes to personal and national economics. From a national perspective, for providence’s sake, the more consumer spending that occurs the better, but in times of economic uncertainty increased spending can build more debt and hurt your financial security. It’s Ouroboros personified, the catch 22 that both slows and speeds up growth at the same time. From a personal financial perspective the Quizzologists recommend a much more individualized approach.

Your personal economy is yours and yours alone; forces outside of your control or indicators that present themselves in “approved” statistics won’t really help most people. You could be a day-trader or heavy investor and these elements become part, and should be, of your decision making process.  But, for most of us, we need to respond less to the market and more to our own personal financial goals. If gas prices are down and the job market looks up it may mean some better times are ahead, but it doesn’t increase your cash flow, your earnings, or reduce your debt. It is good to be informed, but pay closer attention on your personal economy and the larger one will sort itself out one way, or another.

Statistical Hypnosis – The BLS, Jobs Numbers and Perception was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

However, the film’s Cannes debut stirred that cavity in my memory of youth that when touched, like an exposed nerve, just cannot be ignored. What I remember is a kid, with little to worry about and even less to be responsible for, pushing holes through the back pocket of his jeans with the curled and paling, yellow-paged copy of Kerouac’s seminal work he never left behind. A romantic memory to be sure; one as mythologized and distorted as Salle’s film is almost sure to be. Sorry, I promised to hold my judgments. I don’t expect you to follow suit.

Fan of his work or not, if you can move beyond the wanton nihilism and careless debauchery expressed in his character’s actions, there is an undeniable, universal pursuit he is able to categorize in a lexicon of freedom everyone understands. “What’s your road, man?–holyboy road, madman road, rainbow road, guppy road, any road. It’s an anywhere road for anybody anyhow.”

Buddhists call it enlightenment, Christians peace or illuminism, Muslim’s call it nafs al-mutamainna or the satisfied soul, the Hindus moksha, atheists clarity or satisfaction. No matter the nomenclature the pursuit of living without burden, be it physical, emotional or philosophical, is a human search in which we all participate. The conditions of modern survival threaten to obscure and trivialize this essential, and I might add, Constitutionally guaranteed, pursuit of happiness. Chief among those conditions is personal finance, an inevitable distraction entangling itself into every corner of your life.

“They have worries, they’re counting the miles, they’re thinking about where to sleep tonight, how much money for gas, the weather, how they’ll get there — and all the time they’ll get there anyway, you see. But they need to worry and betray time with urgencies false and otherwise, purely anxious and whiny, their souls really won’t be at peace until they can latch on to an established and proven worry and having once found it they assume facial expressions to fit and go with it, which is, you see, unhappiness, and all the time it all flits by them and they know it and that too worries them no end.” -Dean Moriarty

Kerouac may have take his ‘mad for life’ approach to the fantastical extreme, but the systemic shedding of attachment and all other, except spiritual, desire makes a more mundane and digestible point from which we all can learn. Whether you’re locked in a financial nightmare, just trying to straighten out your debt, or even chugging along without any difficulty, Kerouac can remind us that many of the things we need cost nothing.

I promise to keep this sort of pedantic, existential melodrama to a minimum, but every once a while I like to remember that sometimes the best answers are found when we stop looking.

Kerouac’s ‘On The Road’ – An Existential Personal Finance Lesson was originally featured on Quizzle Wire

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For NASA, Spacex’s success means a reliable transport system to the International Space Station for non-essential supplies. For now their missions are constrained to moving food, clothing and the like with their unmanned vehicle, but this is only the beginning.

We are all pausing to take notice of this for two reasons. The first is obvious, space travel is cool, but beyond that it represents the very thing that makes us human – discovery. The second is simple. When we need help, we need to ask for it, or at least accept it when offered. Commercial space travel, whether it is Virgin Galactic taking wealthy patrons into orbit just above the earth, or Spacex supporting the American space mission overall, has been greeted with a less than tepid response by some, a downright venomous response by others, and jubilantly by few. I, for one, take help where I can get it, and a little help goes a long way. During this time of economic strife, or veiled recovery, depending on where you are standing, don’t let pride diminish your options. If you see a helping hand, reach for it, it may take you further than you ever thought possible.

Spacex – A Little Help Goes a Long Way was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!