Bernanke, wife hit by identity thieves

Federal Reserve Board chairman Ben Bernanke was one of hundreds of victims of an identity fraud ring that stole over $2.1 million from individuals and financial institutions, Newsweek magazine reported on Wednesday.

Apparently,  a thief stole his wife’s handbag, taking with it a family checkbook, credit cards and her identification, according to a police report and court documents. Read the full story here.

If even Bernanke and his family are vulnerable to ID theft, it’s safe to say regular folks like you and me are not immune.

But there are things you can do to protect yourself from ID theft. This what the Federal Trade Commission says:

FIGHTING BACK AGAINST IDENTITY THEFT

Identity theft is a serious crime. It occurs when your personal information is stolen and used without your knowledge to commit fraud or other crimes. Identity theft can cost you time and money. It can destroy your credit and ruin your good name.

Each year, millions of Americans have their identity stolen. The Federal Trade Commission, the nation’s consumer protection agency, wants you to have the information you need to protect yourself against identity theft. This information is summed up in the FTC’s clear and concise message on identity theft:

Deter, Detect, Defend.

DETER identity thieves by safeguarding your information

DETECT suspicious activity by routinely monitoring your financial accounts and billing statements

DEFEND against ID theft as soon as you suspect a problem

While there is no fool-proof way to avoid ID theft, there are steps you can take to minimize your chance of becoming a victim, and steps to take to minimize the damage should a theft occur.

Learn more at: http://www.ftc.gov/bcp/edu/microsites/idtheft/

While we’re on the topic, here are some related ‘Grow Your Green’ articles:
Improve your credit score
Find the best credit card deal
Tech CU Learning Center: ID theft

Tips to make your car last longer

Recently my car began making this weird, high-pitched screeching noise. It wasn’t just when I was braking–it happened a lot when I was on the highway, going over 65 miles an hour.

So what did I do? Turn up the radio. I figured, if I didn’t hear it, it didn’t exist. Problem solved.

I know you’re all thinking, “Uh… that’s not the right thing to do.” I know, I know.  My dad wasn’t very happy with my genius “solution” either.

“Don’t you know you’re making things worse?” he screamed one afternoon when I nonchalantly mentioned that my car was making weird noises at high speeds. “It’s only going to cost you more when you do decide to fix it. And it’s really dangerous!!”

It was the lecturing that got me into gear (pun intended), pushing me to finally visit my mechanic. Turns out my engine mount was broken and needed to be fixed PRONTO!

Anyway, I’m on ‘Grow Your Green,’ which means I’m trying to save money, which means buying a brand new car isn’t really an option right now so I’d better take care of the vehicle I do have.

Here are some things I’m doing to help make my car last longer, and you can do to keep your ride in tiptop condition too:

Clean it
Make sure you clean your car with sponges, towels and soaps designed for automobiles. Some cleaners can actually damage the paint finish. While you’re at it, it’s a good idea to put a coat of wax on it a couple of times a year. A coat of wax protects your car from things like tree sap and bird droppings, which can eat through the paint if it’s on there too long.

Now that your car is all shiny and sleek, it’s time do some interior cleaning. After all, isn’t it what’s inside that counts?

Empty out the clutter. (I know at any given time, I have several pairs of shoes, old InStyle magazines, and other stuff that shouldn’t be in there.) Do a deep cleaning–that means vacuuming the seats and floors and polishing hard surfaces like the dashboard, steering wheel, and car-door panels.

Check and rotate the tires
Inspect your tires for wear and tear and air pressure every couple of months. Here’s a neat trick I’ve learn from one of my buddies: Put a quarter upside down into the tread along the tire. If it doesn’t touch the top of George Washington’s head, your tires may need to be replaced.

You also need to rotate your tires every 5,000 miles or so. For example, the front driver-side tire will be moved to the rear passenger-side; the front passenger-side tire will be rotated to the rear driver side. We need to rotate tires every so often because each tire carries  a different load, depending on what kind of car you have. Rotating the tires evens out the wear and helps you get more life out of your wheels.

Inspect the breaks
You might have to get a professional for this, but if you’re brave enough to give it a whirl (I’m not!), here’s a helpful guide:

How to Inspect and Remove the Brake Pads on Your Car — eHow.com

Take stock of hoses, belts and fluids
It takes a lot of things to make your car run. Here’s a short list of some of the hoses, belts and fluids you need to check periodically:

• Motor oil
• Transmission fluid
• Coolant
• Power steering fluid
• Brake fluid
• Windshield washer
• Oil filter
• Cabin air filter
• Timing belt

You can read more detailed instructions for changing fluids, filters, belts and hoses.

I know it all seems daunting and expensive, but if you keep a car maintenance calendar, it won’t be so overwhelming because you can maintain and repair things along the way. Contact your dealer for a maintenance calendar for your car, or look one up at Edmunds.com.

Trust me, it’s worse to ignore that screeching sound for months, only to learn that the engine mount broke (which could have cost about $100 to fix) but because I didn’t tend to it right away, it caused a domino effect with other auto parts and now my tab is up to $500.

Fixing the problem early will not only help make your car last longer, you could save thousands of dollars in expensive repairs in the long run. I know this because I had to learn it the hard way.

As a result, I now have this nifty little reminder posted on my refrigerator.

Yeah, I hate to say it but my dad was right. Ugh.

Tips for buying carbon credits

Question: What produces 50,000 pounds of carbon and contributes to global warming?
Answer: You!

Yes it’s true. You as an average American are likely emitting 50,000 pounds of carbon each year, including emissions from your home, car, air travel and everything else you use. That’s according to Carbonfund.org, a nonprofit that works towards helping individuals and business reduce their climate impact. Full story

20 lazy ways to save money

While the media can’t decide if the recession is nearing its end or not, we do know that there hasn’t been a tremendous surge in wages, job creation or the stock market. Consequently, most of us are staying pretty conservative on our spending. Here are a few relatively simple ways to keep an eye on your pennies while you’re waiting for that brighter economic future to arrive. Full story

Save money on health insurance

How you can save on health insurance
The annual premium that a health insurer charges an employer for a health plan covering a family of four averaged $12,700 in 2008, and workers are now paying $1,600 more in premiums annually for family coverage than they did in 1999, according to the National Coalition on Health Care.

But there are some things you can do to save money, while getting the most comprehensive coverage you need:

If your employer offers health insurance, take it.
Group coverage is often a better deal than private insurance. If you have access to employer-subsidized health insurance, it may be a good idea to take advantage of it. But before you do, read on.

Shop around before you sign anything.
While many group policies may offer better coverage and cost savings, it’s always wise to shop around, depending on your individual circumstances. For example, a healthy 30-year-old female could pay as little as $40 a month with a private policy. However, if you have a pre-existing condition, you may end up paying thousands more through a private policy than a group policy. Consider premium and deductible costs for your particular situation.

Assess family coverage options.
If you are married, take a look at the plans your employer offers as well as the plans your spouse’s employer offers. This is especially essential if you have children. Does it make more sense to have everyone covered under one insurance plan, or to split the coverage?

Review your coverage annually.
Health insurance rates change often. Review your coverage annually to ensure that it is the most competitive plan on the market, and that it sufficiently covers the needs of you and your family.

Get healthy.
Get on a fitness and prevention plan. If you’re overweight, get your weight down to reduce the risk of diabetes. Diet and exercise will go a long way to help you save on your medical and health care costs.

Things to consider & questions to ask when choosing a health plan
In a WellPoint Institute of Health Care Knowledge study, “Choosing a Health Plan: What Should Consumers Look For?,” more than 100,000 respondents were surveyed on the most important factors in choosing a health plan. Based on these factors, the institute recommends a series of questions to ask when choosing a health care plan, including:

• Am I satisfied with my current choice of networks and doctors?
• Are my current doctors covered by this health plan?
• What is my household’s current and anticipated health care service usage, what are the kinds of things we will need?
• What are my out-of-pocket expenses and monthly premium costs? Does it make sense for me to pay a higher premium for lower out-of-pocket costs?
• Prescriptions are one of the most utilized benefits. What coverage is provided by the plans I am evaluating? Are my current prescriptions covered, and at what level?
• How much will it cost me if an emergency situation occurs?

“It is so important to look at all the options available,” says Cheryl Leamon, director of corporate communications for WellPoint, Inc. “Today’s consumers are in a better position than ever before to make more informed choices about which health plan is best for them, based on their individual needs.”

What to do if you lose your job
In the event that you lose your job, state and federal laws protect you from losing your health coverage. COBRA provides certain former employees, retirees, spouses and dependent children temporary health coverage at group rates.

You may also be eligible for a premium reduction under the American Recovery and Reinvestment Act of 2009, which is part of the president’s stimulus package. If the involuntary termination occurred between Sept. 1, 2008 and Dec. 31, 2009, you could be eligible to pay a reduced premium amount that is 35 percent of the premium costs for your COBRA coverage for up to nine months.

Additionally, if you were offered COBRA continuation coverage as a result of an involuntary termination of employment during that time period and you either declined to take COBRA coverage at the time, or you elected COBRA and later discontinued it, you may have another opportunity to elect COBRA coverage at a reduced premium.*

The U.S. Department of Labor says you should seriously consider COBRA if any of the following apply to you:

• want continual, comprehensive and guaranteed coverage at a higher cost
• have a history of health problems
• need expensive medications
• have been declined for private insurance recently
• are pregnant or planning to conceive
• have a new job and your employer does not offer a health plan

For more information, call 1-866-444-3272 or visit www.dol.gov/COBRA.

Invest in yourself with a Health Savings Account
A Health Savings Account (HSA) is an alternative to traditional health insurance; it offers a different way for you to pay for your health care, which includes dental and vision care, as well as qualified medical expenses for your spouse and children. With an HSA, you can pay for current health care expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

While HSAs are not for everyone, there are several advantages. With an HSA, you can:

• deduct 100 percent of your HSA contributions from your taxable income
• have the money in your HSA accrue interest and/or gains on a tax-free basis, in stocks, bonds, mutual funds, and certificates of deposit
• avoid penalties or taxes when you use your HSA to pay for qualified medical expenses
• have a high-deductible HSA-eligible health insurance plan that typically has a lower premium than a plan with a lower deductible

You must be covered by a High Deductible Health Plan (HDHP) in order to take advantage of HSAs. HDHPs generally cost less than traditional health coverage plans, so the money that you save on insurance can be therefore put into your HSA. Check with your health care administrator for further details.

Manage your health care, manage your future
“It is hard work researching health plans to find one that best fits your needs,” Leamon reminds us. “You have to consider a plethora of things: the choice of networks and doctors; the affordability plan values; the quality of service for each plan. But our health is the most important thing we have—we need to safeguard it. We should all spend some time to understand how prevent illness, and to protect ourselves with optimal health care.”

* Source: U.S. Department of Labor

Too much debt? You have options

If you feel like you’re in over your head with personal debt, you’re not alone.  Millions of Americans have become overextended, many as a result of easy credit and the recessions.  Credit cards, medical bills, personal loans and raising interest rates do not make a good financial mix.

The first advice of experts in the field is to be sure you don’t make your situation worse by making common mistakes. Full story

Get hired fast: job search tips

With the unemployment rate at 9.7%, recruiters say they receive hundreds, even thousands of applicants for a single job posting. Yikes, that’s tough! Especially if you’re among those looking for work.

So how do you stand out in a crowd? Here are a few ways to get noticed.

Write a resume that gets interviews
This is the first step. A resume is a self-promotional ad that presents you in the best possible light–it highlights your skills, experience and achievements.

Start with an objective. What is it you’re looking for? What have you done professionally that would make you an ideal candidate for this job in which you’re applying? An objective is a brief summary of your skill set, your career goals and what you have to offer to a prospective employer.

Use “action” words. Back up your qualities (hardworking, closer, etc.) with actual achievements (“managed a $10M budget;” “increased sales by 40% in the second year”).

Consider search engine optimization, or SEO. Just like how search engines like Yahoo! or Google look for keywords that you type in, HR departments use similar tools. That’s why you have to tailor each resume to the job description, and then use those “action” words to beef it up. When a recruiter runs a search for a particular job, your resume will appear in the search results.

Make friends and expand your network
Even as the ranks of the unemployed continue to swell, according to a Washington Post article, Laying Low After a Layoff, “experts say a certain segment is determined to suffer in silence, keeping details of job losses and financial pressure secret.”

Not only is this counterproductive in helping you deal with the emotional trauma that is associated with a job or career loss, it also negatively affects your ability to network at a time when you most need help from others.

So let your family, friends, neighbors and former colleagues know you’re looking for work. Go to professional meetings and seminars. Use social media sites like LinkedIn and Facebook to expand your network even further. And think about being a “connector.” Instead of wondering about how someone can help you, think about how you can help them. For example, while you’re searching the job boards, if you see something that might be of interest to someone in your network, pass it along. People remember these kind gestures, and you’ll be rewarded in the long run.

After all, most hiring managers and recruiters ask for referrals from people they know before they even post a job online. If someone who knows someone who knows you brings up your name, you could get a leg up on the competition–you know, the hundreds of applicants who will be applying for the job once it hits the Internet.

Prepare for the interview
Woohoo! You’ve been called for an interview. Now it’s your time to shine!

Dress for the job. It may be unfair but first impressions are usually lasting. Even if you’re interviewing at a place where the CEO wears cargo shorts and flip-flops to work, you still want to be appear polished. While it may not be appropriate to wear a three-piece suit to an interview at a company like this, you should still be professional–try khakis and a dress shirt–it says you take this interview seriously. Once you get the job, feel free to wear those shorts and flip-flops too–but right now your main goal is to get an offer letter, so err on the side of caution.

Practice, practice, practice. Recruit a friend to help you rehearse the interview. Go through the most common interview questions and answers, and think about what you’d say. It’s also helpful to have some interesting stories and anecdotes that illustrate your answer.

Do your homework. Research the company, its management team and competitors. Take notes. Memorize important facts. Want to win some extra points? Find out how the company’s products and/or services are different from its competitors, and suggest ways to either improve them or market them to a new audience. A little preparation goes a long way.

I hope that some of these tips help you build the confidence you need as you search for the right fit. Remember, even if it takes longer than usual to land a great job, this is the worst recession since the Great Depression of the 1930s. If you’re having a hard time getting call backs, it has more to do with the economy than you and your skills. Just keep plugging away and stay upbeat. And if you want to contact me for a pep talk, I’m more than happy to help. Good luck!

How to save for college and retirement

Is it possible to save for retirement and for a child’s education at the same time? Sure, but it requires a pretty decent income and lots of disciplined saving. And even then it’s no picnic.

Indeed, as a practical matter, I think most people have enough trouble just saving adequately for their retirement. Throw in college education and it just becomes too overwhelming. Too often the result is that people don’t address either goal adequately, or they get so discouraged that they sometimes give up altogether, figuring it’s hopeless. Full story

Cost of living in America

I found this Cost of Living map at mint.com and thought it was interesting and worth sharing. The San Francisco Bay Area seems to be the only region where the CPI is going up. How does it affect your savings goals?

investing in real estate, budgeting

Don’t wait for reform–lower your health care costs today

We’ve been hearing quite a lot lately about health care reform, yet very little about how consumers can lower their health care costs today. Major changes in making healthcare affordable may be on the horizon for this country, but what about the families who are struggling to pay for health care costs now? How can you make your health coverage “more affordable?” Full story

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