Ten Things Your Family Can Do This Summer For Under $100

by Amanda Haury

Summer is fast approaching and with it comes a season filled with vacations, outdoor activities and get-togethers with friends and family. Many people look forward to the warm summer months, but for cash-strapped families a tight budget can easily put a damper on warm weather fun. Summer activities with your family don't have to be expensive to be fun and memorable. Here is a look at ten things your family can do together for just $100.


BarbecueAn enjoyable yet affordable option for the warm summer months is to fire up the grill and have a barbecue. If you already own a grill, a barbecue can be very inexpensive. Invite family and friends over, and delight in the warm weather and good food from the comfort of your own backyard.


Trip to the MoviesAnother affordable option for summer is to take the family to see a film at your local movie theater. This can be a great escape from the summer heat, and even if you bought drinks and snacks for everyone, you'll still be well within your $100 entertainment budget.


Visit a Local MuseumIf you live in an area that has a variety of museums, take advantage. Whether the museum's focus is art, history, science or another topic, it can be a great educational experience for your family. Additionally, museum admission is likely to fit well within your budget.


Picnic at the ParkIf fun in the sun is what you are looking for, treat your family to a picnic at a local park. Just grab a blanket, pack some sandwiches and drinks, and you're set. A picnic is a low cost way to enjoy the warmth of summer without spending a lot of money.


Day TripAnother great option for family fun in the summer is to load everyone into the car and take a day trip. Is there a place you've always wanted to visit in your area, but never got around to it? If so, a day trip is in order. Day trips are low cost, you'll only need to worry about gasoline and refreshments and it can be a great way to escape the everyday doldrums of summer.


Family Game NightHosting a family game night is an inexpensive way to bond with family and have some fun. Break out the old board games, serve up some snacks and let the night unfold. You can easily host a family game night on less than $25 for a smaller crowd.


Beach DayWho doesn't love a day at the beach? If you are fortunate enough to live within driving distance of a beach, take advantage. Let your family soak up some rays and enjoy the surf. Many beaches are free so you'll just need to worry about gasoline and refreshments.


Trip to the ZooAn affordable option that is sure to delight animal lovers both young and old is a trip to the zoo. Pack a lunch for your family and see what there is to discover at your local zoo. The ticket price for a family of five will likely fit well within your $100 entertainment budget.


Outdoor SportsAnother excellent, low-cost option is to partake in some outdoor sports during the summer months. Whether it is baseball, basketball, soccer or the like, a friendly match between relatives can be a lot of fun, and won't adversely affect your wallet.


Miniature GolfMiniature golf is a cheap yet enjoyable outdoor activity that many families enjoy. Putt your way through 18 holes with your relatives. A little healthy competition, as well as a low-cost activity, could be just what your family needs to kick-start your summer.


The Bottom LineFinding family friendly yet affordable activities this summer is easy if you know where to look. Don't limit your family to a boring summer in the house. Find things to do that are within your means, and even the most cash-strapped family can have a blast this summer.

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End Of The Road - A Total Collapse On Our System

The film "End Of The Road" has just been released for public viewing, featuring GoldSilver.com CEO Mike Maloney alongside Peter Schiff, Jim Rickards, Jim Puplava, James Turk, Eric Sprott and more.


In 2008 the world experienced one of the greatest financial turmoils in modern history. Markets around the world started crashing, stock prices plummeted, and major financial institutions, once thought to be invincible, started showing signs of collapse. Governments responded quickly, issuing massive bailouts and stimulus packages in an effort to keep the world economy afloat.

While we’re told that these drastic measures prevented a total collapse of our system, a growing sense of unease has spread throughout the population. In the world of finance, indeed in all facets of modern life, cracks have started to appear. What lies ahead as a result of these bold ‘money printing’ measures? Was the financial crisis solved, or were the problems merely ‘kicked down the road?’

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U.S. Stocks Retreat 1% on Greece, Spain Fears

by Kate Gibson

U.S. stocks retreated Wednesday, wiping out the prior session’s rally, as bond yields in Spain and Italy surged and polls out of Greece added to the uncertainty over whether it would remain in the euro zone. “If Greece ends up leaving the European Union and the debt crisis remains reasonably well contained, then world growth will continue at a modest pace. But if that contagion becomes chaotic, then all bets are off,” said Mark Martiak, senior wealth strategist at Premier/First Allied Securities.

The Dow Jones Industrial Average dropped 160.83 points, or 1.3%, to 12,419.86, with all but one of its 30 components in the red. On Tuesday, it had gained nearly 126 points in a broad surge fueled by hopes for Greece and more global stimulus.

U.S. Bond Yields at Record Low And May Keep Falling

by Patti Domm

U.S. bond yields are likely to stay at record lows and could move even lower until European policymakers convince markets they have a grip on the potential contagion threatening the euro zone's banking system.

As buyers continued to rush into the safe haven of bonds Wednesday, the 10-year Treasury yield, in an inverse move, fell through its September low of 1.671 percent, and was yielding below 1.63 percent. The euro was nearly a percent lower against the dollar, which has become a magnet for funds seeking safe haven assets.

“It all focuses the attention on the fact that there isn’t a cohesive plan to deal with institutions in Spain and in Europe that are experiencing deteriorating assets at the same time they are trying to deleverage their balance sheets,” said Zane Brown, Lord Abbett fixed income strategist.

Save Your Credit Score With These Five Steps

If you're an even semi-regular WalletPop reader, you know the importance of a good credit score. Not only is it your golden ticket to getting better rates for things like mortgages and credit cards, it also may help you get lower rates for auto insurance, rent an apartment and even get a job.

But with lenders continuing to tighten their standards even as the credit crunch eases, Americans have to keep close watch on their scores. Even a small slip could mean the difference between qualifying for a lender's prime rate or not.

If you're one of the many consumers just treading water with your credit score or trying to keep a small mistake from mushrooming into a financial crisis, read on. WalletPop spoke with credit score experts and asked them what steps you can take to save your credit score now. 

1. Check Your Credit Report

Credit reports can contain numerous errors, from records of nonpayment by someone with a similar name as yours to old or out-of-date loan information. Readers have told WalletPop of mix-ups involving similar names, incorrect reporting of credit limits and "black marks" that should have been stricken from the record years ago. The only way these readers -- and you -- can find out about mistakes that can drag down your score is to check your report regularly and go over it with a fine-toothed comb. Annualcreditreport.com is the easiest way to get a peek at your report, and if you space out your requests, you'll get three a year.

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Making a Financial Comeback After a Setback

So you first messed up your finances in your 20s, then made matters worse in your 30s. But now you're ready to act your age, get serious about the business of fixing your credit and start writing your financial comeback story, right?

Whether you went on a few too many credit card-fueled shopping sprees, missed a series of payments that damaged your credit report or lost your job for a prolonged period of time, there are still ways to bounce back and take control of your financial future.

It's all about getting back to financial basics and creating a realistic plan that will help you achieve your financial goals.Here are some things you can do right away to make a financial comeback after a setback:

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Four Things You Need to Know About Gold Now

by Michael Yoshikami

Gold is negative for the year and has caused some to say it is time to abandon this metal as an investment. After all, isn't gold supposed to rise consistently every year and always rise when equity markets drop?

Since the price of gold has not ratcheted up in this latest Europe driven downturn, some say surely that must mean that the wisdom of owning gold is now null and void.

I disagree; gold should still be a part of your investment plan.

Here are a few thoughts to keep in mind as you consider investing in gold for your portfolio strategy.

1. Recognize that investing in gold is not a guaranteed positive return investment every year; gold can and will lag other asset groups depending on the current environment. This is particularly the case when liquidity becomes a concern in global markets and gold is sold to raise cash. Remember, this asset will rise and fall in value like any other asset; a longer-term time horizon is required when buying this precious metal.

More Than 30% of Mortgage Borrowers Still Underwater

by Les Christie

Despite rising home prices, more than 30% of borrowers, or close to 16 million homeowners, were underwater on their mortgage during the first quarter, according to Zillow.

The percentage of borrowers who owed more on their home than it was worth increased to 31.4% during the quarter, up slightly from 31.1% three months earlier, according to Zillow. In the year-ago period, 32.4% of all borrowers had negative equity on their loan.

The uptick in underwater homeowners occurred even though home prices have slowly started recovering. On Wednesday, the Federal Housing Finance Agency reported that national home prices rose a modest 0.6% during the first quarter, the first price gain since 2007.

Nevertheless, the percentages of homeowners who were underwater on their homes remained high as delays in the processing of foreclosures kept many delinquent borrowers on the balance sheets, said Zillow. Once a bank repossesses a home, the mortgage holder's negative equity is no longer considered part of the tally.

Most underwater borrowers, however, do not lose their homes. Nine out of 10 underwater borrowers are current on their mortgage payments and continue to make payments on time, Zillow said. Only one-tenth of these borrowers are seriously late on payments, by 90 days or more.

Greece to Exit Euro, New Currency to Fall 60%

by Carolin Schober

Greece will leave the euro zone next year and the country's new currency will "immediately fall by 60 percent," according to Citi chief economist Willem Buiter.

Greek officials have repeatedly stressed that the country will be running out of cash by the end of June, after which it would be unable to make debt payments and pay civil wages and pensions. An election is scheduled for June 17 after inconclusive results of the May 6 polls meant a government could not be formed.

The Troika of international lenders - the European Union, the European Central Bank , and the International Monetary Fund - are waiting to see what government will result from the elections next month before disbursing more aid.

"The elections (on June 17th) will not produce a viable government that can follow the troika plan, leading to a stalemate between the Greek government and official creditors, and to the suspension of EFSF-IMF funding,” Buiter wrote in Citi's latest Global Economic Outlook.

However, analysts caution that a default wouldn’t automatically lead to an expulsion of Greece from the euro zone.

Fight Financial Fraud With Tricks of Your Own

Do retirees have GPS devices that tell con artists where they live? It often seems so.

Older investors are often besieged by swindlers because they tend to have higher net worth and are more accessible to crooks than younger Americans. They also may have cognitive impairments that cloud their judgment, according to a report in February by the Center for Retirement Research at Boston College. It found, “The ability to make effective financial decisions declines with age as dementia and other types of cognitive impairment increase.”

Over all, investment fraud is a growth business. Last year, when the Federal Trade Commission said it received 1.8 million complaints, it noted that its largest single category involved identity theft — a crime that frequently victimizes older Americans.

With the Internet providing more opportunities for swindles and the new federal JOBS act possibly waiving some regulatory requirements for small businesses seeking investors, the potential for even more fraud looms. Retirees and their families would do well to call upon financial advisers and lawyers, and perhaps law enforcement authorities, for guidance.

Stay-At-Home Mom Fights New Credit Card Rule

After nearly five years managing her family's finances, Holly McCall, a 34-year old stay-at-home mother of two from Vienna, Va., never thought she would have trouble getting a credit card.

She makes the majority of family purchases, has an excellent credit score and has been approved for several cards in the past. But when McCall applied for a Target card last fall, she was denied.

She blames that denial on a recent Card Act rule.

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100% Chance of Global Recession - Marc Faber

CNBC

Dr. Marc Faber

The stock market appears to be at a critical inflection point. That’s the takeaway from widely followed economist Marc Faber, author of the Boom, Gloom & Doom newsletter.

Faber’s bearish market calls have been followed closely since 1987 when he warned his clients to cash out before Black Monday.

And in a live interview on CNBC’s Fast Money Halftime Report, Faber again warned that economies of the world may be on the brink of a serious slowdown.

Faber indicated that while investors remain focused on Greece and Europe – other issues, bigger issues are looming. And they’re more threatening.

“As an observer of markets – whenever everyone focuses on one thing – like Greece and Europe – maybe they miss issues that are far more important – such as a meaningful slowdown in India and China.”

The latest reports from Beijing would support Faber's assertion.  The HSBC Flash Purchasing Managers Index, slipped to 48.7 in May from 49.3 in April. That marks the seventh straight month that the index has been below 50, a level which indicates economic activity is contracting.

Faber also cited weakness in the high-end as another key catalyst that’s very negative.

Getting the Best Refinancing Deal

WSJ.com

There has never been a better time to refinance your mortgage. Rates are at record lows. The government is devising new programs to help homeowners. The economy and job market are improving, albeit slowly.

In theory, those factors should be producing a boom in mortgage refinancing. But locking in a deal is proving to be a challenge these days—even for well-heeled homeowners.

That is because low appraisals and tight lending standards are making it difficult for many borrowers to refinance, even if they have good credit and substantial assets. Even those who meet these hurdles can face frustrating waits.

The good news is that borrowers aren't powerless in the process. By shifting assets to your mortgage lender, cleaning up your credit and understanding the new government programs, you can improve your chances of scoring a good refinance deal.

Five Lesser-Known Ways to Boost Your Credit Score

If you think your credit score doesn't matter too much because you're not planning on getting a mortgage anytime soon, think again. Credit scores affect many aspects of our lives -- more than you may think. That's why it's important to keep your score as high as possible.

Paying bills on time and staying well below your credit limits are sure-fire ways to build and maintain good credit. But there are some lesser-known strategies to boost your score as well.

Fix clerical errors: Check your credit reports and correct errors. For example, it can make a big difference to your score if your credit limit for a card is understated. Imagine that you owe $5,000 and your limit is $15,000. That means you owe 33% of your limit. If your limit is incorrectly listed as $8,000, though, it will look like you've borrowed 63% of your limit.

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Gas Prices Modestly Lower as Driving Season Starts

As the Memorial Day weekend and the summer driving season approach, gasoline prices are easing. But most drivers will find prices only modestly lower than a year ago.

Nationwide, the price of a gallon of regular gasoline has been drifting lower by about half a cent a day over the last month, and energy analysts say that trend should continue over the next few weeks, in at least some states.

“Drivers are getting a respite,” said Rodney L. Waller, a senior vice president at Range Resources, an oil and gas company based in Fort Worth. “But it’s a tenuous respite based on all the changes in the global oil market and the opening and closings of refineries across the U.S.”

Gasoline prices are dropping primarily because of a decline in global crude oil prices, stemming from an easing of tensions in the Middle East and growing oil supplies, bolstered in recent months by the rapid return of Libyan oil exports and increased production from Saudi Arabia. Because oil is priced in dollars, the firming value of the dollar in recent weeks in the wake of the European financial crisis has also helped reduce prices.

National debt: Will the U.S. be like Japan?

CNNMoney

Political gridlock. High national debt. Rock-bottom bond rates. An aging population. Warnings about more downgrades.

Sound like the United States? Indeed. But those characteristics also describe Japan - the country that fiscal experts often point to as a cautionary tale about the risk of carrying too much national debt for too long.

Ever since a stock market crash and banking crisis more than 20 years ago, Japan has suffered from anemic growth for much of that time and its debt has soared.

The country's debt is projected to be 239% of the size of its economy by the end of this year. U.S. gross debt, by contrast, is a little over 100% of GDP.

"They're at a place where we warn about," said Barry Anderson, a former official at the Organization for Economic Cooperation and Development.

Prolonged economic stagnation is a risk many experts say the United States may be more vulnerable to than a sudden crisis in which Treasury investors turn tail and demand higher interest rates.

New Signs of Global Slowdown

Weak Reports in U.S., Europe and China suggest economies are slipping in sync.

WSJ.com

New signs of a global slowdown are darkening the economic outlook.

On Thursday, the U.S. reported that businesses were slowing their orders of computers, aircraft, machinery and other long-lasting goods. Measures of business sentiment in Europe slipped, and reports from purchasing managers at manufacturers around the globe turned down. Among them, China, the world's second-largest economy, registered its seventh straight drop in an important manufacturing index.

With the latest reports, a new economic threat is emerging: That activity is slowing in sync around the globe and not just in a few markets with their own isolated problems. Europe, struggling with ...

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What would Greek exit mean for the U.S. economy?

REUTERS

Uncertainty over the fate of the euro currency is already dampening U.S. economic growth and any significant worsening of the crisis would deal a blow to a recovery that is gradually gathering steam.

Economists estimate that volatile markets and business uncertainty over the fate of Greece and the policy course in Europe is already shaving anywhere from one tenth to one half a percentage point from U.S. 2012 gross domestic product growth.

In a Reuters poll last week, U.S. GDP was forecast on average at 2.3 percent for 2012 and 2.4 percent for 2013.

The direct hit to growth comes through trade. U.S. exports to the European Union account for 19 percent of total exports, and those to the euro zone represent 13 percent of the total. But when calculated in terms of GDP, the share is tiny - only 1.3 percent of total output.

EU to Greece: We Want You to Stay, but Just in Case...

Reuters

European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout program.

Thomas Lohnes | AFP | Getty Images

After nearly six hours of talks held during an informal dinner, leaders said they were committed to Greece remaining in the euro zone, but it had to stick to its side of the bargain too, a commitment that will mean a heavy cost for Greeks.

"We want Greece to stay in the euro, but we insist that Greece sticks to commitments that it has agreed to," German Chancellor Angela Merkel told reporters after a Wednesday evening summit in Brussels dragged long into the night.

Italian Prime Minister Mario Monti said on Thursday he believed Greece would remain in the euro zone, but it was impossible to say so with certainty.

"Anything can happen, but I think the most probable outcome is the one which is most positive for Greece and for all of us," Monti said in an interview on a television talk show, when asked if he believed Greece would to stay in the currency bloc.

Rates great, home prices less filling

BankRate.com

Mortgage rates stayed near all-time lows this week, as the housing market showed signs of life and sent potential homebuyers a message: If you want to buy low, it doesn't get any better than this.

30 year fixed rate mortgage – 3 month trend

The benchmark 30-year fixed-rate mortgage was 3.97 percent, unchanged from last week, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.41 discount and origination points. One year ago, the mortgage index was 4.75 percent; four weeks ago, it was 4.09 percent.

The benchmark 15-year fixed-rate mortgage fell to 3.19 percent from 3.2 percent the previous week, and the benchmark 5/1 adjustable-rate mortgage rose to 3.02 percent from 3 percent.

The Keys to Managing Your Money for the Long Haul

Kiplinger


Yes, creating wealth by investing in equities is important. But in old age, you can't 'eat a rate of return.' Managing downside risk matters just as much.

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. -- Warren Buffett


When it comes to managing money you're saving over the long term for your retirement, how do you picture yourself? Are you a risk-seeking money manager or a risk-averse buyer of insurance? The difference represents one of the great divides in practical finance, especially in the 401(k) era. Much of the Wall Street marketing machine and investment commentary assumes you're a risk-accepting, wealth-creating manager of your savings. The tactics of the risk-avoiding buyer of insurance is left for the proverbial widows and orphans of society. Big mistake.

Six Ways to Retire Without a Mortgage

Kiplinger


Admit it: Whether you're 35 or 65, the prospect of retiring without a mortgage is an attractive one. No more monthly checks to your lender means extra money to spend on having fun once you exit the workforce. After years of punctual principal-and-interest payments, it's the least you deserve, right?

There are several smart ways to retire without a mortgage. We've come up with six that fit a variety of retirement scenarios. Some approaches benefit from an early start -- so if you are able, try to plan ahead. Other mortgage-free-retirement options can be put into effect even if you're close to collecting Social Security.

Some retirees don't mind a mortgage, be it for the tax write-off or to prevent too much money being tied up in home equity. But if your goal is the peace of mind that comes with paying off your loan before you reach retirement, check out these six ways to retire without a mortgage.

Five More Surprising Things That Hurt Your Credit Scores

When I wrote recently about five surprising things that hurt your credit scores – things like renting a car with a debit card or financing the purchase of furniture – many people were shocked to learn that innocent, everyday actions can wind up blemishing their credit reports.

In reality, though, my initial list of five items represented just the tip of the iceberg.

Unfortunately, due to the quirks of the credit-scoring system, there are a host of other seemingly harmless actions you might take that can lower your FICO credit scores or any credit score, such as the VantageScore.

Here are five more surprising things that can damage your credit rating: 

1. Disputing a credit card bill

It's your right to dispute information in your credit reports if the information isn't correct. And under the Fair Credit Reporting Act, data that's outdated, inaccurate or that can't be verified must be removed from your credit reports.

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Six Reasons You'll Never Retire

Kiplinger

Once upon a time, people stopped working at age 65 and enjoyed years of golf and grandchildren funded by a reliable monthly income from corporate pension and health care benefits supplemented by government health care and Social Security. In 2012, that fairy tale has become a joke. Here are six reasons you’ll never retire.

Five Costly Retirement Surprises

Kiplinger 


Most people dream of retirement long before they get there. Perhaps you imagine hours spent on the golf course, taking a class on a subject that has always intrigued you or volunteering for your favorite cause. Of course, that's the idealized version of retirement. And then there's reality.

Kiplinger's asked financial planners from the National Association of Personal Financial Advisors what retirement surprises their clients most often encounter, and queried our Facebook community as well, to come up with this list of five top financial surprises. Preretirees, you are forewarned.

Five Surprising Things That Hurt Your Credit Scores

We all know that making late payments or having credit card accounts in collections can hurt your credit scores. But you might be shocked to learn that a lot of other seemingly innocent actions can also negatively impact your credit rating.

Here's a list of five surprising things that can lower your credit scores -- and keep you from having a stellar credit report. 

Renting a Car With a Debit Card

I learned about this credit-busting issue the hard way: after I rented a car in 2009 from Avis using my debit card.

I thought I was being responsible by using a debit card linked to my checking account. After all, I figured, a debit card would help me avoid unnecessary credit card debt bills and stick to my zero debt lifestyle.

But no. In the fine print of its rental agreements, Avis includes a clause that basically says the company has the right to pull your credit report if you use a debit card as opposed to a credit card. In all fairness, most other car rental companies have contracts with the same clause.

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Mortgage Points: When It's Smart to Pay More Upfront

Pay more now for a chance to save much more later? That's the idea behind paying "points" on a mortgage loan. But it doesn't necessarily make sense for every homeowner.

Mortgage points provide an opportunity for borrowers to lower their monthly mortgage payments by paying a lump sum at a loan's closing in exchange for a lower mortgage interest rate over the course of a loan.

Mortgage points are a smart option for borrowers who plan to stay in the same mortgage and not refinance for a relatively long period of time. But points are not recommended for borrowers who are likely to relocate or refinance in the not-so-distant future.

Borrowers pay points in order to lower their mortgage interest rates by a certain amount. The cost of one point is equal to one percent of the mortgage amount. In the case of a 30-year fixed-rate mortgage, paying one point will typically lower your interest rate by somewhere around one eighth of a percent, according to Tim Dwyer, chief executive officer of Entitle Direct, a title insurance company.

How to Retire While You're Still Young Enough to Enjoy It

What does retirement mean to you? Is it swinging on the porch, watching the world go by? Spending more time with family? Dedicating yourself to a charity you've long been fond of?

Whatever your retirement dreams are, if you want to reach them, you need a plan to get yourself there. Otherwise, by the time you find yourself financially able to quit work, you may not be physically able to pursue your passions.

That would indeed be a tragedy. So rather than find yourself in that unfortunate situation, start building a plan now that gets you moving toward where you want to be. That way, once you've met all the plan's objectives, you can retire to spend your life doing what you'd like to do, rather than what you have to do.

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Seven Questions for Your Next Real Estate Agent

by CNNMoney

 
After four years of sleepy sales during the traditionally busy spring and summer home-buying seasons, real estate experts are forecasting a pickup.

Record home affordability combined with a stronger economy may bring out bargain-hunting buyers and lure sellers who have been sitting on the sidelines. Already sales this winter were the highest since 2007.

If you're tempted to host or frequent an open house this year, keep in mind that navigating this market is not for the faint of heart. Sellers still face tepid demand in many areas and competition from banks unloading foreclosures and other distressed properties; buyers must grapple with tight credit.

Pairing up with the right real estate agent can help you close the deal at the price you want. To make a good match, gather referrals, check reviews on sites like Zillow, Yelp, and Angie's List, and pose these questions:

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Huge Spike in Home Prices Is Not Real

The median price of an existing home that sold in April of this year was $177,400, an increase of just over ten percent from a year ago. That is the biggest price jump since January of 2006. The difference between now and then, though, is the 2006 price jump was real, this latest spike is not.

“This is a mix of home issue,” warned National Association of Realtors chief economist Lawrence Yun, who usually tries to see the positives in all housing numbers. “There is an acute inventory shortage in Phoenix, Las Vegas, Ft. Myers,” Yun explains.

Did The Fed Just Give Us A Very Big Clue Just How Big JPM's CIO Loss May Be ... +$30B?

Earlier today we mocked Jamie Dimon for announcing the cancellation of his firm's stock buyback program, just two shorts months after March 13, when none other than JP Morgan forced the Fed to scramble and release the full stress test ahead of schedule, after Jamie Dimon decided to frontrun the full FRBNY stress test release (whose sole purpose was to determine under what worst case scenario the Fed was ok with allowing JPM and various other Bank Holding Companies to proceed with dividend raises/stock buybacks) and announce just that - a dividend increase and a stock buyback. Well, in addition to some well justified egg in Dimon's face, today's results actually have some far more troubling implications. Because while we now know that the buyback is over, what we still don't know, because Jamie Dimon refuses to tell us, is just how big the CIO P&L loss as of close today. Yes, there are many speculations but nobody knows for sure. Zero Hedge was the first to suggest based on reverse engineering of what the potential loss drivers may well have been, and subsequently the slower media corroborated, that the total loss would be orders of magnitude greater than the $2 billion announced on May 10.

Many households have a negative net worth, study finds

Feeling like you're drowning in credit card debt, student loans and medical bills?

If you are, you're likely not alone — and that could explain why everywhere you turn you hear ads offering some quick-fix deal to cope with debt.

About one in five U.S. households owe more on credit cards, medical bills, student loans and other debts that aren't backed by collateral — so not including car loans — than they have in savings, checking accounts and other liquid assets, according to a new University of Michigan report.

Investor Caution: Beware of Heat in Distressed Housing

by Diana Olick - CNBC

As real estate investors rush to buy distressed properties and reap the rewards of a still-heating rental market, two distinct phenomena are suggesting caution, perhaps extreme caution.

Paul J. Richards -Getty Images

The first is in sales of foreclosed homes that the banks now own (REO) and short sales (when the home is sold for less than the value of the mortgage, with the bank eating the loss).

With banks looking to unload not only homes they’ve repossessed but homes with delinquent mortgages, they are courting more investors.

Reports of bidding wars are growing louder, but home prices are not moving higher with all the action. In fact, most homes sold in April received just two or three offers and sold for below list price, according to a new survey from Campbell/Inside Mortgage Finance.

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Five networking mistakes to avoid

MarketWatch.com

Networking requires strategy, research and social grace. But as competition for jobs remains high, it’s easy to fumble.

“Remember that you have two ears and one mouth, and use them in proportion,” said Bobbi Moss, general manager at Govig & Associates, a Scottsdale, Ariz., recruitment firm. 

Networking is about building relationships, not simply selling yourself or looking for personal advancement at each meeting.

“People have talked to me for only a few minutes, and then asked if they would be the right fit for a position. That’s too aggressive,” said Suki Shah, chief executive of GetHired.com, a new jobs site based in Palo Alto, Calif.

Here are five networking “don’ts."

Don’t misuse the Internet

Don’t be vague

Don’t stop

Don’t be selfish

Don’t misuse your network

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It's $7 Billion - JPMorgan Chase loss only going to get worse

CNNMoney

One thing seems clear about JPMorgan Chase's $2 billion loss. It's no longer $2 billion. It's likely much higher.

Seven Small Mistakes That Can Do Big Harm to Your Credit Score

Most consumers understand that bankruptcy or foreclosure is going to tank their credit score and then negatively impact it for the next seven years, but there are plenty of other small mistakes a consumer can make that can turn a good score of 750 or higher into a mediocre 680.

Here are some of the more common mistakes to steer clear of, plus tips on how to avoid them in the future.

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Home Buying at Most Affordable Level in Decades

from CNNMoney

Buying a home has reached its most affordable level in more than two decades.

Nearly 78% of homes sold during the first quarter were affordable to those earning the national median income of $65,000, according to a report released Thursday by the National Association of Home Builders and Wells Fargo.

The reason: Home prices nationwide are off about 36% from their peak. Median income has risen by about 10%. And mortgage rates are below 4%.


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Foreclosures fall to lowest level since 2007

from CNNMoney



Foreclosure filings in April fell for the third straight month to the lowest level since July 2007.

Total foreclosure activity for April, including default notices, scheduled auctions and bank repossessions, was down 5% from March, according to RealtyTrac.

Bank repossessions declined significantly -- there were 51,415 repossessions last month, down 26% from a year ago, and about half the 102,000 monthly repossessions at the peak in September 2010.
Much of the improvement, however, can be attributed to declines in only a handful of states, especially those that had been hardest hit by the housing crisis and which did not require judicial review of foreclosures.

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25 Best Places to Retire

Each of these towns offers amenities galore for the post-work crowd -- plus a cost of living that's pretty darn sweet.

Marquett, MI

Cape Coral, FL

Boise, ID

Daville, KY

Weatherford, TX

Southaven, Miss

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This is Why I’m Invested in Physical Silver Share

Contrary to many other investors, I did not invest in physical silver out of fear of an economic collapse or inflation or hyperinflation. I invested in silver purely based on the anticipated future supply shortage. To demonstrate my point, here is a chart on the total remaining silver years of supply based on current production rates.

As seen in the green graph chart, in the next 10 years Canada, China and Mexico would be running out of silver. This will remove 9000 tons (289 MILLION ounces) of annual supply from the market. That’s a whopping 40% decrease from current mine supply! And the chart assumes NO INCREASE IN DEMAND over the next 10 years.

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Gold - The World’s Friend for 5,000 Years

Facebook’s highly anticipated initial public offering today helped the company raise $16 billion, a record for tech IPOs. It’s refreshing to see investor excitement rally around the stock, as the U.S. needs innovative businesses to thrive and attract capital. However, as behavioral finance warns, be cautious of a herd mentality.

 

Last November, the IPO deal of the day was Groupon. On the first day of trading, shares rose to a high of $31 from an initial offering price of $20.

By Thanksgiving, the stock had fallen below the IPO price, and only a few months later, uncertainty popped up around the company’s accounting methods and financial controls. The stock fell further, with the market devaluing Groupon by about 50 percent in only six months. How’s that for a group buy?

It’s interesting to note that the value of Groupon’s stock has lost more than $13 billion since the peak on the first trading day through April 30. For comparison, if you look at the total net assets in Lipper’s precious metals mutual fund peer category, assets fell $8.3 billion over the same timeframe. Investors lost more than $5 billion more in one tech stock alone than in all of the precious metals funds combined.

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49% of Americans saving zilch for retirement

by Blake Elliis - CNNMoney

America has a serious problem saving for retirement.

About 49% of Americans say they aren't contributing to any retirement plan, according to a new survey conducted by LIMRA, a trade association for the financial services industry.

"The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement," said Matthew Drinkwater, associate managing director at LIMRA's retirement research division.

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Websites for Finance Novices

If you ask me personally "What's the best site for finance novices?" I would suggest my site.  But let's see what Rachel Louise Ensign from WSJ will say.

Everything can be done faster and cheaper online. At least that is what most people under 35 seem to think. But is that the case when it comes to taking charge of one's finances?

A slew of high-tech financial-planning resources are geared toward young adults. As with much on the Internet, the tools range from cutting-edge to useless.

And take note: You will need to be careful when sharing your personal-finance information online. Make sure any budgeting software is reputable and secure. Though few consumers take this step, it pays off to read the website's security policy and find out if it shares your personal information.

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Preparing for the End of the Bush Tax Cuts

The Bush-era tax cuts - enacted in 2001 and 2003 - are scheduled to expire at the end of this year. Unless Congress acts, most taxpayers will see rate and other increases.

Here is what taxpayers should expect if it doesn't - with the caveat that anything could happen as the presidential election season heats up.

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