Memorial Day

Today is Memorial Day, the traditional start of the grilling season. As for my fiance and I we will be grilling out after, I get off work and before we go over to do some more cleaning of an estate that she is executor of.

Since today is Memorial Day, I was thinking, how many people now days really remember what this holiday is all about. If they are younger then 40, there is a good chance (sadly) that they don't. Perhaps never had it explained to them.

Memorial Day was officially proclaimed on 5 May 1868 by General John Logan, national commander of the Grand Army of the Republic, in his General Order No. 11, and was first observed on 30 May 1868, when flowers were placed on the graves of Union and Confederate soldiers at Arlington National Cemetery. The first state to officially recognize the holiday was New York in 1873. By 1890 it was recognized by all of the northern states. The South refused to acknowledge the day, honoring their dead on separate days until after World War I (when the holiday changed from honoring just those who died fighting in the Civil War to honoring Americans who died fighting in any war). It is now celebrated in almost every State on the last Monday in May (passed by Congress with the National Holiday Act of 1971 (P.L. 90 - 363) to ensure a three day weekend for Federal holidays), though several southern states have an additional separate day for honoring the Confederate war dead: January 19 in Texas, April 26 in Alabama, Florida, Georgia, and Mississippi; May 10 in South Carolina; and June 3 (Jefferson Davis' birthday) in Louisiana and Tennessee.
- Memorial Day History

So there you have it, Memorial Day was a day set aside to remember those who died protecting our freedoms. Let us all get back to remembering them, and let us never forget again. God bless America!!

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Kiplinger's Best Cities 2010

Kiplinger magazine's list of "Top Ten Cities for the Next Decade," was announced Wednesday.

1. Austin, TX
- Kiplinger

Everything may be bigger in Texas, but Austin’s genius is nurturing the power of small. Just ask Rob Neville, who wants to develop his biotech firm, Savara Pharmaceuticals, into a major player in the field of inhaled-drug therapy. The firm started in Kansas, but Neville transplanted it to Austin because the city is arguably the country’s best crucible for small business. - Kiplinger

Similar lists, listing Austin at the top of quality of living lists was another factor, in my fiances and I deciding to move to the Capital City of Texas.
2. Seattle, WA
   
3. Washington, DC
   

Every tourist knows postcard D.C., the city that is home to the White House, the Capitol and all those free Smithsonian museums. But those of us who live in D.C. know better. Our home is chock-full of job prospects, entertainment venues and great neighborhoods, and it is booming. Blame it on big-government spending or credit Obama mojo, but the federal city is growing. D.C. proper, which now has a population of about 600,000, gained more new residents between July 2008 and July 2009 than in any other one-year period since World War II. - Kiplinger

4. Boulder, CO
   
5. Salt Lake City, UT
   
6. Rochester, Minn
   
7. Des Moines, IA
   
8. Burlington, VT
   
9. West Hartford, CT"
   
10. Topeka, KS
    
Another survey had Topeka as one of the top midsized cities to live and work. A fact that I have enjoyed. While other cities unemployment are in the double digits, Topeka has remained below 7%. This was one of the toughest reasons to leave the city that I love, but Austin is the number one large sized city to find jobs in the country.

In its reserved, Midwestern way, Topeka has engineered a prosperity that most cities of similar size would envy. As the capital city of Kansas, nearly 25% of Topeka’s workforce is employed by the government, providing a stable job market. While unemployment rates have soared into double digits in some parts of the country, Topeka’s has stayed around or below 7%. - Kiplinger

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Energy-Efficient Appliances Get Tax Holiday

Are you in Texas? Well if you are, or perhaps close enough to drive across state lines, then you might want to read this. The Austin Statesman is reporting, that Texans can skip sales taxes on energy-efficient appliances this weekend. That's right's right Memorial Day weekend, Texans can skip sales taxes when they buy a washer/dryer, refrigerator or other energy efficient household appliance.

Texans can skip paying sales taxes this weekend if they buy energy-efficient household appliances.

Appliances, such as washing machines and air conditioners, are exempt from sales taxes Saturday through Monday in the third annual Energy Star Sales Tax Holiday.

The article even says energy efficient light bulbs are included. Man, I wish I was in Texas already, I would be using that weekend to stock up on my CFL light bulbs.

For more information on the tax holiday you can visit www.texaspowerfulsmart.org.

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Breaking News: Stocks Plunge On Opening Bell

The New York Times this morning is reporting
U.S. Stocks Open Sharply Lower; Major Indexes Slump 2%; Dow Below 10,000.

Major stock indexes fell rapidly as trading opened in the
United States Tuesday, following sharp falls in Europe, as
traders worried about mounting tensions on the Korean
peninsula, spreading fallout from the debt crisis in Europe,
and new signs that the recovery in the American housing
market was faltering.

What does this mean? Well to break it down a little it simply means, that the Dow Jones industrial average fell more than 250 points (or 2.5%), in the first few minutes of trading,which is well below the 10,000 level. In addition similar declines were seen in the Standard & Poor's 500 as well as the
Nasdaq composite. All this seems to be a reaction to major European indexes falling 2.8% or more.

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Only One Bank This Week Fails

Earlier this week, we reported that perhaps FDIC takeovers may be stemming, as more mergers are beginning to occur privately. While, I'm happy to say, that only one bank failure occurred this week. Of course, I still think that is one to many, especially considering, that it is the 73rd this year, and nearly 240 bank failures since the financial crisis struck.

This weeks one failure is:

Pinehurst Bank, Saint Paul, MN

On Friday, May 21, 2010, Pinehurst Bank, Saint Paul, MN was closed by the Minnesota Department of Commerce, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, including brokered deposits, have been transferred to Coulee Bank, La Crosse, WI and will be available immediately. The former Pinehurst Bank location will reopen as a branch of Coulee Bank during regular business hours.

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Is The Tide of Banking Failures Turning?

After contending with nearly 240 bank failures since the financial crisis struck, the Federal Deposit Insurance Corporation (FDIC) is finally getting some help from private investors.

A spate of recent banking takeovers and investments suggests that stronger financial institutions and private investment firms see value in the detritus of American banking. That is good news for the F.D.I.C., which has had to shoulder the cost of failures through its deposit insurance fund, causing the fund to sink into the red.

“We are seeing light at the end of the tunnel,” Sheila C. Bair, the head of the F.D.I.C., said in a recent interview.
- New York Times

Still there were four banks taken over by the FDIC this past Friday, and another four the Friday before that. In total 72 thus far this year. How many more will there be tomorrow. We will only know when we get the press releases tomorrow, after they happen. Perhaps, we will get lucky and see no bank failures for the first time in some time.







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Escaping Taxes

Well the legislature and Governor have done it. Ignoring state history and raising our taxes. A few years ago, under then Governor Mike Hayden's watch, the state increased property taxes. Making our property taxes one of the highest in the nation. That resulted in Hayden losing his reelection bid to Governor Joan Finney, and numbers of businesses leaving the state. Which translated into lost jobs.

Now, the legislature, at the urging of the Governor has raised sales taxes (by 1 cent), making them one of the highest in the country. But hey, what does the Governor care? He wasn't elected, and has said he won't run for election. I am worried in this down economy, that their action will cause another wave of business departures and more lost jobs.

I am feed up with the liberal tax and spend actions of this state. I have decided along with my fiance, that I will be moving, as soon as we have our wedding. We will be heading to Texas, where there is no sales tax on groceries or services, no personal property taxes and no state income taxes. They do tax snack foods as well as food at restaurants. I will miss this great city, but I (and my soon to be wife) must get away from all these taxes.

This article was also published in the Topeka Capital Journal

-and-

The Kansas City Star





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Sponsors Wanted

We here at the DebtFree4ever Network need to get a minimum of 200-500 sponsors each month. As such, we have several advertising opportunities for you. The below information is the most current and is effective immediately.

Text Ad on DebtFree4ever.NET or PrinceOfThrift.com:
Sponsors can get a text link ad in the right sidebar for only $50/Year (per site you chose to advertise on). The sponsorship will last through the end of the same month of the following year. In other words, if you purchase one of these spots on May 1, 2010 (or May 17), your link will remain until May 31, 2011.

Text Sponsors

DebtFree4ever - Monthly : $5 USD - monthly DebtFree4ever - Annually : $50 USD - yearly Prince of Thrift - Monthly : $5 USD - monthly Prince of Thrift - Annually : $50 USD - yearly Both Websites - Monthly : $10 USD - monthly Both Websites - Annually : $100 USD - yearly

The final option is
Contextual Ads:
These are limited, but can be placed at the bottom of the DebtFree4ever.net blog under the sponsors heading, or in the right sidebar. There are two options in pricing either $10/month or $100/year.

Annually : $100 USD - yearly Monthly : $10 USD - monthly

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Where They Stand: Ramsey vs Cummuta vs Prince of Thrift

Where They Stand: ISSUE Dave Ramsey John Cummuta Prince of Thrift Cut up your Credit Cards yes yes yes Pay Off All Your Debts As Quickly as Possible yes yes yes Pay Smallest Debt First yes no yes Paying the smallest debt first, motivates you to keep going for the next debt. In the process stay current with all your debts, but pay as much as you can on the smallest first, until it's paid, then apply that to the next debt Pay Off IRS debt First yes ?? This is not as cut and dry as some think. If you make less then $20,000/year, you are easily in a hardship case. Immediately call the IRS and calmly tell them your situation. You can be placed as "unable to collect," they will take all future refunds until the debt is payed in full. They will also charge interest/late fees. The key is to make contact with them. Don't ever ignore it! As soon as you can, start paying on it. You want them out of your life as soon as possible. Build $1,000 Emergency Fund before eliminating Debt. yes no No build savings as quickly as possible, while getting rid of the debts, that are bringing you down. You do want that safety net, so you don't go into debt ever again.

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Yet another 4 Banks Fail This Week (72 this year)

This week four more banks were taken over by the the government, according to the FDIC website (and press releases). Making a total of 72 banks, thus far this year.

1. Midwest Bank and Trust Company, Elmwood Park, IL

On Friday, May 14, 2010, Midwest Bank and Trust Company, Elmwood Park, IL was closed by the Illinois Department of Financial Professional Regulation - Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts, excluding certain brokered deposits, have been transferred to FirstMerit Bank, NA, Akron, OH and will be available immediately. The former Midwest Bank and Trust Company locations will reopen as branches of FirstMerit Bank, NA during regular business hours.

2. Southwest Community Bank, Springfield, MO

On Friday, May 14, 2010, Southwest Community Bank, Springfield, MO was closed by the Missouri Division of Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts have been transferred to Simmons First National Bank, Pine Bluff, AR ("assuming institution") and will be available immediately. The former Southwest Community Bank location will reopen as a branch of Simmons First National Bank during regular business hours.

3. New Liberty Bank, Plymouth, MI

On Friday, May 14, 2010, New Liberty Bank, Plymouth, MI was closed by the Michigan Office of Financial and Insurance Services, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts, excluding certain brokered deposits, have been transferred to Bank of Ann Arbor, Ann Arbor, MI ("assuming institution") and will be available immediately. The former New Liberty Bank location will reopen as a branch of Bank of Ann Arbor during regular business hours.

4. Satilla Community Bank, Saint Marys, GA

On Friday, May 14, 2010, Satilla Community Bank, Saint Marys, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts, excluding certain brokered deposits, have been transferred to Ameris Bank, Moultrie, GA ("assuming institution") and will be available immediately. The former Satilla Community Bank locations will reopen as branches of Ameris Bank during regular business hours.

All transferred deposits will be separately insured from any accounts you may already have at the acquiring institution for six months after the failure of he acquired bank. Checks that were drawn on the acquired institution that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.

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Wedding Plans Update

I know some of you have been wondering, so here is the skinny on what's happening with the wedding planning. Currently we have about $500 in the wedding savings to cover these expenses.

Wedding Cake $72 - paid $25 deposit on May 12.

Wedding Ceremony Sound System - $100 - meeting with them on Sunday afternoon (May 16). A deposit will be made then.

Wedding Rings as reported previously have been bought (just under $500) and paid for.

Ceremony and reception facilities has been rented ($210).

Getting the wedding dress altered and dry cleaned will be about $200.

Still need to get my tux dry cleaned (cost=??) and purchase a red vest ($40) to go with the tux.

Best man/groomsman tuxes

Brides made and Maid of Honer dresses (1 of 3 bought - $135 and red sash $15). Fiance meeting with the maid of honer tonight.


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What Credit Laws Protect You?

Though, I prefer people to use cash, instead of credit, I think it is worthy to briefly, go over the Federal laws that protect you when you choose to use credit. If you have a problem, you should contact the creditor. If it cannot be resolved, contact the Federal Trade Commission.

Q How much interest will you pay on a loan?

A Truth in Lending Act requires all credit granters to provide you with the annual percentage rate (APR) of the loan prior you signing. This is the true cost of your credit.

Q What if you believe you did not get credit due to age, race, etc?

A Equal Credit Opportunity Act - Prohibits discrimination against you because of age, sex, marital status, race, color, religion, national origin or receipt of public assistance.

Q What if your credit card is stolen and charges were made?

A Fair Credit Billing Act - Allows for the prompt correction of errors on a credit account and prevents damage to your credit report while you are settling disputes.

Q What if you find an error in your credit report?

A Fair Credit Reporting Act - Protects consumers from incorrect creditor reporting to credit bureaus. Allows for privacy. Permits the consumer to put limited statements in their credit report. Provides for removal of outdated information after 7 years (bankruptcy after 10 years).

Q What if a collection agency is harassing you?

A Fair Debt Collection Practices Act - Prohibits debt collectors (agencies) from abusive collection practices. Allows consumers to dispute a debt and stop any unreasonable collection activities.

Calling before 8AM or after 9 PM
Harassment (vs. strong collection tactics)
False statements
Threatening action that isn't permissible
Unfair practices


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Wedding Rings Bought

Last Wednesday, Pat and I went went to the jewelery store and purchased the wedding rings. No! It wasn't Jarred's. Wherever that is. I keep hearing the commercials for the national chain, but they aren't in Topeka (Wonder why they even advertise in Topeka, when they aren't here).

Anyway, the rings, as you can see in the picture are simple rings, depicting the thriftiness of our lives and yet still symbolize our love for each other.








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Happy Mothers Day

Today is Mothers Day. By the time you all see this post, my fiance and I will be on our way to have a late lunch at a place called the Shack. Pat and I won a $25 gift certificate to this local bar/eatery while attending a professional ball game (1st one since 1961). The Kansas City team (T-bones) came to to Topeka for an exhibition game with the Grand Prairie, Texas (Air Hogs). Even though, they serve Pepsi, instead of my Coca-Cola, I will still go and enjoy myself one those hamburgers (that friends say are so go good).

Anyway, I digress. I want to wish all the mothers out there a very

Happy Mothers Day

.



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Four More Banks Fail

Yesterday, brought another round of banks shuttered. As has been the practice for awhile now, every Friday we see at least one bank shuttered. This week it was four (4), last week it was six (6). Making a total of 68, so far this year.

Those closed this week include:

1st Pacific Bank of California - San Diego, CA

All deposit accounts, excluding certain brokered deposits, have been transferred to City National Bank, Los Angeles, CA ("assuming institution") and will be available immediately. The former 1st Pacific Bank of California locations will reopen as branches of City National Bank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at City National Bank for six months after the failure of 1st Pacific Bank of California. Checks that were drawn on 1st Pacific Bank of California that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-866-674-8944 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

Towne Bank of Arizona - Mesa, AZ

All deposit accounts, excluding certain brokered deposits, have been transferred to Commerce Bank of Arizona, Tucson, AZ ("assuming institution") and will be available immediately. The former Towne Bank of Arizona locations will reopen as a branch of Commerce Bank of Arizona during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at Commerce Bank of Arizona for six months after the failure of Towne Bank of Arizona. Checks that were drawn on Towne Bank of Arizona that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-886-782-1766 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

Access Bank - Champlin, MN

All deposit accounts have been transferred to PrinsBank, Prinsburg, MN ("assuming institution") and will be available immediately. The former Access Bank locations will reopen as branches of PrinsBank during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at PrinsBank for six months after the failure of Access Bank. Checks that were drawn on Access Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-866-954-9531 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

The Bank of Bonifay - Bonifay, FL

All deposit accounts have been transferred to First Federal Bank of Florida, Lake City, FL ("assuming institution") and will be available immediately. The former The Bank of Bonifay locations will reopen as branches of First Federal Bank of Florida during regular business hours.

Your transferred deposits will be separately insured from any accounts you may already have at First Federal Bank of Florida for six months after the failure of The Bank of Bonifay. Checks that were drawn on The Bank of Bonifay that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-800-517-8236 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

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IRS Debt Update

Yesterday, I received the letter from the IRS updating me on my remaining balance with the Federal Agency. After, this years refund of $1,367 was applied to the old debt balance of $2,787.81, my remaining debt owed them is $1,420.81.
The debt is from the sell of some stock a few years back, that was intended to help reduce my debts, created a new debt, when it came time to pay my 2002 taxes (in April 2003). Since then I have been trying to get this debt paid off. This refund, is the most significant reduction of this debt to date.



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Playing Around With Debt Elimination Software

Now that I finally learned how to do a screen shot, I thought I would open up John Cumutta's "DebtFree for Windows," software and show you the readers what this looks like. You have read my raves about his program, now you can get a glimpse of the software (at least).

Th above image is a screen-shot view of the program as it appeared on my desktop. As you see from that image, I have 3 debts entered into the program. Two (2) of which are mine and the third is the debt that belongs to Pat (as we head down the aisle in less then 16 weeks).

I made some assumptions, to my debt elimination progress, while punching in the my numbers to the software. As you see the final results are well after, my plans to be finished with these debts. However, there are some facts, not yet figured in. For example, the refund from the IRS that will be applied to that debt. Largely, because I haven't received my letter from them, telling me what my new balance is.

Chase $1,593
which I plan to pay a minimum of $300/month. Which obviously is not fast enough to have it paid off by August. However, there are additional payments planned, that are one time payments and such that are not figured in.

IRS $3460
as I stated above, the federal refund I have coming has not been figured into reducing this debt. As soon, as I get the new balance, this debt will be significantly lower, at which time, I hope to start sending them some monthly payments to eliminating this debt. Hopefully will before the December 2010, estimate that the software figured up.

State of Kansas (Pat's) $7,791
This is a debt that Pat has been paying on for a while, that stems from her previous marriage. It really should be him paying this off, but because of the situation, it has fallen to her. As such, it will be me that helps her clean this mess up. It would be nice to have this debt paid off this year as well (instead Sept. 2011).

The nice thing about this software, you can see how various methods would affect your debt. The above image shows the process according to the Transforming Debt Into Wealth Course. Other methods are:

Fully Optimized (still) Sept 2011

Highest Interest Rate First Sept. 2011

Smallest Balance First (same as Dave Ramsey teaches) Sept 2011

Smallest Payments first (Oct. 2011)

User Defined

Hyper Elimination FASTEST!! Sept. 2011

As you can see, all the methods, in my circumstances are the same, with the exception of smallest payments first. In a week or so, once the IRS updates me on my balance, I will be able to adjust the debt and see just how quickly, it will actually be paid off. For that debt I assumed 6% interest, although that rate fluctuates all the time.


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