Category: Top Tip

A major factor in your credit score is the amount of credit you have compared to the amount of debt you have. It’s called your “credit utilization ratio.” It’s not good when the amount of debt is close to the amount of credit and the best way to fix that is to pay down your debt. BUT, if you’re not in a position to do that and move the top number of the ratio, maybe you can move the bottom number. How? A CreditCards.com poll found that 89 percent of people who asked for a credit limit increase were granted one. A couple of keys: one, only ask for an increase on ONE credit card, because they will likely check your credit to do it, and that so-called “hard pull” can actually ding your credit just a little bit. The other rule is that once you have that new, higher credit limit you CANNOT use it. The whole point is to have credit you do not use. That will LOWER your credit utilization ratio and, in a couple of months, RAISE your credit score.

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A wise accountant once explained tax deductions to me in a way that turned me into a receipt-saving, itemizing machine. Here’s what he said: For every $100 worth of tax deductions you come up with, you save the amount of your tax bracket. So, let’s say you’re in the 28 percent tax bracket. For every $100 worth of deductions you claim, you will save $28 bucks! This is such a simple, concrete way of looking at it that it can be very motivating. So start documenting those miles driven for work, those office supplies purchased, and job search expenses laid out …and watch the savings add up!

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Hi, I’M ELISABETH LEAMY. AND HERE it IS, MY TOP TIP: You know that pyramid schemes are scams where people are paid for recruiting more people, rather than for doing or selling something real. And yet new pyramids pop up every year and fleece people for millions. So here’s an explanation you can share with friends and family that will finally make the con crystal clear: Pyramid-shaped business plans are mathematically doomed to failure. Let’s take a “two by two” scheme in which very rep has to recruit two more reps, who have to recruit two more, and so on. Get this: After just 33 levels of recruitment, they will have used up the entire population of the planet earth! There won’t be anybody left to recruit! Still in doubt? Pyramids are illegal and many multi-level marketing businesses are actually pyramid schemes in disguise. By participating, you could be prosecuted, even though you’re a victim. If you want more information to dissuade someone you know from falling for a multilevel marketing business that is really a pyramid scheme, Pyramid Scheme Alert is thepremier website that explains the scam.

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Most going out of business sales are not bargains! They are run by professional liquidators who raise the store’s prices up before they mark them down. That means you’re often paying as much or more as when the store was still in business. I did an undercover investigation for Good Morning America and store clerks confirmed, on hidden camera, that the liquidators made them put new higher price tags over the old price tags. Liquidators even bring in outside merchandise that the chain never sold, to take advantage of the hype. So never assume a price is a steal just because it’s at a going out of business sale.

Instead, shop and compare, as always.

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YOU SHOULD NEVER HIRE A MOVER OVER THE INTERNET. THE PROBLEM WITH HIRING MOVERS ONLINE IS THAT THEY ASK YOU TO TAKE INVENTORY OF YOUR OWN BELONGINGS AND GIVE THEM A LIST. THEN, ON MOVING DAY, THEY CLAIM YOU UNDERESTIMATED HOW MUCH STUFF YOU HAD AND THEY USE THAT AS AN EXCUSE TO JACK UP THE PRICE. INSTEAD, WHETHER MOVING LOCALLY OR LONG DISTANCE YOU MUST HIRE A MOVER WHO SENDS A PROFESSIONAL ESTIMATOR TO YOUR HOME. THEN, ASK FOR WHAT’S CALLED A “GUARANTEED NOT TO EXCEED” ESTIMATE. THAT MEANS IF YOUR STUFF WEIGHS LESS THAN THEY ESTIMATED, YOU’LL PAY LESS BUT IF IT WEIGHS MORE, YOU’LL STILL PAY THE AMOUNT THEY ESTIMATED.

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PEOPLE ALWAYS COMPLAIN THAT IT’S HARD TO ACTUALLY CASH-IN FREQUENT FLYER MILES, AND IT IS HARD IF YOU WANT TO FLY TO ULTRA-POPULAR CITIES LIKE PARIS OR ROME, IF WE USE EUROPE AS AN EXAMPLE. SO HERE’S A CLEVER STRATEGY: IF ALL OF THE FREE SEATS TO PARIS ARE TAKEN, TRY FLYING TO ANOTHER, LESS POPULAR EUROPEAN CITY INSTEAD. AND THEN BUY A CHEAP SEAT ON A DISCOUNT AIRLINE TO GET TO YOUR REAL DESTINATION. FOR EXAMPLE, MY HUSBAND AND I ONCE FLEW TO FRANKFURT USING FREQUENT FLYER MILES —NO PROBLEM, BUT WE DIDN’T WANT TO GO TO FRANKFURT, WE WANTED TO GO TO ROME! SO WE BOUGHT TICKETS ON EASY JET, FOR ABOUT $50 BUCKS ROUND TRIP, TO GET TO ROME.

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WHEN TELEMARKETERS CALL AND INTERRUPT OUR DINNERS —AND YES, THEY’RE STILL DOING IT DESPITE THE NATIONAL DO NOT CALL LIST— WHAT MANY OF US INDIGNANTLY SAY IS “TAKE ME OFF YOUR LIST!” THAT’S NOT ONLY WRONG, IT’S THE OPPOSITE OF WHAT YOU SHOULD SAY! WHAT YOU SHOULD SAY IS “PUT ME ON YOUR LIST, YOUR INTERNAL DO NOT CALL LIST,” WHICH IS A LIST EVERY TELEMARKETER MUST MAINTAIN OF PEOPLE WHO DO NOT WISH TO BE CONTACTED. WHEN YOU SAY ‘TAKE ME OFF YOUR LIST’ AN UNSCRUPULOUS TELEMARKETER COULD USE THAT AS AN EXCUSE TO NOT PUT YOU ON THAT INTERNAL DO NOT CALL LIST. ASKING TO BE PUT “ON” THE INTERNAL DO NOT CALL LIST, ALSO WORKS FOR CATEGORIES THAT ARE EXEMPTED FROM THE NATIONAL DO NOT CALL LIST, LIKE CHARITIES, POLITICIANS AND SURVEY COMPANIES.

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IF YOU RECEIVE MERCHANDISE IN THE MAIL THAT YOU DIDN’T ORDER, WHAT TO DO? THIS IS AN ANNOYING MARKETING PLOY WHERE COMPANIES SEND YOU SOMETHING, HOPING YOU’LL AGREE TO PAY FOR IT. WELL GUESS WHAT? ACCORDING TO THE FEDERAL TRADE COMMISSION, THE NATION’S CONSUMER WATCHDOG, WHEN THIS HAPPENS, YOU ARE ENTITLED TO KEEP THE MERCHANDISE AS A FREE GIFT! YOU DON’T HAVE TO TRY TO RETURN IT OR EVEN INFORM THE COMPANY THAT YOU’RE KEEPING IT. JUST ONE WORD OF CAUTION: IF IT’S A COMPANY YOU’VE DONE BUSINESS WITH IN THE PAST, THEY MAY STILL HAVE YOUR CREDIT CARD NUMBER AND COULD BILL YOU, SO KEEP AN EYE OUT FOR UNAUTHORIZED CHARGES. IN THE MEANTIME, ENJOY YOUR FREE GIFT OR DONATE IT AND TAKE THE TAX DEDUCTION!

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Did you know that grocery products go on sale at regular, predictable intervals? For example, maybe your favorite cheese goes on sale every 4 weeks and your kids’ favorite cereal is discounted every 12 weeks. Another secret: often the same product is on sale at one grocery store this week and another one next week because manufacturers rotate the incentives they provide stores in order to goose sales of their merchandise. The trick is to learn to recognize these sale intervals and buy enough of your favorite products when they are discounted to get you through to the next sale.

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DID YOU KNOW THERE’S A WAY TO STOP DEBT COLLECTORS FROM CALLING YOU EVER AGAIN? ALL YOU HAVE TO DO IS REQUEST THEIR COMPANY NAME AND ADDRESS THE NEXT TIME THEY CALL. THEN, SEND THEM A CERTIFIED LETTER, ASKING THAT THEY NEVER CALL YOU AGAIN. BY LAW, THEY MUST OBEY YOUR WISHES! AFTER THAT, THEY CAN ONLY CONTACT YOU TO INFORM YOU OF A SPECIFIC LEGAL ACTION THEY ARE TAKING AGAINST YOU, AND THAT NOTICE WILL COME BY MAIL. AND, YES, THIS WORKS EVEN IF YOU OWE THE DEBT. PAYING IT IS YOUR RESPONSIBILITY. LISTENING TO INTIMIDATING PHONE CALLS AT ALL HOURS OF THE DAY IS NOT!

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