We don't know Brian Moynihan, the new CEO of Bank of America. What we do know is that he has been with the bank since it acquired Fleet in 2004. We know he has recently been in charge of consumer banking. We' [...]
We don't know Brian Moynihan, the new CEO of Bank of America. What we do know is that he has been with the bank since it acquired Fleet in 2004. We know he has recently been in charge of consumer banking. We' [...]
If you don’t spend the balance of you Flexible Spending Account before the ball drops in Time Square, you forfeit the excess and burn up your savings. Don’t squander your FSA! Let’s go spend some money!
What is a Flexible Spending Account?A flexible spending account, commonly referred [...]
Citigroup and Wells Fargo announced their intention of to repay the TARP bailout funds ($45 billion and $25 billion respectively) by raising additional capital. (See Wall Street Journal article.) This means that all the major banks who were part [...]
Usually, one would expect Rolling Stone magazine to be unfailingly favorable to President Obama and any issue that sounds like is is "progressive". Nearly always, that is a correct assumption. However, in the current issue of Rolling Stone (yes, to which we subscribe) is their political correspondent Matt Taibbi taking [...]
When’s the last time you asked a seller to reduce their asking price? If you’re like most people, it’s probably been a long time. In fact, maybe you’ve never done it.
“Haggling (bargaining) is common in some countries, such as China, Turkey and Egypt. If you don’t haggle, [...]
As announced last week, today Bank of America repaid the $45 billion it received in TARP money to the US Treasury, and therefore taxpayers.  Primarily, the payback of $45 billion gets the US government pay czar and limitations on executive compensation off the table. This [...]
Bank of America announced yesterday that they would seek to sell new issues of equity and debt in an effort to raise sufficient capital to repay the $45 billion of TARP money that it received. Apparently, the bank found it difficult to recruit a new CEO to replace outgoing Kenneth [...]
Yesterday, GM announced that it was firing Fritz Henderson, the CEO who was promoted to that position after Rick Wagoner was fired this spring.  I liked that they gave Henderson a shot to turn the company around. He was a guy who knew the inside of the organization, knew the [...]
Let me start by wishing everyone a happy Thanksgiving holiday from all the writers here at FiveCentNickel. Hopefully you’re spending time with family, eating turkey, and falling asleep while watching the Lion’s lose.
(I can say that since I live in Michigan and am a long-time suffering fan!)
I [...]
Today I want to share with you one of my recent home projects… Frugal and effective DIY garage kayak racks.
As I’ve continued down the path of voluntary frugality, I’ve gotten more and more interested in DIY projects of all kinds. Whether or not you’re handy around the [...]
Back in April of 2009, I was already mad at my debt. It wasn’t until I conjured up the idea of tabulating how much interest I was paying, however, that my eyes were finally opened to the enormous power my debt had over my ability to retain [...]
If you don’t control your money, your money will control you. Today let’s focus on getting control over the cost of auto repair and maintenance.
The cost of owning a carHere’s a look at all the budget categories you may want consider when attempting to nail down your [...]
As time goes by and taxpayers see less and less personal benefit from the bank bailouts, tensions are on the rise. People are starting to ask more and more questions. People are starting to question what caused all the problems we are facing today. People are wondering [...]
GMAC, already the recipient of $12.5 billion in cash and $7 billion in loan guarantees from the US Treasury is looking to land another $3 to $5 billion from taxpayers that the government would hold as [...]
Steven Rattner, the man appointed "car czar" by President Obama, suggested at a speech given to the Brookings Institution that the $50 billion in bailout money given to GM is now probably only worth $30 billion. However, it isn't [...]
As you may already know, this week is National Save for Retirement Week. In that spirit, I want to spend some time today discussing the peace brought on by having a sound financial plan.
It should come as no surprise that planning for the future and saving [...]
The art of salary negotiation is a touchy but crucial matter that rarely receives adequate attention. With all the economic certainty that we’ve been facing, many people have increasingly focused on reducing expenses and leading a frugal lifestyle. There are, however, two sides to the “spend less [...]
In testimony today before the House Oversight and Government Reform Committee, the special inspector general for the TARP program gave the Treasury Department -- and Timothy Geithner's management -- a failing grade, according to the Wall Street Journal.
"This was a failure of communications, a'" [...]
I've struggled over the past few weeks on the issue of the "pay czar", Kenneth Feinberg, of the federal government having the opportunity to structure the compensation of the highest-ranking people in the firms who have received, or will receive, US bailout money. Europe is also in' [...]
Is it really necessary to buy software programs to clean and/or protect your Windows computer? And either way… Which ones should you use?
“Yesterday it worked, today it is not working, Windows is like that.” -Margaret Segall Why take advice from me?
Though I do not speak of it often I [...]
It’s time people! Whether you like it or not, the Holiday season will be upon us in the blink of an eye. Are you financially prepared?
“The wise man plans and saves for the future, but the foolish person squanders what he has.”
-ProverbToday I will outline two basic concepts. One will [...]
…so if you’re wasting time, you’re wasting money. Keep this old adage in mind as you read through this article.
“Time is free, but it’s priceless. You can’t own it, but you can use it. You can’t keep it, but you can spend it. Once you’ve lost it you [...]
Have you noticed the increased buzz about “becoming debt free” lately? Everywhere we turn, more and more people are talking about clipping coupons, cutting expenses, building emergency funds, etc. This has been especially true over the last year or so.
Why all the hype? Why are so many people looking [...]
Over the weekend, the US Treasury converted it's warrants in Citigroup to stock and now it (we) hold 34% of the equity in Citigroup. Obviously Citi wants to see the US reduce its stake in the company and is trying to get capital from other sources and, it hopes, to [...]
Over the past several weeks, the agreement between the SEC and Bank of America over BofA's failure to disclose the huge Merrill Lynch bonuses has been run off the rails by Federal District Judge Jed Rakoff. As noted here [...]
I’m a huge fan of taking control of my own situation. I don’t like giving mediocrity a place in my life because it gives others power over me, and leaves me less able to steer my own ship. Given the tough job market, there’s never been a better time to [...]
Are you like me? The Personal Finance FREAK of the house? The one who is always pushing the envelope, always trying to cut costs, boost savings, etc. If that sounds like you, then let me first say… Well done!
If you stay the course by spending less [...]
Have you ever paid in advance for a service you had yet to receive, only to get screwed over in the end? Those of us who have been on the short side of this stick know that it’s never a fun experience! Fruh-strey-shun!
As some of you already know, my wife [...]
I have just one goal today… To motivate you to attack and reduce your debts.
Debt sucks bad!For some of us, this simple statement is all the encouragement we need. We’re fed up with our situation, and are ready to spring into action. Personally, I could just stop writing now, having [...]
I NEVER thought that I’d be writing about how much I love banking! As a matter of fact, I’m laughing and shaking my head in disbelief as I write this…
This article is a bit of a followup to my previous article about borrowing from big banks, which sparked quite [...]
The Wall Street Journal reports that Secretary of Treasury Tim Geithner blew an obscenity-laden gasket at the heads of the other financial regulatory bodies last week. Evidently, Geithner was trying to be the adminstration's water carrier in a room of other' [...]
Bank of America paid $33 million to settle a case with the SEC regarding the allegation that it misled its investors last fall with regards to the payment of bonuses to Merrill Lynch employees, according to the Wall Street Journal. The "smoking" [...]
While I am a staunch frugalite, I am not a cheapskate! In fact, price is but one of many factors I consider when making a purchase, no matter how large or small. Like anyone else, however, I’ve made mistakes in the past that serve as continual reminders that good deals [...]
A few days ago, I began to read A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers, written by Lawrence G. McDonald who was a former vice president in Lehman's distressed debt area.  This book tells the story of Lehman[...]
*Me to group*
“Hello everyone. My name is Matt and I’m a recovering big bank customer.”
*Group replies in unison*
“Hi Matt!”
*Me to group*
“I’m 33 years old, and have been borrowing from big banks ever since they courted me with offers of credit cards and free t-shirts on my University campus back in [...]
A: When the TARP overseer talks. Earlier this week, Neil Barofsky who is an inspector overseeing the TARP program, stated that the total amount the US Government had committed to bailout programs was $23.7 billion. However, what he really meant to say was that most of the money has not [...]
Up until a few months ago, if someone would have asked my wife or me to get rid of one of our cars, we would’ve just snickered and responded, “Impossible!” But then it happened… I wrecked my car.
A bit of backgroundFrom the time we met in 2003 up until seven [...]
An entity called General Motors Company emerged today from the bankruptcy ashes of the old GM. US taxpayers own 60% of the company, with the rest owned by Canadian taxpayers, the UAW, and the "old" GM).Â
It got off to a good start at CEO Fritz Henderson announced the end [...]
“It is an unfortunate human failing that a full pocketbook often groans more loudly than an empty stomach.”
-Franklin Delano RooseveltOne of the greatest threats to an increase in income is simply the passing of time. Without proper awareness and discipline, slow and steady salary increases can go virtually unnoticed, and [...]
Over the past few weeks, more and more people -- from Laura D'Andrea Tyson to Warren Buffett -- have been in front of microphones talking about the growing need for a second stimulus program. Now, the White House is saying that the administration has [...]
Fed Chairman Ben Bernanke testified today at the House Oversight Committee, and fireworks ensued. The line of questioning was specifically regarding Bank of America's acquisition of Merrill Lynch. The history of this is that the same weekend in Septmber that the first nine banks agreed to receive TARP money, Bank' [...]
Today I thought I’d step outside of the purely financial realm and talk a bit about self-improvement. While many of the following thoughts can improve your finances, they have the potential to have a much broader impact on your life.
Focus on your passions“Anyone can dabble, but once you’ve made that [...]
Have you ever considered making your own household cleaning products? It’s actually pretty easy to do, and the results can be quite good. But is it worth the trouble?
As with many do-it-yourself projects, there’s a tendency to focus on cost when deciding whether or not to make your own cleaning [...]
“How fair is a garden amid the toils and passions of existence.”
-Benjamin DisraeliIn recent years, the adoption of an independent and sustainable lifestyle has become increasingly attractive to a growing number of people. I am one of the many who seek such a lifestyle and, though I am far [...]
Today, the US Treasury Department announced that 10 banks have been approved to repay the TARP funds they received as part of the unprecedented bank bailout program that began last October. Banks have great motivation to repay the TARP. First, some banks took TARP money [...]
Installing a rain barrel is an excellent way to reduce runoff, keep storm water out of the municipal system, and save money. Pure rain collected from your rooftop has relatively few contaminants, and is perfect for a variety of outdoor uses.
The idea of harnessing rainwater has intrigued me for years [...]
I’ve recently been thinking about the concept of setting a personal “savings ceiling.” In other words, figuring out how much I need to live a happy, fulfilling life, and then giving the rest away. Now, before you start thinking that I’ve lost my mind, I want to say a few [...]
