Just when it looked like the government’s CARS program, or “cash for clunkers,” was running on empty, the Senate voted on Thursday to give additional funding to the program.
The approval will add $2 billion to “cash for clunkers,” which quickly burned through its original $1 billion in funding. The most recent federal data tells us that as of Wednesday, 184,304 vehicles have been sold; resulting in $755.2 million in vouchers the government will have to shell out. That extra $2 billion in funding should be enough to cover vouchers for another 475,000 new automobiles.
But who exactly benefiting from the program? Well, for one, if you’ve got a clunker on your hands and you’re someone who’s been on the fence about getting a new car, the program presents the perfect opportunity to get a new vehicle. For example, trade in your clunker for a new 2010 Toyota Corolla (as of today, the Corolla is the #1 most popular vehicle in the program) and the MSRP drops from $15,350 to $10,850.
But surely where there’s someone getting a deal, someone else is hurting. While the program has provided a much needed boost in sales to the US’s big three automakers, so far about 53% of the new automobile sales for the program have been foreign brands.
And what about used car dealers? As a result of the program, used cars have become scarce, but the demand More…
Have a dream and live your dream. Save and invest early. Look to the future for great ideas. These are just a few pearls of wisdom from legendary investor Jim Rogers’ new book “A Gift to My Children: A Father’s Lesson for Life and Investing.” Tune in to SIRIUS Channel 195 or XM Channel 156 at 12pm EDT to hear Rogers shares these tips and more with Jean.
Where may I find information about how long to keep financial and personal documents/records?
-Yolanda, Davie, Florida
Over the past few months we’ve received more than a few emails asking about what to keep and what to toss when it comes to financial documents. Luckily, I have a set of guidelines you can follow to avoid the piles of paper that seem to appear out of nowhere in even the most organized of homes:
Things you can get rid of right now:
- Credit card solicitations
- Marketing material that comes in your bank and credit card statement
Things you can get rid of in a month (or when you’ve reconciled your bill or bank statement):
- ATM receipts
- Other receipts (Hold on to the receipt if it’s a high-ticket item, such as an iPod, computer, television, etc. For other items, as long as you don’t have plans to return the item, or need the receipt for a rebate or warranty, go ahead and toss it.)
- Prospectuses and other information about investments you might be considering
Things to toss after one year (or when your end-of-year consolidated statements come in and your taxes have been filed):
- Bank statements
- Brokerage statements
- Cell phone, cable, telephone and Internet statements (unless you’re deducting them for work or home office-related expenses)
- Credit card bills
- Pay stubs
- Social Security statements
- Utility bills
Things to toss after seven years (or when you know you won’t need them any longer for taxes): More…
I’m sure you’ve read this news. Over the past weekend it was everywhere including in the Style section of the New York Times. Annie Leibovitz, photographer extraordinaire, she of the naked John and Yoko shot, of the pregnant Demi Moore shot, is in rough financial waters.
Why does this interest me? So many celebs of late have hit the financial skids — Lindsay Lohan, Lenny Dykstra, Stephen Baldwin — it reminds me of a finding in The Difference. When I looked at factors that held people back from financial success stubbornness was one. That is not difficult to understand. If stubbornness defines you, then you’re not likely to conform to whatever task the man (or woman…or corporation) asks you to take on.
The other, however, was more surprising, and it seems to apply in this case: Creativity. People who defined themselves as completely creative — not just very creative, or somewhat creative — but completely creative, were not likely to attain great wealth. Why is that?
David T. Robinson, finance scholar at Duke University and I mulled the research. And here’s where we came out. Sometimes very creative people More…
Looking for advice on how to get from where you are to where you want to be? Tune in tomorrow as Jean chats with bestselling author of “The Pursuit of Happyness,” Chris Gardner, about his new book “Start Where You Are.”
In 1979, 11 year-old Norman Ollestad was the sole survivor of a plane crash into the side of a snow covered mountain that took the life of three others, including his father. Today, Ollestad has turned this life-changing event into a bestselling memoir, “Crazy for the Storm: A Memoir of Survival.” Tune in tomorrow (at 12pm EDT on SIRIUS Channel 195 or XM Channel 156) as he shares his story with Jean.
