In this tough economy some are praying on our nations most vulnerable. Watch the video clip below to learn what scams to look out for and tips to protect yourself from becoming a victim.
Visit msnbc.com for breaking news, world news, and news about the economy
WHO: Holly Craig
WHAT: Magpie Lovely
WHERE: Nashville, TN
WHEN: 2009
HOW: Holly Craig was a former boutique owner and full-time mom. After her husband was offered a great new career opportunity, the family relocated to Nashville, Craig sold her storefront and its inventory, and planned to start fresh in a new town. She would have loved to find and open another retail spot, but the 10-hour days they called for weren’t possible with young kids. An online business, however, was another story.
In the spring of 2009 that Craig began developing an idea for an Internet-based eco-friendly boutique – hosting only handmade products. More…
Are working women penalized for having a family? Some working mothers have reported everything from lower wages to job loss — but is it because they’re parents? This morning on TODAY, I reported with two other working women on how you can let family life integrate with work life — and still be a successful and productive employee.
Visit msnbc.com for breaking news, world news, and news about the economy
WHO: Mehdi Maghsoodnia
WHAT: BookRenter.com
WHERE: Santa Clara, CA
WHEN: 2008
HOW: For many students, life after graduation means facing a mountain of student loan debt. When considering all of the costs associated with college – beyond tuition and into the cost of computers and textbooks – that debt can rack up, and amount to a significant setback. Mehdi Maghsoodnia saw this problem, and made it his goal to develop a solution. “In a public community college, you can end up paying more for textbooks than you do for the course credits,” says Maghsoodnia. “Why can’t it be more affordable for students? We have to make it affordable, accessible and effective.” More…
WHO: David Arrick
WHAT: Butch Bakery
WHERE: New York, NY
WHEN: 2009
HOW: David Arrick, like many, found himself – and his source of steady employment – a victim of the recession. After he was laid off, Arrick, who worked in commercial real estate, thought he’d hit it big when he landed a job in Dubai. “But then the global economy took a hit,” says Arrick, and as he packed boxes in his New York City apartment, he again found himself unemployed. “I had cashed out my 401(k) and blown through my savings,” says Arrick, “and I thought to myself, ‘how much worse could it get?’” Fortunately for Arrick, he didn’t have to find out. During a walk around his downtown neighborhood, Arrick’s attention was captured by the around-the-block line outside of a “cupcakery” on Bleecker Street. More…
WHO: Frank Zammataro
WHAT: Rentricity
WHERE: New York, NY
WHEN: 2003
HOW: While we’re still fighting to lower unemployment and stabilize the housing market, at least one business sector is going strong. GreenBiz’s semi-annual “Green and the Economy” survey shows that companies are willing to spend money on products and services that will help them be green and eco-conscious – and Frank Zammataro is taking advantage. After leaving Wall Street in 2000, Zammataro was looking for a new project – and after 9/11, an idea for a business spurred while he looked at New York City water towers. More…
My mom and I own a salon and day spa and like many businesses are having trouble paying off our credit card debt. We have several credit cards that we have made hardship payment arrangements with, but one of our cards was turned over to an attorney and the court awarded a judgment “by default.” What options, if any, do we have to settle this debt ($11,600), and can they garnish our business account to collect this debt? — Anonymous
The very first thing I want you to do is watch the Today Show segment that I did on this subject. It’s not only happening to you. It’s happening to many people — and many small business owners. More…
The jobs picture is pretty dismal. The official national unemployment rate is still at a relatively high 9.5% – and the underemployment rate at a more alarming 16.5%. But that’s not all of it. According to the Bureau of Labor Statistics, there are more than five applicants for every job. It now takes 35 weeks on average to get a job. And 45% of people have been out of work more than a half year. At the beginning of the recession it took 17 weeks and only 17% of people were out of work more than a half year.
Are there any bright spots? A few, says Mark Zandi of Moody’s Economy.com. More…
WHO: Jen Bilik
WHAT: Knock Knock – fun and functional gifts.
WHERE: Venice, California
WHEN: 2002
HOW: It took a belated Christmas card, a blindside of a breakup, and a lack of motivation for Jen Bilik to launch a business. An odd combination, but for a passionate writer who suddenly found herself dabbling in graphic design, having an unexpected inspiration to try something new wasn’t an unfamiliar feeling. After leaving her in-house publishing career to freelance on her own, Bilik tried her hand in a few different projects for about six years (a period she refers to as “the abyss”). One of her projects, a children’s book, was simply not More…
The Bureau of Labor Statistics recently shared some scary numbers: Unemployment is at 9.5%. Underemployment is at 16.5%. It takes, on average, 35 weeks to find a job — and 45% of the unemployed have been out of work for more than six months. With rates like these, it’s hard to see a light at the end of the tunnel. My column this week on wowowow.com, like my recent Today Show segment, will hopefully be just that. From geographic regions that are hiring to the specific sectors that are showing growth, I broke down where to look for jobs — and how to set yourself apart from the competition when you’re applying.
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