CNBC Interview Trujillo re: Cell Phone Industry & Regulation

A questioned was posed regarding the cell phone industry now dominated by two players regarding whether this should be a concern.

The question made me consider other industries today:

Mortgage Servicing (the lenders who collect are mortgage payments): two players Wells Fargo and Bank of America collect between 25 and 50% of all mortgage payments!

Retail: How large is too large Walmart?

Banking: How substantive should deposits, credit cards, and other banking services be concentrated in the hands of Bank of America, JP Morgan, and Citicorp?

I undoubtedly am failing to identify similar concentration in many other industries. Your thoughts?

Credit and debt challenged?

Explore the videos posted under web sites of interest and labeled, "Debt management education videos of value".

Quote from "Mind over money" on consumers

"The American consumer: Someone who knows the cost of everything, but the value of nothing."

"Why we fail financially"

Wayne Vance & Edward Charlesworth in "Mind over money" offer the following reasons:

1. Lack of financial training at home.
2. Lack of financial education at school.
3. Biased commission schedule in financial institutions.
4. Low self-esteem.
5. Attempts to buy happiness.

To this list I would add:

1. Fear.
2. Our tendency to avoid open communication around money issues.
3. Uninformed reactivity to media sources.
4. Attachment.
5. The lure of advertising.

“11 ways to improve your financial self now”, by Carla Fried et al, June 2009 Money Magazine:

I offer the following summary of this useful article.  The authors identify 11 ways to potentially improve your financial position including:

1. Periodically rebalance your investment portfolio.  Doing so annually, or semi-annually can boost returns substantially.
2. Stay away from investing in U.S. Treasuries. With rates on U.S. Treasuries so low, consider higher returning alternative (I would recommend caution here it may be getting late for this idea).
3. Set realistic investment goals.  Consider the impact of lessened returns on your investment, on your home, for the next few years.  What if any changes do you need to consider as a result of such potential changes? 
4. If you own your home and have mortgage debt, consider refinancing.  Rates remain near record lows.
5. Work at improving your credit score.  See www.myfico.com for useful ideas.
6. Consider whether any of your monthly services subscribed to could be reduced or negotiated.
7. Turn off the T.V. particularly shows that make you lust for more things in your life.
8. Evaluate your current insurance policies and consider ways to reduce risks and lower costs.
9. Take advantage of a health care coach, if your company provides one. Exercise and weight loss are great ways to lessen stress in our lives.
10. Consider volunteering as able for your own well-being and for others.
11. Build up your emergency fund as able to cover 6 to 9-months of living expenses.

Indeed.com

There are many outlets online to help in job searches, I have found Indeed.com very helpful, particularly their email notification of job postings matching your location and search profile.  Give it a try!

CCCS vs. Debt Consolidators

The Suze Orman Show responded to an inquiry regarding the difference between Consumer Credit Counseling Services (CCCS) and Debt Consolidators (DC).  Suze endorses CCCS as they are non-profits who work comprehensively with clients to help them better manage their debts.  They typically do not charge a substantive up-front fee. DC on the other hand, charge an up-front fee of substance and charge a portion of money saved for consumers to their clients. DC's are typically for profit entities.