1. Economic forecasting is difficult.
2. Financial market forecasting is more troublesome than economic forecasting.
3. The financial sector in this country has lied a great deal.
4. The government cannot predict the economy or financial markets.

These are, of course, very good lessons to learn. It is important to realize that neither the government, nor the financial “experts”, have all the answers. No one can predict what any market is going to do, nor can anyone see all of the economic consequences of policy measures. So it is important to consider your own financial situation, and make the best decisions you can.

One way to do that is to look at things for the long term, and change your financial habits so that they reflect prudent behaviors that help you prepare to weather the down cycles. Because they will always come.

Image source: Daylife

Post from: EveryJoe

4 Lessons Ben Stein Got From the Recession

Using an e-mail address or mobile phone number, consumers will be able to send money to anyone they know, whether it is to repay a friend for concert tickets or dinner, contribute to a fundraiser, pay team dues, pay allowances or even pay the babysitter.  Payments will be deposited directly into the recipient’s account and confirmation of payment will be sent to the recipient’s e-mail address or mobile number.

Yesterday, I spoke with Steve Shaw, a member of the strategic marketing team for Fiserv. He pointed out that this is a great step in creating more convenience for money transactions:

“Right now, if you owe someone money, you usually have to write a check, or go online through a third party. Once we launch our person to person payment system early next year, though, all you have to do is send the funds. It’s convenient especially for those who already have online banking — they won’t even have to get a new password. They can set everything up from one of the 3,000 financial institutions we are already working with.”

For those who do not belong to an institution that makes use of Fiserv, Shaw says that there will eventually be a roll-out of a consumer site that works similarly to PayPal in making payments. However, unlike PayPal, recipients won’t be charged for receiving funds. “There might be fees for the sender,” Shaw acknowledges, “but that will be up to the banks to decide whether or not to charge senders a convenience fee.”

Shaw also points out that with this bank-centric model, there is no need to give out payment information to third parties, or hold money in other places. Fiserv’s system would be protected by security measures common to the financial services industry, and have the added benefit of not needing paper checks, or to have to wait three to four business days for the money to be deposited. “Funds should be available the next day in most cases,” Shaw says.

BudgetPulse recently rolled out a fundraising option that is similar, but it works through an intermediary, like PayPal or Amazon, and doesn’t offer direct P2P payments.

Image source: Daylife

Post from: EveryJoe

P2P Payments on the Way

Image via Wikipedia

Google Reader (or any other web feed reader) -
GR is an excellent tool to help process the everyday information that shows up on most of your favorite sites. This can be used to find both the latest nuddy magazine photos and the greatest updates on the Apple/i phone information saga. Convenient? I think so.

PageOnce –
PageOnce has been a big help for me and now that it’s out of strict beta (closed to some), it’s even better. I use it to pull in bank account balances, bill due dates and the latest in my Facebook statuses. You can use it to do the same and keep your life organized on just a few pages.

Mint.com –
Mint has been a lifesaver or me (no pun intended) when it comes to keeping track of my finances. I am able to pull in all my financial services — stock portfolios (like I trade, hah), bank accounts (already know they’re near zero) and credit cards (those just keep rising) — and then get information about each of my accounts. It’s secure, easy and fun to use. In addition to getting account info, Mint also gives suggestions on ways to save money or cut down on debt — always a helpful feature.

Whether you’re an information whore or a drive-by reader, services like these can help you stay organized. Being organized can not only save you time but introduce you to new information. How do you think I found out about LOLcatz? Oh yeah, my feed reader!

Post from: EveryJoe

Organization — Inform one, inform them all.