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DEBTSMART EMAIL NEWSLETTER - Tools for financial success!
A Free E-Mail Newsletter from DebtSmart Online and Press One Publishing.
ISSN 1538-6740
October 10, 2001 Issue 10
Scott Bilker, Editor and Publisher, mailto:publisher@debtsmart.com
Richard Crammer, Editor, mailto:editor@debtsmart.com
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For instructions to SUBSCRIBE, and DISCLAIMER, see bottom of this email.

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IN THIS ISSUE
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=> Advertisers

=> Cool Debt Statistic

=> DebtSmart Resources

=> Letter from the Publisher

=> Soldiers' and Sailors' Civil Relief Act Provides Umbrella of Protection

=> 9 Steps to Get Organized for Financial Success

=> Survey

=> How Did I Get Into This Mess

=> Friendship Loan

=> Credit Lessons for Retirees

=> Subscribe/Disclaimer Information -----------------------------------------------------------------

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We have done our best to ensure that all advertisers included in the DebtSmart Email Newsletter offer quality products and services. However, if you have any problems, please let us know by sending mailto:comments@debtsmart.com 

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DEBTSMART EMAIL IS BROUGHT TO YOU BY THE FOLLOWING ADVERTISERS:

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EMAIL NEWSLETTER MARKETING! IT'S REAL, IT WORKS!
Are you looking for an effective way to reach people who are interested in your offers? If you have a product/service that is right for DebtSmart Readers, or just want to learn more, click the below link...
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COOL DEBT STATISTIC
Source: Bankrate.com

According to a Consumer Federation of America study, banks charge 11 to 32 times their actual cost to process a bounced check, and generate $5.2 billion a year in revenue from bounced checks.

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DebtSmart Resources

How to advertise in the email newsletter:
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How to advertise in the online classifieds:
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DebtSmart Books, software, reports, in-print and downloads:
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Archive of DebtSmart Email Newsletters online:
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How to use DebtSmart articles FREE in your ezine or on your web site:
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Letter from the Publisher
by Scott Bilker

Do you have a web site? Are you interested in using some of the articles you read in this newsletter on your web site or in you email newsletter?

We've decided to give away our content to help spread the word on saving money! You can find out more at: http://www.debtsmart.com/cgi-pl/go/011010_en.cgi?06&7428 

This edition of the email newsletter is really packed with some great information. From getting financially organized to lending money to friends. Also, there is one other article that is of particular interest to those in the military reserves.

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Soldiers' and Sailors' Civil Relief Act Provides Umbrella of Protection
by Paul Stone

If you're one of the thousands of reserve component service members called to active duty, you're protected by a law that can save you some headaches -- and possibly more than just a few dollars.

Under provisions of the Soldiers' and Sailors' Relief Act of 1940, you may qualify for any or all of the following:

Reduced interest rate on mortgage payments.

Reduced interest rate on credit card debt.

Protection from eviction if your rent is $1,200 or less.

Delay of all civil court actions, such as bankruptcy, foreclosure or divorce proceedings.

"Service members in general just don't understand the depth of protection and their rights under this act," said Air Force Maj. Amy Griese, assistant director for legal policy in DoD's office of personnel and readiness. Griese talks about the act not only with the expertise of knowing its protections forward and backward, but with the enthusiasm of an advocate for service members.

In addition to the protections involving debt payments and civil litigation, the act guarantees...

Click the below link to read the rest of this article:
http://www.debtsmart.com/cgi-pl/go/011010_en.cgi?12&7428 

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9 Steps to Get Organized for Financial Success!
by Scott Bilker

The beginning of my financial life was when I received my driver's license. Before that I rode my bicycle around and had no bills. Well, I needed a car, right? I had to get to work so I could pay for the car, to get to work. That's what started the bill cycle. The car was used (preowned) but it was the gas credit card that was getting charged.

Let's not forget that I could now go to the mall, buy stuff, and take Larissa on better dates than McDonalds (we started dating before I could drive). So it didn't take long for the bills to start arriving in the mail.

I just didn't know what to do with this mail. Nobody ever showed me a system for managing bills because I didn't have any to keep organized.

So what did I do back then? Probably what many people do today. Bring in the mail, stack it on a desk, and tend to the pile at the last minute. Hopefully I didn't miss too much because I frequently found mail on the floor behind the desk.

It didn't take long for me to realize that I had to do something. I had to get organized!

That was a lifetime ago, really, I was 18 then, now I'm 35 and insanely organized about handling money, bills, and all finances. I've learned over the years that the better organized you are with all your transactions the less likely you are to:

* Bounce checks.
* Exceed credit limits.
* Pay late.
* Get charged for stuff you didn't buy.
* Get hooked into extra charges.
* Be stressed over bills.
* Go into perpetual debt.
* Let fraud go unnoticed.

Here are the 9 quick steps to getting organized for financial success--today!

1) Filing system.
When it comes to getting organized, everything needs a place, a home, a spot. The basic filing cabinet is the best way to organize the paperwork.

The hanging files are the best. They're just easier to work with, easier to access. A basic filing cabinet costs around $30 and is well worth the price.

Once you have a filing cabinet, and some hanging files, create a file for each bill and bank account, for example, mortgage/rent, electric, cable TV, water/sewer, health clubs, checking account, savings account, cash receipts, etc. For credit cards I name the file by the bank name and the last four digits of the card number, i.e., "Citibank 4323."

Lastly, create one more file called, "Bills Unpaid." This is the place to put all those annoying statements until you have time to write the checks.

2) Take care of the mail when it arrives.
Don't let the mail pile up! As soon as you bring in the daily stack of bills, which is what most of it is anyway, go through each envelope immediately. What I do is open every bill, throw away all the stuff that's not important, and staple the bill to the bill-payment envelope, then put then in the bills in the Bills Unpaid file.

Now when you're ready to sit down and take care of payment, all your bills will be in place and you won't have to spend time going through each envelope before writing the check.

3) Use accounting software.
I know everyone reading this article right now has a computer. That means you should be using software to track your spending and organize your financial life. I cannot think of a better use...

Click the below link to read the rest of this article:
http://www.debtsmart.com/cgi-pl/go/011010_en.cgi?07&7428 

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Survey
by Scott Bilker

Do you use accounting software?

Click here to take the survey:
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How Did I Get In This Mess?
by Terry Rigg

When I was younger and having all kinds of money problems, I asked myself this question a thousand times. It seemed like one day we were doing fine financially and the next we owed everybody. How can it happen so quickly?

This is a problem that many people are experiencing today. It can be one of the most helpless and frustrating situations we can find ourselves in. To make matters worse, it seems the harder we try to get a handle on our finances, the deeper in debt we become.

There isn't an answer that covers everybody, naturally, but I believe that in most cases we simply weren't...

Click the below link to read the rest of the article:
http://www.debtsmart.com/cgi-pl/go/011010_en.cgi?09&7428 

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Friendship Loan
by Gary Foreman

Dear Dollar Stretcher, I would like to provide a loan to a friend from my 401k plan. What are the rules? How do I go about making this type of transaction? What are the guidelines for re-payment?
--George S.

Now that's an interesting question! And it must be an interesting friendship, too.

Before we consider whether it's a good idea, let's take a look at how 401k loans work. A majority of all private sector workers have a 401k plan available to them. They can set aside a portion of their pre-tax wages and put them into the plan. Some companies will also make a matching contribution. The contributions and any earnings are not taxable until the employee takes the money out of the plan. Because taxes aren't collected each year, money in a 401k grows quickly.

Federal law allows for employees to 'borrow' the money from their 401k. Loans are limited to 50% of the account balance or $50,000 (whichever is less). About 80% of 401k plans allow for loans. Some don't because it's expensive for them to keep track of loans and do all the necessary bookkeeping. The plan administrator can charge service fees on loans. Some charge a one-time 'origination' fee. Others will charge a fee each year that the loan is active.

Most plans will let you borrow for any purpose you want. But some only allow loans for specific purposes like buying a house. Since it's a loan, the money needs to be paid back with interest to the 401k plan. By law the interest rate that you pay must be...

Click the below link to read the rest of the article:
http://www.debtsmart.com/cgi-pl/go/011010_en.cgi?10&7428 

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Credit Lessons for Retirees
by Rebecca Lindsey, CardRatings.com

Chances are, you have probably received one of those flashy letters with big headlines that practically scream "YOU'VE JUST WON A BAZILLION DOLLARS!!!" You begin to get really excited and then you see that really, really tiny print below the headline that reads "You might actually hear this statement if you have the winning number out of the 100 billion numbers we give out, and oh, you must send us $15 in order to get a number in the first place."

Although this example may be somewhat far-fetched, this type of scam happens everyday. Common "scams" or frauds appear in the form of contests, home repair offers, and credit offers. Unfortunately, fraudulent activities often target...

Click the below link to read the rest of the article:
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HOW TO SUBSCRIBE TO THIS NEWSLETTER

TO SUBSCRIBE to this newsletter click on the below link and complete the subscription form:
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Please contact mailto:comments@debtsmart.com with any comments, problems, or concerns.

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The author(s), Press One Publishing, and DebtSmart.com shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to be caused, directly or indirectly by the information contained in this email newsletter and/or at the DebtSmart.com web site. The information, methods and techniques described may not work for you and no recommendation is made to follow the same course of action. Every effort has been made verify the accuracy of all content contained herein. However, there may be mistakes; typographical, mathematical or in content. This email newsletter and the DebtSmart.com web site have been created for your entertainment only. You must always seek the proper professional advice before taking any financial or legal action. You have been warned.

Copyright (c) 2001 Press One Publishing. All rights reserved. Please do not reprint, or host on your Web site, without explicit permission. However, if you found this newsletter helpful, we grant you permission, and strongly encourage you, to e-mail it to a business associate or a friend. Thank you.