Mr. Wealth' s Center

Hudson River Helicopter Plane Collision

2009-08-13T22:06:00.000-07:00

This is raw video showing the moment of impact between the small plane and tourist helicopter that collided over the Hudson River in New York last weekend that killed nine people.

The accident was caught on video by an Italian tourist who was practicing with a new camera.

May God be with the family and friends of those involved in this tragic situation.

Microsoft Banned From Selling Word in US

2009-08-12T10:09:00.000-07:00

A Texas judge ruled Tuesday that Microsoft cannot sell Word in the United States any more.

A company based in Toronto called i4i Inc won a ruling against Microsoft concerning the company’s XML patents. i4i said that the ruling “prohibits Microsoft from selling or importing to the United States any Microsoft Word products that have the capability of opening .XML, .DOCX or DOCM files (XML files) containing custom XML”. According to the Seattle PI, Microsoft has 60 days to adhere to the ruling

The injunction reads:

Microsoft Corporation is hereby permanently enjoined from performing the following actions with Microsoft Word 2003, Microsoft Word 2007, and Microsoft Word products not more than colorably different from Microsoft Word 2003 or Microsoft Word 2007 (collectively “Infringing and Future Word Products”) during the term of U.S. Patent No. 5,787,449:

1. selling, offering to sell, and/or importing in or into the United States any
Infringing and Future Word Products that have the capability of opening a .XML,
.DOCX, or .DOCM file (“an XML file”) containing custom XML;

2. using any Infringing and Future Word Products to open an XML file
containing custom XML;

3. instructing or encouraging anyone to use any Infringing and Future Word
Products to open an XML file containing custom XML;

4. providing support or assistance to anyone that describes how to use any infringing and Future Word Products to open an XML file containing custom XML;

and

5. testing, demonstrating, or marketing the ability of the Infringing and Future
Word Products to open an XML file containing custom XML.

This injunction does not apply to any of the above actions wherein the Infringing and Future Word Products open an XML file as plain text.

With this news, Microsoft wont pull Word of the market as yet, and plan to appeal this ruling. Microsoft will probably settle this out of court by writing a very enormous check to i4i

The Karen Sypher & Rick Pitino Scandal

2009-08-12T07:21:00.000-07:00

Assault, rape, adultery, abortion, extortion. Does it get any better? Well for University of Louisville basketball coach Rick Pitino it cant get any worse than it already is. Pitino is accused of assault and rape of Karen Sypher. but according to a witness Vinnie Tatum (Pitino's aide) it was consensual sex.

Pitino admitted to police that he did have sexual intercourse with Karen Sypher back on August 1, 2003. The incident took place at Porcini restaurant in Louisville with Vinnie Tatum close enough to hear the entire encounter.

Pitino told police that he had consensual sex with Karen Sypher at a Louisville restaurant where he’d been drinking on Aug. 1, 2003.

The sex took place in the restaurant the two had ran into each other hours before.

Pitino said Sypher left the restaurant and returned at about closing time. He said that after the restaurant closed and the last employees and owner Tim Coury had left, Sypher “started coming on to him and that they had sex,” according to Abbott’s report. Pitino said he later learned that Tatum was still there.

Tatum told the FBI that he had lain down and couldn’t see what happened but that he heard what sounded like consensual sex, Abbott wrote in a report.
Sypher called Pitino two weeks later claiming she was pregnant. He also told police that he later gave Sypher $3,000 to have an abortion, according to Louisville Metro Police reports.

Sypher is the woman that has been accused of blackmailing Pitino for money in exchange for her silence about the sexual relations and alleged rape by Pitino. She has been indicted by a Grand Jury on charges to extort money from Pitino.

GM's Chevy Volt

2009-08-11T11:12:00.000-07:00

Imagine being able to drive from Maryland to Pennsylvania and only use one gallon of gas! Well the future is here. Gm has announced the release of the 2011 Chevy Volt with a staggering estimated 230 mpg. It set to be distributed for consumer use in 2010, and the mileage and range guidance adheres to the new guidelines for electric cars set by the Environmental Protection Agency. The Volt will be priced at $40,000 with buyers eligible for a $7,500 tax credit. The Volt is the first of an estimated 25 GM vehicles that will be launched by the year 2011. It is also the first car to be labeled by the EPA with a triple digit MPG rating. Stay tuned everyone, the "green" era is coming to a household near you.

Student Loans: Is It Worth It?

2009-07-30T10:58:00.000-07:00

Establishing and Building Good Credit 101

2009-07-29T11:18:00.000-07:00

What is Credit?

Credit is money granted by a creditor or lender to a debtor or borrower(you), who defers payment of the debt. In exchange for the credit, the lender gets back the money, usually paid on a monthly basis, plus interest. The debtor gets the use of the money to pay for and take possession of things today and the creditor gets back more money than s/he loaned out. Modern society is dependent upon credit to generate sales; it enables people to have the things they want and need, but can't afford to pay for right away. By establishing good credit, you are seen as a trustworthy consumer who will pay back the money that was "loaned" to them in a timely fashion.

What Exactly Is A Credit Report?

A consumer credit report is a document that contains a factual record of an individual's credit payment history. Credit grantors are permitted by law to review your credit report to objectively determine whether to grant you credit. There are 190 million credit active people in the United States who have a charge account, car loan, student loan, or home mortgage. As those people pay their bills, most lenders report credit payment information to credit bureaus. So most of the information in your consumer credit report comes directly from the companies you do business with.

What Information Does A Credit Report Contain?

A consumer credit report contains four types of information: identifying information, credit information, public record information, and inquiries.

Identifying information includes:

* Your name.
* Your current and previous addresses.
* Your Social Security number.
* Your year of birth.
* Your current and previous employers.
* If you're married, your spouse's name.
* Credit information includes credit accounts or loans
* you have with:
* Banks.
* Retailers.
* Credit card issuers.
* Other lenders.

Most information, whether positive or negative, remains on your credit report for 7 years from the date it is first reported, and then cycles off automatically. If there is inaccurate information in your credit report, you have the right to dispute it and have it removed.

Public record information includes any information that's contained in state and county court records, like:

* Bankruptcies.
* Tax liens.
* Monetary judgments.

Bankruptcies can remain on your credit report for up to 10 years. Other public record information can remain for up to 7 years.

Inquiries indicate to other credit grantors that you have applied for new credit that could result in additional debt. Potential lenders view multiple recent inquiries on your credit report as a sign that you are overextending yourself. Most inquiries stay on your credit report for up to two years.

(A credit risk score may also be included when your report is provided to a credit grantor, although it is not included on consumer review reports. The ways to calculate and use a credit score vary widely, so a score has little meaning outside of the context of a particular lender's unique guidelines for use. Therefore, it is not included on consumer review reports.)

What Is A Credit Bureau?

A credit bureau or credit reporting agency is in the business of gathering, maintaining, and selling information about consumers' credit histories. It collects information about consumers' payment habits from credit grantors like banks, savings and loans, credit unions, finance companies, and retailers. The credit bureau stores this information in a computer database and sells it to credit grantors in the form of credit reports. When you apply for a new credit card or loan, the credit grantor orders your credit report from at least one credit bureau and analyzes the information to decide whether to grant you credit. The credit bureau charges the credit grantor a fee for every credit report sold.

Although credit reporting agencies provide your credit report to lenders when you apply for credit, they do not make actual lending decisions. It is up to the lender to evaluate your credit report and any other factors they consider important and then decide whether or not to offer you credit.

Tips in Establishing Good Credit

In order to establish good credit, you need a good credit history. But to have a good credit history, you need to establish good credit.

In order to build your credit history, it is important to always pay your bills on time and to never borrow or spend more than you can afford. You will damage your credit history by paying bills late or not at all.

If you are a young adult, a college student or a new immigrant, you can begin to establish credit in many ways. In fact, you may already be building a credit history. For example, if you own a cellular phone or a pager, you have already begun to build your credit. From here forward, as you continue to pay bills on time and responsibly handle creditors, you will begin to build positive references on your credit report.

If you already have a credit card, you are well on your way to building your credit history. In fact, personal finance expert Gerri Detweiler advises that a major credit card, issued by a bank or other financial institution, that is paid on time over a period of time, is one of the strongest credit references on a credit report. However, a credit card may not be appropriate for everyone. Before obtaining a credit card, you should learn everything you can about your obligations as well as the terms and conditions associated with using the card.

If you have never borrowed money from a financial institution or made bill payments in your name, then you probably do not have a credit history. Nevertheless, many card issuers offer cards designed specifically for those with little or no credit history. For example, secured cards may be an appropriate first step, or you may consider using a co-signer on your credit card application. Again, it is important to understand as much as you can about the responsible use of any financial tool before applying for and accepting a payment product.

Who May Check My Credit Report?

Federal Law carefully regulates how credit reports can be used and by whom. Individuals have the right to obtain their own reports, and businesses must meet the following requirements before they can access credit information:

* A background Proof of a permissible purpose under federal law
* check and on-site inspection of the business
* A current business license
* A signed contract requiring the business to use the data properly

Information gathered from various websites

20 Ways to Waste your Money

2009-07-28T08:17:00.000-07:00

Knowledge is power. The reason why most people are in the financial state that they are in, is because of the lack of education. Become financially educated, so you won't become another statistic of the uniformed society..

1. Buy new instead of used. Talk about a spending leak -- or, rather, a gush. Cars lose most of their value in the first few years, meaning thousands of dollars down the drain. However, recent used models -- those that are less than five years old -- can be a real value because you get a car that's still in fine working order for a fraction of the new-car price. And you'll pay less in collision insurance and taxes, too.

Cars aren't the only things worth buying used. Consider the savings on pre-owned books, toys, exercise equipment and furniture. (Of course, there are some things you're better off buying new, including mattresses, laptops, linens, shoes and safety equipment, such as car seats and bike helmets.)

2. Carry a credit-card balance. If you have a $1,000 balance on a card charging 18%, you blow $180 every year on interest. That's money you could certainly put to better use elsewhere. Get in the habit of paying off your balance in full each month.

3. Buy on impulse. When you buy before you think, you don't give yourself time to shop around for the best price. Resist the urge to make an impulse purchase by giving yourself a cool-off period. Go home and sleep on the decision. If you still want to make the purchase a day or so later, do your comparison shopping, check your budget and go for it. Oftentimes, though, I bet you'll decide you don't need the item after all.

4. Pay to use an ATM. A buck or two here and there may not seem like a big deal. But if you're frequenting ATMs outside your bank's network, the surcharges can add up quickly. Put that money back in your pocket by using ATMs in a surcharge-free network such as Allpoint or Money Pass.

5. Dine out frequently. A habit of spending $10, $20, $30 per person for dinner can be a huge drain on your wallet. Throw in a $6 sandwich for lunch and a $4 latte in the morning, and you've got quite a leak. Learn to cook, pack your lunch and brew your coffee at home and you could save a couple hundred bucks each month.

6. Let your money wallow. If you are stashing your savings in your checking account or a traditional bank account, you are wasting money. You could put it in a high-interest online savings account and get paid to save. You can even get an interest-bearing checking account through such reputable companies as Everbank, Charles Schwab, E*Trade and ING Direct.

7. Pay an upfront fee for a mutual fund. Selecting no-load funds can save you more than 5% in sales charges. Of course, no matter how well a fund has done in the past, you can't be sure how it will perform in the future. But if you pay a load, you'll begin the performance derby in the hole to the tune of the load. See the Kiplinger 25 for our favorite no-load funds.

8. Pay too much in taxes on investments. Are you investing in a tax-sheltered 401(k) or Roth IRA? If you're not maxing out those accounts before you invest in a taxable account, you're spending too much.

9. Buy brand-name instead of generic. From groceries to clothing to prescription drugs, you could save money by choosing the off-brand over the fancy label. And in many cases, you won't sacrifice much in quality. Clever advertising and fancy packaging don't make brand-name products better than lesser-known brands (see Similar Products, Different Prices).

10. Waste electricity. Of the total energy used to run home electronics, 40% is consumed when the appliances are turned off. Appliances with a clock or that operate by remote are typical culprits. The obvious way to pull the plug on your energy vampires is to do just that -- pull the plug. Or buy a device to do it for you, such as a Smart Power Strip ($31 to $44 at www.smarthomeusa.com, which will stop drawing electricity when the gadgets are turned off and pay for itself within a few months.

11. Pay banking fees. Overdraw your checking account and you'll pay $20 to $30 a pop, so it pays to keep tabs on your balance. Plus, are you still paying for a checking account? Free deals abound -- but make sure they're really free. For instance, will the bank charge a fee if your balance drops below a certain level or if you download your info into a personal-finance software program? That's not free.

12. Buy things you don't use. This sounds like a no-brainer to avoid, but how many times have you seen something on sale and thought you couldn't pass it up? Even if something is 50% off, you're spending too much if you don't use it. href=Couponing, for instance, can be a great way to save on your grocery bills. But if you buy things you wouldn't have purchased in the first place simply for the sake of using the coupon, you're wasting your money. The same goes for buying in bulk. A bargain is no bargain if it sits unused on your shelf or gets thrown away.

13. Own an extra car. Okay, so a car is a necessity for most people. But face it -- cars are a huge drain, from their loan payments to insurance fees to gas and maintenance costs. Own more than one car and you'll double or triple those expenses. Ask yourself if that second or third car is really necessary. Are you holding on to an old car for sentimental reasons? Can you or your spouse carpool, take public transportation or bike to work?

14. Ignore your local dollar store. Shopping at the dollar store can be hit-and-miss, but it's not all kitsch or junk. If you know what to buy, you can find some real bargains. For instance, my local dollar store charges 50 cents for greeting cards versus the $3-plus at a drug store or gift shop. (I have a big extended family so I figure this saves me more than $100 per year.) You can also score a deal on cleaning supplies, small kitchen tools, shampoos and soaps, holiday decorations, gift wrap and balloon bouquets.

15. Keep unhealthy habits. Smoking is not only bad for your health, it burns up your cash. A pack-a-day habit at $6 a pack costs $180 a month and $2,190 a year. A junk-food or tanning-bed habit can be costly as well. Not to mention the money you'll waste on medical bills down the road.

16. Be complacent about insurance. Your bill arrives and you pay it without a second thought. When was the last time you shopped around to determine whether you're getting the best deal? Rates vary widely from insurer to insurer and year to year. Reshopping your auto, home or renters insurance might save you hundreds of dollars.

It also pays to evaluate your insurance needs. For instance, upping your out-of-pocket deductible from $250 to $1,000 can save you 15% or more on your car insurance. Consider using the same insurer for your home and auto insurance -- you could snag up to 15% off for a multiple-line policy. And make sure you're not paying for insurance you don't need. For instance, you need life insurance only if someone is financially dependent upon you (such as a child).

17. Give Uncle Sam an interest-free loan. If you get a tax refund each April, you let the government take too much money in taxes from your paycheck all year long. Get that money back in your pocket -- and put it to work for you -- by adjusting your tax withholding. With a little discipline, you can use that extra cash each month to get started saving or pay down debt (or make ends meet to avoid going into debt in the first place). You can file a new Form W-4 with your employer at any time.

18. Pay for something you can get for free. Dust off your library card and check out books, music and movies for free (or dirt-cheap). Don't pay to receive your credit report when you're allowed to get it at no charge by law. Take advantage of kids-eat-free promotions. And dial 1-800-FREE-411 for free directory assistance.

19. Don't use a flexible-spending account. Your employer may allow you to set aside pretax dollars to pay for medical costs not covered by insurance. You can use the money for expenses such as therapy, contact lenses, insurance co-payments and over-the-counter drugs. You may be able to do the same for child-care costs.

20. Pay for unnecessary services. How many cable channels can a person watch? Do you really need all those extra features for your cell phone? Are you getting your money's worth out of that gym membership? Are you taking full advantage of your subscriptions (such as Netflix, TiVo or magazines)? Take a look at what you're paying for and what your family is actually using. Trim accordingly.

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