SOURCE ARTICLE>>>>>
Did you know that there are new rules governing the fees and penalties that credit card companies can charge you? The provisions in the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 should save consumers at least $10 billion a year, according to the Pew Foundation.
The Connecticut Society of CPAs explains why the changes are important, and offers some advice on dealing with credit cards.
A response to consumer concerns
In recent years, many consumers have complained that it has become more and more difficult to understand how many credit card deals work, since companies sometimes seemed to raise their rates without notice or imposed surprise fees on bills paid even a few hours late. Consumers felt the contract terms were often not satisfactorily explained or were difficult to understand.
New disclosures
The new rules are intended to change all that. For example, with some exceptions, the terms that you agree to when you sign up for a card must stay in place for at least one year, and even promotional rates for new account holders must last a minimum of six months.
Once the credit card company raises rates, it can only apply them to new charges for cardholders in good standing. Rates cannot be applied retroactively to existing balances. And your payments must be applied to your highest interest-rate balances first.
In addition, payment due dates must be clearly indicated and consistent from month to month, and the bill must be sent at least 21 days before the payment deadlines. Consumers will be told when they’re about to exceed their credit limit, enabling them to avoid over-limit fees.
Knowing where you stand
It should also be somewhat easier to understand your credit situation. Your monthly statement will now include information on how long it will take you to pay off your outstanding balance if you pay only the minimum due or if you pay off your debt in three years, and how much you will pay in interest in each case.
These disclosures may be a valuable wake-up call for many consumers who don’t realize what their outstanding balances are costing them.
Just say ‘no’
When credit card companies are set to raise rates or impose a new fee, they must now ask customers in advance if they will accept the new terms or would like to cancel the account before those increases go into effect and pay off their balance at the old “lower” interest rates.
In the past, some consumers only realized months later that their rates had been raised, but you can now opt out of any unattractive deals.
Read your mail
Even though the new law contains many consumer protections, it’s still important to be alert to changes in the contract terms that could cost you money. That should be easier to do, because your credit card company in most cases must now let you know 45 days in advance before it can raise its interest rates, charge you certain fees, or implement other significant changes.
Turn to your local CPA
The average credit card debt per households that have cards is around $16,000. That means that many people are still racking up too much consumer debt and spending much of their hard-earned money on interest rates.
If you are having trouble handling your credit card debt or would like sound advice on managing your money, be sure to turn to your local CPA. He or she can help you find the right answers to all your financial questions.
SOURCE ARTICLE>>>>>
Things You Should Never Buy New by Wise Bread
SOURCE ARTICLE>>>>>
If you're looking to get the most value for your dollar, it would do your wallet good to check out secondhand options. Many used goods still have plenty of life left in them even years after the original purchase, and they're usually resold at a fraction of the retail price, to boot. Here's a list of 21 things that make for a better deal when you buy them used.
1. DVDs and CDs: Used DVDs and CDs will play like new if they were well taken care of. Even if you wind up with a scratched disc and you don't want to bother with a return, there are ways to remove the scratches and make the DVD or CD playable again.
2. Books: You can buy used books at significant discounts from online sellers and brick-and-mortar used book stores. The condition of the books may vary, but they usually range from good to like-new. And of course, check out your local library for free reading material.
3. Video Games: Kids get tired of video games rather quickly. You can easily find used video games from online sellers at sites like Amazon and eBay a few months after the release date. Most video game store outlets will feature a used game shelf, as well. And if you're not the patient type, you can rent or borrow from a friend first to see if it's worth the purchase.
4. Special Occasion and Holiday Clothing: Sometimes you'll need to buy formal clothing for special occasions, such as weddings or prom. Most people will take good care of formal clothing but will only wear it once or twice. Their closet castouts are your savings: Thrift stores, yard sales, online sellers and even some dress shops offer fantastic buys on used formalwear.
5. Jewelry: Depreciation hits hard when you try to sell used jewelry, but as a buyer you can take advantage of the markdown to save a bundle. This is especially true for diamonds, which has ridiculously low resale value. Check out estate sales and reputable pawn shops to find great deals on unique pieces. Even if you decide to resell the jewelry later, the depreciation won't hurt as much.
6. Ikea Furniture: Why bother assembling your own when you can pick it up for free (or nearly free) on Craigslist and Freecycle? Summer is the best time to hunt for Ikea furniture--that's when college students are changing apartments and tossing out their goodies.
7. Games and Toys: How long do games and toys remain your child's favorite before they're left forgotten under the bed or in the closet? You can find used children's toys in great condition at moving sales or on Craigslist, or you can ask your neighbors, friends, and family to trade used toys. Just make sure to give them a good wash before letting junior play.
8. Maternity and Baby Clothes: Compared to everyday outfits that you can wear any time, maternity clothes don't get much wear outside the few months of pregnancy when they fit. The same goes for baby clothes that are quickly outgrown. You'll save a small fortune by purchasing gently used maternity clothes and baby clothes at yard sales and thrift stores. Like children's games and toys, friends and family may have baby or maternity clothing that they'll be happy to let you take off their hands.
9. Musical Instruments: Purchasing new musical instruments for a beginner musician is rarely a good idea. (Are you ready to pay $60 an hour for piano lessons?) For your little dear who wants to learn to play an instrument, you should see how long his or her interest lasts by acquiring a rented or used instrument to practice with first. Unless you're a professional musician or your junior prodigy is seriously committed to music, a brand new instrument may not be the best investment.
10. Pets: If you buy a puppy (or kitty) from a professional breeder or a pet store outlet, it can set you back anywhere from a few hundred dollars to several thousand dollars. On top of this, you'll need to anticipate additional fees and vet bills, too. Instead, adopt a pre-owned pet from your local animal shelter and get a new family member, fees, and vaccines at a substantially lower cost.
11. Home Accent: Pieces Home decorating pieces and artwork are rarely handled on a day-to-day basis, so they're generally still in good condition even after being resold multiple times. If you like the worn-out look of some decor pieces, you can be sure you didn't pay extra for something that comes naturally with time. And don't forget, for most of us, discovering a true gem at a garage sale is 90% of the fun!
12. Craft Supplies: If you're into crafting, you probably have a variety of different supplies left over from prior projects. If you require some additional supplies for your upcoming project, then you can join a craft swap where you'll find other crafty people to trade supplies with. If you have leftovers, be sure to donate them to your local schools.
13. Houses: You're typically able to get better and more features for your dollar when you purchase an older home rather than building new. Older houses were often constructed on bigger corner lots, and you also get architectural variety in your neighborhood if the houses were built or remodeled in different eras.
14. Office Furniture: Good office furniture is built to withstand heavy use and handling. Really solid pieces will last a lifetime, long after they're resold the first or second time. A great used desk or file cabinet will work as well as (or better than) a new one, but for a fraction of the cost. With the recession shutting down so many businesses, you can easily find lots of great office furniture deals.
15. Cars: You've probably heard this before: Cars depreciate the second you drive them off of the dealership's lot. In buying a used car, you save money on both the initial cost and the insurance. It also helps to know a trusty mechanic who can check it over first. This way, you'll be aware of any potential problems before you make the purchase.
[See 20 Tips for Cleaning on the Cheap.]
16. Hand Tools: Simple tools with few moving parts, like hammers, hoes and wrenches, will keep for decades so long as they are well-made to begin with and are well-maintained. These are fairly easy to find at neighborhood yard or garage sales. If you don't need to use hand tools very often, an even better deal is to rent a set of tools or borrow them from a friend.
17. Sports Equipment: Most people buy sports equipment planning to use it until it drops, but this rarely happens. So when sports equipment ends up on the resale market, they tend to still be in excellent condition. Look into buying used sporting gear through Craigslist and at yard sales or sports equipment stores.
18. Consumer Electronics: I know most folks like shiny new toys, but refurbished electronic goods are a much sweeter deal. Consumer electronics are returned to the manufacturer for different reasons, but generally, they'll be inspected for damaged parts, fixed, tested, then resold at a lower price. Just make sure you get a good warranty along with your purchase.
19. Gardening Supplies: This is an easy way for you to save money, and all you need to do is be observant. Take a look outdoors and you'll likely find such gardening supplies as mulch, wood, and even stones for free or vastly reduced prices. Used garden equipment and tools are also common goods at yard sales.
20. Timeshares: Buying timeshares isn't for everyone, but if you decide that it suits your lifestyle, purchasing the property as a resale would be a better deal than buying it brand new: on average, you'll save 67 percent on the price for a comparable new timeshare. If you're new to timeshare ownership, give it a test run first by renting short term.
21. Recreational Items: It's fairly easy to find high ticket recreational items like campers, boats, and jet skis being resold. Oftentimes, they're barely used at all. As long as they're in safe, working condition, they'll make for a better value when purchased used than new.
SOURCE ARTICLE>>>>
If you're looking to get the most value for your dollar, it would do your wallet good to check out secondhand options. Many used goods still have plenty of life left in them even years after the original purchase, and they're usually resold at a fraction of the retail price, to boot. Here's a list of 21 things that make for a better deal when you buy them used.
1. DVDs and CDs: Used DVDs and CDs will play like new if they were well taken care of. Even if you wind up with a scratched disc and you don't want to bother with a return, there are ways to remove the scratches and make the DVD or CD playable again.
2. Books: You can buy used books at significant discounts from online sellers and brick-and-mortar used book stores. The condition of the books may vary, but they usually range from good to like-new. And of course, check out your local library for free reading material.
3. Video Games: Kids get tired of video games rather quickly. You can easily find used video games from online sellers at sites like Amazon and eBay a few months after the release date. Most video game store outlets will feature a used game shelf, as well. And if you're not the patient type, you can rent or borrow from a friend first to see if it's worth the purchase.
4. Special Occasion and Holiday Clothing: Sometimes you'll need to buy formal clothing for special occasions, such as weddings or prom. Most people will take good care of formal clothing but will only wear it once or twice. Their closet castouts are your savings: Thrift stores, yard sales, online sellers and even some dress shops offer fantastic buys on used formalwear.
5. Jewelry: Depreciation hits hard when you try to sell used jewelry, but as a buyer you can take advantage of the markdown to save a bundle. This is especially true for diamonds, which has ridiculously low resale value. Check out estate sales and reputable pawn shops to find great deals on unique pieces. Even if you decide to resell the jewelry later, the depreciation won't hurt as much.
6. Ikea Furniture: Why bother assembling your own when you can pick it up for free (or nearly free) on Craigslist and Freecycle? Summer is the best time to hunt for Ikea furniture--that's when college students are changing apartments and tossing out their goodies.
7. Games and Toys: How long do games and toys remain your child's favorite before they're left forgotten under the bed or in the closet? You can find used children's toys in great condition at moving sales or on Craigslist, or you can ask your neighbors, friends, and family to trade used toys. Just make sure to give them a good wash before letting junior play.
8. Maternity and Baby Clothes: Compared to everyday outfits that you can wear any time, maternity clothes don't get much wear outside the few months of pregnancy when they fit. The same goes for baby clothes that are quickly outgrown. You'll save a small fortune by purchasing gently used maternity clothes and baby clothes at yard sales and thrift stores. Like children's games and toys, friends and family may have baby or maternity clothing that they'll be happy to let you take off their hands.
9. Musical Instruments: Purchasing new musical instruments for a beginner musician is rarely a good idea. (Are you ready to pay $60 an hour for piano lessons?) For your little dear who wants to learn to play an instrument, you should see how long his or her interest lasts by acquiring a rented or used instrument to practice with first. Unless you're a professional musician or your junior prodigy is seriously committed to music, a brand new instrument may not be the best investment.
10. Pets: If you buy a puppy (or kitty) from a professional breeder or a pet store outlet, it can set you back anywhere from a few hundred dollars to several thousand dollars. On top of this, you'll need to anticipate additional fees and vet bills, too. Instead, adopt a pre-owned pet from your local animal shelter and get a new family member, fees, and vaccines at a substantially lower cost.
11. Home Accent: Pieces Home decorating pieces and artwork are rarely handled on a day-to-day basis, so they're generally still in good condition even after being resold multiple times. If you like the worn-out look of some decor pieces, you can be sure you didn't pay extra for something that comes naturally with time. And don't forget, for most of us, discovering a true gem at a garage sale is 90% of the fun!
12. Craft Supplies: If you're into crafting, you probably have a variety of different supplies left over from prior projects. If you require some additional supplies for your upcoming project, then you can join a craft swap where you'll find other crafty people to trade supplies with. If you have leftovers, be sure to donate them to your local schools.
13. Houses: You're typically able to get better and more features for your dollar when you purchase an older home rather than building new. Older houses were often constructed on bigger corner lots, and you also get architectural variety in your neighborhood if the houses were built or remodeled in different eras.
14. Office Furniture: Good office furniture is built to withstand heavy use and handling. Really solid pieces will last a lifetime, long after they're resold the first or second time. A great used desk or file cabinet will work as well as (or better than) a new one, but for a fraction of the cost. With the recession shutting down so many businesses, you can easily find lots of great office furniture deals.
15. Cars: You've probably heard this before: Cars depreciate the second you drive them off of the dealership's lot. In buying a used car, you save money on both the initial cost and the insurance. It also helps to know a trusty mechanic who can check it over first. This way, you'll be aware of any potential problems before you make the purchase.
[See 20 Tips for Cleaning on the Cheap.]
16. Hand Tools: Simple tools with few moving parts, like hammers, hoes and wrenches, will keep for decades so long as they are well-made to begin with and are well-maintained. These are fairly easy to find at neighborhood yard or garage sales. If you don't need to use hand tools very often, an even better deal is to rent a set of tools or borrow them from a friend.
17. Sports Equipment: Most people buy sports equipment planning to use it until it drops, but this rarely happens. So when sports equipment ends up on the resale market, they tend to still be in excellent condition. Look into buying used sporting gear through Craigslist and at yard sales or sports equipment stores.
18. Consumer Electronics: I know most folks like shiny new toys, but refurbished electronic goods are a much sweeter deal. Consumer electronics are returned to the manufacturer for different reasons, but generally, they'll be inspected for damaged parts, fixed, tested, then resold at a lower price. Just make sure you get a good warranty along with your purchase.
19. Gardening Supplies: This is an easy way for you to save money, and all you need to do is be observant. Take a look outdoors and you'll likely find such gardening supplies as mulch, wood, and even stones for free or vastly reduced prices. Used garden equipment and tools are also common goods at yard sales.
20. Timeshares: Buying timeshares isn't for everyone, but if you decide that it suits your lifestyle, purchasing the property as a resale would be a better deal than buying it brand new: on average, you'll save 67 percent on the price for a comparable new timeshare. If you're new to timeshare ownership, give it a test run first by renting short term.
21. Recreational Items: It's fairly easy to find high ticket recreational items like campers, boats, and jet skis being resold. Oftentimes, they're barely used at all. As long as they're in safe, working condition, they'll make for a better value when purchased used than new.
SOURCE ARTICLE>>>>
How Russian spies infiltrated US society according to charges By TOM HAYS and PETE YOST, Associated Press Writers
NEW YORK – They sometimes worked in pairs and pretended to be married so they could blend in as the couple next door while working as spies in a throwback to the Cold War, complete with fake identities, invisible ink, coded radio transmissions and encrypted data to avoid detection, authorities say.
Assistant U.S. Attorney Michael Farbiarz, speaking Monday in federal court in Manhattan, called the allegations against 10 people living in the Northeast "the tip of the iceberg" of a conspiracy of Russia's intelligence service, the SVR, to collect inside U.S. information, the biggest such bust in recent years.
Each of the 10 was charged with conspiracy to act as an agent of a foreign government without notifying the U.S. attorney general, which carries a maximum penalty of five years in prison upon conviction. Two criminal complaints outlining the charges were filed in U.S. District Court in New York.
Police in Cyprus said Tuesday that an 11th defendant, a Canadian citizen wanted by U.S. authorities on suspicion of espionage and money laundering, was arrested in the morning at Larnaca airport while trying to fly to Budapest, Hungary.
Russia angrily denounced the U.S. arrests as an unjustified throwback to the Cold War, and senior lawmakers said some in the U.S. government may be trying to undercut President Barack Obama's warming relations with Moscow.
"These actions are unfounded and pursue unseemly goals," the Russian Foreign Ministry said in a statement. "We don't understand the reasons which prompted the U.S. Department of Justice to make a public statement in the spirit of Cold War-era spy stories."
Intelligence on Obama's foreign policy, particularly toward Russia, appears to have been a top priority for the Russian agents, prosecutors said.
The papers allege the defendants' spying has been going on for years.
One defendant was a reporter and editor for a prominent Spanish-language newspaper videotaped by the FBI contacting a Russian official in 2000 in Latin America, prosecutors said.
And in spring 2009, court documents say, conspirators Richard and Cynthia Murphy, who lived in New Jersey, were asked for information about Obama's impending trip to Russia that summer, the U.S. negotiating position on the START arms reduction treaty, Afghanistan and the approach Washington would take in dealing with Iran's suspect nuclear program. They also were asked to send background on U.S. officials traveling with Obama or involved in foreign policy, the documents say.
"Try to outline their views and most important Obama's goals (sic) which he expects to achieve during summit in July and how does his team plan to do it (arguments, provisions, means of persuasion to 'lure' (Russia) into cooperation in US interests," Moscow asked, according to the documents.
Moscow wanted reports that "should reflect approaches and ideas of" four sub-Cabinet U.S. foreign policy officials, they say.
One intercepted message said Cynthia Murphy "had several work-related personal meetings with" a man the court papers describe as a prominent New York-based financier active in politics.
In response, Moscow Center described the man as a very interesting target and urged the defendants to "try to build up little by little relations. ... Maybe he can provide" Murphy "with remarks re US foreign policy, 'roumors' about White house internal 'kitchen,' invite her to venues (to major political party HQ in NYC, for instance. ... In short, consider carefully all options in regard" to the financier.
The Murphys lived as husband and wife in suburban New Jersey, first Hoboken, then Montclair, with Richard Murphy carrying a fake birth certificate saying he was born in Philadelphia, authorities said.
One defendant in Massachusetts made contact in 2004 with an unidentified man who worked at a U.S. government research facility.
"He works on issues of strategic planning related to nuclear weapon development," the defendant's intelligence report said.
The defendant "had conversations with him about research programs on small yield high penetration nuclear warheads recently authorized by US Congress (nuclear 'bunker-buster' warheads)," according to the report.
One message back to Moscow from the defendants focused on turnover at the top level of the CIA and the 2008 U.S. presidential election, prosecutors said. The information was described as having been received in private conversation with, among others, a former legislative counsel for Congress. The court papers deleted the name of the counsel.
In the papers, FBI agents said the defendants communicated with Russian agents using mobile wireless transmissions between laptop computers, which has not previously been described in espionage cases brought in the U.S.: They established a short-range wireless network between laptop computers of the agents and sent encrypted messages between the computers while they were close to each other.
Aside from the Murphys, three other defendants also appeared in federal court in Manhattan — Vicky Pelaez and Juan Lazaro, who were arrested at their Yonkers, N.Y., residence, and Chapman, arrested in Manhattan on Sunday.
Behind the scenes, they were known as "illegals" — short for illegal Russian agents — and were believed to have fake back stories known as "legends."
Aside from fake identities, authorities say, they used Cold War spycraft — invisible ink, coded radio transmissions, encrypted data — to avoid detection. The court papers described a new high-tech spy-to-spy communications system used by the defendants: short-range wireless communications between laptop computers — a modern supplement for the old-style dead drop in a remote area, high-speed burst radio transmission or the hollowed-out nickels used by captured Soviet Col. Rudolf Abel in the 1950s to conceal and deliver microfilm.
The FBI said it intercepted a message from SVR's headquarters, Moscow Center, to two of the 10 defendants describing their main mission as "to search and develop ties in policymaking circles in US." Intercepted messages showed they were asked to learn about a wide range of topics, including nuclear weapons, U.S. arms control positions, Iran, White House rumors, CIA leadership turnover, the last presidential election, Congress and the political parties, prosecutors said.
"The FBI did an extraordinary job in this investigation," U.S. Attorney Preet Bharara said in a statement.
On Saturday, an undercover FBI agent in New York and another in Washington, both posing as Russian agents, met with two of the defendants, Anna Chapman at a New York restaurant and Mikhail Semenko on a Washington street corner blocks from the White House, prosecutors said. The FBI undercover agents gave each an espionage-related delivery to make. Court papers indicated Semenko made the delivery as instructed but apparently Chapman didn't.
The timing of the arrests was notable, given the efforts by Presidents Barack Obama and Dmitry Medvedev to reset U.S.-Russia relations. The two leaders met last week at the White House after Medvedev visited high-tech firms in California's Silicon Valley, and both attended the G-8 and G-20 meetings over the weekend in Canada.
Oleg Gordievsky, a former deputy head of the KGB in London who defected in 1985, said Medvedev would know the number of so-called illegal operatives in each country.
The 71-year-old ex-double agent told The Associated Press that, based on his experience and career in Russian intelligence, he estimates Moscow likely has about 40 to 50 couples operating under deep cover in the U.S.
The Murphys, Lazaro, Pelaez and Chapman were held without bail but didn't enter a plea. Another hearing was set for Thursday.
Pelaez is a Peruvian-born reporter and editor and worked for several years for El Diario/La Prensa, one of the country's best-known Spanish-language newspapers. She is best known for her opinion columns, which often criticize the U.S. government.
In January 2000, Pelaez was videotaped meeting with a Russian government official at a public park in the South American nation, where she received a bag from the official, according to one complaint.
Pelaez was born in Cusco, southeast of Lima, and Lazaro discussed plans to pass covert messages with invisible ink to Russian officials during another trip Pelaez took to South America, a complaint said.
The complaint alleges authorities overheard an unguarded Lazaro once saying in his home, "We moved to Siberia ... as soon as the war started."
Waldo Mariscal, Pelaez's son, said his mother was innocent. "This is a farce," he said.
Robert Krakow, an attorney for Lazaro, said after the court hearing that his client was innocent and that the information in the complaint "had no value".
An attorney for Chapman, Robert Baum, argued the allegations were exaggerated and his client deserved bail. Prosecutors countered that Chapman was a flight risk, calling her a highly trained "Russian agent" who is "a practiced deceiver."
Two other defendants, Michael Zottoli and Patricia Mills, were arrested at their Arlington, Va., residence. Also arrested at an Arlington residence was Semenko.
Zottoli, Mills and Semenko appeared before U.S. Magistrate Theresa Buchanan on Monday in Alexandria, Va. The hearing was closed because the case had not yet been unsealed in New York. The three did not have attorneys at the hearing, U.S. attorney spokesman Peter Carr said.
Two defendants known as Donald Howard Heathfield and Tracey Lee Ann Foley were arrested at their Cambridge, Mass., residence Sunday. They appeared briefly in Boston federal court Monday. A detention hearing was set for Thursday. Lawyers could not be found or did not return calls.
Spokesman Michalis Katsounotos said 54-year-old Christopher Robert Metsos was arrested early Tuesday based on an Interpol arrest warrant. Metsos appeared in a Larnaca court, which ordered Metsos released on $24,700 bail after surrendering his travel documents. The court also ordered Metsos to report to a Larnaca police station once a day.
Katsounotos says Metsos will remain on the island for one month until extradition proceedings begin.
Assistant U.S. Attorney Michael Farbiarz, speaking Monday in federal court in Manhattan, called the allegations against 10 people living in the Northeast "the tip of the iceberg" of a conspiracy of Russia's intelligence service, the SVR, to collect inside U.S. information, the biggest such bust in recent years.
Each of the 10 was charged with conspiracy to act as an agent of a foreign government without notifying the U.S. attorney general, which carries a maximum penalty of five years in prison upon conviction. Two criminal complaints outlining the charges were filed in U.S. District Court in New York.
Police in Cyprus said Tuesday that an 11th defendant, a Canadian citizen wanted by U.S. authorities on suspicion of espionage and money laundering, was arrested in the morning at Larnaca airport while trying to fly to Budapest, Hungary.
Russia angrily denounced the U.S. arrests as an unjustified throwback to the Cold War, and senior lawmakers said some in the U.S. government may be trying to undercut President Barack Obama's warming relations with Moscow.
"These actions are unfounded and pursue unseemly goals," the Russian Foreign Ministry said in a statement. "We don't understand the reasons which prompted the U.S. Department of Justice to make a public statement in the spirit of Cold War-era spy stories."
Intelligence on Obama's foreign policy, particularly toward Russia, appears to have been a top priority for the Russian agents, prosecutors said.
The papers allege the defendants' spying has been going on for years.
One defendant was a reporter and editor for a prominent Spanish-language newspaper videotaped by the FBI contacting a Russian official in 2000 in Latin America, prosecutors said.
And in spring 2009, court documents say, conspirators Richard and Cynthia Murphy, who lived in New Jersey, were asked for information about Obama's impending trip to Russia that summer, the U.S. negotiating position on the START arms reduction treaty, Afghanistan and the approach Washington would take in dealing with Iran's suspect nuclear program. They also were asked to send background on U.S. officials traveling with Obama or involved in foreign policy, the documents say.
"Try to outline their views and most important Obama's goals (sic) which he expects to achieve during summit in July and how does his team plan to do it (arguments, provisions, means of persuasion to 'lure' (Russia) into cooperation in US interests," Moscow asked, according to the documents.
Moscow wanted reports that "should reflect approaches and ideas of" four sub-Cabinet U.S. foreign policy officials, they say.
One intercepted message said Cynthia Murphy "had several work-related personal meetings with" a man the court papers describe as a prominent New York-based financier active in politics.
In response, Moscow Center described the man as a very interesting target and urged the defendants to "try to build up little by little relations. ... Maybe he can provide" Murphy "with remarks re US foreign policy, 'roumors' about White house internal 'kitchen,' invite her to venues (to major political party HQ in NYC, for instance. ... In short, consider carefully all options in regard" to the financier.
The Murphys lived as husband and wife in suburban New Jersey, first Hoboken, then Montclair, with Richard Murphy carrying a fake birth certificate saying he was born in Philadelphia, authorities said.
One defendant in Massachusetts made contact in 2004 with an unidentified man who worked at a U.S. government research facility.
"He works on issues of strategic planning related to nuclear weapon development," the defendant's intelligence report said.
The defendant "had conversations with him about research programs on small yield high penetration nuclear warheads recently authorized by US Congress (nuclear 'bunker-buster' warheads)," according to the report.
One message back to Moscow from the defendants focused on turnover at the top level of the CIA and the 2008 U.S. presidential election, prosecutors said. The information was described as having been received in private conversation with, among others, a former legislative counsel for Congress. The court papers deleted the name of the counsel.
In the papers, FBI agents said the defendants communicated with Russian agents using mobile wireless transmissions between laptop computers, which has not previously been described in espionage cases brought in the U.S.: They established a short-range wireless network between laptop computers of the agents and sent encrypted messages between the computers while they were close to each other.
Aside from the Murphys, three other defendants also appeared in federal court in Manhattan — Vicky Pelaez and Juan Lazaro, who were arrested at their Yonkers, N.Y., residence, and Chapman, arrested in Manhattan on Sunday.
Behind the scenes, they were known as "illegals" — short for illegal Russian agents — and were believed to have fake back stories known as "legends."
Aside from fake identities, authorities say, they used Cold War spycraft — invisible ink, coded radio transmissions, encrypted data — to avoid detection. The court papers described a new high-tech spy-to-spy communications system used by the defendants: short-range wireless communications between laptop computers — a modern supplement for the old-style dead drop in a remote area, high-speed burst radio transmission or the hollowed-out nickels used by captured Soviet Col. Rudolf Abel in the 1950s to conceal and deliver microfilm.
The FBI said it intercepted a message from SVR's headquarters, Moscow Center, to two of the 10 defendants describing their main mission as "to search and develop ties in policymaking circles in US." Intercepted messages showed they were asked to learn about a wide range of topics, including nuclear weapons, U.S. arms control positions, Iran, White House rumors, CIA leadership turnover, the last presidential election, Congress and the political parties, prosecutors said.
"The FBI did an extraordinary job in this investigation," U.S. Attorney Preet Bharara said in a statement.
On Saturday, an undercover FBI agent in New York and another in Washington, both posing as Russian agents, met with two of the defendants, Anna Chapman at a New York restaurant and Mikhail Semenko on a Washington street corner blocks from the White House, prosecutors said. The FBI undercover agents gave each an espionage-related delivery to make. Court papers indicated Semenko made the delivery as instructed but apparently Chapman didn't.
The timing of the arrests was notable, given the efforts by Presidents Barack Obama and Dmitry Medvedev to reset U.S.-Russia relations. The two leaders met last week at the White House after Medvedev visited high-tech firms in California's Silicon Valley, and both attended the G-8 and G-20 meetings over the weekend in Canada.
Oleg Gordievsky, a former deputy head of the KGB in London who defected in 1985, said Medvedev would know the number of so-called illegal operatives in each country.
The 71-year-old ex-double agent told The Associated Press that, based on his experience and career in Russian intelligence, he estimates Moscow likely has about 40 to 50 couples operating under deep cover in the U.S.
The Murphys, Lazaro, Pelaez and Chapman were held without bail but didn't enter a plea. Another hearing was set for Thursday.
Pelaez is a Peruvian-born reporter and editor and worked for several years for El Diario/La Prensa, one of the country's best-known Spanish-language newspapers. She is best known for her opinion columns, which often criticize the U.S. government.
In January 2000, Pelaez was videotaped meeting with a Russian government official at a public park in the South American nation, where she received a bag from the official, according to one complaint.
Pelaez was born in Cusco, southeast of Lima, and Lazaro discussed plans to pass covert messages with invisible ink to Russian officials during another trip Pelaez took to South America, a complaint said.
The complaint alleges authorities overheard an unguarded Lazaro once saying in his home, "We moved to Siberia ... as soon as the war started."
Waldo Mariscal, Pelaez's son, said his mother was innocent. "This is a farce," he said.
Robert Krakow, an attorney for Lazaro, said after the court hearing that his client was innocent and that the information in the complaint "had no value".
An attorney for Chapman, Robert Baum, argued the allegations were exaggerated and his client deserved bail. Prosecutors countered that Chapman was a flight risk, calling her a highly trained "Russian agent" who is "a practiced deceiver."
Two other defendants, Michael Zottoli and Patricia Mills, were arrested at their Arlington, Va., residence. Also arrested at an Arlington residence was Semenko.
Zottoli, Mills and Semenko appeared before U.S. Magistrate Theresa Buchanan on Monday in Alexandria, Va. The hearing was closed because the case had not yet been unsealed in New York. The three did not have attorneys at the hearing, U.S. attorney spokesman Peter Carr said.
Two defendants known as Donald Howard Heathfield and Tracey Lee Ann Foley were arrested at their Cambridge, Mass., residence Sunday. They appeared briefly in Boston federal court Monday. A detention hearing was set for Thursday. Lawyers could not be found or did not return calls.
Spokesman Michalis Katsounotos said 54-year-old Christopher Robert Metsos was arrested early Tuesday based on an Interpol arrest warrant. Metsos appeared in a Larnaca court, which ordered Metsos released on $24,700 bail after surrendering his travel documents. The court also ordered Metsos to report to a Larnaca police station once a day.
Katsounotos says Metsos will remain on the island for one month until extradition proceedings begin.
Old phone scam makes a comeback By Christopher Null
The scam goes like this: Through some means, a telephone scammer gets enough information about you to steal your identity, particularly access to your bank account. The most common trick: You are persuaded into giving up financial details in order to facilitate some sort of monetary transaction, like a lottery payout.
But that’s old news, really. The really clever part begins once the thief starts draining your account or using your stolen credit-card information to buy things. This stage involves tying up your phone line completely through a seemingly endless procession of junk phone calls, from telemarketers to recorded messages advertising some product or another to nothing but silence.
It doesn’t matter what the substance of the calls is. Rather, it’s the fact that your phone line is being tied up so that you can’t use it.
That’s important, because, meanwhile, the crooks are busily running up the bills. Scammers have wised up to the fact that banks will quickly catch on to fraudulent charges, so by now you’ve surely experienced what is supposed to come next: Your bank calls you to ask about “unusual activity.”
But with the scam in full swing, the bank can’t get through to you. It receives a busy signal, and, depending on the bank, the bank may let the charges continue until you turn them off — so the tally keeps rising.
Another, simpler trick: A scammer simply changes your phone number with the bank once he has access to your account. Thus, the bank can’t reach you at all since the number is wrong.
The only real thing you can do if you think you’ve been targeted with this scam is to start contacting financial institutions immediately through another phone number and put a freeze on the account, either using an alternate line like a cell phone or even by going to a friend’s house. Start with your most critical financial institutions and credit-card providers and work down. Remember, a single telemarketing phone call does not a scam make, but if you’ve gotten a handful in a row, one after another, the odds are good that you’re under attack.
Once you’ve done that, you really have little choice but to ride out the attack. Chances are, once your accounts have been frozen, the calls will cease and you’ll be able to resume your life again. At this point you’ll have some cleaning up to do, including investigating your credit cards for false charges, ensuring your bank account balances are correct, freezing your credit report and, most importantly, changing passwords.
— Christopher Null is a technology writer for Yahoo! News.
But that’s old news, really. The really clever part begins once the thief starts draining your account or using your stolen credit-card information to buy things. This stage involves tying up your phone line completely through a seemingly endless procession of junk phone calls, from telemarketers to recorded messages advertising some product or another to nothing but silence.
It doesn’t matter what the substance of the calls is. Rather, it’s the fact that your phone line is being tied up so that you can’t use it.
That’s important, because, meanwhile, the crooks are busily running up the bills. Scammers have wised up to the fact that banks will quickly catch on to fraudulent charges, so by now you’ve surely experienced what is supposed to come next: Your bank calls you to ask about “unusual activity.”
But with the scam in full swing, the bank can’t get through to you. It receives a busy signal, and, depending on the bank, the bank may let the charges continue until you turn them off — so the tally keeps rising.
Another, simpler trick: A scammer simply changes your phone number with the bank once he has access to your account. Thus, the bank can’t reach you at all since the number is wrong.
The only real thing you can do if you think you’ve been targeted with this scam is to start contacting financial institutions immediately through another phone number and put a freeze on the account, either using an alternate line like a cell phone or even by going to a friend’s house. Start with your most critical financial institutions and credit-card providers and work down. Remember, a single telemarketing phone call does not a scam make, but if you’ve gotten a handful in a row, one after another, the odds are good that you’re under attack.
Once you’ve done that, you really have little choice but to ride out the attack. Chances are, once your accounts have been frozen, the calls will cease and you’ll be able to resume your life again. At this point you’ll have some cleaning up to do, including investigating your credit cards for false charges, ensuring your bank account balances are correct, freezing your credit report and, most importantly, changing passwords.
— Christopher Null is a technology writer for Yahoo! News.
What was fake about the G8 family photo in Canada in 2010? Find out......
The lake's real, but now the grass is fake
By Michelle Mcquigge, The Canadian Press
Well, at least the lake is real.
Despite an obvious abundance of the real thing, it was artificial turf that some of the world's most powerful leaders trod upon Friday during their long-awaited "family photo" at the G8 Summit in the heart of cottage country.
The leaders stood atop the turf-wrapped platform, complete with stylized G8 logo in the centre, as they clapped one another on the back, waved and mugged for the cameras for all of about a minute.
Then, almost as quickly as they had arrived, they were gone again, leaving behind the 111-square-metre platform and the perfect vista of glassy waters that served as their backdrop.
Huntsville resident Lisa O'Doherty admitted she found it odd that organizers deemed it necessary to install a fake-grass platform on top of real grass, but if it was in the name of further beautifying her already picturesque town, so much the better.
"I don't think it's necessary, with all the beautiful grass around," O'Doherty said. "But I know they do that because they do want everything to look pristine. So am I upset about it? Definitely not."
Suppliers of artificial turf say an area of fake grass that size would typically cost between $6,000 and $8,400 to install, depending on quality — a drop in the bucket of the overall $1.2-billion budget set aside for the G8 and G20 summits.
It's also a fraction of the $57,000 that was spent on the infamous "fake lake," an artificial oasis in the international media centre in Toronto to give journalists who are covering Huntsville from a distance a bit of a taste of what it's like in cottage country.
They've done fake lakes down in Toronto right beside Lake Ontario, so they're going to do what they're going to do," O'Doherty said. "I still think it's great that this is happening here."
Judy Brouse of the Muskoka Watershed Council, a group dedicated to protecting the region's delicate water ecosystems, said she'd heard nothing of the plans to install fake grass.
And while it might seem counterintuitive, it could serve a valuable environmental purpose — protecting the grass underneath it from pedestrian traffic, for instance, Brouse said.
"We’ve often found that when we think something is really bizarre, we look into it and think, 'Oh, that’s not as bizarre as we thought it was,'" she said.
"So we try not to say very much until we sort of understand both sides."
Earlier Friday, protesters in Toronto unveiled their version of the fake lake — a children's splash pool with a deck chair, complete with a sign: "Community organizers provide media lake for $12.99."
"Welcome to our pool party," said Adonis El-Jamal, spokesman for the Toronto Community Mobilization Network.
"Our pool only cost $12.99. Feel free to take a dip if you like."
Protesters who gathered around the kiddie pool say the $1 billion spent on summit security could have housed all the homeless people in Toronto, along with all those on the waiting list for social housing, for one year.
By Michelle Mcquigge, The Canadian Press
Well, at least the lake is real.
Despite an obvious abundance of the real thing, it was artificial turf that some of the world's most powerful leaders trod upon Friday during their long-awaited "family photo" at the G8 Summit in the heart of cottage country.
The leaders stood atop the turf-wrapped platform, complete with stylized G8 logo in the centre, as they clapped one another on the back, waved and mugged for the cameras for all of about a minute.
Then, almost as quickly as they had arrived, they were gone again, leaving behind the 111-square-metre platform and the perfect vista of glassy waters that served as their backdrop.
Huntsville resident Lisa O'Doherty admitted she found it odd that organizers deemed it necessary to install a fake-grass platform on top of real grass, but if it was in the name of further beautifying her already picturesque town, so much the better.
"I don't think it's necessary, with all the beautiful grass around," O'Doherty said. "But I know they do that because they do want everything to look pristine. So am I upset about it? Definitely not."
Suppliers of artificial turf say an area of fake grass that size would typically cost between $6,000 and $8,400 to install, depending on quality — a drop in the bucket of the overall $1.2-billion budget set aside for the G8 and G20 summits.
It's also a fraction of the $57,000 that was spent on the infamous "fake lake," an artificial oasis in the international media centre in Toronto to give journalists who are covering Huntsville from a distance a bit of a taste of what it's like in cottage country.
They've done fake lakes down in Toronto right beside Lake Ontario, so they're going to do what they're going to do," O'Doherty said. "I still think it's great that this is happening here."
Judy Brouse of the Muskoka Watershed Council, a group dedicated to protecting the region's delicate water ecosystems, said she'd heard nothing of the plans to install fake grass.
And while it might seem counterintuitive, it could serve a valuable environmental purpose — protecting the grass underneath it from pedestrian traffic, for instance, Brouse said.
"We’ve often found that when we think something is really bizarre, we look into it and think, 'Oh, that’s not as bizarre as we thought it was,'" she said.
"So we try not to say very much until we sort of understand both sides."
Earlier Friday, protesters in Toronto unveiled their version of the fake lake — a children's splash pool with a deck chair, complete with a sign: "Community organizers provide media lake for $12.99."
"Welcome to our pool party," said Adonis El-Jamal, spokesman for the Toronto Community Mobilization Network.
"Our pool only cost $12.99. Feel free to take a dip if you like."
Protesters who gathered around the kiddie pool say the $1 billion spent on summit security could have housed all the homeless people in Toronto, along with all those on the waiting list for social housing, for one year.
Disgraced millionaire lobbyist Jack Abramoff takes pizza job
WASHINGTON (AFP) - Disgraced millionaire superlobbyist Jack Abramoff, newly released from prison, has taken a job at a kosher pizzeria for around 10 dollars an hour, The New York Times reported on Thursday.
Abramoff, once among Washington's most influential powerbrokers, started working this week at Tov Pizza in Baltimore, Maryland where he earns between seven and a half and 10 dollars an hour, according to the newspaper.
"He is not the monster he has been portrayed as," the pizzeria's owner, Ron Rosenbluth, told The Times.
Abramoff served three and a half years at a minimum security prison camp in Cumberland, Maryland outside Washington and now is living at a halfway house which arranged the pizzeria job, the daily wrote.
"People ask me, 'Why would you ever hire Jack Abramoff?' Rosenbluth said.
"I say, 'Why wouldn't I hire Jack Abramoff?' He's paying his debt to society, right?"
Abramoff became one of Washington's leading lobbyists during the Republican rise to power in Congress in the 1990s, and expanded his influence with George W. Bush's capture of the White House in December 2000.
He was sentenced to nearly six years in prison for wire and mail fraud after pleading guilty to defrauding lenders in a Florida gambling boat deal.
He also pleaded guilty to charges of conspiracy to corrupt public officials, mail fraud and tax evasion in a lobbying operation that involved providing large amounts of money and favors to the offices of Republican members of Congress.
Abramoff's guilty pleas helped force from their jobs two lawmakers, several top Congressional aides and a senior Bush administration official, and contributed to the Republican Party losing control of Congress in 2006.
Abramoff, once among Washington's most influential powerbrokers, started working this week at Tov Pizza in Baltimore, Maryland where he earns between seven and a half and 10 dollars an hour, according to the newspaper.
"He is not the monster he has been portrayed as," the pizzeria's owner, Ron Rosenbluth, told The Times.
Abramoff served three and a half years at a minimum security prison camp in Cumberland, Maryland outside Washington and now is living at a halfway house which arranged the pizzeria job, the daily wrote.
"People ask me, 'Why would you ever hire Jack Abramoff?' Rosenbluth said.
"I say, 'Why wouldn't I hire Jack Abramoff?' He's paying his debt to society, right?"
Abramoff became one of Washington's leading lobbyists during the Republican rise to power in Congress in the 1990s, and expanded his influence with George W. Bush's capture of the White House in December 2000.
He was sentenced to nearly six years in prison for wire and mail fraud after pleading guilty to defrauding lenders in a Florida gambling boat deal.
He also pleaded guilty to charges of conspiracy to corrupt public officials, mail fraud and tax evasion in a lobbying operation that involved providing large amounts of money and favors to the offices of Republican members of Congress.
Abramoff's guilty pleas helped force from their jobs two lawmakers, several top Congressional aides and a senior Bush administration official, and contributed to the Republican Party losing control of Congress in 2006.
Are you 50 years old and broke? Explore your options. By Stephen Simpson
50 years old and broke: Now what?
by Stephen Simpson, CFA, for Investopedia
Provided by Forbes.com
For many people, it is an idea too scary to contemplate. For others, it's reality. Being in your 50s and having no meaningful savings is certainly a frightening and serious situation, but by no means is it hopeless. People are living longer and in better health than ever before and it is never really too late to start making positive moves.
Fix 'er Up
First, figure out how you got to be 50 and broke and how you can prevent that from continuing. In some cases, it could have been crippling medical or legal costs that were all but impossible to prevent. In other cases, it may have been major investment losses incurred in the stock market or a result of tying a large amount of money into corporate options and stock that are now worth much less.
More from Investopedia:
• 10 Retirement-Wrecking Moves
• Working Longer: Will It Hurt Your Retirement?
• Digging Out Of Debt In 8 Steps
Excessive generosity (like paying for college and weddings) may also have depleted the coffers, or low savings may be a product of excessive spending. Some people never think to pay themselves first (in the form of savings) and instead focus on having a new car every few years, top-of-the-line electronics, season tickets to professional sports and so on.
If the cause was out of your control, simply shift your focus to rebuilding your savings and do not dwell on it. But if the cause was controllable or avoidable, make sure to keep the lessons in mind. Sharp stock market losses may indicate you take on too much risk or do not diversify enough, while excessive spending suggests the need for stronger prioritization and discipline.
Change Your Plans
If you find that you have under-saved by the time you are 50, you have to change your plans to cope with this reality. For most people, the 50s are the peak earning years, and it is important to make the most of this. Forget about transitioning to part-time work or taking early retirement, and focus instead on making the most you can of these high-earning years.
You should give serious thought to working past normal retirement age. Even just a couple extra years of work may pay for double those years in retirement. In Canada, labour laws do not specify a retirement age for employees, although some laws or policies do set age limits for people working in certain occupations, according to Human Resources and Skills Development Canada. But there are rules concerning when you can start receiving any Canada Pension and start tapping into RRSP funds, but that does not mean you cannot continue to work if you are healthy enough.
Folks who need to build up their savings quickly should also consider a second job. Of course this is not a fun proposition, but the name of the game here is catching up. More experienced workers may find that their experience gives them opportunities to work as consultants (beware of competing with your day job, though!), while others may find that simply working a few hours a week in retail gives them some very welcome extra money.
There is another advantage in getting a second job - insurance. Although it is not legal, it is not unknown for companies to try to squeeze out older (and more expensive) workers and having a second job in place could soften the blow if this happens to you.
Finally, plans that involve significant luxury purchases (a second house, a boat, an RV), expensive vacations or large gifts to relatives should be put on the back burner, if not cut out entirely. Remember, we are talking here about making sure that you have enough money to live comfortably for the 20, 30, or maybe 40 years of your retirement; surely postponing a major purchase is worth that extra comfort.
Play Catch Up
The first step in catching up to your savings goal is to put a tight squeeze on your budget. You don't have to resume the college kid diet of coffee and Ramen noodles, but if you find yourself with no savings and a habit for scotch or cigarettes, it might be a good time to really consider quitting and putting that money towards building your savings.
Another important step is to max out your opportunities to participate in RRSPs and the newer tax-free savings accounts (TFSAs). If your company offers RRSP matching, be sure to adjust your budget to contribute the maximum amount. Even without that match, though, there is no reason not to contribute as much as you can afford. If your company does not offer a retirement plan, you can set up your own and contribute to it on a monthly basis. Also, remember that even if you haven’t contributed the maximum to your RRSP in the past, you never lose your contribution room so now is a good time to try to max it out.
Single and looking. Email me
Do not make the mistake of ignoring regular brokerage accounts as well. It is true that a regular brokerage account does not offer the tax benefits of an RRSP, but so what? If you are contributing everything you can to retirement accounts and you still have money left over, you should by all means open such an account and look at it as part of your comprehensive retirement plan. You will have to pay taxes on dividends and capital gains (unless you choose a TFSA), but you can contribute as much as you like, whenever you like, and you do not have to take any sort of mandatory distribution.
Do Not Fret - But Do Not Delay
If you find that your plans somehow went awry and you are looking at meagre savings for a retirement coming in 15 or 20 years, don't beat yourself up about it. There is still plenty of time for you to make strong positive steps and build a nest egg. It is important to get moving quickly, though, so do not put off the process any longer. Take an inventory of the financial decisions you have made in the past, the goals you need to achieve, and the resources available to you. With some hard work, discipline, and creative thinking, no situation is so bad that it cannot be fixed with some time and attention.
ORIGINAL ARTICLE>>>>>>
by Stephen Simpson, CFA, for Investopedia
Provided by Forbes.com
 |
| Request up to 500,000 U.S. addresses now |
Fix 'er Up
First, figure out how you got to be 50 and broke and how you can prevent that from continuing. In some cases, it could have been crippling medical or legal costs that were all but impossible to prevent. In other cases, it may have been major investment losses incurred in the stock market or a result of tying a large amount of money into corporate options and stock that are now worth much less.
More from Investopedia:
• 10 Retirement-Wrecking Moves
• Working Longer: Will It Hurt Your Retirement?
• Digging Out Of Debt In 8 Steps
Excessive generosity (like paying for college and weddings) may also have depleted the coffers, or low savings may be a product of excessive spending. Some people never think to pay themselves first (in the form of savings) and instead focus on having a new car every few years, top-of-the-line electronics, season tickets to professional sports and so on.
If the cause was out of your control, simply shift your focus to rebuilding your savings and do not dwell on it. But if the cause was controllable or avoidable, make sure to keep the lessons in mind. Sharp stock market losses may indicate you take on too much risk or do not diversify enough, while excessive spending suggests the need for stronger prioritization and discipline.
Change Your Plans
If you find that you have under-saved by the time you are 50, you have to change your plans to cope with this reality. For most people, the 50s are the peak earning years, and it is important to make the most of this. Forget about transitioning to part-time work or taking early retirement, and focus instead on making the most you can of these high-earning years.
You should give serious thought to working past normal retirement age. Even just a couple extra years of work may pay for double those years in retirement. In Canada, labour laws do not specify a retirement age for employees, although some laws or policies do set age limits for people working in certain occupations, according to Human Resources and Skills Development Canada. But there are rules concerning when you can start receiving any Canada Pension and start tapping into RRSP funds, but that does not mean you cannot continue to work if you are healthy enough.
Folks who need to build up their savings quickly should also consider a second job. Of course this is not a fun proposition, but the name of the game here is catching up. More experienced workers may find that their experience gives them opportunities to work as consultants (beware of competing with your day job, though!), while others may find that simply working a few hours a week in retail gives them some very welcome extra money.There is another advantage in getting a second job - insurance. Although it is not legal, it is not unknown for companies to try to squeeze out older (and more expensive) workers and having a second job in place could soften the blow if this happens to you.
Finally, plans that involve significant luxury purchases (a second house, a boat, an RV), expensive vacations or large gifts to relatives should be put on the back burner, if not cut out entirely. Remember, we are talking here about making sure that you have enough money to live comfortably for the 20, 30, or maybe 40 years of your retirement; surely postponing a major purchase is worth that extra comfort.
Play Catch Up
The first step in catching up to your savings goal is to put a tight squeeze on your budget. You don't have to resume the college kid diet of coffee and Ramen noodles, but if you find yourself with no savings and a habit for scotch or cigarettes, it might be a good time to really consider quitting and putting that money towards building your savings.
Another important step is to max out your opportunities to participate in RRSPs and the newer tax-free savings accounts (TFSAs). If your company offers RRSP matching, be sure to adjust your budget to contribute the maximum amount. Even without that match, though, there is no reason not to contribute as much as you can afford. If your company does not offer a retirement plan, you can set up your own and contribute to it on a monthly basis. Also, remember that even if you haven’t contributed the maximum to your RRSP in the past, you never lose your contribution room so now is a good time to try to max it out.
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Yamila - Âge: 20 - No kidsSingle and looking. Email me
Do not make the mistake of ignoring regular brokerage accounts as well. It is true that a regular brokerage account does not offer the tax benefits of an RRSP, but so what? If you are contributing everything you can to retirement accounts and you still have money left over, you should by all means open such an account and look at it as part of your comprehensive retirement plan. You will have to pay taxes on dividends and capital gains (unless you choose a TFSA), but you can contribute as much as you like, whenever you like, and you do not have to take any sort of mandatory distribution.Do Not Fret - But Do Not Delay
If you find that your plans somehow went awry and you are looking at meagre savings for a retirement coming in 15 or 20 years, don't beat yourself up about it. There is still plenty of time for you to make strong positive steps and build a nest egg. It is important to get moving quickly, though, so do not put off the process any longer. Take an inventory of the financial decisions you have made in the past, the goals you need to achieve, and the resources available to you. With some hard work, discipline, and creative thinking, no situation is so bad that it cannot be fixed with some time and attention.
ORIGINAL ARTICLE>>>>>>
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