As is customary, with the approach of each New Year there is a timeout to reflect on things of the past.  In doing so this year the exercise has been most eye opening.  It has left me prayerfully and strategically outlining my future steps as we brace ourselves to enter into 2012.  So much so, that I have made a conscious decision to share my personal insights with the Focus on Finance readership.

Many may have either seen or heard about the movie “2012”, wherein the world abruptly comes to an end or at least it seemed abrupt.  Initially, people globally were still carrying on in day-to-day mundane activities oblivious to impending doom, even with supernatural earthquakes, floods, temperature changes and other destructive hints all around them.    Nevertheless, once global destruction began the expected mass panic, fear, and acts of desperation for survival commenced.  Futilely, only a privileged few that were informed and financially positioned to take advantage of a planned escape stood to survive. 

While I do not expect 2012 to necessarily be the end of the world.  It may nonetheless be pushing us closer to the end of the way of life as we now know it.  Now I’m no doom and gloom type of person.  In fact, I’m extremely optimistic even in the worst of situations and it has served me well.  On the other hand the fact that I am troubled by my personal reflection of the current global economy has me disturbed.  As well, so should it you. 

During 2011 we have seen the continued deflation of the U.S. dollar as the National Debt increased astronomically, the failing of the European currency, increased inflation, rising unemployment, continued dissatisfaction with the banking industry, Wall Street protests and global political unrest.  There are too many events in the daily news to even account for in this column.  The proverbial ‘cute’ story shown at the close of any news broadcast is doing less and less to comfort the masses, as they offer no solution from the onslaught of the previous bad news.

During this year I have invested time and resources in search of what the Rich are now doing to hedge themselves in this new financial climate.  So let us focus on the global financial state we find ourselves in at the close of this year.  It is less about just making a new financial resolution and more of how you will survive as we approach what a growing number of experts and ordinary citizens believe will be an inevitable global financial collapse.  One positioned to be of greater magnitude than the depression of the 1920s.    

Hopelessness in this hour is not the option for any of us.  What you do starting today will determine how your children, family, loved ones make it through the impending financial challenges ahead.  Be assured this is not if a crisis is coming, but when will it fully arrive.

Since I’m unaware of this readership’s individual financial status you may wish to seek consultation to evaluate your current financial situation.  Remember, I am not a certified financial planner or advisor nor am I providing financial advice here.  Still, I am a financial coach with 25 years of experience that is offering insight for use in making independent financial choices for success.   Below is an overview of my personal reflections that I felt led to share, even if just to enlighten one other person.

ü  A Deeper Financial Awakening: you cannot continue to think in the same manner and get different results.  Understand and acknowledge first that we are in a global financial crisis.  As such, it impacts every area of life and a new thought pattern is needed to develop a successful strategy. 

ü  Education on Global Financial Issues: the responsibility to educate yourself on global financial issues is 100% up to you.  Also, include your children as they are part of the solution.  Here is a hint; neither the government nor mainstream media is providing us with a complete accurate picture. 

ü  Assess Your Financial Status: this basic financial principal is foundational.  This includes calculating what is or could be quickly turned into liquid assets.  This also requires that you begin to align assets to get needed items of value.  What are these items?  Keep reading for an opportunity to learn more about them.  

ü  Acquire the Right Assets: do you know what it will take to survive a global financial crisis?  I can tell you the Rich may be on to something and things that you think are important will probably not be as much. 

ü  Form Strategic Alliances: after considering the previous steps it may be apparent that you are starting with a deficit.  Evaluate your strengths and then look to connect with others like-minded with whom you can find leverage.  Believe me you will need to find strength from others. 

ü  Pray for our Nation: the U.S. was founded and forged as a nation with prayer by our Founding Fathers.  When a full financial crisis occurs prayer will no longer be a moral distraction, but highly welcomed by most in this nation.  Just think, many of our politicians were negatively impacted by the removal of prayer from the schools and we are now faced with the sad results.  So start now!

This is only an initial overview which is meant to be frank enough to raise awareness, spark new actions, and create a new accountability mentality.  For instance, stop spending all of your time on Facebook and go produce a financial survival plan.  

Just as in the movie “2012” there will be a privileged few who take advantage of this information.  If you are one of them then you will want to join me on a free call January 11, 2012.  There you can get more specific financial survival steps and learn how I am hedging my family against an impending financial disaster.  You can find out more and register now by going to www.WealthContender.com.    

­­­­­­­­© 2011 Ask Yvon is a written by S. Yvon Harper for Focus on Finance, LLC – (513)341-5912.  All rights reserved. Contact us at www.FocusOnFinanceOnline.com. Join us on Facebook at www.Facebook.com/FocusOnFinance. Readers are strongly urged to consult with a qualified legal or tax advisor to analyze your specific financial situation before application of any advice from this column.

Share on Facebook

Let me begin by telling you a story.  Linda Joy wanted to go shopping so she planned her list carefully, which included a trip to the bank.  She had a new debit card and needed to activate it for use in the store that day.  Linda stopped at the nearest ATM outside of her bank’s network, because one store was close by and about to close.  After wrongfully entering her PIN several times she finally remembered it.  She proceeded to get some cash with a $3 out-of-network ATM fee.  Linda then went shopping and caught some great unexpected sales, but was happy she had her new debit card to use.  It was a great day.  At the end of the month Linda’s bank statement came as expected, but she didn’t expect to see several additional fees from her day of shopping:

$5 Use of Debit Card for the month
$3 Additional Out of Network ATM Fee
$1.50 Multiple Entries of PIN at the ATM and
$6 Increase of Checking Account Fee

Linda discovered the hard way that her big of day shopping had turned into a fees payday for her bank.  What Linda experienced is what consumers must be on the alert for.  Since before October 1, 2011, when the Dodd-Frank Act took effect to curb excessive banking fees, many larger banks have been quietly unbundling there included services to charge new fees to their customers all in the name of raising profit.

Most recently rescinded were the Monthly Debit Card Usage fees that were to take effect at the beginning of the year.   Bank of America, Chase, US Bank and Wells Fargo, to name a few, were set to require the $3 to $5 fee just for using your debit card to pay for purchases.  After a major uproar by not only Consumers, but Lawmakers the fee was scrapped…for now at least.  One of the most notorious, Bank of America, CEO Brian Moynihan initially defended it, saying that his company "has a right to make a profit."

This brings to the forefront the need to know what fees your bank charges for their services.  Unfortunately, these fees are not always posted upfront and many are only discovered after they have been incurred by the customer.  The U.S. Public Interest Research Group published a report Big Banks, Bigger Fees, earlier this year to provide insight into these fees.  You can read it on their website at www.PublicInterestNetwork.org it suggests that there are upwards of around 49 fees at time of the report printing. 

Bank customers should ask for a full listing of your banks fees, if even available.  If you find that there are too many you may want to do what 650,000 other customers did when the Debit Card Usage fee was announced and join your local credit union.  Credit unions are a staple in the financial industries and often times avoid the fees for services that traditional banks charge, because they are member owned.  To find a credit union in your area search online at www.CreditUnionsOnline.com the service is free. 

­­­­­­­­© 2011 Ask Yvon is a written by S. Yvon Harper for Focus on Finance, LLC – (513)341-5912.  All rights reserved. Contact for questions at FocusOnFinanceOnline.com/Contact. Join us on Facebook at www.Facebook.com/FocusOnFinance. Readers are strongly urged to consult with a qualified legal or tax advisor to analyze your specific financial situation before application of any advice from this column.

Share on Facebook

In this day and age it is important that we look at protecting our financial information no doubt.  Nonetheless, with so many national merchants and others creditable vendors opening online stores many will find great advantages to shopping online.  Personally, I prefer the convenience of online shopping and look forward to it during the holiday shopping season.

However, I want to share a recent experience that ended up not being so much about the merchant as much as it was my choice in payment options.  You see, I brought a gift for someone and upon receiving it discovered that it was defective.  So I did what most consumers would do, which is contact the retailer.  No response.  So, I sent a second contact with request for refund and again no response.

At first I didn’t panic, because I had purchased the item through Paypal and felt confident that their ‘consumer protection’ policy could resolve the problem.  Unfortunately, I’m sorry to say… NOT!  You see, Paypal limits what claim disputes they will fight for you, like if you did not receive an item.  However, if the item is defective they won’t pursue that for you.  In fact, they refer you to your own credit card company to pursue a refund.  This would be okay, I guess,  if the name reported on the consumer’s statement was that of the actual merchant, but in this case I had used the ‘Instant Transfer’ option, because of this the transaction only reports it’s a Paypal Instant Transfer transaction without reference to the merchant.  The credit card company also said no go to pursing a refund because of this.

What does all this mean for the consumer?  Basically, that if you purchase an item using Paypal AND you use the Instant Transfer option AND you have a dispute for something other than item was not received…you’re out of luck.  Paypal will only provide you with the  standard company line of “We’re sorry you have a defective item, but we only offer protection of the consumer credit card information being provided to the seller and can’t help that the merchant was negligent in providing a defective product”.  Although they do offer to keep a record on the complaint for future use…whatever that means.

After my experience I had to ask myself what good is it to use Paypal at the checkout, if they don’t FULLY protect the consumer by giving them recourse when receiving defective merchandise or fraudulent sellers?”  My answer ‘not much ‘and I will most likely think long and hard before I even consider using Paypal’s Instant Transfer feature in the future.

Don’t be confused and please understand that there are MANY honest and creditable merchants using Paypal for their shopping cart…I use them myself and using Paypal in and of itself is NOT a problem per se.  Nonetheless, as a purchaser  we must be aware of the risk, if you choose the Paypal Instant Transfer option.

My other suggestion?  Use a seller’s direct merchant account for your purchases, which can provide greater protection in the event of a product dispute through your card issuer.  Below are several suggestions to keep in mind whether you use Paypal or a merchant’s shopping cart at checkout:

1. Make sure you take time to know something about the retailer – like how long they have they been in business and trade associations, if any.
   
2. Read customer reviews, if available – these can give valuable clues about the merchant and could have helped me prior to my purchase.
3. Understand the merchant’s return policy before you purchase and contact customer service with any questions.
   
4. Ensure that the payment connection is secure – such as SSL security.
5. Use a credit or debit card with a Visa or Master Card logo AND ensure that the charge will show the merchant’s name for maximum consumer protection, if you need to file a dispute.

Doing these things will help to ensure that you have the greatest shopping experience.  Don’t forget the golden rule of shopping either, which is, if the deal looks to good to be true than it probably is.  Happy shopping.

Share on Facebook

Most people have heard that in this present economy banks are not lending. Both business and individual borrowers alike have been impacted by the lack of financial resources available. In fact, many credit card users have experienced unprovoked increases in interest rates, decreases in credit limits, even when their payment history has been stellar and there are significantly lower viable credit offers in our mailboxes. Unfortunately, recent reports do not show this trend ending soon. Welcome to the new lending economy.

The real problem is that financial resources are still necessary for our economy to rebound by both the business person and the individual. So where does one turn to when the banks have all but shuttered their lending doors? Many are turning to peer-to-peer (P2P) lending as an alternative-lending source.

How does it work?

P2P lending is a non-traditional financial solution for borrowers who are looking to fund their projects. In most cases a borrower can request a loan of between $100 and $25,000, and in some cases specify the maximum interest rate they’re willing to pay. The ones that I found are available online and loan requests are submitted electronically. Lending criteria through the P2P site allows a potential lender to evaluate hundreds of borrowers, who explain why they need a loan, and provide a credit history and a debt-to-income ratio. The borrower’s full personal and financial information however is shielded from view.

Who can apply?

Anyone can apply as long as you meet minimum application requirements. Borrowers seek loans for a variety of reasons, such as opening businesses, paying off hospital bills or even funding medical procedures like braces for a child. Presenting a solid case for the loan request by telling your story is important in getting funded.

What are the benefits?

For many individuals in this present economy P2P lending allows the opportunity to find financing where they would have otherwise been turned down by traditional lenders. It allows the borrower to interact with real people who lend for a range of reasons other than just for profit. It can also assist potential borrowers in building a credit history for the future.

Where can I find peer-to-peer lenders?

Prosper Marketplace is one of the first and the largest P2P lenders, it has been in business since 2006, has over 950,000 members and to date has funded more than $194,000,000 in P2P loans starting at $1,000. Prosper pioneered peer-to-peer lending, which allows people to invest in each other in a way that is socially and financially rewarding. Prosper uses an auction type model that allows potential lenders to bid against others to fund your loan.

Prosper also offers investment opportunities for lenders to build an investment portfolio that could potentially earn six percent to 16 percent based on investment risk. This is in addition to the lender’s ability to bid on individual loans and trade loan notes that they may already hold. New lenders can get started with Prosper and P2P lending with as little as $25. As always be sure to do your due diligence before making any investment. Go to www.Prosper.com for more information.

Bottom line, if you have been turned down by traditional lenders or are looking for an alternative to approaching banks for financing your next project you may want to consider P2P lenders. In this new economy you may find that peer-to-peer lending is the new tradition in loan funding.

© 2010 Ask Yvon is a written by S. Yvon Harper for Focus on Finance, LLC – (513)543-1363. All rights reserved. Contact or questions at www.FocusOnFinanceOnline.com for help in getting personal with finances. Listen online at www.BlogTalkRadio.com/YvonSpeaks. Readers are strongly urged to consult with a qualified legal or tax advisor to analyze your specific financial situation before application of any advice from this column.

Share on Facebook

No phrase opens wide the door of possibilities more than ‘What if…’  It’s not hard for your imagination to pick a subject and dream away without limits.  The challenge is depending on what topic you pick you may choose to embrace it or want to run screaming for the hills.

During the last several months I have been facing a series of major life challenges. Especially with regards to caring for my husband’s and my aging parents.  One of whom passed away in May.  It hasn’t been an easy subject to approach due to the possibility of the ‘What if’.   One lesson I have learned is that you have to keep going regardless of the possibilities.

The ‘What if’ for us has been sort of positive, because our parents took some beneficial steps to put their affairs in order, while they were still able.  Even though every ‘T’ wasn’t crossed and every ‘I’ dotted it is still better than the possibility of ‘What if’ they had done no planning at all.

A big challenge has not been that they didn’t plan, but in some cases finding the financial records.  This has been one adventure after another that I wish I didn’t have to undertake, but you must keep going.

With that in mind I’ve discovered and am now personally using a tool that is more than it’s weight in gold.  It’s called the Financial Records Passport and it has the ability to hold ALL your personal financial information in one place.  Believe me, after the goose chases I’ve been on with finding my parents financial documents I know its value!

The Financial Records Passport is amazing!  It efficiently and effectively documents all your needed financial information in one place and is as small and portable as your cellphone.  And it easily lends itself to store neatly into a safe deposit box or be provided to your appointed financial representative to be used in case of emergency.  You can best believe that they will thank you for it too!

Anyone reading the news these days should understand why documenting your financial records is not just for the elderly.  Reading about the unexpected tragedies of both young and old makes this task very real and necessary for us all!  Take advantage of the time you have right now to make things easier on your loved ones by getting your own Financial Records Passport today!

The cost of the Financial Records Passport is only $12.49 plus s/h AND there is no additional shipping charges on the 2nd or 3rd passport in the same order.  Give one to all your loved ones and recommend the Financial Records Passport to your friends.  Create new possibilities should tragedy strike and your loved ones have to answer the question…’What if…’

Share on Facebook

Recently I had a client ask me “How do I rebuild my credit without getting any credit offers from banks?”  In this economy this client is far from being alone.  Let’s face it with the more than 25 million Americans out of work, due to a stalled economy; many are facing a credit deficit.  Nonetheless, it is imperative to rebuild new credit when recovering from any type of financial set-back that has negatively impacted your credit.

So how do you acquire genuine credit offers from a bank if you find yourself in a credit recovery dilemma?  First let’s distinguish between the types of available credit sources, because there is a big difference.  I like to refer to them as A-type credit and B-type credit profiles.  Based on the facts for each type you may be able to determine which type of credit profile fits your situation.

A-type credit is the preferred standard.  They are offerings from major financial companies genuinely received by individuals with near perfect credit, as validated by a high Fico credit score.  A-type credit offers may provide perks such as program points for free travel, shopping or other services with use of the card.  It provides a low interest rate along with no annual fees.  A-type credit also provides a reasonable initial credit limit that is raised with responsible credit usage.  Most importantly, it also attracts other credit offers from A-type creditors.  This is the preferred type of credit that you need to obtain in your financial recovery.

However, in this economy if you are credit challenged you don’t need to look in your mailbox for A-type credit offers, because they are not coming.  Quickly you will discover you have entered the world of B-type credit, which is substandard and far less desirable.  B-type credit offers are made by credit vendors who intentionally target individuals with imperfect credit profiles.  A low Fico credit score, bankruptcy, none or limited credit relationships, or other negative factors reporting on your credit report will place you in the B-type column.  The B-type credit card offerings generally provide a high interest rate; many require application, use and annual fees.  Many times B-type credit cards provide extremely low credit limits, which in some cases are used up by initial fees before you even receive your official credit card.  Sadly, they also attract other B-type creditor offers.  Avoid B-type of credit offers at all costs.

Again, how can you get A-type credit cards if you are credit challenged?  The truth is you may initially have to pay for the A-type credit you need.  That means you may have to provide the cash funding for the line of credit you desire.  These types of self-funded credit cards are referred to as Secured Credit Card accounts.  They are different and carry better benefits than pre-paid credit card, which do not assist you in rebuilding your credit.

Now I can hear some of you saying “Why would I want to do that?”  The answer is simple, because you want to attract other A-type creditors who you won’t have to self-fund in the future.  Other advantages include they report your responsible credit activity on all three major credit reports to raise your Fico credit scores, it is legitimate prestige of association with A-type mainstream creditors, and you control your desired credit limit.  Best of all, if done correctly you can receive the return of your initial cash deposit, with the ability to continue credit card usage, in as little as 12-months.

While you can look for these types of creditors on your own I have compiled a national list of my 5 top choices for A-type secure credit card companies to quickly use in your financial recovery.  Believe me when I say all secure credit cards are NOT created equally.  You can find out more information at www.FocusOnFinanceOnline.com or by calling us at 513-549-1363.  Another place to look locally for an A-type credit card is at your community credit union.  I highly suggest that if you do not have a relationship with a local credit union that you establish one.  Credit unions offer many benefits, one being they are able to connect with you and your credit situation as a real person and not just a paper application.

Don’t be afraid to use your cash to build your credit options for the future.  Credit recovery is a difficult task in this new economy, but if you know how, where and what to look for in available credit sources you will speed your financial recovery.

=====================================================================================================

© 2010 Ask Yvon is a written by S. Yvon Harper for Focus on Finance, LLC – (513)549-1363. All rights reserved. Contact for questions at www.FocusOnFinanceOnline.com.

Listen to Yvon online at www.BlogTalkRadio.com/YvonSpeaks. Readers are strongly urged to consult with a qualified legal or tax advisor to analyze your specific financial situation before application of any advice from this column.

Share on Facebook

Some times the runt of the team does make the winning point, the underdog comes from behind to win the race and the request from a loaner on the street to ‘spare a dime’ really can change their life. In each of these cases we applaud the final outcome, because it is the realization of something small playing a much bigger part. If we consider closely the last example your financial outcome can have the same results by realizing the impact of collecting spare change.

Recently, I attended a seminar on a short notice. So all the arrangements were made and expenses calculated to ensure I was properly funded to go. What I discovered was that I was a little short in covering all the trip’s expenses. Further, due to other planned obligations I didn’t want to disturb the financial balance. What to do? This would have been a gem of an opportunity lost, but I remembered my commitment to reserve some financial resources by ‘changing’ my life.

Many times individuals believe the myth that the only way to start a savings for the future is by depositing a large amount, which for some will never happen without first hitting the lotto and we all know the odds of that. The truth is that changing your financial future can begin more simply every time you pay for an item and collect the spare change. Instead of putting only dollars aside, which I strongly encourage, save your spare change just as if it were gold, because it is.

This single principal can make a huge impact on your financial bottom line, because it can allow you to pay yourself first several times a week. Let me share that since I’ve embraced this principal I have not only funded business trips, but paid for my child’s school activities, put gas in my car and paid for unexpected bills without over throwing the rest of my budget. So consider what this multiplication principal can do for you, because it may be the answer to buying presents for this year’s holiday season.

So the next time you pay for any item be sure to break a dollar currency to pay for it instead of giving exact change, when you see coins on the ground pick them up like I do, and resist the urge of telling the cashier to keep the change. Each of these is lost opportunity to build your change fund. I also suggest writing out the criteria list of how you desire to use your new cash fund. By creating a reason for qualified withdrawals it will mentally assist you in building your fund.

We all know that we must be more creative and diligent to save our financial resources in these economic times. This is only one way to do so and I’d love to hear from you on other ways that you may have discovered. Remember the old saying ‘save your money and it will save you’, because if you don’t this economy won’t.

© 2010 Ask Yvon is a written by S. Yvon Harper for Focus on Finance, LLC – (513)795-0430. All rights reserved. For contact or questions send to www.FocusOnFinanceOnline.com for help in getting personal with finances. Listen online at www.BlogTalkRadio.com/YvonSpeaks. Readers are strongly urged to consult with a qualified legal or tax advisor to analyze your specific financial situation before application of any advice from this column.

Share on Facebook

Wishing you every happiness this Holiday Season and prosperity in the New Year. Thank you for being a partner with us. We look forward to continuing our relationship in the coming year.

Share on Facebook

Reuters – U.S. stocks retreated further on Thursday as declining telecom and natural resource shares overshadowed optimism about the economy spurred by a steep drop in the number of workers filing new claims for jobless benefits.

Share on Facebook

Reuters – The number of laid-off U.S. workers submitting new claims for jobless benefits fell sharply last week, fanning hopes the fragile labor market was on the mend and that the broader economy was stabilizing.

Share on Facebook