Author: Daniel Bortz

Laid Off? Here’s How to Get Your Finances in Order

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A layoff can leave you frustrated, 46527388-laidoff-manconfused, distraught. You might panic at the thought of having to find a new job in this tough market. But a job loss doesn’t have to mean your expenses spiral out of control—so long as you take the right steps to reposition your finances.

If you’ve recently been let go, you’re not alone. Although the unemployment rate dropped below 8 percent in September, major layoffs have taken place this year, including 8,700 employees from Pepsi, 9,000 from IBM, and 14,200 from American Airlines. In the month of September alone, U.S.-based employers announced plans to cut 33,816 jobs, according to outplacement consulting firm Challenger, Gray, and Christmas.

For an article for U.S. News & World Report, I examined what steps the recently unemployed should take so that they don’t jeopardize their financial stability.

Why Most High Schoolers Don’t Know How to Manage Their Money

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High school students are studying up 5474825330_4470fa5928_zon calculus, advanced chemistry, and world history, but most aren’t learning fundamental money lessons to help them financially navigate the real world.

Such is the case with Jessica Pollack’s son Adam, an 18-year-old who graduated in May from Los Alamitos High School in Orange County, California. Much to Jessica’s chagrin, the school doesn’t require its students to take a personal-finance class to graduate. “It’s a top-rated school, but there is no personal-finance requirement, which is just astonishing to me,” Jessica says. “There’s a technology requirement that’s statewide. As a technology teacher, I appreciate that, but these kids are exposed to computers and technology all the time. Yet when it comes to buying the computer and financing it, they’re clueless.”

Like Jessica’s son, the majority of children will graduate from high school without being taught basic money lessons, including how to create a budget or write a check. For an article for U.S. News & World Report, I explored why only 13 states require high school students to take a personal-finance class to graduate.

The Best Ways to Prevent Money Arguments With Your Spouse

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Twenty-seven percent of Americans couple-arguingsay disagreements over finances are most likely to erupt into an argument, ahead of arguments over children, chores, work, and friends, according to a recent survey of married or cohabitating couples by the American Institute of Certified Public Accountants.

Fights with your spouse are never easy, but evidence shows that arguments over money can be particularly distressing. A 2011 study by Jeffrey Dew of Utah State University found that married couples who disagreed about money once a week were twice as likely to divorce as those who differed less than once a month. This is partly because money arguments encompass more than just finances. “Money doesn’t just represent money; it represents love, power, control, self-esteem, freedom,” says Olivia Mellan, a money coach and author of Money Harmony: Resolving Money Conflicts in Your Life and Relationships.

For a story for U.S. News & World Report, I spoke to experts for their recommendations on how to prevent arguments with your spouse over money. Click here to read their advice.

How to Spot the Warning Signs of Identity Theft

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Ken Stalcup, a certified public accountant in
Indianapolis, How-to-deal-with-identity-theft-onlineused his debit card to pay for a meal at a local restaurant. A few days later, his card was used in New York without his knowledge to purchase computers at a national office supply store. His bank flagged the suspicious charge and quickly canceled the card, but not before the perpetrator racked up close to $2,000. As someone who regularly monitors his checking account, Stalcup’s initial reaction was, “This can’t be happening to me, can it?”

Identity theft is a growing problem in the United States. According to the 2012 identity fraud report by Javelin Strategy & Research, cases of identity fraud increased by 13 percent last year, with more than 11.6 million U.S. adults becoming victims.

For a story for U.S. News & World Report, I spoke to identity-theft experts to highlight red flags that might indicate you’re a victim. Click here to read about the warning signs.

Wallet 101: What to Keep and What to Take Out

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Wallets can be pesky business. The last thing
you want to have is a George Costanza moment—your wallet so stuffed to the brim with receipts that one big gust of wind will send its contents flying through the streets.

A poorly managed wallet is also a huge security risk. You might be carrying contents around that someone could use to easily steal your identity, if your wallet were to end up in the wrong hands. Identity theft was the No. 1 consumer complaint last year for the 12th year in a row, proving more bothersome to consumers than debt collectors, imposter scams, and shady credit-repair companies, according to the Federal Trade Commission.

To protect yourself, make sure what you’re carrying around in your wallet doesn’t pose a security risk. For an article for U.S. News & World Report, I spoke to Denisa Tova, a certified financial planner based in Denver, and Mellody Hobson, president of Ariel Investments based in Chicago, about what’s OK to keep in your wallet and what you should remove. Click here to read what they said.

8 Insider Secrets to Booking Cheap Airfare

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Travel plans are calling for more 6800790812_ef8a4f9376belt-tightening than usual these days, making budget vacations extremely desirable. But such trips aren’t possible if you pay too much for airfare. And unless you know where to look, finding affordable flights can be a huge hassle. “For the airlines, it’s about getting you to pay the most you’re willing to pay, which is the opposite of what the consumer wants,” says Joe Brancatelli, publisher of the travel website JoeSentMe.com.

With summer right around the corner, I spoke to Brancatelli and other travel industry experts about the best ways to stretch your travel budget for a story for U.S. News & World Report. Click here to read the eight insider secrets to booking cheap airfare.

Photo courtesy of oatsy40 via Flickr.

Boomers Flock to Niche Retirement Communities

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Retirement communities aren’t just geared6516226823_44c5b6a980 toward golfers and pool loungers anymore. Niche retirement communities are on the rise, says Andrew Carle, the founding director of George Mason University’s Senior Housing Administration, a management program for retirement facilities. “Retirees want more choices,” Carle explains. “When you have 78 million baby boomers, they have a lot of expectations with retirement.”

For my first story for U.S. News & World Report, I examined this trend and highlighted eight of these specialized retirement communities. Click here to read the story and click here for the related slideshow.

Photo courtesy of SalFalko via Flickr

Entrepreneur.com: How Guppy ‘Treps Fared After a Swim in the ‘Shark Tank’

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ABC’s hit show Shark Tank puts entrepreneurs’ business ideas to the test, giving them the chance to turn their startup dreams into reality. The show invites contestants to pitch their concepts to five “sharks” — wealthy angel investors — who then evaluate the companies and determine whether they’re worth investing in.

Now in its third season, Shark Tank has provided a number of young entrepreneurs with the capital they need to launch or expand their businesses. But what happens after the episodes aired? Snagging investors was only the beginning. For a story for Entrepreneur.com, I spoke with three young treps who dished on their experience with the show and how their businesses are faring in the real world. Click here to read the piece.

MONEY: Investing With Friends And Family

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Last year more than one in 10 entrepreneurs
borrowed from friends and family, according to the National Small Business Association. Think you’ll need to go this route? Tap your support system the right way.

For a story for MONEY magazine’s April issue, I spoke to family business consultants to uncover three strategies for “keeping up relations when your brother is the banker.” Click here to read the piece.

Entrepreneur.com: On Crowdfunding Sites, Age Doesn’t Matter

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For many young, first-time entrepreneurs, tapping parents for startup capital is the closest they’ll come to landing investors. But what do you do if the bank of mom and dad can’t or won’t subsidize your brilliant business idea? Consider crowdfunding.

Websites like Kickstarter, IndieGoGo, and PeerBackers follow a crowd sourcing business model, wherein members sign on as backers and supply the capital necessary to start a business or product. In return, these investors typically receive tangible rewards like special access to a screening, a T-shirt or a sample of the proposed product.

The good news? Age tends not to be an issue among crowdfunding investors. “Young people have proven they are able to raise money like anyone else,” says IndieGoGo’s CEO and co-founder Slava Rubin. “The key for anyone is to have a good pitch, be proactive and find an audience that cares.”

Check out this story for Entrepreneur.com for more tips on how to successfully crowdfund a business.