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One of our Dolan truisms is, "No matter what financial situation you face, never rely on the government as the answer to your problem." Yesterday was a shining example of that sentiment. The House roundly rejected President Bush's $700 billion "bailout bill," and those who advocate the government stepping into the current financial crisis are scrambling trying to figure out what to do next. Back to the drawing board. We still expect some sort of bailout legislation to pass, but we do not expect it to be, by any means, a cure-all for everything that ails our economy. So even with the government stepping in, more tough times are ahead…and you need to take charge of what's happening with your money. We're here to help you every step of the way, and today, there are three main actions we want you to take: Action Item #1: Protect. Protect. Protect. Whether it's bank deposits, investment accounts, insurance or anything else…know how to make sure your money is safe in this crisis. Here are the steps we want you to take now. Action Item #2: Save. Save. Save. Now, more than ever, you want to build up enough cash to have on hand for emergencies. We recommend at least three months of your living expenses, and preferably six months' worth of savings. (Here's how to figure out exactly how much you need.) We know it's difficult to save much of anything when energy and food prices are out of control, so here are our best tips to save a bundle on everyday expenses. Action Item #3: Cash. Cash. Cash. The market is in utter turmoil right now, and, if you haven't already, you need to seriously re-evaluate your investing strategy. Watch our latest video alert about the Market Mess and Your Money. Continue to check Dolans.com for our advice to get you through this crisis. That's what we're here for. In the midst of this historic upheaval in the financial industry, we've noticed a few banks that are actually raising the interest rates they offer on things like savings accounts and CDs. For example, Washington Mutual (now owned by JPMorgan Chase), is offering 4% interest in its online savings account. Wachovia (now owned by Citibank), is promoting 4.15% in a 12-month CD. Wow, great news, huh? Who wouldn't want a 4% return in this market? Not so fast! Be very leery of banks that are so desperate for cash that they'll pay more than anyone else to get you in the door or keep your account. Many banks are scrambling to survive right now, and some are resorting to tricks such as higher fees and more kinds of fees than ever before. (And trying to hide many of them to boot!) Don't let them get away with these dirty little tricks. Arm yourself now with knowledge to save yourself a boatload of unnecessary fees and keep your money safe. Make sure you know the "secret" ways your bank may be taking advantage of you.
Enough of the bad news! Just a few days ago, we celebrated one of my (Ken here) favorite days of the year: September 26. What's so special about that day? It's Daria's birthday…a festive day in our family because we all LOVE Daria! Because your birthday comes only once a year (happily), it's an ideal time to take care of some often overlooked, but very important, ways to get the most out of your money. Click here to watch our video and learn 6 smart money moves to make on your birthday. We'll show you exactly what Daria does each year on her special day, and I'll even throw in a surprise smart money move that Daria doesn't know about! Sincerely,
Ken & Daria Dolan |
First, the government announces a plan. Then Congress says it's all agreed to. Then it's not. Then it's rejected.
I (Ken here) know there are an awful lot of discouraged people in these exceptionally tough times. You may be one of them. That's why I recorded this new video, because I want to speak to you from the heart so that you don't give up on your dreams. We've talked to many phenomenally successful people through the years. Here are their secrets for achieving their goals. You can do it, too! 
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