Ken & Daria Dolan’s Smart Money Moves
Weekender

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Grab Ahold of This Mortgage “Lifeline”

A new program was just announced as a way to slow the soaring number of foreclosures. It’s called “Project Lifeline,” and it’s designed to help those affected by the credit crisis by putting the foreclosure process on “pause” so they can negotiate a more affordable mortgage.

This is a good start, but the subprime mess isn’t over yet. Even if you aren’t facing foreclosure now, there’s still a good chance it could impact you in very real ways, and we want you to be prepared. Read on to learn how you could be affected and get our four important tips for what you should do now.

 

 Ken and Daria
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Ken’s Birthday Gift to You

My (Ken here) birthday was better than ever this year, so much so that I’d like to give a present to you! Every year during my birthday week, I set aside time to do an annual “checkup” on my finances – and I want to help you make these important moves, too, so you can get the most from your money. Click here to join me in my office, and I’ll show you exactly what to do to make sure that everything – from Social Security to your credit report – is in order. (You’ll even get a look at my favorite birthday gift!)

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Fed Survey

I have always read that you should not close your paid off credit cards since it does not factor in well on your credit report. But on your web site you encourage closing extra accounts and supply a credit card cancellation letter template. Which method is best for my credit score?
- Karen

Good question, Karen. We suggest that you don’t close out credit cards with which you have a long, positive (timely payments) record, even though you may no longer regularly use them. Credit rating services love positive, sustained relationships, and it’s good for your credit “history.”

DO close out accounts with our credit card cancellation letter that you have not used much in the past or do not regularly use. Too many open lines of credit on many credit cards can hurt both your credit score and, consequently, your ability to borrow at competitive rates.
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Just for fun
Just For Fun

President’s Day Trivia

It’s trivia time, again! I (Ken here) love trying to stump you guys, and this week the questions revolve around the reason many of us will get to sleep in on Monday morning: the presidents.

We spend a lot of time at Dolans.com talking about money, but have you ever taken a good look at those bills to see whose face graces each of them? You’re probably familiar with the $1 and $5, but do you know which president appears on the $500 bill? How about the $100,000 bill?

The first person to send the correct answer to either question to dolans@dolans.com will receive a personal phone call from me. Good luck!


image 6 Smart Money Moves for
Your Tax Rebate
The big story of the week was President Bush signing the economic stimulus package. While we don’t believe this will fully fix the ailing economy by any means, the rebate you'll receive can go a long way to help ease your financial burdens… the key is what you do with it. Here are our top 6 suggestions for how to use your rebate so you get the most out of this extra money.




image Talking Money Before Marriage
Valentine’s Day is the biggest day of the year for couples to get engaged. If you did yesterday, congratulations! But before your “I do’s,” a little communication can help both of you go into a partnership with a clear idea of your financial situation. We’ll help you determine what should be discussed ahead of time to ensure marital money bliss. Consider it our wedding present to you!




Picture Traveling This Weekend?
3 Ways to Cut Your Costs
Our wallets have been getting a break lately from an unexpected source – the gas pump. If you’re taking advantage of this (likely temporary) break by heading out of town for the holiday weekend, we have a few tips to help ease your fuel costs even more. Click here to learn the top 3 ways to save at the pump.




image Top 5 Financial Aid Myths
Attention parents! It may be possible to get financial aid for college even if your family income places you above what appears to be the qualifying range. Learn the truth behind this and other financial aid myths, and find out how you can pay for a college education without going broke.




Picture 7 Ways to Identity Elder Fraud
It’s a sad truth that senior citizens are often preyed upon and taken advantage of – especially when it comes to money. New scams pop up all the time specifically targeting the elderly. If you are concerned about the safety of your loved one and their finances, our steps will help you identify the warning signs you should be on the lookout for.