In the past, blue collar workers were mechanics, plumbers, and construction workers. They made less than their white collar counterparts who sat in offices and made bigger salaries for being “knowledge workers” and not manual laborers. While both blue and white collar workers are suffering job losses, the fact is that if you have a manual skill, you may be out of a job, but you’re hardly if every out of work. You can use those skills to pick up temporary gigs, save you money on your own expenses, and network your way into better jobs. If you have time and money to diversify your skill set, take a look at some of these manual skills to help you both make and save money when times are tough. (more…)

While it can be quite easy to grow accustomed to a certain lifestyle when our weekly salary can help cover it, many don’t give a second thought to how they will maintain their current lifestyle once it comes time to retire. Even something as simple as going out to dinner every night can put a crimp in the budget of someone who is now on a fixed income. Once you retire, you do not have the luxury of extra hours to fall back on in order to generate extra cash to cover your monthly expenses. Once retirement age arrives, many choose to continue working in order to maintain the lifestyle they have grown accustomed to, or they choose to make drastic lifestyle changes in order to make their retirement money last longer. While these are the most common options, they should not be the only ones you have to choose from. Here are some ways to save enough money for retirement so you can still enjoy the lifestyle you have grown accustomed to. (more…)

With the economy experiencing a period of instability, consumers have a growing interest in ways they can save money. Saving is in vogue again and more and more people are finding that holding on to money far outweighs the benefits of the consumer-based lifestyle of the past 30 years. There are different ways to go about the work of saving, some more high risk than others. (more…)

Everytime you turn on the news or open the paper, it seems like another bank has folded or been merged into the embrace of another, larger concern. Here are a few that have withstood the financial crises of centuries past. Although at least one may not be around for much longer.

Banca Monte dei Paschi di Siena Siena, Italy

Established in 1472 to grant loans to “poor or miserable or needy persons,” Monte di Pieta, or Monte Pio as it was then known, translates as mountain of piety. The idea for a lending institution that catered to the needy came from the Franciscan Friars who advocated interest-free loans to the needy. That idea had been tried as early as the 14th Century when the Michael Northburgh, the Bishop of London, left 1000 marks of silver to establish a bank that would lend money on pawned objects, without interest, providing that the expenses of the institution be defrayed from its foundation capital. The capital was eventually consumed, and the bank closed. The mercantile families of Siena who started the bank doubtless had this in mind when they established the interest rate at 7.5 percent.

The bank was awarded a new charter after Florence’s Medici family was given the Republic of Siena for its support of Emperor Charles V in a long civil war. In 1624, then, the new institution was founded, which was to be managed by eight citizens belonging to the nobility. The bank expanded into agricultural and business loans that were guaranteed by a lien on income from the public pasture lands in Maremma, called the “Dogana dei Paschi.” (more…)

The September 15, 2008 bankruptcy filing by Lehman Brothers is the biggest in corporate history in terms of assets held.

Lehman’s slow collapse began as the mortgage market crisis unfolded in the summer of 2007, when its stock began a steady fall from a peak of $82 a share. Crushed by debt and losses tied to mortgage-backed securities, the 158-year-old investment bank entered into bankruptcy after Bank of America Corp. and Barclays plc., which were considered potential suitors for Lehman, walked out of the deal.

One day after the filing, Barclays said it would buy Lehman’s United States capital markets division for $1.75 billion, a bargain price. Nomura Holdings of Japan agreed to buy many of Lehman’s foreign assets. Lehman also said it would sell much of its money management business to Bain Capital and Hellman & Friedman for $2.15 billion.

Driven by mark-to-market adjustments stemming from write-downs on commercial and residential mortgage and real estate assets, Lehman had forecast a net loss of about $3.9 billion or $5.92 per share for the third quarter ended August 31, 2008, compared to a net loss of $2.8 billion for the second quarter of fiscal 2008 and net income of $887 million or $1.54 per share for the third quarter of fiscal 2007.

But while Lehman’s collapse may have been the biggest to date, it’s not the first company to file for bankruptcy protection after making unwise–or illegal–investments. Here’s a look at some earlier collapses. (more…)

They’re not just artists, they’re impresarios. Hip hop’s highest earners own record labels, restaurants and million dollar clothing lines. And when they’re not topping the charts, they’re hawking everything from booze to books. Here’s a look.

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A survey released in April shows that only 48.3 percent of high school seniors could answer basic questions about personal finance. They can’t balance a checkbook or put together a personal budget.

Does this sound like your kids? If so, here are some places on the web that can help.

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To most people a Swiss Bank account is something for the super rich, crooks, dishonest government officials or just a good way to hide assets. They’re the stuff of thrillers like The Bourne Identity or James Bond. (more…)

photo credit: banoootah_qtr

Make a late payment on your mortgage and your credit card interest rate goes up–even though you’ve been making timely payments on the card. (more…)

Celebrities don’t like to pay taxes anymore than the rest of us do. And just like us, they have to pay up when they get caught trying to keep money out of the taxman’s hands.

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