It’s understandable but also a real shame that a lot of people only give to charities when times are good. That’s because tough times are when charities most need our help - they probably have a lot more people accessing their services and will be financially struggling themselves anyway. But if you’re also finding financial life a bit of a struggle, there are still ways you can help, according to the Five Cent Nickel blog, including:

• Volunteer at a charity. Your time is also valuable and charities always need volunteers.
• Clean out your wardrobe and give some clothes to charity that you no longer need - even in tough times there is bound to be something you no longer wear or no longer fits you well.
• Clean out your cupboards and donate things like kitchen materials that you rarely use.
• Check if your favorite charities are able to accept donations of frequent flyer miles. If you’re not using them anyway then they might be able to do some good.
• Donate blood! It doesn’t cost you anything but it could save somebody’s life.

Who says that you don’t have anything to give when the economy’s so bad? There are plenty of options to consider.

There are a lot of scared and worried people out there right now. If you’re one of them, maybe you could use some of the advice Tina Su gives at her Think Simple Now site on how to overcome fear during the current economic crisis. Rather than dwelling on the problems and feeling worse and worse, Tina has several useful pieces of advice for how to emotionally survive the recession:

• Focus on what you’re able to control: For example, accept that you can’t control the stock market, but you can control your reaction to what happens to your stocks.
• Reduce news consumption: In crisis times, people tend to glue themselves to the TV to find out all the latest (bad) news - just stick to getting the basics instead and don’t make yourself more depressed.
• Be grateful: Don’t think about what you’re losing or can’t have - focus on what you have to be happy about and grateful for, like family and friends.
• Remember that things will get better: The economy runs in cycles. Things will bounce back, although we can’t be sure when.
• Make sure you have an emergency fund: Just in case you lose your job or have unexpected expenses, you should always have an emergency fund, but in times like these it’s even more important to save part of your income every month.
• Choose to be happy: Learn more about maintaining a positive attitude to life and choosing happiness rather than a negative emotion.

Here’s a newsflash: it’s not all doom and gloom. In fact Rick Newman managed to come up with a pretty full list of ten blessings of these bad economic times; yes, there are positives you can see. Some of the highlights from this list include:

• Cheap prices on consumer goods: Fire sales of electronic goods like TVs and DVD players take place during these kinds of economic difficulties and if you’ve got some spare cash you can get huge bargains.
• Cheap cars too: Car dealers are finding it exceptionally hard to sell cars in this market, so if you’re ready to upgrade your car this is the time when you can get an excellent deal.
• And cheap stocks: When the stock market crashes, you can finally pick up some stocks for much lower prices - as long as you’re lucky enough to be left with some cash after the crash.
• Lower taxes: Depending on your own economic situation, you could be in for some significant tax cuts.
• Extra tasks at work: This might sound like a bad one - other workers get laid off and you have to pick up the slack - but on the positive side, it’s a great time to show that you are capable of doing a higher level job. Volunteer for some meaty tasks that would normally be outside your scope of duties and you might find yourself climbing the corporate ladder faster.

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…)

Even the wealthy have been hard hit by the country’s economic problems — Bill Gates alone has lost more than $1.5 billion — and their luxurious homes are the first to hit the chopping block. CNN Money reports on seven mega mansions, ranging in price from $1.5 million to $15 million, that Sotheby’s auction house plans to auction off on March 28, 2009.

The auction’s most affordable home, which comes in at a mostly-unaffordable $1.495 million, is located in Fort Lauderdale. The 5 bedroom, 3.5 bathroom home is billed as a cottage, and sits adjacent to fabulous golf courses and country club offerings. Marble floors, a golf course view, and a beautiful 30′ by 15′ pool round out the home’s assets.

Sotheby’s most expensive home, also located in Fort Lauderdale, was originally priced at $14.999 million. The 9 bedroom, 9 full bath and 4 half bath home will sell for much less (if at all), and its proud new owners will enjoy an infinity pool, spectacular landscaping, a home theatre, massage room, and even an indoor pool. No word on the mansion’s starting bid price.

Clearly, even the country’s wealthy home owners have seen their investments dive. If you’re one of the lucky few who still a bank account full of disposable income, check out CNN Money’s auction rundown… great deals are sure to be had.

photo credit: SqueakyMarmot

The economy has slowed to a crawl, which means less buying power for the average American. But when you do decide to buy, there’s good news: you now have leverage. Vendors are eager to sell their services, from mortgages to gym memberships, and that means that they’re willing to negotiate with you.

(more…)

photo credit: Dawn Ashley

Anxiety over the current poor economic situation is felt by different people in different ways, but the one thing in common is that nearly all Americans are feeling some kind of stress, judging by a recent survey. The results included some of the following statistics, none of which are especially positive:

• Many homeowners are feeling concerned about the effect of the current economic situation on their homes and loans. 25% are worried that the bank might foreclose on them and 45% are worried that a rise in property tax rates could mean they are unable to afford to stay in their home.
• Many people are worried about an inability to save money at the moment. 58% of people surveyed had nothing saved for retirement and can’t afford to save anything at the moment.
• Credit card problems are rife. 63% of people consider they have too much credit card debt.
• Inflation has many people scared. Almost 75% of people think that their salaries aren’t keeping up with general living costs and half of the people surveyed thought they won’t be able to keep up with their medical care costs.
• Many people are worried about the security of their employment: 38% of people are concerned that they could be laid off from their jobs.

photo credit: four4dots

The cost of gas seems to know no ceiling, and many Americans are feeling the pressure. Commuting comes at a premium, public transportation is gaining in popularity, and costs of all goods are on the rises. These factors leave many wondering if it’s time to tap into U.S. oil reserves. (more…)

photo credit: mikewade

Rising fuel prices are affecting Americans from all walks of life, and a new study says that nine in ten residents are very worried about how these costs will affect them. (more…)

photo credit: bookish in north park

With home prices falling, you might think that now would be the perfect time to buy. But hold that thought: the fact is, though housing prices are on the way down, <a href=”http://www.msnbc.msn.com/id/25374401/”loan interest rates are on the rise, eating away at your real savings. (more…)