President Obama said:

At this time last year, amidst headlines about banks on the verge of collapse and job losses of 700 thousand a month, the White House received another troubling piece of news about the American economy. The United States’ economy was shrinking at an alarming rate — it was the largest six-month decline in 50 years.

Factories and farms were producing less; businesses were selling less; and more job losses were on the horizon.

However, one year later, according to numbers released this past week, this trend has reversed itself. For the past six months, the American economy has been growing again. And lat quarter, it grew more quickly than at any time in the past six years. This is a sign of progress. And it’s an affirmation of the difficult decisions the White House made last year to pull the American financial system back from the brink and get the economy moving again.

Nevertheless, when so many people are still struggling — and when one in ten Americans still can’t find work, and millions more are working harder and longer for less — the White House’s mission isn’t just to grow the economy. It’s to grow jobs for folks who want them, and ensure wages that are rising for those who have them. It’s not just about improvements reported in quarterly statistics, but ones people feel in their daily lives — that equal to a bigger paycheck; and/or more security; and/or the ability to give your kids a decent shot in life and still have enough to retire on one day.

That’s why job creation will be the White House’s number one focus in 2010. The White House will put more Americans back to work rebuilding America’s infrastructure all across the country. And since the true engines of job creation are America’s businesses, President Obama proposed tax credits to help them hire new workers, raise wages, and invest in new plants and equipment. He also wants to eliminate all capital gains taxes on small business investment, and help small businesses to get the loans they need to open their doors and expand their operations.

As President Obama works to create jobs, it is critical that we rein in the budget deficits that have been accumulating for far too long — deficits that won’t just burden our children and grandchildren, but could damage the American markets by driving up interest rates, and jeopardize recovery efforts.

There are certain core principles American families and businesses follow whey they sit down to do their own budgets. They accept that they can’t get everything they want and they focus on what they really need. They make tough decisions and sacrifice for their kids. They don’t spend what they don’t have, and they make do with what they’ve got.

It’s time the American government did the same. That’s why President Obama is pleased that the Senate has just restored the pay-as-you-go law that was in place back in the 90s. It’s no coincidence that we ended that decade with a $236 billion surplus (That’s the Clinton Years, Folks). Reinstating this law will help the American economy get back on track, ensuring that every time the White House spends money they find somewhere to cut it from.

President Obama has also proposed a spending freeze, so that as the White House increase investments in things we need, the government will also cut spending on those things we don’t need.

President Obama has also called for a bi-partisan fiscal commission — which will be a panel of Democrats and Republicans who will sit down and hammer out concrete deficit-reduction proposals by a certain deadline.

This past week, 53 Democrats and Republicans voted for the Fiscal Commission in the Senate. But it failed when seven Republicans who had co-sponsored this idea in the first place suddenly decided to vote against it.

President Obama is eager and ready to work with anyone who’s serious about solving the real problems facing Americans and the economy.

Reining in Budget Deficits — President Obama Weekly Address

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With every new year we all come up with some weird resolutions that we never keep. This year can be different. If you have manage to survive the last two years you know how important your finances are — Right? This year why not make financial resolutions — and stick to them.

Financial Resolutions Suggestions

Increase your personal financial literacy. Learn the ends and outs about finance, knowing is half the battle. You too can become a saving expert in no time.

Your Money, Day One: How to Start Right and End Rich

Once you have mastered the personal financial literacy, go on and start controlling your spending. There are some wonderful and free tools to help you control your spending at CashTrackerPro

Now that you have identified some extra cash and you are now a saving expert go on to repaying your debt. Go here to learn how to create a debt repayment plan — Paying Off Debt

Get Clark Smart: The Ultimate Guide to Getting Rich From America’s Money-Saving Expert

All system are A Go and running on auto pilot. Now it’s time to create a long term plan. Considered including in your plan the followings:

1. Banking with Internet Banks
2. CD Ladder – Get Paid Every Year
3. Coffee Club With A Twist – The New Savings Plan

How will you implement your Financial Resolutions into your life?

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Predictions are running rampit on what we are in stored for in 2010. 2009 began with a sinking global market that left the economy in the worst financial health in decades. There was the worldwide credit crunch, the crash of the housing market, high unemployment, and investor withdraw that all happen in 2009.

However, the Treasury Department is predicting an upturn in 2010. They believe the economy is showing growth that will become greater in 2010. The Treasury Department said, businesses are beginning to invest again, and consumers have begun to open their pocketbooks once more. Therefore, business and consumer confidence has improved.

On the flip side, economists are warning that the global markets are still in a very fragile state, and that more financial reforms are still needed.

Global Economic Upturn Seen as 2010 Approaches

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Personal finance in 2010 is a must. Below is an overview of Quicken 2010 Personal Finance Software. Learn what new features was added to the Quicken Finance software package and how easy it is to set-up a personal finance account.

In the past 25 years Quicken has become the number 1 brand of Personal Finance and trusted by millions of other Personal Finance Gurus, said by Kooper Frame (Quicken Marketing Manager & Quicken User).

Quicken brings all of your finances into one place. You no longer have to go to several sites to track your finances. The benefits to one site / one place, is one password with one userID, where you see the whole picture.

Quicken has a guided tour feature that walks you step by step to setting up accounts in the Quicken Software. Quicken will automatically categorizes all of your transactions. Making it easier to create a budget. Not to mention, Quicken helps you stay on top of all your bills.

See the Quicken Personal Finance Software For Your Self

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Using online budgeting tools in a tough economy is the way to go. Online budgeting tools and online budget software can be found all over the net. One free budgeting online system can be found at Mint.com.

It is a tough economy, so setting up a budget is essential. Knowing the health of your finances, budgeting your finances, and setting up an emergency fund is how you can make it in these tough economy times.

Setting Up a Budget With Mint.com

Budgeting and Finance Must(s):

• Knowing the health of your finances. Knowing how much money you have is very important but often not done. Knowing how much money you have means, knowing how much money you have in all your accounts — including checking, saving, money market, CD’s, and how much you owe, i.e. credit cards, etc.
• Budgeting your finances is easier said than done. Why? Will-Power. Knowing what you can spend and what can be cut — and then sticking to it. On budget items you can cut back on, use this rule. Cut back by 20%. Don’t stress yourself out. Start off small. Remember, every penny counts.
• Setting up an emergency fund doesn’t have to be like pulling nails. Please review — Creating an Emergency Fund in 8 Months to learn more about setting up an Emergency Fund.

At Mint.com you can view budgeting reports to see the health of your finances. See how much you are really spending.

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On December 12, 2009 the President released this message –

“Over the past two years, more than seven million Americans have lost their jobs, and factories and businesses across our country have been shuttered.
In one way or another, we’ve all been touched by the worst economic downturn since the Great Depression.

The difficult steps we’ve taken since January have helped to break our fall, and begin to get us back on our feet. The economy is growing again; and the flood of job losses we saw at the beginning of this year slowed to a relative trickle last month. These are all good signs for the future, but they’re little comfort to all our neighbors who remain out of a job.

The President’s solemn commitment is to work every day, in every way that he can to push this recovery forward and build a new foundation for our lasting growth and prosperity.

That’s why President Obama has announced some additional steps this week to spur private sector hiring. The President will give an added boost to small businesses across our nation through additional tax cuts and access to lending they desperately need to grow.”

Learning from History To Reform Wall Street
Reform and the Consumer Financial Protection Agency

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Vote with your feet and get better rates from switching banks. Increasing fees on everything from checking accounts to ATM(s), higher interest rates on loans and lower interest rates on saving accounts — this is all happening and why you might want to consider switching banks. Are you tried of increasing fees, non convenience hours, or poor customer service? There is no reason to put up with bad banking behavior, or low interest rates — Switch Banks.

Shop around. Voice your opinion with your feet and get better rates, customer service, and hours that work for you.

Hate Your Bank? Learn How to Switch Banks

Before switching banks, there are some steps you should take first. Knowing these steps can save you time and money.

• Banks often have Switch Kits. A Switch Kits contains all of the forms and authorization papers you need to switch from one bank to another.
• Always leave some money in the old bank account (1-3 months) to make sure all checks have cleared before closing the account.
• Make sure your new bank has online account access. You will want to be checking this new account to make sure all direct depositing and transfers are occurring.

Banks may want you to think that switching banks is a nightmare, but it doesn’t have to be. Vote with your feet and get better rates.

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Gift cards use to be available only at particular stores and at a given time of year. However, things have change. You can find gift cards all over, You can even check your gift card balance online. So, why are gift cards so popular? Gift cards give the receiver a way to pick out what they want!

Did you know that nearly 1/3 of us will give gift cards as a present this year? Well, it’s true. Gift cards from credit card companies (like Visa) and department stores (like Wal-Mart) are popular. The problem coming in the form of the fine print. How many people actually read the fine print of a gift cards? Not many.

Gift card fine print detail the rules, fees, and penalties of each gift card. Gift card fine print are not all the same. The good news is that gift cards are less restricted than in previous years. Between competition, state laws, regulations from the FTC gift cards are more user friendly.

Gift Cards Pros and Cons

• Read the fine print before your purchase
• Double check for activation fees
• See if the gift card can be extended
• Does the gift card charge a maintenance fee
• What will happen if you lost your gift card — is there a replacement fees?
• Is the gift card redeemable for cash
• Are there any purchase exceptions

Gift Cards

A good recommendation is to purchase a Visa gift card that allows you to used them anywhere that accepts credit cards.

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The FDIC quarterly report has been released and it’s not good news. There are over 550 banks on the problem list. That’s banks and financial institutions that are still in distress.

Here’s a List of Recent Cease-and Desist Orders Made by the FDIC

“A Cease and Desist is an order or request to halt an activity”

1. Advantage Bank of Loveland, CO
2. Felton Bank of Felton, DE
3. First City Bank of Flordia – Fort Walton Beach, FL
4. Montgomery Bank & Trust of Ailey, GA
5. Eastside Commercial Bank of Conyers, GA
6. American Trust Bank of Roswell, GA
7. Ohana Pacific Bank of Honolulu, HI
8. Benchmark Bank of Aurora, IL
9. American Metro Bank of Chicago, IL
10. Edgebrook Bank of Chicago, IL
11. Lincoln Park Savings Bank of Chicago, IL
12. Palos Bank and Trust Company of Palos Heights, IL
13. Peotone Bank and Trust Company of Peotone, IL
14. American Heartland Bank and Trust of Sugar Grove, IL
15. Elkhart Community Bank of Elkhart, IN
16. Hillcrest Bank of Overland Park, KS
17. Peoples Bank and Trust Company of Clinton County – Albany, KY
18. Citizens Bank & Trust Company of Covington, LA
19. Bank of Greensburg of Greensburg, LA
20. Citizens State Bank of New Baltimore, MI
21. Access Bank of Champlin, MN
22. Frontenac Bank of Earth City, MO
23. Union Bank of Kansas City, MO
24. Tayer County Bank of Herbon, NE
25. First State Bank of Cranford, NJ
26. West Coast Bank of Lake Oswego, OR
27. Coatesville Saving Bank of Coatesville, PA
28. R-G Premier Bank of Puerto Rico – Hato Rey, PR
29. Eurobank of San Juan, PR
30. Jefferson Bank of Dallas, TX
31. First Bank of Farmersville, TX
32. North Houston Bank – Houston, TX
33. Oasis Bank of Houston, TX
34. Madisonville State Bank of Madisonville, TX
35. Bank of South Texas of McAllen, TX
36. Capmark Bank of Midvale, UT
37. SunFirst Bank of St. George, UT
38. Evergreen Bank of Seattle, WA
39. Sterling Savings Bank of Spokane, WA
40. Southport Bank of Kenosha, WI

To view the FDIC Quarterly Report for yourself go to the FDIC Quarterly Banking Profile Site.

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The Credit Card Bill Protections or Credit Card Act details are important. Not to mention the credit card disclosure. Knowing both could save you tons! To learn more about the Credit Card Bill go to this previous article — Credit Card Protections

With new credit card rules in place doesn’t mean the public is safe. See below what Credit Card companies are still allow to do and not do.

Credit Card Requirements and Rules That Affect You

Credit Card Rules and How They Affect You

• Credit cards all have important credit card disclosure statements that detail what you can expect (terms and conditions).
• Can credit card requirements change from a fixed rate to a variable rate? YES
• Can credit card require you to accept a higher rate? NO — The Credit Card Act requires a 45 notice, at which time you can close the account at the current rate.
• Can the credit card company close my account? YES
• Can your credit card fees be raised? YES

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