Below is a very good 5 minute video of Dave Remsey’s recommendations on how to get your finances on track. Dave Ramsey is national radio personality and best-selling author of  “The Total Money Makeover” and “The Financial Peace Planner: A Step-by-Step Guide to Restoring Your Family’s Financial Health”. 

Dave Ramsey is a personal money management expert who knows first-hand what financial peace means having lived a true rags-to-riches, riches-to-rags and back to rags-to-riches lifestyle.

By age 26 Dave Remsey established a nearly $1 million net worth making $250,000 a year only to lose it by age 30. He however rebuilt his financial life and now helps people with their finances.

Video: Dave Ramsey on How to be Financially Successful

Today General Motors and Segway unveiled an electric two-seat prototype vehicle with just two wheels, intended to navigate urban traffic.  The companies claim the vehicle could be used on college campuses and in gated communities as well as on city streets.

The GM-Segway prototype is called the PUMA, for “Personal Urban Mobility and Accessibility.” It can automatically balance itself fore and aft and can travel at up to 35 mph for up to 35 miles between recharges.

The question is; will the PUMA sell when introduced to the market?  The Segway has been on the market for years and hasn’t lived up to expectations.  Additionally, should GM be investing in a product that may not sell, especially in the United States?  The infrastructure isn’t here for these small death traps to drive in urban traffic.  The PUMA may do well in other countries that already use small vehicles (bicycles, motor-cycles, etc) in urban areas, such as in China and India.

Only time shall tell, it’s a prototype.  But I would not feel comfortable driving the PUMA in Manhattan, NYC going 35 miles per hour.  When I see such small vehicles on the road, I consider them coffins.  This is why I’ll never ride a motorcycle! 

What do you think?  Leave your comments below!

See more photo gallery of the PUMA at Newsday.com.

Video: The PUMA in Action

Mortgage rates and home prices have fallen to all time lows.  This maybe the perfect time to purchase or refinance your home.  The pot is even sweeter for first time buyers per the stimulus package which offers first-time homebuyer an $8,000 tax credit for primary residences purchased between January 1, 2009 and November 30, 2009.

Last month I posted an article titled, “Is it Time to Refinance Your Mortgage?”  It included a list of different reasons for refinancing your mortgage which included:

• Switching to a fixed rate or an adjustable rate mortgage
• Improving the features of your ARM
• Building your home equity faster
• Reducing your monthly payments
• Turning home equity into cash

However, when looking to purchase a home or refinancing your mortgage there are many questions to answer, which involves crunching some numbers and your comfort level.  

Below is a list of questions linked to mortgage calculators to help answer your home financing questions?  I hope you find the calculators very useful!

Preparing for Home Ownership

• Am I better off renting?
• Am I better off refinancing?
• What home can I afford?
• How much should I put down for a new home?

Understanding Finances

• How advantageous are extra payments?
• How much can I borrow?
• How much can I save in taxes?
• How much will my mortgage payments be?
• Should I pay points to lower the rate?
• Which is better: 15 or 30 year term?
• Which is better: fixed or adjustable?
• Which loan is better?

Considering Home Equity Financing

• How much will my loan payments be?
• Should I consolidate my debts?
• Buying a vehicle – auto or home equity loan?
• How large a line of credit can I obtain?
• What will it take to pay off my line of credit?

Reference:

• View Mortgage Rate by State

Related Articles:

• Is it Time to Refinance Your Mortgage?
• Having Trouble Paying Your Mortgage?
• What is a Subprime Mortgage?
• What’s In the 2009 Stimulus Package for You?

If you are in the market to purchase a new car, now is a great time.  The Internal Revenue Service recently announced that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

IRS also alerted taxpayers that the vehicle must be purchased after February 16, 2009, and before January 1, 2010, to qualify for the deduction.

The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.

If you are one of the 12.5 million people out of work due to layoff, remember you are entitled to a very generous federal subsidy for your COBRA health insurance premiums per the recent economic stimulus bill signed into law by President Barack Obama.

If you were laid off from September 1, 2008 through December 31, 2009, the federal government will pay 65% of your COBRA premiums for nine months.  That’s not a bad deal!  

If you were laid off since September, 1, 2008 and declined COBRA coverage, you still can enroll in COBRA and your employer is required to inform you of this right. 

Additionally, laid-off employees who are currently receiving COBRA have to be informed by their former employer about the new subsidy and their premium contributions will have to be adjusted, as of March 1, 2009.

Individuals and couples with an annual adjusted gross income over $125,000 and $250,000 respectively, are not eligible for the subsidy.

It’s estimated by the Joint Committee on Taxation that the COBRA subsidy will help 7 million individual and their families costing the federal government about $25 billion.

If you want to reduce your Cobra Premiums you can get a quote Cobra-Info.com.

Currently, 12.5 million people are out of work and it’s expected that millions more will be laid off in the coming months. 

The United States unemployment rate is currently at 8.5%, which is a 25 year high.  As a result, millions are receiving, applying or will be applying for unemployment insurance.

If you are concerned about getting laid off there are a few things you should be aware of which include:

1. Unemployment insurance was created to help employees who lost there job through no fault of their own to receive a temporary income until they found a new job,  received approved training, or awaiting for a recall to employment.
2. Unemployment insurance insurance are funded by taxes paid by employers and not by employees. 
3. You must have earned sufficient wages during a specified time to be eligible for unemployment insurance.  
4. You must meet certain legal eligibility requirements to collect unemployment insurance.
5. If you quit your job, you cannot collect unemployment insurance.  You must have been laid off to collect.
6. There is no deadline to apply for unemployment insurance.
7. If you apply and are denied, you have a limited amount of time to appeal depending on your state laws.
8. You can apply online for unemployment insurance, so there is no need to visit your local unemployment office.  Visit ServiceLocator.org to find out where to apply online.
9. In most situations you will receive up to 26 weeks of unemployment insurance.
10. If you qualify for an extension you will receive up to 46 weeks of unemployment insurance.
11. Per the new economic stimulus package, you will be paid an additional $25 per week.
12. Per the new economic stimulus package, the first $2,400 of unemployment benefits is tax free.
13. If your employer gives you a severance package, some states may require you to wait to collect unemployment.

If you are having trouble paying your mortgage, remember that President’s Obama Homeowner Affordability and Stability Plan is setup to help up to nine million families modify their mortgages to avoid foreclosure.

Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates maybe due to a decrease in the value of their home. While other homeowners are struggling to make their monthly mortgage payments maybe because their interest rate has increased or they have less income .

The government has setup a website at MakingHomeAffordable.gov to help with loan refinancing and loan modification.

Eligible borrowers who are current on their mortgages but have been unable to take advantage of todays lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through the Home Affordable Refinance Program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.

You may be eligible if:

• You are the owner occupant of a one to four unit home,
• The loan on your property is owned or securitized by Fannie Mae or Freddie
• At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment),
• You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
• You have income sufficient to support the new mortgage payments, and
• The refinance improves the long term affordability or stability of your loan.

To find out more information visit MakingHomeAffordable.gov.