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| Personal Finance Thursday, Dec. 17, 2009
Regifting Revival
I'm sure some people are already complaining about what they expect to get for Christmas. But you don't have to let an unwanted gift go to waste. You can join the regifting revolution and recycle presents that just weren't right. To find out how to regift without regrets, join me today for a live chat with Jodi Newbern, author of "Regifting Revival! A Guide to Reusing Gifts Graciously." Newbern's book he book was December's Color of Money Book Club pick. Submit a question now or join us online today at Noon ET. If you can't make the chat, read the transcript! Countdown to "The Power to Prosper" Fidelity Investments recently released a survey regarding New Year's resolutions. The survey found that saving more and spending less was the overwhelming mantra for most Americans when listing the top three financial resolutions they are considering. More than half of survey respondents said that saving more money was their primary focus, followed by spending less money and then making or sticking to a budget. It's great that more people want to be a better money manager in 2010. And I have a plan to help move you to action if one of your top New Year's resolutions is to get your finances straight in 2010. In my new book, "The Power to Prosper: 21 Days to Financial Freedom" (Zondervan), I lay out a plan that can put you on the path to prosperity. In the book, which hits stores Jan. 4, I challenge you to spend 21 days without spending money on anything but necessities. Additionally, you can't use plastic -- yes, that means credit cards or debit cards. It's a tough challenge but on the other side of it, your financial life can turn around. Look for an excerpt of the book Sunday, Jan. 3 in The Washington Post. You can order the book through Amazon, Barnes and Noble, or Borders. In the new year, stop promising to do better with your money. Take the 21-day challenge and make prosperity happen! The Cost of Gift Cards The go-to present for that hard-to-shop-for person--the gift card--can come with some surprises if you don't pay attention. Earlier this year, Congress passed sweeping reforms of the credit card industry that included regulations for general-purpose gift cards. Still, be careful which gift card you buy, reports Ylan Q. Mui in The Gift Card Game (Dec. 6). Despite the pesky fees attached to many gift cards, they have ranked as the top Christmas gift for six years in a row. If you plan on getting a gift card this year, please take the time to read the fine print. "It's a gift that requires knowledge," said Elizabeth Owen, executive director of the National Association of Consumer Agency Administration. The group, along with the Consumer Federation of America, has produced a brochure on purchasing gift cards. To download the brochure, go to Consumer Federation of America and search for "gift cards." I wrote recently about my love-hate relationship with gift cards in Can the Fed end my hatred of gift cards? (Nov. 19). Naughty or Nice So who would you say is on the personal finance naughty list this year? My first choice would be Bernard Lawrence "Bernie" Madoff, who made off with millions of people's money. Madoff, who was sentenced to 150 years in jail, ran one of the largest Ponzi schemes this century. Madoff was using cash from new investors to pay returns to old ones. It's been a year since Madoff's scam came to light. If you want a trip down memory lane, read 1 year later, fallout from Madoff's massive fraud. Economy Watch blogger Frank Ahrens was online earlier this week to give his picks for the Best (and worst) of the Decade: Financial Heroes and Villains" (Dec. 14). He and I are on the same page: Madoff topped his list of villains. Read the full list of Heroes and full list of Villains. After you review the two lists, let me know what you think. The Color of Money Question of the Week: Which financial person would you pick as the most naughty, and which one ends up on your nice list? Include a brief reason for your choices. Send your comments to colorofmoney@washpost.com. In the subject line put "Naughty and Nice." Holiday Cheer Maybe the fact that more companies are ditching the annual holiday party isn't a bad thing. Instead of the company bash, that some love for its opportunity to show off and others loathe attending, many businesses are canceling their annual holiday festivities and are donating time and money to charities. Or, they are combing their holiday cheer with charitable endeavors. "With the economy still sputtering and rounds of layoffs fresh in everyone's minds, lavish holiday galas seem as old-fashioned as dial-up Internet connections," writes Vickie Elmer in A different sort of holiday cheer (Nov. 22). "Everyone's more serious now," said Jo Bennett, partner in Battalia Winston Amrop, a New York executive-search firm that has asked Corporate America about holiday party plans. About 81 percent of companies surveyed said they plan a holiday celebration -- the lowest level since the survey began 21 years ago. At least some of us don't have to worry about buying a holiday dress. I Stand Corrected I guess there is a limit to what companies will endorse. In a recent e-letter, I said that I thought Tiger Woods' corporate sponsors would stick by their man. But consulting firm Accenture Ltd. is ending its six-year sponsorship of Woods, saying in a press release that "given the circumstances of the last two weeks, after careful consideration and analysis, the company has determined that he is no longer the right representative for its advertising." Woods has admitted to infidelity after a slew of women have alleged they had intimate relations with the golfer. I guess there is a limit to which companies will stick with soiled pitchmen. More than four in 10 Americans don't think so highly of Tiger. About the same percentage of people say companies should steer clear of using Woods as a product pitchman, according to a new Washington Post-ABC News poll. Al DiGuido, chief executive of Zeta Interactive, a digital ad agency, was live on washingtonpost.com Monday to discuss Tiger Woods and the effect the scandal is having on his commercial endorsements. One reader complained about the stories on Tiger and that I even dared mention it in my el-etter. But I still say there are financial lessons from Tiger's tragedy that are worth highlighting. For one, he had what so many want -fame and fortune - and it was not enough. Signing off for the Holidays For the next two weeks, I'm taking a holiday break. The e-letter, which I hope you eagerly look forward to, will return Jan. 7. I wish you all a very Merry Christmas and Happy New Year! Don't spend or drink too much. Tia Lewis contributed to this e-letter. You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested. -Michelle Singletary Advice on 2009's most pressing money issues Throughout the year, I receive hundreds of e-mails and questions through my online discussion from people hoping for answers to their most urgent personal finance questions. Here are answers to a few recurring money issues. New lessons, and new jobs A lot of adult children are now dealing with unemployment or college loans or unbearable credit card debt are beelining it to their parents. When should parents turn off the financial spigot? Home buyers can afford to wait awhile The government's foreclosure relief program is sputtering, with data showing that the pace of help being offered to struggling homeowners slowed last month and many borrowers are at risk of losing the aid they have already received. Retailers rolled out the discounts and shoppers pulled out their wallets in November, sending sales up more than 1 percent during the first month of the crucial holiday shopping season, according to government data released Friday.
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Personal Finance: Regifting Revival
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