In other news, I need 5.25 more credits and have 23 months in which to obtain them. To date, I have spent no money for credits and have paid for parking only in one case. Not bad!
During my last reporting period, I paid a total of $85 for classes and incurred parking payments in a couple of cases. Free is good.
My goal is not to pay for any credits in this reporting period and I'm well on my way to achieving it. I'll need to find a few more credits; if I stay where I am, there are free classes near where I'm working, so no worries on that. If not? There are plenty of other options of which I'm aware
Tuesday, August 4, 2009
Monday, August 3, 2009
E-Mail Policies
It's important for your firm to have an e-mail policy, and to follow it; many times, the fact that there is a policy and it's being followed, is a defense to claims that you're inappropriate with e-mail.
"Inappropriate" often means that you have a policy, follow it, and the opposition doesn't like that. Where I work, e-mail disappears in 90 days as a matter of course, decided in IT. Because the decision isn't based on any litigation, it's unlikely that the company could get into hot water for destruction; in this case, it isn't spoliation.
Another policy is to minimize putting things on e-mail unnecessarily; so often people e-mail, twitter and text, but could easily walk down the hall, or make a 30-second phone call. Memorializing the information electronically just makes more work in the long run as it creates a document.
Of all the document review projects on which I've worked, the first one had the most ridiculous, innocuous, non-responsive e-mails of the bunch. It was easy to move quickly through some batches as they were requests to assistants to subscribe to a magazine, order a new cellphone holster, order a new car charger, order a cd, and many other examples of information that was not truly personal but didn't have a purpose related to the lawsuit.
"Inappropriate" often means that you have a policy, follow it, and the opposition doesn't like that. Where I work, e-mail disappears in 90 days as a matter of course, decided in IT. Because the decision isn't based on any litigation, it's unlikely that the company could get into hot water for destruction; in this case, it isn't spoliation.
Another policy is to minimize putting things on e-mail unnecessarily; so often people e-mail, twitter and text, but could easily walk down the hall, or make a 30-second phone call. Memorializing the information electronically just makes more work in the long run as it creates a document.
Of all the document review projects on which I've worked, the first one had the most ridiculous, innocuous, non-responsive e-mails of the bunch. It was easy to move quickly through some batches as they were requests to assistants to subscribe to a magazine, order a new cellphone holster, order a new car charger, order a cd, and many other examples of information that was not truly personal but didn't have a purpose related to the lawsuit.
Sunday, August 2, 2009
Warrantless Car Searches Limited
In old news, the Supreme Court limited warrantless car searches. Now the cops have to find another tactic!
Saturday, August 1, 2009
You think Big Brother is watching you?
Think again. In China, where government keeps a tight rein on the economy, on jobs, consumer goods, and restricts families to having one child each, now if your name isn't on the official list of names, you have to change it!
If you remember a few months ago, a grocery store refused to decorate a cake for little Adolph Hitler Campbell, for reasons which may be obvious. While giving this name to a child borders on criminal stupidity, the government didn't step in and deny his parents the opportunity to do so; while it seems okay in this case, just on therapy bills alone, where do you draw the line? There's always some overzealous bureaucrat who thinks their way is better.
If you remember a few months ago, a grocery store refused to decorate a cake for little Adolph Hitler Campbell, for reasons which may be obvious. While giving this name to a child borders on criminal stupidity, the government didn't step in and deny his parents the opportunity to do so; while it seems okay in this case, just on therapy bills alone, where do you draw the line? There's always some overzealous bureaucrat who thinks their way is better.
Friday, July 31, 2009
Tight Credit Market
The tight credit market and business losses are making card issuers reduce credit lines, much to the distress of those who got in over their heads.
I thought that going to law school would benefit me economically; turns out, not so much, but I'm not doing as bad as this guy! Who knew that a little thing like crazy student loans could keep you out of the bar? I wonder if part of it is the change in the economy and the fact that unless he got a highly-paid job, he would have real trouble repaying the loan. Then again, not allowing him in sortof makes that all too likely.
In a Federal case, a guy who made it into the bar in Minnesota attempted to discharge his $350k in student loans through bankruptcy; my understanding is that ship sailed in the early 80's, courtesy of people like a colleagues sister, who attempted to discharge a month or so after the rules changed, moved out of state and didn't pay for years. Until a friend was over, answered the phone and gave the caller her employment information. That's an awkward friendship moment!
It seems that many things seem like a good idea at the time, but turn out later not to have been. We're conditioned, in American society, for immediate gratification, unlike a few generations ago where cash was king and you just plain didn't get something if you didn't have money.
People did crazy things, too, like save.
I thought that going to law school would benefit me economically; turns out, not so much, but I'm not doing as bad as this guy! Who knew that a little thing like crazy student loans could keep you out of the bar? I wonder if part of it is the change in the economy and the fact that unless he got a highly-paid job, he would have real trouble repaying the loan. Then again, not allowing him in sortof makes that all too likely.
In a Federal case, a guy who made it into the bar in Minnesota attempted to discharge his $350k in student loans through bankruptcy; my understanding is that ship sailed in the early 80's, courtesy of people like a colleagues sister, who attempted to discharge a month or so after the rules changed, moved out of state and didn't pay for years. Until a friend was over, answered the phone and gave the caller her employment information. That's an awkward friendship moment!
It seems that many things seem like a good idea at the time, but turn out later not to have been. We're conditioned, in American society, for immediate gratification, unlike a few generations ago where cash was king and you just plain didn't get something if you didn't have money.
People did crazy things, too, like save.
Thursday, July 30, 2009
Credit Card Debt
There's a lot of talk about the credit market and the result of upcoming changes in credit regulations; in my case, my card is from my credit union and has a small credit line, though a fairly high interest rate. Someone much more financially smart than I said that credit card interest isn't a problem until you carry a balance of more than $1,000. Currently, I have a balance, though in the last year, I have not carried a balance; I try to make one purchase on the card each billing cycle but think I missed one.
My current balance is a result of a blowout the other day and a trip to the tire store, where I made an unplanned purchase of two new tires. Of course it happened in the middle of my pay cycle, so I didn't have a whole lot of unallocated funding; I get paid every other week, so pay dates change monthly, but my student loan comes out of my account on the same date each month. It's meant to come out of the second paycheck in the month, but this time it didn't work out that way. The money is scheduled to leave my account two days before payday. And I have a substantially similar sized check outstanding that's making me nervous. I have money in savings and am only concerned about whether it gets pulled into checking. So far that large check hasn't cleared and I hope it holds off until payday. At that point, I know I'm fine, as my next bills aren't due until more than a week after payday.
Now that my tax return took care of some small outstanding debts, I'll be in a much better financial position, once that big check clears. My total monthly payments have gone down by $400 for the moment. Because I want to buy a house, I'll put as much as possible into savings. Theoretically I would be able to pay off my bar loan next year, upon receipt of my income tax refund; while the interest rate is lower than a mortgage would be, the interest isn't tax-deductible so it makes more sense to eliminate it first. It's also my smallest payment. Whether or not I buy a house, I would like to pay off that debt as soon as possible.
My current balance is a result of a blowout the other day and a trip to the tire store, where I made an unplanned purchase of two new tires. Of course it happened in the middle of my pay cycle, so I didn't have a whole lot of unallocated funding; I get paid every other week, so pay dates change monthly, but my student loan comes out of my account on the same date each month. It's meant to come out of the second paycheck in the month, but this time it didn't work out that way. The money is scheduled to leave my account two days before payday. And I have a substantially similar sized check outstanding that's making me nervous. I have money in savings and am only concerned about whether it gets pulled into checking. So far that large check hasn't cleared and I hope it holds off until payday. At that point, I know I'm fine, as my next bills aren't due until more than a week after payday.
Now that my tax return took care of some small outstanding debts, I'll be in a much better financial position, once that big check clears. My total monthly payments have gone down by $400 for the moment. Because I want to buy a house, I'll put as much as possible into savings. Theoretically I would be able to pay off my bar loan next year, upon receipt of my income tax refund; while the interest rate is lower than a mortgage would be, the interest isn't tax-deductible so it makes more sense to eliminate it first. It's also my smallest payment. Whether or not I buy a house, I would like to pay off that debt as soon as possible.
Wednesday, July 29, 2009
Multiple Programs
It turns out there are a lot of different programs out there; the lender who came to talk to my last class reviewed three programs which may be used together. That includes money from the federal government and the county, but does not include money from the city in which you're looking, neighborhood-specific programs or money from foundations designated for certain areas. In some cases, $25-30K may be available. Per borrower.
Conventional loans require a credit score of 700 or above and/or a downpayment of 20%. Most of us with student loans don't have the 20%. There are VA loans for veterans and surprisingly, the Department of Agriculture has programs in some rural areas; at the break, our lender told someone who qualifies for both that she should check further as the VA loans have a fee that she doesn't think the Ag loans have.
Me? I'm looking at FHA financing, which is kind to those without great credit, doesn't require huge downpayments and may be available for people without great employment history. There are fees involved but the benefits of some available programs outweigh the fees greatly; while the downpayment required is 3.5%, half of that can be provided by programs but because the loan can't be for more than 100% of the sale price, the borrower must provide half. That's 1.75%, the amount of the fee; on a house costing $100,000.00, that's $1,750. Even I can manage to have that amount of money. This is money you must pony up yourself, though it may be given as a loan or gift from family, or may be withdrawn or borrowed from a 401K or IRA.
Excess money from programs for which you qualify goes to pay down your mortgage. The upshot? Because I live in an area with lower cost housing than many metropolitan areas, and housing prices have gone down, so long as I can find a lender, I should be able to qualify for programs and get a loan that is reduced to the degree that I can afford it.
Combined with the income tax reduction provided by a) the Federal Stimulus; b) mortgage interest, so long as that remains a deduction; and, c) one of the county programs, which 1) has a fee to get into but reduces personal income by 80% of mortgage interest paid, reduces tax obligation by the other 20% of mortgage income paid, and is valid so long as it's your homestead, buying a home now has huge tax implications. In a good way.
Conventional loans require a credit score of 700 or above and/or a downpayment of 20%. Most of us with student loans don't have the 20%. There are VA loans for veterans and surprisingly, the Department of Agriculture has programs in some rural areas; at the break, our lender told someone who qualifies for both that she should check further as the VA loans have a fee that she doesn't think the Ag loans have.
Me? I'm looking at FHA financing, which is kind to those without great credit, doesn't require huge downpayments and may be available for people without great employment history. There are fees involved but the benefits of some available programs outweigh the fees greatly; while the downpayment required is 3.5%, half of that can be provided by programs but because the loan can't be for more than 100% of the sale price, the borrower must provide half. That's 1.75%, the amount of the fee; on a house costing $100,000.00, that's $1,750. Even I can manage to have that amount of money. This is money you must pony up yourself, though it may be given as a loan or gift from family, or may be withdrawn or borrowed from a 401K or IRA.
Excess money from programs for which you qualify goes to pay down your mortgage. The upshot? Because I live in an area with lower cost housing than many metropolitan areas, and housing prices have gone down, so long as I can find a lender, I should be able to qualify for programs and get a loan that is reduced to the degree that I can afford it.
Combined with the income tax reduction provided by a) the Federal Stimulus; b) mortgage interest, so long as that remains a deduction; and, c) one of the county programs, which 1) has a fee to get into but reduces personal income by 80% of mortgage interest paid, reduces tax obligation by the other 20% of mortgage income paid, and is valid so long as it's your homestead, buying a home now has huge tax implications. In a good way.
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