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As featured in The Wall Street Journal, Money Magazine, and more!

Investors in Bernard Madoff’s Ponzi Scheme

by Luke Landes

Bernard Madoff is on his way to jail, having plead guilty to defrauding investors in a massive Ponzi scheme. While his victims thought they were investing with a legitimate manager, Madoff simply deposited clients’ money in a Chase Manhattan bank account and paid “returns” to earlier investors from the contributions of newer investors. The bulk ... Continue reading this article…

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FDIC Might Be Underfunded: Should You Withdraw Your Money From Banks?

by Luke Landes

The Federal Deposit Insurance Corporation (FDIC), the federal organization that insures that customers do not lose deposits held at banks when those banks run into trouble, is finding itself in trouble. For years, Congress hasn’t allowed the FDIC to collect insurance premiums from banks, bowing to the strong banking industry lobby. Now that banks have ... Continue reading this article…

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Ask Any Question and Ramit and I Will Discuss the Answers

by Luke Landes

Ramit Sethi from I Will Teach You to Be Rich is currently putting the final touches on his first published book, aptly named, I Will Teach You to Be Rich. He’s probably tweaking the final paragraphs as I write this. Ramit’s new book, which will be released on March 23, includes a few pages I’ve ... Continue reading this article…

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Traditional vs. Roth IRA: An Introduction and Comparison

by Luke Landes

The Individual Retirement Account (IRA) allows anyone who earns income the opportunity to save for retirement, regardless of the plans offered by his or her employer. An IRA is not an investment in itself, it’s an account type. Within the IRA, you can keep your money for the future in money market funds, CDs, stocks, ... Continue reading this article…

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Citibank Offers Citi Forward Credit Card, Rewarding Users for Good Habits

by Luke Landes

Editor’s Note: Thank you for your interest, this offer expired and is no longer available. Is it ironic that Citi, a bank on the brink of disaster, is now marketing a credit card that “rewards” card holders for good financial behavior? This new credit card marketed toward Generation Y and teenagers, Citi Forward® Card (and ... Continue reading this article…

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Some Money Market Funds are Insured

by Luke Landes

Through December 31, 2009, the Federal Deposit Insurance Corporation (FDIC) insures bank deposit accounts up to $250,000, with the limits returning to $100,000 after that. This includes checking accounts, savings accounts, money market accounts, and certificates of deposit. There are a few nuances to this coverage, so ensure you know the full details of FDIC ... Continue reading this article…

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Received My Bailout From the Government

by Luke Landes

Thank you to all the taxpayers who are footing the bill for this. As Citibank continues to receive money from the government of the United States, funded by investors in Treasury bills and citizens of the future who will be paying more to the government to support the interest payments on that debt, Citibank continues ... Continue reading this article…

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You Be the CEO: Should Bailed-Out Banks Cut Limousine Usage?

by Luke Landes

As the government continues to bail out the banking industry and taxpayers continue to increase their stake in these companies, how far should the banks go to cut back spending on the excesses that have grown over the past several decades? The local New York City NBC news program aired a feature on the use ... Continue reading this article…

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Playing the Lottery: Tips for Ten New Mega Millions Winners

by Luke Landes

Do you play the lottery? I’ve always considered lotteries to be a method of “taxing the poor,” as the saying goes. While no one is forced to play the lottery, those who do are more often than not people who believe society has left them with only one “reasonable” option for becoming financially comfortable — ... Continue reading this article…

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Personal Income Statement, February 2009

by Luke Landes

Did you read my February balance sheet? This article contains my personal income statement, which goes hand-in-hand with the balance sheet. These two reports provide a relatively complete accounting of my financial standing and progress. February was short, but good for a number of reasons. Setting personal records, my gross income and net income for ... Continue reading this article…

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